Spectra Energy Corp.
CIK:0001373835|SEC Filings
Consolidated Statements of Cash Flows - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
| CASH FLOWS FROM OPERATING ACTIVITIES | |||
| Net income | $ 1,020 | $ 460 | $ 1,283 |
| Depreciation and amortization | 799 | 778 | 809 |
| Impairment charges | 0 | 349 | 0 |
| Gain (Loss) on Sales of Other Assets and Other, net | 26 | (4) | 1 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Deferred income tax expense | 198 | 88 | 388 |
| (Earnings) loss from equity investments | (97) | 290 | (361) |
| Distributions from equity investments | 111 | 161 | 380 |
| Decrease (increase) in | |||
| Receivables | (42) | 141 | (9) |
| Inventory | 14 | (40) | (106) |
| Other current assets | 77 | 43 | (143) |
| Increase (decrease) in | |||
| Accounts payable | 55 | 26 | 25 |
| Taxes accrued | 4 | 23 | 28 |
| Other current liabilities | (5) | (15) | 3 |
| Other, assets | (212) | (102) | (34) |
| Other, liabilities | 78 | 49 | (43) |
| Net cash provided by operating activities | 2,026 | 2,247 | 2,221 |
| CASH FLOWS FROM INVESTING ACTIVITIES | |||
| Capital expenditures | (3,623) | (2,848) | (2,028) |
| Investments in and loans to unconsolidated affiliates | (251) | (124) | (259) |
| Dispositions | 207 | 0 | 0 |
| Purchase of intangible, net | (80) | 0 | 0 |
| Purchases of held-to-maturity securities | (633) | (668) | (790) |
| Proceeds from sales and maturities of held-to-maturity securities | 670 | 695 | 815 |
| Purchases of available-for-sale securities | (738) | (95) | (13) |
| Proceeds from sales and maturities of available-for-sale securities | 735 | 87 | 7 |
| Distributions from equity investments | 50 | 451 | 266 |
| Distribution to equity investment | (148) | (248) | 0 |
| Other changes in restricted funds | (20) | (33) | (1) |
| Other | 1 | 1 | 0 |
| Net cash used in investing activities | (3,830) | (2,782) | (2,003) |
| CASH FLOWS FROM FINANCING ACTIVITIES | |||
| Proceeds from the issuance of long-term debt | 1,183 | 1,585 | 1,028 |
| Payments for the redemption of long-term debt | (652) | (285) | (1,184) |
| Net increase (decrease) in commercial paper | 319 | (439) | 574 |
| Distributions to noncontrolling interests | (246) | (198) | (175) |
| Contributions from noncontrolling interests | 743 | 248 | 145 |
| Proceeds from the issuances of Spectra Energy common stock | 879 | 0 | 0 |
| Proceeds from the issuances of Spectra Energy Partners, LP common units | 579 | 546 | 327 |
| Proceeds from the issuance of Westcoast Energy Inc. preferred stock | 229 | 84 | 0 |
| Dividends paid on common stock | (1,127) | (996) | (925) |
| Other | (17) | (5) | 11 |
| Net cash provided by (used in) financing activities | 1,890 | 540 | (199) |
| Effect of exchange rate changes on cash | 6 | (7) | (5) |
| Net increase (decrease) in cash and cash equivalents | 92 | (2) | 14 |
| Cash and cash equivalents at beginning of period | 213 | 215 | 201 |
| Cash and cash equivalents at end of period | 305 | 213 | 215 |
| Supplemental Disclosures | |||
| Cash paid for interest, net of amount capitalized | 572 | 623 | 684 |
| Net cash paid (refunds received) for income taxes | (5) | 29 | (8) |
| Property, plant and equipment non-cash accruals | $ 392 | $ 192 | $ 125 |
Consolidated Balance Sheets - USD ($) $ in Millions |
Dec. 31, 2016 |
Dec. 31, 2015 |
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|---|---|---|---|---|---|---|
| Current Assets | ||||||
| Cash and cash equivalents | $ 305 | $ 213 | ||||
| Receivables (net of allowance for doubtful accounts of $10 and $11 at December 31, 2016 and 2015, respectively) | 1,003 | 806 | ||||
| Inventory | 253 | 307 | ||||
| Fuel tracker | 6 | 41 | ||||
| Other | 205 | 281 | ||||
| Total current assets | 1,772 | 1,648 | ||||
| Investments and Other Assets | ||||||
| Investments in and loans to unconsolidated affiliates | 2,780 | 2,592 | ||||
| Goodwill | 4,181 | 4,154 | ||||
| Other | 393 | 310 | ||||
| Total investments and other assets | 7,354 | 7,056 | ||||
| Property, Plant and Equipment | ||||||
| Cost | 33,555 | 29,843 | ||||
| Less accumulated depreciation and amortization | 7,347 | 6,925 | ||||
| Net property, plant and equipment | 26,208 | 22,918 | ||||
| Regulatory Assets and Deferred Debits | 1,508 | 1,301 | ||||
| Total Assets | 36,842 | 32,923 | ||||
| Current Liabilities | ||||||
| Accounts payable | 828 | 511 | ||||
| Commercial paper | [1],[2] | 1,453 | 1,112 | |||
| Taxes accrued | 86 | 78 | ||||
| Interest accrued | 185 | 179 | ||||
| Current maturities of long-term debt | 551 | 652 | ||||
| Other | 802 | 860 | ||||
| Total current liabilities | 3,905 | 3,392 | ||||
| Long-term Debt | 13,624 | 12,892 | ||||
| Deferred Credits and Other Liabilities | ||||||
| Deferred income taxes | 5,769 | 5,445 | ||||
| Regulatory and other | 1,443 | 1,323 | ||||
| Total deferred credits and other liabilities | 7,212 | 6,768 | ||||
| Commitments and Contingencies | ||||||
| Preferred Stock of Subsidiaries | 562 | 339 | ||||
| Equity | ||||||
| Preferred stock, $0.001 par, 22 million shares authorized, no shares outstanding | 0 | 0 | ||||
| Common stock, $0.001 par, 1 billion shares authorized, 702 million and 671 million shares outstanding at December 31, 2016 and 2015, respectively | 1 | 1 | ||||
| Additional paid-in capital | 5,995 | 5,053 | ||||
| Retained earnings | 1,307 | 1,741 | ||||
| Accumulated other comprehensive loss | (146) | (269) | ||||
| Total controlling interests | 7,157 | 6,526 | ||||
| Noncontrolling interests | 4,382 | 3,006 | ||||
| Total equity | 11,539 | 9,532 | ||||
| Total Liabilities and Equity | $ 36,842 | $ 32,923 | ||||
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