PG&E 2011 Annual Report Download - page 14

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RESULTS OF OPERATIONS
The table below details certain items from the accompanying Consolidated Statements of Income for 2011, 2010,
and 2009:
Year ended December 31,
2011 2010 2009
(in millions)
Utility
Electric operating revenues ............................................ $11,601 $10,644 $10,257
Natural gas operating revenues ......................................... 3,350 3,196 3,142
Total operating revenues ............................................ 14,951 13,840 13,399
Cost of electricity ................................................... 4,016 3,898 3,711
Cost of natural gas .................................................. 1,317 1,291 1,291
Operating and maintenance ........................................... 5,459 4,432 4,343
Depreciation, amortization, and decommissioning ............................ 2,215 1,905 1,752
Total operating expenses ............................................ 13,007 11,526 11,097
Operating income .................................................. 1,944 2,314 2,302
Interest income .................................................... 5 9 33
Interest expense .................................................... (677) (650) (662)
Other income, net .................................................. 53 22 59
Income before income taxes ........................................... 1,325 1,695 1,732
Income tax provision ................................................ 480 574 482
Net income ....................................................... 845 1,121 1,250
Preferred stock dividend requirement .................................... 14 14 14
Income Available for Common Stock ..................................... $ 831 $ 1,107 $ 1,236
PG&E Corporation, Eliminations, and Other(1)
Operating revenues ................................................. $ 5 $ 1 $ —
Operating expenses .................................................773
Operating loss ..................................................... (2) (6) (3)
Interest income .................................................... 2 ——
Interest expense .................................................... (23) (34) (43)
Other income (expense), net ........................................... (4) 5 8
Loss before income taxes ............................................. (27) (35) (38)
Income tax benefit .................................................. (40) (27) (22)
Net income (loss) ................................................... $ 13 $ (8) $ (16)
Consolidated Total
Operating revenues ................................................. $14,956 $13,841 $13,399
Operating expenses ................................................. 13,014 11,533 11,100
Operating income .................................................. 1,942 2,308 2,299
Interest income .................................................... 7 9 33
Interest expense .................................................... (700) (684) (705)
Other income, net .................................................. 49 27 67
Income before income taxes ........................................... 1,298 1,660 1,694
Income tax provision ................................................ 440 547 460
Net income ....................................................... 858 1,113 1,234
Preferred stock dividend requirement of subsidiary ........................... 14 14 14
Income Available for Common Shareholders ............................... $ 844 $ 1,099 $ 1,220
(1) PG&E Corporation eliminates all intercompany transactions in consolidation.
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