PG&E 2014 Annual Report Download - page 157

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149
PG&E CORPORATION
SCHEDULE I – CONDENSED FINANCIAL INFORMATION OF PARENT – (Continued)
CONDENSED STATEMENTS OF CASH FLOWS
(in millions)
Year Ended December 31,
2014 2013 2012
Cash Flows from Operating Activities:
Net income $ 1,436 $ 814 $ 816
Adjustments to reconcile net income to net cash provided by
operating activities:
Stock-based compensation amortization 65 54 51
Equity in earnings of subsidiaries (1,413) (848) (817)
Deferred income taxes and tax credits, net (72) (10) (31)
Noncurrent income taxes receivable/payable 5 - (6)
Current income taxes receivable/payable (16) 20 (82)
Other 43 (20) 20
Net cash provided by (used in) operating activities 48 10 (49)
Cash Flows From Investing Activities:
Investment in subsidiaries (978) (1,371) (1,023)
Dividends received from subsidiaries (1) 716 716 716
Proceeds from tax equity investments 368 275 228
Other - (8) -
Net cash provided by (used in) investing activities 106 (388) (79)
Cash Flows From Financing Activities:
Borrowings under revolving credit facilities - 140 120
Repayments under revolving credit facilities (260) - -
Proceeds from issuance of long-term debt, net of discount and
issuance costs of $3 in 2014 347 - -
Repayments of long-term debt (350) - -
Common stock issued 802 1,045 751
Common stock dividends paid (2) (828) (782) (746)
Other - (1) 1
Net cash provided by (used in) financing activities (289) 402 126
Net change in cash and cash equivalents (135) 24 (2)
Cash and cash equivalents at January 1 231 207 209
Cash and cash equivalents at December 31 $ 96 $ 231 $ 207
Supplemental disclosures of cash flow information
Cash received (paid) for:
Interest, net of amounts capitalized $ (15) $ (23) $ (20)
Income taxes, net 1 21 (60)
Supplemental disclosures of noncash investing and financing
activities
Noncash common stock issuances 21 22 22
Common stock dividends declared but not yet paid $ 217 $ 208 $ 196
(1) Because of its nature as a holding company, PG&E Corporation classifies dividends received from subsidiaries an investing cash flow.
(2) In January, April, July, and October of 2014, 2013, and 2012, respectively, PG&E Corporation paid quarterly common stock dividends of $0.455 per share.