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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions
Sep. 30, 2025
Dec. 31, 2024
Current Assets    
Cash and cash equivalents $ 404 $ 940
Restricted cash and restricted cash equivalents (includes $334 million and $263 million related to VIEs at respective dates) 368 273
Accounts receivable    
Customers (net of allowance for doubtful accounts of $408 million and $418 million at respective dates) (includes $2.0 billion and $1.9 billion related to VIEs, net of allowance for doubtful accounts of $407 million and $418 million at respective dates) 2,343 2,220
Accrued unbilled revenue (includes $1.4 billion and $1.3 billion related to VIEs at respective dates) 1,633 1,487
Regulatory balancing accounts 4,827 7,227
Other (net of allowance for doubtful accounts of $82 million and $35 million at respective dates) 1,871 1,810
Regulatory assets 323 234
Inventories    
Gas stored underground and fuel oil 74 52
Materials and supplies 689 768
Wildfire Fund asset 298 301
Wildfire self-insurance asset 1,000 905
Other 563 999
Total current assets 14,393 17,216
Property, Plant, and Equipment    
Property, Plant, and Equipment 125,271 118,262
Construction work in progress 5,082 4,458
Financing lease ROU asset and other 9 814
Total property, plant, and equipment 130,362 123,534
Accumulated depreciation (36,565) (35,305)
Net property, plant, and equipment 93,797 88,229
Other Noncurrent Assets    
Regulatory assets 16,283 15,561
Customer credit trust 902 377
Nuclear decommissioning trusts 4,190 3,833
Operating lease ROU asset 462 524
Wildfire Fund asset 3,807 4,070
Other (includes noncurrent accounts receivable of $71 million and $82 related to VIEs, net of noncurrent allowance for doubtful accounts of $15 million and $18 at respective dates) 4,415 3,850
Total other noncurrent assets 30,059 28,215
TOTAL ASSETS 138,249 133,660
Current Liabilities    
Short-term borrowings 1,025 1,523
Long-term debt, classified as current (includes $218 million and $222 million related to VIEs at respective dates) 2,769 2,146
Accounts payable    
Trade creditors 3,019 2,748
Regulatory balancing accounts 2,561 3,169
Other 748 748
Operating lease liabilities 87 85
Financing lease liabilities 1 577
Interest payable (includes $156 million and $91 million related to VIEs at respective dates) 657 760
Wildfire-related claims 492 916
Other 3,936 3,658
Total current liabilities 15,295 16,330
Noncurrent Liabilities    
Long-term debt (includes $11.8 billion and $10.1 billion related to VIEs at respective dates) 55,531 53,569
Regulatory liabilities 20,061 19,417
Pension and other postretirement benefits 834 808
Asset retirement obligations 5,354 5,444
Deferred income taxes 3,777 3,082
Operating lease liabilities 375 439
Financing lease liabilities 5 4
Other 4,787 4,166
Total noncurrent liabilities 90,724 86,929
Shareholders’ Equity    
Mandatory convertible preferred stock 1,579 1,579
Common stock, no par value, authorized 3,600,000,000 and 3,600,000,000 shares at respective dates; 2,197,837,402 and 2,193,573,536 shares outstanding at respective dates 31,588 31,555
Reinvested earnings (1,181) (2,966)
Accumulated other comprehensive loss (8) (19)
Total shareholders’ equity 31,978 30,149
Noncontrolling Interest - Preferred Stock of Subsidiary 252 252
Total equity 32,230 30,401
TOTAL LIABILITIES AND EQUITY $ 138,249 $ 133,660