Consolidated Statements of Cash Flows - 2004 Annual Report - Duke Energy
Duke Energy

Consolidated Statements of Cash Flows

  Years Ended December 31
(In millions)

2004

  

2003

  

2002
Cash Flows from Operating Activities                
Net income (loss) $

1,490

   $

(1,323)

   $

1,034
Adjustments to reconcile net income (loss) to net cash
   provided by operating activities:		  

 

    

 

    

 
Depreciation and amortization (including amortization
   of nuclear fuel)		  

2,037

    

1,987

    

1,692
Cumulative effect of change in accounting principle  

—

    

162

    

—
Gains on sales of investments in commercial and
   multi-family real estate		  

(201)

    

(103)

    

(106)
Gains on sales of equity investments and other assets  

(193)

    

(86)

    

(81)
Impairment charges  

194

    

3,495

    

545
Deferred income taxes  

867

    

(534)

    

495
Purchased capacity levelization  

92

    

194

    

175
Contribution to company-sponsored pension plan  

(278)

    

(192)

    

(9)
(Increase) decrease in  

 

    

 

    

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

216

    

(15)

    

596
Receivables  

(188)

    

1,126

    

12
Inventory  

(48)

    

(30)

    

134
Other current assets  

(35)

    

(77)

    

(335)
Increase (decrease) in  

 

    

 

    

 
Accounts payable  

(5)

    

(1,047)

    

798
Taxes accrued  

188

    

(168)

    

(332)
Other current liabilities  

116

    

79

    

(194)
Capital expenditures for residential real estate  

(322)

    

(196)

    

(179)
Cost of residential real estate sold  

268

    

167

    

117
Other, assets  

(305)

    

(249)

    

205
Other, liabilities  

246

    

206

    

(368)
Net cash provided by operating activities  

4,139

    

3,396

    

4,199

Cash Flows from Investing Activities		  

 

    

 

    

 
Capital expenditures, net of refund  

(2,055)

    

(2,242)

    

(4,745)
Investment expenditures  

(46)

    

(153)

    

(584)
Acquisition of Westcoast Energy Inc., net of cash acquired  

—

    

—

    

(1,707)
Purchases of available-for-sale securities  

(64,594)

    

(40,032)

    

(12,393)
Proceeds from sales and maturites of available-for-sale
   securities		  

64,092

    

39,641

    

11,859
Net proceeds from the sales of equity investments and
   other assets, and sales of and collections on notes
   receivable		  

1,542

    

1,966

    

516
Proceeds from the sales of commercial and multi-family
   real estate		  

606

    

314

    

169
Other  

(309)

    

(162)

    

(69)
Net cash used in investing activities  

(764)

    

(668)

    

(6,954)

Cash Flows from Financing Activities		  

 

    

 

    

 
Proceeds from the:  

 

    

 

    

 
Issuance of long-term debt  

153

    

3,009

    

5,114
Issuance of common stock and common stock related
   to employee benefit plans		  

1,704

    

277

    

1,323
Payments for the redemption of:  

 

    

 

    

 
Long-term debt  

(3,646)

    

(2,849)

    

(1,837)
Preferred stock of a subsidiary  

(176)

    

(38)

    

—
Preferred and preference stock  

—

    

—

    

(88)
Guaranteed preferred beneficial interests in
   subordinated notes		  

—

    

(250)

    

—
Notes payable and commercial paper  

(67)

    

(1,702)

    

(1,067)
Distributions to minority interests  

(1,477)

    

(2,508)

    

(2,260)
Contributions from minority interests  

1,277

    

2,432

    

2,535
Dividends paid  

(1,065)

    

(1,051)

    

(938)
Other  

19

    

23

    

64
Net cash (used in) provided by financing activities  

(3,278)

    

(2,657)

    

2,846
Changes in cash and cash equivalents associated with
   assets held for sale		  

39

    

(55)

    

—
Net increase in cash and cash equivalents  

136

    

16

    

91
Cash and cash equivalents at beginning of year  

397

    

381

    

290
Cash and cash equivalents at end of year $

533

   $

397

   $

381

Supplemental Disclosures		  

 

    

 

    

 
Cash paid for interest, net of amount capitalized $

1,323

   $

1,324

   $

1,011
Cash (refunded) paid for income taxes $

(339)

   $

(18)

   $

344
Significant non-cash transactions:  

 

    

 

    

 
Debt retired in connection with disposition of businesses $

840

   $

387

   $

—
Note receivable from sale of southeast plants $

48

   $

—

   $

—
Remarketing of senior notes $

1,625

   $

—

   $

—
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