Cover Page
Cover Page - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Feb. 22, 2021 | Jun. 30, 2020 | |
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2020 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Transition Report | false | ||
Entity File Number | 1-12609 | ||
Entity Incorporation, State or Country Code | CA | ||
Entity Tax Identification Number | 94-3234914 | ||
Entity Address, Address Line One | 77 Beale Street | ||
Entity Address, Address Line Two | P.O. Box 770000 | ||
Entity Address, City or Town | San Francisco, | ||
Entity Address, State or Province | CA | ||
Entity Address, Postal Zip Code | 94117 | ||
City Area Code | 415 | ||
Local Phone Number | 973-1000 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Bankruptcy Proceedings, Reporting Current | true | ||
Entity Public Float | $ 12,130 | ||
Entity Common Stock, Shares Outstanding | 1,984,683,820 | ||
Documents Incorporated by Reference | DOCUMENTS INCORPORATED BY REFERENCE Portions of the documents listed below have been incorporated by reference into the indicated parts of this report, as specified in the responses to the item numbers involved: Designated portions of the Joint Proxy Statement relating to the 2021 Annual Meetings of Shareholders Part III (Items 10, 11, 12, 13 and 14) | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | PG&E CORP | ||
Entity Central Index Key | 0001004980 | ||
Pacific Gas & Electric Co (Utility) | |||
Document Type | 10-K | ||
Entity File Number | 1-2348 | ||
Entity Incorporation, State or Country Code | CA | ||
Entity Tax Identification Number | 94-0742640 | ||
Entity Address, Address Line One | 77 Beale Street | ||
Entity Address, Address Line Two | P.O. Box 770000 | ||
Entity Address, City or Town | San Francisco, | ||
Entity Address, State or Province | CA | ||
Entity Address, Postal Zip Code | 94117 | ||
City Area Code | 415 | ||
Local Phone Number | 973-1000 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Bankruptcy Proceedings, Reporting Current | true | ||
Entity Common Stock, Shares Outstanding | 264,374,809 | ||
Documents Incorporated by Reference | DOCUMENTS INCORPORATED BY REFERENCE Portions of the documents listed below have been incorporated by reference into the indicated parts of this report, as specified in the responses to the item numbers involved: Designated portions of the Joint Proxy Statement relating to the 2021 Annual Meetings of Shareholders Part III (Items 10, 11, 12, 13 and 14) | ||
Entity Registrant Name | PACIFIC GAS & ELECTRIC CO | ||
Entity Central Index Key | 0000075488 | ||
The New York Stock Exchange | Common stock, no par value | |||
Title of 12(b) Security | Common stock, no par value | ||
Trading Symbol | PCG | ||
Security Exchange Name | NYSE | ||
The New York Stock Exchange | Equity Units | |||
Title of 12(b) Security | Equity Units | ||
Trading Symbol | PCGU | ||
Security Exchange Name | NYSE | ||
NYSE American LLC | First preferred stock, cumulative, par value $25 per share, 5% series A redeemable | |||
Title of 12(b) Security | First preferred stock, cumulative, par value $25 per share, 5% series A redeemable | ||
Trading Symbol | PCG-PE | ||
Security Exchange Name | NYSEAMER | ||
NYSE American LLC | First preferred stock, cumulative, par value $25 per share, 5% redeemable | |||
Title of 12(b) Security | First preferred stock, cumulative, par value $25 per share, 5% redeemable | ||
Trading Symbol | PCG-PD | ||
Security Exchange Name | NYSEAMER | ||
NYSE American LLC | First preferred stock, cumulative, par value $25 per share, 4.80% redeemable | |||
Title of 12(b) Security | First preferred stock, cumulative, par value $25 per share, 4.80% redeemable | ||
Trading Symbol | PCG-PG | ||
Security Exchange Name | NYSEAMER | ||
NYSE American LLC | First preferred stock, cumulative, par value $25 per share, 4.50% redeemable | |||
Title of 12(b) Security | First preferred stock, cumulative, par value $25 per share, 4.50% redeemable | ||
Trading Symbol | PCG-PH | ||
Security Exchange Name | NYSEAMER | ||
NYSE American LLC | First preferred stock, cumulative, par value $25 per share, 4.36% series A redeemable | |||
Title of 12(b) Security | First preferred stock, cumulative, par value $25 per share, 4.36% series A redeemable | ||
Trading Symbol | PCG-PI | ||
Security Exchange Name | NYSEAMER | ||
NYSE American LLC | First preferred stock, cumulative, par value $25 per share, 6% nonredeemable | |||
Title of 12(b) Security | First preferred stock, cumulative, par value $25 per share, 6% nonredeemable | ||
Trading Symbol | PCG-PA | ||
Security Exchange Name | NYSEAMER | ||
NYSE American LLC | First preferred stock, cumulative, par value $25 per share, 5.50% nonredeemable | |||
Title of 12(b) Security | First preferred stock, cumulative, par value $25 per share, 5.50% nonredeemable | ||
Trading Symbol | PCG-PB | ||
Security Exchange Name | NYSEAMER | ||
NYSE American LLC | First preferred stock, cumulative, par value $25 per share, 5% nonredeemable | |||
Title of 12(b) Security | First preferred stock, cumulative, par value $25 per share, 5% nonredeemable | ||
Trading Symbol | PCG-PC | ||
Security Exchange Name | NYSEAMER |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Operating Revenues | |||
Total operating revenues | $ 18,469 | $ 17,129 | $ 16,759 |
Operating Expenses | |||
Operating and maintenance | 8,684 | 8,725 | 7,153 |
Wildfire-related claims, net of insurance recoveries | 251 | 11,435 | 11,771 |
Wildfire fund expense | 413 | 0 | 0 |
Depreciation, amortization, and decommissioning | 3,468 | 3,234 | 3,036 |
Total operating expenses | 16,714 | 27,223 | 26,459 |
Operating Income (Loss) | 1,755 | (10,094) | (9,700) |
Interest income | 39 | 82 | 76 |
Interest expense | (1,260) | (934) | (929) |
Other income, net | 483 | 250 | 424 |
Reorganization items, net | (1,959) | (346) | 0 |
Loss Before Income Taxes | (942) | (11,042) | (10,129) |
Income tax provision (benefit) | 362 | (3,400) | (3,292) |
Net Loss | (1,304) | (7,642) | (6,837) |
Preferred stock dividend requirement of subsidiary | 14 | 14 | 14 |
Loss Attributable to Common Shareholders | $ (1,318) | $ (7,656) | $ (6,851) |
Weighted Average Common Shares Outstanding, Basic (in shares) | 1,257 | 528 | 517 |
Weighted Average Common Shares Outstanding, Diluted (in shares) | 1,257 | 528 | 517 |
Net Loss Per Common Share, Basic (in dollars per share) | $ (1.05) | $ (14.50) | $ (13.25) |
Net Loss Per Common Share, Diluted (in dollars per share) | $ (1.05) | $ (14.50) | $ (13.25) |
Pacific Gas & Electric Co (Utility) | |||
Operating Revenues | |||
Total operating revenues | $ 18,469 | $ 17,129 | $ 16,760 |
Operating Expenses | |||
Operating and maintenance | 8,707 | 8,750 | 7,153 |
Wildfire-related claims, net of insurance recoveries | 251 | 11,435 | 11,771 |
Wildfire fund expense | 413 | 0 | 0 |
Depreciation, amortization, and decommissioning | 3,469 | 3,233 | 3,036 |
Total operating expenses | 16,738 | 27,247 | 26,459 |
Operating Income (Loss) | 1,731 | (10,118) | (9,699) |
Interest income | 39 | 82 | 74 |
Interest expense | (1,111) | (912) | (914) |
Other income, net | 470 | 239 | 426 |
Reorganization items, net | (310) | (320) | 0 |
Loss Before Income Taxes | 819 | (11,029) | (10,113) |
Income tax provision (benefit) | 408 | (3,407) | (3,295) |
Net Loss | 411 | (7,622) | (6,818) |
Preferred stock dividend requirement | 14 | 14 | 14 |
Loss Attributable to Common Shareholders | 397 | (7,636) | (6,832) |
Electric | |||
Operating Revenues | |||
Total operating revenues | 13,858 | 12,740 | 12,713 |
Operating Expenses | |||
Cost of goods | 3,116 | 3,095 | 3,828 |
Electric | Pacific Gas & Electric Co (Utility) | |||
Operating Revenues | |||
Total operating revenues | 13,858 | 12,740 | 12,713 |
Operating Expenses | |||
Cost of goods | 3,116 | 3,095 | 3,828 |
Natural gas | |||
Operating Revenues | |||
Total operating revenues | 4,611 | 4,389 | 4,046 |
Operating Expenses | |||
Cost of goods | 782 | 734 | 671 |
Natural gas | Pacific Gas & Electric Co (Utility) | |||
Operating Revenues | |||
Total operating revenues | 4,611 | 4,389 | 4,047 |
Operating Expenses | |||
Cost of goods | $ 782 | $ 734 | $ 671 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Net Loss | $ (1,304) | $ (7,642) | $ (6,837) |
Other Comprehensive Income (Loss) | |||
Pension and other postretirement benefit plans obligations | (17) | (1) | 4 |
Total other comprehensive income (loss) | (17) | (1) | 4 |
Comprehensive Loss | (1,321) | (7,643) | (6,833) |
Preferred stock dividend requirement of subsidiary | 14 | 14 | 14 |
Comprehensive Loss Attributable to Common Shareholders | (1,335) | (7,657) | (6,847) |
Pacific Gas & Electric Co (Utility) | |||
Net Loss | 411 | (7,622) | (6,818) |
Other Comprehensive Income (Loss) | |||
Pension and other postretirement benefit plans obligations | (6) | 2 | (5) |
Total other comprehensive income (loss) | (6) | 2 | (5) |
Comprehensive Loss | $ 405 | $ (7,620) | $ (6,823) |
CONSOLIDATED STATEMENTS OF CO_2
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Pension and other postretirement benefit plans obligations, tax | $ 7 | $ 0 | $ 2 |
Pacific Gas & Electric Co (Utility) | |||
Pension and other postretirement benefit plans obligations, tax | $ 2 | $ 1 | $ 2 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Current Assets | ||
Cash and cash equivalents | $ 484 | $ 1,570 |
Restricted Cash | 143 | 7 |
Accounts receivable | ||
Customers (net of allowance for doubtful accounts of $146 million and $43 million at respective dates) (includes $1.63 billion and $0 related to VIEs, net of allowance for doubtful accounts of $143 million and $0 at respective dates) | 1,883 | 1,287 |
Accrued unbilled revenue (includes $959 million and $0 related to VIEs at respective dates) | 1,083 | 969 |
Regulatory balancing accounts | 2,001 | 2,114 |
Other | 1,172 | 2,617 |
Regulatory assets | 410 | 315 |
Inventories | ||
Gas stored underground and fuel oil | 95 | 97 |
Materials and supplies | 533 | 550 |
Wildfire fund asset | 464 | 0 |
Other | 1,334 | 639 |
Total current assets | 9,602 | 10,165 |
Property, Plant, and Equipment | ||
Electric | 66,982 | 62,707 |
Gas | 24,135 | 22,688 |
Construction work in progress | 2,757 | 2,675 |
Other | 20 | 20 |
Total property, plant, and equipment | 93,894 | 88,090 |
Accumulated depreciation | (27,758) | (26,455) |
Net property, plant, and equipment | 66,136 | 61,635 |
Other Noncurrent Assets | ||
Regulatory assets | 8,978 | 6,066 |
Nuclear decommissioning trusts | 3,538 | 3,173 |
Operating lease right of use asset | 1,741 | 2,286 |
Wildfire fund asset | 5,816 | 0 |
Income taxes receivable | 67 | 67 |
Other | 1,978 | 1,804 |
Total other noncurrent assets | 22,118 | 13,396 |
TOTAL ASSETS | 97,856 | 85,196 |
Current Liabilities | ||
Short-term borrowings | 3,547 | 0 |
Long-term debt, classified as current | 28 | 0 |
Debtor-in-possession financing, classified as current | 0 | 1,500 |
Accounts payable | ||
Trade creditors | 2,402 | 1,954 |
Regulatory balancing accounts | 1,245 | 1,797 |
Other | 580 | 566 |
Operating lease liabilities | 533 | 556 |
Disputed claims and customer refunds | 242 | 0 |
Interest payable | 498 | 4 |
Wildfire-related claims | 2,250 | 0 |
Other | 2,256 | 1,254 |
Total current liabilities | 13,581 | 7,631 |
Noncurrent Liabilities | ||
Long-term debt (includes $1.0 billion and $0 related to VIEs at respective dates) | 37,288 | 0 |
Regulatory liabilities | 10,424 | 9,270 |
Pension and other postretirement benefits | 2,444 | 1,884 |
Asset retirement obligations | 6,412 | 5,854 |
Deferred income taxes | 1,398 | 320 |
Operating lease liabilities | 1,208 | 1,730 |
Other | 3,848 | 2,573 |
Total noncurrent liabilities | 63,022 | 21,631 |
Liabilities Subject to Compromise | 0 | 50,546 |
Contingencies and Commitments | ||
Shareholders' Equity | ||
Common stock, no par value | 30,224 | 13,038 |
Reinvested earnings | (9,196) | (7,892) |
Accumulated other comprehensive income | (27) | (10) |
Total shareholders' equity | 21,001 | 5,136 |
Noncontrolling Interest - Preferred Stock of Subsidiary | 252 | 252 |
Total equity | 21,253 | 5,388 |
TOTAL LIABILITIES AND EQUITY | 97,856 | 85,196 |
Pacific Gas & Electric Co (Utility) | ||
Current Assets | ||
Cash and cash equivalents | 261 | 1,122 |
Restricted Cash | 143 | 7 |
Accounts receivable | ||
Customers (net of allowance for doubtful accounts of $146 million and $43 million at respective dates) (includes $1.63 billion and $0 related to VIEs, net of allowance for doubtful accounts of $143 million and $0 at respective dates) | 1,883 | 1,287 |
Accrued unbilled revenue (includes $959 million and $0 related to VIEs at respective dates) | 1,083 | 969 |
Regulatory balancing accounts | 2,001 | 2,114 |
Other | 1,180 | 2,647 |
Regulatory assets | 410 | 315 |
Inventories | ||
Gas stored underground and fuel oil | 95 | 97 |
Materials and supplies | 533 | 550 |
Wildfire fund asset | 464 | 0 |
Other | 1,321 | 628 |
Total current assets | 9,374 | 9,736 |
Property, Plant, and Equipment | ||
Electric | 66,982 | 62,707 |
Gas | 24,135 | 22,688 |
Construction work in progress | 2,757 | 2,675 |
Other | 18 | 18 |
Total property, plant, and equipment | 93,892 | 88,088 |
Accumulated depreciation | (27,756) | (26,453) |
Net property, plant, and equipment | 66,136 | 61,635 |
Other Noncurrent Assets | ||
Regulatory assets | 8,978 | 6,066 |
Nuclear decommissioning trusts | 3,538 | 3,173 |
Operating lease right of use asset | 1,736 | 2,279 |
Wildfire fund asset | 5,816 | 0 |
Income taxes receivable | 66 | 66 |
Other | 1,818 | 1,659 |
Total other noncurrent assets | 21,952 | 13,243 |
TOTAL ASSETS | 97,462 | 84,614 |
Current Liabilities | ||
Short-term borrowings | 3,547 | 0 |
Debtor-in-possession financing, classified as current | 0 | 1,500 |
Accounts payable | ||
Trade creditors | 2,366 | 1,949 |
Regulatory balancing accounts | 1,245 | 1,797 |
Other | 624 | 675 |
Operating lease liabilities | 530 | 553 |
Disputed claims and customer refunds | 242 | 0 |
Interest payable | 444 | 4 |
Wildfire-related claims | 2,250 | 0 |
Other | 2,248 | 1,263 |
Total current liabilities | 13,496 | 7,741 |
Noncurrent Liabilities | ||
Long-term debt (includes $1.0 billion and $0 related to VIEs at respective dates) | 32,664 | 0 |
Regulatory liabilities | 10,424 | 9,270 |
Pension and other postretirement benefits | 2,328 | 1,884 |
Asset retirement obligations | 6,412 | 5,854 |
Deferred income taxes | 1,570 | 442 |
Operating lease liabilities | 1,206 | 1,726 |
Other | 3,886 | 2,626 |
Total noncurrent liabilities | 58,490 | 21,802 |
Liabilities Subject to Compromise | 0 | 49,736 |
Contingencies and Commitments | ||
Shareholders' Equity | ||
Preferred stock | 258 | 258 |
Common stock, no par value | 1,322 | 1,322 |
Additional paid-in capital | 28,286 | 8,550 |
Reinvested earnings | (4,385) | (4,796) |
Accumulated other comprehensive income | (5) | 1 |
Total shareholders' equity | 25,476 | 5,335 |
TOTAL LIABILITIES AND EQUITY | $ 97,462 | $ 84,614 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Allowance for doubtful accounts | $ 146 | $ 43 |
Customers, VIE | 1,630 | 0 |
Allowance for doubtful accounts, customers, VIE | 143 | 0 |
Accrued unbilled revenue | 959 | 0 |
Short-term borrowings, VIE | $ 1,000 | $ 0 |
Common stock, par value (in dollars per share) | $ 0 | $ 0 |
Common stock, shares authorized (in shares) | 3,600,000,000 | 800,000,000 |
Common stock, shares outstanding (in shares) | 1,984,678,673 | 529,236,741 |
Pacific Gas & Electric Co (Utility) | ||
Allowance for doubtful accounts | $ 146 | $ 43 |
Customers, VIE | 1,630 | 0 |
Allowance for doubtful accounts, customers, VIE | 143 | 0 |
Accrued unbilled revenue | 959 | 0 |
Short-term borrowings, VIE | $ 1,000 | $ 0 |
Common stock, par value (in dollars per share) | $ 5 | $ 5 |
Common stock, shares authorized (in shares) | 800,000,000 | 800,000,000 |
Common stock, shares outstanding (in shares) | 264,374,809 | 264,374,809 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Cash Flows from Operating Activities | |||
Net income (Loss) | $ (1,304) | $ (7,642) | $ (6,837) |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation, amortization, and decommissioning | 3,468 | 3,234 | 3,036 |
Allowance for equity funds used during construction | (140) | (79) | (129) |
Deferred income taxes and tax credits, net | 1,097 | (2,948) | (2,532) |
Reorganization items, net | 1,458 | 108 | 0 |
Wildfire fund expense | 413 | 0 | 0 |
Disallowed capital expenditures | 17 | 581 | (45) |
Other | 399 | 207 | 332 |
Effect of changes in operating assets and liabilities: | |||
Accounts receivable | (1,182) | (104) | (121) |
Wildfire-related insurance receivable | 1,564 | 35 | (1,698) |
Inventories | 6 | (80) | (73) |
Accounts payable | 58 | 516 | 409 |
Wildfire-related claims | (16,525) | (114) | 13,665 |
Income taxes receivable/payable | 0 | 23 | (23) |
Other current assets and liabilities | (1,079) | 77 | (281) |
Regulatory assets, liabilities, and balancing accounts, net | (2,451) | (1,417) | (800) |
Liabilities subject to compromise | 413 | 12,222 | 0 |
Contributions to wildfire fund | (5,200) | 0 | 0 |
Other noncurrent assets and liabilities | (142) | 197 | (151) |
Net cash provided by (used in) operating activities | (19,130) | 4,816 | 4,752 |
Cash Flows from Investing Activities | |||
Capital expenditures | (7,690) | (6,313) | (6,514) |
Proceeds from sales and maturities of nuclear decommissioning trust investments | 1,518 | 956 | 1,412 |
Purchases of nuclear decommissioning trust investments | (1,590) | (1,032) | (1,485) |
Other | 14 | 11 | 23 |
Net cash used in investing activities | (7,748) | (6,378) | (6,564) |
Cash Flows from Financing Activities | |||
Proceeds from debtor-in-possession credit facility | 500 | 1,850 | 0 |
Repayments of debtor-in-possession credit facility | (2,000) | (350) | 0 |
Debtor-in-possession credit facility debt issuance costs | (6) | (113) | 0 |
Bridge facility financing fees | (73) | 0 | 0 |
Repayment of long-term debt | (764) | 0 | (795) |
Borrowings under credit facilities | 8,554 | 0 | 3,960 |
Repayments under credit facilities | (3,949) | 0 | (775) |
Credit facilities financing fees | (22) | 0 | 0 |
Net repayments of commercial paper, net of discount | 0 | 0 | (182) |
Short-term debt financing, net of issuance costs of $2, $0, and $0 at respective dates | 1,448 | 0 | 600 |
Short-term debt matured | 0 | 0 | (750) |
Proceeds from issuance of long-term debt, net of premium, discount and issuance costs | 13,497 | 0 | 793 |
Exchanged debt financing fees | (103) | 0 | 0 |
Common stock issued | 7,582 | 85 | 200 |
Equity Units issued | 1,304 | 0 | 0 |
Other | (40) | (8) | (20) |
Net cash provided by financing activities | 25,928 | 1,464 | 3,031 |
Net change in cash, cash equivalents, and restricted cash | (950) | (98) | 1,219 |
Cash, cash equivalents, and restricted cash at January 1 | 1,577 | 1,675 | 456 |
Cash, cash equivalents, and restricted cash at December 31 | 627 | 1,577 | 1,675 |
Less: Restricted cash and restricted cash equivalents | (143) | (7) | (7) |
Cash and cash equivalents at December 31 | 484 | 1,570 | 1,668 |
Cash paid for: | |||
Interest, net of amounts capitalized | (1,563) | (10) | (786) |
Income taxes, net | 0 | 0 | (49) |
Supplemental disclosures of noncash investing and financing activities | |||
Capital expenditures financed through accounts payable | 515 | 826 | 368 |
Operating lease liabilities arising from obtaining ROU assets | 13 | 2,816 | 0 |
Common stock issued in satisfaction of liabilities | 8,276 | 0 | 0 |
Pacific Gas & Electric Co (Utility) | |||
Cash Flows from Operating Activities | |||
Net income (Loss) | 411 | (7,622) | (6,818) |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation, amortization, and decommissioning | 3,469 | 3,233 | 3,036 |
Allowance for equity funds used during construction | (140) | (79) | (129) |
Deferred income taxes and tax credits, net | 1,141 | (2,952) | (2,548) |
Reorganization items, net | (90) | 97 | 0 |
Wildfire fund expense | 413 | 0 | 0 |
Disallowed capital expenditures | 17 | 581 | (45) |
Other | 370 | 167 | 258 |
Effect of changes in operating assets and liabilities: | |||
Accounts receivable | (1,160) | (132) | (122) |
Wildfire-related insurance receivable | 1,564 | 35 | (1,698) |
Inventories | 6 | (80) | (73) |
Accounts payable | (24) | 579 | 421 |
Wildfire-related claims | (16,525) | (114) | 13,665 |
Income taxes receivable/payable | 0 | 5 | (5) |
Other current assets and liabilities | (1,141) | 101 | (301) |
Regulatory assets, liabilities, and balancing accounts, net | (2,451) | (1,417) | (800) |
Liabilities subject to compromise | 401 | 12,194 | 0 |
Contributions to wildfire fund | (5,200) | 0 | 0 |
Other noncurrent assets and liabilities | (108) | 214 | (137) |
Net cash provided by (used in) operating activities | (19,047) | 4,810 | 4,704 |
Cash Flows from Investing Activities | |||
Capital expenditures | (7,690) | (6,313) | (6,514) |
Proceeds from sales and maturities of nuclear decommissioning trust investments | 1,518 | 956 | 1,412 |
Purchases of nuclear decommissioning trust investments | (1,590) | (1,032) | (1,485) |
Other | 14 | 11 | 23 |
Net cash used in investing activities | (7,748) | (6,378) | (6,564) |
Cash Flows from Financing Activities | |||
Proceeds from debtor-in-possession credit facility | 500 | 1,850 | 0 |
Repayments of debtor-in-possession credit facility | (2,000) | (350) | 0 |
Debtor-in-possession credit facility debt issuance costs | (6) | (97) | 0 |
Bridge facility financing fees | (33) | 0 | 0 |
Repayment of long-term debt | (100) | (445) | |
Borrowings under credit facilities | 8,554 | 0 | 3,535 |
Repayments under credit facilities | (3,949) | 0 | (650) |
Credit facilities financing fees | (22) | 0 | 0 |
Net repayments of commercial paper, net of discount | 0 | 0 | (50) |
Short-term debt financing, net of issuance costs of $2, $0, and $0 at respective dates | 1,448 | 0 | 250 |
Short-term debt matured | 0 | 0 | (750) |
Proceeds from issuance of long-term debt, net of premium, discount and issuance costs | 8,837 | 0 | 793 |
Exchanged debt financing fees | (103) | 0 | 0 |
Equity contribution from PG&E Corporation | 12,986 | 0 | 45 |
Other | (42) | (8) | (20) |
Net cash provided by financing activities | 26,070 | 1,395 | 2,708 |
Net change in cash, cash equivalents, and restricted cash | (725) | (173) | 848 |
Cash, cash equivalents, and restricted cash at January 1 | 1,129 | 1,302 | 454 |
Cash, cash equivalents, and restricted cash at December 31 | 404 | 1,129 | 1,302 |
Less: Restricted cash and restricted cash equivalents | (143) | (7) | (7) |
Cash and cash equivalents at December 31 | 261 | 1,122 | 1,295 |
Cash paid for: | |||
Interest, net of amounts capitalized | (1,458) | (7) | (773) |
Income taxes, net | 0 | 0 | (59) |
Supplemental disclosures of noncash investing and financing activities | |||
Capital expenditures financed through accounts payable | 515 | 826 | 368 |
Operating lease liabilities arising from obtaining ROU assets | 13 | 2,807 | 0 |
Common stock equity infusion from PG&E Corporation used to satisfy liabilities | $ 6,750 | $ 0 | $ 0 |
CONSOLIDATED STATEMENTS OF CA_2
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Cash Flows from Financing Activities | |||
Discount on net issuances of commercial paper | $ 0 | $ 0 | $ 1 |
Issuance costs for short-term debt | 2 | 0 | 0 |
Premium, discount, and issuance costs on proceeds from long-term debt | 178 | 0 | 7 |
Pacific Gas & Electric Co (Utility) | |||
Cash Flows from Financing Activities | |||
Discount on net issuances of commercial paper | 0 | 0 | 0 |
Issuance costs for short-term debt | 2 | 0 | 0 |
Premium, discount, and issuance costs on proceeds from long-term debt | $ 88 | $ 0 | $ 7 |
CONSOLIDATED STATEMENTS OF EQUI
CONSOLIDATED STATEMENTS OF EQUITY - USD ($) | Total | Pacific Gas & Electric Co (Utility) | Preferred StockPacific Gas & Electric Co (Utility) | Common Stock | Common StockPacific Gas & Electric Co (Utility) | Additional Paid-in CapitalPacific Gas & Electric Co (Utility) | Reinvested Earnings | Reinvested EarningsPacific Gas & Electric Co (Utility) | Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive LossPacific Gas & Electric Co (Utility) | Total Shareholders' Equity | Total Shareholders' EquityPacific Gas & Electric Co (Utility) | Non- controlling Interest - Preferred Stock of Subsidiary |
Beginning balance (in shares) at Dec. 31, 2017 | 514,755,845 | ||||||||||||
Beginning balance at Dec. 31, 2017 | $ 19,472,000,000 | $ 258,000,000 | $ 12,632,000,000 | $ 1,322,000,000 | $ 8,505,000,000 | $ 6,596,000,000 | $ 9,656,000,000 | $ (8,000,000) | $ 6,000,000 | $ 19,220,000,000 | $ 19,747,000,000 | $ 252,000,000 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||
Net income (Loss) | (6,837,000,000) | $ (6,818,000,000) | (6,837,000,000) | (6,818,000,000) | (6,837,000,000) | (6,818,000,000) | |||||||
Other comprehensive income (loss) | 4,000,000 | (5,000,000) | 5,000,000 | 2,000,000 | (1,000,000) | (7,000,000) | 4,000,000 | (5,000,000) | |||||
Equity contribution | 45,000,000 | 45,000,000 | |||||||||||
Common stock issued, net (in shares) | 5,582,865 | ||||||||||||
Common stock issued, net | 200,000,000 | $ 200,000,000 | 200,000,000 | ||||||||||
Stock-based compensation amortization | 78,000,000 | $ 78,000,000 | 78,000,000 | ||||||||||
Preferred stock dividend requirement of subsidiary | (14,000,000) | (14,000,000) | (14,000,000) | ||||||||||
Preferred stock dividend | 0 | (14,000,000) | (14,000,000) | ||||||||||
Ending balance (in shares) at Dec. 31, 2018 | 520,338,710 | ||||||||||||
Ending balance at Dec. 31, 2018 | 12,903,000,000 | 258,000,000 | $ 12,910,000,000 | 1,322,000,000 | 8,550,000,000 | (250,000,000) | 2,826,000,000 | (9,000,000) | (1,000,000) | 12,651,000,000 | 12,955,000,000 | 252,000,000 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||
Net income (Loss) | (7,642,000,000) | (7,622,000,000) | (7,642,000,000) | (7,622,000,000) | (7,642,000,000) | (7,622,000,000) | |||||||
Other comprehensive income (loss) | (1,000,000) | 2,000,000 | (1,000,000) | 2,000,000 | (1,000,000) | 2,000,000 | |||||||
Common stock issued, net (in shares) | 8,898,031 | ||||||||||||
Common stock issued, net | 85,000,000 | $ 85,000,000 | 85,000,000 | ||||||||||
Stock-based compensation amortization | $ 43,000,000 | $ 43,000,000 | 43,000,000 | ||||||||||
Preferred stock dividend | $ 0 | ||||||||||||
Ending balance (in shares) at Dec. 31, 2019 | 529,236,741 | 264,374,809 | 529,236,741 | ||||||||||
Ending balance at Dec. 31, 2019 | $ 5,388,000,000 | 258,000,000 | $ 13,038,000,000 | 1,322,000,000 | 8,550,000,000 | (7,892,000,000) | (4,796,000,000) | (10,000,000) | 1,000,000 | 5,136,000,000 | 5,335,000,000 | 252,000,000 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||
Net income (Loss) | (1,304,000,000) | $ 411,000,000 | (1,304,000,000) | 411,000,000 | (1,304,000,000) | 411,000,000 | |||||||
Other comprehensive income (loss) | (17,000,000) | (6,000,000) | (17,000,000) | (6,000,000) | (17,000,000) | (6,000,000) | |||||||
Equity contribution | 19,736,000,000 | 19,736,000,000 | |||||||||||
Common stock issued, net (in shares) | 1,455,441,932 | ||||||||||||
Common stock issued, net | 15,854,000,000 | $ 15,854,000,000 | 15,854,000,000 | ||||||||||
Equity units issued | 1,304,000,000 | 1,304,000,000 | 1,304,000,000 | ||||||||||
Stock-based compensation amortization | $ 28,000,000 | $ 28,000,000 | 28,000,000 | ||||||||||
Preferred stock dividend | $ 0 | ||||||||||||
Ending balance (in shares) at Dec. 31, 2020 | 1,984,678,673 | 264,374,809 | 1,984,678,673 | ||||||||||
Ending balance at Dec. 31, 2020 | $ 21,253,000,000 | $ 258,000,000 | $ 30,224,000,000 | $ 1,322,000,000 | $ 28,286,000,000 | $ (9,196,000,000) | $ (4,385,000,000) | $ (27,000,000) | $ (5,000,000) | $ 21,001,000,000 | $ 25,476,000,000 | $ 252,000,000 |
ORGANIZATION AND BASIS OF PRESE
ORGANIZATION AND BASIS OF PRESENTATION | 12 Months Ended |
Dec. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
ORGANIZATION AND BASIS OF PRESENTATION | ORGANIZATION AND BASIS OF PRESENTATION Organization and Basis of Presentation PG&E Corporation is a holding company whose primary operating subsidiary is Pacific Gas and Electric Company, a public utility serving northern and central California. The Utility generates revenues mainly through the sale and delivery of electricity and natural gas to customers. The Utility is primarily regulated by the CPUC and the FERC. In addition, the NRC oversees the licensing, construction, operation, and decommissioning of the Utility’s nuclear generation facilities. This is a combined annual report of PG&E Corporation and the Utility. PG&E Corporation’s Consolidated Financial Statements include the accounts of PG&E Corporation, the Utility, and other wholly owned and controlled subsidiaries. The Utility’s 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 Consolidated Financial Statements apply to both PG&E Corporation and the Utility. PG&E Corporation and the Utility assess financial performance and allocate resources on a consolidated basis (i.e., the companies operate in one segment). The accompanying Consolidated Financial Statements have been prepared in conformity with GAAP and in accordance with the reporting requirements of 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, AROs, insurance receivables, and pension and other post-retirement benefit plan obligations. Management believes that its estimates and assumptions reflected in the 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. Chapter 11 Filing and Going Concern The accompanying Consolidated Financial Statements have been prepared on a going concern basis, which contemplates the continuity of operations, the realization of assets and the satisfaction of liabilities in the normal course of business. PG&E Corporation and the Utility suffered material losses as a result of the 2017 Northern California wildfires and the 2018 Camp fire, which contributed to the decision to file for Chapter 11 protection on January 29, 2019. Uncertainty regarding these matters previously raised substantial doubt about PG&E Corporation’s and the Utility’s abilities to continue as going concerns. As a result of PG&E Corporation’s and the Utility’s emergence from Chapter 11 on the Effective Date of July 1, 2020, substantial doubt has been alleviated regarding the Company’s ability to meet its obligations as they become due within one year after the date the financial statements were issued. (For more information regarding the Chapter 11 Cases, see Note 2 below.) |
BANKRUPTCY FILING
BANKRUPTCY FILING | 12 Months Ended |
Dec. 31, 2020 | |
Reorganizations [Abstract] | |
BANKRUPTCY FILING | BANKRUPTCY FILING Chapter 11 Proceedings On the Petition Date, PG&E Corporation and the Utility commenced the Chapter 11 Cases with the Bankruptcy Court. Prior to the Effective Date, PG&E Corporation and the Utility continued to operate their business as debtors-in-possession under the jurisdiction of the Bankruptcy Court and in accordance with the applicable provisions of the Bankruptcy Code and orders of the Bankruptcy Court. Except as otherwise set forth in the Plan, the Confirmation Order or another order of the Bankruptcy Court, substantially all pre-petition liabilities were discharged under the Plan. Significant Bankruptcy Court Actions Plan of Reorganization and Restructuring Support Agreements On June 19, 2020, PG&E Corporation and the Utility and the Shareholder Proponents filed the Plan. On June 20, 2020, the Bankruptcy Court confirmed the Plan by issuing the Confirmation Order. PG&E Corporation and the Utility emerged from Chapter 11 on the Effective Date of July 1, 2020. On September 22, 2019, PG&E Corporation and the Utility entered into the Subrogation RSA with certain holders of wildfire insurance subrogation claims (such claims, the “Subrogation Claims”). On December 19, 2019, the Bankruptcy Court entered an order approving the Subrogation RSA. As of December 31, 2020, PG&E Corporation and the Utility incurred $53 million in professional fees related to the Subrogation RSA. See “Restructuring Support Agreement with Holders of Subrogation Claims” in Note 14 for further information on the Subrogation RSA. On December 6, 2019, PG&E Corporation and the Utility entered the TCC RSA, which was subsequently amended on December 16, 2019, with the TCC, the attorneys and other advisors and agents for holders of claims against PG&E Corporation and the Utility relating to the 2015 Butte fire, the 2017 Northern California wildfires and the 2018 Camp fire (other than the Subrogation Claims and Public Entity Wildfire Claims (as defined below)) (the “Fire Victim Claims”) that are signatories to the TCC RSA, and the Shareholder Proponents. On December 19, 2019, the Bankruptcy Court entered an order approving the TCC RSA. See “Restructuring Support Agreement with the TCC” in Note 14 for further information on the TCC RSA. On January 22, 2020, PG&E Corporation and the Utility entered into the Noteholder RSA with those holders of senior unsecured debt of the Utility that are identified as “Consenting Noteholders” therein and the Shareholder Proponents. On February 5, 2020, the Bankruptcy Court entered an order approving the Noteholder RSA. Confirmation of the Plan of Reorganization The Plan as confirmed by the Confirmation Order provides for certain transactions and the satisfaction and treatment of claims against and interests in PG&E Corporation and the Utility, each in accordance with the terms of the Plan, including the transactions described below. The Plan provides for the following treatment of various classes of claims as described below. PG&E Corporation and the Utility are in the process of resolving and paying claims pursuant to the treatment provided under the Plan. • PG&E Corporation and the Utility funded the Fire Victim Trust for the benefit of all holders of Fire Victim Claims, whose claims were channeled to the Fire Victim Trust on the Effective Date with no recourse to PG&E Corporation and the Utility. In full and final satisfaction, release, and discharge of all Fire Victim Claims, the Fire Victim Trust was funded with $5.4 billion in cash (with an additional $1.35 billion in cash to be funded on a deferred basis), common stock of PG&E Corporation representing 22.19% of the outstanding common stock of PG&E Corporation as of the Effective Date (subject to potential adjustments), plus the assignment of certain rights and causes of action. As a result of such funding, all Fire Victim Claims have been satisfied, released, discharged and channeled to the Fire Victim Trust with no recourse to PG&E Corporation or the Utility; • PG&E Corporation and the Utility funded a trust (the “Subrogation Wildfire Trust”) for the benefit of holders of Subrogation Claims in the amount of $11.0 billion in cash. Such amount was initially funded into escrow and later paid to the Subrogation Wildfire Trust. As a result of such funding, all Subrogation Claims have been satisfied, released and discharged and channeled to the Subrogation Wildfire Trust with no recourse to PG&E Corporation or the Utility; • PG&E Corporation and the Utility paid $1.0 billion in cash to certain local public entities (the “Settling Public Entities”) that entered into PSAs with PG&E Corporation and the Utility and established a segregated fund in the amount of $10 million to be used to reimburse the Settling Public Entities for any and all legal fees and costs associated with the defense or resolution of any third party claims against the Settling Public Entities in full and final satisfaction, release and discharge of such Settling Public Entities’ wildfire related claims; • The following pre-petition notes of the Utility: (a) 3.50% Senior Notes due October 1, 2020; (b) 4.25% Senior Notes due May 15, 2021; (c) 3.25% Senior Notes due September 15, 2021; and (d) 2.45% Senior Notes due August 15, 2022), (collectively, the “Utility Short-Term Senior Notes”); the following pre-petition notes of the Utility: (a) 6.05% Senior Notes due March 1, 2034; (b) 5.80% Senior Notes due March 1, 2037; (c) 6.35% Senior Notes due February 15, 2038; (d) 6.25% Senior Notes due March 1, 2039; (e) 5.40% Senior Notes due January 15, 2040; and (f) 5.125% Senior Notes due November 15, 2043, (collectively, the “Utility Long-Term Senior Notes) and the pre-petition credit agreements of the Utility, including in connection with the pollution control bonds (except for $100 million of pollution control bonds (Series 2008F and 2010E), which were repaid in cash) (collectively, the “Utility Funded Debt”) were refinanced and all other Utility pre-petition senior notes (collectively, the “Utility Reinstated Senior Notes”) were reinstated and collateralized on or around the Effective Date through the issuance of a corresponding series of first mortgage bonds of the Utility; • PG&E Corporation paid in full all of its pre-petition funded debt obligations that were allowed in the Chapter 11 Cases; • PG&E Corporation and the Utility repaid all borrowings under the DIP Facilities and have paid all other allowed administrative expense claims in accordance with the Plan; • Holders of allowed claims by a governmental authority entitled to priority in payment under sections 502(i) and 507(a)(8) of the Bankruptcy Code (“Priority Tax Claims”) have received or will receive in the future, cash in an amount equal to such allowed Priority Tax Claims; • Holders of allowed secured claims other than Priority Tax Claims or secured claims related to the DIP Facilities (“Other Secured Claims”) have received or will receive cash in an amount equal to such Other Secured Claims; • Holders of allowed claims other than administrative expense claims or Priority Tax Claims, entitled to priority in payment as specified in section 507(a)(3), (4), (5), (6), (7), or (9) of the Bankruptcy Code (“Priority Non-Tax Claims”) have received or will receive cash in an amount equal to such allowed Priority Non-Tax Claims; • PG&E Corporation and the Utility will pay in full all pre-petition unsecured claims that do not fall within any of the other classes of unsecured claims under the Plan (“General Unsecured Claims”) that are allowed in the Chapter 11 Cases; and • PG&E Corporation and the Utility will pay in full all allowed claims that are subject to subordination under section 510(b) of the Bankruptcy Code other than subordinated claims related to the common stock of PG&E Corporation (“Subordinated Debt Claims”). PG&E Corporation will provide to each holder of an allowed claim that relates to the common stock of PG&E Corporation that is subject to subordination under section 510(b) of the Bankruptcy Code (a “HoldCo Rescission or Damage Claim”) a number of shares of PG&E Corporation common stock based on a formula as specified in the Plan that varies depending on when the claimant purchased the affected shares of common stock and reduces the amount of the allowed claim by the amount of insurance proceeds, if any, received by the claimant on account of all or any portion of an allowed HoldCo Rescission or Damage Claim. In addition, the Plan also provides for the following in connection with or following the implementation of the Plan: • Holders of claims related to the 2016 Ghost Ship fire are entitled to pursue their claims against PG&E Corporation and the Utility (with any recovery being limited to amounts available under PG&E Corporation’s and the Utility’s insurance policies for the 2016 year); • Holders of certain claims may be able to pursue their claims against PG&E Corporation and the Utility, such as administrative expense claims that have not been satisfied or come due by the Effective Date, claims arising from wildfires occurring after the Petition Date that have not been satisfied by the Effective Date (including the 2019 Kincade fire (as defined in Note 14 below)), and claims relating to certain FERC refund proceedings, workers’ compensation benefits and certain environmental claims; • PG&E Corporation or the Utility, as applicable, assumed all of their respective power purchase agreements and community choice aggregation servicing agreements; and • PG&E Corporation or the Utility, as applicable, assumed all of their respective pension obligations, other employee obligations, and collective bargaining agreements with labor. The Confirmation Order contains a channeling injunction that is also in the Plan that provides, among other things, that the sole source of recovery for holders of Subrogation Claims will be from the Subrogation Wildfire Trust and the sole source of recovery for holders of Fire Victim Claims will be from the Fire Victim Trust. The holders of such claims will have no recourse to or claims whatsoever against PG&E Corporation and the Utility or their assets and properties on account of such claims. The Plan as confirmed by the Confirmation Order provides for certain financing transactions as follows: • one or more equity offerings of up to $9.0 billion of gross proceeds in cash through the issuance of common stock and/or other equity and/or equity-linked securities pursuant to one or more offerings and/or private placements; • the issuance of $4.75 billion of new PG&E Corporation debt; • the reinstatement of $9.575 billion of pre-petition debt of the Utility; and • the issuance of $23.775 billion of new Utility debt, consisting of (i) $6.2 billion of the Utility’s 4.55% Senior Notes due 2030 and 4.95% Senior Notes due 2050 (the “New Utility Long-Term Bonds”) to be issued to holders of certain pre-petition senior notes of the Utility pursuant to the Plan, (ii) $1.75 billion of the Utility’s 3.45% Senior Notes due 2025 and 3.75% Senior Notes due 2028 (the “New Utility Short-Term Bonds”) to be issued to holders of certain pre-petition senior notes of the Utility pursuant to the Plan, (iii) $3.9 billion of the Utility’s 3.15% Senior Notes due 2026 and 4.50% Senior Notes due 2040 (the “New Utility Funded Debt Exchange Bonds”) to be issued to holders of certain pre-petition indebtedness of the Utility pursuant to the Plan and (iv) $11.925 billion of new debt securities or bank debt of the Utility to be issued to third parties for cash on or prior to the Effective Date (of which $6.0 billion is expected to be repaid with the proceeds of a new securitization transaction after the Effective Date) (see Note 5 below for a description of the debt transactions that occurred on or before the Effective Date). The foregoing financing transactions occurred on or around the Effective Date. On the Effective Date, pursuant to the Plan, the Utility entered into a tax benefits payment agreement (the “Tax Benefits Payment Agreement”) with the Fire Victim Trust, pursuant to which the Utility agreed to pay to the Fire Victim Trust in cash an aggregate amount of $1.35 billion, comprising (i) at least $650 million of tax benefits arising from certain tax deductions related to pre-petition wildfires (“Tax Benefits”) for fiscal year 2020 to be paid on or before January 15, 2021 and (ii) of the remainder of $1.35 billion of Tax Benefits for fiscal year 2021 to be paid on or before January 15, 2022. On January 15, 2021, the Utility paid the first tranche of tax benefits of approximately $758 million pursuant to the Tax Benefits Payment Agreement. Also on the Effective Date, pursuant to the Plan, the Utility entered into an assignment agreement with the Fire Victim Trust (the “Fire Victim Trust Assignment Agreement”), pursuant to which the Utility agreed to transfer to the Fire Victim Trust on the Effective Date 477.0 million shares of PG&E Corporation common stock. As a result of the Additional Units Issuance (as described in Note 6 below) on August 3, 2020, PG&E Corporation made an equity contribution of 748,415 shares to the Utility which delivered such additional shares of common stock to the Fire Victim Trust pursuant to an anti-dilution provision in the Fire Victim Trust Assignment Agreement. Further, on the Effective Date, PG&E Corporation and the Utility funded a $10 million fund established for the benefit of the Supporting Public Entities (refer to “Plan Support Agreements with Public Entities” in Note 14 below) under the PSAs in accordance with the terms of the Plan and the PSAs with the Supporting Public Entities, and also made a payment of $1.0 billion in cash to the public entities who are party to the PSAs with the Supporting Public Entities. Also, on the Effective Date, PG&E Corporation and the Utility funded $100 million to the Subrogation Wildfire Trust and placed the balance of the $11.0 billion in a segregated escrow account established and owned by the Subrogation Wildfire Trust for the benefit of holders of Subrogation Claims, which was subsequently paid to the Subrogation Wildfire Trust. Equity Financing In connection with its emergence from Chapter 11 in July 2020, PG&E raised an aggregate of $9.0 billion of gross proceeds through the issuance of common stock and other equity-linked instruments. For more information, see Note 6 below. Equity Backstop Commitments and Forward Stock Purchase Agreements As of March 6, 2020, PG&E Corporation entered into Chapter 11 Plan Backstop Commitment Letters (collectively, as amended by the Consent Agreements (as defined below), the “Backstop Commitment Letters”) with the Backstop Parties, pursuant to which the Backstop Parties severally agreed to fund up to $12.0 billion of proceeds to finance the Plan through the purchase of PG&E Corporation common stock, subject to the terms and conditions set forth in such Backstop Commitment Letters (the “Backstop Commitments”). As a result of PG&E Corporation emerging from Chapter 11 on July 1, 2020, the Backstop Commitments were not utilized and terminated in accordance with their terms. The commitment premium for the Backstop Commitments was paid in shares (the “Backstop Commitment Premium Shares”) of PG&E Corporation’s common stock (with each Backstop Party receiving its pro rata share of 119 million shares of PG&E Corporation’s common stock based on the proportion of the amount of such Backstop Party’s Backstop Commitment to $12.0 billion). PG&E Corporation issued the Backstop Commitment Premium Shares to the Backstop Parties on the Effective Date in connection with emerging from Chapter 11. On June 30, 2020, PG&E Corporation recorded approximately $1.1 billion of expense related to the Backstop Commitment Premium Shares in Reorganization items, net (as defined below). This amount was primarily based on PG&E Corporation’s closing stock price on June 30, 2020 of $8.87 per share. On the Effective Date, PG&E Corporation’s closing price was $9.03 per share and as a result, PG&E Corporation recorded an additional $19 million expense in the third quarter of 2020. Under the Backstop Commitment Letters, PG&E Corporation and the Utility have also agreed to reimburse the Backstop Parties for reasonable professional fees and expenses of up to $34 million in the aggregate for the legal advisors and $19 million in the aggregate for the financial advisor, upon the terms and conditions set forth in the Backstop Commitment Letters. As of December 31, 2020, PG&E Corporation recorded $49 million in professional fees and related expenses to the Backstop Parties in Reorganization items, net. In connection with PG&E Corporation’s underwritten offerings of up to $5.75 billion of equity securities to finance the transactions contemplated by the Plan (the “Offerings”), up to $523 million was issuable pursuant to customary options granted to the underwriters thereof to purchase the Option Securities (as defined below in Note 6). On June 19, 2020, PG&E Corporation entered into the Forward Stock Purchase Agreements with the Backstop Parties. Each Forward Stock Purchase Agreement provided that, subject to certain conditions, the Backstop Party would purchase on the Effective Date, and receive on such settlement date as designated in the Forward Stock Purchase Agreement (the “Settlement Date”) an amount of common stock of PG&E Corporation (such shares, each Backstop Party’s “Greenshoe Backstop Shares”) equal to its pro rata share of the value of the Option Securities not purchased by the underwriters (such amount, each Backstop Party’s “Greenshoe Backstop Purchase Amount” and all Greenshoe Backstop Purchase Amounts in the aggregate, the “Aggregate Greenshoe Backstop Purchase Amount”), at a price per share equal to the lesser of (i) the lowest per share price of common stock sold on an underwritten basis to the public in an offering of common stock of PG&E Corporation, as disclosed on the cover page of the prospectus or prospectus supplement, and (ii) the price per share payable by the investors party to the Investment Agreement dated as of June 7, 2020 (such lesser price, the “Settlement Price”). The Settlement Price was $9.50 per share. Each Forward Stock Purchase Agreement expired on August 3, 2020. On June 25, 2020, the Backstop Parties funded the Greenshoe Backstop Purchase Amount to PG&E Corporation in the amount of $523 million, which was recorded in Other current liabilities on the Consolidated Financial Statements. PG&E Corporation applied the proceeds of such funding to distributions under the Plan on the Effective Date. On August 3, 2020, PG&E Corporation redeemed $120.5 million of the Forward Stock Purchase Agreements payable in cash as a result of the exercise by the underwriters of their option to purchase Equity Units pursuant to the Equity Units Underwriting Agreement (as defined below in Note 6). On August 3, 2020, PG&E Corporation delivered 42.3 million Greenshoe Backstop Shares to the Backstop Parties to settle the portion of the Forward Stock Purchase Agreements that was not redeemed. Additionally, each Forward Stock Purchase Agreement provided that, subject to the consummation by PG&E Corporation of the Offerings, PG&E Corporation would issue to each Backstop Party its pro rata share of 50 million shares of common stock (such shares, each Backstop Party’s “Additional Backstop Premium Shares”). The Additional Backstop Premium Shares were issued to Backstop Parties on the Effective Date. On June 30, 2020, PG&E Corporation recorded $444 million of expense related to the Additional Backstop Premium Shares in Reorganization items, net. This amount was based primarily on PG&E Corporation’s closing stock price on June 30, 2020 of $8.87 per share. On the Effective Date, PG&E Corporation’s closing stock price was $9.03 per share and as a result, PG&E Corporation recorded an additional $8 million expense in the third quarter of 2020. Financial Reporting in Reorganization Effective on the Petition Date and up to June 30, 2020, PG&E Corporation and the Utility applied accounting standards applicable to reorganizations, which are applicable to companies under Chapter 11 bankruptcy protection. These accounting standards require the financial statements for periods subsequent to the Petition Date to distinguish transactions and events that are directly associated with the reorganization from the ongoing operations of the business. Expenses, realized gains and losses, and provisions for losses that were directly associated with reorganization proceedings must have been reported separately as reorganization items, net in the Consolidated Statements of Income. In addition, the balance sheet must have distinguished pre-petition LSTC of PG&E Corporation and the Utility from pre-petition liabilities that were not subject to compromise, post-petition liabilities, and liabilities of the subsidiaries of PG&E Corporation that were not debtors in the Chapter 11 Cases in the Consolidated Balance Sheets. LSTC are pre-petition obligations that were not fully secured and had at least a possibility of not being repaid at the full claim amount. Where there was uncertainty about whether a secured claim would be paid or impaired pursuant to the Chapter 11 Cases, PG&E Corporation and the Utility classified the entire amount of the claim as LSTC. Furthermore, the realization of assets and the satisfaction of liabilities are subject to uncertainty. Pursuant to the Plan and Confirmation Order, actions to enforce or otherwise effect the payment of certain claims against PG&E Corporation and the Utility in existence before the Petition Date were subject to an injunction and were subject to treatment under the Plan. These claims were reflected as LSTC in the Consolidated Balance Sheets at December 31, 2019. Additional claims may arise for contingencies and other unliquidated and disputed amounts. PG&E Corporation’s Consolidated Financial Statements are presented on a consolidated basis and include the accounts of PG&E Corporation and the Utility and other subsidiaries of PG&E Corporation and the Utility that individually and in aggregate are immaterial. Such other subsidiaries did not file for bankruptcy. The Utility’s Consolidated Financial Statements are presented on a consolidated basis and include the accounts of the Utility and other subsidiaries of the Utility that individually and in aggregate are immaterial. Such other subsidiaries did not file for bankruptcy. Upon emergence from Chapter 11 on July 1, 2020, PG&E Corporation and the Utility were not required to apply fresh start accounting based on the provisions of ASC 852 since the entity’s reorganization value immediately before the date of confirmation was more than the total of all its post-petition liabilities and allowed claims. Liabilities Subject to Compromise As a result of the commencement of the Chapter 11 Cases, the payment of pre-petition liabilities was subject to compromise or other treatment pursuant to the Plan. Generally, actions to enforce or otherwise effect payment of pre-petition liabilities are subject to an injunction and will be satisfied pursuant to the Plan and the Chapter 11 claims reconciliation process. Prior to June 30, 2020, pre-petition liabilities that were subject to compromise were required to be reported at the amounts expected to be allowed. Therefore, liabilities subject to compromise as of December 31, 2019 in the table below reflected management’s estimates of amounts expected to be allowed in the Chapter 11 Cases, based upon, among other things, the status of negotiations with creditors. As of June 30, 2020, such amounts were reclassified to current or non-current liabilities in the Condensed Consolidated Balance Sheets, based upon management’s judgment as to the timing for settlement of such liabilities. Liabilities subject to compromise as of December 31, 2019 which were settled or reclassified as of December 31, 2020 consist of the following: (in millions) Utility PG&E Corporation (1) December 31, 2019 Change in Estimated Allowed Claim 2020 (2) Cash Reclassified as of June 30, 2020 (3) Utility PG&E Corporation (1) December 31, 2020 Financing debt $ 22,450 $ 666 $ 23,116 $ 351 $ — $ (23,467) $ — $ — $ — Wildfire-related claims 25,548 — 25,548 18 (23) (25,543) — — — Trade creditors (4) 1,183 5 1,188 6 (14) (1,180) — — — Non-qualified benefit plan 20 137 157 — — (157) — — — 2001 bankruptcy disputed claims 234 — 234 4 — (238) — — — Customer deposits & advances 71 — 71 12 — (83) — — — Other 230 2 232 59 — (291) — — — Total Liabilities Subject to Compromise $ 49,736 $ 810 $ 50,546 $ 450 $ (37) $ (50,959) $ — $ — $ — (1) PG&E Corporation amounts reflected under the column “PG&E Corporation” exclude the accounts of the Utility. (2) Change in estimated allowed claim amounts are primarily due to interest accruals with the exception of the “wildfire-related claims,” “customer deposits & advances,” and “other” line items which are mainly due to the adjustment to recorded liabilities. (3) Amounts reclassified as of June 30, 2020 included $8.6 million to Accounts payable - other, $237.6 million to Disputed claims and customer refunds, $1,347.4 million to Interest payable, $21,425.7 million to Long-term debt, $300.0 million to Short-term borrowings, $450.0 million to Long-term debt, classified as current, $301.0 million to Other current liabilities, $97.9 million to Other non-current liabilities, $121.3 million to Pension and other post-retirement benefits, $1,126.9 million to Accounts payable - trade creditors, and $25,542.7 million to Wildfire-related claims on the Condensed Consolidated Balance Sheets. (4) As of February 18, 2021, $5 million and $941 million has been repaid by PG&E Corporation and the Utility, respectively. Chapter 11 Claims Process PG&E Corporation and the Utility have received over 100,000 proofs of claim since the Petition Date, of which approximately 80,000 were channeled to the Subrogation Wildfire Trust and Fire Victim Trust. The claims channeled to the Subrogation Wildfire Trust and Fire Victim Trust will be resolved by such trusts, and PG&E Corporation and the Utility have no further liability in connection with such claims. PG&E Corporation and the Utility continue their review and analysis of certain remaining claims including asserted litigation claims, trade creditor claims, non-qualified benefit plan claims, along with other tax and regulatory claims, and therefore the ultimate liability of PG&E Corporation or the Utility for such claims may differ from the amounts asserted in such claims. Allowed claims are paid in accordance with the Plan and the Confirmation Order. The Bankruptcy Code provides that the confirmation of a plan of reorganization discharges a debtor from substantially all debts arising prior to confirmation, other than as provided in the Plan or the Confirmation Order. The Plan, however, provides that the holders of certain claims may pursue their claims against PG&E Corporation and the Utility on or after the Effective Date, including, but not limited to, the following: • claims arising after the January 29, 2019 Petition Date that constitute administrative expense claims, which will not be discharged pursuant to the Plan, other than allowed administrative expense claims that have been paid in cash or otherwise satisfied in the ordinary course in an amount equal to the allowed amount of such claim on or prior to the Effective Date; • claims of the Ghost Ship fire litigation (with any recovery being limited to amounts available under PG&E Corporation’s and the Utility’s insurance policies for the 2016 year); • claims arising out of or based on the 2019 Kincade fire (as defined in Note 14 below), which the California Department of Forestry and Fire Protection has determined was caused by the Utility’s transmission lines; which is currently under investigation by the CPUC and the Sonoma County District Attorney’s Office; and which may also be under investigation by various other entities, including law enforcement agencies; and • certain FERC refund proceedings, workers’ compensation benefits and environmental claims. Furthermore, holders of certain claims may assert that they are entitled under the Plan or the Bankruptcy Code to pursue, or continue to pursue, their claims against PG&E Corporation and the Utility on or after the Effective Date, including but not limited to, claims arising from or relating to: • the purported de-energization securities class action filed in October 2019 and amended to add PG&E Corporation in April 2020. For more information on the filing, see Note 14 below; • the purported PSPS class action filed in December 2019 and seeking up to $2.5 billion in special and general damages, punitive and exemplary damages and injunctive relief to require the Utility to properly maintain and inspect its power grid, was dismissed on April 3, 2020, and subsequently appealed on April 6, 2020. For more information on the filing, see Note 15 below; and • indemnification or contributing claims, including with respect to the 2018 Camp fire, the 2017 Northern California wildfires, and the 2015 Butte fire. In addition, claims continue to be pursued against PG&E Corporation and the Utility and certain of their respective current and former directors and officers as well as certain underwriters, in connection with three purported securities class actions, as further described in Note 14 under the heading “Securities Class Action Litigation.” Various electricity suppliers filed claims in the Utility’s 2001 prior proceeding filed under Chapter 11 of the U.S. Bankruptcy Code seeking payment for energy supplied to the Utility’s customers between May 2000 and June 2001. While FERC and judicial proceedings are pending, the Utility pursued settlements with electricity suppliers and entered into a number of settlement agreements with various electricity suppliers to resolve some of these disputed claims and to resolve the Utility’s refund claims against these electricity suppliers. Under these settlement agreements, amounts payable by the parties, in some instances, would be subject to adjustment based on the outcome of the various refund offset and interest issues being considered by the FERC. Generally, any net refunds, claim offsets, or other credits that the Utility receives from electricity suppliers either through settlement or through the conclusion of the various FERC and judicial proceedings are refunded to customers through rates in future periods. Pursuant to the Plan, on and after the Effective Date, the holders of such claims are entitled to pursue their claims against the Reorganized Utility as if the Chapter 11 Cases had not been commenced. On September 1, 2020, PG&E Corporation and the Utility filed a motion with the Bankruptcy Court requesting that the court approve an alternative dispute resolution process for resolving disputed general unsecured claims and appoint a panel of mediators in the process. On September 25, 2020, the court approved the motion and appointed a panel of mediators. The mediators’ role will be to assist various claims through a Standard and Abbreviated Mediation Process. On October 27, 2020, PG&E Corporation and the Utility filed a motion for entry of an order extending deadline for the reorganized debtors to object to claims, requesting an additional 180 days beyond December 31, 2020 to process claims. On November 17, 2020, the Bankruptcy Court entered an order extending the deadline under the Plan for PG&E Corporation and the Utility to object to claims through and including June 26, 2021 (March 31, 2021, for claims held by the United States), without prejudice to the rights of PG&E Corporation and the Utility to seek additional extensions thereof. Reorganization Items, Net Reorganization items, net, represent amounts incurred after the Petition Date as a direct result of the Chapter 11 Cases and are comprised of professional fees and financing costs, net of interest income and other. Cash paid for reorganization items, net was $102 million and $400 million for PG&E Corporation and the Utility, respectively, for the year ended December 31, 2020 as compared to $15 million and $223 million fo r PG&E Corporation and the Utility, respectively, during 2019. Of the $400 million in cash paid for the Utility’s reorganization items, during the year ended December 31, 2020, $35 million in facility fees related to the Backstop Commitment Letters were recorded to a regulatory asset as they were deemed probable of recovery. Reorganization items, net for the year ended December 31, 2020 include the following: Year Ended December 31, |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Regulation and Regulated Operations The Utility follows accounting principles for rate-regulated entities and collects rates from customers to recover “revenue requirements” that have been authorized by the CPUC or the FERC based on the Utility’s cost of providing service. The Utility’s ability to recover a significant portion of its authorized revenue requirements through rates is generally independent, or “decoupled,” from the volume of the Utility’s electricity and natural gas sales. The Utility records assets and liabilities that result from the regulated ratemaking process that would not be recorded under GAAP for nonregulated entities. The Utility capitalizes and records, as regulatory assets, costs that would otherwise be charged to expense if it is probable that the incurred costs will be recovered in future rates. Regulatory assets are amortized over the future periods in which the costs are recovered. If costs expected to be incurred in the future are currently being recovered through rates, the Utility records those expected future costs as regulatory liabilities. Amounts that are probable of being credited or refunded to customers in the future are also recorded as regulatory liabilities. The Utility also records a regulatory balancing account asset or liability for differences between customer billings and authorized revenue requirements that are probable of recovery or refund. In addition, the Utility records a regulatory balancing account asset or liability for differences between incurred costs and customer billings or authorized revenue meant to recover those costs, to the extent that these differences are probable of recovery or refund. These differences have no impact on net income. See “Revenue Recognition” below. Management continues to believe the use of regulatory accounting is applicable and that all regulatory assets and liabilities are recoverable or refundable. To the extent that portions of the Utility’s operations cease to be subject to cost of service rate regulation, or recovery is no longer probable as a result of changes in regulation or other reasons, the related regulatory assets and liabilities are written off. Loss Contingencies A provision for a loss contingency is recorded when it is both probable that a liability has been incurred and the amount of the liability