Consolidated Cash Flows

Consolidated Cash Flows

Year ended December 31
(millions of dollars)
2009  2008  2007 
Cash Generated from Operations      
Net income 1,380  1,440  1,223 
Depreciation and amortization 1,377  1,247  1,237 
Future income taxes (Note 19) 357  76  58 
Non–controlling interests (Note 15) 96  130  97 
Employee future benefits funding (in excess of)/lower than expense (Note 22) (111) 17  43 
Writedown of Broadwater LNG project costs (Note 7)   41  – 
Other (19) 70  (37)
  3,080  3,021  2,621 
(Increase)/decrease in operating working capital (Note 23) (90) 135  63 
Net cash provided by operations 2,990  3,156  2,684 
Investing Activities      
Capital expenditures (5,417) (3,134) (1,651)
Acquisitions, net of cash acquired (Note 9) (902) (3,229) (4,223)
Disposition of assets, net of current income taxes (Note 9)   28  35 
Deferred amounts and other (594) (484) (188)
Net cash used in investing activities 6,913  (6,819) (6,027)
Financing Activities      
Dividends on common and preferred shares (Notes 16 and 17) (728) (577) (546)
Distributions paid to non–controlling interests (100) (141) (88)
Notes payable (repaid)/issued, net (Note 20) (244) 1,293  (46)
Long–term debt issued, net of issue costs (Note 10) 3,267  2,197  2,616 
Reduction of long–term debt (1,005) (840) (1,088)
Long–term debt of joint ventures issued (Note 11) 226  173  142 
Reduction of long–term debt of joint ventures (246) (120) (157)
Common shares issued, net of issue costs (Note 16) 1,820  2,384  1,711 
Preferred shares issued, net of issue costs (Note 17) 539  –  – 
Partnership units of subsidiary issued, net of issue costs (Note 9) 193  –  348 
Junior subordinated notes issued, net of issue costs (Note 12)   –  1,094 
Preferred securities redeemed   –  (488)
Net cash provided by financing activities 3,722  4,369  3,498 
Effect of Foreign Exchange Rate Changes on Cash and Cash Equivalents (110) 98  (50)
(Decrease)/Increase in Cash and Cash Equivalents (311) 804  105 
Cash and Cash Equivalents      
Beginning of year 1,308  504  399 
Cash and Cash Equivalents      
End of year 997  1,308  504 

The accompanying notes to the consolidated financial statements are an integral part of these statements.