PG&E 2011 Annual Report Download - page 62

Pacific Gas and Electric Company
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
Year ended December 31,
2011 2010 2009
Cash Flows from Operating Activities
Net income ................................................................ $ 845 $1,121 $ 1,250
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 .......................................... 582 762 787
Other .................................................................. 289 257 148
Effect of changes in operating assets and liabilities:
Accounts receivable ....................................................... (227) (105) 157
Inventories ............................................................. (63) (43) 109
Accounts payable ......................................................... 51 109 (33)
Disputed claims and customer refunds ........................................... ——(700)
Income taxes receivable/payable ............................................... (192) (58) 21
Other current assets and liabilities .............................................. 36 123 305
Regulatory assets, liabilities, and balancing accounts, net ............................... (100) (394) (516)
Other noncurrent assets and liabilities ........................................... 414 (331) (282)
Net cash provided by operating activities .............................................. 3,763 3,236 2,904
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 .................................................................... 14 19 11
Net cash used in investing activities ................................................. (3,859) (3,768) (3,344)
Cash Flows from Financing Activities
Borrowings under revolving credit facilities ........................................... 208 400 300
Repayments under revolving credit facilities ........................................... (208) (400) (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 $25 in 2009 ...................................................... 792 1,327 1,384
Short-term debt matured ....................................................... (250) (500) —
Long-term debt matured or repurchased ............................................. (700) (95) (909)
Energy recovery bonds matured ................................................... (404) (386) (370)
Preferred stock dividends paid .................................................... (14) (14) (14)
Common stock dividends paid .................................................... (716) (716) (624)
Equity contribution ........................................................... 555 190 718
Other .................................................................... 54 (73) (5)
Net cash provided by financing activities .............................................. 349 249 722
Net change in cash and cash equivalents .............................................. 253 (283) 282
Cash and cash equivalents at January 1 .............................................. 51 334 52
Cash and cash equivalents at December 31 ............................................ $ 304 $ 51 $ 334
Supplemental disclosures of cash flow information
Cash received (paid) for:
Interest, net of amounts capitalized ............................................... $ (627) $ (595) $ (578)
Income taxes, net .......................................................... (50) (171) 170
Supplemental disclosures of noncash investing and financing activities
Capital expenditures financed through accounts payable ................................... $ 308 $ 364 $ 273
See accompanying Notes to the Consolidated Financial Statements.
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