can reasonably be estimated. PG&E Corporation and the Utility evaluate which potential liabilities are probable and the related range of reasonably estimated losses and record a charge that reflects their best estimate or the lower end of the range, if there is no better estimate. The assessment of whether a loss is probable or reasonably possible, and whether the loss or a range of losses is estimable, often involves a series of complex judgments about future events. Loss contingencies are reviewed quarterly and estimates are adjusted to reflect the impact of all known information, such as negotiations, discovery, settlements and payments, rulings, advice of legal counsel, and other information and events pertaining to a particular matter. PG&E Corporation’s and the Utility’s provision for loss and expense excludes anticipated legal costs, which are expensed as incurred. Revenue Recognition Revenue from Contracts with Customers The Utility recognizes revenues when electricity and natural gas services are delivered. The Utility records unbilled revenues for the estimated amount of energy delivered to customers but not yet billed at the end of the period. Unbilled revenues are included in accounts receivable on the Consolidated Balance Sheets. Rates charged to customers are based on CPUC and FERC authorized revenue requirements. Revenues can vary significantly from period to period because of seasonality, weather, and customer usage patterns. Regulatory Balancing Account Revenue The CPUC authorizes most of the Utility’s revenues in the Utility’s GRC and GT&S rate cases, which generally occur every three or four years. The Utility's ability to recover revenue requirements authorized by the CPUC in these rate cases is independent or “decoupled” from the volume of the Utility's sales of electricity and natural gas services. The Utility recognizes revenues that have been authorized for rate recovery, are objectively determinable and probable of recovery, and are expected to be collected within 24 months. Generally, electric and natural gas operating revenue is recognized ratably over the year. The Utility records a balancing account asset or liability for differences between customer billings and authorized revenue requirements that are probable of recovery or refund. The CPUC also has authorized the Utility to collect additional revenue requirements to recover costs that the Utility has been authorized to pass on to customers, including costs to purchase electricity and natural gas, and to fund public purpose, demand response, and customer energy efficiency programs. In general, the revenue recognition criteria for pass-through costs billed to customers are met at the time the costs are incurred. The Utility records a regulatory balancing account asset or liability for differences between incurred costs and customer billings or authorized revenue meant to recover those costs, to the extent that these differences are probable of recovery or refund. As a result, these differences have no impact on net income. The following table presents the Utility’s revenues disaggregated by type of customer: Year Ended (in millions) 2020 2019 Electric Revenue from contracts with customers Residential $ 5,523 $ 4,847 Commercial 4,722 4,756 Industrial 1,530 1,493 Agricultural 1,471 1,106 Public street and highway lighting 69 67 Other (1) (130) 168 Total revenue from contracts with customers - electric 13,185 12,437 Regulatory balancing accounts (2) 673 303 Total electric operating revenue $ 13,858 $ 12,740 Natural gas Revenue from contracts with customers Residential $ 2,517 $ 2,325 Commercial 597 605 Transportation service only 1,211 1,249 Other (1) 61 123 Total revenue from contracts with customers - gas 4,386 4,302 Regulatory balancing accounts (2) 225 87 Total natural gas operating revenue 4,611 4,389 Total operating revenues $ 18,469 $ 17,129 (1) This activity is primarily related to the change in unbilled revenue and amounts subject to refund, partially offset by other miscellaneous revenue items. (2) These amounts represent revenues authorized to be billed or refunded to customers. Cash, Cash Equivalents, and Restricted Cash Cash 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, 2020, the Utility also holds restricted cash that primarily consists of cash held in escrow to be used to pay bankruptcy related professional fees. Allowance for Doubtful Accounts Receivable and Credit Losses PG&E Corporation and the Utility recognize an allowance for doubtful accounts to record uncollectible customer accounts receivable at estimated net realizable value. The allowance is determined based upon a variety of factors, including historical write-off experience, aging of receivables, current economic conditions, and assessment of customer collectability. In addition, upon adopting ASU 2016-13, PG&E Corporation and the Utility use the current expected credit loss model to estimate the expected lifetime credit loss on financial assets, including trade and other receivables, rather than incurred losses over the remaining life of most financial assets measured at amortized cost. The guidance also requires use of an allowance to record estimated credit losses on available-for-sale debt securities. See “Financial Instruments - Credit Losses” below for more information. Inventories Inventories are carried at weighted-average cost and include natural gas stored underground as well as materials and supplies. Natural gas stored underground is recorded to inventory when injected and then expensed as the gas is withdrawn for distribution to customers or to be used as fuel for electric generation. Materials and supplies are recorded to inventory when purchased and expensed or capitalized to plant, as appropriate, when consumed or installed. Emission Allowances The Utility purchases GHG emission allowances to satisfy its compliance obligations. Associated costs are recorded as inventory and included in current assets – other and other noncurrent assets – other on the Consolidated Balance Sheets. Costs are carried at weighted-average and are recoverable through rates. Property, Plant, and Equipment Property, plant, and equipment are reported at the lower of their historical cost less accumulated depreciation or fair value. Historical costs include labor and materials, construction overhead, and AFUDC. (See “AFUDC” below.) The Utility’s total estimated useful lives and balances of its property, plant, and equipment were as follows: Estimated Useful Balance at December 31, (in millions, except estimated useful lives) Lives (years) 2020 2019 Electricity generating facilities (1) 5 to 75 $ 13,751 $ 13,189 Electricity distribution facilities 10 to 70 37,675 35,237 Electricity transmission facilities 15 to 75 15,556 14,281 Natural gas distribution facilities 20 to 60 15,133 14,236 Natural gas transmission and storage facilities 5 to 66 9,002 8,452 Construction work in progress 2,757 2,675 Other 18 18 Total property, plant, and equipment 93,892 88,088 Accumulated depreciation (27,756) (26,453) Net property, plant, and equipment $ 66,136 $ 61,635 (1) Balance includes nuclear fuel inventories. Stored nuclear fuel inventory is stated at weighted-average cost. Nuclear fuel in the reactor is expensed as it is used based on the amount of energy output. (See Note 15 below.) The Utility depreciates property, plant, and equipment using the composite, or group, method of depreciation, in which a single depreciation rate is applied to the gross investment balance in a particular class of property. This method approximates the straight-line method of depreciation over the useful lives of property, plant, and equipment. The Utility’s composite depreciation rates were 3.76% in 2020, 3.80% in 2019, and 3.82% in 2018. The useful lives of the Utility’s property, plant, and equipment are authorized by the CPUC and the FERC, and the depreciation expense is recovered through rates charged to customers. Depreciation expense includes a component for the original cost of assets and a component for estimated cost of future removal, net of any salvage value at retirement. Upon retirement, the original cost of the retired assets, net of salvage value, is charged against accumulated depreciation. The cost of repairs and maintenance, including planned major maintenance activities and minor replacements of property, is charged to operating and maintenance expense as incurred. AFUDC AFUDC represents the estimated costs of debt (i.e., interest) and equity funds used to finance regulated plant additions before they go into service and is capitalized as part of the cost of construction. AFUDC is recoverable from customers through rates over the life of the related property once the property is placed in service. AFUDC related to the cost of debt is recorded as a reduction to interest expense. AFUDC related to the cost of equity is recorded in other income. The Utility recorded AFUDC related to debt and equity, respectively, of $35 million and $140 million during 2020, $55 million and $79 million during 2019, and $53 million and $129 million during 2018. Asset Retirement Obligations The following table summarizes the changes in ARO liability during 2020 and 2019, including nuclear decommissioning obligations: (in millions) 2020 2019 ARO liability at beginning of year $ 5,854 $ 5,994 Liabilities incurred in the current period 268 — Revision in estimated cash flows 53 (376) Accretion 265 274 Liabilities settled (28) (38) ARO liability at end of year $ 6,412 $ 5,854 The Utility has not recorded a liability related to certain AROs for assets that are expected to operate in perpetuity. As the Utility cannot estimate a settlement date or range of potential settlement dates for these assets, reasonable estimates of fair value cannot be made. As such, ARO liabilities are not recorded for retirement activities associated with substations, certain hydroelectric facilities; removal of lead-based paint in some facilities and certain communications equipment from leased property; and restoration of land to the conditions under certain agreements. Nuclear Decommissioning Obligation Detailed studies of the cost to decommission the Utility’s nuclear generation facilities are generally conducted every three years in conjunction with the Nuclear Decommissioning Cost Triennial Proceeding conducted by the CPUC. The decommissioning cost estimates are based on the plant location and cost characteristics for the Utility's nuclear power plants. Actual decommissioning costs may vary from these estimates as a result of changes in assumptions such as decommissioning dates; regulatory requirements; technology; and costs of labor, materials, and equipment. The Utility recovers its revenue requirements for decommissioning costs from customers through a non-bypassable charge that the Utility expects will continue until those costs are fully recovered. The total nuclear decommissioning obligation accrued was $5.1 billion and $4.9 billion at December 31, 2020 and 2019, respectively. The estimated undiscounted nuclear decommissioning cost for the Utility’s nuclear power plants was $10.6 billion at December 31, 2020 and 2019. Disallowance of Plant Costs PG&E Corporation and the Utility record a charge when it is both probable that costs incurred or projected to be incurred for recently completed plant will not be recoverable through rates charged to customers and the amount of disallowance can be reasonably estimated. Nuclear Decommissioning Trusts The Utility’s nuclear generation facilities consist of two units at Diablo Canyon and one retired facility at Humboldt Bay. Nuclear decommissioning requires the safe removal of a nuclear generation facility from service and the reduction of residual radioactivity to a level that permits termination of the NRC license and release of the property for unrestricted use. The Utility's nuclear decommissioning costs are recovered from customers through rates and are held in trusts until authorized for release by the CPUC. The Utility classifies its debt investments held in the nuclear decommissioning trusts as available-for-sale. Since the Utility’s nuclear decommissioning trust assets are managed by external investment managers, the Utility does not have the ability to sell its investments at its discretion. Therefore, all unrealized losses are considered other-than-temporary impairments. Gains or losses on the nuclear decommissioning trust investments are refundable or recoverable, respectively, from customers through rates. Therefore, trust earnings are deferred and included in the regulatory liability for recoveries in excess of the ARO. There is no impact on the Utility’s earnings or accumulated other comprehensive income. The cost of debt and equity securities sold by the trust is determined by specific identification. Variable Interest Entities A VIE is an entity that does not have sufficient equity at risk to finance its activities without additional subordinated financial support from other parties, or whose equity investors lack any characteristics of a controlling financial interest. An enterprise that has a controlling financial interest in a VIE is a primary beneficiary and is required to consolidate the VIE. Consolidated VIE The SPV is a bankruptcy remote, limited liability company wholly owned by the Utility, and its assets are not available to creditors of PG&E Corporation or the Utility. Pursuant to the Receivables Securitization Program (as defined in Note 5 below), the Utility sells certain of its receivables and certain related rights to payment and obligations of the Utility with respect to such receivables, and certain other related rights to the SPV, which, in turn, obtains loans secured by the receivables from financial institutions (the “Lenders”). Amounts received from the Lenders, the pledged receivables and the corresponding debt are included in Accounts receivable and Long-term debt, respectively, on the Consolidated Balance Sheets. The aggregate principal amount of the loans made by the Lenders cannot exceed $1.0 billion outstanding at any time. The Receivables Securitization Program is scheduled to terminate on October 5, 2022, unless extended or earlier terminated. The SPV is considered a VIE because its equity capitalization is insufficient to support its operations. The most significant activities that impact the economic performance of the SPV are decisions made to manage receivables. The Utility is considered the primary beneficiary and consolidates the SPV as it makes these decisions. No additional financial support was provided to the SPV during the year ended December 31, 2020 or is expected to be provided in the future that was not previously contractually required. As of December 31, 2020, the SPV has $2.6 billion of net accounts receivable and has outstanding borrowings of $1.0 billion under the Receivables Securitization Program. Non-Consolidated VIEs Some of the counterparties to the Utility’s power purchase agreements are considered VIEs. Each of these VIEs was designed to own a power plant that would generate electricity for sale to the Utility. To determine whether the Utility was the primary beneficiary of any of these VIEs at December 31, 2020, it assessed whether it absorbs any of the VIE’s expected losses or receives any portion of the VIE’s expected residual returns under the terms of the power purchase agreement, analyzed the variability in the VIE’s gross margin, and considered whether it had any decision-making rights associated with the activities that are most significant to the VIE’s performance, such as dispatch rights and operating and maintenance activities. The Utility’s financial obligation is limited to the amount the Utility pays for delivered electricity and capacity. The Utility did not have any decision-making rights associated with any of the activities that are most significant to the economic performance of any of these VIEs. Since the Utility was not the primary beneficiary of any of these VIEs at December 31, 2020, it did not consolidate any of them. Contributions to the Wildfire Fund On the Effective Date, PG&E Corporation and the Utility contributed, in accordance with AB 1054, an initial contribution of approximately $4.8 billion and first annual contribution of approximately $193 million to the Wildfire Fund to secure participation of the Utility therein. On December 30, 2020, the Utility made its second annual contribution of $193 million to the Wildfire Fund. As of December 31, 2020, PG&E Corporation and the Utility have eight remaining annual contributions of $193 million. PG&E Corporation and the Utility account for the contributions to the Wildfire Fund similarly to prepaid insurance with expense being allocated to periods ratably based on an estimated period of coverage. The Wildfire Fund is available to pay for eligible claims arising as of July 12, 2019, the effective date of AB 1054, subject to a limit of 40% of the amount of such claims arising between the effective date of AB 1054 and the Utility’s emergence from Chapter 11. The 40% limit does not apply to eligible claims that arise after the Utility’s emergence from Chapter 11. The Wildfire Fund is additionally limited to the portion of such claims that exceeds the greater of (i) $1.0 billion in the aggregate in any year and (ii) the amount of insurance coverage required to be in place for the electric utility company pursuant to Section 3293 of the Public Utilities Code, added by AB 1054. As of December 31, 2020, PG&E Corporation and the Utility recorded $193 million in Other current liabilities, $1.3 billion in Other non-current liabilities, $464 million in current assets - Wildfire fund asset, and $5.8 billion in non-current assets - Wildfire fund asset in the Consolidated Balance Sheets. As of December 31, 2020, the Utility recorded amortization and accretion expense of $413 million. The amortization of the asset, accretion of the liability, and if applicable, impairment of the asset is reflected in Wildfire fund expense in the Consolidated Statements of Income. Expected contributions are discounted to the present value using the 10-year US treasury rate at the date PG&E Corporation and the Utility satisfied all the eligibility requirements to participate in the Wildfire Fund. A useful life of 15 years is being used to amortize the Wildfire Fund asset. AB 1054 did not specify a period of coverage; therefore, this accounting treatment is subject to significant accounting judgments and estimates. In estimating the period of coverage, PG&E Corporation and the Utility use a Monte Carlo simulation that began with 12 years of historical, publicly available fire-loss data from wildfires caused by electrical equipment, and subsequently plan to add an additional year of data each following year. The period of historic fire-loss data and the effectiveness of mitigation efforts by the California electric utility companies are significant assumptions used to estimate the useful life. These assumptions along with the other assumptions below create a high degree of uncertainty related to the estimated useful life of the Wildfire Fund. The simulation results in the estimated number and severity of catastrophic fires that could occur in California within the participating electric utilities’ service territories during the term of the Wildfire Fund. Starting with a 5-year period of historical data, with average annual statewide claims or settlements of approximately $6.5 billion, compared to approximately $2.9 billion for the 12-year historical data, would have decreased the amortization period to 6 years. Similarly, a 10% change to the assumption around current and future mitigation effort effectiveness would increase the amortization period to 17 years assuming greater effectiveness and would decrease the amortization period to 12 years assuming less effectiveness. Other assumptions used to estimate the useful life include the estimated cost of wildfires caused by other electric utilities, the amount at which wildfire claims would be settled, the likely adjudication of the CPUC in cases of electric utility-caused wildfires, the impacts of climate change, the level of future insurance coverage held by the electric utilities, the FERC-allocable portion of loss recovery, and the future transmission and distribution equity rate base growth of other electric utilities. Significant changes in any of these estimates could materially impact the amortization period. PG&E Corporation and the Utility evaluate all assumptions quarterly, or upon claims being made from the Wildfire Fund for catastrophic wildfires, and the expected life of the Wildfire Fund will be adjusted as required. The Wildfire Fund is available to other participating utilities in California and the amount of claims that a participating utility incurs is not limited to their individual contribution amounts. PG&E Corporation and the Utility will assess the Wildfire Fund asset for impairment in the event that a participating utility's electrical equipment is found to be the substantial cause of a catastrophic wildfire. Timing of any such impairment could lag as the emergence of sufficient cause and claims information can take many quarters and could be limited to public disclosure of the participating electric utility, if ignition were to occur outside the Utility’s service territory. There were fires in the Utility’s and other participating utilities’ service territories in 2020 for which the cause is currently unknown and which may in the future be determined to be covered by the Wildfire Fund. At December 31, 2020, there were no such known events requiring a reduction of the Wildfire Fund asset nor have there been any claims or withdrawals by the participating utilities against the Wildfire Fund. Other Accounting Policies For other accounting policies impacting PG&E Corporation’s and the Utility’s Consolidated Financial Statements, see “Income Taxes” in Note 9, “Derivatives” in Note 10, “Fair Value Measurements” in Note 11, and “Contingencies and Commitments” in Notes 14 and 15 herein. Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income The changes, net of income tax, in PG&E Corporation’s accumulated other comprehensive income (loss) for the year ended December 31, 2020 consisted of the following: (in millions, net of income tax) Pension Other Total Beginning balance $ (22) $ 17 $ (5) Other comprehensive income before reclassifications: Unrecognized net actuarial gain (loss) (net of taxes of $162 and $66, respectively) (417) 170 (247) Regulatory account transfer (net of taxes of $155 and $66, respectively) 400 (170) 230 Amounts reclassified from other comprehensive income: Amortization of prior service cost (net of taxes of $2 and $4, respectively) (1) (4) 10 6 Amortization of net actuarial (gain) loss (net of taxes of $1 and $6, respectively) (1) 2 (15) (13) Regulatory account transfer (net of taxes of $1 and $2, respectively) (1) 2 5 7 Net current period other comprehensive loss (17) — (17) Ending balance $ (39) $ 17 $ (22) (1) These components are included in the computation of net periodic pension and other postretirement benefit costs. (See Note 12 below for additional details.) The changes, net of income tax, in PG&E Corporation’s accumulated other comprehensive income (loss) for the year ended December 31, 2019 consisted of the following: (in millions, net of income tax) Pension Other Total Beginning balance $ (21) $ 17 $ (4) Other comprehensive income before reclassifications: Unrecognized net actuarial loss (net of taxes of $24 and $88, respectively) 61 227 288 Regulatory account transfer (net of taxes of $24 and $88, respectively) (62) (227) (289) Amounts reclassified from other comprehensive income: Amortization of prior service cost (net of taxes of $2 and $4, respectively) (1) (4) 10 6 Amortization of net actuarial loss (net of taxes of $1 and $1, respectively) (1) 2 (2) — Regulatory account transfer (net of taxes of $1 and $3, respectively) (1) 2 (8) (6) Net current period other comprehensive loss (1) — (1) Ending balance $ (22) $ 17 $ (5) (1) These components are included in the computation of net periodic pension and other postretirement benefit costs. (See Note 12 below for additional details.) Recognition of Lease Assets and Liabilities A lease exists when an arrangement allows the lessee to control the use of an identified asset for a stated period in exchange for payments. This determination is made at inception of the arrangement. All leases must be recognized as a ROU asset and a lease liability on the balance sheet of the lessee. The ROU asset reflects the lessee’s right to use the underlying asset for the lease term and the lease liability reflects the obligation to make the lease payments. PG&E Corporation and the Utility have elected not to separate lease and non-lease components. The Utility estimates the ROU assets and lease liabilities at net present value using its incremental secured borrowing rates, unless the implicit discount rate in the leasing arrangement can be ascertained. The incremental secured borrowing rate is based on observed market data and other information available at the lease commencement date. The ROU assets and lease liabilities only include the fixed lease payments for arrangements with terms greater than 12 months. These amounts are presented within the supplemental disclosures of noncash activities on the Consolidated Statement of Cash Flows. Renewal and termination options only impact the lease term if it is reasonably certain that they will be exercised. PG&E Corporation recognizes lease expense on a straight-line basis over the lease term. The Utility recognizes lease expense in conformity with ratemaking. Operating leases are included in operating lease ROU assets and current and noncurrent operating lease liabilities on the Consolidated Balance Sheets. Financing leases are included in property, plant, and equipment, other current liabilities, and other noncurrent liabilities on the Consolidated Balance Sheets. Financing leases were immaterial for the years ended December 31, 2020 and 2019. For the years ended December 31, 2020 and 2019, the Utility made total cash payments, including fixed and variable, of $2.5 billion and $2.4 billion, respectively, for operating leases which are presented within operating activities on the Consolidated Statement of Cash Flows. The fixed cash payments for the principal portion of the financing lease liabilities are immaterial and continue to be included within financing activities on the Consolidated Statement of Cash Flows. Any variable lease payments for financing leases are included in operating activities on the Consolidated Statement of Cash Flows. The majority of the Utility’s ROU assets and lease liabilities relate to various power purchase agreements. These power purchase agreements primarily consist of generation plants leased to meet customer demand plus applicable reserve margins. Operating lease variable costs include amounts from renewable energy power purchase agreements where payments are based on certain contingent external factors such as wind, hydro, solar, biogas, and biomass power generation. See “Third-Party Power Purchase Agreements” in Note 15 below. PG&E Corporation and the Utility have also recorded ROU assets and lease liabilities related to property and land arrangements. At December 31, 2020 and 2019, the Utility’s operating leases had a weighted average remaining lease term of 5.7 years and 5.9 years and a weighted average discount rate of 6.2% and 6.2%, respectively. The following table shows the lease expense recognized for the fixed and variable component of the Utility’s lease obligations: Year Ended December 31, (in millions) 2020 2019 Operating lease fixed cost $ 679 $ 686 Operating lease variable cost 1,852 1,778 Total operating lease costs $ 2,531 $ 2,464 At December 31, 2020, the Utility’s future expected operating lease payments were as follows: (in millions) December 31, 2020 2021 $ 624 2022 550 2023 257 2024 98 2025 91 Thereafter 513 Total lease payments 2,133 Less imputed interest (397) Total $ 1,736 Recently Adopted Accounting Standards Intangibles—Goodwill and Other In August 2018, the FASB issued ASU No. 2018-15, Intangibles – Goodwill and Other – Internal - Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract. PG&E Corporation and the Utility adopted the ASU on January 1, 2020. The adoption of this ASU did not have a material impact on the Consolidated Financial Statements and related disclosures. Financial Instruments—Credit Losses In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses On Financial Instruments, which provides a model, known as the current expected credit loss model, to estimate the expected lifetime credit loss on financial assets, including trade and other receivables, rather than incurred losses over the remaining life of most financial assets measured at amortized cost. The guidance also requires use of an allowance to record estimated credit losses on available-for-sale debt securities. PG&E Corporation and the Utility adopted the ASU on January 1, 2020. PG&E Corporation and the Utility have three categories of financial assets in scope, each with their own associated credit risks. In applying the new guidance, PG&E Corporation and the Utility have incorporated forward-looking data in their estimate of credit loss as follows. Trade receivables are represented by customer accounts receivable and have credit exposure risk related to California unemployment rates. Insurance receivables are related to the liability insurance policies PG&E Corporation and the Utility carry. Insurance receivable risk is related to each insurance carrier’s risk of defaulting on their individual policies. Lastly, available-for-sale debt securities requires each company to determine if a decline in fair value is below amo |
REGULATORY ASSETS, LIABILITIES,
REGULATORY ASSETS, LIABILITIES, AND BALANCING ACCOUNTS | 12 Months Ended |
Dec. 31, 2020 | |
Regulated Operations [Abstract] | |
REGULATORY ASSETS, LIABILITIES, AND BALANCING ACCOUNTS | REGULATORY ASSETS, LIABILITIES, AND BALANCING ACCOUNTS Regulatory Assets Long-term regulatory assets are comprised of the following: Balance at December 31, Recovery (in millions) 2020 2019 Pension benefits (1) $ 2,245 $ 1,823 Indefinitely Environmental compliance costs 1,112 1,062 32 years Utility retained generation (2) 181 228 6 years Price risk management 204 124 19 years Unamortized loss, net of gain, on reacquired debt 49 63 23 years Catastrophic event memorandum account (3) 842 656 1 - 3 years Wildfire expense memorandum account (4) 400 423 1 - 3 years Fire hazard prevention memorandum account (5) 137 259 1 - 3 years Fire risk mitigation memorandum account (6) 66 95 1 - 3 years Wildfire mitigation plan memorandum account (7) 390 558 1 - 3 years Deferred income taxes (8) 908 252 51 years Insurance premium costs (9) 294 — 1 - 4 years Wildfire mitigation balancing account (10) 156 — 1 - 3 years General rate case memorandum accounts (11) 376 — 1 - 2 years Vegetation management balancing account (12) 592 — 1 - 3 years COVID-19 pandemic protection memorandum accounts (13) 84 — TBD years Other 942 523 Various Total long-term regulatory assets $ 8,978 $ 6,066 (1) Payments into the pension and other benefits plans are based on annual contribution requirements. As these annual requirements continue indefinitely into the future, the Utility expects to continuously recover pension benefits. (2) In connection with the settlement agreement entered into among PG&E Corporation, the Utility, and the CPUC in 2003 to resolve the Utility’s 2001 proceeding under Chapter 11, the CPUC authorized the Utility to recover $1.2 billion of costs related to the Utility’s retained generation assets. The individual components of these regulatory assets are being amortized over the respective lives of the underlying generation facilities, consistent with the period over which the related revenues are recognized. (3) Includes costs of responding to catastrophic events that have been declared a disaster or state of emergency by competent federal or state authorities. As of December 31, 2020, $49 million in COVID-19 related costs was recorded to CEMA regulatory assets. Recovery of CEMA costs is subject to CPUC review and approval. (4) Includes incremental wildfire liability insurance premium costs the CPUC approved for tracking in June 2018 for the period July 26, 2017 through December 31, 2019. Recovery of WEMA costs is subject to CPUC review and approval. (5) Includes costs associated with the implementation of regulations and requirements adopted to protect the public from potential fire hazards associated with overhead power line facilities and nearby aerial communication facilities that have not been previously authorized in another proceeding. Recovery of FHPMA costs is subject to CPUC review and approval. (6) Includes costs associated with the 2019 WMP for the period January 1, 2019 through June 4, 2019. Recovery of FRMMA costs is subject to CPUC review and approval. (7) Includes costs associated with the 2019 WMP for the period June 5, 2019 through December 31, 2019 and the 2020 WMP for the period of January 1, 2020 through December 31, 2020. Recovery of WMPMA costs is subject to CPUC review and approval. (8) Represents cumulative differences between amounts recognized for ratemaking purposes and expense recognized in accordance with GAAP. (9) Represents non-current excess liability insurance premium costs recorded to RTBA and Adjustment Mechanism for Costs Determined in Other Proceedings, as authorized in the 2020 GRC and 2019 GT&S rate cases, respectively. (10) Includes costs associated with certain wildfire mitigation activities for the period January 1, 2020 through December 31, 2020. Long-term balance represents costs above 115% of adopted revenue requirements, which are subject to CPUC review and approval. (11) The General Rate Case Memorandum Accounts record the difference between the gas and electric revenue requirements in effect on January 1, 2020 and through the date of the final 2020 GRC decision as authorized by the CPUC in December 2020. These amounts will be recovered in rates over 17 months, beginning March 1, 2021. (12) The 2020 GRC Decision authorized the Utility to modify the existing one-way VMBA Expense Balancing Account to a two-way balancing account to track the difference between actual and adopted expenses resulting from its routine vegetation management and enhanced vegetation management activities previously recorded in the FRMMA/WMPMA, and tree mortality and fire risk reduction work previously recorded in CEMA. Recovery of VMBA costs above 120% of adopted revenue requirements is subject to CPUC review and approval. (13) On April 16, 2020, the CPUC passed a resolution that established the CPPMA to recover costs associated with customer protections, including higher uncollectible costs related to a moratorium on electric and gas service disconnections for residential and small business customers. The CPPMA applies only to residential and small business customers and was approved on July 27, 2020 with an effective date of March 4, 2020. As of December 31, 2020, the Utility had recorded an aggregate under-collection of $76 million , representing incremental bad debt expense over what was collected in rates for the period the CPPMA is in effect. The remaining $8 million is associated with program costs and higher accounts receivable financing costs. Recovery of CPPMA costs is subject to CPUC review and approval. In general, regulatory assets represent the cumulative differences between amounts recognized for ratemaking purposes and expense or accumulated other comprehensive income (loss) recognized in accordance with GAAP. Additionally, the Utility does not earn a return on regulatory assets if the related costs do not accrue interest. Accordingly, the Utility earns a return on its regulatory assets for retained generation, and regulatory assets for unamortized loss, net of gain, on reacquired debt. Regulatory Liabilities Long-term regulatory liabilities are comprised of the following: Balance at December 31, (in millions) 2020 2019 Cost of removal obligations (1) $ 6,905 $ 6,456 Recoveries in excess of AROs (2) 458 393 Public purpose programs (3) 948 817 Employee benefit plans (4) 995 750 Other 1,118 854 Total long-term regulatory liabilities $ 10,424 $ 9,270 (1) Represents the cumulative differences between the recorded costs to remove assets and amounts collected in rates for expected costs to remove assets. (2) Represents the cumulative differences between ARO expenses and amounts collected in rates. Decommissioning costs related to the Utility’s nuclear facilities are recovered through rates and are placed in nuclear decommissioning trusts. This regulatory liability also represents the deferral of realized and unrealized gains and losses on these nuclear decommissioning trust investments. (See Note 11 below.) (3) Represents amounts received from customers designated for public purpose program costs expected to be incurred beyond the next 12 months, primarily related to energy efficiency programs. (4) Represents cumulative differences between incurred costs and amounts collected in rates for Post-Retirement Medical, Post-Retirement Life and Long-Term Disability Plans. Regulatory Balancing Accounts The Utility tracks (1) differences between the Utility’s authorized revenue requirement and customer billings, and (2) differences between incurred costs and customer billings. To the extent these differences are probable of recovery or refund over the next 12 months, the Utility records a current regulatory balancing account receivable or payable. Regulatory balancing accounts that the Utility expects to collect or refund over a period exceeding 12 months are recorded as other noncurrent assets – regulatory assets or noncurrent liabilities – regulatory liabilities, respectively, in the Consolidated Balance Sheets. These differences do not have an impact on net income. Balancing accounts will fluctuate during the year based on seasonal electric and gas usage and the timing of when costs are incurred and customer revenues are collected. Current regulatory balancing accounts receivable and payable are comprised of the following: Receivable (in millions) 2020 2019 Electric transmission $ — $ 9 Gas distribution and transmission 102 363 Energy procurement 413 901 Public purpose programs 292 209 Fire hazard prevention memorandum account 121 — Fire risk mitigation memorandum account 33 — Wildfire mitigation plan memorandum account 161 — Wildfire mitigation balancing account 27 — General rate case memorandum accounts 313 — Vegetation management balancing account 115 — Insurance premium costs 135 — Other 289 632 Total regulatory balancing accounts receivable $ 2,001 $ 2,114 Payable (in millions) 2020 2019 Electric distribution $ 55 $ 31 Electric transmission 267 119 Gas distribution and transmission 76 45 Energy procurement 158 649 Public purpose programs 410 559 Other 279 394 Total regulatory balancing accounts payable $ 1,245 $ 1,797 The electric distribution and utility generation accounts track the collection of revenue requirements approved in the GRC. The electric transmission accounts track recovery of costs related to the transmission of electricity approved in the FERC TO rate cases. The gas distribution and transmission accounts track the collection of revenue requirements approved in the GRC and the GT&S rate case. Energy procurement balancing accounts track recovery of costs related to the procurement of electricity, including any environmental compliance-related activities. Public purpose programs balancing accounts are primarily used to record and recover authorized revenue requirements for commission-mandated programs such as energy efficiency. The FHPMA tracks costs that protect the public from potential fire hazards. The FRMMA and WMPMA balances track costs that are recoverable within 12 months as requested in the 2020 WMCE application. The WMBA tracks costs associated with wildfire mitigation revenue requirement activities. The general rate case memorandum accounts track the difference between the revenue requirements in effect on January 1, 2020 and the revenue requirements authorized by the CPUC in the 2020 GRC Decision in December 2020. The VMBA tracks routine and enhanced vegetation management activities. The insurance premium costs track the current portion of incremental excess liability insurance costs recorded to RTBA and adjustment mechanism for costs determined in other proceedings, as authorized in the 2020 GRC and 2019 GT&S rate cases, respectively. In addition to insurance premium costs recorded in Regulatory balancing accounts receivable and in Long-term regulatory assets above, at December 31, 2020, there was $93 million in insurance premium costs recorded in Current regulatory assets. |
DEBT
DEBT | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
DEBT | DEBT Debtor-In-Possession Facilities In connection with the Chapter 11 Cases, PG&E Corporation and the Utility entered into the DIP Credit Agreement, among the Utility, as borrower, PG&E Corporation, as guarantor, JPM, as administrative agent, Citibank, N.A., as collateral agent, and the lenders and issuing banks party thereto. On July 1, 2020, the DIP Facilities were repaid in full and all commitments thereunder were terminated in connection with emergence from Chapter 11. Credit Facilities The following table summarizes PG&E Corporation’s and the Utility’s outstanding borrowings and availability under their credit facilities at December 31, 2020: (in millions) Termination Facility Limit Borrowings Outstanding Letters of Credit Outstanding Facility Utility revolving credit facility July 2023 $ 3,500 (1) $ 605 $ 1,020 $ 1,875 Utility term loan credit facility Various (2) 3,000 3,000 — — Utility receivables securitization program October 2022 1,000 1,000 — — PG&E Corporation revolving credit facility July 2023 500 — — 500 Total credit facilities $ 8,000 $ 4,605 $ 1,020 $ 2,375 (1) Includes a $1.5 billion letter of credit sublimit. (2) This includes a $1.5 billion term loan credit facility with a maturity date of June 30, 2021 and a $1.5 billion term loan credit facility with a maturity date of January 1, 2022. Utility Utility Revolving Credit Facility On July 1, 2020, the Utility entered into a $3.5 billion revolving credit agreement (the “Utility Revolving Credit Agreement”) with JPM, and Citibank, N.A. as co-administrative agents, and Citibank, N.A., as designated agent. The Utility Revolving Credit Agreement has a maturity date three years after the Effective Date, subject to two one Borrowings under the Utility Revolving Credit Agreement bear interest based on the Utility’s election of either (1) LIBOR plus an applicable margin of 1.375% to 2.50% based on the Utility’s credit rating or (2) the base rate plus an applicable margin of 0.375% to 1.50% based on the Utility’s credit rating. In addition to interest on outstanding principal under the Utility Revolving Credit Agreement, the Utility is required to pay a commitment fee to the lenders in respect of the unutilized commitments thereunder, ranging from 0.25% to 0.50% per annum depending on the Utility’s credit rating. The Utility Revolving Credit Agreement has a maximum letter of credit sublimit equal to $1.5 billion. The Utility may also pay customary letter of credit fees based on letters of credit issued under the Utility Revolving Credit Agreement. The Utility’s obligations under the Utility Revolving Credit Agreement are secured by the issuance of a first mortgage bond, issued pursuant to the Utility’s mortgage indenture, secured by a first lien on substantially all of the Utility’s real property and certain tangible personal property related to its facilities, subject to certain exceptions, and which rank pari passu with the Utility’s other first mortgage bonds. The Utility Revolving Credit Agreement includes usual and customary provisions for revolving credit agreements of this type, including covenants limiting, with certain exceptions, (1) liens, (2) indebtedness, (3) sale and leaseback transactions, and (4) fundamental changes. In addition, the Utility Revolving Credit Agreement requires that the Utility maintain a ratio of total consolidated debt to consolidated capitalization of no greater than 65% as of the end of each fiscal quarter. As of December 31, 2020, the Utility was in compliance with this covenant. In the event of a default by the Utility under the Utility Revolving Credit Agreement, including cross-defaults relating to specified other debt of the Utility or any of its significant subsidiaries in excess of $200 million, the designated agent may, with the consent of the required lenders (or shall upon the request of the required lenders), declare the amounts outstanding under the Utility Revolving Credit Agreement, including all accrued interest, payable immediately. For events of default relating to insolvency, bankruptcy or receivership, the amounts outstanding under the Utility Revolving Credit Agreement become payable immediately. The Utility may voluntarily repay outstanding loans under the Utility Revolving Credit Agreement at any time without premium or penalty, other than customary “breakage” costs with respect to eurodollar rate loans. Any voluntary prepayments made by the Utility will not reduce the commitments under the Utility Revolving Credit Agreement. Utility Term Loan Credit Facility On July 1, 2020, the Utility obtained a $3.0 billion secured term loan under a term loan credit agreement (the “Utility Term Loan Credit Agreement”) with JPM, as administrative agent. The credit facilities under the Utility Term Loan Credit Agreement consist of a $1.5 billion 364-day term loan facility (the “Utility 364-Day Term Loan Facility”) and a $1.5 billion 18-month term loan facility (the “Utility 18-Month Term Loan Facility”). The maturity date for the 364-Day Term Loan Facility is June 30, 2021 and the maturity date for the Utility 18-Month Term Loan Facility is January 1, 2022. The Utility borrowed the entire amount of the Utility 364-Day Term Loan Facility and the Utility 18-Month Term Loan Facility on July 1, 2020. The proceeds were used to fund, in part, transactions contemplated under the Plan. Borrowings under the Utility Term Loan Credit Agreement bear interest based on the Utility’s election of either (1) LIBOR plus an applicable margin of 2.00% with respect to the Utility 364-Day Term Loan Facility and 2.25% with respect to the Utility 18-Month Term Loan Facility, or (2) the base rate plus an applicable margin of 1.00% with respect to the Utility 364-Day Term Loan Facility and 1.25% with respect to the Utility 18-Month Term Loan Facility. The Utility’s obligations under the Utility Term Loan Credit Agreement are secured by the issuance of first mortgage bonds, issued pursuant to the Utility’s mortgage indenture, secured by a first lien on substantially all of the Utility’s real property and certain tangible personal property related to its facilities, subject to certain exceptions, and which rank pari passu with the Utility’s other first mortgage bonds. The Utility Term Loan Credit Agreement includes usual and customary provisions for term loan agreements of this type, including covenants limiting, with certain exceptions, (1) liens, (2) indebtedness, (3) sale and leaseback transactions, (4) fundamental changes, (5) entering into swap agreements and (6) modifications to the Utility’s mortgage indenture. In addition, the Utility Term Loan Credit Agreement requires that the Utility maintain a ratio of total consolidated debt to consolidated capitalization of no greater than 65% as of the end of each fiscal quarter. As of December 31, 2020, the Utility was in compliance with this covenant. In the event of a default by the Utility under the Utility Term Loan Credit Agreement, including cross-defaults relating to specified other debt of the Utility or any of its significant subsidiaries in excess of $200 million, the administrative agent may, with the consent of the required lenders (or upon the request of the required lenders, shall), declare the amounts outstanding under the Utility Term Loan Credit Agreement, including all accrued interest, payable immediately. For events of default relating to insolvency, bankruptcy or receivership, the amounts outstanding under the Utility Term Loan Credit Agreement become payable immediately. The Utility is required to prepay outstanding term loans under the Utility Term Loan Credit Agreement (with all outstanding term loans made under the Utility 364-Day Term Loan Facility being paid first), subject to certain exceptions, with 100% of the net cash proceeds of certain securitization transactions. The Utility may voluntarily repay outstanding loans under the Utility Term Loan Credit Agreement at any time without premium or penalty, other than customary “breakage” costs with respect to eurodollar rate loans. Receivables Securitization Program On October 5, 2020, the Utility, in its individual capacity and in its capacity as initial servicer, entered into an accounts receivable securitization program (the “Receivables Securitization Program”), providing for the sale of a portion of the Utility's accounts receivable to the SPV, a limited liability company wholly owned by the Utility. Pursuant to the Receivables Securitization Program, the Utility sells certain of its receivables and certain related rights to payment and obligations of the Utility with respect to such receivables and certain other related rights to the SPV, which, in turn, obtains loans secured by the receivables from financial institutions (the “Lenders”). The Utility has pledged to the Lenders 100% of the equity interests in the SPV as security for the repayment of the loans. The aggregate principal amount of the loans made by the Lenders cannot exceed $1.0 billion outstanding at any time. The loans under the Receivables Securitization Program bear interest based on a spread over LIBOR dependent on the tranche period thereto and any breakage fees accrued. The receivables financing agreement contains customary LIBOR benchmark replacement language giving the administrative agent, with consent from the SPV as to the successor rate, the right to determine such successor rate. The Receivables Securitization Program contains certain customary representations and warranties and affirmative and negative covenants, including as to the eligibility of the receivables being sold by the Utility and securing the loans made by the Lenders, as well as customary reserve requirements, Receivables Securitization Program termination events, and servicer defaults. The Receivables Securitization Program termination events permit the Lenders to terminate the agreement upon the occurrence of certain specified events, including failure by the SPV to pay amounts when due, certain defaults on indebtedness under the Utility’s credit facility, certain judgments, a change of control, certain events negatively affecting the overall credit quality of transferred receivables and bankruptcy and insolvency events. The Receivables Securitization Program is scheduled to terminate on October 5, 2022, unless extended or earlier terminated, at which time no further advances will be available and the obligations thereunder must be repaid in full no later than (i) the date that is 180 days following such date or (ii) such earlier date on which the loans under the program become due and payable. In general, the proceeds from the sale of the accounts receivable are used by the SPV to pay the purchase price for accounts receivables it acquires from the Utility and may be used to fund capital expenditures, repay borrowings on the Utility Revolving Credit Facility, satisfy maturing debt obligations, as well as fund working capital needs and other approved uses. Although the SPV is a wholly owned consolidated subsidiary of the Utility, the SPV is legally separate from the Utility. The assets of the SPV (including the accounts receivables) are not available to creditors of the Utility or PG&E Corporation, and the accounts receivables are not legally assets of the Utility or PG&E Corporation. The Receivables Securitization Program is accounted for as a secured financing. The pledged receivables and the corresponding debt are included in Accounts receivable and Long-term debt, respectively, on the Consolidated Balance Sheets. At December 31, 2020 the Utility had outstanding borrowings of $1.0 billion under the Receivables Securitization Program. PG&E Corporation On July 1, 2020, PG&E Corporation entered into a $500 million revolving credit agreement (the “Corporation Revolving Credit Agreement”) with JPM, as administrative agent and collateral agent. The Corporation Revolving Credit Agreement has a maturity date three years after the Effective Date, subject to two one Borrowings under the Corporation Revolving Credit Agreement bear interest based on PG&E Corporation’s election of either (1) LIBOR plus an applicable margin of 3.00% to 4.25% based on PG&E Corporation’s credit rating or (2) the base rate plus an applicable margin of 2.00% to 3.25% based on PG&E Corporation’s credit rating. In addition to interest on outstanding principal under the Corporation Revolving Credit Agreement, PG&E Corporation is required to pay a commitment fee to the lenders in respect of the unutilized commitments thereunder, ranging from 0.50% to 0.75% per annum depending on PG&E Corporation’s credit rating. PG&E Corporation’s obligations under the Corporation Revolving Credit Agreement are secured by a pledge of PG&E Corporation’s ownership interest in 100% of the shares of common stock of the Utility. The Corporation Revolving Credit Agreement includes usual and customary provisions for revolving credit agreements of this type, including covenants limiting, with certain exceptions, (1) liens, (2) indebtedness, (3) sale and leaseback transactions, (4) investments, (5) dispositions, (6) changes in the nature of business, (7) transactions with affiliates, (8) burdensome agreements, (9) restricted payments, (10) fundamental changes, (11) use of proceeds, (12) entering into swap agreements and (13) the ability to dispose of common stock of the Utility. In addition, the Corporation Revolving Credit Agreement requires that PG&E Corporation (1) maintain a ratio of total consolidated debt to consolidated capitalization of no greater than 70% as of the end of each fiscal quarter and (2) if revolving loans are outstanding as of the end of a fiscal quarter, a ratio of adjusted cash to fixed charges, as of the end of such fiscal quarter, of at least 150% prior to the date that PG&E Corporation first declares a cash dividend on its common stock and at least 100% thereafter. In the event of a default by PG&E Corporation under the Corporation Revolving Credit Agreement, including cross-defaults relating to specified other debt of PG&E Corporation or any of its significant subsidiaries in excess of $200 million, the administrative agent may, with the consent of the required lenders (or upon the request of the required lenders, shall), declare the amounts outstanding under the Corporation Revolving Credit Agreement, including all accrued interest, payable immediately. For events of default relating to insolvency, bankruptcy or receivership, the amounts outstanding under the Corporation Revolving Credit Agreement become payable immediately. PG&E Corporation may voluntarily repay outstanding loans under the Corporation Revolving Credit Agreement at any time without premium or penalty, other than customary “breakage” costs with respect to eurodollar rate loans. Any voluntary repayments made by PG&E Corporation will not reduce the commitments under the Corporation Revolving Credit Agreement. On the Effective Date, PG&E Corporation repaid and terminated $300 million of outstanding borrowings under the Second Amended and Restated Credit Agreement, dated as of April 27, 2015, among PG&E Corporation, as borrower, the several lenders party thereto and Bank of America, N.A., as administrative agent. Other Short-term Borrowings On November 16, 2020, the Utility completed the sale of $1.45 billion aggregate principal amount of floating rate first mortgage bonds due November 15, 2021. Proceeds from the sale of the mortgage bonds were used for general corporate purposes, including the repayment of borrowings outstanding under the Receivables Securitization Program and borrowings outstanding under the Utility Revolving Credit Facility. Long-Term Debt Utility On June 19, 2020, the Utility completed the sale of (i) $500 million aggregate principal amount of Floating Rate First Mortgage Bonds due June 16, 2022, (ii) $2.5 billion aggregate principal amount of 1.75% First Mortgage Bonds due June 16, 2022, (iii) $1.0 billion aggregate principal amount of 2.10% First Mortgage Bonds due August 1, 2027, (iv) $2.0 billion aggregate principal amount of 2.50% First Mortgage Bonds due February 1, 2031, (v) $1.0 billion aggregate principal amount of 3.30% First Mortgage Bonds due August 1, 2040, and (vi) $1.925 billion aggregate principal amount of 3.50% First Mortgage Bonds due August 1, 2050 (collectively, the “Mortgage Bonds”). The proceeds of the Mortgage Bonds were deposited into an account at The Bank of New York Mellon Trust Company, N.A., as Escrow Agent, which proceeds were held by the Escrow Agent as collateral pursuant to an escrow agreement by and between the Escrow Agent and the Utility. On July 1, 2020, the net proceeds were released from escrow and, together with the net proceeds from certain other Plan financing transactions, were used to effectuate the reorganization of the Utility and PG&E Corporation in accordance with the terms and conditions contained in the Plan. On the Effective Date, pursuant to the Plan, the Utility issued approximately $11.9 billion of its first mortgage bonds (the “New Mortgage Bonds”) in satisfaction of certain of its pre-petition senior unsecured debt, as described in the table below. On the Effective Date, pursuant to the Plan, the Utility reinstated approximately $9.6 billion aggregate principal amount of the Utility Reinstated Senior Notes. On the Effective Date, each series of the Utility Reinstated Senior Notes was collateralized by the Utility’s delivery of a first mortgage bond in a corresponding principal amount to the applicable trustee for the benefit of the holders of the Utility Reinstated Senior Notes. The Mortgage Bonds, the New Mortgage Bonds and the Utility Reinstated Senior Notes are secured by a first priority lien, subject to permitted liens, on substantially all of the Utility’s real property and certain tangible property related to its facilities. The Mortgage Bonds, the New Mortgage Bonds and the Utility Reinstated Senior Notes are the Utility’s senior obligations and rank equally in right of payment with the Utility’s other existing or future first mortgage bonds issued under the Utility’s mortgage indenture. On the Effective Date, by operation of the Plan, all outstanding obligations under the Utility Short-Term Senior Notes, the Utility Long-Term Senior Notes and the Utility Funded Debt were cancelled and the applicable agreements governing such obligations were terminated. In addition, on July 1, 2020, the Utility obtained a $1.5 billion 18-month secured term loan under the Utility Term Loan Credit Agreement. For more information, see “Credit Facilities” discussion above. PG&E Corporation On June 23, 2020, PG&E Corporation obtained a $2.75 billion secured term loan (the “PG&E Corporation Term Loan”) under a term loan credit agreement (the “Term Loan Agreement”) with JPM, and other lenders from time to time party thereto (collectively, the “Lenders”), JPM, as Administrative Agent and as Collateral Agent. The proceeds of the PG&E Corporation Term Loan were deposited into an account at The Bank of New York Mellon Trust Company, N.A., as Escrow Agent, which proceeds were held by the Escrow Agent as collateral pursuant to an escrow agreement by and among the Collateral Agent, the Escrow Agent, the Administrative Agent and PG&E Corporation and subsequently released from escrow on the Effective Date pursuant to the Plan. On February 1, 2021, PG&E Corporation entered into a repricing amendment (the “Repricing Amendment”) with the lenders under the Term Loan Credit Agreement pursuant to which, among other things, the applicable interest rate was reduced. In accordance with the Term Loan Agreement, PG&E Corporation is required to repay the principal amount outstanding on the PG&E Corporation Term Loan in an amount equal to $6.875 million on the last business day of each quarter. The PG&E Corporation Term Loan matures on June 23, 2025, unless extended by PG&E Corporation pursuant to the terms of the Term Loan Agreement. The PG&E Corporation Term Loan bears interest based, at PG&E Corporation’s election, on (1) LIBOR plus an applicable margin or (2) ABR plus an applicable margin. The original LIBOR floor was 1.0% but was reduced to 0.5% on February 1, 2021 in connection with the Repricing Amendment. The original ABR floor was 2.0% but was similarly reduced to 1.5% on February 1, 2021 in connection with the Repricing Amendment. ABR will equal the highest of the following: the prime rate, 0.5% above the overnight federal funds rate, and the one-month LIBOR plus 1.0%. The applicable margin for LIBOR loans is 3.0% (reduced from 4.5% on February 1, 2021 in connection with the Repricing Amendment) and the applicable margin for ABR loans is 2.0% (reduced from 3.5% on February 1, 2021 in connection with the Repricing Amendment). PG&E Corporation may prepay the PG&E Corporation Term Loan in whole, at any time, and in part, from time to time, without premium or penalty, other than customary “breakage” costs with respect to eurodollar rate loans; provided, however, that any voluntary prepayment, refinancing or repricing of the PG&E Corporation Term Loan in connection with certain repricing transactions that occur on or prior to August 1, 2021 shall be subject to a prepayment premium of 1.0% of the principal amount of the term loans so prepaid, refinanced or repriced. The Term Loan Agreement includes usual and customary covenants for loan agreements of this type, including covenants limiting: (1) liens, (2) mergers, (3) sales of all or substantially all of PG&E Corporation’s assets, and (4) sale and leaseback transactions. In addition, the Term Loan Agreement requires that PG&E Corporation maintain ownership, either directly or indirectly, through one or more subsidiaries, of at least 100% of the outstanding common stock of the Utility. In the event of a default by PG&E Corporation under the Term Loan Agreement, including cross-defaults relating to specified other debt of PG&E Corporation or any of its significant subsidiaries in excess of $200 million, the Administrative Agent may, with the consent of the required Lenders (or upon the request of the required Lenders, shall), declare the amounts outstanding under the Term Loan Agreement, including all accrued interest, payable immediately. For events of default relating to insolvency, bankruptcy or receivership, the amounts outstanding under the Term Loan Agreement become payable immediately. On the Effective Date, the obligations under the Term Loan Agreement became secured by a pledge of PG&E Corporation’s ownership interest in 100% of the shares of common stock of the Utility. On July 1, 2020, the net proceeds from the PG&E Corporation Term Loan were released from escrow and were used to fund, in part, the transactions contemplated under the Plan. Additionally, on June 23, 2020, PG&E Corporation completed the sale of (i) $1.0 billion aggregate principal amount of 5.00% Senior Secured Notes due July 1, 2028 (the “2028 Notes”) and (ii) $1.0 billion aggregate principal amount of 5.25% Senior Secured Notes due July 1, 2030 (the “2030 Notes,” and together with the 2028 Notes, the “Notes”). The proceeds of the Notes were initially deposited into an account at The Bank of New York Mellon Trust Company, N.A., as Escrow Agent, which proceeds were held by the Escrow Agent as collateral pursuant to an escrow agreement by and among the Escrow Agent and PG&E Corporation. Prior to July 1, 2023, in the case of the 2028 Notes, and prior to July 1, 2025, in the case of the 2030 Notes, (i) PG&E Corporation may redeem all or part of the Notes of the applicable series, on any one or more occasions at a redemption price equal to 100% of the principal amount of Notes of such series to be redeemed, plus a “make-whole” premium, plus accrued and unpaid interest, if any, to, but not including, the redemption date or (ii) PG&E Corporation may redeem up to 40% of the aggregate principal amount of the Notes of the applicable series on any one or more occasions at certain specified redemption prices with the net cash proceeds from certain equity offerings. On or after July 1, 2023, in the case of the 2028 Notes, and July 1, 2025, in the case of the 2030 Notes, PG&E Corporation may redeem the Notes of a series at certain specified redemption prices, plus accrued and unpaid interest thereon, if any, to but not including, the applicable redemption date. On July 1, 2020, the net proceeds from the sale of the Notes were released from escrow and, together with the net proceeds from certain other Plan financing transactions, were used to effectuate the reorganization of PG&E Corporation and the Utility in accordance with the terms and conditions contained in the Plan. The Notes are secured by a pledge of PG&E Corporation’s ownership interest in 100% of the shares of common stock of the Utility. On the Effective Date, PG&E Corporation repaid and terminated $350 million of borrowings, plus interest, fees and other expenses arising under or in connection with the Term Loan Agreement, dated as of April 16, 2018, among PG&E Corporation, as borrower, the several lenders party thereto and Mizuho Bank Ltd., as administrative agent. The following table summarizes PG&E Corporation’s and the Utility’s long-term debt: Balance at (in millions) Contractual Interest Rates (3) December 31, 2020 December 31, 2019 Treatment under Plan on the Effective Date (1) Pre-Petition Debt (2) PG&E Corporation Borrowings under Pre-Petition Credit Facility PG&E Corporation Revolving Credit Facilities - Stated Maturity: 2022 variable rate (4) $ — $ 300 Repaid in cash (14) Other borrowings Term Loan - Stated Maturity: 2020 variable rate (5) — 350 Repaid in cash (14) Total PG&E Corporation Pre-Petition Long-Term Debt — 650 Utility Senior Notes - Stated Maturity: 2020 through 2022 2.45% to 4.25% — 1,750 Exchanged (15) 2023 through 2028 2.95% to 4.65% — 5,025 Reinstated (16) 2034 through 2040 5.40% to 6.35% — 5,700 Exchanged (17) 2041 through 2042 3.75% to 4.50% — 1,000 Reinstated (16) 2043 5.13% — 500 Exchanged (17) 2043 through 2047 3.95% to 4.75% — 3,550 Reinstated (16) Total Pre-Petition Senior Notes — 17,525 Pollution Control Bonds - Stated Maturity: Series 2008 F and 2010 E, due 2026 1.75% — 100 Repaid in cash (14) Series 2009 A-B, due 2026 variable rate (6) — 149 Exchanged (18) Series 1996 C, E, F, 1997 B due 2026 variable rate (7) — 614 Exchanged (18) Total Pre-Petition Pollution Control Bonds — 863 Borrowings under Pre-Petition Credit Facilities Utility Revolving Credit Facilities - Stated Maturity: 2022 variable rate (8) — 2,888 Exchanged (18) Other borrowings: Term Loan - Stated Maturity: 2019 variable rate (9) — 250 Exchanged (18) Total Borrowings under Pre-Petition Credit Facility — 3,138 Total Utility Pre-Petition Debt — 21,526 Total PG&E Corporation Consolidated Pre-Petition Debt $ — $ 22,176 New Long-Term Debt PG&E Corporation Term Loan - Stated Maturity: 2025 variable rate (10) $ 2,709 $ — Senior Secured Notes due 2028 5.00% 1,000 — Senior Secured Notes due 2030 5.25% 1,000 — Unamortized discount, net of premium and debt issuance costs (85) — Total PG&E Corporation New Long-Term Debt 4,624 — Utility Pre-Petition Senior Notes Reinstated as First Mortgage Bonds - Stated Maturity: 2023 through 2028 2.95% to 4.65% 5,025 — 2041 through 2042 3.75% to 4.50% 1,000 — 2043 through 2047 3.95% to 4.75% 3,550 — Unamortized discount, net of premium and debt issuance costs — — Total Utility Reinstated New Long-Term Debt 9,575 — Pre-Petition Debt Exchanged for First Mortgage Bonds - Stated Maturity: 2025 3.45% 875 — 2026 3.15% 1,951 — 2028 3.75% 875 — 2030 4.55% 3,100 — 2040 4.50% 1,951 — 2050 4.95% 3,100 — Unamortized discount, net of premium and debt issuance costs (98) — Total Utility Exchanged New Long-Term Debt 11,754 — New First Mortgage Bonds - Stated Maturity: 2022 variable rate (11) 500 — 2022 1.75% 2,500 — 2027 2.10% 1,000 — 2031 2.50% 2,000 — 2040 3.30% 1,000 — 2050 3.50% 1,925 — Unamortized discount, net of premium and debt issuance costs (84) — Total Utility New First Mortgage Bonds 8,841 — Credit Facilities - Stated Maturity: 2022 Receivables securitization program variable rate (12) 1,000 — 18-month Term Loan variable rate (13) 1,500 — Unamortized discount, net of premium and debt issuance costs (6) — Total Utility New Long-Term Debt 32,664 — Total PG&E Corporation Consolidated New Long-Term Debt $ 37,288 $ — (1) The treatments of pre-petition debt under the Plan, as described in this column, relate only to the treatment of principal amounts and not pre-petition or post-petition interest. See “Plan of Reorganization and Restructuring Support Agreements” in Note 2. (2) As of December 31, 2019, pre-petition debt was reported at the amounts expected to be allowed by the Bankruptcy Court. (3) The contractual interest rates for pre-petition debt and new debt are presented as of December 31, 2019 and 2020, respectively. (4) At December 31, 2019, the contractual LIBOR-based interest rate on loans was 3.24%. (5) At December 31, 2019, the contractual LIBOR-based interest rate on the term loan was 2.96%. (6) At December 31, 2019, the contractual interest rate on the letter of credit facilities supporting these bonds was 7.95%. (7) At December 31, 2019, the contractual interest rate on the letter of credit facilities supporting these bonds ranged from 7.95% to 8.08%. (8) At December 31, 2019, the contractual LIBOR-based interest rate on the loans was 3.04%. (9) At December 31, 2019, the contractual LIBOR-based interest rate on the term loan was 2.36%. (10) At December 31, 2020, the contractual LIBOR-based interest rate on the term loan was 5.50%. (11) At December 31, 2020, the contractual LIBOR-based interest rate on the first mortgage bonds was 1.70%. (12) At December 31, 2020, the contractual LIBOR-based interest rate on the receivables securitization program was 1.57%. (13) At December 31, 2020, the contractual LIBOR-based interest rate on the term loan was 2.44%. (14) In accordance with the Plan, these borrowings were repaid in cash on July 1, 2020. (15) In accordance with the Plan, on July 1, 2020, the Utility issued $875 million aggregate principal amount of 3.45% first mortgage bonds due 2025 and $875 million aggregate principal amount of 3.75% first mortgage bonds due 2028, in satisfaction of these Senior Notes. See “Pre-Petition Debt Exchanged for First Mortgage Bonds” in the table above. (16) In accordance with the Plan, these Senior Notes were reinstated (and secured by First Mortgage Bonds) on July 1, 2020. See “Pre-Petition Senior Notes Reinstated (and secured by First Mortgage Bonds)” in the table above. (17) In accordance with the Plan, on July 1, 2020, the Utility issued $3.1 billion aggregate principal amount of 4.55% first mortgage bonds due 2030 and $3.1 billion aggregate principal amount of 4.95% first mortgage bonds due 2050, in satisfaction of these Senior Notes. See “Pre-Petition Debt Exchanged for First Mortgage Bonds” in the table above. (18) In accordance with the Plan, on July 1, 2020, the Utility issued $1.95 billion aggregate principal amount of 3.15% first mortgage bonds due 2026 and $1.95 billion aggregate principal amount of 4.50% first mortgage bonds due 2040, in satisfaction of these pre-petition liabilities. See “Pre-Petition Debt Exchanged for First Mortgage Bonds” in the table above. Pollution Control Bonds The California Pollution Control Financing Authority and the California Infrastructure and Economic Development Bank have issued various series of fixed rate and multi-modal tax-exempt pollution control bonds for the benefit of the Utility. Substantially all of the net proceeds of the pollution control bonds were used to finance or refinance pollution control and sewage and solid waste disposal facilities at the Geysers geothermal power plant or at the Utility’s Diablo Canyon nuclear power plant. In 1999, the Utility sold all bond-financed facilities at the non-retired units of the Geysers geothermal power plant to Geysers Power Company, LLC pursuant to purchase and sales agreements stating that Geysers Power Company, LLC will use the bond-financed facilities solely as pollution control facilities for so long as any tax-exempt pollution control bonds issued to finance the Geysers project are outstanding. Except for components that may have been abandoned in place or disposed of as scrap or that are permanently non-operational, the Utility has no knowledge that Geysers Power Company, LLC intends to cease using the bond-financed facilities solely as pollution control facilities. In accordance with the Plan, on July 1, 2020, the Utility repaid Series 2008 F and 2010 E and exchanged Series |
