Company: PCG-PB
Filing Date: 2025-02-13
Form Type: 10-K
Source: 0001004980-25-000010
Chunk: 147

Company: PG&E Corp
Filing Date: 2025-02-13
Form: 10-K
Item: Item 8
Chunk 147
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 related regulatory assets and liabilities are written off.

103

Segment ReportingPG&E Corporation and the Utility assess financial performance and allocate resources on a consolidated basis and operate as one reportable segment.  PG&E Corporation’s and the Utility’s chief operating decision maker is the Chief Executive Officer of PG&E Corporation.  Net income (loss) is the measure that the chief operating decision maker uses to assess performance and decide how to allocate resources and that is most consistent with GAAP principles.  Net income is reported on PG&E Corporation’s Consolidated Statements of Income.  Because PG&E Corporation and the Utility are a single reportable segment, all segment financial information can be found in PG&E Corporation’s Consolidated Financial Statements. PG&E Corporation and the Utility do not have any significant segment expenses because the chief operating decision maker is not regularly provided with information that is considered to be significant under ASC 280, Segment Reporting.  Except for publicly available information, the information regularly provided to the chief operating decision maker consists of financial reports with metrics that combine year-to-date actual results with forecasts of the remainder of the year in order to provide a comprehensive view of the entire year.  These metrics do not separate expenses already incurred from forecast information.

Cash, Cash Equivalents, Restricted Cash, and Restricted Cash EquivalentsCash and cash equivalents consist of cash and short-term, highly liquid investments with original maturities of three months or less.  Cash equivalents are stated at fair value.  As of December 31, 2024 and 2023, the Utility also held $272 million and $294 million of Restricted cash and restricted cash equivalents, respectively, that primarily consist of AB 1054 and SB 901 fixed recovery charge collections that are to be used to service the associated bonds.

As of December 31, 2024, the Utility had contributed $911 million to Pacific Energy Risk Solutions, LLC, its wholly-owned subsidiary and captive insurance company for the administration of wildfire liability self-insurance.  As of December 31, 2024, $8 million was classified as Restricted cash and restricted cash equivalents due to minimum capital and surplus requirements, and $905 million, measured at fair value, was classified as Wildfire self-insurance asset.  For more information about wildfire liability self-insurance, see “Self-Insurance” in Note 14 of the Notes to the Consolidated Financial Statements in Item 8.

Revenue RecognitionRevenue from Contracts with CustomersThe Utility recognizes revenues when electricity and natural gas services are delivered.  The