| 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 |
|
Twelve Months Ended |
| |
|
March 31, |
|
December 31, |
| (thousands) |
|
2001 |
|
2000 |
|
2001 |
|
2000 |
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| |
|
|
|
|
|
|
|
|
| Cash flows from operating activities |
|
|
|
|
|
|
|
|
| Net income |
|
$ 69,741 |
|
$ 53,483 |
|
$ 267,137 |
|
$ 190,388 |
| |
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|
|
|
| Adjustments to reconcile net income to net cash: |
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|
|
|
|
|
|
|
| Depreciation |
|
69,503 |
|
61,997 |
|
275,703 |
|
236,217 |
| Deferred income taxes |
|
2,362 |
|
(6,186) |
|
(69,049) |
|
(10,660) |
| Investment tax credits, net |
|
(1,226) |
|
(1,219) |
|
(4,834) |
|
(4,950) |
| Allowance for funds used during construction |
|
(1,052) |
|
(467) |
|
(2,867) |
|
(2,354) |
| Amortization of unearned compensation |
|
1,876 |
|
2,404 |
|
8,657 |
|
9,520 |
| Loss/(gain) on disposal of discontinued operations, pretax |
|
- |
|
- |
|
- |
|
19,849 |
| Gain on propane business combination, pretax |
|
- |
|
- |
|
(13,564) |
|
- |
| Equity in earnings of unconsolidated affiliates |
|
(3,659) |
|
(4,099) |
|
(6,265) |
|
(1,135) |
| Asset valuation adjustment, pretax |
|
11,089 |
|
- |
|
25,270 |
|
- |
| Deferred revenue |
|
- |
|
- |
|
- |
|
10,489 |
| Deferred recovery clause |
|
(7,671) |
|
3,507 |
|
(79,889) |
|
(36,649) |
| Refund to customers |
|
- |
|
- |
|
(13,172) |
|
- |
| Nonewcurring charges |
|
- |
|
- |
|
- |
|
21,078 |
| Receivables, less allowance for uncollectibles |
|
15,580 |
|
(1,052) |
|
(75,481) |
|
(25,391) |
| Inventories |
|
(12,099) |
|
(27,690) |
|
23,103 |
|
1,878 |
| Taxes accrued |
|
6,493 |
|
37,190 |
|
(13,110) |
|
16,739 |
| Interest accrued |
|
8,494 |
|
11,648 |
|
22,310 |
|
(4,373) |
| Accounts payable |
|
(35,081) |
|
(26,992) |
|
34,546 |
|
12,484 |
| Other |
|
11,117 |
|
4,683 |
|
36,104 |
|
(16,551) |
|
| |
|
135,467 |
|
107,207 |
|
414,599 |
|
416,579 |
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| |
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| Cash flows from investing activities |
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|
|
|
|
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|
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| Capital expenditures |
|
(200,692) |
|
(144,546) |
|
(744,589) |
|
(494,697) |
| Allowance for funds used during construction |
|
1,052 |
|
467 |
|
2,867 |
|
2,354 |
| 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 |
|
1,509 |
|
(138) |
|
(3,449) |
|
8,928 |
| Other non-current investments |
|
182,130 |
|
(19,247) |
|
(134,578) |
|
(48,407) |
|
| |
|
(296,292) |
|
(216,097) |
|
(1,130,019) |
|
(632,606) |
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| |
|
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| Cash flows from financing activities |
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|
|
|
|
|
|
|
| Common stock |
|
236,897 |
|
2,528 |
|
252,666 |
|
2,800 |
| Purchase of treasury stock |
|
- |
|
(28,971) |
|
(897) |
|
(143,780) |
| Proceeds from long-term debt |
|
- |
|
6,900 |
|
388,002 |
|
34,912 |
| Repayment of long-term debt |
|
(16,222) |
|
(32,636) |
|
(129,235) |
|
(64,865) |
| Net borrowings (payments) under credit lines |
|
- |
|
- |
|
- |
|
- |
| Net increase (decrease) in short-term debt |
|
(58,650) |
|
126,425 |
|
210,200 |
|
564,100 |
| Issuance of trust preferred stock |
|
- |
|
- |
|
200,000 |
|
- |
| Dividends |
|
(42,353) |
|
(41,172) |
|
(168,565) |
|
(169,079) |
| |
|
119,672 |
|
33,074 |
|
752,171 |
|
224,088 |
| |
|
|
|
|
|
|
|
|
| Net increase (decrease) in cash and cash equivalents |
|
(41,153) |
|
(75,816) |
|
36,751 |
|
8,061 |
| Cash and cash equivalents at beginning of period |
|
99,603 |
|
97,515 |
|
21,699 |
|
13,638 |
|
| Cash and cash equivalents at end of period |
|
$ 58,450 |
|
$ 21,699 |
|
$ 58,450 |
|
$ 21,699 |
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