PG&E 2012 Annual Report Download - page 67

Pacific Gas and Electric Company
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
Year ended December 31,
2012 2011 2010
Cash Flows from Operating Activities
Net income .................................................. $ 811 $ 845 $ 1,121
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 .......................... 684 582 762
Disallowed capital expenditures .................................. 353 — 36
Other .................................................... 236 289 221
Effect of changes in operating assets and liabilities:
Accounts receivable ......................................... (40) (227) (105)
Inventories ............................................... (24) (63) (43)
Accounts payable ........................................... (26) 51 109
Income taxes receivable/payable ................................ (50) (192) (58)
Other current assets and liabilities ............................... 272 36 123
Regulatory assets, liabilities, and balancing accounts, net ............... 291 (100) (394)
Other noncurrent assets and liabilities ............................ 256 414 (331)
Net cash provided by operating activities ............................... 4,928 3,763 3,236
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 ...................................................... 16 14 19
Net cash used in investing activities .................................. (4,614) (3,859) (3,768)
Cash Flows from Financing Activities
Borrowings under revolving credit facilities ............................ — 208 400
Repayments under revolving credit facilities ........................... —(208) (400)
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)
Preferred stock dividends paid ..................................... (14) (14) (14)
Common stock dividends paid ..................................... (716) (716) (716)
Equity contribution ............................................ 885 555 190
Other ...................................................... 28 54 (73)
Net cash provided by (used in) financing activities ........................ (424) 349 249
Net change in cash and cash equivalents ............................... (110) 253 (283)
Cash and cash equivalents at January 1 ............................... 304 51 334
Cash and cash equivalents at December 31 ............................. $ 194 $ 304 $ 51
Supplemental disclosures of cash flow information
Cash received (paid) for:
Interest, net of amounts capitalized ............................... $ (574) $ (627) $ (595)
Income taxes, net ............................................ 174 (50) (171)
Supplemental disclosures of noncash investing and financing activities
Capital expenditures financed through accounts payable ................... $ 362 $ 308 $ 364
Terminated capital leases ........................................ 136 ——
See accompanying Notes to the Consolidated Financial Statements.
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