| TECO
ENERGY, Inc. |
| CONSOLIDATED
STATEMENTS OF CASH FLOWS (Unaudited) |
| (All significant intercompany
transactions have been eliminated in the consolidated financial statements.) |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Three Months Ended |
|
Twelve Months Ended |
|
|
|
|
| |
|
December 31, |
|
December 31, |
|
|
|
|
| (thousands) |
|
2001 |
|
2000 |
|
2001 |
|
2000 |
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Cash flows from operating activities |
|
|
|
|
|
|
|
|
|
|
|
|
| Net income |
|
$ 64,817 |
|
$ 57,833 |
|
$ 303,749 |
|
$ 250,880 |
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Adjustments to reconcile net income to net cash: |
|
|
|
|
|
|
|
|
|
|
|
|
| Depreciation |
|
81,246 |
|
73,414 |
|
297,989 |
|
268,199 |
|
|
|
|
| Deferred income taxes |
|
(37,850) |
|
8,351 |
|
(102,915) |
|
(77,597) |
|
|
|
|
| Investment tax credits, net |
|
(1,257) |
|
(1,136) |
|
(4,946) |
|
(4,827) |
|
|
|
|
| Allowance for funds used during construction |
|
(3,652) |
|
(344) |
|
(9,229) |
|
(2,283) |
|
|
|
|
| Amortization of unearned compensation |
|
1,286 |
|
2,399 |
|
9,660 |
|
9,185 |
|
|
|
|
| Gain on propane business combination, pretax |
|
- |
|
- |
|
- |
|
(13,564) |
|
|
|
|
| Equity in earnings of unconsolidated affiliates |
|
(3,346) |
|
(2,988) |
|
(3,143) |
|
(7,564) |
|
|
|
|
| Asset valuation adjustment, pretax |
|
- |
|
- |
|
11,089 |
|
14,181 |
|
|
|
|
| Deferred recovery clause |
|
4,550 |
|
(36,772) |
|
(19,010) |
|
(68,711) |
|
|
|
|
| Refund to customers |
|
- |
|
(9,410) |
|
- |
|
(13,172) |
|
|
|
|
| Receivables, less allowance for uncollectibles |
|
53,359 |
|
5,172 |
|
52,020 |
|
(92,113) |
|
|
|
|
| Inventories |
|
13,478 |
|
5,562 |
|
(22,765) |
|
7,512 |
|
|
|
|
| Taxes accrued |
|
(50,444) |
|
(87,411) |
|
16,464 |
|
17,587 |
|
|
|
|
| Interest accrued |
|
(22,554) |
|
3,277 |
|
(6,287) |
|
25,464 |
|
|
|
|
| Accounts payable |
|
8,560 |
|
27,624 |
|
(51,284) |
|
42,635 |
|
|
|
|
| Other |
|
5,704 |
|
7,469 |
|
41,711 |
|
30,526 |
|
|
|
|
|
| |
|
113,897 |
|
53,040 |
|
513,103 |
|
386,338 |
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Cash flows from investing activities |
|
|
|
|
|
|
|
|
|
|
|
|
| Capital expenditures |
|
(254,814) |
|
(266,506) |
|
(965,955) |
|
(688,443) |
|
|
|
|
| Allowance for funds used during construction |
|
3,652 |
|
344 |
|
9,229 |
|
2,283 |
|
|
|
|
| Purchase of minority interest |
|
- |
|
- |
|
- |
|
(52,633) |
|
|
|
|
| Purchase of business |
|
(35,500) |
|
(5,165) |
|
(315,791) |
|
(31,314) |
|
|
|
|
| Proceeds from sale of assets |
|
43,200 |
|
43,000 |
|
43,200 |
|
61,335 |
|
|
|
|
| Investment in unconsolidated affiliates |
|
(172) |
|
(3,978) |
|
27,616 |
|
(7,711) |
|
|
|
|
| Other non-current investments |
|
(107,613) |
|
(212,141) |
|
95,668 |
|
(333,340) |
|
|
|
|
|
| |
|
(351,247) |
|
(444,446) |
|
(1,106,033) |
|
(1,049,823) |
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Cash flows from financing activities |
|
|
|
|
|
|
|
|
|
|
|
|
| Dividends |
|
(48,144) |
|
(42,189) |
|
(184,211) |
|
(167,384) |
|
|
|
|
| Common stock |
|
95,822 |
|
9,714 |
|
348,399 |
|
18,297 |
|
|
|
|
| Purchase of treasury stock |
|
- |
|
- |
|
- |
|
(29,868) |
|
|
|
|
| Proceeds from long-term debt |
|
- |
|
32,049 |
|
1,255,910 |
|
394,902 |
|
|
|
|
| Repayment of long-term debt |
|
(5,179) |
|
(8,010) |
|
(236,486) |
|
(145,649) |
|
|
|
|
| Net increase (decrease) in short-term debt |
|
237,300 |
|
273,050 |
|
(570,050) |
|
395,275 |
|
|
|
|
| Issuance of trust preferred stock |
|
- |
|
200,000 |
|
- |
|
200,000 |
|
|
|
|
|
| |
|
279,799 |
|
464,614 |
|
613,562 |
|
665,573 |
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Net increase (decrease) in cash and cash equivalents |
|
42,449 |
|
73,208 |
|
20,632 |
|
2,088 |
|
|
|
|
|
| Cash and cash equivalents at beginning of period |
|
77,786 |
|
26,395 |
|
99,603 |
|
97,515 |
|
|
|
|
|
| Cash and cash equivalents at end of period |
|
$ 120,235 |
|
$ 99,603 |
|
$ 120,235 |
|
$ 99,603 |
|
|
|
|