|
WESTAR ENERGY, INC. CONSOLIDATED
STATEMENTS OF CASH FLOWS
|
| Year
Ended December 31, |
|
2002
|
|
|
2001
|
|
|
2000
|
|
|
| |
|
(Dollars
in Thousands) |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
CASH
FLOWS FROM (USED IN) OPERATING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income (loss)
|
|
$
|
(793,001
|
)
|
|
$
|
(20,876
|
)
|
|
$
|
136,481
|
|
|
Adjustments
to reconcile net income (loss) to net cash
provided by operating
activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Discontinued
operations
|
|
|
3,242
|
|
|
|
1,038
|
|
|
|
736
|
|
|
Cumulative
effect of accounting change
|
|
|
623,717
|
|
|
|
(18,694
|
)
|
|
|
3,810
|
|
|
Depreciation
and amortization
|
|
|
269,918
|
|
|
|
410,653
|
|
|
|
423,252
|
|
|
Amortization
of deferred gain from sale-leaseback
|
|
|
(11,828
|
)
|
|
|
(11,828
|
)
|
|
|
(11,828
|
)
|
|
Amortization
of non-cash stock compensation
and deferred customer
acquisition costs
|
|
|
32,749
|
|
|
|
19,703
|
|
|
|
27,592
|
|
|
Net
changes in energy trading assets and liabilities
|
|
|
20,229
|
|
|
|
10,683
|
|
|
|
(7,291
|
)
|
|
Gain
on extinguishment of debt
|
|
|
(18,292
|
)
|
|
|
(35,727
|
)
|
|
|
(75,755
|
)
|
|
Net
changes in fair value of call option
|
|
|
22,609
|
|
|
|
—
|
|
|
|
—
|
|
|
Equity
in earnings from investments
|
|
|
(9,670
|
)
|
|
|
(4,721
|
)
|
|
|
(11,220
|
)
|
|
Loss
on dispositions of monitored services operations
|
|
|
—
|
|
|
|
13,056
|
|
|
|
—
|
|
|
Loss
on impairment of customer accounts
|
|
|
338,104
|
|
|
|
—
|
|
|
|
—
|
|
|
Loss
on impairment of goodwill
|
|
|
139,987
|
|
|
|
—
|
|
|
|
—
|
|
|
Impairment
on investments
|
|
|
—
|
|
|
|
11,075
|
|
|
|
—
|
|
|
(Gain)
loss on sale of marketable securities
|
|
|
—
|
|
|
|
1,861
|
|
|
|
(114,948
|
)
|
|
Loss
on sale of property
|
|
|
1,424
|
|
|
|
—
|
|
|
|
—
|
|
|
Minority
interests
|
|
|
(110,234
|
)
|
|
|
(11,621
|
)
|
|
|
(8,625
|
)
|
|
Gain
on sale of investments
|
|
|
—
|
|
|
|
—
|
|
|
|
(9,562
|
)
|
|
Accretion
of discount note interest
|
|
|
(414
|
)
|
|
|
(2,247
|
)
|
|
|
(2,725
|
)
|
|
Net
deferred taxes
|
|
|
(114,387
|
)
|
|
|
(17,920
|
)
|
|
|
(2,371
|
)
|
|
Deferred
merger costs
|
|
|
—
|
|
|
|
8,693
|
|
|
|
—
|
|
|
Changes
in working capital items, net of acquisitions and dispositions:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restricted
cash
|
|
|
(8,511
|
)
|
|
|
(4,579
|
)
|
|
|
(3,944
|
)
|
|
Accounts
receivable, net
|
|
|
(4,828
|
)
|
|
|
31,045
|
|
|
|
87,557
|
|
|
Inventories
and supplies
|
|
|
(7,392
|
)
|
|
|
(45,530
|
)
|
|
|
12,364
|
|
|
Prepaid
expenses and other
|
|
|
15,338
|
|
|
|
(18,698
|
)
|
|
|
(12,882
|
)
|
|
Accounts
payable
|
|
|
(27,032
|
)
|
|
|
(23,980
|
)
|
|
|
22,136
|
|
|
Accrued
and other current liabilities
|
|
|
(12,403
|
)
|
|
|
(21,312
|
)
|
|
|
(114
|
)
|
|
Accrued
income taxes
|
|
|
(17,827
|
)
|
|
|
(18,511
|
)
|
|
|
13,231
|
|
|
Deferred
security revenues
|
|
|
(574
|
)
|
|
|
(9,631
|
)
|
|
|
(2,629
|
)
|
|
Changes
in other assets and liabilities
|
|
|
41,823
|
|
|
|
(23,634
|
)
|
|
|
7,507
