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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash Flows from Operating Activities    
Net Income $ 885 $ 634
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation, amortization, and decommissioning 1,166 1,097
Bad debt expense 89 100
Allowance for equity funds used during construction (55) (48)
Deferred income taxes and tax credits, net 294 162
Wildfire Fund expense 102 76
Other (60) (38)
Effect of changes in operating assets and liabilities:    
Accounts receivable 129 37
Wildfire-related insurance receivable 20 (5)
Inventories (11) 31
Accounts payable (4) 91
Wildfire-related claims (144) (166)
Other current assets and liabilities (264) 73
Regulatory assets, liabilities, and balancing accounts, net (74) 922
Other noncurrent assets and liabilities 357 (118)
Net cash provided by operating activities 2,430 2,848
Cash Flows from Investing Activities    
Capital expenditures (3,356) (2,635)
Proceeds from sales and maturities of nuclear decommissioning trust investments 400 278
Purchases of nuclear decommissioning trust investments (434) (317)
Proceeds from sales and maturities of customer credit trust investments 116 99
Purchases of customer credit investments 0 (669)
Proceeds from sales and maturities of self-insurance investments 324 33
Purchases of self-insurance investments (357) (58)
Other 5 5
Net cash used in investing activities (3,302) (3,264)
Cash Flows from Financing Activities    
Borrowings under credit facilities 1,760 0
Repayments under credit facilities (2,760) 0
Proceeds from issuance of long-term debt, net of premium, discount and issuance costs of $13 and $15 at respective dates 3,187 1,735
Repayments of long-term debt (600) 0
Mandatory convertible preferred stock dividends paid (24) (23)
Other (38) (24)
Net cash provided by financing activities 1,390 1,609
Net change in cash, cash equivalents, restricted cash, and restricted cash equivalents 518 1,193
Cash, cash equivalents, restricted cash, and restricted cash equivalents at January 1 972 1,213
Cash, cash equivalents, restricted cash, and restricted cash equivalents at March 31 1,490 2,406
Less: Restricted cash and restricted cash equivalents (359) (383)
Cash and cash equivalents at March 31 1,131 2,023
Supplemental disclosures of cash flow information    
Interest, net of amounts capitalized (774) (707)
Supplemental disclosures of noncash investing and financing activities    
Capital expenditures financed through accounts payable 1,288 904
Operating lease liabilities arising from obtaining ROU assets 67 3
DWR loan forgiveness and performance-based disbursements 4 74
Common Stock    
Cash Flows from Financing Activities    
Common stock dividends paid (110) (55)
Supplemental disclosures of noncash investing and financing activities    
Dividends declared but not yet paid 111  
Mandatory convertible preferred stock    
Supplemental disclosures of noncash investing and financing activities    
Dividends declared but not yet paid 24 24
AB 1054 Recovery Bonds    
Cash Flows from Financing Activities    
Repayments of recovery bonds $ (25) $ (24)