| Cash Flows from Operating Activities |
|
|
|
|
|
|
|
|
|
| Net income |
$ |
974.4 |
|
$ |
1,074.3 |
|
$ |
1,018.1 |
|
| Adjustments to reconcile net income to net cash provided by
operating activities:
|
|
|
|
|
|
|
|
|
|
| Depreciation and amortization |
|
982.5 |
|
|
964.9 |
|
|
953.8 |
|
| Deferred income taxes and investment tax credit amortization |
|
105.7 |
|
|
74.7 |
|
|
115.2 |
|
| Purchased capacity levelization |
|
56.4 |
|
|
73.5 |
|
|
( 33.1 |
) |
| Transition cost recoveries |
|
( 35.6 |
) |
|
90.9 |
|
|
( 85.2 |
) |
| (Increase) Decrease in |
|
|
|
|
|
|
|
|
|
| Receivables |
|
( 266.5 |
) |
|
( 645.6 |
) |
|
( 286.0 |
) |
| Inventory |
|
( 6.6 |
) |
|
45.1 |
|
|
( 26.2 |
) |
| Other current assets |
|
( 18.4 |
) |
|
16.7 |
|
|
90.5 |
|
| Increase (Decrease) in |
|
|
|
|
|
|
|
|
|
| Accounts payable |
|
( 72.1 |
) |
|
576.7 |
|
|
53.5 |
|
| Taxes accrued |
|
50.0 |
|
|
( 11.0 |
) |
|
25.7 |
|
| Interest accrued |
|
( 13.1 |
) |
|
( 18.5 |
) |
|
5.6 |
|
| Other current liabilities |
|
326.2 |
|
|
( 10.0 |
) |
|
17.7 |
|
| Other, net |
|
57.2 |
|
|
103.5 |
|
|
( 17.4 |
) |
| |
|
| Net cash provided by operating activities |
|
2,140.1 |
|
|
2,335.2 |
|
|
1,832.2 |
|
|
| Cash Flows from Investing Activities |
|
|
|
|
|
|
|
|
|
| Capital expenditures |
|
( 1,323.2 |
) |
|
( 1,393.9 |
) |
|
( 1,223.0 |
) |
| Investment expenditures |
|
( 704.4 |
) |
|
( 156.1 |
) |
|
( 67.7 |
) |
| Decommissioning, retirements and other |
|
33.9 |
|
|
( 18.2 |
) |
|
( 26.9 |
) |
| |
|
| Net cash used in investing activities |
|
( 1,993.7 |
) |
|
( 1,568.2 |
) |
|
( 1,317.6 |
) |
|
| Cash Flows from Financing Activities |
|
|
|
|
|
|
|
|
|
| Proceeds from the issuance of |
|
|
|
|
|
|
|
|
|
| Long-term debt
|
|
1,617.6 |
|
|
362.8 |
|
|
421.5 |
|
| Guaranteed preferred beneficial interests in |
|
|
|
|
|
|
|
|
|
| Corporation’s subordinated notes |
|
339.0 |
|
|
-- |
|
|
-- |
|
| Common stock and stock options |
|
14.9 |
|
|
11.8 |
|
|
16.5 |
|
| Payments for the redemption of |
|
|
|
|
|
|
|
|
|
| Long-term debt |
|
( 868.5 |
) |
|
( 527.0 |
) |
|
( 480.9 |
) |
| Common stock |
|
( 25.4 |
) |
|
( 159.0 |
) |
|
-- |
|
| Preferred stock |
|
( 223.6 |
) |
|
-- |
|
|
( 100.5 |
) |
| Net change in notes payable and commercial paper |
|
( 290.2 |
) |
|
159.3 |
|
|
193.2 |
|
| Dividends paid |
|
( 726.4 |
) |
|
( 609.3 |
) |
|
( 590.5 |
) |
| Other |
|
( 40.4 |
) |
|
( 12.1 |
) |
|
( 4.8 |
) |
| |
|
| Net cash used in financing activities |
|
( 203.0 |
) |
|
( 773.5 |
) |
|
( 545.5 |
) |
| |
|
| Net decrease in cash and cash equivalents |
|
( 56.6 |
) |
|
( 6.5 |
) |
|
( 30.9 |
) |
| Cash and cash equivalents at beginning of year |
|
166.0 |
|
|
172.5 |
|
|
203.4 |
|
| |
|
| Cash and cash equivalents at end of year |
$ |
109.4 |
|
$ |
166.0 |
|
$ |
172.5 |
|
|
| Supplemental Disclosures |
|
|
|
|
|
|
|
|
|
| Cash paid for interest (net of amount capitalized) |
$ |
475.9 |
|
$ |
493.1 |
|
$ |
481.6 |
|
| |
|
|
|
|
|
|
|
|
|
| Cash paid for income taxes |
$ |
469.8 |
|
$ |
549.9 |
|
$ |
519.9 |
|
