Consolidated Cash Flows

Year ended December 31 (millions of dollars) 2011  2010  2009 
Cash Generated from Operations      
Net income 1,711  1,387  1,476 
Depreciation and amortization 1,528  1,354  1,377 
Future income taxes (Note 12) 364  521  357 
Employee future benefits funding in excess of expense (Note 20) (3) (69) (111)
Valuation provision for MGP (Note 9) –  146  – 
Other 63  (8) (19)
  3,663  3,331  3,080 
Decrease/(increase) in operating working capital (Note 22) 310  (249) (90)
Net cash provided by operations 3,973  3,082  2,990 
       
Investing Activities      
Capital expenditures (Note 4) (3,274) (5,036) (5,417)
Deferred amounts and other (14) (384) (594)
Acquisitions, net of cash acquired (Note 23) –  –  (902)
Net cash used in investing activities (3,288) (5,420) (6,913)
       
Financing Activities      
Dividends on common and preferred shares (Notes 17 and 18) (1,016) (754) (728)
Distributions paid to non-controlling interests (131) (112) (100)
Notes payable (repaid)/issued, net (218) 474  (244)
Long-term debt issued, net of issue costs 1,622  2,371  3,267 
Repayment of long-term debt (1,272) (494) (1,005)
Long-term debt of joint ventures issued 48  177  226 
Repayment of long-term debt of joint ventures (102) (254) (246)
Common shares issued, net of issue costs 58  26  1,820 
Preferred shares issued, net of issue costs –  679  539 
Partnership units of subsidiary issued, net of issue costs (Note 23) 321  –  193 
Net cash (used in)/provided by financing activities (690) 2,113  3,722 
       
Effect of Foreign Exchange Rate Changes on Cash and Cash Equivalents (8) (110)
Increase/(Decrease) in Cash and Cash Equivalents (233) (311)
       
Cash and Cash Equivalents      
Beginning of year 764  997  1,308 
       
Cash and Cash Equivalents      
End of year 765  764  997 

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