| |
|
Years Ended December 31, |
| (In millions) |
2009 |
2008 |
2007 |
| CASH FLOWS FROM OPERATING ACTIVITIES |
|
|
|
| Net income |
$ 923 |
$ 1,194 |
$ 1,027 |
| Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
| Depreciation and amortization |
598 |
581 |
534 |
| Deferred income tax expense |
177 |
161 |
110 |
| Equity in earnings of unconsolidated affiliates |
(369) |
(778) |
(596) |
| Distributions received from unconsolidated affiliates |
195 |
777 |
569 |
| Changes in working capital |
365 |
(168) |
(132) |
| Other |
(129) |
38 |
(45) |
| Net cash provided by operating activities |
1,760 |
1,805 |
1,467 |
| |
|
|
|
| |
|
|
|
CASH FLOWS FROM INVESTING ACTIVITIES
|
|
|
|
| Capital expenditures |
(980) |
(1,502) |
(1,202) |
| Investments in and loans to unconsolidated affiliates |
(61) |
(528) |
(285) |
| Acquisitions, net of cash acquired |
(295) |
(274) |
(14) |
| Sales (purchases) of available-for-sale securities, net |
32 |
124 |
(145) |
| Net proceeds from the sales of equity investments and other assets |
— |
105 |
15 |
| Distributions received from unconsolidated affiliates |
164 |
218 |
87 |
| Receipt from affiliate – repayment of loan |
186 |
— |
— |
| Other |
(46) |
(31) |
— |
| Net cash used in investing activities |
(1,000) |
(1,888) |
(1,544) |
| |
|
|
|
CASH FLOWS FROM FINANCING ACTIVITIES |
|
|
|
| Increase (decrease) in short-term borrowings, commercial paper and long-term debt, net |
(670) |
1,406 |
168 |
| Dividends paid |
(631) |
(598) |
(558) |
| Proceeds from issuances of Spectra Energy Partners common units |
208 |
— |
230 |
| Proceeds from issuance of Spectra Energy common stock |
448 |
— |
— |
| Repurchases of Spectra Energy common stock |
— |
(600) |
— |
| Contributions from (distributions to) noncontrolling interests, net |
(172) |
45 |
(48) |
| Other |
14 |
(39) |
17 |
| Net cash provided by (used in) financing activities |
(803) |
214 |
(191) |
| |
|
|
|
| Effect of exchange rate changes on cash |
25 |
(11) |
63 |
| Net increase (decrease) in cash and cash equivalents |
(18) |
120 |
(205) |
| Cash and cash equivalents at beginning of period |
214 |
94 |
299 |
| Cash and cash equivalents at end of period |
$ 196 |
$ 214 |
$ 94 |
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