PG&E 2010 Annual Report Download - page 67

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CONSOLIDATED STATEMENTS OF CASH FLOWS
Pacific Gas and Electric Company
Year ended December 31,
(in millions) 2010 2009 2008
Cash Flows from Operating Activities
Net income $ 1,121 $ 1,250 $ 1,199
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization, and decommissioning 2,116 1,927 1,838
Allowance for equity funds used during construction (110) (94) (70)
Deferred income taxes and tax credits, net 762 787 593
Other 46 (27) (6)
Effect of changes in operating assets and liabilities:
Accounts receivable (105) 157 (83)
Inventories (43) 109 (59)
Accounts payable 109 (33) (137)
Disputed claims and customer refunds – (700) –
Income taxes receivable/payable (58) 21 43
Other current assets (7) 122 (187)
Other current liabilities 130 183 60
Regulatory assets, liabilities, and balancing accounts, net (394) (516) (374)
Other changes in noncurrent assets and liabilities (331) (282) (51)
Net cash provided by operating activities 3,236 2,904 2,766
Cash Flows from Investing Activities
Capital expenditures (3,802) (3,958) (3,628)
Decrease in restricted cash 66 666 36
Proceeds from sales and maturities of nuclear decommissioning trust investments 1,405 1,351 1,635
Purchases of nuclear decommissioning trust investments (1,456) (1,414) (1,684)
Other 19 11 1
Net cash used in investing activities (3,768) (3,344) (3,640)
Cash Flows from Financing Activities
Borrowings under revolving credit facilities 400 300 533
Repayments under revolving credit facilities (400) (300) (783)
Net issuances of commercial paper, net of discount of $3 in 2010 and 2009, and $11 in 2008 267 43 6
Proceeds from issuance of short-term debt, net of issuance costs of $1 in 2010 and 2009 249 499 –
Proceeds from issuance of long-term debt, net of premium, discount, and issuance costs of $23 in
2010, $25 in 2009, and $19 in 2008 1,327 1,384 2,185
Short-term debt matured (500) ––
Long-term debt matured or repurchased (95) (909) (454)
Energy recovery bonds matured (386) (370) (354)
Preferred stock dividends paid (14) (14) (14)
Common stock dividends paid (716) (624) (568)
Equity contribution 190 718 270
Other (73) (5) (36)
Net cash provided by financing activities 249 722 785
Net change in cash and cash equivalents (283) 282 (89)
Cash and cash equivalents at January 1 334 52 141
Cash and cash equivalents at December 31 $ 51 $ 334 $ 52
Supplemental disclosures of cash flow information
Cash received (paid) for:
Interest, net of amounts capitalized $ (595) $ (578) $ (496)
Income taxes, net (171) 170 95
Supplemental disclosures of noncash investing and financing activities
Capital expenditures financed through accounts payable $ 364 $ 273 $ 348
See accompanying Notes to the Consolidated Financial Statements.
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