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Schedule I - Condensed Financial Information Of Parent
 12 Months Ended
Dec. 31, 2013
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,
 
2013
2012
2011
Administrative service revenue
$ 41 
$ 43 
$ 44 
Operating expenses
(42
 )(41)
(44
)
Interest income
1 
1 
1 
Interest expense
(25
 )(22)
(22
)
Other income
(57
 )(39)
(17
)
Equity in earnings of subsidiaries
848 
817 
852 
Income before income taxes
766 
759 
814 
Income tax benefit
48 
57 
30 
Net income
$ 814 
$ 816 
$ 844 
Other Comprehensive Income
 
 
 
Pension and other postretirement benefit plans (net of taxes of $80, $72, $9, at respective dates)
113 
108 
(11
)
Other (net of taxes of $26, $3, and $0, at respective dates)
38 
4 
- 
Total other comprehensive income (loss)
151 
112 
(11
)
Comprehensive Income
$ 965 
$ 928 
$ 833 
Weighted average common shares outstanding, basic
444 
424 
401 
Weighted average common shares outstanding, diluted
445 
425 
402 
Net earnings per common share, basic
$ 1.83 
$ 1.92 
$ 2.10 
Net earnings per common share, diluted
$ 1.83 
$ 1.92 
$ 2.10 
 
 
 
 
PG&E CORPORATION
SCHEDULE I — CONDENSED FINANCIAL INFORMATION OF PARENT - (Continued)
CONDENSED BALANCE SHEETS
(in millions)
 
 
Balance at December 31,
 
2013
2012
ASSETS
 
 
Current Assets
 
 
Cash and cash equivalents
$ 231 
$ 207 
Advances to affiliates
30 
26 
Income taxes receivable
13 
33 
Other current assets
86 
- 
Total current assets
360 
266 
Noncurrent Assets
 
 
Equipment
2 
1 
Accumulated depreciation
(1
 )(1)
Net equipment
1 
- 
Investments in subsidiaries
14,711 
13,387 
Other investments
110 
102 
Income taxes receivable
5 
5 
Deferred income taxes
188 
178 
Other
- 
1 
Total noncurrent assets
15,015 
13,673 
Total Assets
$ 15,375 
$ 13,939 
 
 
 
LIABILITIES AND SHAREHOLDERS' EQUITY
 
 
Current Liabilities
 
 
Short-term borrowings
$ 260 
$ 120 
Long-term debt, classified as current
350 
- 
Accounts payable - other
66 
48 
Other
230 
221 
Total current liabilities
906 
389 
Noncurrent Liabilities
 
 
Longdebt
- 
349 
Other
127 
127 
Total noncurrent liabilities
127 
476 
Common Shareholders' Equity
 
 
Common stock
9,550 
8,428 
Reinvested earnings
4,742 
4,747 
Accumulated other comprehensive income (loss)
50 
(101
)
Total common shareholders' equity
14,342 
13,074 
Total Liabilities and Shareholders' Equity
$ 15,375 
$ 13,939 
 
 
PG&E CORPORATION
SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF PARENT - (Continued)
CONDENSED STATEMENTS OF CASH FLOWS
(in millions)
 
 
 
 
Year Ended December 31,
 
 
 
2013
 
2012
 
2011
 
Cash Flows from Operating Activities:
 
 
 
 
 
 
 
 
 
 
Net income
 
 $
814 
    
 $
816 
 
 $
 
844 
 
Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
 
 
 
 
 
 
 
   Stock-based compensation amortization
 
 
54 
   
 
51 
 
 
36 
 
   Equity in earnings of subsidiaries
 
 
(848
 ) 
 
(817
 ) 
 
(852
 ) 
   Deferred income taxes and tax credits, net
 
 
(10
 ) 
 
(31
 ) 
 
(26
 ) 
   Noncurrent income taxes receivable/payable
 
 
- 
 
 
(6
 ) 
 
(47
 ) 
   Current income taxes receivable/payable
 
 
20 
 
 
(82
 ) 
 
49 
 
   Other
 
 
(20
 ) 
 
20 
 
 
(80
 ) 
Net cash provided by (used in) operating activities
 
 
10 
 
 
(49) 
 
 
(76
 ) 
Cash Flows From Investing Activities:
 
 
 
 
 
 
 
 
 
 
Investment in subsidiaries
 
 
(1,371
 ) 
 
(1,023
 ) 
 
(759
 ) 
Dividends received from subsidiaries (1)
 
 
716 
   
 
716 
 
 
716 
 
Proceeds from tax equity investments
 
 
275 
 
 
228 
 
 
129 
 
Other
 
 
(8
 ) 
 
- 
 
 
- 
 
Net cash provided by (used in) investing activities
 
 
(388
 ) 
 
(79) 
 
 
86 
 
Cash Flows From Financing Activities:
 
 
 
 
 
 
 
 
 
 
Borrowings under revolving credit facilities
 
 
140 
 
 
120 
 
 
150 
 
Repayments under revolving credit facilities
 
 
- 
 
 
- 
 
 
(150
 ) 
Common stock issued
 
 
1,045 
  
 
751 
 
 
662 
 
Common stock dividends paid (2) 
 
 
(782
 ) 
 
(746
 ) 
 
(704
 ) 
Other
 
 
(1
 ) 
 
1 
 
 
1 
 
Net cash provided by (used in) financing activities
 
 
402 
 
 
126 
 
 
(41
 ) 
Net change in cash and cash equivalents
 
 
24 
   
 
(2
 ) 
 
(31
 ) 
Cash and cash equivalents at January 1
 
 
207 
 
 
209 
 
 
240 
 
Cash and cash equivalents at December 31
 
$
231 
 
$
207 
 
$
209 
 
Supplemental disclosures of cash flow information
 
 
 
 
 
 
 
 
 
 
   Cash received (paid) for:
 
 
 
 
 
 
 
 
 
 
   Interest, net of amounts capitalized
 
$
(23
 ) 
$
(20
 ) 
$
(20
 ) 
   Income taxes, net
 
 
21 
 
 
(60
 ) 
 
8 
 
Supplemental disclosures of noncash investing and financing
 
 
 
 
 
 
 
 
 
 
   activities
 
 
 
 
 
 
 
 
 
 
   Noncash common stock issuances
 
$
22 
 
$
22 
 
$
24 
 
   Common stock dividends declared but not yet paid
 
 
208 
 
 
196 
 
 
188 
 
 
 
 
 
 
 
 
 
 
 
 
(1)
Because of its nature as a holding company, PG&E Corporation classifies dividends received from subsidiaries an investing cash flow.
 
 
(2)
On January 15, April 15, July 15, October 15, 2013, PG&E Corporation paid quarterly common stock dividends of $0.455 per share.
 
 
 
On January 15, April 15, July 15, October 15, 2012, PG&E Corporation paid quarterly common stock dividends of $0.455 per share.
 
 
 
On January 15, April 15, July 15, October 15, 2011, PG&E Corporation paid quarterly common stock dividends of $0.455 per share.