DTE Energy 2009 Annual Report Download - page 10

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8
MICHIGAN CONSOLIDATED GAS COMPANY
CONSOLIDATED STATEMENTS OF CASH FLOWS
See Notes to Consolidated Financial Statements
Year Ended December 31
(in Millions)
2009
2008
2007
Operating Activities
Net income
$ 93
$ 80
$ 71
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization
109
102
93
Deferred income taxes and investment tax credits, net
57
64
7
Asset gains, net
(30)
(26)
(3)
Changes in assets and liabilities:
Accounts receivable, net
87
(54)
(60)
Inventories
(27)
19
42
Accrued postretirement liability — affiliates
(131)
81
(79)
Accrued pension liability — affiliates
(18)
331
(67)
Recoverable pension and postretirement costs
(6)
(436)
143
Accrued gas cost recovery
26
(70)
(11)
Accounts payable
(9)
(25)
44
Income, property and other taxes payable
(47)
(17)
5
Other assets
60
(82)
(38)
Other liabilities
41
20
44
Net cash from (used for) operating activities
205
(13)
191
Investing Activities
Plant and equipment expenditures
(167)
(239)
(225)
Proceeds from sale of assets
70
7
2
Other
29
3
1
Net cash used for investing activities
(68)
(229)
(222)
Financing Activities
Issuance of long-term debt
—
446
—
Redemption of long-term debt
—
(275)
(30)
Short-term borrowings, net
(80)
68
116
Capital contribution by parent company
—
50
—
Dividends on common stock
(50)
(50)
(50)
Other
(8)
—
—
Net cash from (used for) financing activities
(138)
239
36
Net Increase (Decrease) in Cash and Cash Equivalents
(1)
(3)
5
Cash and Cash Equivalents at Beginning of Period
3
6
1
Cash and Cash Equivalents at End of Period
$ 2
$ 3
$ 6
Cash Paid (Received) for:
Interest (excluding interest capitalized)
$ 66
$ 63
$ 63
Income taxes
$ (8)
$ (17)
$ 10
Noncash investing and financing activities
Property, plant and equipment
$ (1)
$ (1)
$ (1)
Short-term borrowings
$ —
$ —
$ (5)
Common stock
$ —
$ 12
$ —
Accrued capital expenditures
$ (5)
$ (19)
$ 5