|
|
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.
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