ComEd 2006 Annual Report Download - page 161

Exelon Corporation and Subsidiary Companies
Consolidated Statements of Cash Flows
For the Years Ended
December 31,
(in millions) 2006 2005 2004
Cash flows from operating activities
Net income .......................................................... $1,592 $ 923 $ 1,864
Adjustments to reconcile net income to net cash flows provided by operating
activities:
Depreciation, amortization and accretion, including nuclear fuel ............. 2,132 1,967 1,933
Cumulative effect of changes in accounting principles (net of income taxes) . . . — 42 (23)
Impairment charges ................................................. 894 1,207 11
Deferred income taxes and amortization of investment tax credits ............ 73 493 202
Net realized and unrealized mark-to-market and hedging transactions ........ (83) (30) 49
Other non-cash operating activities ..................................... 197 423 461
Changes in assets and liabilities:
Accounts receivable ............................................... (62) (279) (123)
Inventories ....................................................... (59) (118) (60)
Accounts payable, accrued expenses and other current liabilities .......... 67 172 133
Counterparty collateral asset ........................................ 259 (244) 42
Counterparty collateral liability ....................................... 172 57 31
Income taxes ..................................................... 69 138 293
Pension and non-pension postretirement benefit contributions ............. (180) (2,225) (580)
Other assets and liabilities .......................................... (236) (379) 165
Net cash flows provided by operating activities ............................ 4,835 2,147 4,398
Cash flows from investing activities
Capital expenditures ................................................. (2,418) (2,165) (1,921)
Proceeds from nuclear decommissioning trust fund sales ................... 4,793 5,274 2,320
Investment in nuclear decommissioning trust funds ........................ (5,081) (5,501) (2,587)
Acquisitions of businesses, net of cash acquired .......................... — (97) —
Proceeds from sales of investments, long-lived assets and wholly owned
subsidiaries, net of $32 of cash sold during 2005 ........................ 2 107 381
Change in restricted cash ............................................. (9) 21 52
Other investing activities .............................................. (49) (126) 16
Net cash flows used in investing activities ................................ (2,762) (2,487) (1,739)
Cash flows from financing activities
Issuance of long-term debt ............................................ 1,370 1,788 232
Retirement of long-term debt .......................................... (402) (508) (1,629)
Retirement of long-term debt to financing affiliates ........................ (910) (835) (728)
Issuance of short-term debt ........................................... — 2,500 —
Retirement of short-term debt ......................................... (300) (2,200) —
Change in short-term debt ............................................ (685) 500 164
Dividends paid on common stock ...................................... (1,071) (1,070) (831)
Proceeds from employee stock plans ................................... 184 222 240
Purchase of treasury stock ............................................ (186) (362) (82)
Other financing activities .............................................. 11 (54) 7
Net cash flows used in financing activities ................................ (1,989) (19) (2,627)
Increase (decrease) in cash and cash equivalents .......................... 84 (359) 32
Cash and cash equivalents at beginning of period ......................... 140 499 467
Cash and cash equivalents at end of period ............................... $ 224 $ 140 $ 499
See Combined Notes to Consolidated Financial Statements
156