filings.toolsItem 16. FORM 10-K SUMMARY
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Item 16. FORM 10-K SUMMARY
None.
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrants have duly caused this Annual Report on Form 10-K for the year ended December 31, 2024 to be signed on their behalf by the undersigned, thereunto duly authorized.
Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrants and in the capacities and on the dates indicated.
| PG&E CORPORATION | PACIFIC GAS AND ELECTRIC COMPANY | ||||||||||
| (Registrant) | (Registrant) | ||||||||||
| /s/ PATRICIA K. POPPE | /s/ SUMEET SINGH | ||||||||||
| Patricia K. Poppe | Sumeet Singh | ||||||||||
| By: | Chief Executive Officer | By: | Executive Vice President, Operations and Chief Operating Officer | ||||||||
| Date: | February 12, 2025 | Date: | February 12, 2025 | ||||||||
| /s/ MARLENE M. SANTOS | |||||||||||
| Marlene M. Santos | |||||||||||
| By: | Executive Vice President and Chief Customer and Enterprise Solutions Officer | ||||||||||
| Date: | February 12, 2025 | ||||||||||
| /s/ JASON M. GLICKMAN | |||||||||||
| Jason M. Glickman | |||||||||||
| By: | Executive Vice President, Engineering, Planning, and Strategy | ||||||||||
| Date: | February 12, 2025 | ||||||||||
| Signature | Title | Date | |||||||||||||||
| A. Principal Executive Officers | |||||||||||||||||
| /s/ PATRICIA K. POPPE | Chief Executive Officer | February 12, 2025 | |||||||||||||||
| Patricia K. Poppe | (PG&E Corporation) |
| /s/ SUMEET SINGH | Executive Vice President, Operations and Chief Operating Officer | February 12, 2025 | |||||||||||||||
| Sumeet Singh | (Pacific Gas and Electric Company) |
| /s/ MARLENE M. SANTOS | Executive Vice President and Chief Customer and Enterprise Solutions Officer | February 12, 2025 | |||||||||||||||
| Marlene M. Santos | (Pacific Gas and Electric Company) |
| /s/ JASON M. GLICKMAN | Executive Vice President, Engineering, Planning, and Strategy | February 12, 2025 | |||||||||||||||
| Jason M. Glickman | (Pacific Gas and Electric Company) |
| B. Principal Financial Officers | |||||||||||||||||
| /s/ CAROLYN J. BURKE | Executive Vice President and Chief Financial Officer | February 12, 2025 | |||||||||||||||
| Carolyn J. Burke | (PG&E Corporation) |
| /s/ STEPHANIE N. WILLIAMS | Vice President and Controller (PG&E Corporation) | February 12, 2025 | |||||||||||||||
| Stephanie N. Williams | Vice President, Chief Financial Officer, and Controller (Pacific Gas and Electric Company) |
| C. Principal Accounting Officer | |||||||||||||||||
| /s/ STEPHANIE N. WILLIAMS | Vice President and Controller (PG&E Corporation) | February 12, 2025 | |||||||||||||||
| Stephanie N. Williams | Vice President, Chief Financial Officer, and Controller (Pacific Gas and Electric Company) |
| D. Directors (PG&E Corporation and Pacific Gas and Electric Company, unless otherwise noted) | |||||||||||||||||
| * | /s/ RAJAT BAHRI | Director | February 12, 2025 | ||||||||||||||
| Rajat Bahri |
| * | /s/ CHERYL F. CAMPBELL | Director | February 12, 2025 | ||||||||||||||
| Cheryl F. Campbell | Chair of the Board (Pacific Gas and Electric Company) |
| * | /s/ EDWARD G. CANNIZZARO | Director | February 12, 2025 | ||||||||||||||
| Edward G. Cannizzaro |
| * | /s/ KERRY W. COOPER | Director | February 12, 2025 | ||||||||||||||
| Kerry W. Cooper | Chair of the Board (PG&E Corporation) |
| * | /s/ JESSICA L. DENECOUR | Director | February 12, 2025 | ||||||||||||||
