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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)
2010
2009
2008
Operating Activities
Net income
$ 130
$ 93
$ 80
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization
92
109
102
Deferred income taxes and investment tax credits, net
70
57
64
Asset gains, net
—
(30)
(26)
Changes in assets and liabilities:
Accounts receivable, net
25
87
(54)
Inventories
—
(27)
19
Accrued postretirement liability — affiliates
(36)
(131)
81
Accrued pension liability — affiliates
(23)
(18)
331
Recoverable pension and postretirement costs
(6)
(6)
(436)
Accrued gas cost recovery
(16)
26
(70)
Accounts payable
(25)
(9)
(25)
Income, property and other taxes payable
35
(47)
(17)
Other assets
26
60
(82)
Other liabilities
39
41
20
Net cash from (used for) operating activities
311
205
(13)
Investing Activities
Plant and equipment expenditures
(146)
(167)
(239)
Proceeds from sale of assets
9
70
7
Other
29
29
3
Net cash used for investing activities
(108)
(68)
(229)
Financing Activities
Issuance of long-term debt
—
—
446
Redemption of long-term debt
—
—
(275)
Short-term borrowings, net
(156)
(80)
68
Capital contribution by parent company
25
—
50
Dividends on common stock
(70)
(50)
(50)
Other
(4)
(8)
—
Net cash from (used for) financing activities
(205)
(138)
239
Net Decrease in Cash and Cash Equivalents
(2)
(1) (3)
Cash and Cash Equivalents at Beginning of Period
2
3
6
Cash and Cash Equivalents at End of Period
$ —
$ 2
$ 3
Cash Paid (Received) for:
Interest (excluding interest capitalized)
$ 67
$ 66
$ 63
Income taxes
$ 9
$ (8)
$ (17)
Noncash investing and financing activities
Common stock
$ —
$ —
$ 12
Accrued capital expenditures
$ 3
$ (5)
$ (19)