Carolina Power & Light Company
STATEMENTS OF CASH FLOWS
(In thousands)
Three Months Ended Nine Months Ended Twelve Months Ended
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September 30 September 30 September 30
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1994 1993 1994 1993 1994 1993
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Operating Activities
Net income............................................... $ 120,253 $ 118,642 $ 267,292 $ 282,624 $ 331,164 $ 353,473
Adjustments to reconcile net income to net cash
provided by operating activities
Depreciation and amortization.......................... 126,173 106,355 378,577 335,542 503,129 439,648
Harris Plant deferred costs............................ 4,078 (138) 12,205 5,027 7,611 6,516
Harris Plant disallowance - Power Agency .............. - 20,645 - 20,645 - 20,645
Deferred income taxes.................................. (5,578) 19,611 (4,771) 33,590 32,993 78,060
Investment tax credit adjustments...................... (2,884) (4,061) (8,653) (9,848) (11,612) (12,258)
Allowance for equity funds used during construction.... (1,660) (2,520) (5,761) (6,431) (8,330) (9,087)
Deferred fuel cost .................................... 28,626 36,984 20,411 33,810 13,965 24,707
Net decrease (increase) in receivables, inventories
and prepaid expenses................................. 19,246 (7,482) (50,068) (76,974) 19,103 (110,589)
Net increase (decrease) in payables and accrued
expenses............................................. 25,565 22,904 (1,234) (12,639) (50,608) (147)
Miscellaneous.......................................... 2,983 (10,707) 15,512 27,831 (1,438) 530
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Net Cash Provided by Operating Activities............. 316,802 300,233 623,510 633,177 835,977 791,498
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Investing Activities
Gross property additions................................. (63,935) (86,922) (191,876) (230,390) (302,609) (319,505)
Nuclear fuel additions................................... (9,520) (2,546) (30,726) (28,489) (50,238) (32,466)
Contributions to external decommissioning trust.......... (4,746) (3,780) (18,461) (11,086) (28,253) (15,285)
Contributions to retiree benefit trusts.................. - (1,250) (16,000) (2,500) (17,250) (9,167)
Loan transactions with SPSP Trustee, net (Note 2)........ - 6,884 - 12,009 9,125 21,160
Allowance for equity funds used during construction...... 1,660 2,520 5,761 6,431 8,330 9,087
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Net Cash Used in Investing Activities................. (76,541) (85,094) (251,302) (254,025) (380,895) (346,176)
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Financing Activities
Proceeds from issuance of long-term debt................. - 242,018 268,325 537,269 313,086 636,120
Net decrease in pollution control bond escrow............ - - - 2,127 - 2,693
Net increase (decrease) in short-term notes
payable (maturity less than 90 days)................... (57,600) (25,900) (61,000) (41,800) 10,000 3,000
Retirement of long-term debt............................. (138) (234,723) (268,377) (521,783) (536,970) (622,075)
Purchase of Company common stock (Note 3)................ (86,732) - (86,732) - (86,732) -
Retirement of preferred stock............................ - - - - - (95,950)
Dividends paid on common stock (Note 2).................. (64,226) (65,902) (192,398) (197,706) (257,441) (261,197)
Dividends paid on preferred stock........................ (2,400) (2,402) (7,214) (7,206) (9,482) (11,669)
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Net Cash Used in Financing Activities................. (211,096) (86,909) (347,396) (229,099) (567,539) (349,078)
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Net Increase (Decrease) in Cash and Cash Equivalents....... 29,165 128,230 24,812 150,053 (112,457) 96,244
Cash and Cash Equivalents at Beginning of the Period....... 19,254 32,646 23,607 10,823 160,876 64,632
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Cash and Cash Equivalents at End of the Period............. $ 48,419 $ 160,876 $ 48,419 $ 160,876 $ 48,419 $ 160,876
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Supplemental Disclosures of Cash Flow Information
Cash paid during the period - interest................... $ 52,719 $ 56,518 $ 148,349 $ 167,160 $ 199,990 $ 227,588
income taxes............... 22,736 40,393 75,461 70,645 118,339 105,402
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See Supplemental Data and Notes to Financial Statements.