|
Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
|
9 Months Ended |
|
Sep. 30, 2014
|
Sep. 30, 2013
|
| CASH FLOWS FROM OPERATING ACTIVITIES |
|
|
| Net income |
$ 329,607 |
$ 309,571 |
| Adjustments |
|
|
| Depreciation and amortization |
318,398 |
303,002 |
| Provision for deferred income taxes |
213,125 |
195,240 |
| Amortization of deferred investment tax credits |
(1,046) |
(1,126) |
| Provision for losses on accounts receivable |
26,087 |
18,331 |
| Allowance for other funds used during construction |
(7,064) |
(9,895) |
| (Gain) loss on asset dispositions and purchases |
(616) |
529 |
| Pension and non-pension postretirement benefits |
18,056 |
58,552 |
| Stock-based compensation expense |
9,670 |
8,916 |
| Other, net |
(229) |
(12,264) |
| Changes in assets and liabilities |
|
|
| Receivables and unbilled revenues |
(77,323) |
(108,062) |
| Taxes receivable, including income taxes |
(3,830) |
(5,513) |
| Other current assets |
(15,292) |
(13,188) |
| Pension and non-pension postretirement benefit contributions |
(35,783) |
(77,664) |
| Accounts payable |
(30,141) |
(28,577) |
| Taxes accrued, including income taxes |
14,779 |
10,064 |
| Interest accrued |
44,975 |
47,481 |
| Change in book overdraft |
(2,052) |
(7,993) |
| Other current liabilities |
39,581 |
1,145 |
| Operating cash flows provided by continuing operations |
840,902 |
688,549 |
| Operating cash flows provided by (used in) discontinued operations, net |
(640) |
127 |
| Net cash provided by operating activities |
840,262 |
688,676 |
| CASH FLOWS FROM INVESTING ACTIVITIES |
|
|
| Capital expenditures |
(664,859) |
(664,975) |
| Acquisitions |
(6,053) |
(16,554) |
| Proceeds from sale of assets |
804 |
749 |
| Removal costs from property, plant and equipment retirements, net |
(51,959) |
(49,639) |
| Net funds released |
738 |
11,339 |
| Investing cash flows used in continuing operations |
(721,329) |
(719,080) |
| Investing cash flows used in discontinued operations |
(12) |
(287) |
| Net cash used in investing activities |
(721,341) |
(719,367) |
| CASH FLOWS FROM FINANCING ACTIVITIES |
|
|
| Proceeds from long-term debt |
500,497 |
2,737 |
| Repayment of long-term debt |
(136,739) |
(13,149) |
| Proceeds from short-term borrowings with maturities greater than three months |
35,000 |
20,000 |
| Repayment of short-term borrowings with maturities greater than three months |
(256,000) |
0 |
| Net short-term borrowings (repayments) with maturities less than three months |
(95,328) |
99,450 |
| Proceeds from issuances of employee stock plans and DRIP |
15,446 |
19,788 |
| Advances and contributions for construction, net of refunds of $16,305 and $16,671 at September 30, 2014 and 2013, respectively |
21,293 |
13,486 |
| Debt issuance costs |
(4,593) |
(1,126) |
| Redemption of preferred stock |
(1,200) |
(2,920) |
| Dividends paid |
(160,848) |
(99,554) |
| Tax benefit realized from equity compensation |
10,715 |
0 |
| Net cash (used in) provided by financing activities |
(71,757) |
38,712 |
| Net increase in cash and cash equivalents |
47,164 |
8,021 |
| Cash and cash equivalents at beginning of period |
26,964 |
24,433 |
| Cash and cash equivalents at end of period |
74,128 |
32,454 |
| Non-cash investing activity: |
|
|
| Capital expenditures acquired on account but unpaid at end of period |
163,053 |
119,807 |
| Non-cash financing activity: |
|
|
| Advances and contributions |
8,876 |
9,379 |
| Dividends accrued |
55,494 |
49,837 |
| Long-term debt issued |
9,977 |
0 |
| Long-term debt retired |
$ (1,215) |
$ 0 |