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Schedule I - Condensed Financial Information Of Parent
 12 Months Ended
Dec. 31, 2012
Schedule I - Condensed Financial Information Of Parent
PG&E CORPORATION
SCHEDULE I — CONDENSED FINANCIAL INFORMATION OF PARENT
CONDENSED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
 (in millions, except per share amounts)
 
 
Year Ended December 31,
 
2012
2011
2010
Administrative service revenue
$ 43 
$ 44 
$ 53 
Operating expenses
(41
 )
(55
)
Interest income
1 
1 
1 
Interest expense
(22
 )
(35
)
Other income (expense)
(39
 )
4 
Equity in earnings of subsidiaries
817 
852 
1,105 
Income before income taxes
759 
814 
1,073 
Income tax benefit
57 
30 
26 
Net Income
816 
$ 844 
$ 1,099 
Other Comprehensive Income
 
 
 
Pension and other postretirement benefit plans (net of income tax of $72, $9, $25 in 2012, 2011, and 2010, respectively)
108 
(11
 )
Other (net of income tax of $3 in 2012)
4 
- 
- 
Total other comprehensive income (loss)
112 
(11
 )
Comprehensive Income
$ 928 
$ 833 
$ 1,057 
Weighted average common shares outstanding, basic
424 
401 
382 
Weighted average common shares outstanding, diluted
425 
402 
392 
Net earnings per common share, basic
$ 1.92 
$ 2.10 
$ 2.86 
Net earnings per common share, diluted
$ 1.92 
$ 2.10 
$ 2.82 
 
PG&E Corporation applies the treasury stock method of reflecting the dilutive effect of outstanding stock-based compensation in the calculation of diluted EPS.  In addition, during 2010, PG&E Corporation applied the “if-converted” method to reflect the impact of the Convertible Subordinated Notes to the extent it was dilutive when compared to basic EPS.
 
PG&E CORPORATION
SCHEDULE I — CONDENSED FINANCIAL INFORMATION OF PARENT - (Continued)
CONDENSED BALANCE SHEETS
(in millions)
 
 
Balance at December 31,
 
2012
2011
ASSETS
 
 
Current Assets
 
 
Cash and cash equivalents
$ 207 
$ 209 
Advances to affiliates
26 
18 
Income taxes receivable
33 
8 
Deferred income taxes
- 
4 
Total current assets
266 
239 
Noncurrent Assets
 
 
Equipment
1 
14 
Accumulated depreciation
(1
 )
Net equipment
- 
- 
Investments in subsidiaries
13,387 
12,378 
Other investments
102 
94 
Income taxes receivable
5 
2 
Deferred income taxes
178 
143 
Other
1 
2 
Total noncurrent assets
13,673 
12,619 
Total Assets
$ 13,939 
$ 12,858 
 
 
 
LIABILITIES AND SHAREHOLDERS' EQUITY
 
 
Current Liabilities
 
 
Short-term borrowings
$ 120 
$ - 
Accounts payable - other
48 
21 
Income taxes payable
- 
57 
Other
221 
208 
Total current liabilities
389 
286 
Noncurrent Liabilities
 
 
Longdebt
349 
349 
Other
127 
122 
Total noncurrent liabilities
476 
471 
Common Shareholders' Equity
 
 
Common stock
8,428 
7,602 
Reinvested earnings
4,747 
4,712 
Accumulated other comprehensive loss
(101
 )
Total common shareholders' equity
13,074 
12,101 
Total Liabilities and Shareholders' Equity
$ 13,939 
$ 12,858 
 
 
PG&E CORPORATION
SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF PARENT - (Continued)
CONDENSED STATEMENTS OF CASH FLOWS
(in millions)
 
 
 
 
Year Ended December 31,
 
 
 
2012
 
2011
 
2010
 
Cash Flows from Operating Activities:
 
 
 
 
 
 
 
 
 
 
Net income
 
 $
816 
    
 $
844 
 
 $
 
1,099 
 
Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
 
 
 
 
 
 
 
   Stock-based compensation amortization
 
 
51 
   
 
36 
 
 
38 
 
   Equity in earnings of subsidiaries
 
 
(817
 )
 
(852
 )
 
(1,105
 )
   Deferred income taxes and tax credits, net
 
 
(31
 )
 
(26
 )
 
19 
 
   Noncurrent income taxes receivable/payable
 
 
(6
 )
 
(47
 )
 
34 
 
   Current income taxes receivable/payable
 
 
(82
 )
 
49 
 
 
(1
 )
   Other
 
 
20 
 
 
(80
 )
 
(50
 )
Net cash provided by (used in) operating activities
 
 
(49) 
 
 
(76
 )
 
34 
 
Cash Flows From Investing Activities:
 
 
 
 
 
 
 
 
 
 
Investment in subsidiaries
 
 
(1,023
 )
 
(759
 )
 
(347
 )
Dividends received from subsidiaries (1)
 
 
716 
   
 
716 
 
 
716 
 
Proceeds from tax equity investments
 
 
228 
 
 
129 
 
 
7 
 
Other
 
 
- 
 
 
- 
 
 
(4
 )
Net cash provided by (used in) investing activities
 
 
(79) 
 
 
86 
 
 
372 
 
Cash Flows From Financing Activities:
 
 
 
 
 
 
 
 
 
 
Borrowings under revolving credit facilities
 
 
120 
 
 
150 
 
 
90 
 
Repayments under revolving credit facilities
 
 
- 
 
 
(150
 )
 
(90
 )
Common stock issued
 
 
751 
  
 
662 
 
 
303 
 
Common stock dividends paid (2) 
 
 
(746
 )
 
(704
 )
 
(662
 )
Other
 
 
1 
 
 
1 
 
 
- 
 
Net cash provided by (used in) financing activities
 
 
126 
 
 
(41
 )
 
(359
 )
Net change in cash and cash equivalents
 
 
(2
 )
 
(31
 )
 
47 
 
Cash and cash equivalents at January 1
 
 
209 
 
 
240 
 
 
193 
 
Cash and cash equivalents at December 31
 
$
207 
 
$
209 
 
$
240 
 
Supplemental disclosures of cash flow information
 
 
 
 
 
 
 
 
 
 
   Cash received (paid) for:
 
 
 
 
 
 
 
 
 
 
   Interest, net of amounts capitalized
 
$
(20
 )
$
(20
 )
$
(20
 )
   Income taxes, net
 
 
(60
 )
 
8
 
 
36
 
Supplemental disclosures of noncash investing and financing
 
 
 
 
 
 
 
 
 
 
   activities
 
 
 
 
 
 
 
 
 
 
   Noncash common stock issuances
 
$
22
 
$
24
 
$
265
 
   Common stock dividends declared but not yet paid
 
 
196
 
 
188
 
 
183
 
 
 
 
 
 
 
 
 
 
 
 
(1
 )
 
 
(2
 )
 
 
 
 
On January 15, April 15, July 15, October 15, 2011, PG&E Corporation paid quarterly common stock dividends of $0.455 per share.
 
 
 
On January 15, 2010, PG&E Corporation paid a quarterly common stock dividend of $0.42 per share.  On April 15, July 15, and October 15, 2010, PG&E Corporation paid quarterly common stock dividends of $0.455 per share.