| TECO
ENERGY, Inc. |
| CONSOLIDATED
STATEMENTS OF CASH FLOWS (Unaudited) |
| (All significant intercompany
transactions have been eliminated in the consolidated financial statements.) |
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Three Months Ended |
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Twelve Months Ended |
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March 31, |
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March 31, |
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| (thousands) |
|
2002 |
|
2001 |
|
2002 |
|
2001 |
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| Cash flows from operating activities |
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| Net income |
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$ 75,377 |
|
$ 69,741 |
|
$ 309,385 |
|
$ 267,137 |
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| Adjustments to reconcile net income to net cash: |
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| Depreciation |
|
79,922 |
|
69,503 |
|
308,407 |
|
275,703 |
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| Deferred income taxes |
|
(18,920) |
|
2,362 |
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(124,197) |
|
(69,049) |
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| Investment tax credits, net |
|
(1,128) |
|
(1,226) |
|
(4,848) |
|
(4,834) |
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| Allowance for funds used during construction |
|
(6,015) |
|
(1,052) |
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(14,192) |
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(2,867) |
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| Amortization of unearned compensation |
|
4,490 |
|
1,876 |
|
12,274 |
|
8,657 |
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| Gain on propane business combination, pretax |
|
- |
|
- |
|
- |
|
(13,564) |
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| Equity in earnings of unconsolidated affiliates |
|
1,450 |
|
(3,747) |
|
2,054 |
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(7,137) |
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| Asset valuation adjustment, pretax |
|
- |
|
11,089 |
|
- |
|
25,270 |
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|
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| Deferred recovery clause |
|
28,311 |
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(7,671) |
|
16,972 |
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(79,889) |
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| Refund to customers |
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- |
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- |
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- |
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(13,172) |
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| Receivables, less allowance for uncollectibles |
|
(18,803) |
|
15,580 |
|
17,637 |
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(75,481) |
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| Inventories |
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(25,606) |
|
(12,099) |
|
(36,272) |
|
23,103 |
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| Taxes accrued |
|
12,969 |
|
6,493 |
|
22,940 |
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(13,110) |
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| Interest accrued |
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29,725 |
|
8,494 |
|
14,944 |
|
22,310 |
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| Accounts payable |
|
25,318 |
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(35,081) |
|
9,115 |
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34,546 |
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| Other |
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16,492 |
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10,913 |
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36,905 |
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36,682 |
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|
203,582 |
|
135,175 |
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571,124 |
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414,305 |
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| Cash flows from investing activities |
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| Capital expenditures |
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(316,749) |
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(200,692) |
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(1,082,012) |
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(744,589) |
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| Allowance for funds used during construction |
|
6,015 |
|
1,052 |
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14,192 |
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2,867 |
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| Purchase of minority interest |
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- |
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- |
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- |
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- |
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| Purchase of business |
|
- |
|
(280,291) |
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(35,500) |
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(311,605) |
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| Proceeds from sale of assets |
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- |
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- |
|
43,200 |
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61,335 |
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| Investment in unconsolidated affiliates |
|
(410) |
|
1,667 |
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25,539 |
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(6,361) |
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| Other non-current investments |
|
(208,379) |
|
181,972 |
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(294,683) |
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(131,666) |
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(519,523) |
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(296,292) |
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(1,329,264) |
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(1,130,019) |
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| Cash flows from financing activities |
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| Dividends |
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(48,185) |
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(42,353) |
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(190,043) |
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(168,565) |
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| Common stock |
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4,448 |
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236,897 |
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115,950 |
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252,666 |
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| Purchase of treasury stock |
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- |
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- |
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- |
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(897) |
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| Proceeds from long-term debt |
|
- |
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- |
|
1,255,910 |
|
388,002 |
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| Repayment of long-term debt |
|
(8,010) |
|
(16,222) |
|
(228,274) |
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(129,235) |
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| Net increase (decrease) in short-term debt |
|
(93,600) |
|
(58,650) |
|
(605,000) |
|
210,200 |
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| Issuance of trust preferred stock |
|
435,651 |
|
- |
|
435,651 |
|
200,000 |
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| |
|
290,304 |
|
119,672 |
|
784,194 |
|
752,171 |
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| Net increase (decrease) in cash and cash equivalents |
|
(25,637) |
|
(41,445) |
|
26,054 |
|
36,457 |
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| Cash and cash equivalents at beginning of period |
|
108,469 |
|
98,223 |
|
56,778 |
|
20,321 |
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| Cash and cash equivalents at end of period |
|
$ 82,832 |
|
$ 56,778 |
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$ 82,832 |
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$ 56,778 |
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