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MICHIGAN CONSOLIDATED GAS COMPANY
CONSOLIDATED STATEMENTS OF CASH FLOWS
See Notes to Consolidated Financial Statements
7
Year Ended December 31
(in Millions) 2008 2007 2006
O
p
eratin
g
Activities
Net income $80
$71 $52
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization 102 93 95
Deferred income taxes and investment tax credits, net 64 7 (35)
Asset gains, ne
t
(26) (3)
—
Changes in assets and liabilities:
Accounts receivable, ne
t
(54) (60) 166
Inventories 19 42 41
Accrued postretirement liability — affiliates 81 (79) 203
Accrued pension liability — affiliates 331 (67)34
Recoverable pension and postretirement costs (436) 143 (259)
Accrued gas cost recovery (70) (11)120
Accounts payable (25) 44 (43)
Federal income, property and other taxes payable (17) 5 (10)
Other assets (82) (38) (68)
Other liabilities 20 44 38
Net cash from (used for) operating activities (13) 191 334
Investin
g
Activities
Plant and equipment expenditures (239) (225) (154)
Acquisitions, net of cash acquire
d
— — (3)
Proceeds from sale of assets 7 23
Other 3 1 1
Net cash used for investing activities (229) (222) (153)
Financin
g
Activities
Issuance of long-term debt 446 —
—
Redemption of long-term debt (275) (30)(40)
Short-term borrowings, net 68 116 (97)
Capital contribution by parent company 50 — —
Dividends on common stock (50) (50) (50)
Net cash from (used for) financing activities 239 36 (187)
Net Increase (Decrease) in Cash and Cash E
q
uivalents (3) 5(6)
Cash and Cash E
q
uivalents at Be
g
innin
g
of Period 6 1 7
Cash and Cash E
q
uivalents at End of Period $3
$6 $1
Cash Paid (Received) for:
Interest (excluding interest capitalized) $63
$63 $66
Income taxes $(17) $ 10 $ 49
Noncash investin
g
and financin
g
activities
Property, plant and equipment $(1) $ (1) $
—
Short-term borrowings $—
$(5) $
—
Common stock $12 $ — $
—
Accrued capital expenditures $(19)
$5 $8