COMMON STOCK AND SHARE-BASED CO
COMMON STOCK AND SHARE-BASED COMPENSATION | 12 Months Ended |
Dec. 31, 2020 | |
Common Stock And Share-Based Compensation [Abstract] | |
COMMON STOCK AND SHARE-BASED COMPENSATION | COMMON STOCK AND SHARE-BASED COMPENSATION PG&E Corporation had 1,984,678,673 shares of common stock outstanding at December 31, 2020. PG&E Corporation held all of the Utility’s outstanding common stock at December 31, 2020. On July 23, 2020, PG&E Corporation sent a notice of termination to the managers of the Amended and Restated Equity Distribution Agreement, dated as of February 17, 2017, effectively terminating the agreement on that date. As of the termination date for this agreement, no amounts were outstanding which required repayment. Increase in Authorized Capitalization On June 22, 2020, PG&E Corporation filed Amended Articles of Incorporation with the Secretary of State of California which increased the authorized number of shares of common stock to 3.6 billion and the authorized number of shares of preferred stock to 400 million. Plan Equity Financings In connection with emergence from Chapter 11, in July 2020, PG&E Corporation raised an aggregate of $9.0 billion of gross proceeds through the issuance of common stock and other equity-linked instruments as described below. PG&E Corporation Investment Agreement On June 7, 2020, PG&E Corporation entered into an Investment Agreement (the “Investment Agreement”) with certain investors (the “Investors”) relating to the issuance and sale to the Investors of an aggregate of $3.25 billion of PG&E Corporation’s common stock. Per the Investment Agreement, the price per share was equal to $9.50 per share, which was the public equity offering price in the Common Stock Offering (as defined below in “Equity Offerings”). On July 1, 2020, pursuant to the terms of the Investment Agreement, PG&E Corporation issued to the Investors 342.1 million shares of common stock. The Investors and their affiliates have certain customary registration rights with respect to the Shares held by such Investor pursuant to the terms of the Investment Agreement. Equity Offerings On June 25, 2020, PG&E Corporation priced (i) the Common Stock Offering of 423.4 million shares of its common stock, and (ii) the concurrent Equity Units Offering of 14.5 million of its Equity Units, for total net proceeds to PG&E Corporation, after deducting the underwriting discounts and before estimated offering expenses payable by the PG&E Corporation, of $3.97 billion and $1.19 billion, respectively. On June 25, 2020, in connection with the Common Stock Offering, PG&E Corporation entered into an underwriting agreement (the “Common Stock Underwriting Agreement”) with Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC, as representatives of several underwriters named in the Common Stock Underwriting Agreement (the “Common Stock Underwriters”), pursuant to which PG&E Corporation agreed to issue and sell 423.4 million shares of its common stock to the Common Stock Underwriters. In addition, on June 25, 2020, PG&E Corporation entered into an underwriting agreement (the “Equity Units Underwriting Agreement”) with Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC, as representatives of the several underwriters named in the Equity Units Underwriting Agreement (the “Equity Units Underwriters”), pursuant to which PG&E Corporation agreed to issue and sell 14.5 million prepaid forward stock purchase contracts (the “Purchase Contracts”) to the Equity Underwriters in order for the Equity Units Underwriters to sell 14.5 million Equity Units. In connection with the Common Stock Offering and pursuant to the Common Stock Underwriting Agreement, PG&E Corporation granted the underwriters a 30-day over-allotment option to purchase up to an additional 42.3 million shares of common stock. In addition, in connection with the Equity Units Offering and pursuant to the Equity Units Underwriting Agreement, PG&E Corporation also granted the underwriters a 30-day over-allotment option to purchase up to an additional 1.45 million Purchase Contracts to be used by the Equity Units Underwriters to create up to an additional 1.45 million Equity Units (together with the 42.3 million shares of common stock, the “Option Securities”). The Common Stock Offering and the Equity Units Offering closed on July 1, 2020, and PG&E Corporation issued and sold a total of 423.4 million shares of its common stock and 14.5 million Purchase Contracts for total net proceeds of $5.2 billion. On July 24, 2020, the Equity Units Underwriters exercised in full, the over-allotment option in the Equity Units Underwriting Agreement and on August 3, 2020, PG&E Corporation issued and sold 1.45 million Equity Units to the Equity Units Underwriters (the “Additional Units Issuance”). The prepaid forward stock purchase contract portion of the Equity Units issued in the Equity Units Offering and the Additional Units Issuance represents the right of the unitholders to receive, on the settlement date, between 125 million and 153 million shares, and between 12.5 million and 15.3 million shares, respectively, of PG&E Corporation common stock, based on the value of PG&E Corporation common stock over a measurement period specified in the purchase contracts and subject to certain adjustments as provided herein. The settlement date of the purchase contract is August 16, 2023, subject to acceleration or postponement as provided in the purchase contracts. The Common Stock Underwriters did not exercise their option to purchase any additional shares of common stock. PG&E Corporation applied accounting standards applicable to prepaid forward contracts to purchase common stock in order to determine the proper balance sheet classification for the Equity Units issued and sold during the three months ended, September 30, 2020. The Equity Units are considered a range forward contract, in that the settlement of common stock shares is based on a range of potential settlement outcomes. PG&E Corporation used various inputs, including stock price volatility, and determined that the potential outcomes are predominantly fixed share settlements. As such, PG&E Corporation does not view the Equity Units as an obligation to issue a variable number of shares and has concluded that the Equity Units meet all conditions for equity classification and do not meet any of the other conditions that would result in asset or liability classification. The Equity Units issued and sold are classified as Common stock on PG&E Corporation’s Consolidated Balance Sheet. Equity Backstop Commitments and Forward Stock Purchase Agreements See “Equity Financing” in Note 2 above for discussion of the equity backstop commitments which resulted in total net proceeds of $523 million (of which $120.5 million were returned to the Backstop Parties pursuant to the Forward Stock Purchase Agreements, as described below). In connection with the Additional Units Issuance and pursuant to the terms of the Forward Stock Purchase Agreements, on August 3, 2020, PG&E Corporation (i) redeemed a portion of the rights under the Forward Stock Purchase Agreements to receive shares of Common Stock and returned approximately $120.5 million to the Backstop Parties and (ii) issued and delivered to the Backstop Parties 42.3 million Greenshoe Backstop Shares, representing the unredeemed portion of the Aggregate Greenshoe Backstop Purchase Amount divided by the Settlement Price (without any issuance in respect of fractional shares). Equity Issuances to the Fire Victim Trust On the Effective Date, pursuant to the Plan, the Utility entered into the Fire Victim Trust Assignment Agreement, pursuant to which the Utility transferred to the Fire Victim Trust 477 million shares of common stock of PG&E Corporation. As a result of the Additional Units Issuance, on August 3, 2020, PG&E Corporation made an equity contribution of 748,415 shares to the Utility which delivered such additional shares of common stock to the Fire Victim Trust pursuant to an anti-dilution provision in the Fire Victim Trust Assignment Agreement. Cash Contribution to the Utility Pursuant to the Plan On the Effective Date, PG&E Corporation made an equity contribution of $12.9 billion in cash to the Utility, which used the funds to satisfy and discharge certain liabilities of PG&E Corporation and the Utility under the Plan. PG&E Corporation’s cash equity contribution was funded by proceeds from the financing transactions described herein. Ownership Restrictions in PG&E Corporation’s Amended Articles Under Section 382 of the Internal Revenue Code, if a corporation (or a consolidated group) undergoes an “ownership change,” net operating loss carryforwards and other tax attributes may be subject to certain limitations (which could limit PG&E Corporation or the Utility’s ability to use these deferred tax assets to offset taxable income). In general, an ownership change occurs if the aggregate stock ownership of certain shareholders (generally five percent shareholders, applying certain look-through and aggregation rules) increases by more than 50% over such shareholders’ lowest percentage ownership during the testing period (generally three years). PG&E Corporation’s and the Utility’s Amended Articles limit Transfers (as defined in the Amended Articles) that increase a person’s or entity’s (including certain groups of persons) ownership of PG&E Corporation’s equity securities to more than 4.75% prior to the Restriction Release Date without approval by the Board of Directors. The calculation of the percentage ownership may differ depending on whether the Fire Victim Trust is treated as a qualified settlement trust or grantor trust. As of the date of this report, it is more likely than not that PG&E Corporation has not undergone an ownership change and consequently, its net operating loss carryforwards and other tax attributes are not limited by Section 382 of the Internal Revenue Code. In 2019, $6.75 billion of the liability to be paid to the Fire Victim Trust in PG&E Corporation’s common stock was accrued by the Utility. Because the corresponding tax deduction generally occurs no earlier than payment, the Utility established a deferred tax asset for the accrual in 2019. On July 1, 2020, the Utility issued to the Fire Victim Trust 477 million shares of PG&E Corporation’s common stock. The shares transferred to the Fire Victim Trust were valued at $4.53 billion on the date of transfer, $2.2 billion less than the $6.75 billion that had been accrued as a liability in the Condensed Consolidated Financial Statements. Therefore, in the quarter ended June 30, 2020, the Utility recorded a charge of $619 million to adjust the measurement of the deferred tax asset to reflect the tax-effected difference between the accrual of $6.75 billion and the tax deduction of $4.53 billion for the transfer of PG&E Corporation’s shares to the Fire Victim Trust. In addition, the tax deduction recorded reflects PG&E Corporation’s conclusion as of December 31, 2020 that it is more likely than not that the Fire Victim Trust will be treated as a “qualified settlement fund” for U.S. federal income tax purposes, in which case the corresponding tax deduction will have occurred at the time the PG&E Corporation common stock was transferred to the Fire Victim Trust. In January 2021, PG&E Corporation received an IRS ruling that states the Utility is eligible to make a grantor trust election for U.S. federal income tax purposes with respect to the Fire Victim Trust and addressed certain, but not all, related issues. PG&E Corporation believes benefits associated with “grantor trust” treatment could be realized, but only if PG&E Corporation and the Fire Victim Trust can meet certain requirements of the Internal Revenue Code and Treasury Regulations thereunder, relating to sales of PG&E Corporation stock. PG&E Corporation expects to elect grantor trust treatment, subject to entering into a definitive agreement with the Fire Victim Trust. There can be no assurance that such an agreement will be reached or that PG&E Corporation will be able to avail itself of the benefits of a grantor trust election. If PG&E Corporation makes a “grantor trust” election for the Fire Victim Trust, the Utility’s tax deduction will occur only at the time the Fire Victim Trust pays the fire victims and will be impacted by the price at which the Fire Victim Trust sells the shares, rather than the price at the time such shares were contributed to the Fire Victim Trust. Dividends On December 20, 2017, the Boards of Directors of PG&E Corporation and the Utility suspended quarterly cash dividends on both PG&E Corporation’s and the Utility’s common stock, beginning the fourth quarter of 2017, as well as the Utility’s preferred stock, beginning the three-month period ending January 31, 2018. On April 3, 2019, the court overseeing the Utility’s probation issued an order imposing new conditions of probation, including forgoing issuing “any dividends until [the Utility] is in compliance with all applicable vegetation management requirements” under applicable law and the Utility’s WMP. On March 20, 2020, PG&E Corporation and the Utility filed a Case Resolution Contingency Process Motion with the Bankruptcy Court that includes a dividend restriction for PG&E Corporation. According to the dividend restriction, PG&E Corporation “will not pay common dividends until it has recognized $6.2 billion in non-GAAP core earnings following the Effective Date” of the Plan. The Bankruptcy Court entered the order approving the motion on April 9, 2020. In addition, the Corporation Revolving Credit Agreement requires that PG&E Corporation (1) maintain a ratio of total consolidated debt to consolidated capitalization of no greater than 70% as of the end of each fiscal quarter and (2) if revolving loans are outstanding as of the end of a fiscal quarter, a ratio of adjusted cash to fixed charges, as of the end of such fiscal quarter, of at least 150% prior to the date that PG&E Corporation first declares a cash dividend on its common stock and at least 100% thereafter. Under the Utility’s Articles of Incorporation, the Utility cannot pay common stock dividends unless all cumulative preferred dividends on the Utility’s preferred stock have been paid. Additionally, the CPUC requires the Utility to maintain a capital structure composed of at least 52% equity on average. On May 28, 2020, the CPUC approved a final decision in the Chapter 11 Proceedings OII, which, among other things, grants the Utility a temporary, five Subject to the foregoing restrictions, any decision to declare and pay dividends in the future will be made at the discretion of the Boards of Directors and will depend on, among other things, results of operations, financial condition, cash requirements, contractual restrictions and other factors that the Boards of Directors may deem relevant. As of December 31, 2020, it is uncertain when PG&E Corporation and the Utility will commence the payment of dividends on their common stock and when the Utility will commence the payment of dividends on its preferred stock. Long-Term Incentive Plan The PG&E Corporation LTIP permits various forms of share-based incentive awards, including stock options, restricted stock units, performance shares, and other share-based awards, to eligible employees of PG&E Corporation and its subsidiaries. Non-employee directors of PG&E Corporation are also eligible to receive certain share-based awards. As of the Effective Date, the LTIP was amended to increase the maximum number of shares of PG&E Corporation common stock reserved for issuance under the LTIP from 17 million shares to 47 million (subject to certain adjustments), of which 29,174,205 shares were available for future awards at December 31, 2020. The following table provides a summary of total share-based compensation expense recognized by PG&E Corporation for share-based incentive awards for 2020: (in millions) 2020 2019 2018 Stock Options $ 3 $ 7 $ 10 Restricted stock units 15 21 43 Performance shares 17 22 36 Total compensation expense (pre-tax) $ 35 $ 50 $ 89 Total compensation expense (after-tax) $ 25 $ 35 $ 63 Share-based compensation costs are generally not capitalized. There was no material difference between PG&E Corporation and the Utility for the information disclosed above. Stock Options The exercise price of stock options granted under the LTIP and all other outstanding stock options is equal to the market price of PG&E Corporation’s common stock on the date of grant. Stock options generally have a 10-year term and vest over three years of continuous service, subject to accelerated vesting in certain circumstances. As of December 31, 2020, $0.5 million of total unrecognized compensation costs related to nonvested stock options were expected to be recognized over a weighted average period of 0.16 years for PG&E Corporation. The fair value of each stock option on the date of grant is estimated using the Black-Scholes valuation method. The weighted average grant date fair value of options granted using the Black-Scholes valuation method in 2019 was $3.87 per share. No stock options were granted in 2020. The significant assumptions used for shares granted in 2019 were: 2019 Expected stock price volatility 57.00 % Expected annual dividend payment — % Risk-free interest rate 1.51% to 1.52% Expected life (years) 4.5 Expected volatilities are based on historical volatility of PG&E Corporation’s common stock. The expected dividend payment is the dividend yield at the date of grant. The risk-free interest rate for periods within the contractual term of the stock option is based on the U.S. Treasury rates in effect at the date of grant. The expected life of stock options is derived from historical data that estimates stock option exercises and employee departure behavior. There was no tax benefit recognized from stock options for the year ended December 31, 2020. The following table summarizes stock option activity for PG&E Corporation and the Utility for 2020: Number of Weighted Average Grant- Weighted Average Remaining Contractual Term Aggregate Intrinsic Value Outstanding at January 1 4,281,403 $ 5.98 $ — Granted (1) 20,065 3.87 — Exercised — — — Forfeited or expired (2,080,221) 3.87 — Outstanding at December 31 2,221,247 7.45 5.33 years — Vested or expected to vest at December 31 2,215,076 7.43 5.31 years — Exercisable at December 31 1,840,893 $ 6.86 4.93 years $ — (1) Represents additional payout of existing stock option grants. Restricted Stock Units Restricted stock units granted after 2014 generally vest equally over three years. Vested restricted stock units are settled in shares of PG&E Corporation common stock accompanied by cash payments to settle any dividend equivalents associated with the vested restricted stock units. Compensation expense is generally recognized ratably over the vesting period based on grant-date fair value. The weighted average grant-date fair value for restricted stock units granted during 2020, 2019, and 2018 was $9.25, $18.57, and $40.92, respectively. The total fair value of restricted stock units that vested during 2020, 2019, and 2018 was $31 million, $42 million, and $41 million, respectively. The tax detriment from restricted stock units that vested in 2020 was $19 million. In general, forfeitures are recorded ratably over the vesting period, using historical averages and adjusted to actuals when vesting occurs. As of December 31, 2020, $6 million of total unrecognized compensation costs related to nonvested restricted stock units was expected to be recognized over the remaining weighted average period of 1.58 years. The following table summarizes restricted stock unit activity for 2020: Number of Weighted Average Grant- Nonvested at January 1 1,040,835 $ 44.06 Granted 1,007,782 9.25 Vested (944,090) 33.14 Forfeited (214,174) 15.75 Nonvested at December 31 890,353 $ 23.05 Performance Shares Performance shares generally will vest three three Compensation expense attributable to performance shares is generally recognized ratably over the applicable three The following table summarizes activity for performance shares in 2020: Number of Weighted Average Grant- Nonvested at January 1 688,423 $ 36.92 Granted 7,951,541 9.62 Vested (132,526) 41.27 Forfeited (1) (1,218,656) 24.38 Nonvested at December 31 7,288,782 $ 9.16 (1) Includes performance shares that expired with zero value as performance targets were not met. |
PREFERRED STOCK
PREFERRED STOCK | 12 Months Ended |
Dec. 31, 2020 | |
Preferred Stock [Abstract] | |
PREFERRED STOCK | PREFERRED STOCK PG&E Corporation has authorized 400 million shares of preferred stock, none of which is outstanding. The Utility has authorized 75 million shares of first preferred stock, with a par value of $25 per share, and 10 million shares of $100 first preferred stock, with a par value of $100 per share. At December 31, 2020 and December 31, 2019, the Utility’s preferred stock outstanding included $145 million of shares with interest rates between 5% and 6% designated as nonredeemable preferred stock and $113 million of shares with interest rates between 4.36% and 5% that are redeemable between $25.75 and $27.25 per share. The Utility’s preferred stock outstanding are not subject to mandatory redemption. No shares of $100 first preferred stock are outstanding. At December 31, 2020, annual dividends on the Utility’s nonredeemable preferred stock ranged from $1.25 to $1.50 per share. The Utility’s redeemable preferred stock is subject to redemption at the Utility’s option, in whole or in part, if the Utility pays the specified redemption price plus accumulated and unpaid dividends through the redemption date. At December 31, 2020, annual dividends on redeemable preferred stock ranged from $1.09 to $1.25 per share. |
EARNINGS PER SHARE
EARNINGS PER SHARE | 12 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE | EARNINGS PER SHARE PG&E Corporation’s basic EPS is calculated by dividing the income (loss) available for common shareholders by the weighted average number of common shares outstanding. PG&E Corporation applies the treasury stock method of reflecting the dilutive effect of outstanding share-based compensation in the calculation of diluted EPS. The following is a reconciliation of PG&E Corporation’s income (loss) available for common shareholders and weighted average common shares outstanding for calculating diluted EPS for 2020, 2019, and 2018. Year Ended December 31, (in millions, except per share amounts) 2020 2019 2018 Loss attributable to common shareholders $ (1,318) $ (7,656) $ (6,851) Weighted average common shares outstanding, basic 1,257 528 517 Add incremental shares from assumed conversions: Employee share-based compensation — — — Equity Units — — — Weighted average common share outstanding, diluted 1,257 528 517 Total Loss per common share, diluted $ (1.05) $ (14.50) $ (13.25) For each of the periods presented above, the calculation of outstanding common shares on a diluted basis excluded an insignificant amount of options and securities that were antidilutive. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES PG&E Corporation and the Utility use the asset and liability method of accounting for income taxes. The income tax provision includes current and deferred income taxes resulting from operations during the year. PG&E Corporation and the Utility estimate current period tax expense in addition to calculating deferred tax assets and liabilities. Deferred tax assets and liabilities result from temporary tax and accounting timing differences, such as those arising from depreciation expense. PG&E Corporation and the Utility recognize a tax benefit if it is more likely than not that a tax position taken or expected to be taken in a tax return will be sustained upon examination by taxing authorities based on the merits of the position. The tax benefit recognized in the financial statements is measured based on the largest amount of benefit that is greater than 50% likely of being realized upon settlement. As such, the difference between a tax position taken or expected to be taken in a tax return in future periods and the benefit recognized and measured pursuant to this guidance in the financial statements represents an unrecognized tax benefit. Investment tax credits are deferred and amortized to income over time. PG&E Corporation amortizes its investment tax credits over the projected investment recovery period. The Utility amortizes its investment tax credits over the life of the related property in accordance with regulatory treatment. PG&E Corporation files a consolidated U.S. federal income tax return that includes the Utility and domestic subsidiaries in which its ownership is 80% or more. PG&E Corporation files a combined state income tax return in California. PG&E Corporation and the Utility are parties to a tax-sharing agreement under which the Utility determines its income tax provision (benefit) on a stand-alone basis. The significant components of income tax provision (benefit) by taxing jurisdiction were as follows: PG&E Corporation Utility Year Ended December 31, (in millions) 2020 2019 2018 2020 2019 2018 Current: Federal $ (26) $ 1 $ (5) $ (26) $ 4 $ 5 State (34) 101 (8) (34) 94 (7) Deferred: Federal 258 (2,361) (2,264) 290 (2,363) (2,278) State 171 (1,136) (1,009) 185 (1,137) (1,009) Tax credits (7) (5) (6) (7) (5) (6) Income tax provision (benefit) $ 362 $ (3,400) $ (3,292) $ 408 $ (3,407) $ (3,295) The following tables describe net deferred income tax assets and liabilities: PG&E Corporation Utility Year Ended December 31, (in millions) 2020 2019 2020 2019 Deferred income tax assets: Tax carryforwards $ 7,641 $ 1,390 $ 7,529 $ 1,308 Compensation 187 151 109 92 Wildfire-related claims (1) 544 6,520 544 6,520 Operating lease liability 489 642 488 640 Other (2) 212 112 219 121 Total deferred income tax assets $ 9,073 $ 8,815 $ 8,889 $ 8,681 Deferred income tax liabilities: Property related basis differences 8,311 7,984 8,300 7,973 Regulatory balancing accounts 763 381 763 381 Debt financing costs 526 — 526 — Operating lease right of use asset 489 642 488 640 Income tax regulatory asset (3) 254 71 254 71 Other (4) 128 57 128 58 Total deferred income tax liabilities $ 10,471 $ 9,135 $ 10,459 $ 9,123 Total net deferred income tax liabilities $ 1,398 $ 320 $ 1,570 $ 442 (1) Amounts primarily relate to wildfire-related claims, net of estimated insurance recoveries, and legal and other costs related to various wildfires that have occurred on PG&E Corporation’s and the Utility’s service territory over the past several years. (2) Amounts include benefits, environmental reserve, 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 Tax Act. (4) Amount primarily includes an environmental reserve. The following table reconciles income tax expense at the federal statutory rate to the income tax provision: PG&E Corporation Utility Year Ended December 31, 2020 2019 2018 2020 2019 2018 Federal statutory income tax rate 21.0 % 21.0 % 21.0 % 21.0 % 21.0 % 21.0 % Increase (decrease) in income tax rate resulting from: State income tax (net of federal benefit) (1) (15.3) 7.5 7.9 19.1 7.5 7.9 Effect of regulatory treatment of fixed asset differences (2) 39.0 2.8 3.6 (44.9) 2.8 3.6 Tax credits 1.5 0.1 0.1 (1.7) 0.1 0.1 Bankruptcy and emergence (3) (82.5) — — 54.1 — — Other, net (4) (2.1) (0.6) (0.1) 2.2 (0.5) — Effective tax rate (38.4) % 30.8 % 32.5 % 49.8 % 30.9 % 32.6 % (1) Includes the effect of state flow-through ratemaking treatment. (2) Includes the effect of federal flow-through ratemaking treatment for certain property-related costs. For these temporary tax differences, PG&E Corporation and the Utility recognize the deferred tax impact in the current period and record offsetting regulatory assets and liabilities. Therefore, PG&E Corporation’s and the Utility’s effective tax rates are impacted as these differences arise and reverse. PG&E Corporation and the Utility recognize such differences as regulatory assets or liabilities as it is probable that these amounts will be recovered from or returned to customers in future rates. In 2020, 2019, and 2018, the amounts also reflect the impact of the amortization of excess deferred tax benefits to be refunded to customers as a result of the Tax Act passed in December 2017. (3) The Utility includes an adjustment for the measurement of the deferred tax asset associated with the difference between the liability recorded related to the TCC RSA and the ultimate value of PG&E Corporation stock contributed to the Fire Victim Trust. PG&E Corporation includes the same adjustment as the Utility and a permanent non-deductible equity backstop premium expense. This combined with a pre-tax loss and a pre-tax income for PG&E Corporation and the Utility, respectively, accounts for the remaining difference. (4) These amounts primarily represent the impact of tax audit settlements and non-tax deductible costs in 2020 and 2019. Unrecognized Tax Benefits The following table reconciles the changes in unrecognized tax benefits: PG&E Corporation Utility (in millions) 2020 2019 2018 2020 2019 2018 Balance at beginning of year $ 420 $ 377 $ 349 $ 420 $ 377 $ 349 Reductions for tax position taken during a prior year (43) (1) (27) (43) (1) (27) Additions for tax position taken during the current year 60 44 55 60 44 55 Settlements — — — — — — Expiration of statute — — — — — — Balance at end of year $ 437 $ 420 $ 377 $ 437 $ 420 $ 377 The component of unrecognized tax benefits that, if recognized, would affect the effective tax rate at December 31, 2020 for PG&E Corporation and the Utility was $16 million. PG&E Corporation’s and the Utility’s unrecognized tax benefits are not likely to change significantly within the next 12 months. Interest income, interest expense and penalties associated with income taxes are reflected in income tax expense on the Consolidated Statements of Income. For the years ended December 31, 2020, 2019, and 2018, these amounts were immaterial. Tax Settlements PG&E Corporation’s tax returns have been accepted through 2015 for federal income tax purposes, except for a few matters, the most significant of which relate to deductible repair costs for gas transmission and distribution lines of business and tax deductions claimed for regulatory fines and fees assessed as part of the penalty decision issued in 2015 for the San Bruno natural gas explosion in September of 2010. Tax years after 2007 remain subject to examination by the State of California. Carryforwards The following table describes PG&E Corporation’s operating loss and tax credit carryforward balances: (in millions) December 31, 2020 Expiration Federal: Net operating loss carryforward - Pre-2018 $ 3,600 2031 - 2036 Net operating loss carryforward - Post-2017 24,887 N/A Tax credit carryforward 134 2029 - 2040 State: Net operating loss carryforward $ 25,364 2039 - 2040 Tax credit carryforward 100 Various On the Petition Date, PG&E Corporation and the Utility filed voluntary petitions for relief under Chapter 11 in the Bankruptcy Court. PG&E Corporation does not believe that the Chapter 11 Cases resulted in loss of or limitation on the utilization of any of the tax carryforwards. PG&E Corporation will continue to monitor the status of tax carryforwards. Other Tax Matters PG&E Corporation’s and the Utility’s unrecognized tax benefits are not likely to change significantly within the next 12 months. At December 31, 2020, it is reasonably possible that within the next 12 months, unrecognized tax benefits will decrease. The amount is not expected to be material. As of the date of this report, PG&E Corporation does not believe that it had undergone an ownership change, and consequently, its net operating loss carryforwards and other tax attributes are not limited by Section 382 of the Internal Revenue Code. In March 2020, Congress passed, and the President signed into law the Coronavirus Aid, Relief and Economic Security (“CARES”) Act. Under the CARES Act, PG&E Corporation and the Utility have deferred the payment of 2020 payroll taxes for the remainder of the year to 2021 and 2022. During June 2020, the State of California enacted AB 85, which increases taxes on corporations over a three-year period beginning in 2020 by suspension of the net operating loss deduction and a limit of $5 million per year on business tax credits. PG&E Corporation and the Utility do not anticipate any material impacts to PG&E Corporation’s Consolidated Financial Statements due to this legislation. In December 2020, Congress passed, and the President signed into law the Consolidations and Appropriations Act of 2021. PG&E Corporation and the Utility do not expect this legislation to have a material impact to PG&E Corporation’s Consolidated Financial Statements. See “Ownership Restrictions in PG&E Corporation’s Amended Articles” in Note 6 of the Notes to the Consolidated Financial Statements in Item 8 for information on the possible election to treat the Fire Victim Trust as a “grantor trust” for federal income tax purposes. |
DERIVATIVES
DERIVATIVES | 12 Months Ended |
Dec. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
DERIVATIVES | DERIVATIVES Use of Derivative Instruments The Utility is exposed to commodity price risk as a result of its electricity and natural gas procurement activities. Procurement costs are recovered through customer rates. The Utility uses both derivative and non-derivative contracts to manage volatility in customer rates due to fluctuating commodity prices. Derivatives include contracts, such as power purchase agreements, forwards, futures, swaps, options, and CRRs that are traded either on an exchange or over-the-counter. Derivatives are presented in the Utility’s Consolidated Balance Sheets and recorded at fair value and on a net basis in accordance with master netting arrangements for each counterparty. The fair value of derivative instruments is further offset by cash collateral paid or received where the right of offset and the intention to offset exist. Price risk management activities that meet the definition of derivatives are recorded at fair value on the Consolidated Balance Sheets. These instruments are not held for speculative purposes and are subject to certain regulatory requirements. The Utility expects to fully recover in rates all costs related to derivatives under the applicable ratemaking mechanism in place as long as the Utility’s price risk management activities are carried out in accordance with CPUC directives. Therefore, all unrealized gains and losses associated with the change in fair value of these derivatives are deferred and recorded within the Utility’s regulatory assets and liabilities on the Consolidated Balance Sheets. Net realized gains or losses on commodity derivatives are recorded in the cost of electricity or the cost of natural gas with corresponding increases or decreases to regulatory balancing accounts for recovery from or refund to customers. The Utility elects the normal purchase and sale exception for eligible derivatives. Eligible derivatives are those that require physical delivery in quantities that are expected to be used by the Utility over a reasonable period in the normal course of business, and do not contain pricing provisions unrelated to the commodity delivered. These items are not reflected in the Consolidated Balance Sheets at fair value. Volume of Derivative Activity The volumes of the Utility’s outstanding derivatives were as follows: Contract Volume At December 31, Underlying Product Instruments 2020 2019 Natural Gas (1) (MMBtus (2) ) Forwards, Futures and Swaps 146,642,863 131,896,159 Options 14,140,000 14,720,000 Electricity (Megawatt-hours) Forwards, Futures and Swaps 9,435,830 18,675,852 Options — — Congestion Revenue Rights (3) 266,091,470 308,467,999 (1) Amounts shown are for the combined positions of the electric fuels and core gas supply portfolios. (2) Million British Thermal Units. (3) CRRs are financial instruments that enable the holders to manage variability in electric energy congestion charges due to transmission grid limitations. Presentation of Derivative Instruments in the Financial Statements At December 31, 2020, the Utility’s outstanding derivative balances were as follows: Commodity Risk (in millions) Gross Derivative Netting Cash Collateral Total Derivative Current assets – other $ 33 $ — $ 115 $ 148 Other noncurrent assets – other 136 — — 136 Current liabilities – other (38) — 15 (23) Noncurrent liabilities – other (204) — 10 (194) Total commodity risk $ (73) $ — $ 140 $ 67 At December 31, 2019, the Utility’s outstanding derivative balances were as follows: Commodity Risk (in millions) Gross Derivative Netting Cash Collateral Total Derivative Current assets – other $ 36 $ (6) $ 4 $ 34 Other noncurrent assets – other 130 (6) — 124 Current liabilities – other (31) 6 2 (23) Noncurrent liabilities – other (130) 6 — (124) Total commodity risk $ 5 $ — $ 6 $ 11 Cash inflows and outflows associated with derivatives are included in operating cash flows on the Utility’s Consolidated Statements of Cash Flows. |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS PG&E Corporation and the Utility measure their cash equivalents, trust assets and price risk management instruments at fair value. A three-tier fair value hierarchy is established that prioritizes the inputs to valuation methodologies used to measure fair value: • Level 1 – Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. • Level 2 – Other inputs that are directly or indirectly observable in the marketplace. • Level 3 – Unobservable inputs which are supported by little or no market activities. The fair value hierarchy requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. Assets and liabilities measured at fair value on a recurring basis for PG&E Corporation and the Utility are summarized below. Assets held in rabbi trusts are held by PG&E Corporation and not the Utility. Fair Value Measurements At December 31, 2020 (in millions) Level 1 Level 2 Level 3 Netting (1) Total Assets: Short-term investments $ 470 $ — $ — $ — $ 470 Nuclear decommissioning trusts Short-term investments 27 — — — 27 Global equity securities 2,398 — — — 2,398 Fixed-income securities 924 835 — — 1,759 Assets measured at NAV — — — — 25 Total nuclear decommissioning trusts (2) 3,349 835 — — 4,209 Price risk management instruments (Note 10) Electricity — 2 166 2 170 Gas — 1 — 113 114 Total price risk management instruments — 3 166 115 284 Rabbi trusts Fixed-income securities — 106 — — 106 Life insurance contracts — 79 — — 79 Total rabbi trusts — 185 — — 185 Long-term disability trust Short-term investments 9 — — — 9 Assets measured at NAV — — — — 158 Total long-term disability trust 9 — — — 167 TOTAL ASSETS $ 3,828 $ 1,023 $ 166 $ 115 $ 5,315 Liabilities: Price risk management instruments (Note 10) Electricity $ — $ 1 $ 238 $ (25) $ 214 Gas — 3 — — 3 TOTAL LIABILITIES $ — $ 4 $ 238 $ (25) $ 217 (1) Includes the effect of the contractual ability to settle contracts under master netting agreements and cash collateral. (2) Represents amount before deducting $671 million, primarily related to deferred taxes on appreciation of investment value. Fair Value Measurements At December 31, 2019 (in millions) Level 1 Level 2 Level 3 Netting (1) Total Assets: Short-term investments $ 1,323 $ — $ — $ — $ 1,323 Nuclear decommissioning trusts Short-term investments 6 — — — 6 Global equity securities 2,086 — — — 2,086 Fixed-income securities 862 728 — — 1,590 Assets measured at NAV — — — — 21 Total nuclear decommissioning trusts (2) 2,954 728 — — 3,703 Price risk management instruments (Note 10) Electricity — 2 161 (11) 152 Gas — 3 — 3 6 Total price risk management instruments — 5 161 (8) 158 Rabbi trusts Fixed-income securities — 100 — — 100 Life insurance contracts — 73 — — 73 Total rabbi trusts — 173 — — 173 Long-term disability trust Short-term investments 10 — — — 10 Assets measured at NAV — — — — 156 Total long-term disability trust 10 — — — 166 TOTAL ASSETS $ 4,287 $ 906 $ 161 $ (8) $ 5,523 Liabilities: Price risk management instruments (Note 10) Electricity 1 2 156 (13) 146 Gas — 2 — (1) 1 TOTAL LIABILITIES $ 1 $ 4 $ 156 $ (14) $ 147 (1) Includes the effect of the contractual ability to settle contracts under master netting agreements and cash collateral. (2) Represents amount before deducting $530 million, primarily related to deferred taxes on appreciation of investment value. Valuation Techniques The following describes the valuation techniques used to measure the fair value of the assets and liabilities shown in the tables above. There are no restrictions on the terms and conditions upon which the investments may be redeemed. There were no material transfers between any levels for the years ended December 31, 2020 and 2019. Trust Assets Assets Measured at Fair Value In general, investments held in the trusts are exposed to various risks, such as interest rate, credit, and market volatility risks. Nuclear decommissioning trust assets and other trust assets are composed primarily of equity and fixed-income securities and also include short-term investments that are money market funds valued at Level 1. Global equity securities primarily include investments in common stock that are valued based on quoted prices in active markets and are classified as Level 1. Fixed-income securities are primarily composed of U.S. government and agency securities, municipal securities, and other fixed-income securities, including corporate debt securities. U.S. government and agency securities primarily consist of U.S. Treasury securities that are classified as Level 1 because the fair value is determined by observable market prices in active markets. A market approach is generally used to estimate the fair value of fixed-income securities classified as Level 2 using evaluated pricing data such as broker quotes, for similar securities adjusted for observable differences. Significant inputs used in the valuation model generally include benchmark yield curves and issuer spreads. The external credit ratings, coupon rate, and maturity of each security are considered in the valuation model, as applicable. Assets Measured at NAV Using Practical Expedient Investments in the nuclear decommissioning trusts and the long-term disability trust that are measured at fair value using the NAV per share practical expedient have not been classified in the fair value hierarchy tables above. The fair value amounts are included in the tables above in order to reconcile to the amounts presented in the Consolidated Balance Sheets. These investments include commingled funds that are composed of equity securities traded publicly on exchanges as well as fixed-income securities that are composed primarily of U.S. government securities and asset-backed securities. Price Risk Management Instruments Price risk management instruments include physical and financial derivative contracts, such as power purchase agreements, forwards, futures, swaps, options, and CRRs that are traded either on an exchange or over-the-counter. Power purchase agreements, forwards, and swaps are valued using a discounted cash flow model. Exchange-traded futures that are valued using observable market forward prices for the underlying commodity are classified as Level 1. Over-the-counter forwards and swaps that are identical to exchange-traded futures, or are valued using forward prices from broker quotes that are corroborated with market data are classified as Level 2. Exchange-traded options are valued using observable market data and market-corroborated data and are classified as Level 2. Long-dated power purchase agreements that are valued using significant unobservable data are classified as Level 3. These Level 3 contracts are valued using either estimated basis adjustments from liquid trading points or techniques, including extrapolation from observable prices, when a contract term extends beyond a period for which market data is available. The Utility utilizes models to derive pricing inputs for the valuation of the Utility’s Level 3 instruments using pricing inputs from brokers and historical data. The Utility holds CRRs to hedge the financial risk of CAISO-imposed congestion charges in the day-ahead market. Limited market data is available in the CAISO auction and between auction dates; therefore, the Utility utilizes historical prices to forecast forward prices. CRRs are classified as Level 3. Level 3 Measurements and Uncertainty Analysis Inputs used and the fair value of Level 3 instruments are reviewed period-over-period and compared with market conditions to determine reasonableness. Significant increases or decreases in any of those inputs would result in a significantly higher or lower fair value, respectively. All reasonable costs related to Level 3 instruments are expected to be recoverable through customer rates; therefore, there is no impact to net income resulting from changes in the fair value of these instruments. See Note 10 above. Fair Value at (in millions) At December 31, 2020 Valuation Unobservable Fair Value Measurement Assets Liabilities Range (1) /Weighted-Average Price (2) Congestion revenue rights $ 153 $ 74 Market approach CRR auction prices $ (320.25) - 320.25 / 0.30 Power purchase agreements $ 13 $ 164 Discounted cash flow Forward prices $ 12.56 - 148.30 / 35.52 (1) Represents price per megawatt-hour. (2) Unobservable inputs were weighted by the relative fair value of the instruments. Fair Value at (in millions) At December 31, 2019 Valuation Unobservable Fair Value Measurement Assets Liabilities Range (1) /Weighted-Average Price (2) Congestion revenue rights $ 140 $ 44 Market approach CRR auction prices $ (20.20) - 20.20 / 0.28 Power purchase agreements $ 21 $ 112 Discounted cash flow Forward prices $ 11.77 - 59.38 / 33.62 (1) Represents price per megawatt-hour. (2) Unobservable inputs were weighted by the relative fair value of the instruments. Level 3 Reconciliation The following table presents the reconciliation for Level 3 price risk management instruments for the years ended December 31, 2020 and 2019, respectively: Price Risk Management Instruments (in millions) 2020 2019 Asset (liability) balance as of January 1 $ 5 $ 95 Net realized and unrealized gains: Included in regulatory assets and liabilities or balancing accounts (1) (77) (90) Asset (liability) balance as of December 31 $ (72) $ 5 (1) The costs related to price risk management activities are fully passed through to customers in rates. Accordingly, unrealized gains and losses are deferred in regulatory liabilities and assets and net income is not impacted. Financial Instruments PG&E Corporation and the Utility use the following methods and assumptions in estimating fair value for financial instruments: the fair values of cash, net accounts receivable, short-term borrowings, accounts payable, customer deposits, and the Utility’s variable rate pollution control bond loan agreements approximate their carrying values at December 31, 2020 and 2019, as they are short-term in nature. The carrying amount and fair value of PG&E Corporation’s and the Utility’s long-term debt instruments were as follows (the table below excludes financial instruments with carrying values that approximate their fair values): At December 31, 2020 2019 (in millions) Carrying Amount Level 2 Fair Value Carrying Amount (1) Level 2 Fair Value (1)(2) Debt (Note 5) PG&E Corporation $ 1,901 $ 2,175 $ — $ — Utility 29,664 32,632 1,500 1,500 (1) On January 29, 2019 PG&E Corporation and the Utility filed for Chapter 11 protection. Debt held by PG&E Corporation became debt subject to compromise and is valued at the allowed claim amount. For more information, see Note 2 and Note 5. (2) The fair value of the Utility pre-petition debt was $17.9 billion as of December 31, 2019. For more information, see Note 2 and Note 5. Nuclear Decommissioning Trust Investments The following table provides a summary of equity securities and available-for-sale debt securities: (in millions) Amortized Total Total Total Fair As of December 31, 2020 Nuclear decommissioning trusts Short-term investments $ 27 $ — $ — $ 27 Global equity securities 543 1,881 (1) 2,423 Fixed-income securities 1,610 152 (3) 1,759 Total (1) $ 2,180 $ 2,033 $ (4) $ 4,209 As of December 31, 2019 Nuclear decommissioning trusts Short-term investments $ 6 $ — $ — $ 6 Global equity securities 500 1,609 (2) 2,107 Fixed-income securities 1,505 89 (4) 1,590 Total (1) $ 2,011 $ 1,698 $ (6) $ 3,703 (1) Represents amounts before deducting $671 million and $530 million at December 31, 2020 and 2019, respectively, primarily related to deferred taxes on appreciation of investment value. The fair value of fixed-income securities by contractual maturity is as follows: As of (in millions) December 31, 2020 Less than 1 year $ 50 1–5 years 475 5–10 years 403 More than 10 years 831 Total maturities of fixed-income securities $ 1,759 The following table provides a summary of activity for the fixed-income and equity securities: (in millions) 2020 2019 2018 Proceeds from sales and maturities of nuclear decommissioning investments $ 1,518 $ 956 $ 1,412 Gross realized gains on securities 159 69 54 Gross realized losses on securities (41) (14) (24) |
EMPLOYEE BENEFIT PLANS
EMPLOYEE BENEFIT PLANS | 12 Months Ended |
Dec. 31, 2020 | |
Employee Benefit and Share-based Payment Arrangement, Noncash Expense [Abstract] | |
