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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2014

Schedule Of Components Of Income Tax Expense (Benefit)

	PG&E Corporation									Utility
	Year Ended December 31,
(in millions)	2014			2013			2012			2014			2013			2012
Current:
Federal	$	(84	)	$	(218	)	$	(74	)	$	(84	)	$	(222	)	$	(52	)
State		(41	)		(26	)		33			(29	)		(23	)		41
Deferred:
Federal		396			552			374			426			604			404
State		78			(35	)		(92	)		75			(28	)		(91	)
Tax credits		(4	)		(5	)		(4	)		(4	)		(5	)		(4	)
Income tax provision	$	345		$	268		$	237		$	384		$	326		$	298

Schedule Of Deferred Tax Assets And Liabilities

	PG&E Corporation						Utility
	Year Ended December 31,
(in millions)	2014			2013			2014			2013
Deferred income tax assets:
Customer advances for construction	$	88		$	90		$	88		$	90
Reserve for damages		137			161			137			161
Environmental reserve		111			152			111			152
Compensation		107			167			36			102
Net operating loss carryforward		1,177			890			946			670
GHG allowances		56			108			56			108
Other		74			135			100			128
Total deferred income tax assets	$	1,750		$	1,703		$	1,474		$	1,411
Deferred income tax liabilities:
Regulatory balancing accounts	$	512		$	261		$	512		$	261
Property related basis differences		8,683			8,048			8,666			8,038
Income tax regulatory asset ⁽¹⁾		974			748			974			748
Other		88			151			86			86
Total deferred income tax liabilities	$	10,257		$	9,208		$	10,238		$	9,133
Total net deferred income tax liabilities	$	8,507		$	7,505		$	8,764		$	7,722
Classification of net deferred income tax liabilities:
Included in current liabilities (assets)	$	(6	)	$	(318	)	$	(9	)	$	(320	)
Included in noncurrent liabilities		8,513			7,823			8,773			8,042
Total net deferred income tax liabilities	$	8,507		$	7,505		$	8,764		$	7,722

⁽¹⁾ Represents the deferred income tax component of the cumulative differences between amounts recognized for ratemaking purposes and amounts recognized in accordance with GAAP. (See Note 3 above.)

Schedule Of Effective Income Tax Rate Reconciliation

	PG&E Corporation						Utility
	Year Ended December 31,
	2014		2013		2012		2014		2013		2012
Federal statutory income tax rate	35.0	%	35.0	%	35.0	%	35.0	%	35.0	%	35.0	%
Increase (decrease) in income
tax rate resulting from:
State income tax (net of
federal benefit) ⁽¹⁾	1.4		(3.1	)	(3.9	)	1.6		(2.2	)	(3.0	)
Effect of regulatory treatment
of fixed asset differences ⁽²⁾	(15.0	)	(4.2	)	(4.1	)	(14.7	)	(3.8	)	(3.9	)
Tax credits	(0.7	)	(0.4	)	(0.6	)	(0.7	)	(0.4	)	(0.6	)
Benefit of loss carryback	(0.8	)	(1.1	)	(0.7	)	(0.8	)	(1.0	)	(0.4	)
Non deductible penalties	0.3		0.8		0.6		0.3		0.7		0.5
Other, net	(0.8	)	(2.2	)	(3.8	)	0.4		(0.9	)	(0.8	)
Effective tax rate	19.4	%	24.8	%	22.5	%	21.1	%	27.4	%	26.8	%

⁽¹⁾ Includes the effect of state flow-through ratemaking treatment.

⁽²⁾ Represents effect of federal flow-through ratemaking treatment including those deductions related to repairs and certain other property-related costs discussed below in the “2014 GRC Impact” section.

Schedule Of Change In Unrecognized Tax Benefits

	PG&E Corporation									Utility
	2014			2013			2012			2014			2013			2012
(in millions)
Balance at beginning of year	$	666		$	581		$	506		$	660		$	575		$	503
Additions for tax position taken
during a prior year		7			12			32			7			12			26
Reductions for tax position
taken during a prior year		(9	)		(6	)		(13	)		(9	)		(6	)		(10	)
Additions for tax position
taken during the current year		61			79			67			61			79			67
Settlements		(12	)		-			(11	)		(12	)		-			(11	)
Balance at end of year	$	713		$	666		$	581		$	707		$	660		$	575