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SCHEDULE I – CONSOLIDATED FINANCIAL INFORMATION OF PARENT | 12 Months Ended
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Dec. 31, 2024
Condensed Financial Information Disclosure [Abstract] |
SCHEDULE I – CONSOLIDATED FINANCIAL INFORMATION OF PARENT | PG&E CORPORATION SCHEDULE I — CONSOLIDATED FINANCIAL INFORMATION OF PG&E CORPORATION (“PARENT”) CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
| Years Ended December 31,
(in millions, except per share amounts) | 2024 |  | 2023 |  | 2022
Administrative service revenue | $ | 146 |  |  | $ | 154 |  |  | $ | 109 |
Operating expenses | (167) |  |  | (165) |  |  | (193) |
Interest income | 15 |  |  | 13 |  |  | 3 |
Interest expense | (270) |  |  | (365) |  |  | (261) |
Other income (expense) | (17) |  |  | (21) |  |  | (201) |
Equity in earnings of subsidiaries | 2,697 |  |  | 2,530 |  |  | 2,154 |
Income Before Income Taxes | 2,404 |  |  | 2,146 |  |  | 1,611 |
Income tax benefit | (94) |  |  | (96) |  |  | (132) |
Net Income | $ | 2,498 |  |  | $ | 2,242 |  |  | $ | 1,743 |
Preferred stock dividend requirement | 23 |  |  | — |  |  | — |
Income Available for Common Shareholders | $ | 2,475 |  |  | $ | 2,242 |  |  | $ | 1,743 |
Other Comprehensive Income (Loss) |  |  |  |  |
Pension and other postretirement benefit plans obligations (net of taxes of $3, $6, and $8, at respective dates) | (7) |  |  | (16) |  |  | 21 |
Net unrealized gain on available-for-sale securities (net of taxes of $0, $0, and $0, respectively) | 1 |  |  | — |  |  | — |
Total other comprehensive income (loss) | (6) |  |  | (16) |  |  | 21 |
Comprehensive Income | $ | 2,469 |  |  | $ | 2,226 |  |  | $ | 1,764 |
Weighted Average Common Shares Outstanding, Basic | 2,141 |  |  | 2,064 |  |  | 2,235 |
Weighted Average Common Shares Outstanding, Diluted | 2,147 |  |  | 2,138 |  |  | 2,380 |
Net Earnings Per Common Share, Basic | $ | 1.16 |  |  | $ | 1.09 |  |  | $ | 0.78 |
Net Earnings Per Common Share, Diluted | $ | 1.15 |  |  | $ | 1.05 |  |  | $ | 0.73 |
PG&E CORPORATION SCHEDULE I — CONSOLIDATED FINANCIAL INFORMATION OF PG&E CORPORATION (“PARENT”) – (Continued) CONSOLIDATED BALANCE SHEETS
| Balance at December 31,
(in millions) | 2024 |  | 2023
ASSETS |  |  |
Current Assets |  |  |
Cash and cash equivalents | $ | 235 |  |  | $ | 192 |
Restricted cash and restricted cash equivalents | 1 |  |  | 3 |
Advances to affiliates | 13 |  |  | 24 |
Income taxes receivable | 2 |  |  | 2 |
Other current assets | — |  |  | 1 |
Total current assets | 251 |  |  | 222 |
Other Noncurrent Assets |  |  |
Investments in subsidiaries | 42,829 |  |  | 36,804 |
Other investments | 175 |  |  | 167 |
Deferred income taxes | 633 |  |  | 539 |
Total other noncurrent assets | 43,637 |  |  | 37,510 |
TOTAL ASSETS | $ | 43,888 |  |  | $ | 37,732 |
LIABILITIES AND EQUITY |  |  |
Current Liabilities |  |  |
Accounts payable – other | 36 |  |  | 58 |
Income taxes payable | 1 |  |  | 1 |
Other current liabilities | 420 |  |  | 363 |
Total current liabilities | 457 |  |  | 422 |
Noncurrent Liabilities |  |  |
Long-term debt | 5,612 |  |  | 4,599 |
Other noncurrent liabilities | 141 |  |  | 141 |
Total noncurrent liabilities | 5,753 |  |  | 4,740 |
Shareholders’ Equity |  |  |
Mandatory convertible preferred stock | 1,579 |  |  | — |
Common stock | 39,086 |  |  | 37,906 |
Reinvested earnings | (2,966) |  |  | (5,322) |
Accumulated other comprehensive loss | (21) |  |  | (14) |
