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Schedule I - Condensed Financial Information Of Parent
 12 Months Ended
Dec. 31, 2014
Schedule I - Condensed Financial Information Of Parent
 
PG&E CORPORATION
SCHEDULE I — CONDENSED FINANCIAL INFORMATION OF PARENT
CONDENSED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
 
 
 
 
Years Ended December 31,
(in millions, except per share amounts)
 
2014
 
 
2013
 
 
2012
Administrative service revenue
$
51
 
$
41
 
$
43
Operating expenses
 
(53
 ) 
 
(42
 ) 
 
(41
)
Interest income
 
1
 
 
1
 
 
1
Interest expense
 
(14
 ) 
 
(25
 ) 
 
(22
)
Other expense
 
(1
 ) 
 
(57
 ) 
 
(39
)
Equity in earnings of subsidiaries
 
1,413
 
 
848
 
 
817
Income before income taxes
 
1,397
 
 
766
 
 
759
Income tax benefit
 
39
 
 
48
 
 
57
Net income
$
1,436
 
$
814
 
$
816
Other Comprehensive Income
 
 
 
 
 
 
 
 
   Pension and other postretirement benefit plans obligations (net of taxes of $10,
 
 
 
 
 
 
 
 
   $80, and $72, at respective dates)
$
(14
 ) 
$
113
 
$
108
   Net change in investments (net of taxes of $17, $26, and $3, at respective dates)
 
(25
 ) 
 
38
 
 
4
   Total other comprehensive income (loss)
 
(39
 ) 
 
151
 
 
112
Comprehensive Income
$
1,397
 
$
965
 
$
928
Weighted Average Common Shares Outstanding, Basic
 
468
 
 
444
 
 
424
Weighted Average Common Shares Outstanding, Diluted
 
470
 
 
445
 
 
425
Earnings per common share, basic
$
3.07
 
$
1.83
 
$
1.92
Earnings per common share, diluted
$
3.06
 
$
1.83
 
$
1.92
 
PG&E CORPORATION
SCHEDULE I — CONDENSED FINANCIAL INFORMATION OF PARENT - (Continued)
CONDENSED BALANCE SHEETS
 
 
Balance at December 31,
(in millions)
2014
 
2013
ASSETS
 
 
 
 
 
Current Assets
 
 
 
 
 
   Cash and cash equivalents
$
96
 
$
231
   Advances to affiliates
 
31
 
 
30
   Income taxes receivable
 
29
 
 
13
   Other
 
38
 
 
86
      Total current assets
 
194
 
 
360
Noncurrent Assets
 
 
 
 
 
   Equipment
 
2
 
 
2
   Accumulated depreciation
 
(1
 ) 
 
(1
)
      Net equipment
 
1
 
 
1
   Investments in subsidiaries
 
16,003
 
 
14,711
   Other investments
 
117
 
 
110
   Income taxes receivable
 
-
 
 
5
   Deferred income taxes
 
260
 
 
188
      Total noncurrent assets
 
16,381
 
 
15,015
Total Assets
$
16,575
 
$
15,375
 
 
 
 
 
 
LIABILITIES AND SHAREHOLDERS' EQUITY
 
 
 
 
 
Current Liabilities
 
 
 
 
 
   Short-term borrowings
$
-
 
$
260
   Long-term debt classified as current
 
-
 
 
350
   Accounts payable - other
 
67
 
 
66
   Other
 
269
 
 
230
      Total current liabilities
 
336
 
 
906
Noncurrent Liabilities
 
 
 
 
 
   Long-term debt
 
350
 
 
-
   Other
 
141
 
 
127
      Total noncurrent liabilities
 
491
 
 
127
Common Shareholders' Equity
 
 
 
 
 
   Common stock
 
10,421
 
 
9,550
   Reinvested earnings
 
5,316
 
 
4,742
   Accumulated other comprehensive loss
 
11
 
 
50
      Total common shareholders' equity
 
15,748
 
 
14,342
Total Liabilities and Shareholders' Equity
$
16,575
 
$
15,375
 
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.