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash
flows from operating activities
|
|
|
372,747
|
|
|
|
218,298
|
|
|
|
470,772
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
CASH
FLOWS FROM (USED IN) INVESTING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Additions
to property, plant and equipment
|
|
|
(135,370
|
)
|
|
|
(235,047
|
)
|
|
|
(307,429
|
)
|
|
Proceeds
from sale of property
|
|
|
1,205
|
|
|
|
—
|
|
|
|
—
|
|
|
Customer
account acquisitions
|
|
|
(43,391
|
)
|
|
|
(23,084
|
)
|
|
|
(33,960
|
)
|
|
Security
alarm monitoring acquisitions, net of cash acquired
|
|
|
—
|
|
|
|
—
|
|
|
|
(11,748
|
)
|
|
Proceeds
from sale of marketable securities
|
|
|
—
|
|
|
|
2,829
|
|
|
|
218,609
|
|
|
Proceeds
from dispositions of monitored services
operations and sale of
customer accounts
|
|
|
16,758
|
|
|
|
47,974
|
|
|
|
—
|
|
|
Proceeds
from other investments, net
|
|
|
16,320
|
|
|
|
52,223
|
|
|
|
47,832
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash
flows used in investing activities
|
|
|
(144,478
|
)
|
|
|
(155,105
|
)
|
|
|
(86,696
|
)
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CASH
FLOWS FROM (USED IN) FINANCING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-term
debt, net
|
|
|
(219,537
|
)
|
|
|
187,300
|
|
|
|
(670,421
|
)
|
|
Proceeds
of long-term debt
|
|
|
1,376,912
|
|
|
|
27,420
|
|
|
|
606,450
|
|
|
Retirements
of long-term debt
|
|
|
(1,135,175
|
)
|
|
|
(130,409
|
)
|
|
|
(244,949
|
)
|
|
Funds
in trust for debt repayments
|
|
|
(135,000
|
)
|
|
|
—
|
|
|
|
—
|
|
|
Retirement
of Western Resources obligated mandatorily redeemable
preferred securities
of subsidiary trusts, holding solely
company subordinated
debentures
|
|
|
(3,715
|
)
|
|
|
—
|
|
|
|
—
|
|
|
Issuance
of officer loans, net of payments
|
|
|
(212
|
)
|
|
|
(1,973
|
)
|
|
|
—
|
|
|
Issuance
of common stock, net
|
|
|
19,539
|
|
|
|
19,384
|
|
|
|
31,622
|
|
|
Cash
dividends paid
|
|
|
(86,703
|
)
|
|
|
(85,547
|
)
|
|
|
(115,533
|
)
|
|
Preferred
stock redemption
|
|
|
(1,547
|
)
|
|
|
(545
|
)
|
|
|
—
|
|
|
Acquisition
of treasury stock
|
|
|
(19,544
|
)
|
|
|
(866
|
)
|
|
|
(9,187
|
)
|
|
Reissuance
of treasury stock
|
|
|
1,367
|
|
|
|
7,231
|
|
|
|
21,898
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash
flows from (used in) financing activities
|
|
|
(203,615
|
)
|
|
|
21,995
|
|
|
|
(380,120
|
)
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
FOREIGN
CURRENCY TRANSLATION
|
|
|
1,964
|
|
|
|
2,568
|
|
|
|
(6,364
|
)
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
NET
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
|
|
|
26,618
|
|
|
|
87,756
|
|
|
|
(2,408
|
)
|
|
|
CASH
AND CASH EQUIVALENTS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning
of period
|
|
|
96,388
|
|
|
|
8,632
|
|
|
|
11,040
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
End
of period
|
|
$
|
123,006
|
|
|
$
|
96,388
|
|
|
$
|
8,632
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
The
accompanying notes are an integral part of these consolidated
financial statements.
|
