Company: PCG-PB
Filing Date: 2025-07-31
Form Type: 10-Q
Source: 0001004980-25-000132
Chunk: 54

Company: PG&E Corp
Filing Date: 2025-07-31
Form: 10-Q
Item: Part I, Item 8
Chunk 54
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  The Utility’s Condensed Consolidated Financial Statements include the accounts of the Utility and its wholly owned and controlled subsidiaries.  All intercompany transactions have been eliminated in consolidation.  The Notes to the Condensed Consolidated Financial Statements apply to both PG&E Corporation and the Utility.The accompanying Condensed Consolidated Financial Statements have been prepared in conformity with GAAP and in accordance with the interim period reporting requirements of Form 10-Q and reflect all adjustments that management believes are necessary for the fair presentation of PG&E Corporation’s and the Utility’s financial condition, results of operations, and cash flows for the periods presented.  The information as of December 31, 2024 in the Condensed Consolidated Balance Sheets included in this Quarterly Report on Form 10-Q was derived from the audited Consolidated Balance Sheets in Item 8 of the 2024 Form 10-K.  This Quarterly Report on Form 10-Q should be read in conjunction with the 2024 Form 10-K.The preparation of financial statements in conformity with GAAP requires the use of estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and the disclosure of contingent assets and liabilities.  Some of the more significant estimates and assumptions relate to the Utility’s regulatory assets and liabilities, wildfire-related liabilities, legal and regulatory contingencies, the Wildfire Fund, environmental remediation liabilities, asset retirement obligations, wildfire-related receivables, and pension and other post-retirement benefit plan obligations.  Management believes that its estimates and assumptions reflected in the Condensed Consolidated Financial Statements are appropriate and reasonable.  A change in management’s estimates or assumptions could result in an adjustment that would have a material impact on PG&E Corporation’s and the Utility’s financial condition, results of operations, liquidity, and cash flows during the period in which such change occurred.

NOTE 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

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 (“CODM”) is the Chief Executive Officer of PG&E Corporation.  Net income (loss) is the measure that the CODM 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 Condensed Consolidated Statements of Income.  Because PG&E Corporation and the Utility are a single reportable segment, all segment financial information can be