EMPLOYEE BENEFIT PLANS | EMPLOYEE BENEFIT PLANS Pension Plan and Postretirement Benefits Other than Pensions (“PBOP”) PG&E Corporation and the Utility sponsor a non-contributory defined benefit pension plan for eligible employees hired before December 31, 2012 and a cash balance plan for those eligible employees hired after this date or who made a one-time election to participate (“Pension Plan”). Certain trusts underlying these plans are qualified trusts under the Internal Revenue Code of 1986, as amended. If certain conditions are met, PG&E Corporation and the Utility can deduct payments made to the qualified trusts, subject to certain limitations. PG&E Corporation’s and the Utility’s funding policy is to contribute tax-deductible amounts, consistent with applicable regulatory decisions and federal minimum funding requirements. On an annual basis, the Utility funds the pension plans up to the amount it is authorized to recover in rates. PG&E Corporation and the Utility also sponsor contributory postretirement medical plans for retirees and their eligible dependents, and non-contributory postretirement life insurance plans for eligible employees and retirees. PG&E Corporation and the Utility use a fiscal year-end measurement date for all plans. Change in Plan Assets, Benefit Obligations, and Funded Status The following tables show the reconciliation of changes in plan assets, benefit obligations, and the plans’ aggregate funded status for pension benefits and other benefits for PG&E Corporation during 2020 and 2019: Pension Plan (in millions) 2020 2019 Change in plan assets: Fair value of plan assets at beginning of year $ 18,547 $ 15,312 Actual return on plan assets 2,736 3,713 Company contributions 343 328 Benefits and expenses paid (867) (806) Fair value of plan assets at end of year $ 20,759 $ 18,547 Change in benefit obligation: Benefit obligation at beginning of year $ 20,525 $ 17,407 Service cost for benefits earned 530 443 Interest cost 713 758 Actuarial loss (1) 2,271 2,723 Plan amendments — — Benefits and expenses paid (867) (806) Benefit obligation at end of year (2) $ 23,172 $ 20,525 Funded Status: Current liability $ (3) $ (14) Noncurrent liability (2,410) (1,964) Net liability at end of year $ (2,413) $ (1,978) (1) The actuarial losses for the years ended December 31, 2020 and 2019 were primarily due to a decrease in the discount rate used to measure the projected benefit obligation. The actuarial loss for the year ended December 31, 2019 was also driven by unfavorable changes in the demographic assumptions used to measure the projected benefit obligation. (2) PG&E Corporation’s accumulated benefit obligation was $20.7 billion and $18.4 billion at December 31, 2020 and 2019, respectively. Postretirement Benefits Other than Pensions (in millions) 2020 2019 Change in plan assets: Fair value of plan assets at beginning of year $ 2,678 $ 2,258 Actual return on plan assets 379 474 Company contributions 26 29 Plan participant contribution 81 82 Benefits and expenses paid (169) (165) Fair value of plan assets at end of year $ 2,995 $ 2,678 Change in benefit obligation: Benefit obligation at beginning of year $ 1,832 $ 1,745 Service cost for benefits earned 61 56 Interest cost 63 76 Actuarial (gain) loss (1) (14) 22 Benefits and expenses paid (149) (150) Federal subsidy on benefits paid 3 2 Plan participant contributions 80 81 Benefit obligation at end of year $ 1,876 $ 1,832 Funded Status: (2) Noncurrent asset $ 1,153 $ 879 Noncurrent liability (34) (33) Net asset at end of year $ 1,119 $ 846 (1) The actuarial gain for the year ended December 31, 2020 was primarily due to favorable changes in the demographic and medical cost assumptions, offset by a decrease in the discount rate used to measure the projected benefit obligation. The actuarial loss for the year ended December 31, 2019 was primarily due to a decrease in the discount rate used to measure the projected benefit obligation, offset by favorable changes in the demographic assumptions and the elimination of excise tax. (2) At December 31, 2020 and 2019, the postretirement medical plan was in an overfunded position and the postretirement life insurance plan was in an underfunded position. The projected benefit obligation and the fair value of plan assets for the postretirement life insurance plan were $377 million and $343 million as of December 31, 2020, and $337 million and $305 million as of December 31, 2019, respectively. There was no material difference between PG&E Corporation and the Utility for the information disclosed above. Components of Net Periodic Benefit Cost PG&E Corporation and the Utility sponsor a non-contributory defined benefit pension plan and cash balance plan. Both plans are included in “Pension Benefits” below. Post-retirement medical and life insurance plans are included in “Other Benefits” below. Net periodic benefit cost as reflected in PG&E Corporation’s Consolidated Statements of Income was as follows: Pension Plan (in millions) 2020 2019 2018 Service cost for benefits earned (1) $ 530 $ 443 $ 514 Interest cost 713 758 687 Expected return on plan assets (1,044) (906) (1,021) Amortization of prior service cost (6) (6) (6) Amortization of net actuarial loss 3 3 5 Net periodic benefit cost 196 292 179 Less: transfer to regulatory account (2) 136 42 157 Total expense recognized $ 332 $ 334 $ 336 (1) A portion of service costs are capitalized pursuant to ASU 2017-07. (2) The Utility recorded these amounts to a regulatory account as they are probable of recovery from customers in future rates. Postretirement Benefits Other than Pensions (in millions) 2020 2019 2018 Service cost for benefits earned (1) $ 61 $ 56 $ 66 Interest cost 63 76 69 Expected return on plan assets (138) (123) (130) Amortization of prior service cost 14 14 14 Amortization of net actuarial loss (21) (3) (5) Net periodic benefit cost $ (21) $ 20 $ 14 (1) A portion of service costs are capitalized pursuant to ASU 2017-07. Non-service costs are reflected in Other income, net on the Consolidated Statements of Income. Service costs are reflected in Operating and maintenance on the Consolidated Statements of Income. There was no material difference between PG&E Corporation and the Utility for the information disclosed above. Components of Accumulated Other Comprehensive Income PG&E Corporation and the Utility record unrecognized prior service costs and unrecognized gains and losses related to pension and post-retirement benefits other than pension as components of accumulated other comprehensive income, net of tax. In addition, regulatory adjustments are recorded in the Consolidated Statements of Income and Consolidated Balance Sheets to reflect the difference between expense or income calculated in accordance with GAAP for accounting purposes and expense or income for ratemaking purposes, which is based on authorized plan contributions. For pension benefits, a regulatory asset or liability is recorded for amounts that would otherwise be recorded to accumulated other comprehensive income. For post-retirement benefits other than pension, the Utility generally records a regulatory liability for amounts that would otherwise be recorded to accumulated other comprehensive income. As the Utility is unable to record a regulatory asset for these other benefits, the charge remains in accumulated other comprehensive income (loss). Valuation Assumptions The following weighted average year-end actuarial assumptions were used in determining the plans’ projected benefit obligations and net benefit costs. Pension Plan PBOP Plans December 31, December 31, 2020 2019 2018 2020 2019 2018 Discount rate 2.77 % 3.46 % 4.35 % 2.67 - 2.80% 3.37 - 3.47% 4.29 - 4.37% Rate of future compensation increases 3.80 % 3.90 % 3.90 % N/A N/A N/A Expected return on plan assets 5.10 % 5.70 % 6.00 % 3.10 - 6.10% 3.50 - 6.60% 3.60 - 6.80% Interest crediting rate for cash balance plan 1.95 % 2.11 % 3.15 % N/A N/A N/A The assumed health care cost trend rate as of December 31, 2020 was 6.3%, gradually decreasing to the ultimate trend rate of approximately 4.5% in 2028 and beyond. Expected rates of return on plan assets were developed by estimating future stock and bond returns and then applying these returns to the target asset allocations of the employee benefit plan trusts, resulting in a weighted average rate of return on plan assets. Returns on fixed-income debt investments were projected based on real maturity and credit spreads added to a long-term inflation rate. Returns on equity investments were projected based on estimates of dividend yield and real earnings growth added to a long-term inflation rate. For the pension plan, the assumed return of 5.1% compares to a ten-year actual return of 9.6%. The rate used to discount pension benefits and other benefits was based on a yield curve developed from market data of over approximately 835 Aa-grade non-callable bonds at December 31, 2020. This yield curve has discount rates that vary based on the duration of the obligations. The estimated future cash flows for the pension benefits and other benefit obligations were matched to the corresponding rates on the yield curve to derive a weighted average discount rate. Investment Policies and Strategies The financial position of PG&E Corporation’s and the Utility’s funded status is the difference between the fair value of plan assets and projected benefit obligations. Volatility in funded status occurs when asset values change differently from liability values and can result in fluctuations in costs in financial reporting, as well as the amount of minimum contributions required under the Employee Retirement Income Security Act of 1974, as amended. PG&E Corporation’s and the Utility’s investment policies and strategies are designed to increase the ratio of trust assets to plan liabilities at an acceptable level of funded status volatility. The trusts’ asset allocations are meant to manage volatility, reduce costs, and diversify its holdings. Interest rate, credit, and equity risk are the key determinants of PG&E Corporation’s and the Utility’s funded status volatility. In addition to affecting the trusts’ fixed income portfolio market values, interest rate changes also influence liability valuations as discount rates move with current bond yields. To manage volatility, PG&E Corporation’s and the Utility’s trusts hold significant allocations in long maturity fixed-income investments. Although they contribute to funded status volatility, equity investments are held to reduce long-term funding costs due to their higher expected return. Real assets and absolute return investments are held to diversify the trust’s holdings in equity and fixed-income investments by exhibiting returns with low correlation to the direction of these markets. Real assets include commodities futures, global real estate investment trusts (“REITS”), global listed infrastructure equities, and private real estate funds. Absolute return investments include hedge fund portfolios. Derivative instruments such as equity index futures are used to meet target equity exposure. Derivative instruments, such as equity index futures and U.S. treasury futures, are also used to rebalance the fixed income/equity allocation of the pension’s portfolio. Foreign currency exchange contracts are used to hedge a portion of the non U.S. dollar exposure of global equity investments. The target asset allocation percentages for major categories of trust assets for pension and other benefit plans are as follows: Pension Plan PBOP Plans 2021 2020 2019 2021 2020 2019 Global equity securities 30 % 30 % 29 % 36 % 28 % 33 % Absolute return 2 % 2 % 5 % 1 % 2 % 3 % Real assets 8 % 8 % 8 % 5 % 8 % 6 % Fixed-income securities 60 % 60 % 58 % 58 % 62 % 58 % Total 100 % 100 % 100 % 100 % 100 % 100 % PG&E Corporation and the Utility apply a risk management framework for managing the risks associated with employee benefit plan trust assets. The guiding principles of this risk management framework are the clear articulation of roles and responsibilities, appropriate delegation of authority, and proper accountability and documentation. Trust investment policies and investment manager guidelines include provisions designed to ensure prudent diversification, manage risk through appropriate use of physical direct asset holdings and derivative securities, and identify permitted and prohibited investments. Fair Value Measurements The following tables present the fair value of plan assets for pension and other benefits plans by major asset category at December 31, 2020 and 2019. Fair Value Measurements At December 31, 2020 2019 (in millions) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Pension Plan: Short-term investments $ 334 $ 408 $ — $ 742 $ 613 $ 231 $ — $ 844 Global equity securities 1,875 — — 1,875 1,650 — — 1,650 Absolute Return 1 1 — 2 — 1 — 1 Real assets 517 — — 517 548 1 — 549 Fixed-income securities 2,467 7,154 12 9,633 2,227 6,413 15 8,655 Assets measured at NAV — — — 8,224 — — — 6,937 Total $ 5,194 $ 7,563 $ 12 $ 20,993 $ 5,038 $ 6,646 $ 15 $ 18,636 PBOP Plans: Short-term investments $ 37 $ — $ — $ 37 $ 37 $ — $ — $ 37 Global equity securities 173 — — 173 151 — — 151 Real assets 54 — — 54 58 — — 58 Fixed-income securities 481 715 1 1,197 193 875 1 1,069 Assets measured at NAV — — — 1,549 — — — 1,373 Total $ 745 $ 715 $ 1 $ 3,010 $ 439 $ 875 $ 1 $ 2,688 Total plan assets at fair value $ 24,003 $ 21,324 In addition to the total plan assets disclosed at fair value in the table above, the trusts had other net liabilities of $249 million and other net liabilities of $99 million at December 31, 2020 and 2019, respectively, comprised primarily of cash, accounts receivable, deferred taxes, and accounts payable. Valuation Techniques The following describes the valuation techniques used to measure the fair value of the assets and liabilities shown in the table above. All investments that are valued using a net asset value per share can be redeemed quarterly with a notice not to exceed 90 days. Short-Term Investments Short-term investments consist primarily of commingled funds across government, credit, and asset-backed sectors. These securities are categorized as Level 1 and Level 2 assets. Global Equity securities The global equity category includes investments in common stock and equity-index futures. Equity investments in common stock are actively traded on public exchanges and are therefore considered Level 1 assets. These equity investments are generally valued based on unadjusted prices in active markets for identical securities. Equity-index futures are valued based on unadjusted prices in active markets and are Level 1 assets. Real Assets The real asset category includes portfolios of commodity futures, global REITS, global listed infrastructure equities, and private real estate funds. The commodity futures, global REITS, and global listed infrastructure equities are actively traded on a public exchange and are therefore considered Level 1 assets. Fixed-Income securities Fixed-income securities are primarily composed of U.S. government and agency securities, municipal securities, and other fixed-income securities, including corporate debt securities. U.S. government and agency securities primarily consist of U.S. Treasury securities that are classified as Level 1 because the fair value is determined by observable market prices in active markets. A market approach is generally used to estimate the fair value of debt securities classified as Level 2 using evaluated pricing data such as broker quotes, for similar securities adjusted for observable differences. Significant inputs used in the valuation model generally include benchmark yield curves and issuer spreads. The external credit ratings, coupon rate, and maturity of each security are considered in the valuation model, as applicable. Assets Measured at NAV Using Practical Expedient Investments in the trusts that are measured at fair value using the NAV per share practical expedient have not been classified in the fair value hierarchy tables above. The fair value amounts are included in the tables above in order to reconcile to the amounts presented in the Consolidated Balance Sheets. These investments include commingled funds that are composed of equity securities traded publicly on exchanges as well as fixed-income securities that are composed primarily of U.S. government securities, asset-backed securities, and private real estate funds. There are no restrictions on the terms and conditions upon which the investments may be redeemed. Transfers Between Levels No material transfers between levels occurred in the years ended December 31, 2020 and 2019. Level 3 Reconciliation The following table is a reconciliation of changes in the fair value of instruments for the pension plan that have been classified as Level 3 for the years ended December 31, 2020 and 2019: (in millions) For the year ended December 31, 2020 Fixed-Income Balance at beginning of year $ 15 Actual return on plan assets: Relating to assets still held at the reporting date 2 Relating to assets sold during the period (3) Purchases, issuances, sales, and settlements: Purchases 11 Settlements (13) Balance at end of year $ 12 (in millions) For the year ended December 31, 2019 Fixed-Income Balance at beginning of year $ 8 Actual return on plan assets: Relating to assets still held at the reporting date — Relating to assets sold during the period — Purchases, issuances, sales, and settlements: Purchases 11 Settlements (4) Balance at end of year $ 15 There were no material transfers out of Level 3 in 2020 and 2019. Cash Flow Information Employer Contributions PG&E Corporation and the Utility contributed $343 million to the pension benefit plans and $26 million to the other benefit plans in 2020. These contributions are consistent with PG&E Corporation’s and the Utility’s funding policy, which is to contribute amounts that are tax-deductible and consistent with applicable regulatory decisions and federal minimum funding requirements. None of these pension or other benefits were subject to a minimum funding requirement requiring a cash contribution in 2020. The Utility’s pension benefits met all the funding requirements under Employee Retirement Income Security Act. PG&E Corporation and the Utility expect to make total contributions of approximately $327 million and $15 million to the pension plan and other postretirement benefit plans, respectively, for 2021. Benefits Payments and Receipts As of December 31, 2020, the estimated benefits expected to be paid and the estimated federal subsidies expected to be received in each of the next five fiscal years, and in aggregate for the five fiscal years thereafter, are as follows: (in millions) Pension PBOP Federal 2021 831 85 (6) 2022 913 89 (6) 2023 948 92 (6) 2024 980 93 (7) 2025 1,009 95 (7) Thereafter in the succeeding five years 5,375 471 (41) There were no material differences between the estimated benefits expected to be paid by PG&E Corporation and paid by the Utility for the years presented above. There were also no material differences between the estimated subsidies expected to be received by PG&E Corporation and received by the Utility for the years presented above. Retirement Savings Plan PG&E Corporation sponsors a retirement savings plan, which qualifies as a 401(k) defined contribution benefit plan under the Internal Revenue Code 1986, as amended. This plan permits eligible employees to make pre-tax and after-tax contributions into the plan, and provide for employer contributions to be made to eligible participants. Total expenses recognized for defined contribution benefit plans reflected in PG&E Corporation’s Consolidated Statements of Income were $119 million, $109 million, and $105 million in 2020, 2019, and 2018, respectively. Beginning January 1, 2019 PG&E Corporation changed its default matching contributions under its 401(k) plan from PG&E Corporation common stock to cash. Beginning in March 2019, at PG&E Corporation’s directive, the 401(k) plan trustee began purchasing new shares in the PG&E Corporation common stock fund on the open market rather than directly from PG&E Corporation. There were no material differences between the employer contribution expense for PG&E Corporation and the Utility for the years presented above. |
RELATED PARTY AGREEMENTS AND TR
RELATED PARTY AGREEMENTS AND TRANSACTIONS | 12 Months Ended |
Dec. 31, 2020 | |
Related Party Transactions [Abstract] | |
RELATED PARTY AGREEMENTS AND TRANSACTIONS | RELATED PARTY AGREEMENTS AND TRANSACTIONS The Utility and other subsidiaries provide and receive various services to and from their parent, PG&E Corporation, and among themselves. The Utility and PG&E Corporation exchange administrative and professional services in support of operations. Services provided directly to PG&E Corporation by the Utility are priced at the higher of fully loaded cost (i.e., direct cost of good or service and allocation of overhead costs) or fair market value, depending on the nature of the services. Services provided directly to the Utility by PG&E Corporation are generally priced at the lower of fully loaded cost or fair market value, depending on the nature and value of the services. PG&E Corporation also allocates various corporate administrative and general costs to the Utility and other subsidiaries using agreed-upon allocation factors, including the number of employees, operating and maintenance expenses, total assets, and other cost allocation methodologies. Management believes that the methods used to allocate expenses are reasonable and meet the reporting and accounting requirements of its regulatory agencies. The Utility’s significant related party transactions were: Year Ended December 31, (in millions) 2020 2019 2018 Utility revenues from: Administrative services provided to PG&E Corporation $ 3 $ 4 $ 4 Utility expenses from: Administrative services received from PG&E Corporation $ 108 $ 107 $ 94 Utility employee benefit due to PG&E Corporation 34 42 76 |
WILDFIRE-RELATED CONTINGENCIES
WILDFIRE-RELATED CONTINGENCIES | 12 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
WILDFIRE-RELATED CONTINGENCIES | WILDFIRE-RELATED CONTINGENCIES PG&E Corporation and the Utility have significant contingencies arising from their operations, including contingencies related to wildfires. A provision for a loss contingency is recorded when it is both probable that a liability has been incurred and the amount of the liability can be reasonably estimated. PG&E Corporation and the Utility evaluate which potential liabilities are probable and the related range of reasonably estimated losses and record a charge that reflects their best estimate or the lower end of the range, if there is no better estimate. The assessment of whether a loss is probable or reasonably possible, and whether the loss or a range of losses is estimable, often involves a series of complex judgments about future events. Loss contingencies are reviewed quarterly, and estimates are adjusted to reflect the impact of all known information, such as negotiations, discovery, settlements and payments, rulings, advice of legal counsel, and other information and events pertaining to a particular matter. PG&E Corporation’s and the Utility’s provision for loss and expense excludes anticipated legal costs, which are expensed as incurred. PG&E Corporation’s and the Utility’s financial condition, results of operations, liquidity, and cash flows may be materially affected by the outcome of the following matters. 2015 Butte Fire In September 2015, a wildfire (the “2015 Butte fire”) ignited and spread in Amador and Calaveras Counties in Northern California. Cal Fire concluded that the 2015 Butte fire was caused when a gray pine tree contacted the Utility’s electric line, which ignited portions of the tree, and determined that the failure by the Utility and/or its vegetation management contractors, ACRT Inc. and Trees, Inc., to identify certain potential hazards during its vegetation management program ultimately led to the failure of the tree. During the quarter ended September 30, 2020, the remaining 2015 Butte fire claims were satisfied and discharged in accordance with the Plan. See “Pre-Petition Wildfire-Related Claims and Discharge Upon Plan Effective Date” and “District Attorneys’ Office Investigations” below for more information on the 2015 Butte fire. 2018 Camp Fire and 2017 Northern California Wildfires Background According to Cal Fire, on November 8, 2018 at approximately 6:33 a.m., a wildfire began near the city of Paradise, Butte County, California (the “2018 Camp fire”), which is located in the Utility’s service territory. Cal Fire’s Camp Fire Incident Information Website as of November 15, 2019 (the “Cal Fire website”) indicated that the 2018 Camp fire consumed 153,336 acres. On the Cal Fire website, Cal Fire reported 85 fatalities and the destruction of 18,804 structures resulting from the 2018 Camp fire. Beginning on October 8, 2017, multiple wildfires spread through Northern California, including Napa, Sonoma, Butte, Humboldt, Mendocino, Lake, Nevada, and Yuba Counties, as well as in the area surrounding Yuba City (the “2017 Northern California wildfires”). According to the Cal Fire California Statewide Fire Summary dated October 30, 2017, at the peak of the 2017 Northern California wildfires, there were 21 major fires that, in total, burned over 245,000 acres and destroyed an estimated 8,900 structures. The 2017 Northern California wildfires resulted in 44 fatalities. PG&E Corporation and the Utility were subject to numerous claims in connection with the 2018 Camp fire and 2017 Northern California wildfires. These included claims by various groups of wildfire victims, including individual plaintiffs, holders of insurance subrogation claims, and various federal, state and local entities. During the quarter ended September 30, 2020, these claims were satisfied and discharged in accordance with the Plan, as described below. Pre-petition Wildfire-Related Claims and Discharge Upon Plan Effective Date Pre-petition wildfire-related claims on the Consolidated Financial Statements include amounts associated with the 2018 Camp fire, the 2017 Northern California wildfires, and the 2015 Butte fire. On July 1, 2020, pursuant to the Plan, PG&E Corporation and the Utility funded the Fire Victim Trust with $5.4 billion in cash (with an additional $1.35 billion to be funded on a deferred basis), 477 million shares of common stock of PG&E Corporation (representing 22.19% of the outstanding common stock of PG&E Corporation as of the Effective Date (subject to potential adjustments)), plus the assignment of certain rights and causes of action. Additionally, as a result of the Additional Units Issuance, on August 3, 2020, PG&E Corporation made an equity contribution of 748,415 shares to the Utility which delivered such additional shares of common stock to the Fire Victim Trust pursuant to an anti-dilution provision in the Fire Victim Trust Assignment Agreement. In accordance with the Plan and the Confirmation Order, as a result of such funding, all Fire Victim Claims have been fully and finally satisfied, released and discharged and channeled to the Fire Victim Trust with no recourse to PG&E Corporation or the Utility. Accordingly, $12.15 billion of the $13.5 billion liability as of June 30, 2020 was extinguished in the third quarter of 2020, and the remaining $1.35 billion will be paid out under the terms of the Tax Benefits Payment Agreement, as described in Note 2 under the heading “Significant Bankruptcy Court Actions.” On January 15, 2021, the Utility paid approximately $758 million of the $1.35 billion, pursuant to the Tax Benefits Payment Agreement. On July 1, 2020, PG&E Corporation and the Utility funded the Subrogation Wildfire Trust for the benefit of holders of Subrogation Claims in the amount of $11.0 billion in cash and paid approximately $43 million in respect of professional fees of such claimants, for a total of approximately $52 million for subrogation wildfire claimants’ professional fees. Such amount was initially funded into escrow and later paid to the Subrogation Wildfire Trust. In accordance with the Plan and the Confirmation Order, as a result of such funding, all Subrogation Claims have been satisfied, released and discharged and channeled to the Subrogation Wildfire Trust with no recourse to PG&E Corporation or the Utility. Accordingly, the $11.0 billion liability accrual for Subrogation Claims and $47.5 million liability for professional fees were extinguished in the third quarter of 2020. On July 1, 2020, PG&E Corporation and the Utility paid $1.0 billion in cash to the Settling Public Entities and established a segregated fund in the amount of $10 million to be used to reimburse the Settling Public Entities for any and all legal fees and costs associated with the defense or resolution of any third party claims against the Settling Public Entities. In accordance with the Plan and the Confirmation Order, as a result of such payments, the $1.0 billion liability for the Public Entity Wildfire Claims (as defined below) was satisfied, released and discharged in the third quarter of 2020. Plan Support Agreements with Public Entities On June 18, 2019, PG&E Corporation and the Utility entered into PSAs with certain local public entities (collectively, the “Supporting Public Entities”) providing for an aggregate of $1.0 billion to be paid by PG&E Corporation and the Utility to such public entities pursuant to the Plan in order to fully and finally settle and discharge such public entities’ claims against PG&E Corporation and the Utility relating to the 2018 Camp fire, 2017 Northern California wildfires and 2015 Butte fire (collectively, “Public Entity Wildfire Claims”). The PSAs also provide that, following the Effective Date, PG&E Corporation and the Utility would create and promptly fund $10 million to a segregated fund to be used by the Supporting Public Entities collectively in connection with the defense or resolution of claims against the Supporting Public Entities by third parties relating to the wildfires noted above (“Third Party Claims”). These elements were incorporated into the Plan which was approved by the Bankruptcy Court in the Confirmation Order. As described in Note 2 under the heading “Significant Bankruptcy Court Actions,” the actions required by each PSA were taken on or around the Effective Date. Restructuring Support Agreement with Holders of Subrogation Claims On September 22, 2019, PG&E Corporation and the Utility entered into the Subrogation RSA. The Subrogation RSA provides for an aggregate amount of $11.0 billion to be paid by PG&E Corporation and the Utility pursuant to the Plan in order to fully and finally settle the Subrogation Claims, upon the terms and conditions set forth in the Subrogation RSA. Under the Subrogation RSA, PG&E Corporation and the Utility also agreed to reimburse the holders of Subrogation Claims for professional fees of up to $55 million, upon the terms and conditions set forth in the Subrogation RSA. As described above under the heading “Pre-petition Wildfire-Related Claims and Discharge Upon Plan Effective Date,” the payments described in the Subrogation RSA were made on the Effective Date. Restructuring Support Agreement with the TCC On December 6, 2019, PG&E Corporation and the Utility entered into the TCC RSA. The TCC RSA (as incorporated into the Plan) provides for, among other things, a combination of cash and common stock of the reorganized PG&E Corporation to be provided by PG&E Corporation and the Utility pursuant to the Plan (together with certain additional rights, the “Aggregate Fire Victim Consideration”) in order to settle and discharge the Fire Victim Claims, upon the terms and conditions set forth in the TCC RSA and the Plan. The Aggregate Fire Victim Consideration that has funded and will fund the Fire Victim Trust pursuant to the Plan for the benefit of holders of the Fire Victim Claims consists of (a) $5.4 billion in cash that was contributed on the Effective Date of the Plan, (b) $1.35 billion in cash consisting of (i) $758 million that was paid in cash on January 15, 2021 and (ii) the remaining balance of $592 million to be paid in cash on or before January 15, 2022, in each case pursuant to the terms of the Tax Benefits Payment Agreement, and (c) an amount of common stock of the reorganized PG&E Corporation valued at 14.9 times Normalized Estimated Net Income (as defined in the TCC RSA), except that the Fire Victim Trust’s share ownership of the reorganized PG&E Corporation would not be less than 20.9% based on the number of fully diluted shares of the reorganized PG&E Corporation outstanding as of the Effective Date of the Plan, assuming the Utility’s allowed ROE as of the date of the TCC RSA. Under certain circumstances, including certain change of control transactions and in connection with the monetization of certain tax benefits related to the payment of wildfire-related claims, the payments described in clause (b) will be accelerated and payable upon an earlier date. The Aggregate Fire Victim Consideration also included (1) the assignment by PG&E Corporation and the Utility to the Fire Victim Trust of certain rights and causes of action related to the 2015 Butte fire, the 2017 Northern California wildfires and the 2018 Camp fire (together, the “Fires”) that PG&E Corporation and the Utility may have against certain third parties and (2) the assignment of rights under the 2015 insurance policies to resolve any claims related to the Fires in those policy years, other than the rights of PG&E Corporation and the Utility to be reimbursed under the 2015 insurance policies for claims submitted to and paid by PG&E Corporation and the Utility prior to the Petition Date to resolve any claims related to the Fires in those policy years. Pursuant to a stipulation approved by the Bankruptcy Court on June 12, 2020, PG&E Corporation and the Utility and the TCC, and the trustee of the Fire Victim Trust agreed that the percentage ownership of the Fire Victim Trust would be 22.19% of the outstanding shares of the PG&E Corporation on the Effective Date, subject to potential adjustments. As described above under the heading “Pre-petition Wildfire-Related Claims and Discharge Upon Plan Effective Date,” the funding to be made pursuant to the TCC RSA and the Plan was made on the Effective Date. 2019 Kincade Fire According to Cal Fire, on October 23, 2019 at approximately 9:27 p.m., a wildfire began northeast of Geyserville in Sonoma County, California (the “2019 Kincade fire”), located in the service territory of the Utility. The Cal Fire Kincade Fire Incident Update dated November 20, 2019, 11:02 a.m. Pacific Time (the “incident update”) indicated that the 2019 Kincade fire had consumed 77,758 acres. In the incident update, Cal Fire reported no fatalities and four first responder injuries. The incident update also indicates the following: structures destroyed, 374 (consisting of 174 residential structures, 11 commercial structures and 189 other structures); and structures damaged, 60 (consisting of 35 residential structures, one commercial structure and 24 other structures). In connection with the 2019 Kincade fire, state and local officials issued numerous mandatory evacuation orders and evacuation warnings at various times for certain areas of the region. Based on County of Sonoma information, PG&E Corporation and the Utility understand that the geographic zones subject to either a mandatory evacuation order or an evacuation warning between October 23, 2019 and November 4, 2019 included approximately 200,000 persons. On October 23, 2019, by 3:00 p.m. Pacific Time, the Utility had conducted a PSPS event and turned off the power to approximately 27,837 customers in Sonoma County, including Geyserville and the surrounding area. As part of the PSPS, the Utility’s distribution lines in these areas were deenergized. Following the Utility’s established and CPUC-approved PSPS protocols and procedures, transmission lines in these areas remained energized. The Utility has submitted electric incident reports to the CPUC indicating that: • at approximately 9:19 p.m. Pacific Time on October 23, 2019, the Utility became aware of a transmission level outage on the Geysers #9 Lakeville 230 kV line when the line relayed and did not reclose; • various generating facilities on the Geysers #9 Lakeville 230 kV line detected the disturbance and separated at approximately the same time; • at approximately 9:21 p.m. Pacific Time, the PG&E Grid Control Center received a report that a fire had started in an area near transmission tower 001/006; • at approximately 7:30 a.m. Pacific Time on October 24, 2019, a responding Utility troubleman patrolling the Geysers #9 Lakeville 230 kV line observed that Cal Fire had taped off the area around the base of transmission tower 001/006 in the area of the 2019 Kincade fire; and • on site Cal Fire personnel brought to the troubleman’s attention what appeared to be a broken jumper on the same tower. On July 16, 2020, Cal Fire issued a press release addressing the cause of the 2019 Kincade fire. The press release stated that Cal Fire has determined that “the Kincade Fire was caused by electrical transmission lines owned and operated by Pacific Gas and Electric (PG&E) located northeast of Geyserville. Tinder dry vegetation and strong winds combined with low humidity and warm temperatures contributed to extreme rates of fire spread.” Cal Fire also indicated that its investigative report has been forwarded to the Sonoma County District Attorney’s Office, which is investigating the matter. On September 25, 2020, the Utility entered into a tolling agreement with the Sonoma County District Attorney’s Office in which the Utility agreed to waive any applicable statute of limitations for violations related to the Kincade fire that would otherwise have expired on or about October 23, 2020, for a period of six months, until April 23, 2021. On February 24, 2021, the Sonoma County District Attorney’s Office sent a search warrant to the Utility through its counsel in connection with the investigation. The Utility expects to produce documents and respond to other requests for information in connection with the investigation and the search warrant. PG&E Corporation and the Utility are also conducting their own investigation into the cause of the 2019 Kincade fire. This investigation is preliminary, and PG&E Corporation and the Utility do not have access to all of the evidence in the possession of Cal Fire or other third parties. Potential liabilities related to the 2019 Kincade fire depend on various factors, including but not limited to the cause of the fire, contributing causes of the fire (including alternative potential origins, weather- and climate-related issues), the number, size and type of structures damaged or destroyed, the contents of such structures and other personal property damage, the number and types of trees damaged or destroyed, attorneys’ fees for claimants, the nature and extent of any personal injuries, the amount of fire suppression and clean-up costs, other damages the Utility may be responsible for if found negligent, and the amount of any penalties, fines, or restitution that may be imposed by governmental entities. If the Utility’s facilities, such as its electric distribution and transmission lines, are judicially determined to be the substantial cause of the 2019 Kincade fire, and the doctrine of inverse condemnation applies, the Utility could be liable for property damage, business interruption, interest and attorneys’ fees without having been found negligent. California courts have imposed liability under the doctrine of inverse condemnation in legal actions brought by property holders against utilities on the grounds that losses borne by the person whose property was damaged through a public use undertaking should be spread across the community that benefited from such undertaking, and based on the assumption that utilities have the ability to recover these costs from their customers. Further, California courts have determined that the doctrine of inverse condemnation is applicable regardless of whether the CPUC ultimately allows recovery by the utility for any such costs. The CPUC may decide not to authorize cost recovery even if a court decision were to determine that the Utility is liable as a result of the application of the doctrine of inverse condemnation. (See “Loss Recoveries – Regulatory Recovery” below for further information regarding potential cost recovery related to the wildfires.) In light of the current state of the law concerning inverse condemnation and the information currently available to PG&E Corporation and the Utility, including the information contained in the electric incident reports, Cal Fire’s determination of the cause, and other information gathered as part of PG&E Corporation’s and the Utility’s investigation, PG&E Corporation and the Utility believe it is probable that they will incur a loss in connection with the 2019 Kincade fire. Accordingly, PG&E Corporation and the Utility recorded a charge for potential losses in connection with the 2019 Kincade fire in the amount of $625 million for the year ended December 31, 2020 (before available insurance). The aggregate liability of $625 million for claims in connection with the 2019 Kincade fire (before available insurance) corresponds to the lower end of the range of PG&E Corporation’s and the Utility’s reasonably estimable range of losses and is subject to change based on additional information. The $625 million estimate does not include, among other things: (i) any amounts for potential penalties or fines that may be imposed by governmental entities on PG&E Corporation or the Utility, (ii) any punitive damages, (iii) any amounts in respect of compensation claims by Federal or state agencies other than state fire suppression costs, (iv) evacuation costs or (v) any other amounts that are not reasonably estimable. The Utility believes it will continue to receive additional information from potential claimants as litigation or resolution efforts progress. Any such additional information may potentially allow PG&E Corporation and the Utility to refine such estimate and may result in changes to the accrual depending on the information provided. PG&E Corporation and the Utility currently believe that it is reasonably possible that the amount of loss could be greater than $625 million (before available insurance) but are unable to reasonably estimate the additional loss and the upper end of the range because, as described above, there are a number of unknown facts and legal considerations that may impact the amount of any potential liability, including the total scope and nature of claims that may be asserted against PG&E Corporation and the Utility. If the liability for the 2019 Kincade fire were to exceed $1.0 billion, it is possible the Utility would be eligible to make a claim to the Wildfire Fund under AB 1054 for such excess amount, subject to the 40% limitation on claims arising before emergence from bankruptcy. PG&E Corporation and the Utility intend to continue to review the available information and other information as it becomes available, including evidence in Cal Fire’s possession, evidence from or held by other parties, claims that have not yet been submitted, and additional information about the nature and extent of potential damages. The process for estimating losses associated with potential claims related to the 2019 Kincade fire requires management to exercise significant judgment based on a number of assumptions and subjective factors, including the factors identified above and estimates based on currently available information and prior experience with wildfires. As more information becomes available, management estimates and assumptions regarding the potential financial impact of the 2019 Kincade fire may change. The Utility has liability insurance from various insurers, which provides coverage for third-party liability attributable to the Kincade fire in an aggregate amount of $430 million. The Utility records insurance recoveries when it is deemed probable that recovery will occur, and the Utility can reasonably estimate the amount or its range. As of December 31, 2020, the Utility has recorded an insurance receivable for the full amount of the $430 million. While the Utility plans to seek recovery of all insured losses, it is unable to predict the ultimate amount and timing of such insurance recoveries. PG&E Corporation and the Utility have received data requests from the SED relating to the 2019 Kincade fire and have responded to all data requests received to date. The Sonoma County District Attorney’s Office is currently investigating the fire and various other entities may also be investigating the fire. It is uncertain when the investigations will be complete. As of February 24, 2021, PG&E Corporation and the Utility are aware of 22 complaints on behalf of approximately 504 plaintiffs related to the 2019 Kincade fire and expect that they may receive further such complaints. The complaints were filed in the California Superior Court for the County of Sonoma and the California Superior Court for the County of San Francisco and include claims based on multiple theories of liability, including inverse condemnation, negligence, violations of the Public Utilities Code, violations of the Health & Safety Code, premises liability, trespass, public nuisance and private nuisance. The plaintiffs in each action principally assert that PG&E Corporation’s and the Utility’s alleged failure to properly maintain, inspect and de-energize their transmission lines was the cause of the 2019 Kincade fire. The plaintiffs seek damages that include property damage, economic loss, punitive damages, exemplary damages, attorneys’ fees and other damages. On December 3, 2020, PG&E Corporation and the Utility filed a petition with the California Judicial Council to coordinate the litigation. The petition requests that the cases be coordinated in Sonoma County Superior Court. On December 18, 2020, certain plaintiffs filed a brief in support of PG&E Corporation’s and the Utility’s petition. On December 21, 2020, January 4, 2021 and January 27, 2021, certain plaintiffs filed briefs that supported coordination but requested that the cases be coordinated in San Francisco County Superior Court. On February 2, 2021, pursuant to authorization from the California Judicial Council, a judge of the Sonoma County Superior Court was assigned to serve as the coordination motion judge to decide whether the aforementioned actions should be coordinated and, if so, recommend where the coordinated proceeding should take place. A hearing is scheduled for April 2, 2021. In addition to claims for property damage, business interruption, interest and attorneys’ fees, PG&E Corporation and the Utility could be liable for fire suppression costs, evacuation costs, medical expenses, personal injury damages, punitive damages and other damages under other theories of liability, including if PG&E Corporation or the Utility were found to have been negligent. 2020 Zogg Fire According to Cal Fire, on September 27, 2020, a wildfire began in the area of Zogg Mine Road and Jenny Bird Lane, north of Igo in Shasta County, California (the “2020 Zogg fire”), located in the service territory of the Utility. The Cal Fire Zogg fire Incident Update dated October 16, 2020, 3:08 p.m. Pacific Time (the “incident update”), indicated that the 2020 Zogg fire had consumed 56,338 acres. The incident update reported four fatalities and one injury. The incident update also indicated that 27 structures were damaged and 204 structures were destroyed. Of the 204 structures destroyed, 63 were single family homes, according to a damage inspection report available from the Shasta County Department of Resource Management. On October 9, 2020, the Utility submitted an electric incident report to the CPUC indicating that: • wildfire camera and satellite data on September 27, 2020 show smoke, heat or signs of fire in the area of Zogg Mine Road and Jenny Bird Lane between approximately 2:43 p.m. and 2:46 p.m. Pacific Time; • according to Utility records, on September 27, 2020, a SmartMeter and a line recloser serving the area of Zogg Mine Road and Jenny Bird Lane reported alarms and other activity starting at approximately 2:40 p.m. until 3:06 p.m. Pacific Time when the line recloser de-energized a portion of the Girvan 1101 12 kV circuit, a distribution line that serves that area; • the data currently available to the Utility do not establish the causes of the activity on the Girvan 1101 circuit or the locations of these causes; • on October 9, 2020, Cal Fire informed the Utility that they had taken possession of Utility equipment as part of Cal Fire’s ongoing investigation into the cause of the 2020 Zogg fire and allowed the Utility access to the area; and • Cal Fire has not issued a determination as to the cause. The cause of the 2020 Zogg fire remains under investigation by Cal Fire, and PG&E Corporation and the Utility are cooperating with its investigation. PG&E Corporation and the Utility have received and are responding to data requests from the SED relating to the 2020 Zogg fire. The Shasta County District Attorney’s Office is investigating the fire, and various other entities, which may include other law enforcement agencies, may also be investigating the fire. It is uncertain when any such investigations will be complete. PG&E Corporation and the Utility are also conducting their own investigation into the cause of the 2020 Zogg fire. This investigation is preliminary, and PG&E Corporation and the Utility do not have access to the evidence in the possession of Cal Fire or other third parties. Potential liabilities related to the 2020 Zogg fire depend on various factors, including but not limited to the cause of the fire, contributing causes of the fire (including alternative potential origins, weather- and climate-related issues), the number, size and type of structures damaged or destroyed, the contents of such structures and other personal property damage, the number and types of trees damaged or destroyed, attorneys’ fees for claimants, the nature and extent of any personal injuries, including the loss of lives, the amount of fire suppression and clean-up costs, other damages the Utility may be responsible for if found negligent, and the amount of any penalties, fines, or restitution that may be imposed by governmental entities. Based on the current state of the law concerning inverse condemnation in California and the facts and circumstances available to PG&E Corporation and the Utility as of the date of this filing, including the information gathered as part of PG&E Corporation’s and the Utility’s investigation, PG&E Corporation and the Utility believe it is probable that they will incur a loss in connection with the 2020 Zogg fire and accordingly recorded a pre-tax charge in the amount of $275 million for the quarter ending December 31, 2020 (before available insurance). If the Utility’s facilities, such as its electric distribution lines, are judicially determined to be the substantial cause of the Zogg fire, and the doctrine of inverse condemnation applies, the Utility could be liable for property damage, business interruption, interest and attorneys’ fees without having been found negligent. For more information regarding the inverse condemnation doctrine, see “2019 Kincade Fire” above. The aggregate liability of $275 million for claims in connection with the 2020 Zogg fire (before available insurance) corresponds to the lower end of the range of PG&E Corporation’s and the Utility’s reasonably estimable range of losses, and is subject to change based on additional information. This $275 million estimate does not include, among other things: (i) any amounts for potential penalties or fines that may be imposed by governmental entities on PG&E Corporation or the Utility, (ii) any punitive damages, (iii) any amounts in respect of compensation claims by federal, state, county and local government entities or agencies other than state fire suppression costs, or (iv) any other amounts that are not reasonably estimable. PG&E Corporation and the Utility currently believe that it is reasonably possible that the amount of the loss will be greater than $275 million and are unable to reasonably estimate the additional loss and the upper end of the range because, as described above, there are a number of unknown facts and legal considerations that may impact the amount of any potential liability, including the total scope and nature of claims that may be asserted against PG&E Corporation and the Utility. If the liability for the 2020 Zogg fire were to exceed $1.0 billion, it is possible the Utility would be eligible to make a claim to the Wildfire Fund under AB 1054 for such excess amount. PG&E Corporation and the Utility intend to continue to review the available information and other information as it becomes available, including evidence in Cal Fire’s possession, evidence from or held by other parties, claims that have not yet been submitted, and additional information about the nature and extent of personal and business property damages and losses, the nature, number and severity of personal injuries, and information made available through the discovery process. In particular, PG&E Corporation and the Utility have not had access to all of the evidence obtained by Cal Fire or other third parties. The process for estimating losses associated with potential claims related to the 2020 Zogg fire requires management to exercise significant judgment based on a number of assumptions and subjective factors, including the factors identified above and estimates based on currently available information and prior experience with wildfires. As more information becomes available, management estimates and assumptions regarding the potential financial impact of the 2020 Zogg fire may change. The Utility has liability insurance from various insurers, which provides coverage for third-party liability attributable to the 2020 Zogg fire in an aggregate amount of $867.5 million. The Utility records insurance recoveries when it is deemed probable that recovery will occur, and the Utility can reasonably estimate the amount or its range. As of December 31, 2020, the Utility has recorded an insurance receivable for $219 million for probable insurance recoveries in connection with the 2020 Zogg fire, which equals the $275 million probable loss estimate less an initial self-insured retention of $60 million, |
OTHER CONTINGENCIES AND COMMITM
OTHER CONTINGENCIES AND COMMITMENTS | 12 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
OTHER CONTINGENCIES AND COMMITMENTS | WILDFIRE-RELATED CONTINGENCIES PG&E Corporation and the Utility have significant contingencies arising from their operations, including contingencies related to wildfires. A provision for a loss contingency is recorded when it is both probable that a liability has been incurred and the amount of the liability can be reasonably estimated. PG&E Corporation and the Utility evaluate which potential liabilities are probable and the related range of reasonably estimated losses and record a charge that reflects their best estimate or the lower end of the range, if there is no better estimate. The assessment of whether a loss is probable or reasonably possible, and whether the loss or a range of losses is estimable, often involves a series of complex judgments about future events. Loss contingencies are reviewed quarterly, and estimates are adjusted to reflect the impact of all known information, such as negotiations, discovery, settlements and payments, rulings, advice of legal counsel, and other information and events pertaining to a particular matter. PG&E Corporation’s and the Utility’s provision for loss and expense excludes anticipated legal costs, which are expensed as incurred. PG&E Corporation’s and the Utility’s financial condition, results of operations, liquidity, and cash flows may be materially affected by the outcome of the following matters. 2015 Butte Fire In September 2015, a wildfire (the “2015 Butte fire”) ignited and spread in Amador and Calaveras Counties in Northern California. Cal Fire concluded that the 2015 Butte fire was caused when a gray pine tree contacted the Utility’s electric line, which ignited portions of the tree, and determined that the failure by the Utility and/or its vegetation management contractors, ACRT Inc. and Trees, Inc., to identify certain potential hazards during its vegetation management program ultimately led to the failure of the tree. During the quarter ended September 30, 2020, the remaining 2015 Butte fire claims were satisfied and discharged in accordance with the Plan. See “Pre-Petition Wildfire-Related Claims and Discharge Upon Plan Effective Date” and “District Attorneys’ Office Investigations” below for more information on the 2015 Butte fire. 2018 Camp Fire and 2017 Northern California Wildfires Background According to Cal Fire, on November 8, 2018 at approximately 6:33 a.m., a wildfire began near the city of Paradise, Butte County, California (the “2018 Camp fire”), which is located in the Utility’s service territory. Cal Fire’s Camp Fire Incident Information Website as of November 15, 2019 (the “Cal Fire website”) indicated that the 2018 Camp fire consumed 153,336 acres. On the Cal Fire website, Cal Fire reported 85 fatalities and the destruction of 18,804 structures resulting from the 2018 Camp fire. Beginning on October 8, 2017, multiple wildfires spread through Northern California, including Napa, Sonoma, Butte, Humboldt, Mendocino, Lake, Nevada, and Yuba Counties, as well as in the area surrounding Yuba City (the “2017 Northern California wildfires”). According to the Cal Fire California Statewide Fire Summary dated October 30, 2017, at the peak of the 2017 Northern California wildfires, there were 21 major fires that, in total, burned over 245,000 acres and destroyed an estimated 8,900 structures. The 2017 Northern California wildfires resulted in 44 fatalities. PG&E Corporation and the Utility were subject to numerous claims in connection with the 2018 Camp fire and 2017 Northern California wildfires. These included claims by various groups of wildfire victims, including individual plaintiffs, holders of insurance subrogation claims, and various federal, state and local entities. During the quarter ended September 30, 2020, these claims were satisfied and discharged in accordance with the Plan, as described below. Pre-petition Wildfire-Related Claims and Discharge Upon Plan Effective Date Pre-petition wildfire-related claims on the Consolidated Financial Statements include amounts associated with the 2018 Camp fire, the 2017 Northern California wildfires, and the 2015 Butte fire. On July 1, 2020, pursuant to the Plan, PG&E Corporation and the Utility funded the Fire Victim Trust with $5.4 billion in cash (with an additional $1.35 billion to be funded on a deferred basis), 477 million shares of common stock of PG&E Corporation (representing 22.19% of the outstanding common stock of PG&E Corporation as of the Effective Date (subject to potential adjustments)), plus the assignment of certain rights and causes of action. Additionally, as a result of the Additional Units Issuance, on August 3, 2020, PG&E Corporation made an equity contribution of 748,415 shares to the Utility which delivered such additional shares of common stock to the Fire Victim Trust pursuant to an anti-dilution provision in the Fire Victim Trust Assignment Agreement. In accordance with the Plan and the Confirmation Order, as a result of such funding, all Fire Victim Claims have been fully and finally satisfied, released and discharged and channeled to the Fire Victim Trust with no recourse to PG&E Corporation or the Utility. Accordingly, $12.15 billion of the $13.5 billion liability as of June 30, 2020 was extinguished in the third quarter of 2020, and the remaining $1.35 billion will be paid out under the terms of the Tax Benefits Payment Agreement, as described in Note 2 under the heading “Significant Bankruptcy Court Actions.” On January 15, 2021, the Utility paid approximately $758 million of the $1.35 billion, pursuant to the Tax Benefits Payment Agreement. On July 1, 2020, PG&E Corporation and the Utility funded the Subrogation Wildfire Trust for the benefit of holders of Subrogation Claims in the amount of $11.0 billion in cash and paid approximately $43 million in respect of professional fees of such claimants, for a total of approximately $52 million for subrogation wildfire claimants’ professional fees. Such amount was initially funded into escrow and later paid to the Subrogation Wildfire Trust. In accordance with the Plan and the Confirmation Order, as a result of such funding, all Subrogation Claims have been satisfied, released and discharged and channeled to the Subrogation Wildfire Trust with no recourse to PG&E Corporation or the Utility. Accordingly, the $11.0 billion liability accrual for Subrogation Claims and $47.5 million liability for professional fees were extinguished in the third quarter of 2020. On July 1, 2020, PG&E Corporation and the Utility paid $1.0 billion in cash to the Settling Public Entities and established a segregated fund in the amount of $10 million to be used to reimburse the Settling Public Entities for any and all legal fees and costs associated with the defense or resolution of any third party claims against the Settling Public Entities. In accordance with the Plan and the Confirmation Order, as a result of such payments, the $1.0 billion liability for the Public Entity Wildfire Claims (as defined below) was satisfied, released and discharged in the third quarter of 2020. Plan Support Agreements with Public Entities On June 18, 2019, PG&E Corporation and the Utility entered into PSAs with certain local public entities (collectively, the “Supporting Public Entities”) providing for an aggregate of $1.0 billion to be paid by PG&E Corporation and the Utility to such public entities pursuant to the Plan in order to fully and finally settle and discharge such public entities’ claims against PG&E Corporation and the Utility relating to the 2018 Camp fire, 2017 Northern California wildfires and 2015 Butte fire (collectively, “Public Entity Wildfire Claims”). The PSAs also provide that, following the Effective Date, PG&E Corporation and the Utility would create and promptly fund $10 million to a segregated fund to be used by the Supporting Public Entities collectively in connection with the defense or resolution of claims against the Supporting Public Entities by third parties relating to the wildfires noted above (“Third Party Claims”). These elements were incorporated into the Plan which was approved by the Bankruptcy Court in the Confirmation Order. As described in Note 2 under the heading “Significant Bankruptcy Court Actions,” the actions required by each PSA were taken on or around the Effective Date. Restructuring Support Agreement with Holders of Subrogation Claims On September 22, 2019, PG&E Corporation and the Utility entered into the Subrogation RSA. The Subrogation RSA provides for an aggregate amount of $11.0 billion to be paid by PG&E Corporation and the Utility pursuant to the Plan in order to fully and finally settle the Subrogation Claims, upon the terms and conditions set forth in the Subrogation RSA. Under the Subrogation RSA, PG&E Corporation and the Utility also agreed to reimburse the holders of Subrogation Claims for professional fees of up to $55 million, upon the terms and conditions set forth in the Subrogation RSA. As described above under the heading “Pre-petition Wildfire-Related Claims and Discharge Upon Plan Effective Date,” the payments described in the Subrogation RSA were made on the Effective Date. Restructuring Support Agreement with the TCC On December 6, 2019, PG&E Corporation and the Utility entered into the TCC RSA. The TCC RSA (as incorporated into the Plan) provides for, among other things, a combination of cash and common stock of the reorganized PG&E Corporation to be provided by PG&E Corporation and the Utility pursuant to the Plan (together with certain additional rights, the “Aggregate Fire Victim Consideration”) in order to settle and discharge the Fire Victim Claims, upon the terms and conditions set forth in the TCC RSA and the Plan. The Aggregate Fire Victim Consideration that has funded and will fund the Fire Victim Trust pursuant to the Plan for the benefit of holders of the Fire Victim Claims consists of (a) $5.4 billion in cash that was contributed on the Effective Date of the Plan, (b) $1.35 billion in cash consisting of (i) $758 million that was paid in cash on January 15, 2021 and (ii) the remaining balance of $592 million to be paid in cash on or before January 15, 2022, in each case pursuant to the terms of the Tax Benefits Payment Agreement, and (c) an amount of common stock of the reorganized PG&E Corporation valued at 14.9 times Normalized Estimated Net Income (as defined in the TCC RSA), except that the Fire Victim Trust’s share ownership of the reorganized PG&E Corporation would not be less than 20.9% based on the number of fully diluted shares of the reorganized PG&E Corporation outstanding as of the Effective Date of the Plan, assuming the Utility’s allowed ROE as of the date of the TCC RSA. Under certain circumstances, including certain change of control transactions and in connection with the monetization of certain tax benefits related to the payment of wildfire-related claims, the payments described in clause (b) will be accelerated and payable upon an earlier date. The Aggregate Fire Victim Consideration also included (1) the assignment by PG&E Corporation and the Utility to the Fire Victim Trust of certain rights and causes of action related to the 2015 Butte fire, the 2017 Northern California wildfires and the 2018 Camp fire (together, the “Fires”) that PG&E Corporation and the Utility may have against certain third parties and (2) the assignment of rights under the 2015 insurance policies to resolve any claims related to the Fires in those policy years, other than the rights of PG&E Corporation and the Utility to be reimbursed under the 2015 insurance policies for claims submitted to and paid by PG&E Corporation and the Utility prior to the Petition Date to resolve any claims related to the Fires in those policy years. Pursuant to a stipulation approved by the Bankruptcy Court on June 12, 2020, PG&E Corporation and the Utility and the TCC, and the trustee of the Fire Victim Trust agreed that the percentage ownership of the Fire Victim Trust would be 22.19% of the outstanding shares of the PG&E Corporation on the Effective Date, subject to potential adjustments. As described above under the heading “Pre-petition Wildfire-Related Claims and Discharge Upon Plan Effective Date,” the funding to be made pursuant to the TCC RSA and the Plan was made on the Effective Date. 2019 Kincade Fire According to Cal Fire, on October 23, 2019 at approximately 9:27 p.m., a wildfire began northeast of Geyserville in Sonoma County, California (the “2019 Kincade fire”), located in the service territory of the Utility. The Cal Fire Kincade Fire Incident Update dated November 20, 2019, 11:02 a.m. Pacific Time (the “incident update”) indicated that the 2019 Kincade fire had consumed 77,758 acres. In the incident update, Cal Fire reported no fatalities and four first responder injuries. The incident update also indicates the following: structures destroyed, 374 (consisting of 174 residential structures, 11 commercial structures and 189 other structures); and structures damaged, 60 (consisting of 35 residential structures, one commercial structure and 24 other structures). In connection with the 2019 Kincade fire, state and local officials issued numerous mandatory evacuation orders and evacuation warnings at various times for certain areas of the region. Based on County of Sonoma information, PG&E Corporation and the Utility understand that the geographic zones subject to either a mandatory evacuation order or an evacuation warning between October 23, 2019 and November 4, 2019 included approximately 200,000 persons. On October 23, 2019, by 3:00 p.m. Pacific Time, the Utility had conducted a PSPS event and turned off the power to approximately 27,837 customers in Sonoma County, including Geyserville and the surrounding area. As part of the PSPS, the Utility’s distribution lines in these areas were deenergized. Following the Utility’s established and CPUC-approved PSPS protocols and procedures, transmission lines in these areas remained energized. The Utility has submitted electric incident reports to the CPUC indicating that: • at approximately 9:19 p.m. Pacific Time on October 23, 2019, the Utility became aware of a transmission level outage on the Geysers #9 Lakeville 230 kV line when the line relayed and did not reclose; • various generating facilities on the Geysers #9 Lakeville 230 kV line detected the disturbance and separated at approximately the same time; • at approximately 9:21 p.m. Pacific Time, the PG&E Grid Control Center received a report that a fire had started in an area near transmission tower 001/006; • at approximately 7:30 a.m. Pacific Time on October 24, 2019, a responding Utility troubleman patrolling the Geysers #9 Lakeville 230 kV line observed that Cal Fire had taped off the area around the base of transmission tower 001/006 in the area of the 2019 Kincade fire; and • on site Cal Fire personnel brought to the troubleman’s attention what appeared to be a broken jumper on the same tower. On July 16, 2020, Cal Fire issued a press release addressing the cause of the 2019 Kincade fire. The press release stated that Cal Fire has determined that “the Kincade Fire was caused by electrical transmission lines owned and operated by Pacific Gas and Electric (PG&E) located northeast of Geyserville. Tinder dry vegetation and strong winds combined with low humidity and warm temperatures contributed to extreme rates of fire spread.” Cal Fire also indicated that its investigative report has been forwarded to the Sonoma County District Attorney’s Office, which is investigating the matter. On September 25, 2020, the Utility entered into a tolling agreement with the Sonoma County District Attorney’s Office in which the Utility agreed to waive any applicable statute of limitations for violations related to the Kincade fire that would otherwise have expired on or about October 23, 2020, for a period of six months, until April 23, 2021. On February 24, 2021, the Sonoma County District Attorney’s Office sent a search warrant to the Utility through its counsel in connection with the investigation. The Utility expects to produce documents and respond to other requests for information in connection with the investigation and the search warrant. PG&E Corporation and the Utility are also conducting their own investigation into the cause of the 2019 Kincade fire. This investigation is preliminary, and PG&E Corporation and the Utility do not have access to all of the evidence in the possession of Cal Fire or other third parties. Potential liabilities related to the 2019 Kincade fire depend on various factors, including but not limited to the cause of the fire, contributing causes of the fire (including alternative potential origins, weather- and climate-related issues), the number, size and type of structures damaged or destroyed, the contents of such structures and other personal property damage, the number and types of trees damaged or destroyed, attorneys’ fees for claimants, the nature and extent of any personal injuries, the amount of fire suppression and clean-up costs, other damages the Utility may be responsible for if found negligent, and the amount of any penalties, fines, or restitution that may be imposed by governmental entities. If the Utility’s facilities, such as its electric distribution and transmission lines, are judicially determined to be the substantial cause of the 2019 Kincade fire, and the doctrine of inverse condemnation applies, the Utility could be liable for property damage, business interruption, interest and attorneys’ fees without having been found negligent. California courts have imposed liability under the doctrine of inverse condemnation in legal actions brought by property holders against utilities on the grounds that losses borne by the person whose property was damaged through a public use undertaking should be spread across the community that benefited from such undertaking, and based on the assumption that utilities have the ability to recover these costs from their customers. Further, California courts have determined that the doctrine of inverse condemnation is applicable regardless of whether the CPUC ultimately allows recovery by the utility for any such costs. The CPUC may decide not to authorize cost recovery even if a court decision were to determine that the Utility is liable as a result of the application of the doctrine of inverse condemnation. (See “Loss Recoveries – Regulatory Recovery” below for further information regarding potential cost recovery related to the wildfires.) In light of the current state of the law concerning inverse condemnation and the information currently available to PG&E Corporation and the Utility, including the information contained in the electric incident reports, Cal Fire’s determination of the cause, and other information gathered as part of PG&E Corporation’s and the Utility’s investigation, PG&E Corporation and the Utility believe it is probable that they will incur a loss in connection with the 2019 Kincade fire. Accordingly, PG&E Corporation and the Utility recorded a charge for potential losses in connection with the 2019 Kincade fire in the amount of $625 million for the year ended December 31, 2020 (before available insurance). The aggregate liability of $625 million for claims in connection with the 2019 Kincade fire (before available insurance) corresponds to the lower end of the range of PG&E Corporation’s and the Utility’s reasonably estimable range of losses and is subject to change based on additional information. The $625 million estimate does not include, among other things: (i) any amounts for potential penalties or fines that may be imposed by governmental entities on PG&E Corporation or the Utility, (ii) any punitive damages, (iii) any amounts in respect of compensation claims by Federal or state agencies other than state fire suppression costs, (iv) evacuation costs or (v) any other amounts that are not reasonably estimable. The Utility believes it will continue to receive additional information from potential claimants as litigation or resolution efforts progress. Any such additional information may potentially allow PG&E Corporation and the Utility to refine such estimate and may result in changes to the accrual depending on the information provided. PG&E Corporation and the Utility currently believe that it is reasonably possible that the amount of loss could be greater than $625 million (before available insurance) but are unable to reasonably estimate the additional loss and the upper end of the range because, as described above, there are a number of unknown facts and legal considerations that may impact the amount of any potential liability, including the total scope and nature of claims that may be asserted against PG&E Corporation and the Utility. If the liability for the 2019 Kincade fire were to exceed $1.0 billion, it is possible the Utility would be eligible to make a claim to the Wildfire Fund under AB 1054 for such excess amount, subject to the 40% limitation on claims arising before emergence from bankruptcy. PG&E Corporation and the Utility intend to continue to review the available information and other information as it becomes available, including evidence in Cal Fire’s possession, evidence from or held by other parties, claims that have not yet been submitted, and additional information about the nature and extent of potential damages. The process for estimating losses associated with potential claims related to the 2019 Kincade fire requires management to exercise significant judgment based on a number of assumptions and subjective factors, including the factors identified above and estimates based on currently available information and prior experience with wildfires. As more information becomes available, management estimates and assumptions regarding the potential financial impact of the 2019 Kincade fire may change. The Utility has liability insurance from various insurers, which provides coverage for third-party liability attributable to the Kincade fire in an aggregate amount of $430 million. The Utility records insurance recoveries when it is deemed probable that recovery will occur, and the Utility can reasonably estimate the amount or its range. As of December 31, 2020, the Utility has recorded an insurance receivable for the full amount of the $430 million. While the Utility plans to seek recovery of all insured losses, it is unable to predict the ultimate amount and timing of such insurance recoveries. PG&E Corporation and the Utility have received data requests from the SED relating to the 2019 Kincade fire and have responded to all data requests received to date. The Sonoma County District Attorney’s Office is currently investigating the fire and various other entities may also be investigating the fire. It is uncertain when the investigations will be complete. As of February 24, 2021, PG&E Corporation and the Utility are aware of 22 complaints on behalf of approximately 504 plaintiffs related to the 2019 Kincade fire and expect that they may receive further such complaints. The complaints were filed in the California Superior Court for the County of Sonoma and the California Superior Court for the County of San Francisco and include claims based on multiple theories of liability, including inverse condemnation, negligence, violations of the Public Utilities Code, violations of the Health & Safety Code, premises liability, trespass, public nuisance and private nuisance. The plaintiffs in each action principally assert that PG&E Corporation’s and the Utility’s alleged failure to properly maintain, inspect and de-energize their transmission lines was the cause of the 2019 Kincade fire. The plaintiffs seek damages that include property damage, economic loss, punitive damages, exemplary damages, attorneys’ fees and other damages. On December 3, 2020, PG&E Corporation and the Utility filed a petition with the California Judicial Council to coordinate the litigation. The petition requests that the cases be coordinated in Sonoma County Superior Court. On December 18, 2020, certain plaintiffs filed a brief in support of PG&E Corporation’s and the Utility’s petition. On December 21, 2020, January 4, 2021 and January 27, 2021, certain plaintiffs filed briefs that supported coordination but requested that the cases be coordinated in San Francisco County Superior Court. On February 2, 2021, pursuant to authorization from the California Judicial Council, a judge of the Sonoma County Superior Court was assigned to serve as the coordination motion judge to decide whether the aforementioned actions should be coordinated and, if so, recommend where the coordinated proceeding should take place. A hearing is scheduled for April 2, 2021. In addition to claims for property damage, business interruption, interest and attorneys’ fees, PG&E Corporation and the Utility could be liable for fire suppression costs, evacuation costs, medical expenses, personal injury damages, punitive damages and other damages under other theories of liability, including if PG&E Corporation or the Utility were found to have been negligent. 