Consolidated Statements of Cash Flows
As of December 31,
|
|||
| In millions | 2009 |
2008 |
2007 |
| Cash flows from operating activities | |||
| Net income | $ 249 |
$ 237 |
$ 241 |
| Adjustments to reconcile net income to net cash flow provided by operating activities | |||
Depreciation and amortization (Note1) |
158 |
152 |
144 |
Deferred income taxes (Note 8) |
105 |
89 |
30 |
Change in derivative financial instrument assets and liabilities (Note 2) |
11 |
(129) |
74 |
| Changes in certain assets and liabilities | |||
Gas, unbilled and other receivables (Note 1) |
108 |
(65) |
(15) |
Gas and trade payables |
35 |
30 |
(35) |
Accrued expenses |
19 |
26 |
(34) |
Inventories (Note 1) |
(9) |
(112) |
46 |
Energy marketing receivables and energy marketing trade payables, net |
(81) |
10 |
(26) |
Other – net |
(3) |
(11) |
(48) |
Net cash flow provided by operating activities |
592 |
227 |
377 |
| Cash flows from investing activities | |||
| Expenditures for property, plant and equipment | (476) |
(372) |
(259) |
| Other | — |
— |
6 |
Net cash flow used in investing activities |
(476) |
(372) |
(253) |
| Cash flows from financing activities | |||
| Issuances of senior notes (Note 6) | 297 |
— |
125 |
| Issuance of treasury shares (Note 1) | 8 |
9 |
16 |
| Distribution to noncontrolling interest (Note 5) | (20) |
(30) |
(23) |
| Dividends paid on common shares (Note 1) | (127) |
(124) |
(123) |
| Net payments and borrowings of short-term debt | (264) |
286 |
52 |
| Issuances of variable rate gas facility revenue bonds (Note 6) | — |
161 |
— |
| Payments of gas facility revenue bonds (Note 6) | — |
(161) |
— |
| Payments of medium-term notes | — |
— |
(11) |
| Payments of trust preferred securities | — |
— |
(75) |
| Purchase of treasury shares (Note 1) | — |
— |
(80) |
| Other | — |
1 |
(3) |
Net cash flow (used in) provided by financing activities |
(106) |
142 |
(122) |
Net increase (decrease) in cash and cash equivalents |
10 |
(3) |
2 |
Cash and cash equivalents at beginning of period |
16 |
19 |
17 |
Cash and cash equivalents at end of period |
$ 26 |
$ 16 |
$ 19 |
| Cash paid during the period for | |||
| Interest | $ 93 |
$ 115 |
$ 127 |
| Income taxes | 50 |
27 |
118 |
See Notes to Consolidated Financial Statements.