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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash Flows from Operating Activities      
Net income $ 2,512 $ 2,256 $ 1,814
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation, amortization, and decommissioning 4,189 3,738 3,856
Bad debt expense 341 636 143
Allowance for equity funds used during construction (184) (179) (184)
Deferred income taxes and tax credits, net 1,098 (765) (452)
Wildfire Fund expense 383 568 477
Disallowed capital expenditures 0 0 15
Other 310 (116) 517
Effect of changes in operating assets and liabilities:      
Accounts receivable (1,061) (369) (757)
Wildfire-related insurance receivable 318 358 453
Inventories 45 (28) (246)
Accounts payable 30 (90) 627
Wildfire-related claims (506) (489) (810)
Other current assets and liabilities (231) 397 17
Regulatory assets, liabilities, and balancing accounts, net 1,545 (429) (1,131)
Contributions to Wildfire Fund (193) (193) (193)
Other noncurrent assets and liabilities (561) (548) (425)
Net cash provided by operating activities 8,035 4,747 3,721
Cash Flows from Investing Activities      
Capital expenditures (10,369) (9,714) (9,584)
Proceeds from sales and maturities of nuclear decommissioning trust investments 1,980 2,235 3,316
Purchases of nuclear decommissioning trust investments (2,002) (2,252) (3,208)
Proceeds from sales and maturities of customer credit trust investments 398 556 250
Purchases of customer credit investments (519) 0 (1,022)
Purchases of self-insurance investments (898) 0 0
Other 35 13 34
Net cash used in investing activities (11,375) (9,162) (10,214)
Cash Flows from Financing Activities      
Borrowings under credit facilities 6,873 10,675 10,130
Repayments under credit facilities (10,122) (10,540) (9,750)
Borrowings under term loan credit facilities 0 2,100 0
Repayments under term loan credit facilities (2,600) (2,181) 0
Short-term borrowings, net of issuance costs of $1, $0, and $0 at respective dates 999 0 0
Short-term debt matured 0 0 (300)
Proceeds from issuance of long-term debt, net of premium, discount and issuance costs of $5, $67, and $29 at respective dates 4,495 5,483 4,271
Repayments of long-term debt (800) (3,075) (5,968)
Proceeds from DWR loan 980 0 312
Proceeds from issuance of convertible notes, net of discount and issuance costs of $0, $27, and $0 at respective dates 0 2,123 0
Mandatory convertible preferred stock issued 1,579 0 0
Common stock issued 1,128 0 0
Common stock dividends paid (86) 0 0
Other (59) (17) 53
Net cash provided by financing activities 3,621 4,400 7,133
Net change in cash, cash equivalents, restricted cash, and restricted cash equivalents 281 (15) 640
Cash, cash equivalents, restricted cash, and restricted cash equivalents at January 1 932 947 307
Cash, cash equivalents, restricted cash, and restricted cash equivalents at December 31 1,213 932 947
Less: Restricted cash and restricted cash equivalents (273) (297) (213)
Cash and cash equivalents at December 31 940 635 734
Supplemental disclosures of cash flow information Cash paid for:      
Interest, net of amounts capitalized (2,421) (2,286) (1,607)
Supplemental disclosures of noncash investing and financing activities      
Capital expenditures financed through accounts payable 1,144 1,105 1,174
Operating lease liabilities arising from ROU assets 6 269 529
Financing lease liabilities arising from obtaining ROU assets 43 52 0
Reclassification of operating lease liabilities to financing lease liabilities 0 913 0
DWR loan forgiveness and performance-based disbursements 192 214 0
Changes to PG&E Corporation common stock and treasury stock in connection with share exchanges with the Fire Victim Trust 0 (2,517) (2,337)
Dividends declared but not yet paid 55 21 0
Mandatory convertible preferred stock      
Supplemental disclosures of noncash investing and financing activities      
Dividends declared but not yet paid 23 0 0
SB 901 securitization      
Cash Flows from Financing Activities      
Proceeds from issuance of recovery bonds, net of financing fees at respective dates 0 0 7,464
Repayments of recovery bonds (129) (130) (33)
AB 1054 Recovery Bonds      
Cash Flows from Financing Activities      
Proceeds from issuance of recovery bonds, net of financing fees at respective dates 1,409 0 972
Repayments of recovery bonds $ (46) $ (38) $ (18)