| Dec'19 | Dec'18 | Dec'17 | ||||
|---|---|---|---|---|---|---|
Cash flows — operating activities: | ||||||
Net income | ||||||
926,000 | -56,000 | -254,000 | ||||
Adjustments to reconcile net income to cash provided by operating activities: | ||||||
Depreciation and amortization | ||||||
1,876,000 | 1,533,000 | 835,000 | ||||
Deferred income tax expense, net | ||||||
281,000 | -62,000 | 418,000 | ||||
Unrealized net (gain) loss from mark-to-market valuations of interest rate swaps | ||||||
-220,000 | -5,000 | 29,000 | ||||
Impairment of long-lived assets | ||||||
0 | 0 | 25,000 | ||||
Unrealized net gain from mark-to-market valuations of commodities | ||||||
696,000 | -380,000 | -145,000 | ||||
Change in asset retirement obligation liability | ||||||
-48,000 | -27,000 | 112,000 | ||||
Asset retirement obligation accretion expense | ||||||
53,000 | 50,000 | 60,000 | ||||
Impacts of Tax Receivable Agreement | ||||||
37,000 | 79,000 | -213,000 | ||||
Bad debt expense | ||||||
82,000 | 55,000 | 39,000 | ||||
Stock-based compensation | ||||||
47,000 | 73,000 | 0 | ||||
Other, net | ||||||
12,000 | -37,000 | -30,000 | ||||
Changes in operating assets and liabilities: | ||||||
Accounts receivable — trade | ||||||
88,000 | 207,000 | -7,000 | ||||
Inventories | ||||||
44,000 | -61,000 | -22,000 | ||||
Accounts payable — trade | ||||||
-221,000 | 90,000 | -30,000 | ||||
Commodity and other derivative contractual assets and liabilities | ||||||
-98,000 | 80,000 | 1,000 | ||||
Margin deposits, net | ||||||
-170,000 | 221,000 | -146,000 | ||||
Accrued interest | ||||||
80,000 | -105,000 | -10,000 | ||||
Accrued taxes | ||||||
-4,000 | -64,000 | 33,000 | ||||
Accrued employee incentive | ||||||
1,000 | 40,000 | -24,000 | ||||
Alcoa contract settlement | ||||||
0 | 0 | 238,000 | ||||
Tax Receivable Agreement payment | ||||||
2,000 | 16,000 | 26,000 | ||||
Payments for Settlement of Asset Retirement Obligation | ||||||
121,000 | 100,000 | 35,000 | ||||
Major plant outage deferral | ||||||
19,000 | 22,000 | 66,000 | ||||
Other — net assets | ||||||
22,000 | -73,000 | -4,000 | ||||
Other — net liabilities | ||||||
142,000 | -45,000 | -40,000 | ||||
Cash provided by operating activities | ||||||
2,736,000 | 1,471,000 | 1,386,000 | ||||
Cash flows — investing activities: | ||||||
Capital expenditures, including nuclear fuel purchases and LTSA prepayments | ||||||
520,000 | 378,000 | 114,000 | ||||
Nuclear fuel purchases | ||||||
89,000 | 118,000 | 62,000 | ||||
Development and growth expenditures | ||||||
104,000 | 34,000 | 190,000 | ||||
Ambit acquisition (net of cash acquired) | ||||||
506,000 | 0 | 0 | ||||
Crius acquisition (net of cash acquired) | ||||||
374,000 | 0 | 0 | ||||
Cash acquired in the Merger | ||||||
0 | 445,000 | 0 | ||||
Odessa acquisition | ||||||
0 | 0 | 355,000 | ||||
Proceeds from sales of nuclear decommissioning trust fund securities | ||||||
431,000 | 252,000 | 252,000 | ||||
Investments in nuclear decommissioning trust fund securities | ||||||
453,000 | 274,000 | 272,000 | ||||
Proceeds from sales of environmental allowances | ||||||
197,000 | 1,000 | 1,000 | ||||
Purchases of environmental allowances | ||||||
322,000 | 5,000 | 3,000 | ||||
Other, net | ||||||
-23,000 | -10,000 | -16,000 | ||||
Cash used in investing activities | ||||||
-1,717,000 | -101,000 | -727,000 | ||||
Cash flows — financing activities: | ||||||
Issuances of long-term debt | ||||||
6,507,000 | 1,000,000 | 0 | ||||
Repayments/repurchases of debt | ||||||
7,109,000 | 3,075,000 | 191,000 | ||||
Net borrowings under accounts receivable securitization program | ||||||
111,000 | 339,000 | 0 | ||||
Borrowings under Revolving Credit Facility | ||||||
650,000 | 0 | 0 | ||||
Repayments under Revolving Credit Facility | ||||||
300,000 | 0 | 0 | ||||
Stock repurchase | ||||||
656,000 | 763,000 | 0 | ||||
Dividends paid to stockholders | ||||||
243,000 | 0 | 0 | ||||
Debt tender offer and other financing fees | ||||||
203,000 | 236,000 | 8,000 | ||||
Other, net | ||||||
6,000 | 12,000 | -2,000 | ||||
Cash provided by (used in) financing activities | ||||||
-1,237,000 | -2,723,000 | -201,000 | ||||
Net change in cash, cash equivalents and restricted cash | ||||||
-218,000 | -1,353,000 | 458,000 | ||||