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Consolidated Statements of Cash Flows

Consolidated Statements of Income

Consolidated Statements of Cash Flows

Consolidated Balance Sheets

Consolidated Statements of Common Stockholders' Equity and Comprehensive Income
Years ended December 31
In millions 2001 2000 1999
CASH FLOWS FROM OPERATING ACTIVITIES          
    Net income   $ 1,898     $ 1,776 $ 1,507
    Adjustments to reconcile net income to net cash
        provided by operating activities		    
   
            Depreciation and amortization     1,450     1,348 1,151
            Cumulative effect of change in accounting principle     96     – –
            Extraordinary gain, net of tax     –     – (660 )
            Gain on sale of equity investment     –     (407 ) –
            Provision on NAWE’s California receivables     –     110 –
            Impairment charges     36     – –
            Injuries and damages accrual     –     – 800
            Deferred income taxes     129     152 (210 )
            Purchased capacity levelization     156     138 104
            Transition cost recoveries, net     –     82 95
            (Increase) decrease in          
                Net unrealized mark-to-market and
                    hedging transactions		     91     (464 ) (24 )
                Receivables     3,166     (5,167 ) (659 )
                Inventory     (192 )   (100 ) (89 )
                Other current assets     694     (796 ) (138 )
            Increase (decrease) in          
                Accounts payable     (3,545 )   4,867 477
                Taxes accrued     183     (439 ) (57 )
                Interest accrued     28     64 32
                Other current liabilities     297     1,116 73
            Other, assets     351     175 221
            Other, liabilities     (243 )   (230 ) 61
                Net cash provided by operating activities     4,595     2,225 2,684


CASH FLOWS FROM INVESTING ACTIVITIES

          
    Capital expenditures     (5,930 )   (4,568 ) (5,291 )
    Investment expenditures     (1,093 )   (966 ) (596 )
    Proceeds from sale of subsidiaries and equity
        investment		     –     400 1,900
    Notes receivable     201     (158 ) 83
    Other     541     362 153
                Net cash used in investing activities     (6,281 )   (4,930 ) (3,751 )


CASH FLOWS FROM FINANCING ACTIVITIES

          
    Proceeds from the issuance of          
        Long-term debt     2,673     3,206 3,221
        Guaranteed preferred beneficial interests in
            subordinated notes of Duke Energy Corporation
            or subsidiaries		     –     – 484
        Common stock and stock options     1,432     230 162
    Payments for the redemption of          
        Long-term debt     (1,298 )   (1,191 ) (1,505 )
        Preferred and preference stock     (33 )   (33 ) (20 )
    Net change in notes payable and commercial paper     (246 )   1,484 58
    Distributions to minority interests     (329 )   (1,216 ) –
    Contributions from minority interests     –     1,116 –

    Dividends paid

     (871 )   (828 ) (822 )

    Other

     26     (54 ) 22

                Net cash provided by financing activities

     1,354     2,714 1,600

    Net (decrease) increase in cash and cash equivalents		     (332 )   9 533
    Cash and cash equivalents at beginning of period     622     613 80
    Cash and cash equivalents at end of period $ 290     $ 622 $ 613


SUPPLEMENTAL DISCLOSURES

          
    Cash paid for interest, net of amount capitalized   $ 733     $ 817 $ 541
    Cash paid for income taxes   $ 770     $ 1,177 $ 732

See Notes to Consolidated Financial Statements.