| 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) |
|
2000 |
|
1999 |
|
2000 |
|
1999 |
|
2000 |
|
1999 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Cash flows from operating activities |
|
|
|
|
|
|
|
|
|
|
|
|
| Net income |
|
$ 82,064 |
|
$ 42,222 |
|
$ 193,047 |
|
$ 143,376 |
|
$ 235,812 |
|
$ 168,206 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Adjustments to reconcile net income to net cash: |
|
|
|
|
|
|
|
|
|
|
|
|
| Depreciation |
|
68,769 |
|
58,153 |
|
194,785 |
|
173,046 |
|
253,955 |
|
230,056 |
| Deferred income taxes |
|
(79,407) |
|
(10,403) |
|
(85,948) |
|
(24,527) |
|
(76,810) |
|
(17,000) |
| Investment tax credits, net |
|
(1,230) |
|
(1,243) |
|
(3,691) |
|
(3,729) |
|
(4,936) |
|
(4,976) |
| Allowance for funds used during construction |
|
(585) |
|
(569) |
|
(1,939) |
|
(777) |
|
(3,048) |
|
(538) |
| Amortization of unearned compensation |
|
1,974 |
|
2,302 |
|
6,786 |
|
6,611 |
|
9,270 |
|
8,992 |
| Loss/(gain) on disposal of discontinued operations, pretax |
|
- |
|
19,849 |
|
- |
|
19,849 |
|
- |
|
47,258 |
| Gain on propane business combination, pretax |
|
(13,564) |
|
- |
|
(13,564) |
|
- |
|
(13,564) |
|
- |
| Equity in earnings of unconsolidated affiliates |
|
(605) |
|
(975) |
|
(4,507) |
|
(3,014) |
|
340 |
|
(4,388) |
| Asset valuation adjustment, pretax |
|
14,181 |
|
- |
|
14,181 |
|
- |
|
14,181 |
|
- |
| Deferred revenue |
|
- |
|
5,091 |
|
- |
|
8,976 |
|
2,924 |
|
2,343 |
| Deferred recovery clause |
|
(28,764) |
|
(15,886) |
|
(31,939) |
|
(29,658) |
|
(40,447) |
|
(25,686) |
| Refund to customers |
|
(3,762) |
|
- |
|
(3,762) |
|
- |
|
(3,762) |
|
- |
| Charges |
|
- |
|
17,578 |
|
- |
|
17,578 |
|
3,500 |
|
24,858 |
| Receivables, less allowance for uncollectibles |
|
(56,293) |
|
(32,667) |
|
(97,285) |
|
(40,988) |
|
(81,577) |
|
(26,102) |
| Inventories |
|
32,887 |
|
29,254 |
|
1,950 |
|
10,297 |
|
(3,321) |
|
(6,573) |
| Taxes accrued |
|
69,485 |
|
21,202 |
|
104,998 |
|
84,779 |
|
51,922 |
|
31,925 |
| Interest accrued |
|
13,858 |
|
(1,428) |
|
22,187 |
|
3,858 |
|
11,195 |
|
(14,775) |
| Accounts payable |
|
32,262 |
|
(836) |
|
15,011 |
|
(55,746) |
|
45,453 |
|
8,151 |
| Other |
|
7,043 |
|
(12,462) |
|
22,988 |
|
(12,840) |
|
16,499 |
|
(3,367) |
|
| |
|
138,313 |
|
119,182 |
|
333,298 |
|
297,091 |
|
417,586 |
|
418,384 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Cash flows from investing activities |
|
|
|
|
|
|
|
|
|
|
|
|
| Capital expenditures |
|
(105,328) |
|
(86,426) |
|
(421,937) |
|
(253,322) |
|
(594,734) |
|
(374,659) |
| Allowance for funds used during construction |
|
585 |
|
569 |
|
1,939 |
|
777 |
|
3,048 |
|
538 |
| Purchase of minority interest |
|
- |
|
- |
|
(52,633) |
|
- |
|
(101,784) |
|
- |
| Purchase of BCH Mechanical |
|
(26,149) |
|
- |
|
(26,149) |
|
- |
|
(26,149) |
|
- |
| Proceeds from business combination, net |
|
18,335 |
|
- |
|
18,335 |
|
- |
|
18,335 |
|
- |
| Proceeds from sale of assets |
|
- |
|
- |
|
- |
|
- |
|
1,000 |
|
- |
| Investment in unconsolidated affiliates |
|
(3,377) |
|
(2,888) |
|
(4,543) |
|
(18,820) |
|
11,618 |
|
(25,288) |
| Other non-current investments |
|
(101,773) |
|
2,735 |
|
(120,389) |
|
(31,374) |
|
(118,896) |
|
(44,543) |
|
| |
|
(217,707) |
|
(86,010) |
|
(605,377) |
|
(302,739) |
|
(807,562) |
|
(443,952) |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Cash flows from financing activities |
|
|
|
|
|
|
|
|
|
|
|
|
| Common stock |
|
3,466 |
|
29 |
|
8,583 |
|
130 |
|
8,742 |
|
3,325 |
| Purchase of treasury stock |
|
- |
|
(13,431) |
|
(29,868) |
|
(13,431) |
|
(131,246) |
|
(13,431) |
| Proceeds from long-term debt |
|
354,153 |
|
- |
|
362,853 |
|
- |
|
390,865 |
|
- |
| Repayment of long-term debt |
|
(6,978) |
|
(6,544) |
|
(137,639) |
|
(11,560) |
|
(161,241) |
|
(14,437) |
| Net borrowings (payments) under credit lines |
|
- |
|
- |
|
- |
|
- |
|
- |
|
(60,000) |
| Net increase (decrease) in short-term debt |
|
(230,500) |
|
20,200 |
|
122,225 |
|
150,300 |
|
466,600 |
|
266,200 |
| Dividends |
|
(42,055) |
|
(42,926) |
|
(125,195) |
|
(126,747) |
|
(167,262) |
|
(167,639) |
| |
|
78,086 |
|
(42,672) |
|
200,959 |
|
(1,308) |
|
406,458 |
|
14,018 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Net increase (decrease) in cash and cash equivalents |
|
(1,308) |
|
(9,500) |
|
(71,120) |
|
(6,956) |
|
16,482 |
|
(11,550) |
| Cash and cash equivalents at beginning of period |
|
27,703 |
|
19,413 |
|
97,515 |
|
16,869 |
|
9,913 |
|
21,463 |
|
| Cash and cash equivalents at end of period |
|
$ 26,395 |
|
$ 9,913 |
|
$ 26,395 |
|
$ 9,913 |
|
$ 26,395 |
|
$ 9,913 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|