PG&E Corp
For the period ended Dec 31, 2023. Filed Feb 22, 2024.
View on SEC.govAbout this filing
A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2023 · Filed Feb 22, 2024
PCG$13.23+0.7%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
CONSOLIDATED STATEMENTS OF CASH FLOWS
| Year ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| Cash Flows from Operating Activities | |||
| Net income (loss) | $2,256 | $1,814 | $(88) |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Depreciation, amortization, and decommissioning | 3,738 | 3,856 | 3,403 |
| Bad Debt Expense | 636 | 143 | 154 |
| Allowance for equity funds used during construction | (179) | (184) | (133) |
| Deferred income taxes and tax credits, net | (765) | (452) | 1,783 |
| Reorganization items, net | — | — | (73) |
| Wildfire fund expense | 568 | 477 | 517 |
| Disallowed capital expenditures | — | 15 | — |
| Other | (116) | 517 | 248 |
| Effect of changes in operating assets and liabilities: | |||
| Accounts receivable | (369) | (757) | (589) |
| Wildfire-related insurance receivable | 358 | 453 | (723) |
| Inventories | (28) | (246) | (32) |
| Accounts payable | (90) | 627 | 117 |
| Wildfire-related claims | (489) | (810) | 472 |
| Other current assets and liabilities | 397 | 17 | 244 |
| Regulatory assets, liabilities, and balancing accounts, net | (429) | (1,131) | (2,266) |
| Contributions to Wildfire fund | (193) | (193) | (193) |
| Other noncurrent assets and liabilities | (548) | (425) | (579) |
| Net cash provided by operating activities | 4,747 | 3,721 | 2,262 |
| Cash Flows from Investing Activities | |||
| Capital expenditures | (9,714) | (9,584) | (7,689) |
| Proceeds from sale of the SFGO | — | — | 749 |
| Proceeds from sales and maturities of nuclear decommissioning trust investments | 2,235 | 3,316 | 1,678 |
| Purchases of nuclear decommissioning trust investments | (2,252) | (3,208) | (1,702) |
| Proceeds from sales and maturities of customer credit trust investments | 556 | 250 | — |
| Purchases of customer credit trust investments | — | (1,022) | — |
| Other | 13 | 34 | 59 |
| Net cash used in investing activities | (9,162) | (10,214) | (6,905) |
| Cash Flows from Financing Activities | |||
| Borrowings under credit facilities | 10,675 | 10,130 | 9,730 |
| Repayments under credit facilities | (10,540) | (9,750) | (9,976) |
| Borrowings under term loan credit facilities | 2,100 | — | — |
| Repayments under term loan credit facilities | (2,181) | — | — |
| Credit facilities financing fees | — | — | (9) |
| Short-term debt financing, net of issuance costs of $0, $0, and $1 at respective dates | — | — | 300 |
| Short-term debt matured | — | (300) | (1,450) |
| Proceeds from issuance of long-term debt, net of premium, discount and issuance costs of $67, $29, and $33 at respective dates | 5,483 | 4,271 | 4,624 |
| Repayment of long-term debt | (3,075) | (5,968) | (87) |
|---|---|---|---|
| Proceeds from issuance of SB 901 recovery bonds, net of financing fees of $0, $36 and $0 at respective dates | — | 7,464 | — |
| Repayment of SB 901 recovery bonds | (130) | (33) | — |
| Proceeds from issuance of AB 1054 recovery bonds, net of financing fees of $0, $11 and $10 at respective dates | — | 972 | 850 |
| Repayment of AB 1054 recovery bonds | (38) | (18) | — |
| Proceeds from DWR loan, net of performance based incentives earned of $0, $38, and $0 at respective dates | — | 312 | — |
| Proceeds from issuance of convertible notes, net of discount and issuance costs of $27, $0, and $0 at respective dates | 2,123 | — | — |
| Proceeds from sale of future revenue from transmission tower license sales, net of fees | — | — | 370 |
| Other | (17) | 53 | (29) |
| Net cash provided by financing activities | 4,400 | 7,133 | 4,323 |
| Net change in cash, cash equivalents, and restricted cash | (15) | 640 | (320) |
| Cash, cash equivalents, and restricted cash at January 1 | 947 | 307 | 627 |
| Cash, cash equivalents, and restricted cash at December 31 | $932 | $947 | $307 |
| Less: Restricted cash and restricted cash equivalents | (297) | (213) | (16) |
| Cash and cash equivalents at December 31 | $635 | $734 | $291 |
| Supplemental disclosures of cash flow information | |||
|---|---|---|---|
| Cash received (paid) for: | |||
| Interest, net of amounts capitalized | $(2,286) | $(1,607) | $(1,404) |
| Income taxes, net | — | — | 99 |
| Supplemental disclosures of noncash investing and financing activities | |||
| Capital expenditures financed through accounts payable | $1,105 | $1,174 | $1,311 |
| Operating lease liabilities arising from obtaining ROU assets | 269 | 529 | 100 |
| Financing lease liabilities arising from obtaining ROU assets | 52 | — | — |
| Reclassification of operating lease liabilities to financing lease liabilities | 913 | — | — |
| DWR loan forgiveness and performance-based disbursements | 214 | — | — |
| Changes to PG&E Corporation common stock and treasury stock in connection with the Share Exchange and Tax Matters Agreement | (2,517) | (2,337) | 4,854 |
| Common stock dividends declared but not yet paid | 21 | — | — |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.