PG&E 2009 Annual Report Download - page 56

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CONSOLIDATED STATEMENTS OF CASH FLOWS
PG&E Corporation
Year ended December 31,
(in millions) 2009 2008 2007
Cash Flows from Operating Activities
Net income $ 1,234 $ 1,352 $ 1,020
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization, and decommissioning 1,947 1,863 1,959
Allowance for equity funds used during construction (94) (70) (64)
Deferred income taxes and tax credits, net 809 590 55
Other changes in noncurrent assets and liabilities (17) (126) 192
Effect of changes in operating assets and liabilities:
Accounts receivable 156 (87) (6)
Inventories 109 (59) (41)
Accounts payable (40) (140) (178)
Disputed claims and customer refunds (700) ——
Income taxes receivable/payable 171 (59) 56
Regulatory balancing accounts, net (521) (394) (567)
Other current assets (2) (221) 172
Other current liabilities 13 120 8
Other (26) (6) (46)
Net cash provided by operating activities 3,039 2,763 2,560
Cash Flows from Investing Activities
Capital expenditures (3,958) (3,628) (2,769)
Decrease in restricted cash 666 36 185
Proceeds from sales of nuclear decommissioning trust investments 1,351 1,635 830
Purchases of nuclear decommissioning trust investments (1,414) (1,684) (933)
Other 19 (11) 21
Net cash used in investing activities (3,336) (3,652) (2,666)
Cash Flows from Financing Activities
Borrowings under accounts receivable facility and revolving credit facility 300 533 850
Repayments under accounts receivable facility and revolving credit facility (300) (783) (900)
Net issuance (repayments) of commercial paper, net of discount of $3 million in 2009, $11 million in
2008, and $1 million in 2007 43 6 (209)
Proceeds from issuance of short-term debt, net of issuance costs of $1 million in 2009 499 ——
Proceeds from issuance of long-term debt, net of premium, discount, and issuance costs of $29
million in 2009, $19 million in 2008, and $16 million in 2007 1,730 2,185 1,184
Long-term debt matured or repurchased (909) (454) —
Rate reduction bonds matured —— (290)
Energy recovery bonds matured (370) (354) (340)
Common stock issued 219 225 175
Common stock dividends paid (590) (546) (496)
Other (17) (49) 21
Net cash provided by (used in) financing activities 605 763 (5)
Net change in cash and cash equivalents 308 (126) (111)
Cash and cash equivalents at January 1 219 345 456
Cash and cash equivalents at December 31 $ 527 $ 219 $ 345
Supplemental disclosures of cash flow information
Cash received (paid) for:
Interest, net of amounts capitalized $ (612) $ (523) $ (514)
Income taxes, net 359 112 (537)
Supplemental disclosures of noncash investing and financing activities
Common stock dividends declared but not yet paid $ 157 $ 143 $ 129
Capital expenditures financed through accounts payable 273 348 279
Noncash common stock issuances 50 22 6
See accompanying Notes to the Consolidated Financial Statements.
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