|
STATEMENTS OF CASH FLOWS (UNAUDITED) (USD $)
In Thousands, unless otherwise specified
|
9 Months Ended |
|
Sep. 30, 2012
|
Sep. 30, 2011
|
| Operating activities |
|
|
| Net income |
$ 99,901 |
$ 83,491 |
| Adjustments to reconcile net income to cash provided by operating activities: |
|
|
| Depreciation and amortization |
86,426 |
81,253 |
| Demand side management program amortization |
1,358 |
1,358 |
| Deferred income taxes |
36,600 |
56,476 |
| Amortization of investment tax credits |
(206) |
(255) |
| Allowance for equity funds used during construction |
(5,062) |
(4,178) |
| Net derivative losses |
201 |
201 |
| Changes in operating assets and liabilities: |
|
|
| Accounts receivable |
(21,406) |
(37,089) |
| Accrued unbilled revenues |
(8,593) |
(3,013) |
| Inventories |
3,601 |
(4,732) |
| Prepayments and other |
1,204 |
(1,655) |
| Accounts payable |
(21,834) |
(6,129) |
| Net regulatory assets and liabilities |
44,031 |
7,327 |
| Other current liabilities |
25,664 |
17,530 |
| Pension and other employee benefit obligations |
(10,527) |
(5,634) |
| Change in other noncurrent assets |
(1,577) |
1,101 |
| Change in other noncurrent liabilities |
(656) |
(5,589) |
| Net cash provided by operating activities |
229,125 |
180,463 |
| Investing activities |
|
|
| Utility capital/construction expenditures |
(275,253) |
(224,864) |
| Allowance for equity funds used during construction |
5,062 |
4,178 |
| Investments in utility money pool arrangement |
(134,000) |
0 |
| Repayments from utility money pool arrangement |
134,000 |
0 |
| Other, net |
0 |
221 |
| Net cash used in investing activities |
(270,191) |
(220,465) |
| Financing activities |
|
|
| Repayment of short-term borrowings, net |
0 |
(49,000) |
| Proceeds from issuance of long-term debt |
108,691 |
193,149 |
| Repayment of long-term debt |
0 |
(101,800) |
| Borrowings under utility money pool arrangement |
240,000 |
283,500 |
| Repayments under utility money pool arrangement |
(245,000) |
(283,500) |
| Capital contributions from parent |
3,811 |
90,000 |
| Dividends paid to parent |
(50,089) |
(64,401) |
| Net cash provided by financing activities |
57,413 |
67,948 |
| Net change in cash and cash equivalents |
16,347 |
27,946 |
| Cash and cash equivalents at beginning of period |
650 |
1,778 |
| Cash and cash equivalents at end of period |
16,997 |
29,724 |
| Supplemental disclosure of cash flow information: |
|
|
| Cash paid for interest (net of amounts capitalized) |
(35,345) |
(30,927) |
| Cash paid for income taxes, net |
(14,391) |
(192) |
| Supplemental disclosure of non-cash investing transactions: |
|
|
| Property, plant and equipment additions in accounts payable |
$ 28,886 |
$ 7,012 |