| 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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|
|
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| |
|
Three Months Ended |
|
Six Months Ended |
Twelve Months Ended |
| |
|
June 30, |
|
June 30, |
June 30, |
| (thousands) |
|
2001 |
|
2000 |
|
2001 |
|
2000 |
|
2001 |
|
2000 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Cash flows from operating activities |
|
|
|
|
|
|
|
|
|
|
|
|
| Net income |
|
$ 71,859 |
|
$ 57,500 |
|
$ 141,600 |
|
$ 110,983 |
|
$ 281,497 |
|
$ 195,969 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Adjustments to reconcile net income to net cash: |
|
|
|
|
|
|
|
|
|
|
|
|
| Depreciation |
|
73,095 |
|
64,019 |
|
142,598 |
|
126,016 |
|
284,782 |
|
243,336 |
| Deferred income taxes |
|
(32,410) |
|
(355) |
|
(30,048) |
|
(6,541) |
|
(101,104) |
|
(7,806) |
| Investment tax credits, net |
|
(878) |
|
(1,242) |
|
(2,104) |
|
(2,461) |
|
(4,470) |
|
(4,949) |
| Allowance for funds used during construction |
|
(1,822) |
|
(887) |
|
(2,874) |
|
(1,354) |
|
(3,802) |
|
(3,033) |
| Amortization of unearned compensation |
|
3,820 |
|
2,408 |
|
5,696 |
|
4,812 |
|
10,069 |
|
9,598 |
| Loss/(gain) on disposal of discontinued operations, pretax |
|
- |
|
- |
|
- |
|
- |
|
- |
|
19,849 |
| Gain on propane business combination, pretax |
|
- |
|
- |
|
- |
|
- |
|
(13,564) |
|
- |
| Equity in earnings of unconsolidated affiliates |
|
2,123 |
|
197 |
|
(1,536) |
|
(3,902) |
|
(4,339) |
|
(30) |
| Asset valuation adjustment, pretax |
|
- |
|
- |
|
11,089 |
|
- |
|
25,270 |
|
- |
| Deferred revenue |
|
- |
|
- |
|
- |
|
- |
|
- |
|
8,015 |
| Deferred recovery clause |
|
(17,335) |
|
(6,682) |
|
(25,006) |
|
(3,175) |
|
(90,542) |
|
(27,569) |
| Refund to customers |
|
- |
|
- |
|
- |
|
- |
|
(13,172) |
|
- |
| Nonrecurring charges |
|
- |
|
- |
|
- |
|
- |
|
- |
|
21,078 |
| Receivables, less allowance for uncollectibles |
|
(8,026) |
|
(39,940) |
|
7,554 |
|
(40,992) |
|
(43,567) |
|
(57,951) |
| Inventories |
|
(32,670) |
|
(3,247) |
|
(44,769) |
|
(30,937) |
|
(6,320) |
|
(6,954) |
| Taxes accrued |
|
43,173 |
|
(1,677) |
|
49,666 |
|
35,513 |
|
31,740 |
|
3,639 |
| Interest accrued |
|
(12,484) |
|
(3,319) |
|
(3,990) |
|
8,329 |
|
13,145 |
|
(4,091) |
| Accounts payable |
|
(8,598) |
|
9,741 |
|
(43,679) |
|
(17,251) |
|
16,207 |
|
12,355 |
| Other |
|
17,299 |
|
11,262 |
|
28,416 |
|
15,945 |
|
42,137 |
|
(3,002) |
|
| |
|
97,146 |
|
87,778 |
|
232,613 |
|
194,985 |
|
423,967 |
|
398,454 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Cash flows from investing activities |
|
|
|
|
|
|
|
|
|
|
|
|
| Capital expenditures |
|
(229,570) |
|
(172,063) |
|
(430,262) |
|
(316,609) |
|
(802,096) |
|
(575,832) |
| Allowance for funds used during construction |
|
1,822 |
|
887 |
|
2,874 |
|
1,354 |
|
3,802 |
|
3,033 |
| Purchase of minority interest |
|
- |
|
- |
|
- |
|
(52,633) |
|
- |
|
(101,784) |
| Purchase of business |
|
- |
|
- |
|
(280,291) |
|
- |
|
(311,605) |
|
- |
| Proceeds from sale of assets |
|
- |
|
- |
|
- |
|
- |
|
61,335 |
|
1,000 |
| Investment in unconsolidated affiliates |
|
31,784 |
|
(1,028) |
|
33,293 |
|
(1,166) |
|
29,363 |
|
12,107 |
| Other non-current investments |
|
32,209 |
|
631 |
|
214,339 |
|
(18,616) |
|
(103,000) |
|
(14,388) |
|
| |
|
(163,755) |
|
(171,573) |
|
(460,047) |
|
(387,670) |
|
(1,122,201) |
|
(675,864) |
|
| |
|
|
|
|
|
|
|
|
|
|
|
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| Cash flows from financing activities |
|
|
|
|
|
|
|
|
|
|
|
|
| Common stock |
|
12,640 |
|
2,589 |
|
249,537 |
|
5,117 |
|
262,717 |
|
5,305 |
| Purchase of treasury stock |
|
- |
|
(897) |
|
- |
|
(29,868) |
|
- |
|
(144,677) |
| Proceeds from long-term debt |
|
1,048,932 |
|
1,800 |
|
1,048,932 |
|
8,700 |
|
1,435,134 |
|
36,712 |
| Repayment of long-term debt |
|
(3,646) |
|
(98,025) |
|
(19,868) |
|
(130,661) |
|
(34,856) |
|
(160,807) |
| Net borrowings (payments) under credit lines |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
| Net increase (decrease) in short-term debt |
|
(929,400) |
|
226,300 |
|
(988,050) |
|
352,725 |
|
(945,500) |
|
717,300 |
| Issuance of trust preferred stock |
|
- |
|
- |
|
- |
|
- |
|
200,000 |
|
- |
| Dividends |
|
(46,819) |
|
(41,968) |
|
(89,172) |
|
(83,140) |
|
(173,416) |
|
(168,133) |
| |
|
81,707 |
|
89,799 |
|
201,379 |
|
122,873 |
|
744,079 |
|
285,700 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Net increase (decrease) in cash and cash equivalents |
|
15,098 |
|
6,004 |
|
(26,055) |
|
(69,812) |
|
45,845 |
|
8,290 |
| Cash and cash equivalents at beginning of period |
|
58,450 |
|
21,699 |
|
99,603 |
|
97,515 |
|
27,703 |
|
19,413 |
|
| Cash and cash equivalents at end of period |
|
$ 73,548 |
|
$ 27,703 |
|
$ 73,548 |
|
$ 27,703 |
|
$ 73,548 |
|
$ 27,703 |
|