PG&E 2013 Annual Report Download - page 76

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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)
NOTE 6: PREFERRED STOCK
PG&E Corporation has authorized 80 million shares of no par value preferred stock and 5 million shares of
$100 par value preferred stock, which may be issued as redeemable or nonredeemable preferred stock. PG&E
Corporation does not have any preferred stock outstanding.
The Utility has authorized 75 million shares of $25 par value preferred stock and 10 million shares of $100 par
value preferred stock. The Utility specifies that 5,784,825 shares of the $25 par value preferred stock authorized are
designated as nonredeemable preferred stock without mandatory redemption provisions. The following table
summarizes the Utility’s outstanding preferred stock, none of which had mandatory redemption provisions at
December 31, 2013 and 2012:
(in millions, except share amounts, redemption Shares Outstanding Redemption Price Balance
price, and par value)
Nonredeemable $25 par value preferred stock
5.00% Series ............................ 400,000 N/A $ 10
5.50% Series ............................ 1,173,163 N/A 30
6.00% Series ............................ 4,211,662 N/A 105
Total nonredeemable preferred stock .......... 5,784,825 $ 145
Redeemable $25 par value preferred stock
4.36% Series ............................ 418,291 $ 25.75 $ 11
4.50% Series ............................ 611,142 26.00 15
4.80% Series ............................ 793,031 27.25 20
5.00% Series ............................ 1,778,172 26.75 44
5.00% Series A .......................... 934,322 26.75 23
Total redeemable preferred stock ............. 4,534,958 $ 113
Preferred stock .......................... $ 258
At December 31, 2013, annual dividends on the Utility’s nonredeemable preferred stock ranged from $1.25 to
$1.50 per share. The Utility’s redeemable preferred stock is subject to redemption at the Utility’s option, in whole or
in part, if the Utility pays the specified redemption price plus accumulated and unpaid dividends through the
redemption date. At December 31, 2013, annual dividends on redeemable preferred stock ranged from $1.09 to $1.25
per share.
Dividends on all Utility preferred stock are cumulative. All shares of preferred stock have voting rights and an
equal preference in dividend and liquidation rights. Upon liquidation or dissolution of the Utility, holders of
preferred stock would be entitled to the par value of such shares plus all accumulated and unpaid dividends, as
specified for the class and series. During each of 2013, 2012, and 2011 the Utility paid $14 million of dividends on
preferred stock.
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