PG&E Corp
For the period ended Dec 31, 2024. Filed Feb 13, 2025.
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FY2024 · Filed Feb 13, 2025
PCG$13.23+0.7%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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CONSOLIDATED STATEMENTS OF CASH FLOWS
| Year ended December 31, | |||
|---|---|---|---|
| 2024 | 2023 | 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 | — | — | 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 trust investments | (519) | — | (1,022) |
| Purchases of self-insurance investments | (898) | — | — |
| 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 | — | 2,100 | — |
| Repayments under term loan credit facilities | (2,600) | (2,181) | — |
| Short-term borrowings, net of issuance costs of $1, $0, and $0 at respective dates | 999 | — | — |
| Short-term debt matured | — | — | (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 |
| Repayment of long-term debt | (800) | (3,075) | (5,968) |
| Proceeds from issuance of SB 901 recovery bonds, net of financing fees of $0, $0 and $36 at respective dates | — | — | 7,464 |
|---|---|---|---|
| Repayment of SB 901 recovery bonds | (129) | (130) | (33) |
| Proceeds from issuance of AB 1054 recovery bonds, net of financing fees of $10, $0 and $11 at respective dates | 1,409 | — | 972 |
| Repayment of AB 1054 recovery bonds | (46) | (38) | (18) |
| Proceeds from DWR loan | 980 | — | 312 |
| Proceeds from issuance of convertible notes, net of discount and issuance costs of $0, $27, and $0 at respective dates | — | 2,123 | — |
| Mandatory convertible preferred stock issued | 1,579 | — | — |
| Common stock issued | 1,128 | — | — |
| Common stock dividends paid | (86) | — | — |
| 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 obtaining ROU assets | 6 | 269 | 529 |
| Financing lease liabilities arising from obtaining ROU assets | 43 | 52 | — |
| Reclassification of operating lease liabilities to financing lease liabilities | — | 913 | — |
| DWR loan forgiveness and performance-based disbursements | 192 | 214 | — |
| Changes to PG&E Corporation common stock and treasury stock in connection with share exchanges with the Fire Victim Trust | — | (2,517) | (2,337) |
| Common stock dividends declared but not yet paid | 55 | 21 | — |
| Mandatory convertible preferred stock dividends declared but not yet paid | 23 | — | — |
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