| Duke Energy Corporation |
Years Ended December 31, |
 |
| (In millions) |
|
1998 |
|
|
1997 |
|
|
1996 |
|
|
| Cash Flows from Operating Activities |
|
|
|
|
|
|
|
|
|
| Net Income |
$ |
1,252 |
|
$ |
974 |
|
$ |
1,074 |
|
| Adjustments to reconcile income to net cash provided by |
|
|
|
|
|
|
|
|
|
| operating activities: |
|
|
|
|
|
|
|
|
|
| Depreciation and amortization |
|
1,055 |
|
|
983 |
|
|
965 |
|
| Deferred income taxes |
|
(35 |
) |
|
99 |
|
|
94 |
|
| Purchased capacity levelization |
|
88 |
|
|
56 |
|
|
73 |
|
| Transition cost (payments) recoveries, net |
|
(28 |
) |
|
(36 |
) |
|
91 |
|
| (Increase) decrease in |
|
|
|
|
|
|
|
|
|
| Receivables |
|
(18 |
) |
|
(266 |
) |
|
(646 |
) |
| Inventory |
|
(104 |
) |
|
(7 |
) |
|
45 |
|
| Other current assets |
|
(39 |
) |
|
(18 |
) |
|
17 |
|
| Increase (decrease) in |
|
|
|
|
|
|
|
|
|
| Accounts payable |
|
72 |
|
|
239 |
|
|
577 |
|
| Taxes accrued |
|
(6 |
) |
|
50 |
|
|
(11 |
) |
| Interest accrued |
|
(2 |
) |
|
(13 |
) |
|
(18 |
) |
| Other current liabilities |
|
84 |
|
|
15 |
|
|
(10 |
) |
| Other, net |
|
12 |
|
|
64 |
|
|
84 |
|
|
|
| Net cash provided by operating activities |
|
2,331 |
|
|
2,140 |
|
|
2,335 |
|
|
|
| Cash Flows from Investing Activities |
|
|
|
|
|
|
|
|
|
| Capital expenditures |
|
(2,159 |
) |
|
(1,323 |
) |
|
(1,394 |
) |
| Investment expenditures |
|
(341 |
) |
|
(705 |
) |
|
(156 |
) |
| Decommissioning, retirements and other |
|
24 |
|
|
34 |
|
|
(18 |
) |
|
|
| Net cash used in investing activities |
|
(2,476 |
) |
|
(1,994 |
) |
|
(1,568 |
) |
|
|
| Cash Flows from Financing Activities |
|
|
|
|
|
|
|
|
|
| Proceeds from the issuance of |
|
|
|
|
|
|
|
|
|
| Long-term debt |
|
1,357 |
|
|
1,618 |
|
|
363 |
|
| Guaranteed preferred beneficial interests in subordinated |
|
|
|
|
|
|
|
|
|
| notes of Duke Energy Corporation or subsidiaries |
|
581 |
|
|
339 |
|
|
-- |
|
| Common stock and stock options |
|
176 |
|
|
15 |
|
|
12 |
|
| Payments for the redemption of |
|
|
|
|
|
|
|
|
|
| Long-term debt |
|
(698 |
) |
|
(869 |
) |
|
(527 |
) |
| Common stock |
|
-- |
|
|
(25 |
) |
|
(159 |
) |
| Preferred and preference stock |
|
(180 |
) |
|
(224 |
) |
|
-- |
|
| Net change in notes payable and commercial paper |
|
(350 |
) |
|
(290 |
) |
|
159 |
|
| Dividends paid |
|
(814 |
) |
|
(726 |
) |
|
(609 |
) |
| Other |
|
6 |
|
|
(41 |
) |
|
(12 |
) |
|
|
| Net cash provided by (used in) financing activities |
|
78 |
|
|
(203 |
) |
|
(773 |
) |
|
|
| Net decrease in cash and cash equivalents |
|
(67 |
) |
|
(57 |
) |
|
(6 |
) |
| Cash received from business acquisitions |
|
38 |
|
|
-- |
|
|
-- |
|
| Cash and cash equivalents at beginning of year |
|
109 |
|
|
166 |
|
|
172 |
|
|
|
| Cash and cash equivalents at end of year |
$ |
80 |
|
$ |
109 |
|
$ |
166 |
|
 |
| Supplemental Disclosures |
|
|
|
|
|
|
|
|
|
| Cash paid for interest, net of amount capitalized |
$ |
490 |
|
$ |
476 |
|
$ |
493 |
|
| Cash paid for income taxes |
$ |
733 |
|
$ |
470 |
|
$ |
550 |
|
|
| See Notes to Consolidated Financial Statements |