2020 Zogg Fire According to Cal Fire, on September 27, 2020, a wildfire began in the area of Zogg Mine Road and Jenny Bird Lane, north of Igo in Shasta County, California (the “2020 Zogg fire”), located in the service territory of the Utility. The Cal Fire Zogg fire Incident Update dated October 16, 2020, 3:08 p.m. Pacific Time (the “incident update”), indicated that the 2020 Zogg fire had consumed 56,338 acres. The incident update reported four fatalities and one injury. The incident update also indicated that 27 structures were damaged and 204 structures were destroyed. Of the 204 structures destroyed, 63 were single family homes, according to a damage inspection report available from the Shasta County Department of Resource Management. On October 9, 2020, the Utility submitted an electric incident report to the CPUC indicating that: • wildfire camera and satellite data on September 27, 2020 show smoke, heat or signs of fire in the area of Zogg Mine Road and Jenny Bird Lane between approximately 2:43 p.m. and 2:46 p.m. Pacific Time; • according to Utility records, on September 27, 2020, a SmartMeter and a line recloser serving the area of Zogg Mine Road and Jenny Bird Lane reported alarms and other activity starting at approximately 2:40 p.m. until 3:06 p.m. Pacific Time when the line recloser de-energized a portion of the Girvan 1101 12 kV circuit, a distribution line that serves that area; • the data currently available to the Utility do not establish the causes of the activity on the Girvan 1101 circuit or the locations of these causes; • on October 9, 2020, Cal Fire informed the Utility that they had taken possession of Utility equipment as part of Cal Fire’s ongoing investigation into the cause of the 2020 Zogg fire and allowed the Utility access to the area; and • Cal Fire has not issued a determination as to the cause. The cause of the 2020 Zogg fire remains under investigation by Cal Fire, and PG&E Corporation and the Utility are cooperating with its investigation. PG&E Corporation and the Utility have received and are responding to data requests from the SED relating to the 2020 Zogg fire. The Shasta County District Attorney’s Office is investigating the fire, and various other entities, which may include other law enforcement agencies, may also be investigating the fire. It is uncertain when any such investigations will be complete. PG&E Corporation and the Utility are also conducting their own investigation into the cause of the 2020 Zogg fire. This investigation is preliminary, and PG&E Corporation and the Utility do not have access to the evidence in the possession of Cal Fire or other third parties. Potential liabilities related to the 2020 Zogg fire depend on various factors, including but not limited to the cause of the fire, contributing causes of the fire (including alternative potential origins, weather- and climate-related issues), the number, size and type of structures damaged or destroyed, the contents of such structures and other personal property damage, the number and types of trees damaged or destroyed, attorneys’ fees for claimants, the nature and extent of any personal injuries, including the loss of lives, the amount of fire suppression and clean-up costs, other damages the Utility may be responsible for if found negligent, and the amount of any penalties, fines, or restitution that may be imposed by governmental entities. Based on the current state of the law concerning inverse condemnation in California and the facts and circumstances available to PG&E Corporation and the Utility as of the date of this filing, including the information gathered as part of PG&E Corporation’s and the Utility’s investigation, PG&E Corporation and the Utility believe it is probable that they will incur a loss in connection with the 2020 Zogg fire and accordingly recorded a pre-tax charge in the amount of $275 million for the quarter ending December 31, 2020 (before available insurance). If the Utility’s facilities, such as its electric distribution lines, are judicially determined to be the substantial cause of the Zogg fire, and the doctrine of inverse condemnation applies, the Utility could be liable for property damage, business interruption, interest and attorneys’ fees without having been found negligent. For more information regarding the inverse condemnation doctrine, see “2019 Kincade Fire” above. The aggregate liability of $275 million for claims in connection with the 2020 Zogg fire (before available insurance) corresponds to the lower end of the range of PG&E Corporation’s and the Utility’s reasonably estimable range of losses, and is subject to change based on additional information. This $275 million estimate does not include, among other things: (i) any amounts for potential penalties or fines that may be imposed by governmental entities on PG&E Corporation or the Utility, (ii) any punitive damages, (iii) any amounts in respect of compensation claims by federal, state, county and local government entities or agencies other than state fire suppression costs, or (iv) any other amounts that are not reasonably estimable. PG&E Corporation and the Utility currently believe that it is reasonably possible that the amount of the loss will be greater than $275 million and are unable to reasonably estimate the additional loss and the upper end of the range because, as described above, there are a number of unknown facts and legal considerations that may impact the amount of any potential liability, including the total scope and nature of claims that may be asserted against PG&E Corporation and the Utility. If the liability for the 2020 Zogg fire were to exceed $1.0 billion, it is possible the Utility would be eligible to make a claim to the Wildfire Fund under AB 1054 for such excess amount. PG&E Corporation and the Utility intend to continue to review the available information and other information as it becomes available, including evidence in Cal Fire’s possession, evidence from or held by other parties, claims that have not yet been submitted, and additional information about the nature and extent of personal and business property damages and losses, the nature, number and severity of personal injuries, and information made available through the discovery process. In particular, PG&E Corporation and the Utility have not had access to all of the evidence obtained by Cal Fire or other third parties. The process for estimating losses associated with potential claims related to the 2020 Zogg fire requires management to exercise significant judgment based on a number of assumptions and subjective factors, including the factors identified above and estimates based on currently available information and prior experience with wildfires. As more information becomes available, management estimates and assumptions regarding the potential financial impact of the 2020 Zogg fire may change. The Utility has liability insurance from various insurers, which provides coverage for third-party liability attributable to the 2020 Zogg fire in an aggregate amount of $867.5 million. The Utility records insurance recoveries when it is deemed probable that recovery will occur, and the Utility can reasonably estimate the amount or its range. As of December 31, 2020, the Utility has recorded an insurance receivable for $219 million for probable insurance recoveries in connection with the 2020 Zogg fire, which equals the $275 million probable loss estimate less an initial self-insured retention of $60 million, |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2020 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | SUBSEQUENT EVENTS Sale of Transmission Tower Wireless Licenses On February 16, 2021, the Utility granted to a subsidiary of SBA Communications Corporation (such subsidiary, “SBA”) an exclusive license enabling SBA to sublicense and market wireless communications equipment attachment locations (“Cell Sites”) on more than 700 of the Utility’s electric transmission towers, telecommunications towers, monopoles, buildings or other structures (collectively, the “Effective Date Towers”) to wireless telecommunication carriers (“Carriers”) for attachment of wireless communications equipment, as contemplated by a Master Transaction Agreement (the “Transaction Agreement”) dated February 2, 2021, between the Utility and SBA. Pursuant to the Transaction Agreement, the Utility also assigned to SBA license agreements between the Utility and Carriers for substantially all of the existing Cell Sites on the Effective Date Towers. The exclusive license was granted pursuant to a Master Multi-Site License Agreement (the “License Agreement”) between the Utility and SBA. The term of the License Agreement is for 100 years. The Utility has the right to terminate the license for individual Cell Sites for certain regulatory or utility operational reasons, with a corresponding payment to SBA. Pursuant to the License Agreement, SBA is entitled to the sublicensing revenue generated by new sublicenses of Cell Sites on the Effective Date Towers, subject to the Utility’s right to a percentage of such sublicensing revenue. In exchange for the exclusive license and entry into the License Agreement, SBA agreed to pay the Utility a purchase price of $973 million, subject to customary adjustments. SBA paid the Utility $954 million of such purchase price at the closing pursuant to the Transaction Agreement, which also contemplates the post-closing assignment of additional specified Cell Sites to SBA upon the satisfaction of certain terms and conditions, for which SBA will make additional purchase price payments to the Utility. The closing settlement also reflected an adjustment for an estimated amount of payments received by the Utility from Carriers in the pre-closing period that are allocable to licenses in the post-closing period, resulting in initial cash proceeds of $945 million. The purchase price is subject to further adjustment pursuant to the terms of the Transaction Agreement. The Utility and SBA also entered into a Master Transmission Tower Site License Agreement (the “Tower Site Agreement”), pursuant to which SBA received the exclusive rights to sublicense and market potential additional attachment locations on approximately 28,000 of the Utility’s other electric transmission towers to Carriers for attachment of wireless communications equipment. The Tower Site Agreement provides for a split of license fees from Carriers between the Utility and SBA. The Tower Site Agreement has a licensing period of up to 15 years, depending on SBA’s achievement of certain performance metrics, and any sites licensed during such licensing period will continue to be subject to the Tower Site Agreement for the same term as the License Agreement. |
SCHEDULE I _ CONDENSED FINANCIA
SCHEDULE I – CONDENSED FINANCIAL INFORMATION OF PARENT | 12 Months Ended |
Dec. 31, 2020 | |
Condensed Financial Information Disclosure [Abstract] | |
SCHEDULE I – CONDENSED FINANCIAL INFORMATION OF PARENT | PG&E CORPORATION SCHEDULE I — CONDENSED FINANCIAL INFORMATION OF PARENT CONDENSED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME Years Ended December 31, (in millions, except per share amounts) 2020 2019 2018 Administrative service revenue $ 127 $ 138 $ 90 Operating expenses (103) (114) (91) Interest income — 1 2 Interest expense (149) (21) (15) Other income (expense) 13 10 (2) Reorganization items, net (1,649) (26) — Equity in earnings of subsidiaries 411 (7,622) (6,832) Loss before income taxes (1,350) (7,634) (6,848) Income tax provision (benefit) (46) 8 3 Net loss $ (1,304) $ (7,642) $ (6,851) Other Comprehensive Income (Loss) Pension and other postretirement benefit plans obligations (net of taxes of $7, $0, and $2, at respective dates) $ (17) $ (1) $ 4 Total other comprehensive income (loss) (17) (1) 4 Comprehensive Loss $ (1,321) $ (7,643) $ (6,847) Weighted Average Common Shares Outstanding, Basic 1,257 528 517 Weighted Average Common Shares Outstanding, Diluted 1,257 528 513 Net loss per common share, basic $ (1.05) $ (14.50) $ (13.25) Net loss per common share, diluted $ (1.05) $ (14.50) $ (13.25) PG&E CORPORATION SCHEDULE I — CONDENSED FINANCIAL INFORMATION OF PARENT – (Continued) CONDENSED BALANCE SHEETS Balance at December 31, (in millions) 2020 2019 ASSETS Current Assets Cash and cash equivalents $ 223 $ 448 Advances to affiliates 48 120 Income taxes receivable 12 12 Other current assets 13 11 Total current assets 296 591 Noncurrent Assets Equipment 2 2 Accumulated depreciation (2) (2) Net equipment — — Investments in subsidiaries 25,244 5,102 Other investments 186 173 Operating lease right of use asset 3 6 Deferred income taxes 237 187 Total noncurrent assets 25,670 5,468 Total Assets $ 25,966 $ 6,059 LIABILITIES AND SHAREHOLDERS’ EQUITY Current Liabilities Long-term debt, classified as current 28 — Accounts payable – other 49 47 Operating lease liabilities 3 3 Other current liabilities 72 3 Total current liabilities 152 53 Noncurrent Liabilities Debtor-in-possession financing 4,624 — Operating lease liabilities — 3 Other noncurrent liabilities 191 58 Total noncurrent liabilities 4,815 61 Liabilities Subject to Compromise — 810 Common Shareholders’ Equity Common stock 30,224 13,038 Reinvested earnings (9,198) (7,893) Accumulated other comprehensive income (loss) (27) (10) Total common shareholders’ equity 20,999 5,135 Total Liabilities and Shareholders’ Equity $ 25,966 $ 6,059 PG&E CORPORATION SCHEDULE I – CONDENSED FINANCIAL INFORMATION OF PARENT – (Continued) CONDENSED STATEMENTS OF CASH FLOWS (in millions) Year ended December 31, 2020 2019 2018 Cash Flows from Operating Activities: Net loss $ (1,304) $ (7,642) $ (6,851) Adjustments to reconcile net income to net cash provided by operating activities: Stock-based compensation amortization 28 43 78 Equity in earnings of subsidiaries (412) 7,622 6,833 Deferred income taxes and tax credits-net (50) — (62) Reorganization items, net (Note 2) 1,548 11 — Current income taxes receivable/payable — 6 9 Liabilities subject to compromise 12 28 — Other 97 (62) 41 Net cash provided by (used in) operating activities (81) 6 48 Cash Flows From Investing Activities: Investment in subsidiaries (12,986) — (45) Net cash used in investing activities (12,986) — (45) Cash Flows From Financing Activities: Debtor-in-possession credit facility debt issuance costs — (16) — Bridge facility financing fees (40) — — Borrowings under revolving credit facility — — 425 Repayments under revolving credit facility — — (125) Net repayments of commercial paper — — (132) Short-term debt financing — — 350 Proceeds from issuance of long-term debt 4,660 — — Repayment of long-term debt (664) — (350) Common stock issued 7,582 85 200 Equity Units issued 1,304 — — Net cash provided by financing activities 12,842 69 368 Net change in cash and cash equivalents (225) 75 371 Cash and cash equivalents at January 1 448 373 2 Cash and cash equivalents at December 31 $ 223 $ 448 $ 373 Supplemental disclosures of cash flow information Cash received (paid) for: Interest, net of amounts capitalized $ (105) $ (3) $ (13) Income taxes, net — — 10 Supplemental disclosures of noncash investing and financing activities Operating lease liabilities arising from obtaining ROU assets $ — $ 9 $ — Common stock issued in satisfaction of liabilities 8,276 — — |
SCHEDULE II _ CONSOLIDATED VALU
SCHEDULE II – CONSOLIDATED VALUATION AND QUALIFYING ACCOUNTS | 12 Months Ended |
Dec. 31, 2020 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
SCHEDULE II – CONSOLIDATED VALUATION AND QUALIFYING ACCOUNTS | PG&E CORPORATION SCHEDULE II – CONSOLIDATED VALUATION AND QUALIFYING ACCOUNTS For the Years Ended December 31, 2020, 2019, and 2018 (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: 2020: Allowance for uncollectible accounts (1) $ 43 $ 138 $ — $ 35 $ 146 2019: Allowance for uncollectible accounts (1) $ 56 $ — $ — $ 13 $ 43 2018: Allowance for uncollectible accounts (1) $ 64 $ 34 $ — $ 42 $ 56 (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, 2020, 2019, and 2018 (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: 2020: Allowance for uncollectible accounts (1) $ 43 $ 138 $ — $ 35 $ 146 2019: Allowance for uncollectible accounts (1) $ 56 $ — $ — $ 13 $ 43 2018: Allowance for uncollectible accounts (1) $ 64 $ 34 $ — $ 42 $ 56 (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. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Basis of Presentation | This is a combined annual report of PG&E Corporation and the Utility. PG&E Corporation’s Consolidated Financial Statements include the accounts of PG&E Corporation, the Utility, and other wholly owned and controlled subsidiaries. The Utility’s 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 Consolidated Financial Statements apply to both PG&E Corporation and the Utility. PG&E Corporation and the Utility assess financial performance and allocate resources on a consolidated basis (i.e., the companies operate in one segment). |
Use of Estimates and Assumptions | 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, AROs, insurance receivables, and pension and other post-retirement benefit plan obligations. Management believes that its estimates and assumptions reflected in the 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. |
Loss Contingencies | Loss Contingencies A provision for a loss contingency is recorded when it is both probable that a liability has been incurred and the amount of the liability can reasonably be estimated. PG&E Corporation and the Utility evaluate which potential liabilities are probable and the related range of reasonably estimated losses and record a charge that reflects their best estimate or the lower end of the range, if there is no better estimate. The assessment of whether a loss is probable or reasonably possible, and whether the loss or a range of losses is estimable, often involves a series of complex judgments about future events. Loss contingencies are reviewed quarterly and estimates are adjusted to reflect the impact of all known information, such as negotiations, discovery, settlements and payments, rulings, advice of legal counsel, and other information and events pertaining to a particular matter. PG&E Corporation’s and the Utility’s provision for loss and expense excludes anticipated legal costs, which are expensed as incurred. |
Regulation and Regulated Operations | Regulation and Regulated Operations The Utility follows accounting principles for rate-regulated entities and collects rates from customers to recover “revenue requirements” that have been authorized by the CPUC or the FERC based on the Utility’s cost of providing service. The Utility’s ability to recover a significant portion of its authorized revenue requirements through rates is generally independent, or “decoupled,” from the volume of the Utility’s electricity and natural gas sales. The Utility records assets and liabilities that result from the regulated ratemaking process that would not be recorded under GAAP for nonregulated entities. The Utility capitalizes and records, as regulatory assets, costs that would otherwise be charged to expense if it is probable that the incurred costs will be recovered in future rates. Regulatory assets are amortized over the future periods in which the costs are recovered. If costs expected to be incurred in the future are currently being recovered through rates, the Utility records those expected future costs as regulatory liabilities. Amounts that are probable of being credited or refunded to customers in the future are also recorded as regulatory liabilities. The Utility also records a regulatory balancing account asset or liability for differences between customer billings and authorized revenue requirements that are probable of recovery or refund. In addition, the Utility records a regulatory balancing account asset or liability for differences between incurred costs and customer billings or authorized revenue meant to recover those costs, to the extent that these differences are probable of recovery or refund. These differences have no impact on net income. See “Revenue Recognition” below. Management continues to believe the use of regulatory accounting is applicable and that all regulatory assets and liabilities are recoverable or refundable. To the extent that portions of the Utility’s operations cease to be subject to cost of service rate regulation, or recovery is no longer probable as a result of changes in regulation or other reasons, the related regulatory assets and liabilities are written off. |
Revenue Recognition | Revenue Recognition Revenue from Contracts with Customers The Utility recognizes revenues when electricity and natural gas services are delivered. The Utility records unbilled revenues for the estimated amount of energy delivered to customers but not yet billed at the end of the period. Unbilled revenues are included in accounts receivable on the Consolidated Balance Sheets. Rates charged to customers are based on CPUC and FERC authorized revenue requirements. Revenues can vary significantly from period to period because of seasonality, weather, and customer usage patterns. Regulatory Balancing Account Revenue The CPUC authorizes most of the Utility’s revenues in the Utility’s GRC and GT&S rate cases, which generally occur every three or four years. The Utility's ability to recover revenue requirements authorized by the CPUC in these rate cases is independent or “decoupled” from the volume of the Utility's sales of electricity and natural gas services. The Utility recognizes revenues that have been authorized for rate recovery, are objectively determinable and probable of recovery, and are expected to be collected within 24 months. Generally, electric and natural gas operating revenue is recognized ratably over the year. The Utility records a balancing account asset or liability for differences between customer billings and authorized revenue requirements that are probable of recovery or refund. The CPUC also has authorized the Utility to collect additional revenue requirements to recover costs that the Utility has been authorized to pass on to customers, including costs to purchase electricity and natural gas, and to fund public purpose, demand response, and customer energy efficiency programs. In general, the revenue recognition criteria for pass-through costs billed to customers are met at the time the costs are incurred. The Utility records a regulatory balancing account asset or liability for differences between incurred costs and customer billings or authorized revenue meant to recover those costs, to the extent that these differences are probable of recovery or refund. As a result, these differences have no impact on net income. |
Cash, Cash Equivalents and Restricted Cash | Cash, Cash Equivalents, and Restricted Cash Cash 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, 2020, the Utility also holds restricted cash that primarily consists of cash held in escrow to be used to pay bankruptcy related professional fees. |
Allowance for Doubtful Accounts Receivable and Credit Losses | Allowance for Doubtful Accounts Receivable and Credit Losses PG&E Corporation and the Utility recognize an allowance for doubtful accounts to record uncollectible customer accounts receivable at estimated net realizable value. The allowance is determined based upon a variety of factors, including historical write-off experience, aging of receivables, current economic conditions, and assessment of customer collectability. In addition, upon adopting ASU 2016-13, PG&E Corporation and the Utility use the current expected credit loss model to estimate the expected lifetime credit loss on financial assets, including trade and other receivables, rather than incurred losses over the remaining life of most financial assets measured at amortized cost. The guidance also requires use of an allowance to record estimated credit losses on available-for-sale debt securities. See “Financial Instruments - Credit Losses” below for more information. |
Inventories | Inventories Inventories are carried at weighted-average cost and include natural gas stored underground as well as materials and supplies. Natural gas stored underground is recorded to inventory when injected and then expensed as the gas is withdrawn for distribution to customers or to be used as fuel for electric generation. Materials and supplies are recorded to inventory when purchased and expensed or capitalized to plant, as appropriate, when consumed or installed. |
Emission Allowances | Emission Allowances The Utility purchases GHG emission allowances to satisfy its compliance obligations. Associated costs are recorded as inventory and included in current assets – other and other noncurrent assets – other on the Consolidated Balance Sheets. Costs are carried at weighted-average and are recoverable through rates. |
Property, Plant, And Equipment | Property, Plant, and Equipment Property, plant, and equipment are reported at the lower of their historical cost less accumulated depreciation or fair value. Historical costs include labor and materials, construction overhead, and AFUDC. (See “AFUDC” below.) The Utility’s total estimated useful lives and balances of its property, plant, and equipment were as follows: Estimated Useful Balance at December 31, (in millions, except estimated useful lives) Lives (years) 2020 2019 Electricity generating facilities (1) 5 to 75 $ 13,751 $ 13,189 Electricity distribution facilities 10 to 70 37,675 35,237 Electricity transmission facilities 15 to 75 15,556 14,281 Natural gas distribution facilities 20 to 60 15,133 14,236 Natural gas transmission and storage facilities 5 to 66 9,002 8,452 Construction work in progress 2,757 2,675 Other 18 18 Total property, plant, and equipment 93,892 88,088 Accumulated depreciation (27,756) (26,453) Net property, plant, and equipment $ 66,136 $ 61,635 (1) Balance includes nuclear fuel inventories. Stored nuclear fuel inventory is stated at weighted-average cost. Nuclear fuel in the reactor is expensed as it is used based on the amount of energy output. (See Note 15 below.) The Utility depreciates property, plant, and equipment using the composite, or group, method of depreciation, in which a single depreciation rate is applied to the gross investment balance in a particular class of property. This method approximates the straight-line method of depreciation over the useful lives of property, plant, and equipment. The Utility’s composite depreciation rates were 3.76% in 2020, 3.80% in 2019, and 3.82% in 2018. The useful lives of the Utility’s property, plant, and equipment are authorized by the CPUC and the FERC, and the depreciation expense is recovered through rates charged to customers. Depreciation expense includes a component for the original cost of assets and a component for estimated cost of future removal, net of any salvage value at retirement. Upon retirement, the original cost of the retired assets, net of salvage value, is charged against accumulated depreciation. The cost of repairs and maintenance, including planned major maintenance activities and minor replacements of property, is charged to operating and maintenance expense as incurred. |
AFUDC | AFUDCAFUDC represents the estimated costs of debt (i.e., interest) and equity funds used to finance regulated plant additions before they go into service and is capitalized as part of the cost of construction. AFUDC is recoverable from customers through rates over the life of the related property once the property is placed in service. AFUDC related to the cost of debt is recorded as a reduction to interest expense. AFUDC related to the cost of equity is recorded in other income. |
Nuclear Decommissioning Obligation | Nuclear Decommissioning Obligation Detailed studies of the cost to decommission the Utility’s nuclear generation facilities are generally conducted every three years in conjunction with the Nuclear Decommissioning Cost Triennial Proceeding conducted by the CPUC. The decommissioning cost estimates are based on the plant location and cost characteristics for the Utility's nuclear power plants. Actual decommissioning costs may vary from these estimates as a result of changes in assumptions such as decommissioning dates; regulatory requirements; technology; and costs of labor, materials, and equipment. The Utility recovers its revenue requirements for decommissioning costs from customers through a non-bypassable charge that the Utility expects will continue until those costs are fully recovered. The total nuclear decommissioning obligation accrued was $5.1 billion and $4.9 billion at December 31, 2020 and 2019, respectively. The estimated undiscounted nuclear decommissioning cost for the Utility’s nuclear power plants was $10.6 billion at December 31, 2020 and 2019. |
Disallowance of Plant Costs | Disallowance of Plant CostsPG&E Corporation and the Utility record a charge when it is both probable that costs incurred or projected to be incurred for recently completed plant will not be recoverable through rates charged to customers and the amount of disallowance can be reasonably estimated. |
Nuclear Decommissioning Trusts | Nuclear Decommissioning Trusts The Utility’s nuclear generation facilities consist of two units at Diablo Canyon and one retired facility at Humboldt Bay. Nuclear decommissioning requires the safe removal of a nuclear generation facility from service and the reduction of residual radioactivity to a level that permits termination of the NRC license and release of the property for unrestricted use. The Utility's nuclear decommissioning costs are recovered from customers through rates and are held in trusts until authorized for release by the CPUC. The Utility classifies its debt investments held in the nuclear decommissioning trusts as available-for-sale. Since the Utility’s nuclear decommissioning trust assets are managed by external investment managers, the Utility does not have the ability to sell its investments at its discretion. Therefore, all unrealized losses are considered other-than-temporary impairments. Gains or losses on the nuclear decommissioning trust investments are refundable or recoverable, respectively, from customers through rates. Therefore, trust earnings are deferred and included in the regulatory liability for recoveries in excess of the ARO. There is no impact on the Utility’s earnings or accumulated other comprehensive income. The cost of debt and equity securities sold by the trust is determined by specific identification. |
Variable Interest Entities | Variable Interest Entities A VIE is an entity that does not have sufficient equity at risk to finance its activities without additional subordinated financial support from other parties, or whose equity investors lack any characteristics of a controlling financial interest. An enterprise that has a controlling financial interest in a VIE is a primary beneficiary and is required to consolidate the VIE. Consolidated VIE The SPV is a bankruptcy remote, limited liability company wholly owned by the Utility, and its assets are not available to creditors of PG&E Corporation or the Utility. Pursuant to the Receivables Securitization Program (as defined in Note 5 below), the Utility sells certain of its receivables and certain related rights to payment and obligations of the Utility with respect to such receivables, and certain other related rights to the SPV, which, in turn, obtains loans secured by the receivables from financial institutions (the “Lenders”). Amounts received from the Lenders, the pledged receivables and the corresponding debt are included in Accounts receivable and Long-term debt, respectively, on the Consolidated Balance Sheets. The aggregate principal amount of the loans made by the Lenders cannot exceed $1.0 billion outstanding at any time. The Receivables Securitization Program is scheduled to terminate on October 5, 2022, unless extended or earlier terminated. The SPV is considered a VIE because its equity capitalization is insufficient to support its operations. The most significant activities that impact the economic performance of the SPV are decisions made to manage receivables. The Utility is considered the primary beneficiary and consolidates the SPV as it makes these decisions. No additional financial support was provided to the SPV during the year ended December 31, 2020 or is expected to be provided in the future that was not previously contractually required. As of December 31, 2020, the SPV has $2.6 billion of net accounts receivable and has outstanding borrowings of $1.0 billion under the Receivables Securitization Program. Non-Consolidated VIEs Some of the counterparties to the Utility’s power purchase agreements are considered VIEs. Each of these VIEs was designed to own a power plant that would generate electricity for sale to the Utility. To determine whether the Utility was the primary beneficiary of any of these VIEs at December 31, 2020, it assessed whether it absorbs any of the VIE’s expected losses or receives any portion of the VIE’s expected residual returns under the terms of the power purchase agreement, analyzed the variability in the VIE’s gross margin, and considered whether it had any decision-making rights associated with the activities that are most significant to the VIE’s performance, such as dispatch rights and operating and maintenance activities. The Utility’s financial obligation is limited to the amount the Utility pays for delivered electricity and capacity. The Utility did not have any decision-making rights associated with any of the activities that are most significant to the economic performance of any of these VIEs. Since the Utility was not the primary beneficiary of any of these VIEs at December 31, 2020, it did not consolidate any of them. |
Recognition of Lease Assets and Liabilities | Recognition of Lease Assets and Liabilities A lease exists when an arrangement allows the lessee to control the use of an identified asset for a stated period in exchange for payments. This determination is made at inception of the arrangement. All leases must be recognized as a ROU asset and a lease liability on the balance sheet of the lessee. The ROU asset reflects the lessee’s right to use the underlying asset for the lease term and the lease liability reflects the obligation to make the lease payments. PG&E Corporation and the Utility have elected not to separate lease and non-lease components. The Utility estimates the ROU assets and lease liabilities at net present value using its incremental secured borrowing rates, unless the implicit discount rate in the leasing arrangement can be ascertained. The incremental secured borrowing rate is based on observed market data and other information available at the lease commencement date. The ROU assets and lease liabilities only include the fixed lease payments for arrangements with terms greater than 12 months. These amounts are presented within the supplemental disclosures of noncash activities on the Consolidated Statement of Cash Flows. Renewal and termination options only impact the lease term if it is reasonably certain that they will be exercised. PG&E Corporation recognizes lease expense on a straight-line basis over the lease term. The Utility recognizes lease expense in conformity with ratemaking. |
Recently Adopted Accounting Standards and Accounting Standards Issued But Not Yet Adopted | Recently Adopted Accounting Standards Intangibles—Goodwill and Other In August 2018, the FASB issued ASU No. 2018-15, Intangibles – Goodwill and Other – Internal - Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract. PG&E Corporation and the Utility adopted the ASU on January 1, 2020. The adoption of this ASU did not have a material impact on the Consolidated Financial Statements and related disclosures. Financial Instruments—Credit Losses In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses On Financial Instruments, which provides a model, known as the current expected credit loss model, to estimate the expected lifetime credit loss on financial assets, including trade and other receivables, rather than incurred losses over the remaining life of most financial assets measured at amortized cost. The guidance also requires use of an allowance to record estimated credit losses on available-for-sale debt securities. PG&E Corporation and the Utility adopted the ASU on January 1, 2020. PG&E Corporation and the Utility have three categories of financial assets in scope, each with their own associated credit risks. In applying the new guidance, PG&E Corporation and the Utility have incorporated forward-looking data in their estimate of credit loss as follows. Trade receivables are represented by customer accounts receivable and have credit exposure risk related to California unemployment rates. Insurance receivables are related to the liability insurance policies PG&E Corporation and the Utility carry. Insurance receivable risk is related to each insurance carrier’s risk of defaulting on their individual policies. Lastly, available-for-sale debt securities requires each company to determine if a decline in fair value is below amortized costs basis, or, impaired. Furthermore, if an impairment exists on available-for-sale debt securities, PG&E Corporation and the Utility will examine if there is an intent to sell, if it is more likely than not a requirement to sell prior to recovery, and if a portion of the unrealized loss is a result of credit loss. As of December 31, 2020, expected credit losses of $150 million were recorded in Operating and maintenance expense on the Consolidated Statements of Income for credit losses associated with trade and other receivables. Of these amounts recorded at December 31, 2020, $76 million and $10 million were deemed probable of recovery and deferred to the CPPMA and a FERC regulatory asset, respectively. Reference Rate Reform In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting , which provides optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. PG&E Corporation and the Utility adopted this ASU on April 1, 2020 and elected the optional amendments for contract modifications prospectively. There was no material impact to PG&E Corporation’s or the Utility’s Consolidated Financial Statements resulting from the adoption of this ASU. Defined Benefit Plans In August 2018, the FASB issued ASU No. 2018-14, Compensation - Retirement Benefits - Defined Benefit Plans - General (Subtopic 715-20): Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans , which amends the existing guidance relating to the disclosure requirements for defined benefit plans. PG&E Corporation and the Utility adopted the ASU as of December 31, 2020. The adoption of ASU 2018-14 resulted in elimination of the disclosures of (i) the amounts in accumulated other comprehensive income expected to be recognized as components of net periodic benefit cost over the next fiscal year and (ii) the effects of a one-percentage-point change in assumed health care cost trend rates on the (1) aggregate of the service and interest cost components of net periodic benefit costs and (2) benefit obligation for postretirement health care benefits. Additionally, the adoption of this ASU resulted in new disclosures of (i) the weighted-average interest crediting rates for cash balance plans and (ii) an explanation of the reasons for significant gains and losses related to changes in the benefit obligation for the period. These amendments have been applied on a retrospective basis to all periods presented. See Note 12 below for further discussion of PG&E Corporation’s and the Utility’s defined benefit pension plans. Accounting Standards Issued But Not Yet Adopted Income Taxes In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes , which amends the existing guidance to reduce complexity relating to Income Tax disclosures. This ASU became effective for PG&E Corporation and the Utility on January 1, 2021 and will not have a material impact on the Consolidated Financial Statements and the related disclosures. Debt In August 2020, the FASB issued ASU No. 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity , which simplifies the accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments and contracts on an entity’s own equity. This ASU will be effective for PG&E Corporation and the Utility on January 1, 2022, with early adoption permitted. PG&E Corporation and the Utility are currently evaluating the impact the guidance will have on their Consolidated Financial Statements and related disclosures. |
Earnings Per Share | PG&E Corporation’s basic EPS is calculated by dividing the income (loss) available for common shareholders by the weighted average number of common shares outstanding. PG&E Corporation applies the treasury stock method of reflecting the dilutive effect of outstanding share-based compensation in the calculation of diluted EPS. |
Fair Value Measurement | PG&E Corporation and the Utility measure their cash equivalents, trust assets and price risk management instruments at fair value. A three-tier fair value hierarchy is established that prioritizes the inputs to valuation methodologies used to measure fair value: • Level 1 – Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. • Level 2 – Other inputs that are directly or indirectly observable in the marketplace. • Level 3 – Unobservable inputs which are supported by little or no market activities. The fair value hierarchy requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. |
BANKRUPTCY FILING (Tables)
BANKRUPTCY FILING (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Reorganizations [Abstract] | |
Schedule Of Liabilities Subject To Compromise | Liabilities subject to compromise as of December 31, 2019 which were settled or reclassified as of December 31, 2020 consist of the following: (in millions) Utility PG&E Corporation (1) December 31, 2019 Change in Estimated Allowed Claim 2020 (2) Cash Reclassified as of June 30, 2020 (3) Utility PG&E Corporation (1) December 31, 2020 Financing debt $ 22,450 $ 666 $ 23,116 $ 351 $ — $ (23,467) $ — $ — $ — Wildfire-related claims 25,548 — 25,548 18 (23) (25,543) — — — Trade creditors (4) 1,183 5 1,188 6 (14) (1,180) — — — Non-qualified benefit plan 20 137 157 — — (157) — — — 2001 bankruptcy disputed claims 234 — 234 4 — (238) — — — Customer deposits & advances 71 — 71 12 — (83) — — — Other 230 2 232 59 — (291) — — — Total Liabilities Subject to Compromise $ 49,736 $ 810 $ 50,546 $ 450 $ (37) $ (50,959) $ — $ — $ — (1) PG&E Corporation amounts reflected under the column “PG&E Corporation” exclude the accounts of the Utility. (2) Change in estimated allowed claim amounts are primarily due to interest accruals with the exception of the “wildfire-related claims,” “customer deposits & advances,” and “other” line items which are mainly due to the adjustment to recorded liabilities. (3) Amounts reclassified as of June 30, 2020 included $8.6 million to Accounts payable - other, $237.6 million to Disputed claims and customer refunds, $1,347.4 million to Interest payable, $21,425.7 million to Long-term debt, $300.0 million to Short-term borrowings, $450.0 million to Long-term debt, classified as current, $301.0 million to Other current liabilities, $97.9 million to Other non-current liabilities, $121.3 million to Pension and other post-retirement benefits, $1,126.9 million to Accounts payable - trade creditors, and $25,542.7 million to Wildfire-related claims on the Condensed Consolidated Balance Sheets. (4) As of February 18, 2021, $5 million and $941 million has been repaid by PG&E Corporation and the Utility, respectively. |
Schedule Of Debtor Reorganization Items | Reorganization items, net for the year ended December 31, 2020 include the following: Year Ended December 31, 2020 (in millions) Utility PG&E Corporation (1) PG&E Corporation Consolidated Debtor-in-possession financing costs $ 6 $ — $ 6 Legal and other (2) 318 1,651 1,969 Interest and other (14) (2) (16) Total reorganization items, net $ 310 $ 1,649 $ 1,959 (1) PG&E Corporation amounts reflected under the column “PG&E Corporation” exclude the accounts of the Utility. (2) Amount includes $1.5 billion in equity backstop premium expense and bridge loan facility fees. Reorganization items, net from the Petition Date through December 31, 2019 include the following: Petition Date Through December 31, 2019 (in millions) Utility PG&E Corporation (1) PG&E Corporation Consolidated Debtor-in-possession financing costs $ 97 $ 17 $ 114 Legal and other 273 19 292 Interest income (50) (10) (60) Total reorganization items, net $ 320 $ 26 $ 346 (1) PG&E Corporation amounts reflected under the column “PG&E Corporation” exclude the accounts of the Utility. |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Summary of Revenues Disaggregated by Type of Customer | The following table presents the Utility’s revenues disaggregated by type of customer: Year Ended (in millions) 2020 2019 Electric Revenue from contracts with customers Residential $ 5,523 $ 4,847 Commercial 4,722 4,756 Industrial 1,530 1,493 Agricultural 1,471 1,106 Public street and highway lighting 69 67 Other (1) (130) 168 Total revenue from contracts with customers - electric 13,185 12,437 Regulatory balancing accounts (2) 673 303 Total electric operating revenue $ 13,858 $ 12,740 Natural gas Revenue from contracts with customers Residential $ 2,517 $ 2,325 Commercial 597 605 Transportation service only 1,211 1,249 Other (1) 61 123 Total revenue from contracts with customers - gas 4,386 4,302 Regulatory balancing accounts (2) 225 87 Total natural gas operating revenue 4,611 4,389 Total operating revenues $ 18,469 $ 17,129 (1) This activity is primarily related to the change in unbilled revenue and amounts subject to refund, partially offset by other miscellaneous revenue items. (2) These amounts represent revenues authorized to be billed or refunded to customers. |
Schedule of Estimated Useful Lives and Balances of Utility's Property, Plant and Equipment | The Utility’s total estimated useful lives and balances of its property, plant, and equipment were as follows: Estimated Useful Balance at December 31, (in millions, except estimated useful lives) Lives (years) 2020 2019 Electricity generating facilities (1) 5 to 75 $ 13,751 $ 13,189 Electricity distribution facilities 10 to 70 37,675 35,237 Electricity transmission facilities 15 to 75 15,556 14,281 Natural gas distribution facilities 20 to 60 15,133 14,236 Natural gas transmission and storage facilities 5 to 66 9,002 8,452 Construction work in progress 2,757 2,675 Other 18 18 Total property, plant, and equipment 93,892 88,088 Accumulated depreciation (27,756) (26,453) Net property, plant, and equipment $ 66,136 $ 61,635 (1) Balance includes nuclear fuel inventories. Stored nuclear fuel inventory is stated at weighted-average cost. Nuclear fuel in the reactor is expensed as it is used based on the amount of energy output. (See Note 15 below.) |
Schedule of Changes in Asset Retirement Obligations | The following table summarizes the changes in ARO liability during 2020 and 2019, including nuclear decommissioning obligations: (in millions) 2020 2019 ARO liability at beginning of year $ 5,854 $ 5,994 Liabilities incurred in the current period 268 — Revision in estimated cash flows 53 (376) Accretion 265 274 Liabilities settled (28) (38) ARO liability at end of year $ 6,412 $ 5,854 |
Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income | The changes, net of income tax, in PG&E Corporation’s accumulated other comprehensive income (loss) for the year ended December 31, 2020 consisted of the following: (in millions, net of income tax) Pension Other Total Beginning balance $ (22) $ 17 $ (5) Other comprehensive income before reclassifications: Unrecognized net actuarial gain (loss) (net of taxes of $162 and $66, respectively) (417) 170 (247) Regulatory account transfer (net of taxes of $155 and $66, respectively) 400 (170) 230 Amounts reclassified from other comprehensive income: Amortization of prior service cost (net of taxes of $2 and $4, respectively) (1) (4) 10 6 Amortization of net actuarial (gain) loss (net of taxes of $1 and $6, respectively) (1) 2 (15) (13) Regulatory account transfer (net of taxes of $1 and $2, respectively) (1) 2 5 7 Net current period other comprehensive loss (17) — (17) Ending balance $ (39) $ 17 $ (22) (1) These components are included in the computation of net periodic pension and other postretirement benefit costs. (See Note 12 below for additional details.) The changes, net of income tax, in PG&E Corporation’s accumulated other comprehensive income (loss) for the year ended December 31, 2019 consisted of the following: (in millions, net of income tax) Pension Other Total Beginning balance $ (21) $ 17 $ (4) Other comprehensive income before reclassifications: Unrecognized net actuarial loss (net of taxes of $24 and $88, respectively) 61 227 288 Regulatory account transfer (net of taxes of $24 and $88, respectively) (62) (227) (289) Amounts reclassified from other comprehensive income: Amortization of prior service cost (net of taxes of $2 and $4, respectively) (1) (4) 10 6 Amortization of net actuarial loss (net of taxes of $1 and $1, respectively) (1) 2 (2) — Regulatory account transfer (net of taxes of $1 and $3, respectively) (1) 2 (8) (6) Net current period other comprehensive loss (1) — (1) Ending balance $ (22) $ 17 $ (5) (1) These components are included in the computation of net periodic pension and other postretirement benefit costs. (See Note 12 below for additional details.) |
Schedule of Lease Expense | The following table shows the lease expense recognized for the fixed and variable component of the Utility’s lease obligations: Year Ended December 31, (in millions) 2020 2019 Operating lease fixed cost $ 679 $ 686 Operating lease variable cost 1,852 1,778 Total operating lease costs $ 2,531 $ 2,464 |
Schedule of Future Expected Operating Lease Payments | At December 31, 2020, the Utility’s future expected operating lease payments were as follows: (in millions) December 31, 2020 2021 $ 624 2022 550 2023 257 2024 98 2025 91 Thereafter 513 Total lease payments 2,133 Less imputed interest (397) Total $ 1,736 |
REGULATORY ASSETS, LIABILITIE_2
REGULATORY ASSETS, LIABILITIES, AND BALANCING ACCOUNTS (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Regulated Operations [Abstract] | |
Long-Term Regulatory Assets | Long-term regulatory assets are comprised of the following: Balance at December 31, Recovery (in millions) 2020 2019 Pension benefits (1) $ 2,245 $ 1,823 Indefinitely Environmental compliance costs 1,112 1,062 32 years Utility retained generation (2) 181 228 6 years Price risk management 204 124 19 years Unamortized loss, net of gain, on reacquired debt 49 63 23 years Catastrophic event memorandum account (3) 842 656 1 - 3 years Wildfire expense memorandum account (4) 400 423 1 - 3 years Fire hazard prevention memorandum account (5) 137 259 1 - 3 years Fire risk mitigation memorandum account (6) 66 95 1 - 3 years Wildfire mitigation plan memorandum account (7) 390 558 1 - 3 years Deferred income taxes (8) 908 252 51 years Insurance premium costs (9) 294 — 1 - 4 years Wildfire mitigation balancing account (10) 156 — 1 - 3 years General rate case memorandum accounts (11) 376 — 1 - 2 years Vegetation management balancing account (12) 592 — 1 - 3 years COVID-19 pandemic protection memorandum accounts (13) 84 — TBD years Other 942 523 Various Total long-term regulatory assets $ 8,978 $ 6,066 (1) Payments into the pension and other benefits plans are based on annual contribution requirements. As these annual requirements continue indefinitely into the future, the Utility expects to continuously recover pension benefits. (2) In connection with the settlement agreement entered into among PG&E Corporation, the Utility, and the CPUC in 2003 to resolve the Utility’s 2001 proceeding under Chapter 11, the CPUC authorized the Utility to recover $1.2 billion of costs related to the Utility’s retained generation assets. The individual components of these regulatory assets are being amortized over the respective lives of the underlying generation facilities, consistent with the period over which the related revenues are recognized. (3) Includes costs of responding to catastrophic events that have been declared a disaster or state of emergency by competent federal or state authorities. As of December 31, 2020, $49 million in COVID-19 related costs was recorded to CEMA regulatory assets. Recovery of CEMA costs is subject to CPUC review and approval. (4) Includes incremental wildfire liability insurance premium costs the CPUC approved for tracking in June 2018 for the period July 26, 2017 through December 31, 2019. Recovery of WEMA costs is subject to CPUC review and approval. (5) Includes costs associated with the implementation of regulations and requirements adopted to protect the public from potential fire hazards associated with overhead power line facilities and nearby aerial communication facilities that have not been previously authorized in another proceeding. Recovery of FHPMA costs is subject to CPUC review and approval. (6) Includes costs associated with the 2019 WMP for the period January 1, 2019 through June 4, 2019. Recovery of FRMMA costs is subject to CPUC review and approval. (7) Includes costs associated with the 2019 WMP for the period June 5, 2019 through December 31, 2019 and the 2020 WMP for the period of January 1, 2020 through December 31, 2020. Recovery of WMPMA costs is subject to CPUC review and approval. (8) Represents cumulative differences between amounts recognized for ratemaking purposes and expense recognized in accordance with GAAP. (9) Represents non-current excess liability insurance premium costs recorded to RTBA and Adjustment Mechanism for Costs Determined in Other Proceedings, as authorized in the 2020 GRC and 2019 GT&S rate cases, respectively. (10) Includes costs associated with certain wildfire mitigation activities for the period January 1, 2020 through December 31, 2020. Long-term balance represents costs above 115% of adopted revenue requirements, which are subject to CPUC review and approval. (11) The General Rate Case Memorandum Accounts record the difference between the gas and electric revenue requirements in effect on January 1, 2020 and through the date of the final 2020 GRC decision as authorized by the CPUC in December 2020. These amounts will be recovered in rates over 17 months, beginning March 1, 2021. (12) The 2020 GRC Decision authorized the Utility to modify the existing one-way VMBA Expense Balancing Account to a two-way balancing account to track the difference between actual and adopted expenses resulting from its routine vegetation management and enhanced vegetation management activities previously recorded in the FRMMA/WMPMA, and tree mortality and fire risk reduction work previously recorded in CEMA. Recovery of VMBA costs above 120% of adopted revenue requirements is subject to CPUC review and approval. (13) On April 16, 2020, the CPUC passed a resolution that established the CPPMA to recover costs associated with customer protections, including higher uncollectible costs related to a moratorium on electric and gas service disconnections for residential and small business customers. The CPPMA applies only to residential and small business customers and was approved on July 27, 2020 with an effective date of March 4, 2020. As of December 31, 2020, the Utility had recorded an aggregate under-collection of $76 million , representing incremental bad debt expense over what was collected in rates for the period the CPPMA is in effect. The remaining $8 million is associated with program costs and higher accounts receivable financing costs. Recovery of CPPMA costs is subject to CPUC review and approval. |
Long-Term Regulatory Liabilities | Long-term regulatory liabilities are comprised of the following: Balance at December 31, (in millions) 2020 2019 Cost of removal obligations (1) $ 6,905 $ 6,456 Recoveries in excess of AROs (2) 458 393 Public purpose programs (3) 948 817 Employee benefit plans (4) 995 750 Other 1,118 854 Total long-term regulatory liabilities $ 10,424 $ 9,270 (1) Represents the cumulative differences between the recorded costs to remove assets and amounts collected in rates for expected costs to remove assets. (2) Represents the cumulative differences between ARO expenses and amounts collected in rates. Decommissioning costs related to the Utility’s nuclear facilities are recovered through rates and are placed in nuclear decommissioning trusts. This regulatory liability also represents the deferral of realized and unrealized gains and losses on these nuclear decommissioning trust investments. (See Note 11 below.) (3) Represents amounts received from customers designated for public purpose program costs expected to be incurred beyond the next 12 months, primarily related to energy efficiency programs. (4) Represents cumulative differences between incurred costs and amounts collected in rates for Post-Retirement Medical, Post-Retirement Life and Long-Term Disability Plans. |
Current Regulatory Balancing Accounts Receivable | Current regulatory balancing accounts receivable and payable are comprised of the following: Receivable (in millions) 2020 2019 Electric transmission $ — $ 9 Gas distribution and transmission 102 363 Energy procurement 413 901 Public purpose programs 292 209 Fire hazard prevention memorandum account 121 — Fire risk mitigation memorandum account 33 — Wildfire mitigation plan memorandum account 161 — Wildfire mitigation balancing account 27 — General rate case memorandum accounts 313 — Vegetation management balancing account 115 — Insurance premium costs 135 — Other 289 632 Total regulatory balancing accounts receivable $ 2,001 $ 2,114 |
Current Regulatory Balancing Accounts Payable | Payable (in millions) 2020 2019 Electric distribution $ 55 $ 31 Electric transmission 267 119 Gas distribution and transmission 76 45 Energy procurement 158 649 Public purpose programs 410 559 Other 279 394 Total regulatory balancing accounts payable $ 1,245 $ 1,797 |
DEBT (Tables)
DEBT (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Schedule of Line of Credit Facilities | The following table summarizes PG&E Corporation’s and the Utility’s outstanding borrowings and availability under their credit facilities at December 31, 2020: (in millions) Termination Facility Limit Borrowings Outstanding Letters of Credit Outstanding Facility Utility revolving credit facility July 2023 $ 3,500 (1) $ 605 $ 1,020 $ 1,875 Utility term loan credit facility Various (2) 3,000 3,000 — — Utility receivables securitization program October 2022 1,000 1,000 — — PG&E Corporation revolving credit facility July 2023 500 — — 500 Total credit facilities $ 8,000 $ 4,605 $ 1,020 $ 2,375 (1) Includes a $1.5 billion letter of credit sublimit. (2) This includes a $1.5 billion term loan credit facility with a maturity date of June 30, 2021 and a $1.5 billion term loan credit facility with a maturity date of January 1, 2022. |
