PG&E 2011 Annual Report Download - page 57

PG&E Corporation
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
Year ended December 31,
2011 2010 2009
Cash Flows from Operating Activities
Net income .............................................................. $ 858 $1,113 $ 1,234
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization, and decommissioning ................................... 2,215 1,905 1,752
Allowance for equity funds used during construction ................................. (87) (110) (94)
Deferred income taxes and tax credits, net ........................................ 544 756 809
Other ................................................................ 326 293 169
Effect of changes in operating assets and liabilities:
Accounts receivable ..................................................... (288) (44) 156
Inventories ........................................................... (63) (43) 109
Accounts payable ....................................................... 65 48 (40)
Disputed claims and customer refunds ......................................... ——(700)
Income taxes receivable/payable ............................................. (103) (78) 171
Other current assets and liabilities ............................................ 23 111 294
Regulatory assets, liabilities, and balancing accounts, net ............................. (100) (394) (516)
Other noncurrent assets and liabilities ......................................... 349 (351) (305)
Net cash provided by operating activities ............................................ 3,739 3,206 3,039
Cash Flows from Investing Activities
Capital expenditures ........................................................ (4,038) (3,802) (3,958)
Decrease in restricted cash .................................................... 200 66 666
Proceeds from sales and maturities of nuclear decommissioning trust investments ................ 1,928 1,405 1,351
Purchases of nuclear decommissioning trust investments ................................ (1,963) (1,456) (1,414)
Other .................................................................. (113) (70) 19
Net cash used in investing activities ............................................... (3,986) (3,857) (3,336)
Cash Flows from Financing Activities
Borrowings under revolving credit facilities ......................................... 358 490 300
Repayments under revolving credit facilities ......................................... (358) (490) (300)
Net issuances of commercial paper, net of discount of $4 in 2011, and $3 in 2010 and 2009 ......... 782 267 43
Proceeds from issuance of short-term debt, net of issuance costs of $1 in 2010 and 2009 ........... 250 249 499
Proceeds from issuance of long-term debt, net of premium, discount, and issuance costs of $8 in 2011,
$23 in 2010, and $29 in 2009 ................................................. 792 1,327 1,730
Short-term debt matured ..................................................... (250) (500) —
Long-term debt matured or repurchased ........................................... (700) (95) (909)
Energy recovery bonds matured ................................................ (404) (386) (370)
Common stock issued ....................................................... 662 303 219
Common stock dividends paid .................................................. (704) (662) (590)
Other .................................................................. 41 (88) (17)
Net cash provided by financing activities ............................................ 469 415 605
Net change in cash and cash equivalents ............................................ 222 (236) 308
Cash and cash equivalents at January 1 ............................................ 291 527 219
Cash and cash equivalents at December 31 .......................................... $ 513 $ 291 $ 527
Supplemental disclosures of cash flow information
Cash received (paid) for:
Interest, net of amounts capitalized ............................................. $ (647) $ (627) $ (612)
Income taxes, net ........................................................ (42) (135) 359
Supplemental disclosures of noncash investing and financing activities
Common stock dividends declared but not yet paid .................................... $ 188 $ 183 $ 157
Capital expenditures financed through accounts payable ................................. 308 364 273
Noncash common stock issuances ............................................... 24 265 50
See accompanying Notes to the Consolidated Financial Statements.
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