Page 10 - Microsoft Word - {0F7FAA1B-FD7E-4F4D-8339-6B60C1918B39}.docx

Associated Electric Cooperative, Inc.

Consolidated Statements of Cash Flows
Years Ended December 31, 2022 and 2021
(In Thousands of Dollars)

2022 2021

Operating Activities
Net margin $ 24,947 $ 51,950
Reconciliation of net margin to net cash provided by (used in)
operating activities
Depreciation and amortization 107,787 103,542
Accretion of asset retirement obligations 3,665 1,667
Net gain on sale of property, plant, and equipment (4) (491)
Amortization of loan costs and member contribution advances 1,784 1,572
Changes in deferred regulatory debits (398) 2,871
Changes in asset retirement obligations (4,606) (2,861)
Changes in deferred regulatory credits (1,350) (131,350)
Changes in current assets and liabilities
Accounts receivable (55,505) 14,599
Fuel inventory (6,035) 3,437
Materials and supplies inventory (7,659) (1,716)
Accounts payable 30,283 10,513
Other current and accrued liabilities (3,901) 13,952
Other operating activities, net 5,668 (3,933)

Net cash provided by operating activities 94,676 63,752

Investing Activities
Capital expenditures (144,728) (204,715)
Reimbursement of capital expenditures 396 334
Proceeds from sale of property, plant, and equipment 19 812
Purchases of available-for-sale investments (2,662) (1,892)
Purchases of held-to-maturity investments (61,702) (2)
Sales of available-for-sale investments 1,482 1,573
Proceeds from held-to-maturity investments 2,143 77
Maturity of investments in associated organizations, net 1,615 1,410
Other investing activities, net 627 627

Net cash used in investing activities (202,810) (201,776)

Financing Activities
Net investments (withdrawals) from member cooperatives (1,876) 8,296
Issuance of long-term debt 135,360 315,168
Retirement of long-term debt (71,770) (239,366)
Retirement of patronage capital (25,097) (24,490)

Net cash provided by financing activities 36,617 59,608

See Notes to Consolidated Financial Statements 7