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SEC Filings
10-Q
SOUTHERN UNION CO filed this Form 10-Q on 05/09/2013
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SOUTHERN UNION COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Dollars in millions)
(unaudited)

 
 
Successor
 
 
Predecessor
 
 
Three Months Ended
March 31, 2013
 
Period from Acquisition (March 26, 2012) to March 31, 2012
 
 
Period from January 1, 2012 to March 25, 2012
CASH FLOWS FROM OPERATING ACTIVITES:
 
 
 
 
 
 
 

Net income (loss)
 
$
36

 
$
(39
)
 
 
$
50

Reconciliation of net income to net cash provided by (used in) operating activities:
 
 
 
 

 
 
 

Depreciation and amortization (including discontinued operations)
 
59

 
5

 
 
57

Deferred income taxes
 
22

 
(12
)
 
 
23

Provision for bad debts
 
1

 

 
 
1

Amortization of costs charged to interest
 
(8
)
 

 
 
1

Net gain on curtailment of OPEB plans
 

 
(15
)
 
 

Unrealized gain on derivatives
 
(5
)
 

 
 

Non-cash compensation expense
 
2

 

 
 
2

Earnings from unconsolidated investments, net of cash distributions
 

 

 
 
(16
)
Changes in operating assets and liabilities, net of merger impact
 
131

 
(133
)
 
 
79

Net cash flows provided by (used in) operating activities
 
238

 
(194
)
 
 
197

CASH FLOWS FROM INVESTING ACTIVITES:
 
 
 
 

 
 
 

Additions to property, plant and equipment
 
(123
)
 
(2
)
 
 
(60
)
Loan repayment from unconsolidated investments
 

 

 
 
37

Distributions from unconsolidated affiliates in excess of cumulative earnings
 
1

 

 
 

Proceeds from Citrus Merger
 

 

 
 
1,895

Plant retirements and other
 
(1
)
 

 
 
(2
)
Net cash flows provided by (used in) investing activities
 
(123
)
 
(2
)
 
 
1,870

CASH FLOWS FROM FINANCING ACTIVITIES:
 
 
 
 

 
 
 

Issuance of long-term debt
 

 

 
 
455

Dividends paid on common stock
 
(30
)
 

 
 
(19
)
Note payable - related party
 

 
221

 
 

Repayment of long-term debt
 

 

 
 
(1,048
)
Net change in revolving credit facilities
 
30

 
(47
)
 
 
12

Purchase of treasury stock
 

 

 
 
(1,453
)
Other
 
1

 
(2
)
 
 
(1
)
Net cash flows provided by (used in) financing activities
 
1

 
172

 
 
(2,054
)
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
 
116

 
(24
)
 
 
13

CASH AND CASH EQUIVALENTS, beginning of period
 
49

 
37

 
 
24

CASH AND CASH EQUIVALENTS, end of period
 
$
165

 
$
13

 
 
$
37


The accompanying notes are an integral part of these consolidated financial statements.
6


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