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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Cash Flows from Operating Activities    
Net income $ 1,183 $ 1,259
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation, amortization, and decommissioning 2,170 2,075
Bad debt expense 241 135
Allowance for equity funds used during construction (97) (84)
Deferred income taxes and tax credits, net 472 485
Wildfire Fund expense 185 156
Other (29) (134)
Effect of changes in operating assets and liabilities:    
Accounts receivable (562) (960)
Wildfire-related insurance receivable (133) 196
Inventories 34 47
Accounts payable 188 419
Wildfire-related claims (129) (483)
Other current assets and liabilities (76) (692)
Regulatory assets, liabilities, and balancing accounts, net 750 734
Other noncurrent assets and liabilities (292) (181)
Net cash provided by operating activities 3,905 2,972
Cash Flows from Investing Activities    
Capital expenditures (5,700) (4,936)
Proceeds from sales and maturities of nuclear decommissioning trust investments 779 1,044
Purchases of nuclear decommissioning trust investments (809) (1,082)
Proceeds from sales and maturities of customer credit trust investments 196 174
Purchases of customer credit investments (693) (435)
Proceeds from self-insurance investments 186 0
Purchases of self-insurance investments (237) 0
Other 10 10
Net cash used in investing activities (6,268) (5,225)
Cash Flows from Financing Activities    
Borrowings under credit facilities 515 5,528
Repayments under credit facilities (325) (4,827)
Repayments under term loan 0 (100)
Proceeds from issuance of long-term debt, net of premium, discount and issuance costs of $27 and $9 at respective dates 2,973 2,259
Repayments of long-term debt (1,050) (450)
Common stock dividends paid (110) (43)
Mandatory convertible preferred stock dividends paid (48) 0
Proceeds from DWR loan 0 600
Other 25 (7)
Net cash provided by financing activities 1,865 2,873
Net change in cash, cash equivalents, restricted cash, and restricted cash equivalents (498) 620
Cash, cash equivalents, restricted cash, and restricted cash equivalents at January 1 1,213 932
Cash, cash equivalents, restricted cash, and restricted cash equivalents at June 30 715 1,552
Less: Restricted cash and restricted cash equivalents (221) (237)
Cash and cash equivalents at June 30 494 1,315
Supplemental disclosures of cash flow information Cash paid for:    
Interest, net of amounts capitalized (1,282) (1,199)
Supplemental disclosures of noncash investing and financing activities    
Capital expenditures financed through accounts payable 1,009 921
Operating lease liabilities arising from obtaining ROU assets 0 1
Financing lease liabilities arising from obtaining ROU assets 0 15
DWR loan forgiveness and performance-based disbursements 78 47
Capital expenditures financed through current assets and non-current liabilities 592 0
Common Stock    
Supplemental disclosures of noncash investing and financing activities    
Dividends declared but not yet paid 55 21
Mandatory convertible preferred stock    
Supplemental disclosures of noncash investing and financing activities    
Dividends declared but not yet paid 24 0
AB 1054 Recovery Bonds    
Cash Flows from Financing Activities    
Repayments of recovery bonds (48) (23)
SB 901 Recovery Bonds    
Cash Flows from Financing Activities    
Repayments of recovery bonds $ (67) $ (64)