| YEAR ENDED DECEMBER 31, |
| (millions of dollars) | 2002 | 2001 | 2000 |
 |
| Cash flows — operating activities |
| Income from continuing operations before extraordinary loss | $175 | $639 | $666 |
| Adjustments to reconcile income from continuing operations |
| to cash provided by operating activities: |
| Depreciation and amortization | 949 | 1,024 | 1,023 |
| Deferred income taxes and investment tax credits – net | 67 | (35) | 90 |
| Gains from sale of assets | (31) | (1) | (130) |
| Reduction of revenues for earnings in excess of regulatory earnings cap | — | 40 | 310 |
| Net effect of unrealized mark-to-market valuations of commodity contracts | 67 | (319) | (5) |
| Net loss associated with unconsolidated affiliates and joint ventures | 255 | 53 | 18 |
| Asset impairments and writedowns | 253 | — | — |
| Retail clawback accrual | 185 | — | — |
| Reduction in regulatory liability | (151) | — | — |
| Over (under)-recovered fuel costs | — | 568 | (813) |
| Changes in operating assets and liabilities: |
| Accounts receivable – trade | (518) | 501 | (907) |
| Inventories | (54) | (49) | 27 |
| Accounts payable – trade | 176 | (833) | 1,001 |
| Commodity contract assets and liabilities | (10) | (32) | 28 |
| Margin deposits | — | 227 | (225) |
| Other assets | (62) | 42 | (274) |
| Other liabilities | 40 | 51 | 99 |
|
| Cash provided by operating activities | 1,341 | 1,876 | 908 |
|
| Cash flows – financing activities |
| Issuances of securities: |
| Equity-linked debt securities | 440 | 1,000 | — |
| Exchangeable subordinated notes | 750 | — | — |
| Other long-term debt | 3,377 | 4,954 | 1,451 |
| Preference stock | — | — | 300 |
| Common stock | 1,274 | 354 | 2 |
| Retirements/repurchase of securities: |
| Long-term debt | (3,596) | (4,641) | (1,051) |
| Subsidiary obligated, mandatorily redeemable, preferred |
| securities of subsidiary trusts, each holding solely junior |
| subordinated debentures of the obligated subsidiary | — | (837) | — |
| Common stock | — | (44) | (596) |
| Change in notes payable: |
| Commercial paper | (844) | (1,035) | 31 |
| Banks | 1,242 | 615 | (142) |
| Cash dividends paid: |
| Common stock | (652) | (621) | (634) |
| Preference stock | (22) | (22) | (11) |
| Debt premium, discount, financing and reacquisition expenses | (493) | (232) | (19) |
|
| Cash provided by (used in) financing activities | 1,476 | (509) | (669) |
|
| Cash flows – investing activities |
| Capital expenditures | (996) | (1,248) | (1,038) |
| Acquisitions of businesses | (36) | — | (339) |
| Proceeds from sale of assets | 449 | 26 | 627 |
| Cash distributions from equity investee | — | — | 599 |
| Nuclear fuel | (51) | (38) | (87) |
| Other | (213) | 59 | (61) |
|
| Cash used in investing activities | (847) | (1,201) | (299) |
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| Effect of exchange rate changes on cash and cash equivalents | (11) | 1 | 10 |
|
| Cash contributions to discontinued operations | (601) | — | — |
|
| Net change in cash and cash equivalents | 1,358 | 167 | (50) |
| Cash and cash equivalents – beginning balance | 216 | 49 | 99 |
|
| Cash and cash equivalents – ending balance | $1,574 | $216 | $49 |
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