Schedule of Long-term Debt | The following table summarizes PG&E Corporation’s and the Utility’s long-term debt: Balance at (in millions) Contractual Interest Rates (3) December 31, 2020 December 31, 2019 Treatment under Plan on the Effective Date (1) Pre-Petition Debt (2) PG&E Corporation Borrowings under Pre-Petition Credit Facility PG&E Corporation Revolving Credit Facilities - Stated Maturity: 2022 variable rate (4) $ — $ 300 Repaid in cash (14) Other borrowings Term Loan - Stated Maturity: 2020 variable rate (5) — 350 Repaid in cash (14) Total PG&E Corporation Pre-Petition Long-Term Debt — 650 Utility Senior Notes - Stated Maturity: 2020 through 2022 2.45% to 4.25% — 1,750 Exchanged (15) 2023 through 2028 2.95% to 4.65% — 5,025 Reinstated (16) 2034 through 2040 5.40% to 6.35% — 5,700 Exchanged (17) 2041 through 2042 3.75% to 4.50% — 1,000 Reinstated (16) 2043 5.13% — 500 Exchanged (17) 2043 through 2047 3.95% to 4.75% — 3,550 Reinstated (16) Total Pre-Petition Senior Notes — 17,525 Pollution Control Bonds - Stated Maturity: Series 2008 F and 2010 E, due 2026 1.75% — 100 Repaid in cash (14) Series 2009 A-B, due 2026 variable rate (6) — 149 Exchanged (18) Series 1996 C, E, F, 1997 B due 2026 variable rate (7) — 614 Exchanged (18) Total Pre-Petition Pollution Control Bonds — 863 Borrowings under Pre-Petition Credit Facilities Utility Revolving Credit Facilities - Stated Maturity: 2022 variable rate (8) — 2,888 Exchanged (18) Other borrowings: Term Loan - Stated Maturity: 2019 variable rate (9) — 250 Exchanged (18) Total Borrowings under Pre-Petition Credit Facility — 3,138 Total Utility Pre-Petition Debt — 21,526 Total PG&E Corporation Consolidated Pre-Petition Debt $ — $ 22,176 New Long-Term Debt PG&E Corporation Term Loan - Stated Maturity: 2025 variable rate (10) $ 2,709 $ — Senior Secured Notes due 2028 5.00% 1,000 — Senior Secured Notes due 2030 5.25% 1,000 — Unamortized discount, net of premium and debt issuance costs (85) — Total PG&E Corporation New Long-Term Debt 4,624 — Utility Pre-Petition Senior Notes Reinstated as First Mortgage Bonds - Stated Maturity: 2023 through 2028 2.95% to 4.65% 5,025 — 2041 through 2042 3.75% to 4.50% 1,000 — 2043 through 2047 3.95% to 4.75% 3,550 — Unamortized discount, net of premium and debt issuance costs — — Total Utility Reinstated New Long-Term Debt 9,575 — Pre-Petition Debt Exchanged for First Mortgage Bonds - Stated Maturity: 2025 3.45% 875 — 2026 3.15% 1,951 — 2028 3.75% 875 — 2030 4.55% 3,100 — 2040 4.50% 1,951 — 2050 4.95% 3,100 — Unamortized discount, net of premium and debt issuance costs (98) — Total Utility Exchanged New Long-Term Debt 11,754 — New First Mortgage Bonds - Stated Maturity: 2022 variable rate (11) 500 — 2022 1.75% 2,500 — 2027 2.10% 1,000 — 2031 2.50% 2,000 — 2040 3.30% 1,000 — 2050 3.50% 1,925 — Unamortized discount, net of premium and debt issuance costs (84) — Total Utility New First Mortgage Bonds 8,841 — Credit Facilities - Stated Maturity: 2022 Receivables securitization program variable rate (12) 1,000 — 18-month Term Loan variable rate (13) 1,500 — Unamortized discount, net of premium and debt issuance costs (6) — Total Utility New Long-Term Debt 32,664 — Total PG&E Corporation Consolidated New Long-Term Debt $ 37,288 $ — (1) The treatments of pre-petition debt under the Plan, as described in this column, relate only to the treatment of principal amounts and not pre-petition or post-petition interest. See “Plan of Reorganization and Restructuring Support Agreements” in Note 2. (2) As of December 31, 2019, pre-petition debt was reported at the amounts expected to be allowed by the Bankruptcy Court. (3) The contractual interest rates for pre-petition debt and new debt are presented as of December 31, 2019 and 2020, respectively. (4) At December 31, 2019, the contractual LIBOR-based interest rate on loans was 3.24%. (5) At December 31, 2019, the contractual LIBOR-based interest rate on the term loan was 2.96%. (6) At December 31, 2019, the contractual interest rate on the letter of credit facilities supporting these bonds was 7.95%. (7) At December 31, 2019, the contractual interest rate on the letter of credit facilities supporting these bonds ranged from 7.95% to 8.08%. (8) At December 31, 2019, the contractual LIBOR-based interest rate on the loans was 3.04%. (9) At December 31, 2019, the contractual LIBOR-based interest rate on the term loan was 2.36%. (10) At December 31, 2020, the contractual LIBOR-based interest rate on the term loan was 5.50%. (11) At December 31, 2020, the contractual LIBOR-based interest rate on the first mortgage bonds was 1.70%. (12) At December 31, 2020, the contractual LIBOR-based interest rate on the receivables securitization program was 1.57%. (13) At December 31, 2020, the contractual LIBOR-based interest rate on the term loan was 2.44%. (14) In accordance with the Plan, these borrowings were repaid in cash on July 1, 2020. (15) In accordance with the Plan, on July 1, 2020, the Utility issued $875 million aggregate principal amount of 3.45% first mortgage bonds due 2025 and $875 million aggregate principal amount of 3.75% first mortgage bonds due 2028, in satisfaction of these Senior Notes. See “Pre-Petition Debt Exchanged for First Mortgage Bonds” in the table above. (16) In accordance with the Plan, these Senior Notes were reinstated (and secured by First Mortgage Bonds) on July 1, 2020. See “Pre-Petition Senior Notes Reinstated (and secured by First Mortgage Bonds)” in the table above. (17) In accordance with the Plan, on July 1, 2020, the Utility issued $3.1 billion aggregate principal amount of 4.55% first mortgage bonds due 2030 and $3.1 billion aggregate principal amount of 4.95% first mortgage bonds due 2050, in satisfaction of these Senior Notes. See “Pre-Petition Debt Exchanged for First Mortgage Bonds” in the table above. (18) In accordance with the Plan, on July 1, 2020, the Utility issued $1.95 billion aggregate principal amount of 3.15% first mortgage bonds due 2026 and $1.95 billion aggregate principal amount of 4.50% first mortgage bonds due 2040, in satisfaction of these pre-petition liabilities. See “Pre-Petition Debt Exchanged for First Mortgage Bonds” in the table above. |
Schedule of Contractual Repayment Schedule | PG&E Corporation’s and the Utility’s combined stated long-term debt principal repayment amounts at December 31, 2020 are reflected in the table below: (in millions, except interest rates) 2021 2022 2023 2024 2025 Thereafter Total PG&E Corporation Average fixed interest rate — % — % — % — % — % 5.13 % 5.13 % Fixed rate obligations — % — % — % — % — % $2,000 $2,000 Variable interest rate as of December 31, 2020 5.50 % 5.50 % 5.50 % 5.50 % 5.50 % — % 5.50 % Variable rate obligations $ 28 $ 28 $ 28 $ 28 $ 2,625 $ — $ 2,737 Utility Average fixed interest rate — % 1.75 % 3.83 % 3.60 % 3.47 % 3.87 % 3.66 % Fixed rate obligations $ — $ 2,500 $ 1,175 $ 800 $ 1,475 $ 23,902 $ 29,852 Variable interest rate as of December 31, 2020 — % various (1) — % — % — % — % various (1) Variable rate obligations $ — $ 3,000 $ — $ — $ — $ — $ 3,000 Total consolidated debt $ 28 $ 5,528 $ 1,203 $ 828 $ 4,100 $ 25,902 $ 37,589 (1) At December 31, 2020, the average interest rates for the Receivables Securitization Program, the first mortgage bonds due 2022 and the 18-month term loan were 1.57%, 1.70% and 2.44% respectively. |
COMMON STOCK AND SHARE-BASED _2
COMMON STOCK AND SHARE-BASED COMPENSATION (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Common Stock And Share-Based Compensation [Abstract] | |
Schedule of Compensation Expense for Share-based Incentive Awards | The following table provides a summary of total share-based compensation expense recognized by PG&E Corporation for share-based incentive awards for 2020: (in millions) 2020 2019 2018 Stock Options $ 3 $ 7 $ 10 Restricted stock units 15 21 43 Performance shares 17 22 36 Total compensation expense (pre-tax) $ 35 $ 50 $ 89 Total compensation expense (after-tax) $ 25 $ 35 $ 63 |
Summary of Significant Assumptions Used for Shares Granted | The significant assumptions used for shares granted in 2019 were: 2019 Expected stock price volatility 57.00 % Expected annual dividend payment — % Risk-free interest rate 1.51% to 1.52% Expected life (years) 4.5 |
Summary of Stock Option Activity | The following table summarizes stock option activity for PG&E Corporation and the Utility for 2020: Number of Weighted Average Grant- Weighted Average Remaining Contractual Term Aggregate Intrinsic Value Outstanding at January 1 4,281,403 $ 5.98 $ — Granted (1) 20,065 3.87 — Exercised — — — Forfeited or expired (2,080,221) 3.87 — Outstanding at December 31 2,221,247 7.45 5.33 years — Vested or expected to vest at December 31 2,215,076 7.43 5.31 years — Exercisable at December 31 1,840,893 $ 6.86 4.93 years $ — (1) Represents additional payout of existing stock option grants. |
Schedule of Restricted Stock Units | The following table summarizes restricted stock unit activity for 2020: Number of Weighted Average Grant- Nonvested at January 1 1,040,835 $ 44.06 Granted 1,007,782 9.25 Vested (944,090) 33.14 Forfeited (214,174) 15.75 Nonvested at December 31 890,353 $ 23.05 |
Schedule of Performance Shares | The following table summarizes activity for performance shares in 2020: Number of Weighted Average Grant- Nonvested at January 1 688,423 $ 36.92 Granted 7,951,541 9.62 Vested (132,526) 41.27 Forfeited (1) (1,218,656) 24.38 Nonvested at December 31 7,288,782 $ 9.16 (1) Includes performance shares that expired with zero value as performance targets were not met. |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | The following is a reconciliation of PG&E Corporation’s income (loss) available for common shareholders and weighted average common shares outstanding for calculating diluted EPS for 2020, 2019, and 2018. Year Ended December 31, (in millions, except per share amounts) 2020 2019 2018 Loss attributable to common shareholders $ (1,318) $ (7,656) $ (6,851) Weighted average common shares outstanding, basic 1,257 528 517 Add incremental shares from assumed conversions: Employee share-based compensation — — — Equity Units — — — Weighted average common share outstanding, diluted 1,257 528 517 Total Loss per common share, diluted $ (1.05) $ (14.50) $ (13.25) |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) | The significant components of income tax provision (benefit) by taxing jurisdiction were as follows: PG&E Corporation Utility Year Ended December 31, (in millions) 2020 2019 2018 2020 2019 2018 Current: Federal $ (26) $ 1 $ (5) $ (26) $ 4 $ 5 State (34) 101 (8) (34) 94 (7) Deferred: Federal 258 (2,361) (2,264) 290 (2,363) (2,278) State 171 (1,136) (1,009) 185 (1,137) (1,009) Tax credits (7) (5) (6) (7) (5) (6) Income tax provision (benefit) $ 362 $ (3,400) $ (3,292) $ 408 $ (3,407) $ (3,295) |
Schedule of Deferred Tax Assets and Liabilities | The following tables describe net deferred income tax assets and liabilities: PG&E Corporation Utility Year Ended December 31, (in millions) 2020 2019 2020 2019 Deferred income tax assets: Tax carryforwards $ 7,641 $ 1,390 $ 7,529 $ 1,308 Compensation 187 151 109 92 Wildfire-related claims (1) 544 6,520 544 6,520 Operating lease liability 489 642 488 640 Other (2) 212 112 219 121 Total deferred income tax assets $ 9,073 $ 8,815 $ 8,889 $ 8,681 Deferred income tax liabilities: Property related basis differences 8,311 7,984 8,300 7,973 Regulatory balancing accounts 763 381 763 381 Debt financing costs 526 — 526 — Operating lease right of use asset 489 642 488 640 Income tax regulatory asset (3) 254 71 254 71 Other (4) 128 57 128 58 Total deferred income tax liabilities $ 10,471 $ 9,135 $ 10,459 $ 9,123 Total net deferred income tax liabilities $ 1,398 $ 320 $ 1,570 $ 442 (1) Amounts primarily relate to wildfire-related claims, net of estimated insurance recoveries, and legal and other costs related to various wildfires that have occurred on PG&E Corporation’s and the Utility’s service territory over the past several years. (2) Amounts include benefits, environmental reserve, 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 Tax Act. |
Schedule of Effective Income Tax Rate Reconciliation | The following table reconciles income tax expense at the federal statutory rate to the income tax provision: PG&E Corporation Utility Year Ended December 31, 2020 2019 2018 2020 2019 2018 Federal statutory income tax rate 21.0 % 21.0 % 21.0 % 21.0 % 21.0 % 21.0 % Increase (decrease) in income tax rate resulting from: State income tax (net of federal benefit) (1) (15.3) 7.5 7.9 19.1 7.5 7.9 Effect of regulatory treatment of fixed asset differences (2) 39.0 2.8 3.6 (44.9) 2.8 3.6 Tax credits 1.5 0.1 0.1 (1.7) 0.1 0.1 Bankruptcy and emergence (3) (82.5) — — 54.1 — — Other, net (4) (2.1) (0.6) (0.1) 2.2 (0.5) — Effective tax rate (38.4) % 30.8 % 32.5 % 49.8 % 30.9 % 32.6 % (1) Includes the effect of state flow-through ratemaking treatment. (2) Includes the effect of federal flow-through ratemaking treatment for certain property-related costs. For these temporary tax differences, PG&E Corporation and the Utility recognize the deferred tax impact in the current period and record offsetting regulatory assets and liabilities. Therefore, PG&E Corporation’s and the Utility’s effective tax rates are impacted as these differences arise and reverse. PG&E Corporation and the Utility recognize such differences as regulatory assets or liabilities as it is probable that these amounts will be recovered from or returned to customers in future rates. In 2020, 2019, and 2018, the amounts also reflect the impact of the amortization of excess deferred tax benefits to be refunded to customers as a result of the Tax Act passed in December 2017. (3) The Utility includes an adjustment for the measurement of the deferred tax asset associated with the difference between the liability recorded related to the TCC RSA and the ultimate value of PG&E Corporation stock contributed to the Fire Victim Trust. PG&E Corporation includes the same adjustment as the Utility and a permanent non-deductible equity backstop premium expense. This combined with a pre-tax loss and a pre-tax income for PG&E Corporation and the Utility, respectively, accounts for the remaining difference. (4) These amounts primarily represent the impact of tax audit settlements and non-tax deductible costs in 2020 and 2019. |
Schedule of Change in Unrecognized Tax Benefits | The following table reconciles the changes in unrecognized tax benefits: PG&E Corporation Utility (in millions) 2020 2019 2018 2020 2019 2018 Balance at beginning of year $ 420 $ 377 $ 349 $ 420 $ 377 $ 349 Reductions for tax position taken during a prior year (43) (1) (27) (43) (1) (27) Additions for tax position taken during the current year 60 44 55 60 44 55 Settlements — — — — — — Expiration of statute — — — — — — Balance at end of year $ 437 $ 420 $ 377 $ 437 $ 420 $ 377 |
Schedule of Operating Loss and Tax Credit Carryforward Balances | The following table describes PG&E Corporation’s operating loss and tax credit carryforward balances: (in millions) December 31, 2020 Expiration Federal: Net operating loss carryforward - Pre-2018 $ 3,600 2031 - 2036 Net operating loss carryforward - Post-2017 24,887 N/A Tax credit carryforward 134 2029 - 2040 State: Net operating loss carryforward $ 25,364 2039 - 2040 Tax credit carryforward 100 Various |
DERIVATIVES (Tables)
DERIVATIVES (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Volumes of Outstanding Derivative Contracts | The volumes of the Utility’s outstanding derivatives were as follows: Contract Volume At December 31, Underlying Product Instruments 2020 2019 Natural Gas (1) (MMBtus (2) ) Forwards, Futures and Swaps 146,642,863 131,896,159 Options 14,140,000 14,720,000 Electricity (Megawatt-hours) Forwards, Futures and Swaps 9,435,830 18,675,852 Options — — Congestion Revenue Rights (3) 266,091,470 308,467,999 (1) Amounts shown are for the combined positions of the electric fuels and core gas supply portfolios. (2) Million British Thermal Units. (3) CRRs are financial instruments that enable the holders to manage variability in electric energy congestion charges due to transmission grid limitations. |
Outstanding Derivative Balances | At December 31, 2020, the Utility’s outstanding derivative balances were as follows: Commodity Risk (in millions) Gross Derivative Netting Cash Collateral Total Derivative Current assets – other $ 33 $ — $ 115 $ 148 Other noncurrent assets – other 136 — — 136 Current liabilities – other (38) — 15 (23) Noncurrent liabilities – other (204) — 10 (194) Total commodity risk $ (73) $ — $ 140 $ 67 At December 31, 2019, the Utility’s outstanding derivative balances were as follows: Commodity Risk (in millions) Gross Derivative Netting Cash Collateral Total Derivative Current assets – other $ 36 $ (6) $ 4 $ 34 Other noncurrent assets – other 130 (6) — 124 Current liabilities – other (31) 6 2 (23) Noncurrent liabilities – other (130) 6 — (124) Total commodity risk $ 5 $ — $ 6 $ 11 |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Assets and Liabilities Measured at Fair Value on a Recurring Basis | Assets and liabilities measured at fair value on a recurring basis for PG&E Corporation and the Utility are summarized below. Assets held in rabbi trusts are held by PG&E Corporation and not the Utility. Fair Value Measurements At December 31, 2020 (in millions) Level 1 Level 2 Level 3 Netting (1) Total Assets: Short-term investments $ 470 $ — $ — $ — $ 470 Nuclear decommissioning trusts Short-term investments 27 — — — 27 Global equity securities 2,398 — — — 2,398 Fixed-income securities 924 835 — — 1,759 Assets measured at NAV — — — — 25 Total nuclear decommissioning trusts (2) 3,349 835 — — 4,209 Price risk management instruments (Note 10) Electricity — 2 166 2 170 Gas — 1 — 113 114 Total price risk management instruments — 3 166 115 284 Rabbi trusts Fixed-income securities — 106 — — 106 Life insurance contracts — 79 — — 79 Total rabbi trusts — 185 — — 185 Long-term disability trust Short-term investments 9 — — — 9 Assets measured at NAV — — — — 158 Total long-term disability trust 9 — — — 167 TOTAL ASSETS $ 3,828 $ 1,023 $ 166 $ 115 $ 5,315 Liabilities: Price risk management instruments (Note 10) Electricity $ — $ 1 $ 238 $ (25) $ 214 Gas — 3 — — 3 TOTAL LIABILITIES $ — $ 4 $ 238 $ (25) $ 217 (1) Includes the effect of the contractual ability to settle contracts under master netting agreements and cash collateral. (2) Represents amount before deducting $671 million, primarily related to deferred taxes on appreciation of investment value. Fair Value Measurements At December 31, 2019 (in millions) Level 1 Level 2 Level 3 Netting (1) Total Assets: Short-term investments $ 1,323 $ — $ — $ — $ 1,323 Nuclear decommissioning trusts Short-term investments 6 — — — 6 Global equity securities 2,086 — — — 2,086 Fixed-income securities 862 728 — — 1,590 Assets measured at NAV — — — — 21 Total nuclear decommissioning trusts (2) 2,954 728 — — 3,703 Price risk management instruments (Note 10) Electricity — 2 161 (11) 152 Gas — 3 — 3 6 Total price risk management instruments — 5 161 (8) 158 Rabbi trusts Fixed-income securities — 100 — — 100 Life insurance contracts — 73 — — 73 Total rabbi trusts — 173 — — 173 Long-term disability trust Short-term investments 10 — — — 10 Assets measured at NAV — — — — 156 Total long-term disability trust 10 — — — 166 TOTAL ASSETS $ 4,287 $ 906 $ 161 $ (8) $ 5,523 Liabilities: Price risk management instruments (Note 10) Electricity 1 2 156 (13) 146 Gas — 2 — (1) 1 TOTAL LIABILITIES $ 1 $ 4 $ 156 $ (14) $ 147 (1) Includes the effect of the contractual ability to settle contracts under master netting agreements and cash collateral. (2) Represents amount before deducting $530 million, primarily related to deferred taxes on appreciation of investment value. |
Uncertainty Analysis | Fair Value at (in millions) At December 31, 2020 Valuation Unobservable Fair Value Measurement Assets Liabilities Range (1) /Weighted-Average Price (2) Congestion revenue rights $ 153 $ 74 Market approach CRR auction prices $ (320.25) - 320.25 / 0.30 Power purchase agreements $ 13 $ 164 Discounted cash flow Forward prices $ 12.56 - 148.30 / 35.52 (1) Represents price per megawatt-hour. (2) Unobservable inputs were weighted by the relative fair value of the instruments. Fair Value at (in millions) At December 31, 2019 Valuation Unobservable Fair Value Measurement Assets Liabilities Range (1) /Weighted-Average Price (2) Congestion revenue rights $ 140 $ 44 Market approach CRR auction prices $ (20.20) - 20.20 / 0.28 Power purchase agreements $ 21 $ 112 Discounted cash flow Forward prices $ 11.77 - 59.38 / 33.62 (1) Represents price per megawatt-hour. |
Level 3 Reconciliation | The following table presents the reconciliation for Level 3 price risk management instruments for the years ended December 31, 2020 and 2019, respectively: Price Risk Management Instruments (in millions) 2020 2019 Asset (liability) balance as of January 1 $ 5 $ 95 Net realized and unrealized gains: Included in regulatory assets and liabilities or balancing accounts (1) (77) (90) Asset (liability) balance as of December 31 $ (72) $ 5 (1) The costs related to price risk management activities are fully passed through to customers in rates. Accordingly, unrealized gains and losses are deferred in regulatory liabilities and assets and net income is not impacted. |
Carrying Amount and Fair Value of Financial Instruments | The carrying amount and fair value of PG&E Corporation’s and the Utility’s long-term debt instruments were as follows (the table below excludes financial instruments with carrying values that approximate their fair values): At December 31, 2020 2019 (in millions) Carrying Amount Level 2 Fair Value Carrying Amount (1) Level 2 Fair Value (1)(2) Debt (Note 5) PG&E Corporation $ 1,901 $ 2,175 $ — $ — Utility 29,664 32,632 1,500 1,500 (1) On January 29, 2019 PG&E Corporation and the Utility filed for Chapter 11 protection. Debt held by PG&E Corporation became debt subject to compromise and is valued at the allowed claim amount. For more information, see Note 2 and Note 5. |
Schedule of Unrealized Gains (Losses) Related to Available-for-sale Investments | The following table provides a summary of equity securities and available-for-sale debt securities: (in millions) Amortized Total Total Total Fair As of December 31, 2020 Nuclear decommissioning trusts Short-term investments $ 27 $ — $ — $ 27 Global equity securities 543 1,881 (1) 2,423 Fixed-income securities 1,610 152 (3) 1,759 Total (1) $ 2,180 $ 2,033 $ (4) $ 4,209 As of December 31, 2019 Nuclear decommissioning trusts Short-term investments $ 6 $ — $ — $ 6 Global equity securities 500 1,609 (2) 2,107 Fixed-income securities 1,505 89 (4) 1,590 Total (1) $ 2,011 $ 1,698 $ (6) $ 3,703 (1) Represents amounts before deducting $671 million and $530 million at December 31, 2020 and 2019, respectively, primarily related to deferred taxes on appreciation of investment value. |
Schedule of Long Term Debt Repayments | The fair value of fixed-income securities by contractual maturity is as follows: As of (in millions) December 31, 2020 Less than 1 year $ 50 1–5 years 475 5–10 years 403 More than 10 years 831 Total maturities of fixed-income securities $ 1,759 |
Schedule of Activity for Debt and Equity Securities | The following table provides a summary of activity for the fixed-income and equity securities: (in millions) 2020 2019 2018 Proceeds from sales and maturities of nuclear decommissioning investments $ 1,518 $ 956 $ 1,412 Gross realized gains on securities 159 69 54 Gross realized losses on securities (41) (14) (24) |
EMPLOYEE BENEFIT PLANS (Tables)
EMPLOYEE BENEFIT PLANS (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Employee Benefit and Share-based Payment Arrangement, Noncash Expense [Abstract] | |
Reconciliation of Changes in Plan Assets Benefit Obligations and Funded Status | The following tables show the reconciliation of changes in plan assets, benefit obligations, and the plans’ aggregate funded status for pension benefits and other benefits for PG&E Corporation during 2020 and 2019: Pension Plan (in millions) 2020 2019 Change in plan assets: Fair value of plan assets at beginning of year $ 18,547 $ 15,312 Actual return on plan assets 2,736 3,713 Company contributions 343 328 Benefits and expenses paid (867) (806) Fair value of plan assets at end of year $ 20,759 $ 18,547 Change in benefit obligation: Benefit obligation at beginning of year $ 20,525 $ 17,407 Service cost for benefits earned 530 443 Interest cost 713 758 Actuarial loss (1) 2,271 2,723 Plan amendments — — Benefits and expenses paid (867) (806) Benefit obligation at end of year (2) $ 23,172 $ 20,525 Funded Status: Current liability $ (3) $ (14) Noncurrent liability (2,410) (1,964) Net liability at end of year $ (2,413) $ (1,978) (1) The actuarial losses for the years ended December 31, 2020 and 2019 were primarily due to a decrease in the discount rate used to measure the projected benefit obligation. The actuarial loss for the year ended December 31, 2019 was also driven by unfavorable changes in the demographic assumptions used to measure the projected benefit obligation. (2) PG&E Corporation’s accumulated benefit obligation was $20.7 billion and $18.4 billion at December 31, 2020 and 2019, respectively. Postretirement Benefits Other than Pensions (in millions) 2020 2019 Change in plan assets: Fair value of plan assets at beginning of year $ 2,678 $ 2,258 Actual return on plan assets 379 474 Company contributions 26 29 Plan participant contribution 81 82 Benefits and expenses paid (169) (165) Fair value of plan assets at end of year $ 2,995 $ 2,678 Change in benefit obligation: Benefit obligation at beginning of year $ 1,832 $ 1,745 Service cost for benefits earned 61 56 Interest cost 63 76 Actuarial (gain) loss (1) (14) 22 Benefits and expenses paid (149) (150) Federal subsidy on benefits paid 3 2 Plan participant contributions 80 81 Benefit obligation at end of year $ 1,876 $ 1,832 Funded Status: (2) Noncurrent asset $ 1,153 $ 879 Noncurrent liability (34) (33) Net asset at end of year $ 1,119 $ 846 (1) The actuarial gain for the year ended December 31, 2020 was primarily due to favorable changes in the demographic and medical cost assumptions, offset by a decrease in the discount rate used to measure the projected benefit obligation. The actuarial loss for the year ended December 31, 2019 was primarily due to a decrease in the discount rate used to measure the projected benefit obligation, offset by favorable changes in the demographic assumptions and the elimination of excise tax. (2) At December 31, 2020 and 2019, the postretirement medical plan was in an overfunded position and the postretirement life insurance plan was in an underfunded position. The projected benefit obligation and the fair value of plan assets for the postretirement life insurance plan were $377 million and $343 million as of December 31, 2020, and $337 million and $305 million as of December 31, 2019, respectively. |
Components of Net Periodic Benefit Cost | Net periodic benefit cost as reflected in PG&E Corporation’s Consolidated Statements of Income was as follows: Pension Plan (in millions) 2020 2019 2018 Service cost for benefits earned (1) $ 530 $ 443 $ 514 Interest cost 713 758 687 Expected return on plan assets (1,044) (906) (1,021) Amortization of prior service cost (6) (6) (6) Amortization of net actuarial loss 3 3 5 Net periodic benefit cost 196 292 179 Less: transfer to regulatory account (2) 136 42 157 Total expense recognized $ 332 $ 334 $ 336 (1) A portion of service costs are capitalized pursuant to ASU 2017-07. (2) The Utility recorded these amounts to a regulatory account as they are probable of recovery from customers in future rates. Postretirement Benefits Other than Pensions (in millions) 2020 2019 2018 Service cost for benefits earned (1) $ 61 $ 56 $ 66 Interest cost 63 76 69 Expected return on plan assets (138) (123) (130) Amortization of prior service cost 14 14 14 Amortization of net actuarial loss (21) (3) (5) Net periodic benefit cost $ (21) $ 20 $ 14 (1) A portion of service costs are capitalized pursuant to ASU 2017-07. |
Schedule of Assumptions Used in Calculating Projected Benefit Cost and Net Periodic Benefit Cost | The following weighted average year-end actuarial assumptions were used in determining the plans’ projected benefit obligations and net benefit costs. Pension Plan PBOP Plans December 31, December 31, 2020 2019 2018 2020 2019 2018 Discount rate 2.77 % 3.46 % 4.35 % 2.67 - 2.80% 3.37 - 3.47% 4.29 - 4.37% Rate of future compensation increases 3.80 % 3.90 % 3.90 % N/A N/A N/A Expected return on plan assets 5.10 % 5.70 % 6.00 % 3.10 - 6.10% 3.50 - 6.60% 3.60 - 6.80% Interest crediting rate for cash balance plan 1.95 % 2.11 % 3.15 % N/A N/A N/A |
Target Asset Allocation Percentages | The target asset allocation percentages for major categories of trust assets for pension and other benefit plans are as follows: Pension Plan PBOP Plans 2021 2020 2019 2021 2020 2019 Global equity securities 30 % 30 % 29 % 36 % 28 % 33 % Absolute return 2 % 2 % 5 % 1 % 2 % 3 % Real assets 8 % 8 % 8 % 5 % 8 % 6 % Fixed-income securities 60 % 60 % 58 % 58 % 62 % 58 % Total 100 % 100 % 100 % 100 % 100 % 100 % |
Schedule of Changes in Fair Value of Plan Assets | The following tables present the fair value of plan assets for pension and other benefits plans by major asset category at December 31, 2020 and 2019. Fair Value Measurements At December 31, 2020 2019 (in millions) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Pension Plan: Short-term investments $ 334 $ 408 $ — $ 742 $ 613 $ 231 $ — $ 844 Global equity securities 1,875 — — 1,875 1,650 — — 1,650 Absolute Return 1 1 — 2 — 1 — 1 Real assets 517 — — 517 548 1 — 549 Fixed-income securities 2,467 7,154 12 9,633 2,227 6,413 15 8,655 Assets measured at NAV — — — 8,224 — — — 6,937 Total $ 5,194 $ 7,563 $ 12 $ 20,993 $ 5,038 $ 6,646 $ 15 $ 18,636 PBOP Plans: Short-term investments $ 37 $ — $ — $ 37 $ 37 $ — $ — $ 37 Global equity securities 173 — — 173 151 — — 151 Real assets 54 — — 54 58 — — 58 Fixed-income securities 481 715 1 1,197 193 875 1 1,069 Assets measured at NAV — — — 1,549 — — — 1,373 Total $ 745 $ 715 $ 1 $ 3,010 $ 439 $ 875 $ 1 $ 2,688 Total plan assets at fair value $ 24,003 $ 21,324 |
Schedule of Level 3 Reconciliation | The following table is a reconciliation of changes in the fair value of instruments for the pension plan that have been classified as Level 3 for the years ended December 31, 2020 and 2019: (in millions) For the year ended December 31, 2020 Fixed-Income Balance at beginning of year $ 15 Actual return on plan assets: Relating to assets still held at the reporting date 2 Relating to assets sold during the period (3) Purchases, issuances, sales, and settlements: Purchases 11 Settlements (13) Balance at end of year $ 12 (in millions) For the year ended December 31, 2019 Fixed-Income Balance at beginning of year $ 8 Actual return on plan assets: Relating to assets still held at the reporting date — Relating to assets sold during the period — Purchases, issuances, sales, and settlements: Purchases 11 Settlements (4) Balance at end of year $ 15 |
Schedule of Estimated Benefits Expected to be Paid | As of December 31, 2020, the estimated benefits expected to be paid and the estimated federal subsidies expected to be received in each of the next five fiscal years, and in aggregate for the five fiscal years thereafter, are as follows: (in millions) Pension PBOP Federal 2021 831 85 (6) 2022 913 89 (6) 2023 948 92 (6) 2024 980 93 (7) 2025 1,009 95 (7) Thereafter in the succeeding five years 5,375 471 (41) |
RELATED PARTY AGREEMENTS AND _2
RELATED PARTY AGREEMENTS AND TRANSACTIONS (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Related Party Transactions [Abstract] | |
Schedule of Significant Related Party Transactions | The Utility’s significant related party transactions were: Year Ended December 31, (in millions) 2020 2019 2018 Utility revenues from: Administrative services provided to PG&E Corporation $ 3 $ 4 $ 4 Utility expenses from: Administrative services received from PG&E Corporation $ 108 $ 107 $ 94 Utility employee benefit due to PG&E Corporation 34 42 76 |
WILDFIRE-RELATED CONTINGENCIES
WILDFIRE-RELATED CONTINGENCIES (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Summary of Wildfire-Related Claims | The balances for insurance receivables with respect to wildfires are included in Other accounts receivable in PG&E Corporation’s and the Utility’s Consolidated Balance Sheets: Insurance Receivable (in millions) 2020 Zogg fire 2019 Kincade fire 2018 Camp fire 2017 Northern California wildfires 2015 Butte fire Total Balance at December 31, 2019 $ — $ — $ 1,380 $ 808 $ 50 $ 2,238 Accrued insurance recoveries 219 430 — — — 649 Reimbursements — — (1,380) (783) (50) (2,213) Balance at December 31, 2020 $ 219 $ 430 $ — $ 25 $ — $ 674 |
OTHER CONTINGENCIES AND COMMI_2
OTHER CONTINGENCIES AND COMMITMENTS (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Expense and Capital Expenditures | The amounts set forth in the table below include actual recorded costs and forecasted cost estimates as of the date of the settlement agreement for expenses and capital expenditures which the Utility has incurred or planned to incur to comply with its legal obligations to provide safe and reliable service. While actual costs incurred for certain cost categories are different than what was assumed in the settlement agreement, the Utility has recorded $1.625 billion of the disallowed costs through December 31, 2020. (in millions) Description (1) Expense Capital Total Distribution Safety Inspections and Repairs Expense (FRMMA/WMPMA) $ 236 $ — $ 236 Transmission Safety Inspections and Repairs Expense (TO) (2) 433 — 433 Vegetation Management Support Costs (FHPMA) 36 — 36 2017 Northern California Wildfires CEMA Expense and Capital (CEMA) 82 66 148 2018 Camp Fire CEMA Expense (CEMA) 435 — 435 2018 Camp Fire CEMA Capital for Restoration (CEMA) — 253 253 2018 Camp Fire CEMA Capital for Temporary Facilities (CEMA) — 84 84 Total $ 1,222 $ 403 $ 1,625 (1) All amounts included in the table reflect actual recorded costs for 2019 and 2020. |
Schedule of Environmental Remediation Liability | The Utility’s environmental remediation liability is primarily included in non-current liabilities on the Consolidated Balance Sheets and is comprised of the following: Balance at (in millions) December 31, 2020 December 31, 2019 Topock natural gas compressor station $ 303 $ 362 Hinkley natural gas compressor station 132 138 Former manufactured gas plant sites owned by the Utility or third parties (1) 659 568 Utility-owned generation facilities (other than fossil fuel-fired), other facilities, and third-party disposal sites (2) 111 101 Fossil fuel-fired generation facilities and sites (3) 96 106 Total environmental remediation liability $ 1,301 $ 1,275 (1) Primarily driven by the following sites: San Francisco Beach Street, Vallejo, Napa, and San Francisco East Harbor. (2) Primarily driven by Geothermal landfill and Shell Pond site. |
Schedule of Undiscounted Future Expected Power Purchase Agreement Payments | The following table shows the undiscounted future expected obligations under power purchase agreements that have been approved by the CPUC and have met specified construction milestones as well as undiscounted future expected payment obligations for natural gas supplies, natural gas transportation, natural gas storage, and nuclear fuel as of December 31, 2020: Power Purchase Agreements (in millions) Renewable Conventional Other Natural Nuclear Total 2021 $ 2,270 $ 582 $ 65 $ 466 $ 64 $ 3,447 2022 2,042 511 62 191 54 2,860 2023 1,997 223 61 158 49 2,488 2024 1,972 72 61 151 47 2,303 2025 1,962 70 61 151 — 2,244 Thereafter 21,335 281 41 184 — 21,841 Total purchase commitments $ 31,578 $ 1,739 $ 351 $ 1,301 $ 214 $ 35,183 |
Schedule of other commitments | At December 31, 2020, the future minimum payments related to these commitments were as follows: (in millions) Other Commitments 2021 $ 40 2022 30 2023 46 2024 65 2025 60 Thereafter 2,924 Total minimum lease payments $ 3,165 |
ORGANIZATION AND BASIS OF PRE_2
ORGANIZATION AND BASIS OF PRESENTATION (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2020numberOfSegment | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of operating segments (segment) | 1 |
BANKRUPTCY FILING (Plan of Reor
BANKRUPTCY FILING (Plan of Reorganization and Restructuring Support Agreements) (Details) - USD ($) | Jul. 01, 2020 | Jun. 25, 2020 | Sep. 22, 2019 | Jul. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Jan. 15, 2021 | Aug. 03, 2020 | Jun. 12, 2020 |
Debt Instrument [Line Items] | ||||||||||
Subrogation claims, professional fees | $ 55,000,000 | |||||||||
Proceeds from issuance or sale of equity | $ 9,000,000,000 | $ 3,970,000,000 | $ 9,000,000,000 | $ 1,304,000,000 | $ 0 | $ 0 | ||||
Plan of reorganization, tax benefits payment agreement | $ 1,350,000,000 | |||||||||
Transfer of shares to Fire Victim Trust (in shares) | 477,000,000 | |||||||||
Transfer of shares to Fire Victim Trust, additional (in shares) | 748,415 | |||||||||
TCC claims settlement, amount | $ 11,000,000,000 | $ 11,000,000,000 | ||||||||
Subsequent Event | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Payment of plan of reorganization, tax benefits payment agreement | $ 758,000,000 | |||||||||
Settling Public Entities | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Litigation payment | 1,000,000,000 | |||||||||
Litigation, segregated reimbursement fund | 10,000,000 | |||||||||
Minimum | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Plan of reorganization, tax benefits payment agreement | 650,000,000 | |||||||||
Fire Victim Trust | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Cash contribution by company | $ 5,400,000,000 | |||||||||
Percentage of common stock owned, Fire Victim Trust if common issues additional shares | 22.19% | 22.19% | ||||||||
Litigation payment, fund, cash | $ 5,400,000,000 | |||||||||
Transfer of shares to Fire Victim Trust (in shares) | 477,000,000 | |||||||||
Transfer of shares to Fire Victim Trust, additional (in shares) | 748,415 | |||||||||
Subrogation Wildfire Trust | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Subrogation claims, professional fees | $ 52,000,000 | |||||||||
Litigation payment, fund, cash | 11,000,000,000 | |||||||||
Litigation payment, funded | 100,000,000 | |||||||||
New PG&E Corporation Debt | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Issuance | 4,750,000,000 | |||||||||
PG&E Corporation | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Proceeds from issuance or sale of equity | 1,304,000,000 | 0 | $ 0 | |||||||
PG&E Corporation | Pre-Petition Debt | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Issuance | 9,575,000,000 | |||||||||
PG&E Corporation | New Utility Debt | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Issuance | 23,775,000,000 | |||||||||
PG&E Corporation | New Utility Long-Term Bonds | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Issuance | $ 6,200,000,000 | |||||||||
PG&E Corporation | First Mortgage Bonds Due 2030 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Stated interest rate | 4.55% | |||||||||
PG&E Corporation | First Mortgage Bonds Due 2050 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Stated interest rate | 4.95% | |||||||||
PG&E Corporation | New Utility Short-Term Bonds | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Issuance | $ 1,750,000,000 | |||||||||
PG&E Corporation | First Mortgage Bonds Due 2025 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Stated interest rate | 3.45% | |||||||||
PG&E Corporation | First Mortgage Bonds Due 2028 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Stated interest rate | 3.75% | |||||||||
PG&E Corporation | New Utility Funded Debt Exchange Notes | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Issuance | $ 3,900,000,000 | |||||||||
PG&E Corporation | First Mortgage Bonds, Exchange Stated Maturity 2025 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Stated interest rate | 3.15% | |||||||||
PG&E Corporation | First Mortgage Bonds, Exchange Stated Maturity 2040 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Stated interest rate | 4.50% | |||||||||
PG&E Corporation | New Debt Securities or Bank Debt | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Issuance | $ 11,925,000,000 | |||||||||
Expected repayment | 6,000,000,000 | |||||||||
Pacific Gas & Electric Co (Utility) | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Subrogation claims, professional fees | $ 53,000,000 | |||||||||
Plan of reorganization, future tax benefits payment agreement | $ 1,350,000,000 | |||||||||
Pacific Gas & Electric Co (Utility) | Pre-petition Senior Notes, Due October 2020 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Stated interest rate | 3.50% | |||||||||
Pacific Gas & Electric Co (Utility) | Pre-petition Senior Notes, Due May 2021 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Stated interest rate | 4.25% | |||||||||
Pacific Gas & Electric Co (Utility) | Pre-petition Senior Notes, Due September 2021 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Stated interest rate | 3.25% | |||||||||
Pacific Gas & Electric Co (Utility) | Pre-petition Senior Notes, Due August 2020 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Stated interest rate | 2.45% | |||||||||
Pacific Gas & Electric Co (Utility) | Pre-petition Senior Notes, Due 2034 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Stated interest rate | 6.05% | |||||||||
Pacific Gas & Electric Co (Utility) | Pre-petition Senior Notes, Due March 2037 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Stated interest rate | 5.80% | |||||||||
Pacific Gas & Electric Co (Utility) | Pre-petition Senior Notes, Due February 2038 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Stated interest rate | 6.35% | |||||||||
Pacific Gas & Electric Co (Utility) | Pre-petition Senior Notes, Due March 2039 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Stated interest rate | 6.25% | |||||||||
Pacific Gas & Electric Co (Utility) | Pre-petition Senior Notes, Due January 2040 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Stated interest rate | 5.40% | |||||||||
Pacific Gas & Electric Co (Utility) | Pre-petition Senior Notes, Due November 2043 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Stated interest rate | 5.125% | |||||||||
Pacific Gas & Electric Co (Utility) | Pollution Control Bonds Series 2008, F, And 2010, E, 1.75%, Due 2026 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Stated interest rate | 0.0175% | |||||||||
Pollution control bonds | $ 100,000,000 | $ 0 | $ 100,000,000 | |||||||
Pacific Gas & Electric Co (Utility) | First Mortgage Bonds Due 2030 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Stated interest rate | 4.55% | |||||||||
Pacific Gas & Electric Co (Utility) | First Mortgage Bonds Due 2050 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Stated interest rate | 4.95% | |||||||||
Pacific Gas & Electric Co (Utility) | First Mortgage Bonds Due 2025 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Stated interest rate | 3.45% | |||||||||
Pacific Gas & Electric Co (Utility) | First Mortgage Bonds Due 2028 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Stated interest rate | 3.75% | |||||||||
Pacific Gas & Electric Co (Utility) | First Mortgage Bonds, Exchange Stated Maturity 2025 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Stated interest rate | 3.45% | |||||||||
Pacific Gas & Electric Co (Utility) | First Mortgage Bonds, Exchange Stated Maturity 2040 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Stated interest rate | 4.50% |
BANKRUPTCY FILING (Equity Finan
BANKRUPTCY FILING (Equity Financing) (Details) - USD ($) $ / shares in Units, shares in Millions | Jul. 01, 2020 | Jun. 25, 2020 | Jul. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2020 | Aug. 03, 2020 | Jun. 30, 2020 | Jun. 19, 2020 | Mar. 06, 2020 |
Debt Instrument [Line Items] | |||||||||||
Equity Units issued | $ 9,000,000,000 | $ 3,970,000,000 | $ 9,000,000,000 | $ 1,304,000,000 | $ 0 | $ 0 | |||||
Equity backstop commitments, shares (in shares) | 119 | ||||||||||
Equity backstop commitments, value | $ 12,000,000,000 | ||||||||||
Backstop commitment premium, expense | $ 1,100,000,000 | ||||||||||
Share price (in dollar per share) | $ 9.03 | $ 8.87 | |||||||||
Additional backstop commitment premium, expense | $ 19,000,000 | $ 444,000,000 | |||||||||
Professional legal fees | 34,000,000 | ||||||||||
Professional non-legal fees | 19,000,000 | ||||||||||
Professional fees | 49,000,000 | ||||||||||
Settlement price (in dollars per share) | $ 9.50 | ||||||||||
Additional forward stock purchase agreement, expense | $ 8,000,000 | ||||||||||
Backstop Parties | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt commitment letters, required equity funding | $ 12,000,000,000 | ||||||||||
Forward stock purchase agreement, common stock issues, pro rata (in shares) | 50 | ||||||||||
Offerings | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Equity Units issued | 5,750,000,000 | ||||||||||
Option Amount | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Equity Units issued | $ 523,000,000 | ||||||||||
Common Stock Offering | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Option to purchase additional stock, delivered (in shares) | 42.3 | 42.3 | |||||||||
PG&E Corporation | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Equity Units issued | $ 1,304,000,000 | $ 0 | $ 0 | ||||||||
Forward stock purchase, redemption amount | $ 120,500,000 |
BANKRUPTCY FILING (Schedule of
BANKRUPTCY FILING (Schedule of Liabilities Subject to Compromise) (Details) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2020 | Dec. 31, 2020 | Feb. 18, 2021 | Dec. 31, 2019 | |
Liabilities Subject to Compromise, Period Increase (Decrease) [Roll Forward] | ||||
Financing debt, beginning balance | $ 23,116 | $ 23,116 | ||
Wildfire-related claims, beginning balance | 25,548 | 25,548 | ||
Trade creditors, beginning balance | 1,188 | 1,188 | ||
Non-qualified benefit plan, beginning balance | 157 | 157 | ||
2001 bankruptcy disputed claims, beginning balance | 234 | 234 | ||
Customer deposits & advances, beginning balance | 71 | 71 | ||
Other, beginning balance | 232 | 232 | ||
Liabilities Subject to Compromise, beginning balance | 50,546 | 50,546 | ||
Financing debt, ending balance | 0 | |||
Wildfire-related claims, ending balance | 0 | |||
Trade creditors, ending balance | 0 | |||
Non-qualified benefit plan, ending balance | 0 | |||
2001 bankruptcy disputed claims, ending balance | 0 | |||
Customer deposits & advances, ending balance | 0 | |||
Other, ending balance | 0 | |||
Liabilities Subject to Compromise, ending balance | 0 | |||
Accounts payable - other | 580 | $ 566 | ||
Disputed claims and customer refunds | 242 | 0 | ||
Interest payable | 498 | 4 | ||
Short-term borrowings | 3,547 | 0 | ||
Long-term debt, classified as current | 28 | 0 | ||
Other | 2,256 | 1,254 | ||
Other non-current liabilities | 3,848 | 2,573 | ||
Pension and other postretirement benefits | 2,444 | 1,884 | ||
Accounts payable - trade creditors | 2,402 | 1,954 | ||
Wildfire-related claims | 2,250 | 0 | ||
Change in Estimated Allowed Claim | ||||
Liabilities Subject to Compromise, Period Increase (Decrease) [Roll Forward] | ||||
Financing debt, change | 351 | |||
Wildfire-related claims, change | 18 | |||
Trade creditors, change | 6 | |||
Non-qualified benefit plan, change | 0 | |||
2011 bankruptcy disputed claims, change | 4 | |||
Customer deposits & advances, change | 12 | |||
Other, change | 59 | |||
Liabilities Subject to Compromise, change | 450 | |||
Cash Payment | ||||
Liabilities Subject to Compromise, Period Increase (Decrease) [Roll Forward] | ||||
Financing debt, change | 0 | |||
Wildfire-related claims, change | (23) | |||
Trade creditors, change | (14) | |||
Non-qualified benefit plan, change | 0 | |||
2011 bankruptcy disputed claims, change | 0 | |||
Customer deposits & advances, change | 0 | |||
Other, change | 0 | |||
Liabilities Subject to Compromise, change | (37) | |||
Reclassified | ||||
Liabilities Subject to Compromise, Period Increase (Decrease) [Roll Forward] | ||||
Financing debt, change | (23,467) | |||
Wildfire-related claims, change | (25,543) | |||
Trade creditors, change | (1,180) | |||
Non-qualified benefit plan, change | (157) | |||
2011 bankruptcy disputed claims, change | (238) | |||
Customer deposits & advances, change | (83) | |||
Other, change | (291) | |||
Liabilities Subject to Compromise, change | (50,959) | |||
Accounts payable - other | 8.6 | |||
Disputed claims and customer refunds | 237.6 | |||
Interest payable | 1,347.4 | |||
Debt financial instrument | 21,425.7 | |||
Short-term borrowings | 300 | |||
Long-term debt, classified as current | 450 | |||
Other | 301 | |||
Other non-current liabilities | 97.9 | |||
Pension and other postretirement benefits | 121.3 | |||
Accounts payable - trade creditors | 1,126.9 | |||
Wildfire-related claims | 25,542.7 | |||
Pacific Gas & Electric Co (Utility) | ||||
Liabilities Subject to Compromise, Period Increase (Decrease) [Roll Forward] | ||||
Financing debt, beginning balance | 22,450 | 22,450 | ||
Wildfire-related claims, beginning balance | 25,548 | 25,548 | ||
Trade creditors, beginning balance | 1,183 | 1,183 | ||
Non-qualified benefit plan, beginning balance | 20 | 20 | ||
2001 bankruptcy disputed claims, beginning balance | 234 | 234 | ||
Customer deposits & advances, beginning balance | 71 | 71 | ||
Other, beginning balance | 230 | 230 | ||
Liabilities Subject to Compromise, beginning balance | 49,736 | 49,736 | ||
Financing debt, ending balance | 0 | |||
Wildfire-related claims, ending balance | 0 | |||
Trade creditors, ending balance | 0 | |||
Non-qualified benefit plan, ending balance | 0 | |||
2001 bankruptcy disputed claims, ending balance | 0 | |||
Customer deposits & advances, ending balance | 0 | |||
Other, ending balance | 0 | |||
Liabilities Subject to Compromise, ending balance | 0 | |||
Accounts payable - other | 624 | 675 | ||
Disputed claims and customer refunds | 242 | 0 | ||
Interest payable | 444 | 4 | ||
Short-term borrowings | 3,547 | 0 | ||
Other | 2,248 | 1,263 | ||
Other non-current liabilities | 3,886 | 2,626 | ||
Pension and other postretirement benefits | 2,328 | 1,884 | ||
Accounts payable - trade creditors | 2,366 | 1,949 | ||
Wildfire-related claims | 2,250 | 0 | ||
Pacific Gas & Electric Co (Utility) | Subsequent Event | ||||
Liabilities Subject to Compromise, Period Increase (Decrease) [Roll Forward] | ||||
Accounts payable, trade | $ 941 | |||
PG&E Corporation | ||||
Liabilities Subject to Compromise, Period Increase (Decrease) [Roll Forward] | ||||
Financing debt, beginning balance | 666 | 666 | ||
Wildfire-related claims, beginning balance | 0 | 0 | ||
Trade creditors, beginning balance | 5 | 5 | ||
Non-qualified benefit plan, beginning balance | 137 | 137 | ||
2001 bankruptcy disputed claims, beginning balance | 0 | 0 | ||
Customer deposits & advances, beginning balance | 0 | 0 | ||
Other, beginning balance | 2 | 2 | ||
Liabilities Subject to Compromise, beginning balance | $ 810 | 810 | ||
Financing debt, ending balance | 0 | |||
Wildfire-related claims, ending balance | 0 | |||
Trade creditors, ending balance | 0 | |||
Non-qualified benefit plan, ending balance | 0 | |||
2001 bankruptcy disputed claims, ending balance | 0 | |||
Customer deposits & advances, ending balance | 0 | |||
Other, ending balance | 0 | |||
Liabilities Subject to Compromise, ending balance | 0 | |||
Long-term debt, classified as current | 28 | 0 | ||
Other | 72 | 3 | ||
Other non-current liabilities | $ 191 | $ 58 | ||
PG&E Corporation | Subsequent Event | ||||
Liabilities Subject to Compromise, Period Increase (Decrease) [Roll Forward] | ||||
Accounts payable, trade | $ 5 |
BANKRUPTCY FILING (Chapter 11 C
BANKRUPTCY FILING (Chapter 11 Claims Process) (Details) proofOfClaim in Thousands, claim in Thousands, $ in Billions | Oct. 27, 2020 | Dec. 31, 2020proofOfClaimlawsuitclaim | Dec. 31, 2019USD ($) |
Debt Instrument [Line Items] | |||
Proofs of claims | proofOfClaim | 100 | ||
Insurance from wildfire events | $ | $ 2.5 | ||
Deadline extension period | 180 days | ||
Subrogation Wildfire Trust and Fire Victim Trust | |||
Debt Instrument [Line Items] | |||
Proofs of claims | claim | 80 | ||
Satisfaction of HoldCo Rescission or Damage Claims and Subordinated Debt | |||
Debt Instrument [Line Items] | |||
Number of lawsuits filed against company (lawsuit, complaint) | lawsuit | 3 |
BANKRUPTCY FILING (Reorganizati
BANKRUPTCY FILING (Reorganization Items, Net) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Pacific Gas & Electric Co (Utility) | ||
Debt Instrument [Line Items] | ||
Payments (refunds) for reorganization items | $ 400 | $ 223 |
Probable of recovery | 35 | |
PG&E Corporation | ||
Debt Instrument [Line Items] | ||
Payments (refunds) for reorganization items | $ 102 | $ 15 |
BANKRUPTCY FILING (Schedule o_2
BANKRUPTCY FILING (Schedule of Debtor Reorganization Items) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Reorganizations [Line Items] | |||
Debtor-in-possession financing costs | $ 6 | $ 114 | |
Legal and other | 1,969 | 292 | |
Interest income | (16) | (60) | |
Total reorganization items, net | 1,959 | 346 | $ 0 |
Equity backstop premium expense and bridge loan facility fees | |||
Reorganizations [Line Items] | |||
Legal and other | 1,500 | ||
PG&E Corporation | |||
Reorganizations [Line Items] | |||
Debtor-in-possession financing costs | 0 | 17 | |
Legal and other | 1,651 | 19 | |
Interest income | (2) | (10) | |
Total reorganization items, net | 1,649 | 26 | 0 |
Pacific Gas & Electric Co (Utility) | |||
Reorganizations [Line Items] | |||
Debtor-in-possession financing costs | 6 | 97 | |
Legal and other | 318 | 273 | |
Interest income | (14) | (50) | |
Total reorganization items, net | $ 310 | $ 320 | $ 0 |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Narrative) (Details) | 12 Months Ended | |||||
Dec. 31, 2020USD ($)numberOfFatality | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 30, 2020USD ($) | Oct. 05, 2020USD ($) | Jul. 12, 2019USD ($) | |
Public Utility, Property, Plant and Equipment [Line Items] | ||||||
Period for probable revenue recovery | 24 months | |||||
Expected wildfire fund allocation metric, initial contribution | $ 4,800,000,000 | |||||
Expected wildfire fund allocation metric, annual contributions | $ 193,000,000 | |||||
Expected wildfire fund allocation metric, annual contributions, second | $ 193,000,000 | |||||
Litigation liability, current | $ 193,000,000 | |||||
Wildfire fund asset | 464,000,000 | $ 0 | ||||
Litigation contribution, net | 5,800,000,000 | |||||
Amortization and accretion | $ 413,000,000 | 0 | $ 0 | |||
Monte carlo simulation, historical data, period | 12 years | |||||
Amortization period | 6 years | |||||
Percentage assumption change | 10.00% | |||||
Greater effectiveness, amortization period | 17 years | |||||
Less effectiveness, amortization period | 12 years | |||||
Operating lease, payments | $ 2,500,000,000 | $ 2,400,000,000 | ||||
Weighted average remaining lease term | 5 years 8 months 12 days | 5 years 10 months 24 days | ||||
Weighted average discount rate | 6.20% | 6.20% | ||||
Allowance for credit loss | $ 150,000,000 | |||||
Regulatory assets, probable recovery | 76,000,000 | |||||
Regulatory assets, deferred amount | $ 10,000,000 | |||||
Five Year Historical Period | ||||||
Public Utility, Property, Plant and Equipment [Line Items] | ||||||
Historical data period | 5 years | |||||
Average annual statewide claims or settlements | $ 6,500,000,000 | |||||
Twelve Year Historical Period | ||||||
Public Utility, Property, Plant and Equipment [Line Items] | ||||||
Historical data period | 12 years | |||||
Average annual statewide claims or settlements | $ 2,900,000,000 | |||||
Wildfire Fund Asset | ||||||
Public Utility, Property, Plant and Equipment [Line Items] | ||||||
Finite-lived intangible asset, useful life | 15 years | |||||
Noncurrent liabilities – other | ||||||
Public Utility, Property, Plant and Equipment [Line Items] | ||||||
Wildfire fund, noncurrent | $ 1,300,000,000 | |||||
Pacific Gas & Electric Co (Utility) | ||||||
Public Utility, Property, Plant and Equipment [Line Items] | ||||||
Composite depreciation rate | 3.76% | 3.80% | 3.82% | |||
AFUDC debt recorded | $ 35,000,000 | $ 55,000,000 | $ 53,000,000 | |||
AFUDC equity recorded | 140,000,000 | 79,000,000 | 129,000,000 | |||
Nuclear decommissioning obligation accrued | 5,100,000,000 | 4,900,000,000 | ||||
Estimated cost recovery on spent nuclear fuel storage proceeding every year | 10,600,000,000 | 10,600,000,000 | ||||
Wildfire fund asset | 464,000,000 | 0 | ||||
Amortization and accretion | 413,000,000 | $ 0 | $ 0 | |||
Pacific Gas & Electric Co (Utility) | Receivables Securitization Program | ||||||
Public Utility, Property, Plant and Equipment [Line Items] | ||||||
Aggregate maximum amount of loans made by lenders | 1,000,000,000 | $ 1,000,000,000 | ||||
Long-term debt, gross | $ 1,000,000,000 | |||||
Pacific Gas & Electric Co (Utility) | Diablo Canyon | ||||||
Public Utility, Property, Plant and Equipment [Line Items] | ||||||
Number of generation facilities | numberOfFatality | 2 | |||||
Pacific Gas & Electric Co (Utility) | Humboldt Bay | ||||||
Public Utility, Property, Plant and Equipment [Line Items] | ||||||
Number of generation facilities | numberOfFatality | 1 | |||||
PG&E AR Facility, LLC (SPV) | Receivables Securitization Program | ||||||
Public Utility, Property, Plant and Equipment [Line Items] | ||||||
Accounts receivable, net | $ 2,600,000,000 |
SUMMARY OF SIGNIFICANT ACCOUN_5
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Revenues Disaggregated by Type of Customer) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenue from contracts with customers | |||
Total operating revenues | $ 18,469 | $ 17,129 | $ 16,759 |
Electric | |||
Revenue from contracts with customers | |||
Total operating revenues | 13,858 | 12,740 | 12,713 |
Natural gas | |||
Revenue from contracts with customers | |||
Total operating revenues | 4,611 | 4,389 | 4,046 |
Pacific Gas & Electric Co (Utility) | |||
Revenue from contracts with customers | |||
Total operating revenues | 18,469 | 17,129 | 16,760 |
Pacific Gas & Electric Co (Utility) | Electric | |||
Revenue from contracts with customers | |||
Total operating revenues | 13,185 | 12,437 | |
Regulatory balancing accounts | 673 | 303 | |
Total operating revenues | 13,858 | 12,740 | 12,713 |
Pacific Gas & Electric Co (Utility) | Electric | Residential | |||
Revenue from contracts with customers | |||
Total operating revenues | 5,523 | 4,847 | |
Pacific Gas & Electric Co (Utility) | Electric | Commercial | |||
Revenue from contracts with customers | |||
Total operating revenues | 4,722 | 4,756 | |
Pacific Gas & Electric Co (Utility) | Electric | Industrial | |||
Revenue from contracts with customers | |||
Total operating revenues | 1,530 | 1,493 | |
Pacific Gas & Electric Co (Utility) | Electric | Agricultural | |||
Revenue from contracts with customers | |||
Total operating revenues | 1,471 | 1,106 | |
Pacific Gas & Electric Co (Utility) | Electric | Public street and highway lighting | |||
Revenue from contracts with customers | |||
Total operating revenues | 69 | 67 | |
Pacific Gas & Electric Co (Utility) | Electric | Other | |||
Revenue from contracts with customers | |||
Total operating revenues | (130) | 168 | |
Pacific Gas & Electric Co (Utility) | Natural gas | |||
Revenue from contracts with customers | |||
Total operating revenues | 4,386 | 4,302 | |
Regulatory balancing accounts | 225 | 87 | |
Total operating revenues | 4,611 | 4,389 | $ 4,047 |
Pacific Gas & Electric Co (Utility) | Natural gas | Residential | |||
Revenue from contracts with customers | |||
Total operating revenues | 2,517 | 2,325 | |
Pacific Gas & Electric Co (Utility) | Natural gas | Commercial | |||
Revenue from contracts with customers | |||
Total operating revenues | 597 | 605 | |
Pacific Gas & Electric Co (Utility) | Natural gas | Transportation service only | |||
Revenue from contracts with customers | |||
Total operating revenues | 1,211 | 1,249 | |
Pacific Gas & Electric Co (Utility) | Natural gas | Other | |||
Revenue from contracts with customers | |||
Total operating revenues | $ 61 | $ 123 |
SUMMARY OF SIGNIFICANT ACCOUN_6
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Schedule of Estimated Useful Lives and Balances of Utilities Property, Plant and Equipment) (Details) - Pacific Gas & Electric Co (Utility) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Public Utility, Property, Plant and Equipment [Line Items] | ||
Total property, plant, and equipment | $ 93,892 | $ 88,088 |
Accumulated depreciation | (27,756) | (26,453) |
Net property, plant, and equipment | 66,136 | 61,635 |
Electricity generating facilities | ||
Public Utility, Property, Plant and Equipment [Line Items] | ||
Total property, plant, and equipment | $ 13,751 | 13,189 |
Electricity generating facilities | Minimum | ||
Public Utility, Property, Plant and Equipment [Line Items] | ||
Estimated Useful Lives (years) | 5 years | |
Electricity generating facilities | Maximum | ||
Public Utility, Property, Plant and Equipment [Line Items] | ||
Estimated Useful Lives (years) | 75 years | |
Electricity distribution facilities | ||
Public Utility, Property, Plant and Equipment [Line Items] | ||
Total property, plant, and equipment | $ 37,675 | 35,237 |
Electricity distribution facilities | Minimum | ||
Public Utility, Property, Plant and Equipment [Line Items] | ||
Estimated Useful Lives (years) | 10 years | |
Electricity distribution facilities | Maximum | ||
Public Utility, Property, Plant and Equipment [Line Items] | ||
Estimated Useful Lives (years) | 70 years | |
Electricity transmission facilities | ||
Public Utility, Property, Plant and Equipment [Line Items] | ||
Total property, plant, and equipment | $ 15,556 | 14,281 |
Electricity transmission facilities | Minimum | ||
Public Utility, Property, Plant and Equipment [Line Items] | ||
Estimated Useful Lives (years) | 15 years | |
Electricity transmission facilities | Maximum | ||
Public Utility, Property, Plant and Equipment [Line Items] | ||
Estimated Useful Lives (years) | 75 years | |
Natural gas distribution facilities | ||
Public Utility, Property, Plant and Equipment [Line Items] | ||
Total property, plant, and equipment | $ 15,133 | 14,236 |
Natural gas distribution facilities | Minimum | ||
Public Utility, Property, Plant and Equipment [Line Items] | ||
Estimated Useful Lives (years) | 20 years | |
Natural gas distribution facilities | Maximum | ||
Public Utility, Property, Plant and Equipment [Line Items] | ||
Estimated Useful Lives (years) | 60 years | |
Natural gas transmission and storage facilities | ||
Public Utility, Property, Plant and Equipment [Line Items] | ||
Total property, plant, and equipment | $ 9,002 | 8,452 |
Natural gas transmission and storage facilities | Minimum | ||
Public Utility, Property, Plant and Equipment [Line Items] | ||
Estimated Useful Lives (years) | 5 years | |
Natural gas transmission and storage facilities | Maximum | ||
Public Utility, Property, Plant and Equipment [Line Items] | ||
Estimated Useful Lives (years) | 66 years | |
Construction work in progress | ||
Public Utility, Property, Plant and Equipment [Line Items] | ||
Total property, plant, and equipment | $ 2,757 | 2,675 |
Other | ||
Public Utility, Property, Plant and Equipment [Line Items] | ||
Total property, plant, and equipment | $ 18 | $ 18 |
SUMMARY OF SIGNIFICANT ACCOUN_7
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Schedule of Changes in Asset Retirement Obligations) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | ||
ARO liability at beginning of year | $ 5,854 | $ 5,994 |
Liabilities incurred in the current period | 268 | 0 |
Revision in estimated cash flows | 53 | (376) |
Accretion | 265 | 274 |
Liabilities settled | (28) | (38) |
ARO liability at end of year | $ 6,412 | $ 5,854 |
SUMMARY OF SIGNIFICANT ACCOUN_8
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Reclassifications Out of Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Accumulated Other Comprehensive Loss | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | $ (5) | $ (4) |
Net current period other comprehensive loss | (17) | (1) |
Ending balance | (22) | (5) |
Accumulated Other Comprehensive Loss | Pension Plan | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | (22) | (21) |
Net current period other comprehensive loss | (17) | (1) |
Ending balance | (39) | (22) |
Accumulated Other Comprehensive Loss | PBOP Plans | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | 17 | 17 |
Net current period other comprehensive loss | 0 | 0 |
Ending balance | 17 | 17 |
Amortization of prior service cost | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Amounts reclassified from other comprehensive income: | 6 | 6 |
Amortization of prior service cost | Pension Plan | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Amounts reclassified from other comprehensive income: | (4) | (4) |
