Clear vision, clear progress.

2015 Integrated Report

Consolidated Statements of Cash Flows (unaudited)

For the Years Ended December 31,
In Thousands 2015 2014 2013
Operating Activities
Consolidated net income (loss) $ (156,734) $ 960,257 $ 730,572
Adjustments to reconcile consolidated net income (loss) to net cash flow
provided by operating activities:
Depreciation, amortization, and decommissioning, including nuclear fuel amortization 2,117,236 2,127,892 2,012,076
Deferred income taxes, investment tax credits, and non-current taxes accrued (820,350) 596,935 311,789
Asset write-offs, impairments and related charges 2,104,906 123,527 341,537
Gain on sale of asset / business (154,037) (43,569)
Changes in working capital:
Receivables 38,152 98,493 (180,648)
Fuel Inventory (12,376) 3,524 4,873
Accounts payable (135,211) (12,996) 94,436
Prepaid taxes and taxes accrued 81,969 (62,985) (142,626)
Interest accrued (11,445) 25,013 (3,667)
Deferred fuel costs 298,725 (70,691) (4,824)
Other working capital accounts (113,701) 112,390 (66,330)
Changes in provisions for estimated losses 42,566 301,871 (248,205)
Changes in other regulatory assets 262,317 (1,061,537) 1,105,622
Changes in other regulatory liabilities 61,241 87,654 397,341
Changes in pensions and other postretirement liabilities (446,418) 1,308,166 (1,433,663)
Other 134,344 (647,952) 314,505
Net cash flow provided by operating activities 3,291,184 3,889,561 3,189,219
Investing Activities
Construction/capital expenditures (2,500,860) (2,119,191) (2,287,593)
Allowance for equity funds used during construction 53,635 68,375 69,689
Nuclear fuel purchases (493,604) (537,548) (517,825)
Payment for purchase of plant (17,300)
Proceeds from sale of assets and businesses 487,406 10,100 147,922
Insurance proceeds received for property damages 24,399 40,670
Changes in securitization account (5,806) 1,511 155
NYPA value sharing payment (70,790) (72,000) (71,736)
Payments to storm reserve escrow account (69,163) (276,057) (7,716)
Receipts from storm reserve escrow account 5,916 260,279
Decrease (increase) in other investments 571 46,983 (82,955)
Litigation proceeds for reimbursement of spent nuclear fuel storage costs 18,296 21,034
Proceeds from nuclear decommissioning trust fund sales 2,492,176 1,872,115 2,031,552
Investment in nuclear decommissioning trust funds (2,550,958) (1,989,446) (2,147,099)
Net cash flow used in investing activities (2,608,782) (2,954,488) (2,601,593)
Financing Activities
Proceeds from the issuance of:
Long-term debt $ 3,502,189 $ 3,100,069 $ 3,746,016
Preferred stock of subsidiary 107,426 24,249
Treasury stock 24,366 194,866 24,527
Retirement of long-term debt (3,461,518) (2,323,313) (3,814,666)
Repurchase of common stock (99,807) (183,271)
Repurchase/redemptions of preferred stock (94,285)
Changes in credit borrowings and commercial paper – net (104,047) (448,475) 250,889
Other (9,136) 23,579
Dividends paid:
Common stock (598,897) (596,117) (593,037)
Preferred stock (19,758) (19,511) (18,802)
Net cash flow used in financing activities (753,467) (252,173) (380,824)
Effect of exchange rates on cash and cash equivalents (245)
Net increase (decrease) in cash and cash equivalents (71,065) 682,900 206,557
Cash and cash equivalents at beginning of period 1,422,026 739,126 532,569
Cash and cash equivalents at end of period $ 1,350,961 $ 1,422,026 $ 739,126
Supplemental Disclosure of Cash Flow Information:
Cash paid during the period for:
Interest – net of amount capitalized $ 663,630 $ 611,376 $ 570,212
Income taxes $ 103,589 $ 77,799 $ 127,735