Company: PCG-PB
Filing Date: 2025-02-13
Form Type: 10-K
Source: 0001004980-25-000010
Chunk: 191

Company: PG&E Corp
Filing Date: 2025-02-13
Form: 10-K
Item: Item 8
Chunk 191
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The following tables describe net deferred income tax assets and liabilities: PG&E CorporationUtility Year Ended December 31,(in millions)2024202320242023Deferred income tax assets:    Tax carryforwards$9,429 $9,132 $8,955 $8,740 Compensation171 145 86 82 GHG allowance471 361 471 361 Wildfire-related claims (1)295 1,069 295 1,069 Operating lease liability78 142 78 142 Transmission tower wireless licenses251 250 251 250 Bad debt127 134 127 134 Other (2)140 130 137 109 Total deferred income tax assets$10,962 $11,363 $10,400 $10,887 Deferred income tax liabilities:    Property-related basis differences11,021 10,058 11,009 10,047 Regulatory balancing accounts878 1,433 878 1,433 Debt financing costs390 428 390 428 Operating lease ROU asset78 142 78 142 Income tax regulatory asset (3)1,335 991 1,335 991 Environmental reserve248 200 248 200 Other (4)94 91 94 82 Total deferred income tax liabilities$14,044 $13,343 $14,032 $13,323 Total net deferred income tax liabilities$3,082 $1,980 $3,632 $2,436 (1)  Amounts primarily relate to wildfire-related claims, net of recoveries, and legal and other costs related to various wildfires that have occurred in the Utility’s service area over the past several years.(2) Amounts include benefits, state taxes, and customer advances for construction.(3)  Represents the tax gross up portion of the deferred income tax for the cumulative differences between amounts recognized for ratemaking purposes and amounts recognized for tax, including the impact of changes in net deferred taxes associated with a lower federal income tax rate as a result of the TCJA.(4) Amounts primarily include property taxes and prepaid expense.The following table reconciles income tax expense at the federal statutory rate to the income tax provision: PG&E CorporationUtility Year Ended December 31, 202420232022202420232022Federal statutory income tax rate21.0 %