Amounts reclassified from other comprehensive income, tax | 2 | 2 |
Amortization of prior service cost | PBOP Plans | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Amounts reclassified from other comprehensive income: | 10 | 10 |
Amounts reclassified from other comprehensive income, tax | 4 | 4 |
Amortization of net actuarial gain (loss) | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Other comprehensive income before reclassifications: | (247) | 288 |
Amounts reclassified from other comprehensive income: | (13) | 0 |
Amortization of net actuarial gain (loss) | Pension Plan | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Other comprehensive income before reclassifications: | (417) | 61 |
Amounts reclassified from other comprehensive income: | 2 | 2 |
Other comprehensive income before reclassifications, tax | 162 | 24 |
Amounts reclassified from other comprehensive income, tax | 1 | 1 |
Amortization of net actuarial gain (loss) | PBOP Plans | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Other comprehensive income before reclassifications: | 170 | 227 |
Amounts reclassified from other comprehensive income: | (15) | (2) |
Other comprehensive income before reclassifications, tax | 66 | 88 |
Amounts reclassified from other comprehensive income, tax | 6 | 1 |
Regulatory account transfer | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Other comprehensive income before reclassifications: | 230 | (289) |
Amounts reclassified from other comprehensive income: | 7 | (6) |
Regulatory account transfer | Pension Plan | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Other comprehensive income before reclassifications: | 400 | (62) |
Amounts reclassified from other comprehensive income: | 2 | 2 |
Other comprehensive income before reclassifications, tax | 155 | 24 |
Amounts reclassified from other comprehensive income, tax | 1 | 1 |
Regulatory account transfer | PBOP Plans | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Other comprehensive income before reclassifications: | (170) | (227) |
Amounts reclassified from other comprehensive income: | 5 | (8) |
Other comprehensive income before reclassifications, tax | 66 | 88 |
Amounts reclassified from other comprehensive income, tax | $ 2 | $ 3 |
SUMMARY OF SIGNIFICANT ACCOUN_9
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Schedule of Lease Expense) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Dec. 31, 2020 | Dec. 31, 2019 | |
Accounting Policies [Abstract] | ||
Operating lease fixed cost | $ 679 | $ 686 |
Operating lease variable cost | 1,852 | 1,778 |
Total operating lease cost | $ 2,531 | $ 2,464 |
SUMMARY OF SIGNIFICANT ACCOU_10
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Future Expected Operating Lease Payments) (Details) $ in Millions | Dec. 31, 2020USD ($) |
Future Expected Operating Lease Payments | |
2021 | $ 624 |
2022 | 550 |
2023 | 257 |
2024 | 98 |
2025 | 91 |
Thereafter | 513 |
Total lease payments | 2,133 |
Less imputed interest | (397) |
Total | $ 1,736 |
REGULATORY ASSETS, LIABILITIE_3
REGULATORY ASSETS, LIABILITIES, AND BALANCING ACCOUNTS (Long-Term Regulatory Assets) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Regulatory Assets [Line Items] | ||
Total long-term regulatory assets | $ 8,978 | $ 6,066 |
Utility retained generation asset costs | 1,200 | |
Pension benefits | ||
Regulatory Assets [Line Items] | ||
Total long-term regulatory assets | 2,245 | 1,823 |
Environmental compliance costs | ||
Regulatory Assets [Line Items] | ||
Total long-term regulatory assets | $ 1,112 | 1,062 |
Recovery Period | 32 years | |
Utility retained generation | ||
Regulatory Assets [Line Items] | ||
Total long-term regulatory assets | $ 181 | 228 |
Recovery Period | 6 years | |
Price risk management | ||
Regulatory Assets [Line Items] | ||
Total long-term regulatory assets | $ 204 | 124 |
Recovery Period | 19 years | |
Unamortized loss, net of gain, on reacquired debt | ||
Regulatory Assets [Line Items] | ||
Total long-term regulatory assets | $ 49 | 63 |
Recovery Period | 23 years | |
Catastrophic event memorandum account | ||
Regulatory Assets [Line Items] | ||
Total long-term regulatory assets | $ 842 | 656 |
Catastrophic event memorandum account | COVID-19 | ||
Regulatory Assets [Line Items] | ||
Total long-term regulatory assets | $ 49 | |
Catastrophic event memorandum account | Minimum | ||
Regulatory Assets [Line Items] | ||
Recovery Period | 1 year | |
Catastrophic event memorandum account | Maximum | ||
Regulatory Assets [Line Items] | ||
Recovery Period | 3 years | |
Wildfire expense memorandum account | ||
Regulatory Assets [Line Items] | ||
Total long-term regulatory assets | $ 400 | 423 |
Wildfire expense memorandum account | Minimum | ||
Regulatory Assets [Line Items] | ||
Recovery Period | 1 year | |
Wildfire expense memorandum account | Maximum | ||
Regulatory Assets [Line Items] | ||
Recovery Period | 3 years | |
Fire hazard prevention memorandum account | ||
Regulatory Assets [Line Items] | ||
Total long-term regulatory assets | $ 137 | 259 |
Fire hazard prevention memorandum account | Minimum | ||
Regulatory Assets [Line Items] | ||
Recovery Period | 1 year | |
Fire hazard prevention memorandum account | Maximum | ||
Regulatory Assets [Line Items] | ||
Recovery Period | 3 years | |
Fire risk mitigation memorandum account | ||
Regulatory Assets [Line Items] | ||
Total long-term regulatory assets | $ 66 | 95 |
Fire risk mitigation memorandum account | Minimum | ||
Regulatory Assets [Line Items] | ||
Recovery Period | 1 year | |
Fire risk mitigation memorandum account | Maximum | ||
Regulatory Assets [Line Items] | ||
Recovery Period | 3 years | |
Wildfire mitigation plan memorandum account | ||
Regulatory Assets [Line Items] | ||
Total long-term regulatory assets | $ 390 | 558 |
Wildfire mitigation plan memorandum account | Minimum | ||
Regulatory Assets [Line Items] | ||
Recovery Period | 1 year | |
Wildfire mitigation plan memorandum account | Maximum | ||
Regulatory Assets [Line Items] | ||
Recovery Period | 3 years | |
Deferred income tax | ||
Regulatory Assets [Line Items] | ||
Total long-term regulatory assets | $ 908 | 252 |
Recovery Period | 51 years | |
Insurance premium costs | ||
Regulatory Assets [Line Items] | ||
Total long-term regulatory assets | $ 294 | 0 |
Insurance premium costs | Minimum | ||
Regulatory Assets [Line Items] | ||
Recovery Period | 1 year | |
Insurance premium costs | Maximum | ||
Regulatory Assets [Line Items] | ||
Recovery Period | 4 years | |
Wildfire mitigation balancing account | ||
Regulatory Assets [Line Items] | ||
Total long-term regulatory assets | $ 156 | 0 |
Wildfire mitigation balancing account | Minimum | ||
Regulatory Assets [Line Items] | ||
Recovery Period | 1 year | |
Cost percentage threshold requiring approval | 115.00% | |
Wildfire mitigation balancing account | Maximum | ||
Regulatory Assets [Line Items] | ||
Recovery Period | 3 years | |
General rate case memorandum accounts | ||
Regulatory Assets [Line Items] | ||
Total long-term regulatory assets | $ 376 | 0 |
General rate case memorandum accounts | Minimum | ||
Regulatory Assets [Line Items] | ||
Recovery Period | 1 year | |
General rate case memorandum accounts | Maximum | ||
Regulatory Assets [Line Items] | ||
Recovery Period | 2 years | |
Vegetation management balancing account | ||
Regulatory Assets [Line Items] | ||
Total long-term regulatory assets | $ 592 | 0 |
Vegetation management balancing account | Minimum | ||
Regulatory Assets [Line Items] | ||
Recovery Period | 1 year | |
Cost percentage threshold requiring approval | 120.00% | |
Vegetation management balancing account | Maximum | ||
Regulatory Assets [Line Items] | ||
Recovery Period | 3 years | |
COVID-19 Pandemic protection memorandum account | ||
Regulatory Assets [Line Items] | ||
Total long-term regulatory assets | $ 84 | 0 |
COVID-19 pandemic protection memorandum account, undercollection bad debt | ||
Regulatory Assets [Line Items] | ||
Total long-term regulatory assets | 76 | |
COVID-19 pandemic protection memorandum account, program and accounts receivable financing costs | ||
Regulatory Assets [Line Items] | ||
Total long-term regulatory assets | 8 | |
Other | ||
Regulatory Assets [Line Items] | ||
Total long-term regulatory assets | $ 942 | $ 523 |
REGULATORY ASSETS, LIABILITIE_4
REGULATORY ASSETS, LIABILITIES, AND BALANCING ACCOUNTS (Long-Term Regulatory Liabilities) (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Regulatory Liabilities [Line Items] | ||
Total long-term regulatory liabilities | $ 10,424 | $ 9,270 |
Cost of removal obligations | ||
Regulatory Liabilities [Line Items] | ||
Total long-term regulatory liabilities | 6,905 | 6,456 |
Recoveries in excess of AROs | ||
Regulatory Liabilities [Line Items] | ||
Total long-term regulatory liabilities | 458 | 393 |
Public purpose programs | ||
Regulatory Liabilities [Line Items] | ||
Total long-term regulatory liabilities | 948 | 817 |
Retirement Plan | ||
Regulatory Liabilities [Line Items] | ||
Total long-term regulatory liabilities | 995 | 750 |
Other | ||
Regulatory Liabilities [Line Items] | ||
Total long-term regulatory liabilities | $ 1,118 | $ 854 |
REGULATORY ASSETS, LIABILITIE_5
REGULATORY ASSETS, LIABILITIES, AND BALANCING ACCOUNTS (Current Regulatory Balancing Accounts, Net) (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Regulatory Liabilities [Line Items] | ||
Regulatory balancing accounts | $ 410 | $ 315 |
Regulatory Balancing Accounts Payable | ||
Regulatory Liabilities [Line Items] | ||
Total regulatory balancing accounts | 1,245 | 1,797 |
Regulatory Balancing Accounts Receivable | ||
Regulatory Liabilities [Line Items] | ||
Total regulatory balancing accounts | 2,001 | 2,114 |
Electric distribution | Regulatory Balancing Accounts Payable | ||
Regulatory Liabilities [Line Items] | ||
Total regulatory balancing accounts | 55 | 31 |
Electric transmission | Regulatory Balancing Accounts Payable | ||
Regulatory Liabilities [Line Items] | ||
Total regulatory balancing accounts | 267 | 119 |
Electric transmission | Regulatory Balancing Accounts Receivable | ||
Regulatory Liabilities [Line Items] | ||
Total regulatory balancing accounts | 0 | 9 |
Gas distribution and transmission | Regulatory Balancing Accounts Payable | ||
Regulatory Liabilities [Line Items] | ||
Total regulatory balancing accounts | 76 | 45 |
Gas distribution and transmission | Regulatory Balancing Accounts Receivable | ||
Regulatory Liabilities [Line Items] | ||
Total regulatory balancing accounts | 102 | 363 |
Energy procurement | Regulatory Balancing Accounts Payable | ||
Regulatory Liabilities [Line Items] | ||
Total regulatory balancing accounts | 158 | 649 |
Energy procurement | Regulatory Balancing Accounts Receivable | ||
Regulatory Liabilities [Line Items] | ||
Total regulatory balancing accounts | 413 | 901 |
Public purpose programs | Regulatory Balancing Accounts Payable | ||
Regulatory Liabilities [Line Items] | ||
Total regulatory balancing accounts | 410 | 559 |
Public purpose programs | Regulatory Balancing Accounts Receivable | ||
Regulatory Liabilities [Line Items] | ||
Total regulatory balancing accounts | 292 | 209 |
Fire hazard prevention memorandum account | Regulatory Balancing Accounts Receivable | ||
Regulatory Liabilities [Line Items] | ||
Total regulatory balancing accounts | 121 | 0 |
Fire risk mitigation memorandum account | Regulatory Balancing Accounts Receivable | ||
Regulatory Liabilities [Line Items] | ||
Total regulatory balancing accounts | 33 | 0 |
Wildfire mitigation plan memorandum account | Regulatory Balancing Accounts Receivable | ||
Regulatory Liabilities [Line Items] | ||
Total regulatory balancing accounts | 161 | 0 |
Wildfire mitigation balancing account | Regulatory Balancing Accounts Receivable | ||
Regulatory Liabilities [Line Items] | ||
Total regulatory balancing accounts | 27 | 0 |
General rate case memorandum accounts | Regulatory Balancing Accounts Receivable | ||
Regulatory Liabilities [Line Items] | ||
Total regulatory balancing accounts | 313 | 0 |
Vegetation management balancing account | Regulatory Balancing Accounts Receivable | ||
Regulatory Liabilities [Line Items] | ||
Total regulatory balancing accounts | 115 | 0 |
Insurance premium costs | ||
Regulatory Liabilities [Line Items] | ||
Regulatory balancing accounts | 93 | |
Insurance premium costs | Regulatory Balancing Accounts Receivable | ||
Regulatory Liabilities [Line Items] | ||
Total regulatory balancing accounts | 135 | 0 |
Other | Regulatory Balancing Accounts Payable | ||
Regulatory Liabilities [Line Items] | ||
Total regulatory balancing accounts | 279 | 394 |
Other | Regulatory Balancing Accounts Receivable | ||
Regulatory Liabilities [Line Items] | ||
Total regulatory balancing accounts | $ 289 | $ 632 |
DEBT (Outstanding Borrowings an
DEBT (Outstanding Borrowings and Availability) (Details) - USD ($) | Dec. 31, 2020 | Jul. 01, 2020 |
Revolving Credit Facility | ||
Debt [Line Items] | ||
Line of credit facility, maximum borrowing capacity | $ 8,000,000,000 | |
Borrowings Outstanding | 4,605,000,000 | |
Letters of Credit Outstanding | 1,020,000,000 | |
Facility Availability | 2,375,000,000 | |
Revolving Credit Facility | PG&E Corporation | ||
Debt [Line Items] | ||
Line of credit facility, maximum borrowing capacity | 500,000,000 | $ 500,000,000 |
Borrowings Outstanding | 0 | |
Letters of Credit Outstanding | 0 | |
Facility Availability | 500,000,000 | |
Revolving Credit Facility | Pacific Gas & Electric Co (Utility) | ||
Debt [Line Items] | ||
Line of credit facility, maximum borrowing capacity | 3,500,000,000 | 3,500,000,000 |
Borrowings Outstanding | 605,000,000 | |
Letters of Credit Outstanding | 1,020,000,000 | |
Facility Availability | 1,875,000,000 | |
Letter of credit sublimit | 1,500,000,000 | |
Term Loan | Pacific Gas & Electric Co (Utility) | ||
Debt [Line Items] | ||
Line of credit facility, maximum borrowing capacity | 3,000,000,000 | |
Borrowings Outstanding | 3,000,000,000 | |
Letters of Credit Outstanding | 0 | |
Facility Availability | 0 | |
Term Loan, June 2021 | Pacific Gas & Electric Co (Utility) | ||
Debt [Line Items] | ||
Line of credit facility, maximum borrowing capacity | 1,500,000,000 | |
Term Loan, January 2022 | Pacific Gas & Electric Co (Utility) | ||
Debt [Line Items] | ||
Line of credit facility, maximum borrowing capacity | $ 1,500,000,000 | |
Receivables Securitization Program | Pacific Gas & Electric Co (Utility) | ||
Debt [Line Items] | ||
Line of credit facility, maximum borrowing capacity | 1,000,000,000 | |
Borrowings Outstanding | 1,000,000,000 | |
Letters of Credit Outstanding | 0 | |
Facility Availability | $ 0 |
DEBT (Credit Facility) (Details
DEBT (Credit Facility) (Details) | Jul. 01, 2020USD ($)numberOfExtensionOptionnumberOfClaimHolder | Dec. 31, 2020USD ($) |
Revolving Credit Facility | ||
Debt [Line Items] | ||
Line of credit facility, maximum borrowing capacity | $ 8,000,000,000 | |
Revolving Credit Facility | PG&E Corporation | ||
Debt [Line Items] | ||
Line of credit facility, maximum borrowing capacity | $ 500,000,000 | 500,000,000 |
Debt instrument, term | 3 years | |
Debt, number of extension options | numberOfExtensionOption | 2 | |
Debt instrument, extension option, term | 1 year | |
Percentage of ownership of outstanding common stock | 100.00% | |
Revolving Credit Facility | PG&E Corporation | Minimum | ||
Debt [Line Items] | ||
Facility fee | 0.50% | |
Debt, ratio of total consolidated debt to consolidated capitalization, loans outstanding balance | 150.00% | |
Debt, ratio of total consolidated debt to consolidated capitalization, cash dividend declared | 100.00% | |
Revolving Credit Facility | PG&E Corporation | Minimum | LIBOR | ||
Debt [Line Items] | ||
Basis spread on variable rate | 3.00% | |
Revolving Credit Facility | PG&E Corporation | Minimum | Base Rate | ||
Debt [Line Items] | ||
Basis spread on variable rate | 2.00% | |
Revolving Credit Facility | PG&E Corporation | Maximum | ||
Debt [Line Items] | ||
Facility fee | 0.75% | |
Debt, ratio of total consolidated debt to consolidated capitalization | 70.00% | |
Debt default, amount | $ 200,000,000 | |
Revolving Credit Facility | PG&E Corporation | Maximum | LIBOR | ||
Debt [Line Items] | ||
Basis spread on variable rate | 4.25% | |
Revolving Credit Facility | PG&E Corporation | Maximum | Base Rate | ||
Debt [Line Items] | ||
Basis spread on variable rate | 3.25% | |
Revolving Credit Facility | Pacific Gas & Electric Co (Utility) | ||
Debt [Line Items] | ||
Line of credit facility, maximum borrowing capacity | $ 3,500,000,000 | $ 3,500,000,000 |
Debt instrument, term | 3 years | |
Debt, number of extension options | numberOfClaimHolder | 2 | |
Debt instrument, extension option, term | 1 year | |
Letter of credit, maximum borrowing capacity | $ 1,500,000,000 | |
Revolving Credit Facility | Pacific Gas & Electric Co (Utility) | Minimum | ||
Debt [Line Items] | ||
Facility fee | 0.25% | |
Revolving Credit Facility | Pacific Gas & Electric Co (Utility) | Minimum | LIBOR | ||
Debt [Line Items] | ||
Basis spread on variable rate | 1.375% | |
Revolving Credit Facility | Pacific Gas & Electric Co (Utility) | Minimum | Base Rate | ||
Debt [Line Items] | ||
Basis spread on variable rate | 0.375% | |
Revolving Credit Facility | Pacific Gas & Electric Co (Utility) | Maximum | ||
Debt [Line Items] | ||
Facility fee | 0.50% | |
Debt, ratio of total consolidated debt to consolidated capitalization | 65.00% | |
Debt default, amount | $ 200,000,000 | |
Revolving Credit Facility | Pacific Gas & Electric Co (Utility) | Maximum | LIBOR | ||
Debt [Line Items] | ||
Basis spread on variable rate | 2.50% | |
Revolving Credit Facility | Pacific Gas & Electric Co (Utility) | Maximum | Base Rate | ||
Debt [Line Items] | ||
Basis spread on variable rate | 1.50% | |
Term Loan Credit Facility | Pacific Gas & Electric Co (Utility) | ||
Debt [Line Items] | ||
Line of credit facility, maximum borrowing capacity | $ 3,000,000,000 | |
Debt, percentage of net cash proceeds from certain securitization transactions prepayment | 100.00% | |
Term Loan Credit Facility | Pacific Gas & Electric Co (Utility) | Maximum | ||
Debt [Line Items] | ||
Debt, ratio of total consolidated debt to consolidated capitalization | 65.00% | |
Debt default, amount | $ 200,000,000 | |
364-Day Term Loan Facility | Pacific Gas & Electric Co (Utility) | ||
Debt [Line Items] | ||
Line of credit facility, maximum borrowing capacity | $ 1,500,000,000 | |
Debt instrument, term | 364 days | |
364-Day Term Loan Facility | Pacific Gas & Electric Co (Utility) | LIBOR | ||
Debt [Line Items] | ||
Basis spread on variable rate | 2.00% | |
364-Day Term Loan Facility | Pacific Gas & Electric Co (Utility) | Base Rate | ||
Debt [Line Items] | ||
Basis spread on variable rate | 1.00% | |
18-Month Term Loan Facility | Pacific Gas & Electric Co (Utility) | ||
Debt [Line Items] | ||
Line of credit facility, maximum borrowing capacity | $ 1,500,000,000 | |
Debt instrument, term | 18 months | |
18-Month Term Loan Facility | Pacific Gas & Electric Co (Utility) | LIBOR | ||
Debt [Line Items] | ||
Basis spread on variable rate | 2.25% | |
18-Month Term Loan Facility | Pacific Gas & Electric Co (Utility) | Base Rate | ||
Debt [Line Items] | ||
Basis spread on variable rate | 1.25% | |
Second Amended and Restated Credit Agreement | PG&E Corporation | ||
Debt [Line Items] | ||
Repayments of debt | $ 300,000,000 |
DEBT (Receivables Securitizatio
DEBT (Receivables Securitization Program) (Details) - USD ($) | Oct. 05, 2020 | Dec. 31, 2020 | Dec. 31, 2019 |
Line of Credit Facility [Line Items] | |||
Program termination period | 180 days | ||
Receivables Securitization Program | Pacific Gas & Electric Co (Utility) | |||
Line of Credit Facility [Line Items] | |||
Percentage pledged of equity interests | 100.00% | ||
Aggregate maximum amount of loans made by lenders | $ 1,000,000,000 | $ 1,000,000,000 | |
Debt financial instrument | $ 1,000,000,000 | $ 0 |
DEBT (Other Short-term Borrowin
DEBT (Other Short-term Borrowings and Long-term Debt) (Details) - USD ($) | Feb. 01, 2021 | Jul. 01, 2020 | Jun. 23, 2020 | Dec. 31, 2020 | Nov. 16, 2020 | Jun. 19, 2020 |
PG&E Corporation | ||||||
Debt [Line Items] | ||||||
Debt instrument, redemption price, percentage | 100.00% | |||||
First Mortgage Bonds due November 15, 2021 | Pacific Gas & Electric Co (Utility) | ||||||
Debt [Line Items] | ||||||
Debt instrument, face amount | $ 1,450,000,000 | |||||
Floating Rate First Mortgage Bonds due June 16, 2022 | Pacific Gas & Electric Co (Utility) | ||||||
Debt [Line Items] | ||||||
Debt instrument, face amount | $ 500,000,000 | |||||
First Mortgage Bonds due June 16, 2022 | Pacific Gas & Electric Co (Utility) | ||||||
Debt [Line Items] | ||||||
Debt instrument, face amount | $ 2,500,000,000 | |||||
Stated interest rate | 1.75% | |||||
First Mortgage Bonds due August 1, 2027 | Pacific Gas & Electric Co (Utility) | ||||||
Debt [Line Items] | ||||||
Debt instrument, face amount | $ 1,000,000,000 | |||||
Stated interest rate | 2.10% | |||||
First Mortgage Bonds due February 1, 2031 | Pacific Gas & Electric Co (Utility) | ||||||
Debt [Line Items] | ||||||
Debt instrument, face amount | $ 2,000,000,000 | |||||
Stated interest rate | 2.50% | |||||
First Mortgage Bonds due August 1, 2040 | Pacific Gas & Electric Co (Utility) | ||||||
Debt [Line Items] | ||||||
Debt instrument, face amount | $ 1,000,000,000 | |||||
Stated interest rate | 3.30% | |||||
First Mortgage Bonds due August 1, 2050 | Pacific Gas & Electric Co (Utility) | ||||||
Debt [Line Items] | ||||||
Debt instrument, face amount | $ 1,925,000,000 | |||||
Stated interest rate | 3.50% | |||||
New Mortgage Bonds | Pacific Gas & Electric Co (Utility) | ||||||
Debt [Line Items] | ||||||
Debt instrument, face amount | $ 11,900,000,000 | |||||
Utility Reinstated Senior Notes | Pacific Gas & Electric Co (Utility) | ||||||
Debt [Line Items] | ||||||
Debt instrument, face amount | 9,600,000,000 | |||||
18-Month Term Loan Facility | Pacific Gas & Electric Co (Utility) | ||||||
Debt [Line Items] | ||||||
Line of credit facility, maximum borrowing capacity | $ 1,500,000,000 | |||||
Debt instrument, term | 18 months | |||||
18-Month Term Loan Facility | Pacific Gas & Electric Co (Utility) | LIBOR | ||||||
Debt [Line Items] | ||||||
Basis spread on variable rate | 2.25% | |||||
18-Month Term Loan Facility | Pacific Gas & Electric Co (Utility) | Base Rate | ||||||
Debt [Line Items] | ||||||
Basis spread on variable rate | 1.25% | |||||
Term Loan | PG&E Corporation | ||||||
Debt [Line Items] | ||||||
Debt instrument, face amount | $ 2,750,000,000 | |||||
Debt instrument, quarterly reduction amount | $ 6,875,000 | |||||
Prepayment premium percentage | 1.00% | |||||
Repayments of debt | $ 350,000,000 | |||||
Term Loan | PG&E Corporation | LIBOR | ||||||
Debt [Line Items] | ||||||
Debt instrument, basis spread on alternative base rate | 1.00% | |||||
Term Loan | PG&E Corporation | LIBOR | Subsequent Event | ||||||
Debt [Line Items] | ||||||
Basis spread on variable rate | 3.00% | |||||
Term Loan | PG&E Corporation | Alternative Base Rate (ABR) Floor | ||||||
Debt [Line Items] | ||||||
Basis spread on variable rate | 2.00% | |||||
Term Loan | PG&E Corporation | Prime Rate | ||||||
Debt [Line Items] | ||||||
Debt instrument, basis spread on alternative base rate | 0.50% | |||||
Term Loan | PG&E Corporation | Alternative Base Rate (ABR) | Subsequent Event | ||||||
Debt [Line Items] | ||||||
Basis spread on variable rate | 2.00% | |||||
Term Loan | PG&E Corporation | Minimum | LIBOR | ||||||
Debt [Line Items] | ||||||
Basis spread on variable rate | 1.00% | |||||
Term Loan | PG&E Corporation | Maximum | ||||||
Debt [Line Items] | ||||||
Debt default, amount | $ 200,000,000 | |||||
Term Loan | Pacific Gas & Electric Co (Utility) | ||||||
Debt [Line Items] | ||||||
Line of credit facility, maximum borrowing capacity | $ 3,000,000,000 | |||||
Percentage of ownership of outstanding common stock | 100.00% | |||||
Term Loan, Repricing Amendment | PG&E Corporation | LIBOR | ||||||
Debt [Line Items] | ||||||
Basis spread on variable rate | 4.50% | |||||
Term Loan, Repricing Amendment | PG&E Corporation | Alternative Base Rate (ABR) Floor | Subsequent Event | ||||||
Debt [Line Items] | ||||||
Basis spread on variable rate | 1.50% | |||||
Term Loan, Repricing Amendment | PG&E Corporation | Alternative Base Rate (ABR) | ||||||
Debt [Line Items] | ||||||
Basis spread on variable rate | 3.50% | |||||
Term Loan, Repricing Amendment | PG&E Corporation | Minimum | LIBOR | Subsequent Event | ||||||
Debt [Line Items] | ||||||
Basis spread on variable rate | 0.50% | |||||
Senior Secured Notes due July 1, 2028 | PG&E Corporation | ||||||
Debt [Line Items] | ||||||
Debt instrument, face amount | $ 1,000,000,000 | |||||
Stated interest rate | 5.00% | |||||
Senior Secured Notes due July 1, 2030 | PG&E Corporation | ||||||
Debt [Line Items] | ||||||
Debt instrument, face amount | $ 1,000,000,000 | |||||
Stated interest rate | 5.25% | |||||
Senior Notes | PG&E Corporation | ||||||
Debt [Line Items] | ||||||
Debt instrument, redemption price, percentage | 40.00% |
DEBT (Schedule of Long-term Deb
DEBT (Schedule of Long-term Debt) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Jul. 01, 2020 | Dec. 31, 2019 | |
Pre-petition Long Term Debt | PG&E Corporation | |||
Debt [Line Items] | |||
Senior notes | $ 0 | $ 650,000,000 | |
PG&E Corporation Revolving Credit Facilities - Stated Maturity: 2022 | PG&E Corporation | |||
Debt [Line Items] | |||
Total Pre-Petition Pollution Control Bonds | 0 | $ 300,000,000 | |
PG&E Corporation Revolving Credit Facilities - Stated Maturity: 2022 | PG&E Corporation | LIBOR | |||
Debt [Line Items] | |||
Stated interest rate | 3.24% | ||
Term Loan - Stated Maturity: 2020 | PG&E Corporation | |||
Debt [Line Items] | |||
Debt | 0 | $ 350,000,000 | |
Term Loan - Stated Maturity: 2020 | PG&E Corporation | LIBOR | |||
Debt [Line Items] | |||
Stated interest rate | 2.96% | ||
Pre-petition Senior Notes | Pacific Gas & Electric Co (Utility) | |||
Debt [Line Items] | |||
Senior notes | 0 | $ 17,525,000,000 | |
Senior Notes Due 2020 Through 2022 | Pacific Gas & Electric Co (Utility) | |||
Debt [Line Items] | |||
Senior notes | $ 0 | 1,750,000,000 | |
Senior Notes Due 2020 Through 2022 | Pacific Gas & Electric Co (Utility) | Minimum | |||
Debt [Line Items] | |||
Stated interest rate | 2.45% | ||
Senior Notes Due 2020 Through 2022 | Pacific Gas & Electric Co (Utility) | Maximum | |||
Debt [Line Items] | |||
Stated interest rate | 4.25% | ||
First Mortgage Bonds Due 2025 | Pacific Gas & Electric Co (Utility) | |||
Debt [Line Items] | |||
Stated interest rate | 3.45% | ||
Debt instrument, face amount | $ 875,000,000 | ||
First Mortgage Bonds Due 2025 | PG&E Corporation | |||
Debt [Line Items] | |||
Stated interest rate | 3.45% | ||
First Mortgage Bonds Due 2028 | Pacific Gas & Electric Co (Utility) | |||
Debt [Line Items] | |||
Stated interest rate | 3.75% | ||
Debt instrument, face amount | $ 875,000,000 | ||
First Mortgage Bonds Due 2028 | PG&E Corporation | |||
Debt [Line Items] | |||
Stated interest rate | 3.75% | ||
Senior Notes Due 2023 Through 2028 | Pacific Gas & Electric Co (Utility) | |||
Debt [Line Items] | |||
Senior notes | $ 0 | 5,025,000,000 | |
Senior Notes Due 2023 Through 2028 | Pacific Gas & Electric Co (Utility) | Minimum | |||
Debt [Line Items] | |||
Stated interest rate | 2.95% | ||
Senior Notes Due 2023 Through 2028 | Pacific Gas & Electric Co (Utility) | Maximum | |||
Debt [Line Items] | |||
Stated interest rate | 4.65% | ||
Senior Notes Due 2034 Through 2040 | Pacific Gas & Electric Co (Utility) | |||
Debt [Line Items] | |||
Senior notes | $ 0 | 5,700,000,000 | |
Senior Notes Due 2034 Through 2040 | Pacific Gas & Electric Co (Utility) | Minimum | |||
Debt [Line Items] | |||
Stated interest rate | 5.40% | ||
Senior Notes Due 2034 Through 2040 | Pacific Gas & Electric Co (Utility) | Maximum | |||
Debt [Line Items] | |||
Stated interest rate | 6.35% | ||
First Mortgage Bonds Due 2030 | Pacific Gas & Electric Co (Utility) | |||
Debt [Line Items] | |||
Stated interest rate | 4.55% | ||
Debt instrument, face amount | $ 3,100,000,000 | ||
First Mortgage Bonds Due 2030 | PG&E Corporation | |||
Debt [Line Items] | |||
Stated interest rate | 4.55% | ||
First Mortgage Bonds Due 2050 | Pacific Gas & Electric Co (Utility) | |||
Debt [Line Items] | |||
Stated interest rate | 4.95% | ||
Debt instrument, face amount | $ 3,100,000,000 | ||
First Mortgage Bonds Due 2050 | PG&E Corporation | |||
Debt [Line Items] | |||
Stated interest rate | 4.95% | ||
Senior Notes Due 2041 Through 2042 | Pacific Gas & Electric Co (Utility) | |||
Debt [Line Items] | |||
Senior notes | $ 0 | 1,000,000,000 | |
Senior Notes Due 2041 Through 2042 | Pacific Gas & Electric Co (Utility) | Minimum | |||
Debt [Line Items] | |||
Stated interest rate | 3.75% | ||
Senior Notes Due 2041 Through 2042 | Pacific Gas & Electric Co (Utility) | Maximum | |||
Debt [Line Items] | |||
Stated interest rate | 4.50% | ||
Senior Notes Due 2043 | Pacific Gas & Electric Co (Utility) | |||
Debt [Line Items] | |||
Senior notes | $ 0 | 500,000,000 | |
Stated interest rate | 5.13% | ||
Senior Notes Due 2043 Through 2047 | Pacific Gas & Electric Co (Utility) | |||
Debt [Line Items] | |||
Senior notes | $ 0 | 3,550,000,000 | |
Senior Notes Due 2043 Through 2047 | Pacific Gas & Electric Co (Utility) | Minimum | |||
Debt [Line Items] | |||
Stated interest rate | 3.95% | ||
Senior Notes Due 2043 Through 2047 | Pacific Gas & Electric Co (Utility) | Maximum | |||
Debt [Line Items] | |||
Stated interest rate | 4.75% | ||
Pre-petition Pollution Control Bonds | Pacific Gas & Electric Co (Utility) | |||
Debt [Line Items] | |||
PG&E Corporation | $ 0 | 863,000,000 | |
Pollution Control Bonds Series 2008, F, And 2010, E, 1.75%, Due 2026 | Pacific Gas & Electric Co (Utility) | |||
Debt [Line Items] | |||
Stated interest rate | 0.0175% | ||
Pollution control bonds | $ 0 | $ 100,000,000 | $ 100,000,000 |
Pollution Control Bonds Series 2009, A-B, Variable Rate, Due 2026 | Pacific Gas & Electric Co (Utility) | |||
Debt [Line Items] | |||
Stated interest rate | 7.95% | ||
Pollution control bonds | 0 | $ 149,000,000 | |
Pollution Control Bonds - Series 1996 C, E, F, 1997 B due 2026 | Pacific Gas & Electric Co (Utility) | |||
Debt [Line Items] | |||
Pollution control bonds | 0 | $ 614,000,000 | |
Pollution Control Bonds - Series 1996 C, E, F, 1997 B due 2026 | Pacific Gas & Electric Co (Utility) | Minimum | |||
Debt [Line Items] | |||
Stated interest rate | 7.95% | ||
Pollution Control Bonds - Series 1996 C, E, F, 1997 B due 2026 | Pacific Gas & Electric Co (Utility) | Maximum | |||
Debt [Line Items] | |||
Stated interest rate | 8.08% | ||
Pre-Petition Credit Facility | Pacific Gas & Electric Co (Utility) | |||
Debt [Line Items] | |||
Senior notes | 0 | $ 3,138,000,000 | |
Utility Revolving Credit Facilities - Stated Maturity: 2022 | Pacific Gas & Electric Co (Utility) | |||
Debt [Line Items] | |||
Total Pre-Petition Pollution Control Bonds | 0 | $ 2,888,000,000 | |
Utility Revolving Credit Facilities - Stated Maturity: 2022 | PG&E Corporation | LIBOR | |||
Debt [Line Items] | |||
Stated interest rate | 3.04% | ||
Term Loan - Stated Maturity: 2019 | Pacific Gas & Electric Co (Utility) | |||
Debt [Line Items] | |||
Debt | 0 | $ 250,000,000 | |
Term Loan - Stated Maturity: 2019 | PG&E Corporation | LIBOR | |||
Debt [Line Items] | |||
Stated interest rate | 2.36% | ||
First Mortgage Bonds Due 2026 | Pacific Gas & Electric Co (Utility) | |||
Debt [Line Items] | |||
Stated interest rate | 3.15% | ||
Debt instrument, face amount | $ 1,950,000,000 | ||
First Mortgage Bonds Due 2040 | Pacific Gas & Electric Co (Utility) | |||
Debt [Line Items] | |||
Stated interest rate | 4.50% | ||
Debt instrument, face amount | $ 1,950,000,000 | ||
Pre-Petition Debt | |||
Debt [Line Items] | |||
Long-term debt | 0 | $ 22,176,000,000 | |
Pre-Petition Debt | Pacific Gas & Electric Co (Utility) | |||
Debt [Line Items] | |||
Long-term debt | 0 | 21,526,000,000 | |
Debt instrument, face amount | 17,900,000,000 | ||
New Debt | |||
Debt [Line Items] | |||
Long-term debt | 37,288,000,000 | 0 | |
New Debt | Pacific Gas & Electric Co (Utility) | |||
Debt [Line Items] | |||
Long-term debt | 32,664,000,000 | 0 | |
Unamortized discount, net of premium and debt issuance costs | (6,000,000) | 0 | |
New Debt | PG&E Corporation | |||
Debt [Line Items] | |||
Long-term debt | 4,624,000,000 | 0 | |
Unamortized discount, net of premium and debt issuance costs | (85,000,000) | 0 | |
Term Loan, Stated Maturity 2025 | PG&E Corporation | |||
Debt [Line Items] | |||
Long-term debt, gross | $ 2,709,000,000 | 0 | |
Term Loan, Stated Maturity 2025 | PG&E Corporation | LIBOR | |||
Debt [Line Items] | |||
Stated interest rate | 5.50% | ||
Senior Notes Due 2028 | PG&E Corporation | |||
Debt [Line Items] | |||
Stated interest rate | 5.00% | ||
Long-term debt, gross | $ 1,000,000,000 | 0 | |
Senior Notes Due 2030 | PG&E Corporation | |||
Debt [Line Items] | |||
Stated interest rate | 5.25% | ||
Long-term debt, gross | $ 1,000,000,000 | 0 | |
18-Months Term Loan | Pacific Gas & Electric Co (Utility) | |||
Debt [Line Items] | |||
Debt | $ 1,500,000,000 | 0 | |
Debt Instrument, term | 18 months | ||
18-Months Term Loan | Pacific Gas & Electric Co (Utility) | LIBOR | |||
Debt [Line Items] | |||
Stated interest rate | 2.44% | ||
First Mortgage Bonds, Reinstated | Pacific Gas & Electric Co (Utility) | |||
Debt [Line Items] | |||
Long-term debt | $ 9,575,000,000 | 0 | |
Unamortized discount, net of premium and debt issuance costs | 0 | 0 | |
First Mortgage Bonds, Reinstated Stated Maturity 2023 through 2028 | Pacific Gas & Electric Co (Utility) | |||
Debt [Line Items] | |||
Long-term debt, gross | $ 5,025,000,000 | 0 | |
First Mortgage Bonds, Reinstated Stated Maturity 2023 through 2028 | Pacific Gas & Electric Co (Utility) | Minimum | |||
Debt [Line Items] | |||
Stated interest rate | 2.95% | ||
First Mortgage Bonds, Reinstated Stated Maturity 2023 through 2028 | Pacific Gas & Electric Co (Utility) | Maximum | |||
Debt [Line Items] | |||
Stated interest rate | 4.65% | ||
First Mortgage Bonds, Reinstated Stated Maturity 2041 through 2042 | Pacific Gas & Electric Co (Utility) | |||
Debt [Line Items] | |||
Long-term debt, gross | $ 1,000,000,000 | 0 | |
First Mortgage Bonds, Reinstated Stated Maturity 2041 through 2042 | Pacific Gas & Electric Co (Utility) | Minimum | |||
Debt [Line Items] | |||
Stated interest rate | 3.75% | ||
First Mortgage Bonds, Reinstated Stated Maturity 2041 through 2042 | Pacific Gas & Electric Co (Utility) | Maximum | |||
Debt [Line Items] | |||
Stated interest rate | 4.50% | ||
First Mortgage Bonds, Reinstated Stated Maturity 2043 through 2047 | Pacific Gas & Electric Co (Utility) | |||
Debt [Line Items] | |||
Long-term debt, gross | $ 3,550,000,000 | 0 | |
First Mortgage Bonds, Reinstated Stated Maturity 2043 through 2047 | Pacific Gas & Electric Co (Utility) | Minimum | |||
Debt [Line Items] | |||
Stated interest rate | 3.95% | ||
First Mortgage Bonds, Reinstated Stated Maturity 2043 through 2047 | Pacific Gas & Electric Co (Utility) | Maximum | |||
Debt [Line Items] | |||
Stated interest rate | 4.75% | ||
First Mortgage Bonds, Exchange | Pacific Gas & Electric Co (Utility) | |||
Debt [Line Items] | |||
Long-term debt | $ 11,754,000,000 | 0 | |
Unamortized discount, net of premium and debt issuance costs | $ (98,000,000) | 0 | |
First Mortgage Bonds, Exchange Stated Maturity 2025 | Pacific Gas & Electric Co (Utility) | |||
Debt [Line Items] | |||
Stated interest rate | 3.45% | ||
Long-term debt, gross | $ 875,000,000 | 0 | |
First Mortgage Bonds, Exchange Stated Maturity 2025 | PG&E Corporation | |||
Debt [Line Items] | |||
Stated interest rate | 3.15% | ||
First Mortgage Bonds, Exchange Stated Maturity 2026 | Pacific Gas & Electric Co (Utility) | |||
Debt [Line Items] | |||
Stated interest rate | 3.15% | ||
Long-term debt, gross | $ 1,951,000,000 | 0 | |
First Mortgage Bonds, Exchange Stated Maturity 2028 | Pacific Gas & Electric Co (Utility) | |||
Debt [Line Items] | |||
Stated interest rate | 3.75% | ||
Long-term debt, gross | $ 875,000,000 | 0 | |
First Mortgage Bonds, Exchange Stated Maturity 2030 | Pacific Gas & Electric Co (Utility) | |||
Debt [Line Items] | |||
Stated interest rate | 4.55% | ||
Long-term debt, gross | $ 3,100,000,000 | 0 | |
First Mortgage Bonds, Exchange Stated Maturity 2040 | Pacific Gas & Electric Co (Utility) | |||
Debt [Line Items] | |||
Stated interest rate | 4.50% | ||
Long-term debt, gross | $ 1,951,000,000 | 0 | |
First Mortgage Bonds, Exchange Stated Maturity 2040 | PG&E Corporation | |||
Debt [Line Items] | |||
Stated interest rate | 4.50% | ||
First Mortgage Bonds, Exchange Stated Maturity 2050 | Pacific Gas & Electric Co (Utility) | |||
Debt [Line Items] | |||
Stated interest rate | 4.95% | ||
Long-term debt, gross | $ 3,100,000,000 | 0 | |
First Mortgage Bonds | Pacific Gas & Electric Co (Utility) | |||
Debt [Line Items] | |||
Long-term debt | 8,841,000,000 | 0 | |
Unamortized discount, net of premium and debt issuance costs | (84,000,000) | 0 | |
First Mortgage Bonds, Stated Maturity 2022 | Pacific Gas & Electric Co (Utility) | |||
Debt [Line Items] | |||
Long-term debt, gross | $ 500,000,000 | 0 | |
First Mortgage Bonds, Stated Maturity 2022 | Pacific Gas & Electric Co (Utility) | LIBOR | |||
Debt [Line Items] | |||
Stated interest rate | 1.70% | ||
First Mortgage Bonds, Stated Maturity 2022 | Pacific Gas & Electric Co (Utility) | |||
Debt [Line Items] | |||
Stated interest rate | 1.75% | ||
Long-term debt, gross | $ 2,500,000,000 | 0 | |
First Mortgage Bonds, Stated Maturity 2027 | Pacific Gas & Electric Co (Utility) | |||
Debt [Line Items] | |||
Stated interest rate | 2.10% | ||
Long-term debt, gross | $ 1,000,000,000 | 0 | |
First Mortgage Bonds, Stated Maturity 2031 | Pacific Gas & Electric Co (Utility) | |||
Debt [Line Items] | |||
Stated interest rate | 2.50% | ||
Long-term debt, gross | $ 2,000,000,000 | 0 | |
First Mortgage Bonds, Stated Maturity 2040 | Pacific Gas & Electric Co (Utility) | |||
Debt [Line Items] | |||
Stated interest rate | 3.30% | ||
Long-term debt, gross | $ 1,000,000,000 | 0 | |
First Mortgage Bonds, Stated Maturity 2050 | Pacific Gas & Electric Co (Utility) | |||
Debt [Line Items] | |||
Stated interest rate | 3.50% | ||
Long-term debt, gross | $ 1,925,000,000 | 0 | |
Receivables Securitization Program | Pacific Gas & Electric Co (Utility) | |||
Debt [Line Items] | |||
Long-term debt | 1,000,000,000 | $ 0 | |
Long-term debt, gross | $ 1,000,000,000 |
DEBT (Schedule of Contractual R
DEBT (Schedule of Contractual Repayment Schedule) (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Debt [Line Items] | |
Total consolidated debt | $ 37,589 |
Pacific Gas & Electric Co (Utility) | |
Debt [Line Items] | |
Average fixed interest rate | 3.66% |
Fixed rate obligations | $ 29,852 |
Variable rate obligations | $ 3,000 |
Pacific Gas & Electric Co (Utility) | 18-Months Term Loan | |
Debt [Line Items] | |
Debt Instrument, term | 18 months |
Pacific Gas & Electric Co (Utility) | 18-Months Term Loan | LIBOR | |
Debt [Line Items] | |
Debt, average interest rate | 2.44% |
Pacific Gas & Electric Co (Utility) | Receivables Securitization Program | LIBOR | |
Debt [Line Items] | |
Debt, average interest rate | 1.57% |
Pacific Gas & Electric Co (Utility) | First Mortgage Bonds, Stated Maturity 2022 | LIBOR | |
Debt [Line Items] | |
Debt, average interest rate | 1.70% |
PG&E Corporation | |
Debt [Line Items] | |
Average fixed interest rate | 5.13% |
Fixed rate obligations | $ 2,000 |
Variable interest rate as of December 31, 2020 | 5.50% |
Variable rate obligations | $ 2,737 |
2021 | |
Debt [Line Items] | |
Total consolidated debt | $ 28 |
2021 | Pacific Gas & Electric Co (Utility) | |
Debt [Line Items] | |
Average fixed interest rate | 0.00% |
Fixed rate obligations | $ 0 |
Variable interest rate as of December 31, 2020 | 0.00% |
Variable rate obligations | $ 0 |
2021 | PG&E Corporation | |
Debt [Line Items] | |
Average fixed interest rate | 0.00% |
Fixed rate obligations | $ 0 |
Variable interest rate as of December 31, 2020 | 5.50% |
Variable rate obligations | $ 28 |
2022 | |
Debt [Line Items] | |
Total consolidated debt | $ 5,528 |
2022 | Pacific Gas & Electric Co (Utility) | |
Debt [Line Items] | |
Average fixed interest rate | 1.75% |
Fixed rate obligations | $ 2,500 |
Variable rate obligations | $ 3,000 |
2022 | PG&E Corporation | |
Debt [Line Items] | |
Average fixed interest rate | 0.00% |
Fixed rate obligations | $ 0 |
Variable interest rate as of December 31, 2020 | 5.50% |
Variable rate obligations | $ 28 |
2023 | |
Debt [Line Items] | |
Total consolidated debt | $ 1,203 |
2023 | Pacific Gas & Electric Co (Utility) | |
Debt [Line Items] | |
Average fixed interest rate | 3.83% |
Fixed rate obligations | $ 1,175 |
Variable interest rate as of December 31, 2020 | 0.00% |
Variable rate obligations | $ 0 |
2023 | PG&E Corporation | |
Debt [Line Items] | |
Average fixed interest rate | 0.00% |
Fixed rate obligations | $ 0 |
Variable interest rate as of December 31, 2020 | 5.50% |
Variable rate obligations | $ 28 |
2024 | |
Debt [Line Items] | |
Total consolidated debt | $ 828 |
2024 | Pacific Gas & Electric Co (Utility) | |
Debt [Line Items] | |
Average fixed interest rate | 3.60% |
Fixed rate obligations | $ 800 |
Variable interest rate as of December 31, 2020 | 0.00% |
Variable rate obligations | $ 0 |
2024 | PG&E Corporation | |
Debt [Line Items] | |
Average fixed interest rate | 0.00% |
Fixed rate obligations | $ 0 |
Variable interest rate as of December 31, 2020 | 5.50% |
Variable rate obligations | $ 28 |
2025 | |
Debt [Line Items] | |
Total consolidated debt | $ 4,100 |
2025 | Pacific Gas & Electric Co (Utility) | |
Debt [Line Items] | |
Average fixed interest rate | 3.47% |
Fixed rate obligations | $ 1,475 |
Variable interest rate as of December 31, 2020 | 0.00% |
Variable rate obligations | $ 0 |
2025 | PG&E Corporation | |
Debt [Line Items] | |
Average fixed interest rate | 0.00% |
Fixed rate obligations | $ 0 |
Variable interest rate as of December 31, 2020 | 5.50% |
Variable rate obligations | $ 2,625 |
Thereafter | |
Debt [Line Items] | |
Total consolidated debt | $ 25,902 |
Thereafter | Pacific Gas & Electric Co (Utility) | |
Debt [Line Items] | |
Average fixed interest rate | 3.87% |
Fixed rate obligations | $ 23,902 |
Variable interest rate as of December 31, 2020 | 0.00% |
Variable rate obligations | $ 0 |
Thereafter | PG&E Corporation | |
Debt [Line Items] | |
Average fixed interest rate | 5.13% |
Fixed rate obligations | $ 2,000 |
Variable interest rate as of December 31, 2020 | 0.00% |
Variable rate obligations | $ 0 |
COMMON STOCK AND SHARE-BASED _3
COMMON STOCK AND SHARE-BASED COMPENSATION (Narrative) (Details) $ / shares in Units, purchaseContract in Thousands, equityUnit in Thousands | Aug. 03, 2020USD ($)equityUnitshares | Jul. 01, 2020USD ($)shares | Jun. 25, 2020USD ($)equityUnitpurchaseContractshares | Jun. 07, 2020USD ($)$ / shares | May 28, 2020 | Jul. 31, 2020USD ($) | Jun. 30, 2020USD ($) | Dec. 31, 2020USD ($)$ / sharesshares | Dec. 31, 2019USD ($)$ / sharesshares | Dec. 31, 2018USD ($)$ / shares | Dec. 31, 2020USD ($)shares | Jun. 22, 2020shares | Mar. 20, 2020USD ($) |
Schedule of Capitalization, Equity [Line Items] | |||||||||||||
Common stock, shares outstanding (in shares) | 1,984,678,673 | 529,236,741 | 1,984,678,673 | ||||||||||
Common stock, shares authorized (in shares) | 3,600,000,000 | 800,000,000 | 3,600,000,000 | 3,600,000,000 | |||||||||
Preferred stock, shares authorized (in shares) | 400,000,000 | ||||||||||||
Equity Units issued | $ | $ 9,000,000,000 | $ 3,970,000,000 | $ 9,000,000,000 | $ 1,304,000,000 | $ 0 | $ 0 | |||||||
Sale of stock, consideration received on transaction | $ | $ 3,250,000,000 | ||||||||||||
Sale of stock, price per share (in dollars per share) | $ / shares | $ 9.50 | ||||||||||||
Sale of stock, number of shares issued in transaction (in shares) | 342,100,000 | ||||||||||||
Proceeds from issuance or sale of equity, net | $ | $ 5,200,000,000 | $ 1,190,000,000 | |||||||||||
Proceeds from equity backstop commitments and forward stock purchase agreements | $ | 523,000,000 | ||||||||||||
Sale of stock, redemption of rights, return amount | $ | $ 120,500,000 | ||||||||||||
Sale of stock, issuance and delivery, common stock (in shares) | 42,300,000 | ||||||||||||
Transfer of shares to Fire Victim Trust (in shares) | 477,000,000 | ||||||||||||
Transfer of shares to Fire Victim Trust, additional (in shares) | 748,415 | ||||||||||||
Equity contribution cash | $ | $ 12,900,000,000 | $ 12,900,000,000 | |||||||||||
Percentage of equity security ownership with board of director approval | 4.75% | 4.75% | |||||||||||
Deferred tax asset, litigation adjustment | $ | $ 619,000,000 | ||||||||||||
Dividend reinstatement target, amount | $ | $ 6,200,000,000 | ||||||||||||
Equity capital structure percentage | 52.00% | ||||||||||||
Equity capital structure, waiver period | 5 years | ||||||||||||
Number of shares issued for LTIP, maximum (in shares) | 17,000,000 | 17,000,000 | |||||||||||
Shares available for LTIP award (in shares) | 29,174,205 | 29,174,205 | |||||||||||
Weighted average grant date fair value of granted shares (in dollars per share) | $ / shares | $ 9.25 | $ 18.57 | $ 40.92 | ||||||||||
Total fair value | $ | $ 31,000,000 | $ 42,000,000 | $ 41,000,000 | ||||||||||
Total unrecognized compensation costs | $ | $ 6,000,000 | ||||||||||||
Remaining weighted average period | 1 year 6 months 29 days | ||||||||||||
Fire Trust Victim | |||||||||||||
Schedule of Capitalization, Equity [Line Items] | |||||||||||||
Transfer of shares to Fire Victim Trust (in shares) | 477,000,000 | ||||||||||||
Transfer of shares to Fire Victim Trust, additional (in shares) | 748,415 | ||||||||||||
Litigation liability, payment accrual | $ | $ 6,750,000,000 | ||||||||||||
Transfer of shares related to litigation settlement, value | $ | 4,530,000,000 | ||||||||||||
Difference between payment accrual and transfer of shares related to litigation settlement, value | $ | $ 2,200,000,000 | ||||||||||||
Minimum | |||||||||||||
Schedule of Capitalization, Equity [Line Items] | |||||||||||||
Sale of stock, number of equity units, right to receive | 125,000,000 | ||||||||||||
Sale of stock, number of additional units, right to receive (in shares) | 12,500,000 | ||||||||||||
Maximum | |||||||||||||
Schedule of Capitalization, Equity [Line Items] | |||||||||||||
Sale of stock, number of equity units, right to receive | 153,000,000 | ||||||||||||
Sale of stock, number of additional units, right to receive (in shares) | 15,300,000 | ||||||||||||
2014 LTIP, Amended | |||||||||||||
Schedule of Capitalization, Equity [Line Items] | |||||||||||||
Number of shares issued for LTIP, maximum (in shares) | 47,000,000 | 47,000,000 | |||||||||||
Stock Options | |||||||||||||
Schedule of Capitalization, Equity [Line Items] | |||||||||||||
Granted (in shares) | 0 | ||||||||||||
Tax benefit from share based awards | $ | $ 0 | ||||||||||||
Weighted-average period | 2 years 2 months 12 days | ||||||||||||
Stock Options | 2014 LTIP | |||||||||||||
Schedule of Capitalization, Equity [Line Items] | |||||||||||||
Term of award | 10 years | ||||||||||||
Award vesting period | 3 years | ||||||||||||
Total unrecognized compensation costs | $ | $ 500,000 | $ 500,000 | |||||||||||
Weighted average grant date fair value of granted shares (in dollars per share) | $ / shares | $ 3.87 | ||||||||||||
Granted (in shares) | 20,065 | ||||||||||||
Restricted stock units | |||||||||||||
Schedule of Capitalization, Equity [Line Items] | |||||||||||||
Award vesting period | 3 years | ||||||||||||
Tax detriment | $ | $ 19,000,000 | ||||||||||||
Performance shares | |||||||||||||
Schedule of Capitalization, Equity [Line Items] | |||||||||||||
Award vesting period | 3 years | ||||||||||||
Tax detriment | $ | $ 49,000,000 | ||||||||||||
Industry performance period | 3 years | ||||||||||||
Award grant date fair value recognition period | 3 years | ||||||||||||
Performance shares granted (in dollars per share) | $ / shares | $ 9.62 | $ 15.39 | $ 36.92 | ||||||||||
Employee service share based compensation nonvested performance shares total compensation cost not yet recognized | $ | $ 54,000,000 | ||||||||||||
Common Stock Offering | |||||||||||||
Schedule of Capitalization, Equity [Line Items] | |||||||||||||
Sale of stock, number of shares issued in transaction (in shares) | 423,400,000 | ||||||||||||
Option to purchase additional stock (in shares) | 42,300,000 | 42,300,000 | |||||||||||
Equity Units Offering | |||||||||||||
Schedule of Capitalization, Equity [Line Items] | |||||||||||||
Sale of stock, number of equity units issued in transaction (in equity units) | equityUnit | 14,500 | ||||||||||||
Sale of stock, number of prepaid forward stock purchase contracts issued and sold in transaction (in purchase contracts) | purchaseContract | 14,500 | ||||||||||||
Sale of stock, number of prepaid forward stock purchase contracts issued and sold in transaction, additional contracts (in purchase contracts) | purchaseContract | 1,450 | ||||||||||||
Option to purchase additional contracts (in equity units) | equityUnit | 1,450 | ||||||||||||
Sale of stock, number of equity units issued and sold in transaction, additional (in equity units) | equityUnit | 1,450 | ||||||||||||
Common Stock Underwriters | |||||||||||||
Schedule of Capitalization, Equity [Line Items] | |||||||||||||
Sale of stock, number of shares issued and sold in transaction (in shares) | 423,400,000 | ||||||||||||
Equity Units Underwriters | |||||||||||||
Schedule of Capitalization, Equity [Line Items] | |||||||||||||
Sale of stock, number of prepaid forward stock purchase contracts issued and sold in transaction (in purchase contracts) | purchaseContract | 14,500 | ||||||||||||
PG&E Corporation | |||||||||||||
Schedule of Capitalization, Equity [Line Items] | |||||||||||||
Preferred stock, shares authorized (in shares) | 400,000,000 | 400,000,000 | |||||||||||
Equity Units issued | $ | $ 1,304,000,000 | $ 0 | $ 0 | ||||||||||
unrecognized compensation cost, period | 1 month 28 days | ||||||||||||
PG&E Corporation | Minimum | Revolving Credit Facility | |||||||||||||
Schedule of Capitalization, Equity [Line Items] | |||||||||||||
Debt, ratio of total consolidated debt to consolidated capitalization, loans outstanding balance | 150.00% | ||||||||||||
Debt, ratio of total consolidated debt to consolidated capitalization, cash dividend declared | 100.00% | ||||||||||||
PG&E Corporation | Maximum | Revolving Credit Facility | |||||||||||||
Schedule of Capitalization, Equity [Line Items] | |||||||||||||
Debt, ratio of total consolidated debt to consolidated capitalization | 70.00% |
COMMON STOCK AND SHARE-BASED _4
COMMON STOCK AND SHARE-BASED COMPENSATION (Long-term Incentive Plan) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total compensation expense (pre-tax) | $ 35 | $ 50 | $ 89 |
Total compensation expense (after-tax) | 25 | 35 | 63 |
Stock Options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total compensation expense (pre-tax) | 3 | 7 | 10 |
Restricted stock units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total compensation expense (pre-tax) | 15 | 21 | 43 |
Performance shares | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total compensation expense (pre-tax) | $ 17 | $ 22 | $ 36 |
COMMON STOCK AND SHARE-BASED _5
COMMON STOCK AND SHARE-BASED COMPENSATION (Summary of Significant Assumptions Used for Shares Granted) (Details) - 2014 LTIP - Stock Options | 12 Months Ended |
Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Expected stock price volatility | 57.00% |
Expected annual dividend payment | 0.00% |
Expected life (years) | 4 years 6 months |
Minimum | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Risk-free interest rate | 1.51% |
Maximum | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Risk-free interest rate | 1.52% |
COMMON STOCK AND SHARE-BASED _6
COMMON STOCK AND SHARE-BASED COMPENSATION (Summary of Stock Option Activity) (Details) - Stock Options | 12 Months Ended |
Dec. 31, 2020$ / sharesshares | |
Number of Stock Options | |
Granted (in shares) | 0 |
2014 LTIP | |
Number of Stock Options | |
Outstanding, beginning of period (in shares) | 4,281,403 |
Granted (in shares) | 20,065 |
Exercised (in shares) | 0 |
Forfeited or expired (in shares) | (2,080,221) |
Outstanding, end of period (in shares) | 2,221,247 |
Vested or expected to vest (in shares) | 2,215,076 |
Exercisable (in shares) | 1,840,893 |
Weighted Average Grant- Date Fair Value | |
Outstanding, beginning of period (in dollars per share) | $ / shares | $ 5.98 |
Granted (in dollars per share) | $ / shares | 3.87 |
Forfeited or expired (in dollars per share) | $ / shares | 3.87 |
Outstanding, end of period (in dollars per share) | $ / shares | 7.45 |
Vested or expected to vest (in dollars per share) | $ / shares | 7.43 |
Exercisable (in dollars per share) | $ / shares | $ 6.86 |
Weighted Average Remaining Contractual Term | |
Outstanding | 5 years 3 months 29 days |
Expected to vest | 5 years 3 months 21 days |
Exercisable | 4 years 11 months 4 days |
COMMON STOCK AND SHARE-BASED _7
COMMON STOCK AND SHARE-BASED COMPENSATION (Restricted Stock Units) (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Number of Restricted Stock Units | |||
Nonvested, beginning balance (in shares) | 1,040,835 | ||
Granted (in shares) | 1,007,782 | ||
Vested (in shares) | (944,090) | ||
Forfeited (in shares) | (214,174) | ||
Nonvested, ending balance (in shares) | 890,353 | 1,040,835 | |
Weighted Average Grant- Date Fair Value | |||
Nonvested, beginning balance (in dollars per share) | $ 44.06 | ||
Granted (in dollars per share) | 9.25 | $ 18.57 | $ 40.92 |
Vested (in dollars per share) | 33.14 | ||
Forfeited (in dollars per share) | 15.75 | ||
Nonvested, ending balance (in dollars per share) | $ 23.05 | $ 44.06 |
COMMON STOCK AND SHARE-BASED _8
COMMON STOCK AND SHARE-BASED COMPENSATION (Performance Shares) (Details) - Performance shares - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Number of Performance Shares | |||
Nonvested , beginning balance (in shares) | 688,423 | ||
Granted (in shares) | 7,951,541 | ||
Vested (in shares) | (132,526) | ||
Forfeited (in shares) | (1,218,656) | ||
Nonvested, ending balance (in shares) | 7,288,782 | 688,423 | |
Weighted Average Grant- Date Fair Value | |||
Nonvested, beginning balance (in dollars per share) | $ 36.92 | ||
Granted (in dollars per share) | 9.62 | $ 15.39 | $ 36.92 |
Vested (in dollars per share) | 41.27 | ||
Forfeited (in dollars per share) | 24.38 | ||
Nonvested, ending balance (in dollars per share) | 9.16 | $ 36.92 | |
Expirations, fair value (in dollars per share) | $ 0 |
PREFERRED STOCK (Narrative) (De
PREFERRED STOCK (Narrative) (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Jun. 22, 2020 | |
Preferred Stock [Line Items] | ||||
Preferred stock, shares authorized (in shares) | 400,000,000 | |||
Pacific Gas & Electric Co (Utility) | ||||
Preferred Stock [Line Items] | ||||
Preferred stock dividend | $ 0 | $ 0 | $ 0 | |
Pacific Gas & Electric Co (Utility) | Minimum | ||||
Preferred Stock [Line Items] | ||||
Redemption price (in dollars per share) | $ 25.75 | $ 25.75 | ||
Pacific Gas & Electric Co (Utility) | Maximum | ||||
Preferred Stock [Line Items] | ||||
Redemption price (in dollars per share) | $ 27.25 | $ 27.25 | ||
Pacific Gas & Electric Co (Utility) | Nonredeemable Preferred Stock | ||||
Preferred Stock [Line Items] | ||||
Nonredeemable preferred stock outstanding | $ 145,000,000 | $ 145,000,000 | ||
Preferred stock dividends per share, low range (in dollars per share) | $ 1.25 | |||
Preferred stock dividends per share, high range (in dollars per share) | $ 1.50 | |||
Pacific Gas & Electric Co (Utility) | Nonredeemable Preferred Stock | Minimum | ||||
Preferred Stock [Line Items] | ||||
Preferred stock interest rate | 5.00% | 5.00% | ||
Pacific Gas & Electric Co (Utility) | Nonredeemable Preferred Stock | Maximum | ||||
Preferred Stock [Line Items] | ||||
Preferred stock interest rate | 6.00% | 6.00% | ||
Pacific Gas & Electric Co (Utility) | Redeemable Preferred Stock | ||||
Preferred Stock [Line Items] | ||||
Redeemable preferred stock outstanding | $ 113,000,000 | $ 113,000,000 | ||
Preferred stock dividends per share, low range (in dollars per share) | $ 1.09 | |||
Preferred stock dividends per share, high range (in dollars per share) | $ 1.25 | |||
Pacific Gas & Electric Co (Utility) | Redeemable Preferred Stock | Minimum | ||||
Preferred Stock [Line Items] | ||||
Preferred stock interest rate | 4.36% | 4.36% | ||
Pacific Gas & Electric Co (Utility) | Redeemable Preferred Stock | Maximum | ||||
Preferred Stock [Line Items] | ||||
Preferred stock interest rate | 5.00% | 5.00% | ||
PG&E Corporation | ||||
Preferred Stock [Line Items] | ||||
Preferred stock, shares authorized (in shares) | 400,000,000 | |||
Preferred stock, shares outstanding (in shares) | 0 | |||
$100 Par Value | Pacific Gas & Electric Co (Utility) | ||||
Preferred Stock [Line Items] | ||||
Preferred stock, shares authorized (in shares) | 10,000,000 | |||
Preferred stock, shares outstanding (in shares) | 0 | |||
Preferred stock, par value (in dollars per share) | $ 100 | |||
$25 Par Value | Pacific Gas & Electric Co (Utility) | ||||
Preferred Stock [Line Items] | ||||
Preferred stock, shares authorized (in shares) | 75,000,000 | |||
Preferred stock, par value (in dollars per share) | $ 25 |
EARNINGS PER SHARE (Reconciliat
EARNINGS PER SHARE (Reconciliation of PG&E Corporation's Income Available for Common Shareholders and Weighted Average Shares of Common Stock Outstanding for Calculating Diluted EPS) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |||
Loss attributable to common shareholders | $ (1,318) | $ (7,656) | $ (6,851) |
Weighted average common shares outstanding, basic (in shares) | 1,257 | 528 | 517 |
Add incremental shares from assumed conversions: | |||
Employee share-based compensation (in shares) | 0 | 0 | 0 |
Equity Units (in shares) | 0 | 0 | 0 |
Weighted average common share outstanding, diluted (in shares) | 1,257 | 528 | 517 |
Total Loss per common share, diluted (in dollars per share) | $ (1.05) | $ (14.50) | $ (13.25) |
INCOME TAXES (Schedule of Incom
INCOME TAXES (Schedule of Income Tax Provision (Benefit)) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Current: | |||
Federal | $ (26) | $ 1 | $ (5) |
State | (34) | 101 | (8) |
Deferred: | |||
Federal | 258 | (2,361) | (2,264) |
State | 171 | (1,136) | (1,009) |
Tax credits | (7) | (5) | (6) |
Income tax provision (benefit) | 362 | (3,400) | (3,292) |
Pacific Gas & Electric Co (Utility) | |||
Current: | |||
Federal | (26) | 4 | 5 |
State | (34) | 94 | (7) |
Deferred: | |||
Federal | 290 | (2,363) | (2,278) |
State | 185 | (1,137) | (1,009) |
Tax credits | (7) | (5) | (6) |
Income tax provision (benefit) | $ 408 | $ (3,407) | $ (3,295) |
INCOME TAXES (Schedule of Defer
INCOME TAXES (Schedule of Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Pacific Gas & Electric Co (Utility) | ||
Deferred income tax assets: | ||
Tax carryforwards | $ 7,529 | $ 1,308 |
Compensation | 109 | 92 |
Wildfire-related claims | 544 | 6,520 |
Operating lease liability | 488 | 640 |
Other | 219 | 121 |
Total deferred income tax assets | 8,889 | 8,681 |
Deferred income tax liabilities: | ||
Property related basis differences | 8,300 | 7,973 |
Regulatory balancing accounts | 763 | 381 |
Debt financing costs | 526 | 0 |
Operating lease right of use asset | 488 | 640 |
Income tax regulatory asset | 254 | 71 |
Other | 128 | 58 |
Total deferred income tax liabilities | 10,459 | 9,123 |
Total net deferred income tax liabilities | 1,570 | 442 |
PG&E Corporation | ||
Deferred income tax assets: | ||
Tax carryforwards | 7,641 | 1,390 |
Compensation | 187 | 151 |
Wildfire-related claims | 544 | 6,520 |
Operating lease liability | 489 | 642 |
Other | 212 | 112 |
Total deferred income tax assets | 9,073 | 8,815 |
Deferred income tax liabilities: | ||
Property related basis differences | 8,311 | 7,984 |
Regulatory balancing accounts | 763 | 381 |
Debt financing costs | 526 | 0 |
Operating lease right of use asset | 489 | 642 |
Income tax regulatory asset | 254 | 71 |
Other | 128 | 57 |
Total deferred income tax liabilities | 10,471 | 9,135 |
Total net deferred income tax liabilities | $ 1,398 | $ 320 |
INCOME TAXES (Schedule of Effec
INCOME TAXES (Schedule of Effective Income Tax Rate Reconciliation) (Details) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Pacific Gas & Electric Co (Utility) | |||
Federal statutory income tax rate | 21.00% | 21.00% | 21.00% |
State income tax (net of federal benefit) | 19.10% | 7.50% | 7.90% |
Effect of regulatory treatment of fixed asset differences | (44.90%) | 2.80% | 3.60% |
Tax credits | (1.70%) | 0.10% | 0.10% |
Bankruptcy and emergence | 54.10% | 0.00% | 0.00% |
Other, net | 2.20% | (0.50%) | 0.00% |
Effective tax rate | 49.80% | 30.90% | 32.60% |
PG&E Corporation | |||
Federal statutory income tax rate | 21.00% | 21.00% | 21.00% |
State income tax (net of federal benefit) | (15.30%) | 7.50% | 7.90% |
Effect of regulatory treatment of fixed asset differences | 39.00% | 2.80% | 3.60% |
Tax credits | 1.50% | 0.10% | 0.10% |
Bankruptcy and emergence | (82.50%) | 0.00% | 0.00% |
Other, net | (2.10%) | (0.60%) | (0.10%) |
Effective tax rate | (38.40%) | 30.80% | 32.50% |
INCOME TAXES (Schedule of Chang
INCOME TAXES (Schedule of Change in Unrecognized Tax Benefits) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Pacific Gas & Electric Co (Utility) | |||
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Balance, beginning of period | $ 420 | $ 377 | $ 349 |
Reductions for tax position taken during a prior year | (43) | (1) | (27) |
Additions for tax position taken during the current year | 60 | 44 | 55 |
Settlements | 0 | 0 | 0 |
Expiration of statute | 0 | 0 | 0 |
Balance, end of period | 437 | 420 | 377 |
PG&E Corporation | |||
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Balance, beginning of period | 420 | 377 | 349 |
Reductions for tax position taken during a prior year | (43) | (1) | (27) |
Additions for tax position taken during the current year | 60 | 44 | 55 |
Settlements | 0 | 0 | 0 |
Expiration of statute | 0 | 0 | 0 |
Balance, end of period | $ 437 | $ 420 | $ 377 |
INCOME TAXES (Narrative) (Detai
INCOME TAXES (Narrative) (Details) $ in Millions | Dec. 31, 2020USD ($) |
Income Tax Disclosure [Abstract] | |
Total UTB that, if recognized, would impact the effective income tax rate as of the end of the year | $ 16 |
INCOME TAXES (Summary of Operat
INCOME TAXES (Summary of Operating Loss and Tax Credit Carryforward) (Details) $ in Millions | Dec. 31, 2020USD ($) |
Federal | |
Operating Loss Carryforwards [Line Items] | |
Tax credit carryforward | $ 134 |
Federal | Pre-2018 | |
Operating Loss Carryforwards [Line Items] | |
Net operating loss carryforward | 3,600 |
Federal | Post-2017 | |
Operating Loss Carryforwards [Line Items] | |
Net operating loss carryforward | 24,887 |
State | |
Operating Loss Carryforwards [Line Items] | |
Net operating loss carryforward | 25,364 |
Tax credit carryforward | $ 100 |
DERIVATIVES (Volumes of Outstan
DERIVATIVES (Volumes of Outstanding Derivative Contracts) (Details) | Dec. 31, 2020MWhMMBTU | Dec. 31, 2019MMBTUMWh |
Forwards, Futures and Swaps | Natural Gas (MMBtus) | ||
Derivative [Line Items] | ||
Contract Volume | 146,642,863 | 131,896,159 |
Forwards, Futures and Swaps | Electricity (Megawatt-hours) | ||
Derivative [Line Items] | ||
Contract Volume | MWh | 9,435,830 | 18,675,852 |
Options | Natural Gas (MMBtus) | ||
Derivative [Line Items] | ||
Contract Volume | 14,140,000 | 14,720,000 |
Options | Electricity (Megawatt-hours) | ||
Derivative [Line Items] | ||
Contract Volume | 0 | 0 |
Congestion revenue rights | Electricity (Megawatt-hours) | ||
Derivative [Line Items] | ||
Contract Volume | MWh | 266,091,470 | 308,467,999 |
DERIVATIVES (Outstanding Deriva
DERIVATIVES (Outstanding Derivative Balances) (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Derivatives And Hedging Activities [Line Items] | ||
Gross Derivative Balance | $ 8 | |
Netting | $ (115) | |
Netting | 25 | 14 |
Commodity Contract | Pacific Gas & Electric Co (Utility) | ||
Derivatives And Hedging Activities [Line Items] | ||
Gross Derivative Balance | (73) | 5 |
Netting | 0 | 0 |
Cash Collateral | 140 | 6 |
Total Derivative Balance | 67 | 11 |
Commodity Contract | Pacific Gas & Electric Co (Utility) | Current assets – other | ||
Derivatives And Hedging Activities [Line Items] | ||
Gross Derivative Balance | 33 | 36 |
Netting | 0 | (6) |
Cash Collateral | 115 | 4 |
Total Derivative Balance | 148 | 34 |
Commodity Contract | Pacific Gas & Electric Co (Utility) | Other noncurrent assets – other | ||
Derivatives And Hedging Activities [Line Items] | ||
Gross Derivative Balance | 136 | 130 |
Netting | 0 | (6) |
Cash Collateral | 0 | 0 |
Total Derivative Balance | 136 | 124 |
Commodity Contract | Pacific Gas & Electric Co (Utility) | Current liabilities – other | ||
Derivatives And Hedging Activities [Line Items] | ||
Gross Derivative Balance | (38) | (31) |
Netting | 0 | 6 |
Cash Collateral | 15 | 2 |
Total Derivative Balance | (23) | (23) |
Commodity Contract | Pacific Gas & Electric Co (Utility) | Noncurrent liabilities – other | ||
