| |
|
Years Ended December 31, |
| (In millions) |
2010 |
2009 |
2008 |
| CASH FLOWS FROM OPERATING ACTIVITIES |
|
|
|
| Net income |
$1,129 |
$924 |
$ 1,197 |
| Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
| Depreciation and amortization |
664 |
598 |
581 |
| Deferred income tax expense |
205 |
176 |
158 |
| Equity in earnings of unconsolidated affiliates |
(430) |
(369) |
(778) |
| Distributions received from unconsolidated affiliates |
391 |
195 |
777 |
| Changes in working capital |
(424) |
365 |
(168) |
| Other |
(127) |
(129) |
38 |
| Net cash provided by operating activities |
1,408 |
1,760 |
1,805 |
| |
|
|
|
| |
|
|
|
CASH FLOWS FROM INVESTING ACTIVITIES |
|
|
|
| Capital expenditures |
(1,346) |
(980) |
(1,502) |
| Investments in and loans to unconsolidated affiliates |
(10) |
(61) |
(528) |
| Acquisitions, net of cash acquired |
(492) |
(295) |
(274) |
| Sales (purchases) of available-for-sale securities, net |
(216) |
32 |
124 |
| Purchases of held-to-maturity securities |
(49) |
(121) |
— |
| Net proceeds from the sales of other assets |
— |
— |
105 |
| Distributions received from unconsolidated affiliates |
17 |
164 |
218 |
| Receipt from affiliate — repayment of loan |
— |
186 |
— |
| Other |
(5) |
54 |
(6) |
| Net cash used in investing activities |
(2,101) |
(1,021) |
(1,863) |
| |
|
|
|
| CASH FLOWS FROM FINANCING ACTIVITIES |
|
|
|
| Net increase (decrease) in short-term borrowings, commercial paper and long-term debt |
1,152 |
(670) |
1,406 |
| Dividends paid on common stock |
(650) |
(631) |
(598) |
| Proceeds from issuances of Spectra Energy Partners LP common units |
216 |
208 |
— |
| Proceeds from issuance of Spectra Energy common stock |
— |
448 |
— |
| Repurchases of Spectra Energy common stock |
— |
— |
(600) |
| Contributions from (distributions to) noncontrolling interests, net |
(73) |
(172) |
45 |
| Other |
11 |
14 |
(39) |
| Net cash provided by (used in) financing activities |
656 |
(803) |
214 |
| |
|
|
|
| Effect of exchange rate changes on cash |
1 |
25 |
(11) |
| Net increase (decrease) in cash and cash equivalents |
(36) |
(39) |
145 |
| Cash and cash equivalents at beginning of period |
166 |
205 |
60 |
| Cash and cash equivalents at end of period |
$130 |
$ 166 |
$205 |
