Consolidated Statements of Cash Flows - 2003 Annual Report - Duke Energy
Duke Energy

Consolidated Statements of Cash Flows

  Years Ended December 31,
2003   2002   2001
(In millions)
Cash Flows From Operating Activities                
Net (loss) income $

(1,323)

   $

1,034

   $

1,898
Adjustments to reconcile net (loss) income to net cash provided
   by operating activities		  

 

    

 

    

 
Depreciation and amortization (including amortization of
   nuclear fuel)		  

1,987

    

1,692

    

1,450
Cumulative effect of change in accounting principle  

162

    

—

    

96
Gain on sales of equity investments and other assets  

(86)

    

(81)

    

(238)
Impairment charges  

3,495

    

545

    

36
Deferred income taxes  

(534)

    

495

    

129
Purchased capacity levelization  

194

    

175

    

156
Contribution to company-sponsored pension plan  

(181)

    

—

    

—
(Increase) decrease in  

 

    

 

    

 
Net realized and unrealized mark-to-market and hedging
   transactions		  

(15)

    

596

    

91
Receivables  

1,126

    

12

    

3,166
Inventory  

(30)

    

134

    

(192)
Other current assets  

(77)

    

(335)

    

694
Increase (decrease) in  

 

    

 

    

 
Accounts payable  

(1,030)

    

798

    

(3,545)
Taxes accrued  

(168)

    

(332)

    

183
Other current liabilities  

79

    

(194)

    

325
Other, assets  

349

    

380

    

351
Other, liabilities  

(19)

    

(372)

    

(243)
Net cash provided by operating activities  

3,929

    

4,547

    

4,357
Cash Flows From Investing Activities  

 

    

 

    

 
Capital expenditures, net of refund  

(2,471)

    

(4,924)

    

(5,930)
Investment expenditures  

(290)

    

(641)

    

(1,093)
Acquisition of Westcoast Energy Inc., net of cash acquired  

—

    

(1,707)

    

—
Net proceeds from the sales of equity investment and other
   assets, and sales of and collections on notes receivable		  

1,966

    

516

    

943
Other  

(136)

    

(53)

    

37
Net cash used in investing activities  

(931)

    

(6,809)

    

(6,043)
Cash Flows From Financing Activities  

 

    

 

    

 
Proceeds from the  

 

    

 

    

 
Issuance of long-term debt  

3,009

    

5,114

    

2,673
Issuance of common stock and common stock related to
   employee benefit plans		  

277

    

1,323

    

1,432
Payments for the redemption of  

 

    

 

    

 
Long-term debt  

(2,849)

    

(1,837)

    

(1,298)
Preferred and preference stock and preferred member interests  

(38)

    

(88)

    

(33)
Guaranteed preferred beneficial interests in subordinated notes  

(250)

    

—

    

—
Notes payable and commercial paper  

(1,702)

    

(1,067)

    

(246)
Distributions to minority interests  

(2,508)

    

(2,260)

    

(3,063)
Contributions from minority interests  

2,432

    

2,535

    

2,733
Dividends paid  

(1,051)

    

(938)

    

(871)
Other  

23

    

64

    

27
Net cash (used in) provided by financing activities  

(2,657)

    

2,846

    

1,354
Changes in cash and cash equivalents associated with assets
   held for sale		  

(55)

    

—

    

—
Net increase (decrease) in cash and cash equivalents  

286

    

584

    

(332)
Cash and cash equivalents at beginning of period  

874

    

290

    

622
 
Cash and cash equivalents at end of period		 $

1,160

   $

874

   $

290
 
Supplemental Disclosures		  

 

    

 

    

 
Cash paid for interest, net of amount capitalized $

1,324

   $

1,011

   $

733
Cash (refunded) paid for income taxes $

(18)

   $

344

   $

770
Significant non-cash transactions:  

 

    

 

    

 
Acquisition of Westcoast Energy Inc.  

 

    

 

    

 
Fair value of assets acquired $

—

   $

9,254

   $

—
Liabilities assumed, including debt and minority interests  

—

    

8,047

    

—
Issuance of common stock  

—

    

1,702

    

—
Capital lease obligations related to property, plant and
   equipment		 $

—

   $

117

   $

—

See Notes to Consolidated Financial Statements