PG&E 2013 Annual Report Download - page 54

PG&E Corporation
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
Year ended December 31,
2013 2012 2011
Cash Flows from Operating Activities
Net income ................................................... $ 828 $ 830 $ 858
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization, and decommissioning ......................... 2,077 2,272 2,215
Allowance for equity funds used during construction ....................... (101) (107) (87)
Deferred income taxes and tax credits, net ............................. 1,075 648 544
PSEP disallowed capital expenditures ................................. 196 353 —
Other ..................................................... 355 290 326
Effect of changes in operating assets and liabilities:
Accounts receivable ........................................... (152) (40) (288)
Inventories ................................................ (10) (24) (63)
Accounts payable ............................................ 113 (4) 65
Income taxes receivable/payable ................................... (363) (132) (103)
Other current assets and liabilities ................................. (469) 262 23
Regulatory assets, liabilities, and balancing accounts, net .................. (202) 291 (100)
Other noncurrent assets and liabilities ............................... 80 243 349
Net cash provided by operating activities ................................. 3,427 4,882 3,739
Cash Flows from Investing Activities
Capital expenditures ............................................. (5,207) (4,624) (4,038)
Decrease in restricted cash ......................................... 29 50 200
Proceeds from sales and maturities of nuclear decommissioning trust investments ..... 1,619 1,133 1,928
Purchases of nuclear decommissioning trust investments ...................... (1,604) (1,189) (1,963)
Other ....................................................... 56 104 (113)
Net cash used in investing activities .................................... (5,107) (4,526) (3,986)
Cash Flows from Financing Activities
Borrowings under revolving credit facilities .............................. 140 120 358
Repayments under revolving credit facilities .............................. — — (358)
Net issuances (repayments) of commercial paper, net of discount of $2, $3, and $4 at
respective dates ............................................... 542 (1,021) 782
Proceeds from issuance of short-term debt ............................... — — 250
Proceeds from issuance of long-term debt, net of premium, discount, and issuance costs
of $18, $13, and $8 at respective dates ................................ 1,532 1,137 792
Short-term debt matured .......................................... — (250) (250)
Long-term debt matured or repurchased ................................ (861) (50) (700)
Energy recovery bonds matured ...................................... — (423) (404)
Common stock issued ............................................ 1,045 751 662
Common stock dividends paid ....................................... (782) (746) (704)
Other ....................................................... (41) 14 41
Net cash provided by (used in) financing activities ........................... 1,575 (468) 469
Net change in cash and cash equivalents ................................. (105) (112) 222
Cash and cash equivalents at January 1 .................................. 401 513 291
Cash and cash equivalents at December 31 ................................ $ 296 $ 401 $ 513
Supplemental disclosures of cash flow information
Cash received (paid) for:
Interest, net of amounts capitalized .................................. $ (623) $ (594) $ (647)
Income taxes, net .............................................. (41) 114 (42)
Supplemental disclosures of noncash investing and financing activities
Common stock dividends declared but not yet paid ......................... $ 208 $ 196 $ 188
Capital expenditures financed through accounts payable ...................... 322 362 308
Noncash common stock issuances ..................................... 22 22 24
Terminated capital leases .......................................... — 136 —
See accompanying Notes to the Consolidated Financial Statements.
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