PG&E 2012 Annual Report Download - page 61

PG&E Corporation
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
Year ended December 31,
2012 2011 2010
Cash Flows from Operating Activities
Net income ................................................... $ 830 $ 858 $ 1,113
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization, and decommissioning ......................... 2,272 2,215 1,905
Allowance for equity funds used during construction ....................... (107) (87) (110)
Deferred income taxes and tax credits, net ............................. 648 544 756
Disallowed capital expenditures .................................... 353 — 36
Other ..................................................... 290 326 257
Effect of changes in operating assets and liabilities:
Accounts receivable ........................................... (40) (288) (44)
Inventories ................................................ (24) (63) (43)
Accounts payable ............................................ (4) 65 48
Income taxes receivable/payable ................................... (132) (103) (78)
Other current assets and liabilities ................................. 262 23 111
Regulatory assets, liabilities, and balancing accounts, net .................. 291 (100) (394)
Other noncurrent assets and liabilities ............................... 243 349 (351)
Net cash provided by operating activities ................................. 4,882 3,739 3,206
Cash Flows from Investing Activities
Capital expenditures ............................................. (4,624) (4,038) (3,802)
Decrease in restricted cash ......................................... 50 200 66
Proceeds from sales and maturities of nuclear decommissioning trust investments ..... 1,133 1,928 1,405
Purchases of nuclear decommissioning trust investments ...................... (1,189) (1,963) (1,456)
Other ....................................................... 104 (113) (70)
Net cash used in investing activities .................................... (4,526) (3,986) (3,857)
Cash Flows from Financing Activities
Borrowings under revolving credit facilities .............................. 120 358 490
Repayments under revolving credit facilities .............................. —(358) (490)
Net issuances (repayments) of commercial paper, net of discount of $3 in 2012, $4 in
2011, and $3 in 2010 ............................................ (1,021) 782 267
Proceeds from issuance of short-term debt, net of issuance costs of $1 in 2010 ....... — 250 249
Proceeds from issuance of long-term debt, net of premium, discount, and issuance costs
of $13 in 2012, $8 in 2011, and $23 in 2010 ............................. 1,137 792 1,327
Short-term debt matured .......................................... (250) (250) (500)
Long-term debt matured or repurchased ................................ (50) (700) (95)
Energy recovery bonds matured ...................................... (423) (404) (386)
Common stock issued ............................................ 751 662 303
Common stock dividends paid ....................................... (746) (704) (662)
Other ....................................................... 14 41 (88)
Net cash provided by (used in) financing activities ........................... (468) 469 415
Net change in cash and cash equivalents ................................. (112) 222 (236)
Cash and cash equivalents at January 1 .................................. 513 291 527
Cash and cash equivalents at December 31 ................................ $ 401 $ 513 $ 291
Supplemental disclosures of cash flow information
Cash received (paid) for:
Interest, net of amounts capitalized .................................. $ (594) $ (647) $ (627)
Income taxes, net .............................................. 114 (42) (135)
Supplemental disclosures of noncash investing and financing activities
Common stock dividends declared but not yet paid ......................... $ 196 $ 188 $ 183
Capital expenditures financed through accounts payable ...................... 362 308 364
Noncash common stock issuances ..................................... 22 24 265
Terminated capital leases .......................................... 136 ——
See accompanying Notes to the Consolidated Financial Statements.
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