DTE Energy 2007 Annual Report Download - page 9

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MICHIGAN CONSOLIDATED GAS COMPANY
CONSOLIDATED STATEMENTS OF CASH FLOWS
Year Ended December 31
(in Millions) 2007 2006 2005
Operating Activities
Net income $ 71 $ 52 $ 13
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization 93 95 97
Deferred income taxes and investment tax credits, net 7 (35) —
Asset (gains) and losses, net (3) — 48
Changes in assets and liabilities:
Accounts receivable, net (60) 166 (198)
Inventories 42 41 (31)
Accrued postretirement benefit costs (79) 203 26
Prepaid benefit costs and due from affiliate (67) 34 (32)
Recoverable pension and postretirement costs 143 (259) —
Accrued gas cost recovery (11) 120 (16)
Accounts payable 44 (43) 83
Federal income, property and other taxes payable 5 (10) (14)
Other assets (38) (68) (16)
Other liabilities 44 38 14
Net cash from (used for) operating activities 191 334 (26)
Investing Activities
Plant and equipment expenditures (225) (154) (114)
Acquisitions, net of cash acquired — (3) —
Proceeds from sale of assets 2 3 —
Notes receivable from affiliate 1 1 —
Net cash used for investing activities (222) (153) (114)
Financing Activities
Redemption of long-term debt (30) (40) —
Short-term borrowings, net 116 (97) 197
Dividends on common stock (50) (50) (50)
Net cash from (used for) financing activities 36 (187) 147
Net Increase (Decrease) in Cash and Cash Equivalents 5 (6) 7
Cash and Cash Equivalents at Beginning of Period 1 7 —
Cash and Cash Equivalents at End of Period $ 6 $ 1 $ 7
Cash Paid for:
Interest (excluding interest capitalized) $ 63 $ 66 $ 57
Income taxes $ 10 $ 49 $ 9
Noncash investing and financing activities
Property, plant and equipment $ (1) $ — $ —
Short-term borrowings $ (5) $ — $ —
See Notes to Consolidated Financial Statements
7