Derivatives And Hedging Activities [Line Items] | ||
Gross Derivative Balance | (204) | (130) |
Netting | 0 | 6 |
Cash Collateral | 10 | 0 |
Total Derivative Balance | $ (194) | $ (124) |
FAIR VALUE MEASUREMENTS (Assets
FAIR VALUE MEASUREMENTS (Assets and Liabilities Measured at Fair Value on a Recurring Basis) (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | $ 470 | $ 1,323 |
Total nuclear decommissioning trusts | 4,209 | 3,703 |
Rabbi trusts | 185 | 173 |
Long-term disability trust | 167 | 166 |
Netting | (8) | |
Netting | (115) | |
Total assets | 5,315 | 5,523 |
Netting | (25) | (14) |
Amount primarily related to deferred taxes on appreciation of investment value | 671 | 530 |
Electric | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Netting | (11) | |
Netting | (2) | |
Netting | (25) | (13) |
Gas | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Netting | (113) | (3) |
Netting | 0 | (1) |
Short-term investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total nuclear decommissioning trusts | 27 | 6 |
Long-term disability trust | 9 | 10 |
Global equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total nuclear decommissioning trusts | 2,398 | 2,086 |
Fixed-income securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total nuclear decommissioning trusts | 1,759 | 1,590 |
Rabbi trusts | 106 | 100 |
Price risk management instruments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total price risk management instruments | 284 | 158 |
TOTAL LIABILITIES | 217 | 147 |
Price risk management instruments | Electric | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total price risk management instruments | 170 | 152 |
TOTAL LIABILITIES | 214 | 146 |
Price risk management instruments | Gas | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total price risk management instruments | 114 | 6 |
TOTAL LIABILITIES | 3 | 1 |
Life insurance contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Rabbi trusts | 79 | 73 |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 470 | 1,323 |
Total nuclear decommissioning trusts | 3,349 | 2,954 |
Rabbi trusts | 0 | 0 |
Long-term disability trust | 9 | 10 |
Total assets | 3,828 | 4,287 |
Level 1 | Short-term investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total nuclear decommissioning trusts | 27 | 6 |
Long-term disability trust | 9 | 10 |
Level 1 | Global equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total nuclear decommissioning trusts | 2,398 | 2,086 |
Level 1 | Fixed-income securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total nuclear decommissioning trusts | 924 | 862 |
Rabbi trusts | 0 | 0 |
Level 1 | Price risk management instruments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total price risk management instruments | 0 | 0 |
TOTAL LIABILITIES | 0 | 1 |
Level 1 | Price risk management instruments | Electric | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total price risk management instruments | 0 | 0 |
TOTAL LIABILITIES | 0 | 1 |
Level 1 | Price risk management instruments | Gas | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total price risk management instruments | 0 | 0 |
TOTAL LIABILITIES | 0 | 0 |
Level 1 | Life insurance contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Rabbi trusts | 0 | 0 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 0 | 0 |
Total nuclear decommissioning trusts | 835 | 728 |
Rabbi trusts | 185 | 173 |
Long-term disability trust | 0 | 0 |
Total assets | 1,023 | 906 |
Level 2 | Short-term investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total nuclear decommissioning trusts | 0 | 0 |
Long-term disability trust | 0 | 0 |
Level 2 | Global equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total nuclear decommissioning trusts | 0 | 0 |
Level 2 | Fixed-income securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total nuclear decommissioning trusts | 835 | 728 |
Rabbi trusts | 106 | 100 |
Level 2 | Price risk management instruments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total price risk management instruments | 3 | 5 |
TOTAL LIABILITIES | 4 | 4 |
Level 2 | Price risk management instruments | Electric | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total price risk management instruments | 2 | 2 |
TOTAL LIABILITIES | 1 | 2 |
Level 2 | Price risk management instruments | Gas | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total price risk management instruments | 1 | 3 |
TOTAL LIABILITIES | 3 | 2 |
Level 2 | Life insurance contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Rabbi trusts | 79 | 73 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 0 | 0 |
Total nuclear decommissioning trusts | 0 | 0 |
Rabbi trusts | 0 | 0 |
Long-term disability trust | 0 | 0 |
Total assets | 166 | 161 |
Level 3 | Short-term investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total nuclear decommissioning trusts | 0 | 0 |
Long-term disability trust | 0 | 0 |
Level 3 | Global equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total nuclear decommissioning trusts | 0 | 0 |
Level 3 | Fixed-income securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total nuclear decommissioning trusts | 0 | 0 |
Rabbi trusts | 0 | 0 |
Level 3 | Price risk management instruments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total price risk management instruments | 166 | 161 |
TOTAL LIABILITIES | 238 | 156 |
Level 3 | Price risk management instruments | Electric | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total price risk management instruments | 166 | 161 |
TOTAL LIABILITIES | 238 | 156 |
Level 3 | Price risk management instruments | Gas | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total price risk management instruments | 0 | 0 |
TOTAL LIABILITIES | 0 | 0 |
Level 3 | Life insurance contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Rabbi trusts | 0 | 0 |
Assets measured at NAV | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total nuclear decommissioning trusts | 25 | 21 |
Long-term disability trust | $ 158 | $ 156 |
FAIR VALUE MEASUREMENTS (Level
FAIR VALUE MEASUREMENTS (Level 3 Measurements and Sensitivity Analysis) (Details) $ in Millions | Dec. 31, 2020USD ($)$ / shares | Dec. 31, 2019USD ($)$ / shares |
Market approach | Congestion revenue rights | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | $ | $ 153 | $ 140 |
Liabilities | $ | 74 | 44 |
Discounted cash flow | Power purchase agreements | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | $ | 13 | 21 |
Liabilities | $ | $ 164 | $ 112 |
CRR auction prices | Market approach | Congestion revenue rights | Minimum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Range (in dollars per mwh) | (320.25) | (20.20) |
CRR auction prices | Market approach | Congestion revenue rights | Maximum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Range (in dollars per mwh) | 320.25 | 20.20 |
CRR auction prices | Market approach | Congestion revenue rights | Weighted average price | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Range (in dollars per mwh) | 0.30 | 0.28 |
Forward prices | Discounted cash flow | Power purchase agreements | Minimum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Range (in dollars per mwh) | 12.56 | 11.77 |
Forward prices | Discounted cash flow | Power purchase agreements | Maximum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Range (in dollars per mwh) | 148.30 | 59.38 |
Forward prices | Discounted cash flow | Power purchase agreements | Weighted average price | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Range (in dollars per mwh) | 35.52 | 33.62 |
FAIR VALUE MEASUREMENTS (Leve_2
FAIR VALUE MEASUREMENTS (Level 3 Reconciliation) (Details) - Level 3 - Price risk management instruments - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Asset (liability) balance, beginning of period | $ 5 | $ 95 |
Included in regulatory assets and liabilities or balancing accounts | (77) | (90) |
Asset (liability) balance, end of period | $ (72) | $ 5 |
FAIR VALUE MEASUREMENTS (Carryi
FAIR VALUE MEASUREMENTS (Carrying Amount and Fair Value of Financial Instruments) (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Pacific Gas & Electric Co (Utility) | Pre-Petition Debt | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Debt instrument, face amount | $ 17,900 | |
Carrying Amount | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Debt financial instrument | $ 1,901 | 0 |
Carrying Amount | Pacific Gas & Electric Co (Utility) | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Debt financial instrument | 29,664 | 1,500 |
Level 2 | Estimate of Fair Value Measurement | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Debt financial instrument | 2,175 | 0 |
Level 2 | Estimate of Fair Value Measurement | Pacific Gas & Electric Co (Utility) | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Debt financial instrument | $ 32,632 | $ 1,500 |
FAIR VALUE MEASUREMENTS (Schedu
FAIR VALUE MEASUREMENTS (Schedule of Unrealized Gains Losses Related to Available-for-sale Investments) (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 2,180 | $ 2,011 |
Total Unrealized Gains | 2,033 | 1,698 |
Total Unrealized Losses | (4) | (6) |
Total Fair Value | 4,209 | 3,703 |
Amount primarily related to deferred taxes on appreciation of investment value | 671 | 530 |
Short-term investments | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 27 | 6 |
Total Unrealized Gains | 0 | 0 |
Total Unrealized Losses | 0 | 0 |
Total Fair Value | 27 | 6 |
Global equity securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 543 | 500 |
Total Unrealized Gains | 1,881 | 1,609 |
Total Unrealized Losses | (1) | (2) |
Total Fair Value | 2,423 | 2,107 |
Fixed-income securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 1,610 | 1,505 |
Total Unrealized Gains | 152 | 89 |
Total Unrealized Losses | (3) | (4) |
Total Fair Value | $ 1,759 | $ 1,590 |
FAIR VALUE MEASUREMENTS (Sche_2
FAIR VALUE MEASUREMENTS (Schedule of Maturities on Debt Securities) (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Debt Securities, Available-for-sale [Line Items] | ||
Total maturities of fixed-income securities | $ 4,209 | $ 3,703 |
Fixed-income securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 1 year | 50 | |
1–5 years | 475 | |
5–10 years | 403 | |
More than 10 years | 831 | |
Total maturities of fixed-income securities | $ 1,759 | $ 1,590 |
FAIR VALUE MEASUREMENTS (Sche_3
FAIR VALUE MEASUREMENTS (Schedule of Activity for Debt and Equity Securities) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | |||
Proceeds from sales and maturities of nuclear decommissioning investments | $ 1,518 | $ 956 | $ 1,412 |
Gross realized gains on securities | 159 | 69 | 54 |
Gross realized losses on securities | $ (41) | $ (14) | $ (24) |
EMPLOYEE BENEFIT PLANS (Narrati
EMPLOYEE BENEFIT PLANS (Narrative) (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020USD ($)noncallable_bond | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | |||
Assumed health care cost trend rate | 6.30% | ||
Ultimate trend rate | 4.50% | ||
Assumed return | 5.10% | ||
10 year actual rate of return | 9.60% | ||
Number of Aa-grade non-callable bonds used to develop the yield curve for rate used (noncallable bond) | noncallable_bond | 835 | ||
Total fair value of trust other net liabilities | $ (249) | $ 99 | |
Retirement savings plan expense | $ 119 | $ 109 | $ 105 |
Pension Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
10 year actual rate of return | 5.10% | 5.70% | 6.00% |
Company contributions | $ 343 | $ 328 | |
Expected employer contribution next year | 327 | ||
PBOP Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Company contributions | 26 | $ 29 | |
Expected employer contribution next year | $ 15 |
EMPLOYEE BENEFIT PLANS (Reconci
EMPLOYEE BENEFIT PLANS (Reconciliation of Changes in Plan Assets Benefit Obligations and Funded Status) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Funded Status: | |||
Noncurrent liability | $ (2,444) | $ (1,884) | |
Pension Plan | |||
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 18,547 | 15,312 | |
Actual return on plan assets | 2,736 | 3,713 | |
Company contributions | 343 | 328 | |
Benefits and expenses paid | (867) | (806) | |
Fair value of plan assets at end of year | 20,759 | 18,547 | $ 15,312 |
Change in benefit obligation: | |||
Benefit obligation at beginning of year | 20,525 | 17,407 | |
Service cost for benefits earned | 530 | 443 | 514 |
Interest cost | 713 | 758 | 687 |
Actuarial loss | 2,271 | 2,723 | |
Plan amendments | 0 | 0 | |
Benefits and expenses paid | (867) | (806) | |
Benefit obligation at end of year | 23,172 | 20,525 | 17,407 |
Funded Status: | |||
Current liability | (3) | (14) | |
Noncurrent liability | (2,410) | (1,964) | |
Net (liability) asset at end of year | (2,413) | (1,978) | |
Accumulated benefit obligation | 20,700 | 18,400 | |
PBOP Plans | |||
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 2,678 | 2,258 | |
Actual return on plan assets | 379 | 474 | |
Company contributions | 26 | 29 | |
Plan participant contribution | 81 | 82 | |
Benefits and expenses paid | (169) | (165) | |
Fair value of plan assets at end of year | 2,995 | 2,678 | 2,258 |
Change in benefit obligation: | |||
Benefit obligation at beginning of year | 1,832 | 1,745 | |
Service cost for benefits earned | 61 | 56 | 66 |
Interest cost | 63 | 76 | 69 |
Actuarial loss | (14) | 22 | |
Benefits and expenses paid | (149) | (150) | |
Federal subsidy on benefits paid | 3 | 2 | |
Plan participant contributions | 80 | 81 | |
Benefit obligation at end of year | 1,876 | 1,832 | $ 1,745 |
Funded Status: | |||
Noncurrent asset | 1,153 | 879 | |
Noncurrent liability | (34) | (33) | |
Net (liability) asset at end of year | 1,119 | 846 | |
PBOP Plans | Postretirement Life Insurance Plan | |||
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 305 | ||
Fair value of plan assets at end of year | 343 | 305 | |
Change in benefit obligation: | |||
Benefit obligation at beginning of year | 337 | ||
Benefit obligation at end of year | $ 377 | $ 337 |
EMPLOYEE BENEFIT PLANS (Compone
EMPLOYEE BENEFIT PLANS (Components of Net Periodic Benefit Cost) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Pension Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost for benefits earned | $ 530 | $ 443 | $ 514 |
Interest cost | 713 | 758 | 687 |
Expected return on plan assets | (1,044) | (906) | (1,021) |
Amortization of prior service cost | (6) | (6) | (6) |
Amortization of net actuarial loss | 3 | 3 | 5 |
Net periodic benefit cost | 196 | 292 | 179 |
Less: transfer to regulatory account | 136 | 42 | 157 |
Total expense recognized | 332 | 334 | 336 |
PBOP Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost for benefits earned | 61 | 56 | 66 |
Interest cost | 63 | 76 | 69 |
Expected return on plan assets | (138) | (123) | (130) |
Amortization of prior service cost | 14 | 14 | 14 |
Amortization of net actuarial loss | (21) | (3) | (5) |
Net periodic benefit cost | $ (21) | $ 20 | $ 14 |
EMPLOYEE BENEFIT PLANS (Schedul
EMPLOYEE BENEFIT PLANS (Schedule of Assumptions Used in Calculating Projected Benefit Cost and Net Periodic Benefit Cost) (Details) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Expected return on plan assets | 9.60% | ||
Pension Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 2.77% | 3.46% | 4.35% |
Rate of future compensation increases | 3.80% | 3.90% | 3.90% |
Expected return on plan assets | 5.10% | 5.70% | 6.00% |
Interest crediting rate for cash balance plan | 1.95% | 2.11% | 3.15% |
PBOP Plans | Minimum | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 2.67% | 3.37% | 4.29% |
Expected return on plan assets | 3.10% | 3.50% | 3.60% |
PBOP Plans | Maximum | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 2.80% | 3.47% | 4.37% |
Expected return on plan assets | 6.10% | 6.60% | 6.80% |
EMPLOYEE BENEFIT PLANS (Target
EMPLOYEE BENEFIT PLANS (Target Asset Allocation Percentages) (Details) | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Pension Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total target asset allocation | 100.00% | 100.00% | |
Pension Plan | Global equity securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total target asset allocation | 30.00% | 29.00% | |
Pension Plan | Absolute return | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total target asset allocation | 2.00% | 5.00% | |
Pension Plan | Real assets | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total target asset allocation | 8.00% | 8.00% | |
Pension Plan | Fixed-income securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total target asset allocation | 60.00% | 58.00% | |
PBOP Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total target asset allocation | 100.00% | 100.00% | |
PBOP Plans | Global equity securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total target asset allocation | 28.00% | 33.00% | |
PBOP Plans | Absolute return | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total target asset allocation | 2.00% | 3.00% | |
PBOP Plans | Real assets | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total target asset allocation | 8.00% | 6.00% | |
PBOP Plans | Fixed-income securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total target asset allocation | 62.00% | 58.00% | |
Forecast | Pension Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total target asset allocation | 100.00% | ||
Forecast | Pension Plan | Global equity securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total target asset allocation | 30.00% | ||
Forecast | Pension Plan | Absolute return | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total target asset allocation | 2.00% | ||
Forecast | Pension Plan | Real assets | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total target asset allocation | 8.00% | ||
Forecast | Pension Plan | Fixed-income securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total target asset allocation | 60.00% | ||
Forecast | PBOP Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total target asset allocation | 100.00% | ||
Forecast | PBOP Plans | Global equity securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total target asset allocation | 36.00% | ||
Forecast | PBOP Plans | Absolute return | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total target asset allocation | 1.00% | ||
Forecast | PBOP Plans | Real assets | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total target asset allocation | 5.00% | ||
Forecast | PBOP Plans | Fixed-income securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total target asset allocation | 58.00% |
EMPLOYEE BENEFIT PLANS (Sched_2
EMPLOYEE BENEFIT PLANS (Schedule of Fair Value of Plan Assets) (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets at fair value | $ 24,003 | $ 21,324 | |
Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets measured at NAV | 12 | 15 | $ 8 |
Pension Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets at fair value | 20,993 | 18,636 | |
Assets measured at NAV | 20,759 | 18,547 | 15,312 |
Pension Plan | Short-term investments | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets at fair value | 742 | 844 | |
Pension Plan | Global equity securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets at fair value | 1,875 | 1,650 | |
Pension Plan | Absolute Return | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets at fair value | 2 | 1 | |
Pension Plan | Real assets | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets at fair value | 517 | 549 | |
Pension Plan | Fixed-income securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets at fair value | 9,633 | 8,655 | |
Pension Plan | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets at fair value | 5,194 | 5,038 | |
Pension Plan | Level 1 | Short-term investments | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets at fair value | 334 | 613 | |
Pension Plan | Level 1 | Global equity securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets at fair value | 1,875 | 1,650 | |
Pension Plan | Level 1 | Absolute Return | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets at fair value | 1 | 0 | |
Pension Plan | Level 1 | Real assets | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets at fair value | 517 | 548 | |
Pension Plan | Level 1 | Fixed-income securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets at fair value | 2,467 | 2,227 | |
Pension Plan | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets at fair value | 7,563 | 6,646 | |
Pension Plan | Level 2 | Short-term investments | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets at fair value | 408 | 231 | |
Pension Plan | Level 2 | Global equity securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets at fair value | 0 | 0 | |
Pension Plan | Level 2 | Absolute Return | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets at fair value | 1 | 1 | |
Pension Plan | Level 2 | Real assets | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets at fair value | 0 | 1 | |
Pension Plan | Level 2 | Fixed-income securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets at fair value | 7,154 | 6,413 | |
Pension Plan | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets at fair value | 12 | 15 | |
Pension Plan | Level 3 | Short-term investments | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets at fair value | 0 | 0 | |
Pension Plan | Level 3 | Global equity securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets at fair value | 0 | 0 | |
Pension Plan | Level 3 | Absolute Return | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets at fair value | 0 | 0 | |
Pension Plan | Level 3 | Real assets | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets at fair value | 0 | 0 | |
Pension Plan | Level 3 | Fixed-income securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets at fair value | 12 | 15 | |
Pension Plan | Assets measured at NAV | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets measured at NAV | 8,224 | 6,937 | |
PBOP Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets at fair value | 3,010 | 2,688 | |
Assets measured at NAV | 2,995 | 2,678 | $ 2,258 |
PBOP Plans | Short-term investments | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets at fair value | 37 | 37 | |
PBOP Plans | Global equity securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets at fair value | 173 | 151 | |
PBOP Plans | Real assets | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets at fair value | 54 | 58 | |
PBOP Plans | Fixed-income securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets at fair value | 1,197 | 1,069 | |
PBOP Plans | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets at fair value | 745 | 439 | |
PBOP Plans | Level 1 | Short-term investments | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets at fair value | 37 | 37 | |
PBOP Plans | Level 1 | Global equity securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets at fair value | 173 | 151 | |
PBOP Plans | Level 1 | Real assets | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets at fair value | 54 | 58 | |
PBOP Plans | Level 1 | Fixed-income securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets at fair value | 481 | 193 | |
PBOP Plans | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets at fair value | 715 | 875 | |
PBOP Plans | Level 2 | Short-term investments | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets at fair value | 0 | 0 | |
PBOP Plans | Level 2 | Global equity securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets at fair value | 0 | 0 | |
PBOP Plans | Level 2 | Real assets | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets at fair value | 0 | 0 | |
PBOP Plans | Level 2 | Fixed-income securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets at fair value | 715 | 875 | |
PBOP Plans | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets at fair value | 1 | 1 | |
PBOP Plans | Level 3 | Short-term investments | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets at fair value | 0 | 0 | |
PBOP Plans | Level 3 | Global equity securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets at fair value | 0 | 0 | |
PBOP Plans | Level 3 | Real assets | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets at fair value | 0 | 0 | |
PBOP Plans | Level 3 | Fixed-income securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets at fair value | 1 | 1 | |
PBOP Plans | Assets measured at NAV | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets measured at NAV | $ 1,549 | $ 1,373 |
EMPLOYEE BENEFIT PLANS (Sched_3
EMPLOYEE BENEFIT PLANS (Schedule of Level 3 Reconciliation) (Details) - Level 3 - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Fair value of plan assets at beginning of year | $ 15 | $ 8 |
Actual return on plan assets: | ||
Relating to assets still held at the reporting date | 2 | 0 |
Relating to assets sold during the period | (3) | 0 |
Purchases, issuances, sales, and settlements: | ||
Purchases | 11 | 11 |
Settlements | (13) | (4) |
Fair value of plan assets at end of year | $ 12 | $ 15 |
EMPLOYEE BENEFIT PLANS (Sched_4
EMPLOYEE BENEFIT PLANS (Schedule of Estimated Benefits Expected to Be Paid) (Details) $ in Millions | Dec. 31, 2020USD ($) |
Pension Plan | |
Defined Benefit Plan Disclosure [Line Items] | |
2021 | $ 831 |
2022 | 913 |
2023 | 948 |
2024 | 980 |
2025 | 1,009 |
Thereafter in the succeeding five years | 5,375 |
PBOP Plans | |
Defined Benefit Plan Disclosure [Line Items] | |
2021 | 85 |
2022 | 89 |
2023 | 92 |
2024 | 93 |
2025 | 95 |
Thereafter in the succeeding five years | 471 |
Federal Subsidy | |
Defined Benefit Plan Disclosure [Line Items] | |
2021 | (6) |
2022 | (6) |
2023 | (6) |
2024 | (7) |
2025 | (7) |
Thereafter in the succeeding five years | $ (41) |
RELATED PARTY AGREEMENTS AND _3
RELATED PARTY AGREEMENTS AND TRANSACTIONS (Summary of Significant Related Party Transactions) (Details) - Pacific Gas & Electric Co (Utility) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Administrative services provided to PG&E Corporation | |||
Related Party Transaction [Line Items] | |||
Utility revenues from | $ 3 | $ 4 | $ 4 |
Administrative services received from PG&E Corporation | |||
Related Party Transaction [Line Items] | |||
Utility expenses from | 108 | 107 | 94 |
Utility employee benefit due to PG&E Corporation | |||
Related Party Transaction [Line Items] | |||
Utility expenses from | $ 34 | $ 42 | $ 76 |
RELATED PARTY AGREEMENTS AND _4
RELATED PARTY AGREEMENTS AND TRANSACTIONS (Narrative) (Details) - Pacific Gas & Electric Co (Utility) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Related Party Transaction [Line Items] | ||
Current receivables | $ 35 | $ 60 |
Current payables | $ 46 | $ 118 |
WILDFIRE-RELATED CONTINGENCIE_2
WILDFIRE-RELATED CONTINGENCIES (2018 Camp Fire and 2017 Northern California Wildfires Background) (Details) - Pacific Gas & Electric Co (Utility) | Nov. 08, 2018afatalitybuilding | Oct. 30, 2017afatalitystructurewildfire |
2018 Camp Fire | ||
Loss Contingencies [Line Items] | ||
Number of acres burned (acre) | a | 153,336 | |
Number of fatalities (fatality) | fatality | 85 | |
Number of other structures destroyed (structures) | building | 18,804 | |
Northern California Wildfire | ||
Loss Contingencies [Line Items] | ||
Number of acres burned (acre) | a | 245,000 | |
Number of fatalities (fatality) | fatality | 44 | |
Number of wildfires (wildfire) | wildfire | 21 | |
Number of structures destroyed (structure) | structure | 8,900 |
WILDFIRE-RELATED CONTINGENCIE_3
WILDFIRE-RELATED CONTINGENCIES (Pre-petition Wildfire-Related Claims and Discharge Upon Plan Effective Date) (Details) - USD ($) $ in Millions | Jul. 01, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Jan. 15, 2021 | Dec. 31, 2020 | Aug. 03, 2020 | Jun. 12, 2020 | Sep. 22, 2019 |
Loss Contingencies [Line Items] | ||||||||
Transfer of shares to Fire Victim Trust (in shares) | 477,000,000 | |||||||
Transfer of shares to Fire Victim Trust, additional (in shares) | 748,415 | |||||||
Accrued environmental loss contingencies, current, elimination | $ 12,150 | |||||||
Plan of reorganization, tax benefits payment agreement | $ 1,350 | |||||||
Subrogation claims, professional fees | $ 55 | |||||||
Subsequent Event | ||||||||
Loss Contingencies [Line Items] | ||||||||
Payment of plan of reorganization, tax benefits payment agreement | $ 758 | |||||||
Settling Public Entities | ||||||||
Loss Contingencies [Line Items] | ||||||||
Litigation payment | 1,000 | |||||||
Litigation, segregated reimbursement fund | 10 | |||||||
Fire Victim Trust | ||||||||
Loss Contingencies [Line Items] | ||||||||
Litigation payment, fund, cash | 5,400 | |||||||
Litigation payment, additional funded, deferred | $ 1,350 | |||||||
Transfer of shares to Fire Victim Trust (in shares) | 477,000,000 | |||||||
Percentage of common stock owned, Fire Victim Trust if common issues additional shares | 22.19% | 22.19% | ||||||
Transfer of shares to Fire Victim Trust, additional (in shares) | 748,415 | |||||||
Subrogation Wildfire Trust | ||||||||
Loss Contingencies [Line Items] | ||||||||
Litigation payment, fund, cash | $ 11,000 | |||||||
Litigation payment | 43 | |||||||
Subrogation claims, professional fees | $ 52 | |||||||
Pacific Gas & Electric Co (Utility) | ||||||||
Loss Contingencies [Line Items] | ||||||||
Subrogation claims, professional fees | $ 53 | |||||||
Subrogation insurance claims | $ 11,000 | |||||||
Professional fees extinguished | 47.5 | |||||||
Pacific Gas & Electric Co (Utility) | All Other Wildfire-related Claims | ||||||||
Loss Contingencies [Line Items] | ||||||||
Wildfire-related claims | $ 13,500 | |||||||
Pacific Gas & Electric Co (Utility) | Public Entity Wildfire Claims | Settling Public Entities | ||||||||
Loss Contingencies [Line Items] | ||||||||
Wildfire-related claims | $ 1,000 |
WILDFIRE-RELATED CONTINGENCIE_4
WILDFIRE-RELATED CONTINGENCIES (Plan Support Agreements with Public Entities) (Details) - Public Entity Wildfire Claims - Settled Litigation $ in Millions | Jun. 18, 2019USD ($) |
Loss Contingencies [Line Items] | |
Settlement reached | $ 1,000 |
Fund to support defense or resolution of claims per plan support agreement | $ 10 |
WILDFIRE- RELATED CONTINGENCIES
WILDFIRE- RELATED CONTINGENCIES (Restructuring Support Agreement) (Details) $ in Millions | Jul. 01, 2020USD ($) | Sep. 22, 2019USD ($) | Dec. 31, 2020USD ($) | Jun. 12, 2020 | Dec. 06, 2019USD ($) |
Loss Contingencies [Line Items] | |||||
TCC claims settlement, amount | $ 11,000 | $ 11,000 | |||
Subrogation claims, professional fees | $ 55 | ||||
Fire Victim Trust | |||||
Loss Contingencies [Line Items] | |||||
Percentage of common stock owned, Fire Victim Trust if common issues additional shares | 22.19% | 22.19% | |||
Pacific Gas & Electric Co (Utility) | |||||
Loss Contingencies [Line Items] | |||||
Subrogation claims, professional fees | $ 53 | ||||
Cash | $ 1,350 | ||||
Multiplier, normalized estimated net income | 14.9 | ||||
Number of fully diluted shares of the reorganized, percentage | 20.90% | ||||
Pacific Gas & Electric Co (Utility) | Effective Date | |||||
Loss Contingencies [Line Items] | |||||
Cash contribution by company | $ 5,400 | ||||
Pacific Gas & Electric Co (Utility) | On Or Before January 15, 2021 | |||||
Loss Contingencies [Line Items] | |||||
Cash | 758 | ||||
Pacific Gas & Electric Co (Utility) | On Or Before January 15, 2022 | |||||
Loss Contingencies [Line Items] | |||||
Cash | $ 592 |
WILDFIRE-RELATED CONTINGENCIE_5
WILDFIRE-RELATED CONTINGENCIES (2019 Kincade Fire and 2020 Zogg Fire) (Details) $ in Millions | Nov. 04, 2019numberOfPeople | Dec. 31, 2020USD ($) | Feb. 24, 2021numberOfPlaintiffplaintiffcomplaint | Sep. 27, 2020astructurefatalityinjury | Dec. 31, 2019USD ($) | Oct. 23, 2019astructureinjurycustomernumberOfFatality |
Loss Contingencies [Line Items] | ||||||
Cumulative reimbursements from insurance policies | $ 649 | |||||
Insurance receivable | 674 | $ 2,238 | ||||
2019 Kincade Fire | ||||||
Loss Contingencies [Line Items] | ||||||
Number of acres burned (acre) | a | 77,758 | |||||
Number of fatalities (fatality) | numberOfFatality | 0 | |||||
Number of injuries | injury | 4 | |||||
Number of structures destroyed (structure) | structure | 374 | |||||
Number of residences destroyed (residence) | structure | 174 | |||||
Number of commercial structures destroyed (structure) | structure | 11 | |||||
Number of other structures destroyed (structures) | structure | 189 | |||||
Number of structures damaged (structure) | structure | 60 | |||||
Number of residential structures damaged (structure) | structure | 35 | |||||
Number of commercial structures damaged (structure) | structure | 1 | |||||
Number of other structures damaged (structure) | structure | 24 | |||||
Number of people part of mandatory evacuation order | numberOfPeople | 200,000 | |||||
Number of customers without power | customer | 27,837 | |||||
Potential loss contingency | 625 | |||||
Loss contingency, claim eligibility requirement amount | 1,000 | |||||
Cumulative reimbursements from insurance policies | 430 | |||||
Insurance receivable | 430 | 0 | ||||
2019 Kincade Fire | Subsequent Event | ||||||
Loss Contingencies [Line Items] | ||||||
Number of complaint | complaint | 22 | |||||
Number of plaintiffs represented by complaints | plaintiff | 504 | |||||
2020 Zogg Fire | ||||||
Loss Contingencies [Line Items] | ||||||
Number of acres burned (acre) | a | 56,338 | |||||
Number of fatalities (fatality) | fatality | 4 | |||||
Number of injuries | injury | 1 | |||||
Number of structures destroyed (structure) | structure | 204 | |||||
Number of structures damaged (structure) | structure | 27 | |||||
Potential loss contingency | 275 | |||||
Loss contingency, claim eligibility requirement amount | 1,000 | |||||
Cumulative reimbursements from insurance policies | 219 | |||||
Number of single family homes destroyed | structure | 63 | |||||
Insurance receivable | 219 | $ 0 | ||||
Initial self-insured retention per occurrence | 60 | |||||
Legal fees | 4 | |||||
2020 Zogg Fire | Maximum | ||||||
Loss Contingencies [Line Items] | ||||||
Cumulative reimbursements from insurance policies | $ 867.5 | |||||
2020 Zogg Fire | Subsequent Event | ||||||
Loss Contingencies [Line Items] | ||||||
Number of complaint | complaint | 6 | |||||
Number of plaintiffs represented by complaints | numberOfPlaintiff | 240 |
WILDFIRE-RELATED CONTINGENCIE_6
WILDFIRE-RELATED CONTINGENCIES (Insurance) (Details) - USD ($) $ in Millions | Jul. 01, 2020 | Dec. 31, 2020 | Jul. 31, 2020 | Dec. 31, 2019 |
Loss Contingencies [Line Items] | ||||
Prepaid insurance | $ 536 | |||
Insurance premium costs, recovery, coverage amount | 1,400 | |||
Insurance receivable | 674 | $ 2,238 | ||
Insurance Coverage For Wildfire and Non-Wildfire Events | ||||
Loss Contingencies [Line Items] | ||||
Costs for insurance coverage | $ 859 | |||
Insurance Coverage For Wildfire and Non-Wildfire Events | August 1, 2019 through July 31, 2020 | ||||
Loss Contingencies [Line Items] | ||||
Costs for insurance coverage | 212 | |||
Insurance Coverage for Wildfire Events | ||||
Loss Contingencies [Line Items] | ||||
Liability insurance coverage | $ 867.5 | |||
Initial self-insured retention per occurrence | 60 | |||
Insurance Coverage for Wildfire Events | August 1, 2019 through July 31, 2020 | ||||
Loss Contingencies [Line Items] | ||||
Liability insurance coverage | 430 | |||
Initial self-insured retention per occurrence | 10 | |||
Insurance Coverage for Wildfire Events | August 1, 2019 through September 2, 2020 | ||||
Loss Contingencies [Line Items] | ||||
Liability insurance coverage | 825 | |||
Insurance Coverage for Wildfire Events | July 1, 2020 - June 30, 2021 | ||||
Loss Contingencies [Line Items] | ||||
Reinsurance | 42.5 | |||
Insurance Coverage For Non-Wildfire Liabilities | August 1, 2019 through July 31, 2020 | ||||
Loss Contingencies [Line Items] | ||||
Liability insurance coverage | 520 | |||
Initial self-insured retention per occurrence | 10 | |||
Insurance Coverage For Non-Wildfire Liabilities | September 3, 2019 through September 2, 2020 | ||||
Loss Contingencies [Line Items] | ||||
Liability insurance coverage | 480 | |||
Insurance Coverage For Non-Wildfire Liabilities | August 1, 2020 - July 31, 2021 | ||||
Loss Contingencies [Line Items] | ||||
Liability insurance coverage | 700 | |||
Initial self-insured retention per occurrence | $ 10 | |||
2019 Kincade Fire | ||||
Loss Contingencies [Line Items] | ||||
Insurance receivable | 430 | 0 | ||
2020 Zogg Fire | ||||
Loss Contingencies [Line Items] | ||||
Initial self-insured retention per occurrence | 60 | |||
Insurance receivable | 219 | 0 | ||
2017 Northern California wildfires | ||||
Loss Contingencies [Line Items] | ||||
Insurance receivable | 25 | $ 808 | ||
Estimated insurance recoveries, pending to receive | $ 25 |
WILDFIRE-RELATED CONTINGENCIE_7
WILDFIRE-RELATED CONTINGENCIES (Insurance Receivable) (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Insurance Receivable [Roll Forward] | |
Insurance Receivable, Beginning Balance | $ 2,238 |
Accrued insurance recoveries | 649 |
Reimbursements | (2,213) |
Insurance Receivable, Ending Balance | 674 |
2020 Zogg Fire | |
Insurance Receivable [Roll Forward] | |
Insurance Receivable, Beginning Balance | 0 |
Accrued insurance recoveries | 219 |
Reimbursements | 0 |
Insurance Receivable, Ending Balance | 219 |
2019 Kincade Fire | |
Insurance Receivable [Roll Forward] | |
Insurance Receivable, Beginning Balance | 0 |
Accrued insurance recoveries | 430 |
Reimbursements | 0 |
Insurance Receivable, Ending Balance | 430 |
2018 Camp Fire | |
Insurance Receivable [Roll Forward] | |
Insurance Receivable, Beginning Balance | 1,380 |
Accrued insurance recoveries | 0 |
Reimbursements | (1,380) |
Insurance Receivable, Ending Balance | 0 |
2017 Northern California wildfires | |
Insurance Receivable [Roll Forward] | |
Insurance Receivable, Beginning Balance | 808 |
Accrued insurance recoveries | 0 |
Reimbursements | (783) |
Insurance Receivable, Ending Balance | 25 |
2015 Butte Fire | |
Insurance Receivable [Roll Forward] | |
Insurance Receivable, Beginning Balance | 50 |
Accrued insurance recoveries | 0 |
Reimbursements | (50) |
Insurance Receivable, Ending Balance | $ 0 |
WILDFIRE-RELATED CONTINGENCIE_8
WILDFIRE-RELATED CONTINGENCIES (Regulatory Recovery) (Details) - 2018 Camp Fire and 2017 Northern California Wildfires - USD ($) $ in Millions | Apr. 30, 2020 | Jul. 08, 2019 |
Loss Contingencies [Line Items] | ||
Customer Harm Threshold, potential regulatory adjustment, percentage | 20.00% | |
Customer Harm Threshold, Potential regulatory adjustment, percentage of total disallowed wildlife liability | 5.00% | |
Customer Harm Threshold, post-emergence transaction, securitized | $ 7,500 | |
Customer Harm Threshold, post-emergence transaction, debt retirement | 6,000 | |
Customer Harm Threshold, post-emergence transaction, debt payment acceleration | $ 592 |
WILDFIRE-RELATED CONTINGENCIE_9
WILDFIRE-RELATED CONTINGENCIES (Wildfire-Related Derivative Litigation) (Details) - Breach of Fiduciary Duties | Feb. 24, 2021notice | Nov. 20, 2017lawsuit | Nov. 16, 2017lawsuit |
Subsequent Event | |||
Loss Contingencies [Line Items] | |||
Number of causes of action (causes) | notice | 2 | ||
Derivative Lawsuits Filed in the San Francisco County Superior Court | |||
Loss Contingencies [Line Items] | |||
Number of lawsuits filed against company (lawsuit, complaint) | lawsuit | 2 | 2 |
WILDFIRE-RELATED CONTINGENCI_10
WILDFIRE-RELATED CONTINGENCIES (Wildfire-Related Securities Class Action Litigation and Debt Claims) (Details) | Dec. 31, 2020lawsuit | Feb. 22, 2019offering | Jun. 30, 2018lawsuit |
Wildfire-Related Class Action | |||
Loss Contingencies [Line Items] | |||
Number of lawsuits filed against company (lawsuit, complaint) | 2 | ||
Number of public offerings of notes with complaints against underwriters (offering) | offering | 4 | ||
Satisfaction of HoldCo Rescission or Damage Claims and Subordinated Debt | |||
Loss Contingencies [Line Items] | |||
Number of lawsuits filed against company (lawsuit, complaint) | 3 |
WILDFIRE-RELATED CONTINGENCI_11
WILDFIRE-RELATED CONTINGENCIES (De-energization Class Action) (Details) - De-energization Class Action - Subsequent Event $ in Millions | Feb. 16, 2021USD ($) |
Loss Contingencies [Line Items] | |
Litigation settlement, amount awarded from other party | $ 10 |
Litigation settlement, approval of settlement, escrow deposit, number of days | 14 days |
WILDFIRE-RELATED CONTINGENCI_12
WILDFIRE-RELATED CONTINGENCIES (District Attorneys Offices Investigations) (Details) $ in Millions | Jul. 21, 2020USD ($) | Mar. 17, 2020USD ($)count | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) |
Loss Contingencies [Line Items] | |||||
Wildfire fund expense | $ 413 | $ 0 | $ 0 | ||
Pacific Gas & Electric Co (Utility) | |||||
Loss Contingencies [Line Items] | |||||
Wildfire fund expense | $ 413 | $ 0 | $ 0 | ||
Pacific Gas & Electric Co (Utility) | Complaints Brought By Butte County District Attorney | Loss from Wildfires | |||||
Loss Contingencies [Line Items] | |||||
Number of guilty involuntary manslaughter pleas | count | 84 | ||||
Wildfire fund expense | $ 3.5 | $ 3.5 | |||
Reimbursement of investigation fees | $ 0.5 | 0.5 | |||
Committed funds for impacted residence | $ 15 | ||||
Committed funds for impacted residence, minimum term | 5 years |
WILDFIRE-RELATED CONTINGENCI_13
WILDFIRE-RELATED CONTINGENCIES (Wildfire Fund) (Details) - USD ($) $ in Millions | Jan. 14, 2021 | Aug. 23, 2019 | Dec. 31, 2020 | Jul. 01, 2020 | Jul. 12, 2019 |
Loss Contingencies [Line Items] | |||||
Disallowance cap, transmission and distribution equity rate base | $ 2,700 | ||||
Initial safety certification, period | 12 months | ||||
Initial safety certification, documentation provided, period | 90 days | ||||
Expected capitalization, proceeds of bond | $ 10,500 | ||||
Expected capitalization, initial contribution | 7,500 | ||||
Expected capitalization, annual contribution | 300 | ||||
Expected wildfire fund allocation metric, percentage | 64.20% | ||||
Expected wildfire fund allocation metric, initial contribution | $ 4,800 | ||||
Expected wildfire fund allocation metric, annual contributions | 193 | ||||
Allocation | $ 3,210 | ||||
Initial contribution payment | $ 4,800 | ||||
Annual contribution, first payment | $ 193 | ||||
Annual contribution, second payment | $ 193 | ||||
Subsequent Event | |||||
Loss Contingencies [Line Items] | |||||
Initial safety certification, valid period | 12 months |
OTHER CONTINGENCIES AND COMMI_3
OTHER CONTINGENCIES AND COMMITMENTS (Order Instituting Investigation Narrative) (Details) $ in Millions | Jan. 04, 2021party | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Jun. 08, 2020party | Apr. 20, 2020USD ($) | Dec. 17, 2019USD ($) |
Loss Contingencies [Line Items] | ||||||
Expenses and capital expenditures, disallowed costs | $ 1,625 | |||||
Expenses and capital expenditures, disallowed capital, approved | $ 198 | |||||
Shareholder-funded system enhancement initiatives, approved | 64 | |||||
Fine payable to general fund, suspended | 200 | |||||
Number of parties filed separate applications for rehearing | party | 2 | |||||
Wildfire mitigation plan memorandum account | ||||||
Loss Contingencies [Line Items] | ||||||
Expenses and capital expenditures, disallowed capital, approved | $ 198 | |||||
Subsequent Event | ||||||
Loss Contingencies [Line Items] | ||||||
Number of parties filed petition for review of the CUPC decision | party | 1 | |||||
Pacific Gas & Electric Co (Utility) | ||||||
Loss Contingencies [Line Items] | ||||||
Expenses and capital expenditures | 1,625 | |||||
Pacific Gas & Electric Co (Utility) | Wildfire mitigation plan memorandum account | ||||||
Loss Contingencies [Line Items] | ||||||
Expenses and capital expenditures, charges recorded | $ 152 | |||||
Pacific Gas & Electric Co (Utility) | Forecast | Wildfire mitigation plan memorandum account | ||||||
Loss Contingencies [Line Items] | ||||||
Expenses and capital expenditures, charges recorded | $ 46 | |||||
Pacific Gas & Electric Co (Utility) | Pending Litigation | Unfavorable Regulatory Action | ||||||
Loss Contingencies [Line Items] | ||||||
Expenses and capital expenditures | $ 1,625 | |||||
Shareholder-funded system enhancement initiatives, amount | $ 50 |
OTHER CONTINGENCIES AND COMMI_4
OTHER CONTINGENCIES AND COMMITMENTS (Order Instituting Investigation Legal Obligation) (Details) - Pacific Gas & Electric Co (Utility) $ in Millions | Dec. 31, 2020USD ($) |
Loss Contingencies [Line Items] | |
Expense | $ 1,222 |
Capital | 403 |
Total | 1,625 |
Distribution Safety Inspections and Repairs Expense (FRMMA/WMPMA) | |
Loss Contingencies [Line Items] | |
Expense | 236 |
Capital | 0 |
Total | 236 |
Transmission Safety Inspections and Repairs Expense (TO) | |
Loss Contingencies [Line Items] | |
Expense | 433 |
Capital | 0 |
Total | 433 |
Vegetation Management Support Costs (FHPMA) | |
Loss Contingencies [Line Items] | |
Expense | 36 |
Capital | 0 |
Total | 36 |
2017 Northern California Wildfires CEMA Expense and Capital (CEMA) | |
Loss Contingencies [Line Items] | |
Expense | 82 |
Capital | 66 |
Total | 148 |
2018 Camp Fire CEMA Expense (CEMA) | |
Loss Contingencies [Line Items] | |
Expense | 435 |
Capital | 0 |
Total | 435 |
2018 Camp Fire CEMA Capital for Restoration (CEMA) | |
Loss Contingencies [Line Items] | |
Expense | 0 |
Capital | 253 |
Total | 253 |
2018 Camp Fire CEMA Capital for Temporary Facilities (CEMA) | |
Loss Contingencies [Line Items] | |
Expense | 0 |
Capital | 84 |
Total | $ 84 |
OTHER CONTINGENCIES AND COMMI_5
OTHER CONTINGENCIES AND COMMITMENTS (Transmission Owner Rate) (Details) | Sep. 21, 2018 | May 21, 2020 |
Loss Contingencies [Line Items] | ||
Approved depreciation rate | 2.94% | |
Requested depreciation rate | 3.25% | |
Labor rates, allocation percentage | 6.15% | |
Direct assignment, percentage | 8.84% | |
Pacific Gas & Electric Co (Utility) | Electric | ||
Loss Contingencies [Line Items] | ||
Requested revenue rate | 98.85% |
OTHER CONTINGENCIES AND COMMI_6
OTHER CONTINGENCIES AND COMMITMENTS (Other Matters) (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Commitments and Contingencies Disclosure [Abstract] | ||
Accrued legal liabilities | $ 144 | $ 116 |
OTHER CONTINGENCIES AND COMMI_7
OTHER CONTINGENCIES AND COMMITMENTS (PSPS Class Action) (Details) $ in Billions | Dec. 19, 2019USD ($) |
PSPS Class Action | Pending Litigation | Pacific Gas & Electric Co (Utility) | |
Loss Contingencies [Line Items] | |
Loss contingency, damages sought | $ 2.5 |
OTHER CONTINGENCIES AND COMMI_8
OTHER CONTINGENCIES AND COMMITMENTS (GT&S Capital Expenditures 2011-2014 and CZU Lightning Complex Fire Notice of Violations) (Details) $ in Millions | Jun. 23, 2016USD ($) | Feb. 08, 2021notice | Jul. 31, 2020USD ($) |
Disallowance of Plant Costs | |||
Loss Contingencies [Line Items] | |||
Gas transmission and storage capital disallowance | $ 696 | ||
Permanently disallowed capital | 120 | ||
Amount subject to audit | $ 576 | ||
Capital expenditures for future recovery | $ 512 | ||
CZU Lightning Complex Fire Notice of Violations | Subsequent Event | |||
Loss Contingencies [Line Items] | |||
Number of notices issued of violation | notice | 5 |
OTHER CONTINGENCIES AND COMMI_9
OTHER CONTINGENCIES AND COMMITMENTS (Schedule Environmental Remediation Liability Composed) (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure Commitments And Contingencies Environmental Remediation Liability Composed [Abstract] | ||
Topock natural gas compressor station | $ 303 | $ 362 |
Hinkley natural gas compressor station | 132 | 138 |
Former manufactured gas plant sites owned by the Utility or third parties | 659 | 568 |
Utility-owned generation facilities (other than fossil fuel-fired), other facilities, and third-party disposal sites | 111 | 101 |
Fossil fuel-fired generation facilities and sites | 96 | 106 |
Total environmental remediation liability | $ 1,301 | $ 1,275 |
OTHER CONTINGENCIES AND COMM_10
OTHER CONTINGENCIES AND COMMITMENTS (Environmental Remediation Contingencies Narrative) (Details) $ in Millions | Dec. 31, 2020USD ($) |
Long-term Purchase Commitment [Line Items] | |
Amount of environmental loss accrual expected to be recovered | $ 986 |
Topock Site | |
Long-term Purchase Commitment [Line Items] | |
Utility undiscounted future costs | $ 216 |
Topock Site | Pacific Gas & Electric Co (Utility) | |
Long-term Purchase Commitment [Line Items] | |
Remediation cost recovery percentage | 90.00% |
Hinkley Natural Gas Compressor Station | |
Long-term Purchase Commitment [Line Items] | |
Utility undiscounted future costs | $ 138 |
Former Manufactured Gas Plant | |
Long-term Purchase Commitment [Line Items] | |
Utility undiscounted future costs | $ 460 |
Former Manufactured Gas Plant | Pacific Gas & Electric Co (Utility) | |
Long-term Purchase Commitment [Line Items] | |
Remediation cost recovery percentage | 90.00% |
Utility Owned Generation Facilities and Third Party Disposal Sites | |
Long-term Purchase Commitment [Line Items] | |
Utility undiscounted future costs | $ 67 |
Utility Owned Generation Facilities and Third Party Disposal Sites | Pacific Gas & Electric Co (Utility) | |
Long-term Purchase Commitment [Line Items] | |
Remediation cost recovery percentage | 90.00% |
Fossil Fuel Fired Generation | |
Long-term Purchase Commitment [Line Items] | |
Utility undiscounted future costs | $ 43 |
OTHER CONTINGENCIES AND COMM_11
OTHER CONTINGENCIES AND COMMITMENTS (Nuclear Insurance) (Details) $ in Millions | 8 Months Ended | 12 Months Ended |
Feb. 24, 2021outage | Dec. 31, 2020USD ($)nuclear_generating_unit | |
Long-term Purchase Commitment [Line Items] | ||
Number of nuclear generating units (nuclear generating unit) | nuclear_generating_unit | 2 | |
Maximum total payment incurred per event under the loss sharing program | $ 450 | |
Humboldt Bay Unit | ||
Long-term Purchase Commitment [Line Items] | ||
Amount of property damage coverage provided by NEIL | 50 | |
Amount of liability insurance for Humboldt Bay Unit 3 | 53 | |
Diablo Canyon | ||
Long-term Purchase Commitment [Line Items] | ||
Maximum public liability per nuclear incident under Price-Anderson Act | 13,800 | |
Maximum available public liability insurance for Diablo Canyon as required by Price-Anderson Act | 450 | |
Maximum annual payment incurred per event under the loss sharing program | 275 | |
Coverage for purchased public liability insurance, per incident | $ 41 | |
Period for inflation adjustment | 5 years | |
Diablo Canyon | Subsequent Event | ||
Long-term Purchase Commitment [Line Items] | ||
Number of outages experienced | outage | 4 | |
Nuclear Incident | ||
Long-term Purchase Commitment [Line Items] | ||
Amount of property damage and business interruption coverage provided by NEIL for Diablo Canyon | $ 3,200 | |
Nuclear Incident | Humboldt Bay Unit | ||
Long-term Purchase Commitment [Line Items] | ||
Amount of indemnification from the nuclear regulatory commission for public liability arising from nuclear incidents | 500 | |
Non-Nuclear Incident | ||
Long-term Purchase Commitment [Line Items] | ||
Amount of property damage and business interruption coverage provided by NEIL for Diablo Canyon | 2,700 | |
European Mutual Association for Nuclear Insurance | ||
Long-term Purchase Commitment [Line Items] | ||
Full insurance policy limit | 200 | |
Potential premium obligation | 4 | |
Nuclear Electric Insurance Limited | ||
Long-term Purchase Commitment [Line Items] | ||
Potential premium obligation | $ 43 |
OTHER CONTINGENCIES AND COMM_12
OTHER CONTINGENCIES AND COMMITMENTS (Schedule of Purchase Commitments) (Details) $ in Millions | Dec. 31, 2020USD ($) |
Long-term Purchase Commitment [Line Items] | |
2021 | $ 3,447 |
2022 | 2,860 |
2023 | 2,488 |
2024 | 2,303 |
2025 | 2,244 |
Thereafter | 21,841 |
Total purchase commitments | 35,183 |
Renewable Energy | |
Long-term Purchase Commitment [Line Items] | |
2021 | 2,270 |
2022 | 2,042 |
2023 | 1,997 |
2024 | 1,972 |
2025 | 1,962 |
Thereafter | 21,335 |
Total purchase commitments | 31,578 |
Conventional Energy | |
Long-term Purchase Commitment [Line Items] | |
2021 | 582 |
2022 | 511 |
2023 | 223 |
2024 | 72 |
2025 | 70 |
Thereafter | 281 |
Total purchase commitments | 1,739 |
Other | |
Long-term Purchase Commitment [Line Items] | |
2021 | 65 |
2022 | 62 |
2023 | 61 |
2024 | 61 |
2025 | 61 |
Thereafter | 41 |
Total purchase commitments | 351 |
Natural Gas | |
Long-term Purchase Commitment [Line Items] | |
2021 | 466 |
2022 | 191 |
2023 | 158 |
2024 | 151 |
2025 | 151 |
Thereafter | 184 |
Total purchase commitments | 1,301 |
Nuclear Fuel | |
Long-term Purchase Commitment [Line Items] | |
2021 | 64 |
2022 | 54 |
2023 | 49 |
2024 | 47 |
2025 | 0 |
Thereafter | 0 |
Total purchase commitments | $ 214 |
OTHER CONTINGENCIES AND COMM_13
OTHER CONTINGENCIES AND COMMITMENTS (Third-Party Power Purchase Agreements and Other Agreements) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Power Purchases and Electric Capacity | |||
Third-Party Power Purchase Agreements [Line Items] | |||
Costs incurred for power purchases and electric capacity | $ 2,900 | $ 3,000 | $ 3,100 |
Nuclear Fuel | |||
Third-Party Power Purchase Agreements [Line Items] | |||
Payments for nuclear fuel | 111 | 74 | 73 |
Gas Contracts | |||
Third-Party Power Purchase Agreements [Line Items] | |||
Cost of goods | $ 800 | $ 900 | $ 600 |
OTHER CONTINGENCIES AND COMM_14
OTHER CONTINGENCIES AND COMMITMENTS (Schedule of Other Commitments) (Details) $ in Millions | Dec. 31, 2020USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2021 | $ 40 |
2022 | 30 |
2023 | 46 |
2024 | 65 |
2025 | 60 |
Thereafter | 2,924 |
Total minimum lease payments | $ 3,165 |
OTHER CONTINGENCIES AND COMM_15
OTHER CONTINGENCIES AND COMMITMENTS (Other Commitments) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |||
Payments for other commitments | $ 45 | $ 48 | $ 43 |
Operating Leased Assets [Line Items] | |||
Present value of fixed capacity payments, portion classified as current liabilities | 533 | 556 | |
Present value of fixed capacity payments, portion classified as noncurrent liabilities | 1,208 | 1,730 | |
Qualifying Facilities | |||
Operating Leased Assets [Line Items] | |||
Capitalized asset for fixed capacity payments for corresponding assets | 7 | 9 | |
Capitalized asset for fixed capacity payments, accumulated amortization | 11 | 9 | |
Present value of fixed capacity payments, portion classified as current liabilities | 2 | 2 | |
Present value of fixed capacity payments, portion classified as noncurrent liabilities | $ 5 | $ 7 | |
Minimum | |||
Operating Leased Assets [Line Items] | |||
Extension option for operating leases | 1 year | ||
Maximum | |||
Operating Leased Assets [Line Items] | |||
Extension option for operating leases | 5 years |
OTHER CONTINGENCIES AND COMM_16
OTHER CONTINGENCIES AND COMMITMENTS (Oakland Headquarters Lease) (Details) ft² in Thousands, $ in Millions | Oct. 23, 2020USD ($) | Jun. 05, 2020USD ($)ft² |
Commitments and Contingencies Disclosure [Abstract] | ||
Rentable square feet | ft² | 910 | |
Lease, option payment letter of credit | $ 75 | |
Lease, security letter of credit | $ 75 | |
Term of contract | 34 years 11 months | |
Purchase options, land, value | $ 892 |
SUBSEQUENT EVENTS (Details)
SUBSEQUENT EVENTS (Details) - Pacific Gas & Electric Co (Utility) - Subsequent Event - SBA Communications Corporation - Wireless Licenses $ in Millions | Feb. 16, 2021USD ($)transmissionTower |
Subsequent Event [Line Items] | |
Duration of contract | 100 years |
Proceeds from sale of transmission tower license | $ 973 |
Proceeds from sale of transmission tower license, closing | 954 |
Proceeds from sale of transmission tower license, initial cash proceeds | $ 945 |
Other tower, duration of contract | 15 years |
Minimum | Effective Date Towers | |
Subsequent Event [Line Items] | |
Number of electric transmission towers | transmissionTower | 700 |
Number of other electric transmission towers | transmissionTower | 28,000 |
SCHEDULE I _ CONDENSED FINANC_2
SCHEDULE I – CONDENSED FINANCIAL INFORMATION OF PARENT (Schedule of Condensed Income Statement and Comprehensive Income) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Operating expenses | $ (16,714) | $ (27,223) | $ (26,459) |
Interest income | 39 | 82 | 76 |
Interest expense | (1,260) | (934) | (929) |
Other income, net | 483 | 250 | 424 |
Reorganization items, net | (1,959) | (346) | 0 |
Loss Before Income Taxes | (942) | (11,042) | (10,129) |
Income tax provision (benefit) | 362 | (3,400) | (3,292) |
Loss Attributable to Common Shareholders | (1,318) | (7,656) | (6,851) |
Other Comprehensive Income (Loss) | |||
Pension and other postretirement benefit plans obligations | (17) | (1) | 4 |
Total other comprehensive income (loss) | $ (17) | $ (1) | $ 4 |
Weighted Average Common Shares Outstanding, Basic (in shares) | 1,257 | 528 | 517 |
Weighted Average Common Shares Outstanding, Diluted (in shares) | 1,257 | 528 | 517 |
Net Loss Per Common Share, Basic (in dollars per share) | $ (1.05) | $ (14.50) | $ (13.25) |
Net Loss Per Common Share, Diluted (in dollars per share) | $ (1.05) | $ (14.50) | $ (13.25) |
Pension and other postretirement benefit plans obligations, tax | $ 7 | $ 0 | $ 2 |
PG&E Corporation | |||
Operating expenses | (103) | (114) | (91) |
Interest income | 0 | 1 | 2 |
Interest expense | (149) | (21) | (15) |
Other income, net | 13 | 10 | (2) |
Reorganization items, net | (1,649) | (26) | 0 |
Equity in earnings of subsidiaries | 411 | (7,622) | (6,832) |
Loss Before Income Taxes | (1,350) | (7,634) | (6,848) |
Income tax provision (benefit) | (46) | 8 | 3 |
Loss Attributable to Common Shareholders | (1,304) | (7,642) | (6,851) |
Other Comprehensive Income (Loss) | |||
Pension and other postretirement benefit plans obligations | (17) | (1) | 4 |
Total other comprehensive income (loss) | (17) | (1) | 4 |
Comprehensive Loss | $ (1,321) | $ (7,643) | $ (6,847) |
Weighted Average Common Shares Outstanding, Basic (in shares) | 1,257 | 528 | 517 |
Weighted Average Common Shares Outstanding, Diluted (in shares) | 1,257 | 528 | 513 |
Net Loss Per Common Share, Basic (in dollars per share) | $ (1.05) | $ (14.50) | $ (13.25) |
Net Loss Per Common Share, Diluted (in dollars per share) | $ (1.05) | $ (14.50) | $ (13.25) |
Pension and other postretirement benefit plans obligations, tax | $ 7 | $ 0 | $ 2 |
PG&E Corporation | Administrative service revenue | |||
Revenue | $ 127 | $ 138 | $ 90 |
SCHEDULE I _ CONDENSED FINANC_3
SCHEDULE I – CONDENSED FINANCIAL INFORMATION OF PARENT (Schedule of Condensed Balance Sheet) (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Current Assets | |||
Cash and cash equivalents | $ 484 | $ 1,570 | $ 1,668 |
Other | 1,334 | 639 | |
Total current assets | 9,602 | 10,165 | |
Noncurrent Assets | |||
Equipment | 93,894 | 88,090 | |
Accumulated depreciation | (27,758) | (26,455) | |
Net property, plant, and equipment | 66,136 | 61,635 | |
Operating lease right of use asset | 1,741 | 2,286 | |
TOTAL ASSETS | 97,856 | 85,196 | |
Current Liabilities | |||
Long-term debt, classified as current | 28 | 0 | |
Operating lease liabilities | 533 | 556 | |
Other current liabilities | 2,256 | 1,254 | |
Total current liabilities | 13,581 | 7,631 | |
Noncurrent Liabilities | |||
Debtor-in-possession financing | 37,288 | 0 | |
Operating lease liabilities | 1,208 | 1,730 | |
Other | 3,848 | 2,573 | |
Total noncurrent liabilities | 63,022 | 21,631 | |
Liabilities Subject to Compromise | 0 | 50,546 | |
Common Shareholders’ Equity | |||
Common stock, no par value | 30,224 | 13,038 | |
Reinvested earnings | (9,196) | (7,892) | |
Accumulated other comprehensive income (loss) | (27) | (10) | |
Total shareholders' equity | 21,001 | 5,136 | |
TOTAL LIABILITIES AND EQUITY | 97,856 | 85,196 | |
PG&E Corporation | |||
Current Assets | |||
Cash and cash equivalents | 223 | 448 | |
Advances to affiliates | 48 | 120 | |
Income taxes receivable | 12 | 12 | |
Other | 13 | 11 | |
Total current assets | 296 | 591 | |
Noncurrent Assets | |||
Equipment | 2 | 2 | |
Accumulated depreciation | (2) | (2) | |
Net property, plant, and equipment | 0 | 0 | |
Investments in subsidiaries | 25,244 | 5,102 | |
Other investments | 186 | 173 | |
Operating lease right of use asset | 3 | 6 | |
Deferred income taxes | 237 | 187 | |
Total noncurrent assets | 25,670 | 5,468 | |
TOTAL ASSETS | 25,966 | 6,059 | |
Current Liabilities | |||
Long-term debt, classified as current | 28 | 0 | |
Accounts payable – other | 49 | 47 | |
Operating lease liabilities | 3 | 3 | |
Other current liabilities | 72 | 3 | |
Total current liabilities | 152 | 53 | |
Noncurrent Liabilities | |||
Debtor-in-possession financing | 4,624 | 0 | |
Operating lease liabilities | 0 | 3 | |
Other | 191 | 58 | |
Total noncurrent liabilities | 4,815 | 61 | |
Liabilities Subject to Compromise | 0 | 810 | |
Common Shareholders’ Equity | |||
Common stock, no par value | 30,224 | 13,038 | |
Reinvested earnings | (9,198) | (7,893) | |
Accumulated other comprehensive income (loss) | (27) | (10) | |
Total shareholders' equity | 20,999 | 5,135 | |
TOTAL LIABILITIES AND EQUITY | $ 25,966 | $ 6,059 |
SCHEDULE I _ CONDENSED FINANC_4
SCHEDULE I – CONDENSED FINANCIAL INFORMATION OF PARENT (Schedule of Condensed Statement of Cash Flows) (Details) - USD ($) $ in Millions | Jul. 01, 2020 | Jun. 25, 2020 | Jul. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Cash Flows from Operating Activities | ||||||
Net Loss | $ (1,304) | $ (7,642) | $ (6,837) | |||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||
Deferred income taxes and tax credits, net | 1,097 | (2,948) | (2,532) | |||
Reorganization items, net | 1,458 | 108 | 0 | |||
Liabilities subject to compromise | 413 | 12,222 | 0 | |||
Net cash provided by (used in) operating activities | (19,130) | 4,816 | 4,752 | |||
Cash Flows from Investing Activities | ||||||
Net cash used in investing activities | (7,748) | (6,378) | (6,564) | |||
Cash Flows From Financing Activities: | ||||||
Debtor-in-possession credit facility debt issuance costs | (6) | (113) | 0 | |||
Bridge facility financing fees | (73) | 0 | 0 | |||
Borrowings under credit facilities | 8,554 | 0 | 3,960 | |||
Repayments under credit facilities | (3,949) | 0 | (775) | |||
Net repayments of commercial paper | 0 | 0 | (182) | |||
Repayment of long-term debt | (764) | 0 | (795) | |||
Equity Units issued | $ 9,000 | $ 3,970 | $ 9,000 | 1,304 | 0 | 0 |
Net cash provided by financing activities | 25,928 | 1,464 | 3,031 | |||
Net change in cash, cash equivalents, and restricted cash | (950) | (98) | 1,219 | |||
Cash, cash equivalents, and restricted cash at January 1 | 1,577 | 1,675 | 456 | |||
Cash, cash equivalents, and restricted cash at December 31 | 627 | 1,577 | 1,675 | |||
Cash paid for: | ||||||
Interest, net of amounts capitalized | (1,563) | (10) | (786) | |||
Income taxes, net | 0 | 0 | (49) | |||
Supplemental disclosures of noncash investing and financing activities | ||||||
Operating lease liabilities arising from obtaining ROU assets | 13 | 2,816 | 0 | |||
Common stock issued in satisfaction of liabilities | 8,276 | 0 | 0 | |||
PG&E Corporation | ||||||
Cash Flows from Operating Activities | ||||||
Net Loss | (1,304) | (7,642) | (6,851) | |||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||
Stock-based compensation amortization | 28 | 43 | 78 | |||
Equity in earnings of subsidiaries | (412) | 7,622 | 6,833 | |||
Deferred income taxes and tax credits, net | (50) | 0 | (62) | |||
Reorganization items, net | 1,548 | 11 | 0 | |||
Current income taxes receivable/payable | 0 | 6 | 9 | |||
Liabilities subject to compromise | 12 | 28 | 0 | |||
Other | 97 | (62) | 41 | |||
Net cash provided by (used in) operating activities | (81) | 6 | 48 | |||
Cash Flows from Investing Activities | ||||||
Investment in subsidiaries | (12,986) | 0 | (45) | |||
Net cash used in investing activities | (12,986) | 0 | (45) | |||
Cash Flows From Financing Activities: | ||||||
Debtor-in-possession credit facility debt issuance costs | 0 | (16) | 0 | |||
Bridge facility financing fees | (40) | 0 | 0 | |||
Borrowings under credit facilities | 0 | 0 | 425 | |||
Repayments under credit facilities | 0 | 0 | (125) | |||
Net repayments of commercial paper | 0 | 0 | (132) | |||
Short-term debt financing | 0 | 0 | 350 | |||
Proceeds from issuance of long-term debt | 4,660 | 0 | 0 | |||
Repayment of long-term debt | (664) | 0 | (350) | |||
Common stock issued | 7,582 | 85 | 200 | |||
Equity Units issued | 1,304 | 0 | 0 | |||
Net cash provided by financing activities | 12,842 | 69 | 368 | |||
Net change in cash, cash equivalents, and restricted cash | (225) | 75 | 371 | |||
Cash, cash equivalents, and restricted cash at January 1 | 448 | 373 | 2 | |||
Cash, cash equivalents, and restricted cash at December 31 | 223 | 448 | 373 | |||
Cash paid for: | ||||||
Interest, net of amounts capitalized | (105) | (3) | (13) | |||
Income taxes, net | 0 | 0 | 10 | |||
Supplemental disclosures of noncash investing and financing activities | ||||||
Operating lease liabilities arising from obtaining ROU assets | 0 | 9 | 0 | |||
Common stock issued in satisfaction of liabilities | $ 8,276 | $ 0 | $ 0 |
SCHEDULE II _ CONSOLIDATED VA_2
SCHEDULE II – CONSOLIDATED VALUATION AND QUALIFYING ACCOUNTS (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Period | $ 43 | $ 56 | $ 64 |
Charged to Costs and Expenses | 138 | 0 | 34 |
Charged to Other Accounts | 0 | 0 | 0 |
Deductions | 35 | 13 | 42 |
Balance at End of Period | $ 146 | $ 43 | $ 56 |