| TECO
ENERGY, Inc. |
| CONSOLIDATED
STATEMENTS OF CASH FLOWS (Unaudited) |
| (All significant intercompany
transactions have been eliminated in the consolidated financial statements.) |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Three Months Ended |
|
Nine Months Ended |
|
Twelve Months Ended |
| |
|
September 30, |
|
September 30, |
|
September 30, |
| (thousands) |
|
2001 |
|
2000 |
|
2001 |
|
2000 |
|
2001 |
|
2000 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Cash flows from operating activities |
|
|
|
|
|
|
|
|
|
|
|
|
| Net income |
|
$ 97,332 |
|
$ 82,064 |
|
$ 238,932 |
|
$ 193,047 |
|
$ 296,765 |
|
$ 235,812 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Adjustments to reconcile net income to net cash: |
|
|
|
|
|
|
|
|
|
|
|
|
| Depreciation |
|
74,145 |
|
68,769 |
|
216,743 |
|
194,785 |
|
290,157 |
|
253,955 |
| Deferred income taxes |
|
(795) |
|
(79,407) |
|
(30,843) |
|
(85,948) |
|
(22,492) |
|
(76,810) |
| Investment tax credits, net |
|
(1,585) |
|
(1,230) |
|
(3,689) |
|
(3,691) |
|
(4,825) |
|
(4,936) |
| Allowance for funds used during construction |
|
(2,703) |
|
(585) |
|
(5,577) |
|
(1,939) |
|
(5,920) |
|
(3,048) |
| Amortization of unearned compensation |
|
2,678 |
|
1,974 |
|
8,374 |
|
6,786 |
|
10,773 |
|
9,270 |
| Gain on propane business combination, pretax |
|
- |
|
(13,564) |
|
- |
|
(13,564) |
|
- |
|
(13,564) |
| Equity in earnings of unconsolidated affiliates |
|
2,003 |
|
(605) |
|
467 |
|
(4,507) |
|
(1,731) |
|
340 |
| Asset valuation adjustment, pretax |
|
- |
|
14,181 |
|
11,089 |
|
14,181 |
|
11,089 |
|
14,181 |
| Deferred revenue |
|
- |
|
- |
|
- |
|
- |
|
- |
|
2,924 |
| Deferred recovery clause |
|
1,446 |
|
(28,764) |
|
(23,560) |
|
(31,939) |
|
(60,332) |
|
(40,447) |
| Refund to customers |
|
- |
|
(3,762) |
|
- |
|
(3,762) |
|
(9,410) |
|
(3,762) |
| Nonrecurring charges |
|
- |
|
- |
|
- |
|
- |
|
- |
|
3,500 |
| Receivables, less allowance for uncollectibles |
|
(8,893) |
|
(56,293) |
|
(1,339) |
|
(97,285) |
|
3,833 |
|
(81,577) |
| Inventories |
|
8,526 |
|
32,887 |
|
(36,243) |
|
1,950 |
|
(30,681) |
|
(3,321) |
| Taxes accrued |
|
17,242 |
|
69,485 |
|
66,908 |
|
104,998 |
|
(20,503) |
|
51,922 |
| Interest accrued |
|
20,257 |
|
13,858 |
|
16,267 |
|
22,187 |
|
19,544 |
|
11,195 |
| Accounts payable |
|
(16,165) |
|
32,262 |
|
(59,844) |
|
15,011 |
|
(32,220) |
|
45,453 |
| Other |
|
(26,895) |
|
7,043 |
|
1,521 |
|
22,988 |
|
8,200 |
|
16,499 |
|
| |
|
166,593 |
|
138,313 |
|
399,206 |
|
333,298 |
|
452,247 |
|
417,586 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Cash flows from investing activities |
|
|
|
|
|
|
|
|
|
|
|
|
| Capital expenditures |
|
(280,879) |
|
(105,328) |
|
(711,141) |
|
(421,937) |
|
(977,647) |
|
(594,734) |
| Allowance for funds used during construction |
|
2,703 |
|
585 |
|
5,577 |
|
1,939 |
|
5,920 |
|
3,048 |
| Purchase of minority interest |
|
- |
|
- |
|
- |
|
(52,633) |
|
- |
|
(101,784) |
| Purchase of business |
|
- |
|
(26,149) |
|
(280,291) |
|
(26,149) |
|
(285,456) |
|
(26,149) |
| Proceeds from sale of assets |
|
- |
|
18,335 |
|
- |
|
18,335 |
|
43,000 |
|
19,335 |
| Investment in unconsolidated affiliates |
|
(126) |
|
(3,377) |
|
33,167 |
|
(4,543) |
|
32,614 |
|
11,618 |
| Other non-current investments |
|
(16,437) |
|
(101,773) |
|
197,902 |
|
(120,389) |
|
(17,664) |
|
(118,896) |
|
| |
|
(294,739) |
|
(217,707) |
|
(754,786) |
|
(605,377) |
|
(1,199,233) |
|
(807,562) |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Cash flows from financing activities |
|
|
|
|
|
|
|
|
|
|
|
|
| Dividends |
|
(46,895) |
|
(42,055) |
|
(136,067) |
|
(125,195) |
|
(178,256) |
|
(167,262) |
| Common stock |
|
3,040 |
|
3,466 |
|
252,577 |
|
8,583 |
|
262,291 |
|
8,742 |
| Purchase of treasury stock |
|
- |
|
- |
|
- |
|
(29,868) |
|
- |
|
(131,246) |
| Proceeds from long-term debt |
|
206,978 |
|
354,153 |
|
1,255,910 |
|
362,853 |
|
1,287,959 |
|
390,865 |
| Repayment of long-term debt |
|
(211,439) |
|
(6,978) |
|
(231,307) |
|
(137,639) |
|
(239,317) |
|
(161,241) |
| Net increase (decrease) in short-term debt |
|
180,700 |
|
(230,500) |
|
(807,350) |
|
122,225 |
|
(534,300) |
|
466,600 |
| Issuance of trust preferred stock |
|
- |
|
- |
|
- |
|
- |
|
200,000 |
|
- |
| |
|
132,384 |
|
78,086 |
|
333,763 |
|
200,959 |
|
798,377 |
|
406,458 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Net increase (decrease) in cash and cash equivalents |
|
4,238 |
|
(1,308) |
|
(21,817) |
|
(71,120) |
|
51,391 |
|
16,482 |
| Cash and cash equivalents at beginning of period |
|
73,548 |
|
27,703 |
|
99,603 |
|
97,515 |
|
26,395 |
|
9,913 |
|
| Cash and cash equivalents at end of period |
|
$ 77,786 |
|
$ 26,395 |
|
$ 77,786 |
|
$ 26,395 |
|
$ 77,786 |
|
$ 26,395 |
|