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SEC Filings
10-Q
SOUTHERN UNION CO filed this Form 10-Q on 11/07/2013
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SOUTHERN UNION COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Dollars in millions)
(unaudited)
 
 
Successor
 
 
Predecessor
 
 
Nine Months Ended
September 30, 2013
 
Period from Acquisition (March 26, 2012) to September 30, 2012
 
 
Period from January 1, 2012 to March 25, 2012
CASH FLOWS FROM OPERATING ACTIVITES:
 
 
 
 
 
 
 

Net income (loss)
 
$
134

 
$
(10
)
 
 
$
50

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

 
 
 

Depreciation and amortization
 
147

 
155

 
 
57

Deferred income taxes
 
99

 
26

 
 
23

Provision for bad debts
 
7

 
6

 
 
1

Amortization of costs charged to interest
 
(25
)
 
(17
)
 
 
1

Net gain on curtailment of OPEB plans
 

 
(15
)
 
 

Unrealized loss (gain) on derivatives
 
(27
)
 
15

 
 

Non-cash compensation expense, including related party allocation
 
5

 

 
 
2

Earnings from unconsolidated investments, net of cash distributions
 

 
5

 
 
(16
)
Gain on sale of MGE, net of tax
 
(3
)
 

 
 

Changes in operating assets and liabilities, net of merger and contribution impacts
 
30

 
(188
)
 
 
79

Net cash flows provided by (used in) operating activities
 
367

 
(23
)
 
 
197

CASH FLOWS FROM INVESTING ACTIVITES:
 
 
 
 

 
 
 

Proceeds from SUGS Contribution
 
463

 

 
 

Proceeds from sale of MGE assets, net of transaction costs
 
973

 

 
 

Additions to property, plant and equipment
 
(193
)
 
(138
)
 
 
(60
)
Loan repayment from unconsolidated investments
 

 

 
 
37

Distributions from unconsolidated affiliates in excess of cumulative earnings
 
21

 

 
 

Proceeds from Citrus Merger
 

 

 
 
1,895

Plant retirements and other
 
(4
)
 
(3
)
 
 
(2
)
Net cash flows provided by (used in) investing activities
 
1,260

 
(141
)
 
 
1,870

CASH FLOWS FROM FINANCING ACTIVITIES:
 
 
 
 

 
 
 

Issuance of long-term debt
 

 

 
 
455

Dividends paid
 
(313
)
 
(65
)
 
 
(19
)
Issuance of loans from affiliates
 
1,669

 

 
 

Repayments of loans from affiliates
 
(975
)
 

 
 

Issuance of note payable - related party
 

 
221

 
 

Repayments of note payable - related party
 

 
(55
)
 
 

Repayment of long-term debt
 
(1,795
)
 

 
 
(1,048
)
Net change in revolving credit facilities
 
(210
)
 
39

 
 
12

Purchase of treasury stock
 

 

 
 
(1,453
)
Other
 
(8
)
 
(6
)
 
 
(1
)
Net cash flows provided by (used in) financing activities
 
(1,632
)
 
134

 
 
(2,054
)
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
 
(5
)
 
(30
)
 
 
13

CASH AND CASH EQUIVALENTS, beginning of period
 
49

 
37

 
 
24

CASH AND CASH EQUIVALENTS, end of period
 
$
44

 
$
7

 
 
$
37


The accompanying notes are an integral part of these condensed consolidated financial statements.
7


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