PG&E 2008 Annual Report Download - page 40

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38
RESULTS OF OPERATIONS
The table below details certain items from the accompanying Consolidated Statements of Income for 2008, 2007, and 2006:
Year ended December 31,
(in millions) 2008 2007 2006
Utility
Electric operating revenues $10,738 $ 9,481 $ 8,752
Natural gas operating revenues 3,890 3,757 3,787
Total operating revenues 14,628 13,238 12,539
Cost of electricity 4,425 3,437 2,922
Cost of natural gas 2,090 2,035 2,097
Operating and maintenance 4,197 3,872 3,697
Depreciation, amortization, and decommissioning 1,650 1,769 1,708
Total operating expenses 12,362 11,113 10,424
Operating income 2,266 2,125 2,115
Interest income 91 150 175
Interest expense (698) (732) (710)
Other income (expense), net(1) 14 38 (7)
Income before income taxes 1,673 1,581 1,573
Income tax provision 488 571 602
Income available for common stock $ 1,185 $ 1,010 $ 971
PG&E Corporation, Eliminations, and Other(2)
Operating revenues $ — $ (1) $ —
Operating expenses 5 10 7
Operating loss (5) (11) (7)
Interest income 3 14 13
Interest expense (30) (30) (28)
Other expense, net (32) (9) (6)
Loss before income taxes (64) (36) (28)
Income tax benefi t (63) (32) (48)
Income (loss) from continuing operations (1) (4)
20
Discontinued operations(3) 154 — —
Net income (loss) $ 153 $ (4) $ 20
Consolidated Total
Operating revenues $14,628 $13,237 $12,539
Operating expenses 12,367 11,123 10,431
Operating income 2,261 2,114 2,108
Interest income 94 164 188
Interest expense (728) (762) (738)
Other income (expense), net(1) (18) 29 (13)
Income before income taxes 1,609 1,545 1,545
Income tax provision 425 539 554
Income from continuing operations 1,184 1,006 991
Discontinued operations(3) 154 — —
Net income $ 1,338 $ 1,006 $ 991
(1) Includes preferred stock dividend requirement as other expense.
(2) PG&E Corporation eliminates all intercompany transactions in consolidation.
(3) Discontinued operations refl ect items related to PG&E Corporation’s former subsidiary NEGT. See Note 6 of the Notes to the Consolidated Financial
Statements for further discussion.