| Jessica L. Denecour |
| * | /s/ MARK E. FERGUSON III | Director | February 12, 2025 | ||||||||||||||
| Mark E. Ferguson III |
| * | /s/ W. CRAIG FUGATE | Director | February 12, 2025 | ||||||||||||||
| W. Craig Fugate |
| * | /s/ ARNO L. HARRIS | Director | February 12, 2025 | ||||||||||||||
| Arno L. Harris |
| * | /s/ CARLOS M. HERNANDEZ | Director | February 12, 2025 | ||||||||||||||
| Carlos M. Hernandez |
| * | /s/ MICHAEL R. NIGGLI | Director | February 12, 2025 | ||||||||||||||
| Michael R. Niggli |
| * | /s/ PATRICIA K. POPPE | Director | February 12, 2025 | ||||||||||||||
| Patricia K. Poppe |
| * | /s/ WILLIAM L. SMITH | Director | February 12, 2025 | ||||||||||||||
| William L. Smith |
| * | /s/ BENJAMIN F. WILSON | Director | February 12, 2025 | ||||||||||||||
| Benjamin F. Wilson |
| * | /s/ SUMEET SINGH | Director (Pacific Gas and Electric Company) | February 12, 2025 | ||||||||||||||
| Sumeet Singh |
| *By: | /s/ JOHN R. SIMON | February 12, 2025 | |||||||||||||||
| John R. Simon, Attorney-in-Fact |
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.
PG&E CORPORATION
SCHEDULE II – CONSOLIDATED VALUATION AND QUALIFYING ACCOUNTS
For the Years Ended December 31, 2024, 2023, and 2022
| (in millions) | Additions | |||||||||||||||||||||||||||||||
| Description | Balance at Beginning of Period | Charged to Costs and Expenses | Charged to Other Accounts | Deductions (2) | Balance at End of Period | |||||||||||||||||||||||||||
| Valuation and qualifying accounts deducted from assets: | ||||||||||||||||||||||||||||||||
| 2024: | ||||||||||||||||||||||||||||||||
| Allowance for uncollectible accounts (1) | $ | 445 | $ | 312 | $ | — | $ | 339 | $ | 418 | ||||||||||||||||||||||
| 2023: | ||||||||||||||||||||||||||||||||
| Allowance for uncollectible accounts (1) | $ | 166 | $ | 624 | $ | — | $ | 345 | $ | 445 | ||||||||||||||||||||||
| 2022: | ||||||||||||||||||||||||||||||||
| Allowance for uncollectible accounts (1) | $ | 171 | $ | 146 | $ | — | $ | 151 | $ | 166 |
(1) Allowance for uncollectible accounts is deducted from “Accounts receivable - Customers.”
(2) Deductions consist principally of write-offs, net of collections of receivables previously written off.
PACIFIC GAS AND ELECTRIC COMPANY
SCHEDULE II – CONSOLIDATED VALUATION AND QUALIFYING ACCOUNTS
For the Years Ended December 31, 2024, 2023, and 2022
| (in millions) | Additions | |||||||||||||||||||||||||||||||
| Description | Balance at Beginning of Period | Charged to Costs and Expenses | Charged to Other Accounts | Deductions (2) | Balance at End of Period | |||||||||||||||||||||||||||
| Valuation and qualifying accounts deducted from assets: | ||||||||||||||||||||||||||||||||
| 2024: | ||||||||||||||||||||||||||||||||
| Allowance for uncollectible accounts (1) | $ | 445 | $ | 312 | $ | — | $ | 339 | $ | 418 | ||||||||||||||||||||||
| 2023: | ||||||||||||||||||||||||||||||||
| Allowance for uncollectible accounts (1) | $ | 166 | $ | 624 | $ | — | $ | 345 | $ | 445 | ||||||||||||||||||||||
| 2022: | ||||||||||||||||||||||||||||||||
| Allowance for uncollectible accounts (1) | $ | 171 | $ | 146 | $ | — | $ | 151 | $ | 166 |
(1) Allowance for uncollectible accounts is deducted from “Accounts receivable - Customers.”
(2) Deductions consist principally of write-offs, net of collections of receivables previously written off.
Previous: Item 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES
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