Total shareholders’ equity | 37,678 |  |  | 32,570 |
TOTAL LIABILITIES AND EQUITY | $ | 43,888 |  |  | $ | 37,732 |
PG&E CORPORATION SCHEDULE I – CONSOLIDATED FINANCIAL INFORMATION OF PG&E CORPORATION (“PARENT”) – (Continued) CONSOLIDATED STATEMENTS OF CASH FLOWS (in millions)
| Year ended December 31,
| 2024 |  | 2023 |  | 2022
Cash Flows from Operating Activities: |  |  |  |  |
Net income | $ | 2,498 |  |  | $ | 2,242 |  |  | $ | 1,743 |
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |
Stock-based compensation amortization | 53 |  |  | 4 |  |  | 95 |
Equity in earnings of subsidiaries | (2,699) |  |  | (2,530) |  |  | (2,160) |
Deferred income taxes and tax credits, net | (94) |  |  | (116) |  |  | (126) |
Current income taxes payable | — |  |  | 9 |  |  | — |
Other | 9 |  |  | 40 |  |  | 339 |
Net cash used in operating activities | (233) |  |  | (351) |  |  | (109) |
Cash Flows From Investing Activities: |  |  |  |  |
Investment in subsidiaries | (5,360) |  |  | (1,290) |  |  | (994) |
Dividends received from subsidiaries (1) | 2,025 |  |  | 1,775 |  |  | 1,275 |
Net cash provided by (used in) investing activities | (3,335) |  |  | 485 |  |  | 281 |
Cash Flows From Financing Activities: |  |  |  |  |
Repayments under term loan credit facilities | (500) |  |  | (2,181) |  |  | — |
Proceeds from issuance of convertible notes, net of discount and issuance costs of $0, $27, and $0 at respective dates | — |  |  | 2,123 |  |  | — |
Repayment of long-term debt | — |  |  | — |  |  | (28) |
Repayments of intercompany note from the Utility | — |  |  | — |  |  | (145) |
Proceeds from issuance of long-term debt, net of premium and issuance costs of $4, $0, and $0 at respective dates | 1,496 |  |  | — |  |  | — |
Common stock issued | 1,128 |  |  | — |  |  | — |
Mandatory convertible preferred stock issued | 1,579 |  |  | — |  |  | — |
Common stock dividend paid | (86) |  |  | — |  |  | — |
Other | (8) |  |  | (6) |  |  | — |
Net cash provided by (used in) financing activities | 3,609 |  |  | (64) |  |  | (173) |
Net change in cash, cash equivalents, restricted cash, and restricted cash equivalents | 41 |  |  | 70 |  |  | (1) |
Cash, cash equivalents, restricted cash, and restricted cash equivalents at January 1 | 195 |  |  | 125 |  |  | 126 |
Cash, cash equivalents, restricted cash, and restricted cash equivalents at December 31 | $ | 236 |  |  | $ | 195 |  |  | $ | 125 |
Less: Restricted cash and restricted cash equivalents | (1) |  |  | (3) |  |  | — |
Cash and cash equivalents at December 31 | $ | 235 |  |  | $ | 192 |  |  | $ | 125 |
Supplemental disclosures of cash flow information |  |  |  |  |
Cash paid for: |  |  |  |  |
Interest, net of amounts capitalized | $ | (215) |  |  | $ | (309) |  |  | $ | (233) |
Supplemental disclosures of noncash investing and financing activities |  |  |  |  |
Changes to PG&E Corporation common stock and treasury stock in connection with the share exchange 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 |  |  | — |  |  | — |
(1) Because of its nature as a holding company, PG&E Corporation classifies dividends received from subsidiaries as an investing cash flow.

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- Definition The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3 Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Topic 810 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481231/810-10-45-11 + Details
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