PG&E 2014 Annual Report Download - page 85

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77
PacicGasandElectricCompany
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
Year ended December 31,
2014 2013 2012
Cash Flows from Operating Activities
Net income $1,433 $866 $811
Adjustments to reconcile net income to net cash provided by
operating activities:
Depreciation, amortization, and decommissioning 2,432 2,077 2,272
Allowance for equity funds used during construction (100) (101) (107)
Deferred income taxes and tax credits, net 731 1,103 684
PSEP disallowed capital expenditures 116 196 353
Other 226 299 236
Effect of changes in operating assets and liabilities:
Accounts receivable 16 (152) (40)
Inventories (22) (10) (24)
Accounts payable (55) 99 (26)
Income taxes receivable/payable 395 (377) (50)
Other current assets and liabilities 155 (404) 272
Regulatory assets, liabilities, and balancing accounts, net (1,642) (202) 291
Other noncurrent assets and liabilities (66) 22 256
Net cash provided by operating activities 3,619 3,416 4,928
Cash Flows from Investing Activities
Capital expenditures (4,833) (5,207) (4,624)
Decrease in restricted cash 3 29 50
Proceeds from sales and maturities of nuclear decommissioning
trust investments 1,336 1,619 1,133
Purchases of nuclear decommissioning trust investments (1,334) (1,604) (1,189)
Other 29 21 16
Net cash used in investing activities (4,799) (5,142) (4,614)
Cash Flows from Financing Activities
Net issuances (repayments) of commercial paper, net of discount
of $2, $2, and $3 at respective dates (583) 542 (1,021)
Proceeds from issuance of short-term debt, net of issuance costs 300 - -
Proceeds from issuance of long-term debt, net of premium,
discount, and issuance costs of $14, $18, and $13 at respective dates 1,961 1,532 1,137
Short-term debt matured - - (250)
Long-term debt matured or repurchased (539) (861) (50)
Energy recovery bonds matured - - (423)
Preferred stock dividends paid (14) (14) (14)
Common stock dividends paid (716) (716) (716)
Equity contribution from PG&E Corporation 705 1,140 885
Other 56 (26) 28
Netcashprovidedby(usedin)nancingactivities 1,170 1,597 (424)
Net change in cash and cash equivalents (10) (129) (110)
Cash and cash equivalents at January 1 65 194 304
Cash and cash equivalents at December 31 $ 55 $ 65 $ 194