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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Cash Flows from Operating Activities    
Net income $ 2,033 $ 1,838
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation, amortization, and decommissioning 3,302 3,134
Bad debt expense 331 244
Allowance for equity funds used during construction (164) (136)
Deferred income taxes and tax credits, net 700 684
Wildfire Fund expense 271 295
Other (84) 258
Effect of changes in operating assets and liabilities:    
Accounts receivable (454) (952)
Wildfire-related insurance receivable (106) 278
Inventories 57 31
Accounts payable 25 541
Wildfire-related claims (424) (429)
Other current assets and liabilities 377 (521)
Regulatory assets, liabilities, and balancing accounts, net 1,324 1,658
Other noncurrent assets and liabilities (432) (820)
Net cash provided by operating activities 6,756 6,103
Cash Flows from Investing Activities    
Capital expenditures (8,631) (7,541)
Proceeds from sales and maturities of nuclear decommissioning trust investments 1,365 1,410
Purchases of nuclear decommissioning trust investments (1,421) (1,468)
Proceeds from sales and maturities of customer credit trust investments 310 291
Purchases of customer credit investments (729) (477)
Proceeds from self-insurance investments 669 0
Purchases of self-insurance investments (828) (449)
Other 15 15
Net cash used in investing activities (9,250) (8,219)
Cash Flows from Financing Activities    
Borrowings under credit facilities 3,080 6,543
Repayments under credit facilities (1,330) (8,042)
Borrowings under term loan 500 0
Repayments under term loan (1,000) (2,350)
Short-term debt financing, net of issuance of costs of $0 and $1 at respective dates 0 999
Proceeds from issuance of long-term debt, net of premium, discount and issuance costs of $27 and $13 at respective dates 2,973 3,987
Repayments of long-term debt (1,925) (800)
Proceeds from issuance of AB 1054 recovery bonds, net of financing fees of $0 and $10 at respective dates 0 1,409
Common stock dividends paid (166) (64)
Mandatory convertible preferred stock dividends paid (72) 0
Proceeds from DWR loan 0 980
Other 132 (138)
Net cash provided by financing activities 2,053 2,414
Net change in cash, cash equivalents, restricted cash, and restricted cash equivalents (441) 298
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 September 30 772 1,230
Less: Restricted cash and restricted cash equivalents (368) (335)
Cash and cash equivalents at September 30 404 895
Supplemental disclosures of cash flow information    
Interest, net of amounts capitalized (2,079) (1,911)
Supplemental disclosures of noncash investing and financing activities    
Capital expenditures financed through accounts payable 1,416 953
Operating lease liabilities arising from obtaining ROU assets 0 6
Financing lease liabilities arising from obtaining ROU assets 0 43
DWR loan forgiveness and performance-based disbursements 95 81
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 (72) (46)
SB 901 Recovery Bonds    
Cash Flows from Financing Activities    
Repayments of recovery bonds $ (67) $ (64)