|
Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
|
3 Months Ended |
|
Mar. 31, 2015
|
Mar. 31, 2014
|
| CASH FLOWS FROM OPERATING ACTIVITIES |
|
|
| Net income |
$ 80,043 |
$ 68,123 |
| Adjustments |
|
|
| Depreciation and amortization |
107,377 |
106,078 |
| Provision for deferred income taxes |
34,368 |
44,919 |
| Amortization of deferred investment tax credits |
(338) |
(349) |
| Provision for losses on accounts receivable |
7,578 |
7,580 |
| Allowance for other funds used during construction |
(2,360) |
(2,201) |
| Gain on asset dispositions and purchases |
(1,128) |
(270) |
| Pension and non-pension postretirement benefits |
15,324 |
6,018 |
| Stock-based compensation expense |
2,418 |
2,711 |
| Other, net |
(13,844) |
9,624 |
| Changes in assets and liabilities |
|
|
| Receivables and unbilled revenues |
(8,758) |
3,307 |
| Taxes receivable, including income taxes |
(5,439) |
(4,322) |
| Other current assets |
(3,171) |
(9,654) |
| Pension and non-pension postretirement benefit contributions |
(12,732) |
(10,714) |
| Accounts payable |
(30,052) |
(59,140) |
| Taxes accrued, including income taxes |
31,209 |
21,729 |
| Interest accrued |
38,411 |
41,568 |
| Change in book overdraft |
(19,368) |
22,089 |
| Other current liabilities |
(20,919) |
(2,222) |
| Net cash provided by operating activities |
198,619 |
244,874 |
| CASH FLOWS FROM INVESTING ACTIVITIES |
|
|
| Capital expenditures |
(226,411) |
(192,466) |
| Acquisitions |
(48) |
(2,279) |
| Proceeds from sale of assets |
1,214 |
243 |
| Removal costs from property, plant and equipment retirements, net |
(14,265) |
(10,460) |
| Net funds released |
(7,006) |
(238) |
| Net cash used in investing activities |
(246,516) |
(205,200) |
| CASH FLOWS FROM FINANCING ACTIVITIES |
|
|
| Repayment of long-term debt |
(3,091) |
(2,192) |
| Proceeds from short-term borrowings with maturities greater than three months |
|
35,000 |
| Repayment of short-term borrowings with maturities greater than three months |
|
(221,000) |
| Net short-term borrowings with maturities less than three months |
94,572 |
193,920 |
| Proceeds from issuances of employee stock plans and DRIP |
6,191 |
8,199 |
| Advances and contributions for construction, net of refunds of $4,146 and $5,277 at March 31, 2015 and 2014, respectively |
5,346 |
1,358 |
| Redemption of preferred stock |
(1,200) |
(1,200) |
| Dividends paid |
(55,615) |
(49,968) |
| Tax benefit realized from equity compensation |
2,908 |
|
| Net cash provided by (used in) financing activities |
49,111 |
(35,883) |
| Net increase in cash and cash equivalents |
1,214 |
3,791 |
| Cash and cash equivalents at beginning of period |
23,080 |
26,964 |
| Cash and cash equivalents at end of period |
24,294 |
30,755 |
| Non-cash investing activity: |
|
|
| Capital expenditures acquired on account but unpaid at end of period |
133,799 |
109,464 |
| Non-cash financing activity: |
|
|
| Advances and contributions |
$ 3,006 |
$ 3,526 |