Item 16. FORM 10-K SUMMARY

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Item 16. FORM 10-K SUMMARY

None.

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrants have duly caused this Annual Report on Form 10-K for the year ended December 31, 2019 to be signed on their behalf by the undersigned, thereunto duly authorized.

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrants and in the capacities and on the dates indicated.


	PG&E CORPORATION		PACIFIC GAS AND ELECTRIC COMPANY
	(Registrant)		(Registrant)

	/s/ WILLIAM D. JOHNSON		/s/ ANDREW M. VESEY
	William D. Johnson		Andrew M. Vesey

By:	Chief Executive Officer and President	By:	Chief Executive Officer and President

Date:	February 18, 2020	Date:	February 18, 2020


Signature	Title	Date
A. Principal Executive Officers


/s/ WILLIAM D. JOHNSON	Chief Executive Officer and President	February 18, 2020
William D. Johnson	(PG&E Corporation)



/s/ ANDREW M. VESEY	Chief Executive Officer and President	February 18, 2020
Andrew M. Vesey	(Pacific Gas and Electric Company)



/s/ JASON P. WELLS	Executive Vice President and Chief Financial Officer	February 18, 2020
Jason P. Wells	(PG&E Corporation)



/s/ DAVID S. THOMASON	Vice President, Chief Financial Officer, and	February 18, 2020
David S. Thomason	Controller (Pacific Gas and Electric Company)


C. Principal Accounting Officer

/s/ DAVID S. THOMASON	Vice President, Chief Financial Officer, and	February 18, 2020
David S. Thomason	Controller (Pacific Gas and Electric Company)


	D. Directors (PG&E Corporation and Pacific Gas and Electric Company, unless otherwise noted)

*	/s/ RICHARD R. BARRERA	Director	February 18, 2020
	Richard R. Barrera



*	/s/ JEFFREY L. BLEICH	Director	February 18, 2020
	Jeffrey L. Bleich	Chair of the Board (Pacific Gas and Electric Company)



*	/s/ NORA MEAD BROWNELL	Director	February 18, 2020
	Nora Mead Brownell	Chair of the Board (PG&E Corporation)



*	/s/ CHERYL F. CAMPBELL	Director	February 18, 2020
	Cheryl F. Campbell



*	/s/ FRED J. FOWLER	Director	February 18, 2020
	Fred J. Fowler



*	/s/ WILLIAM D. JOHNSON	Director	February 18, 2020
	William D. Johnson



*	/s/ MICHAEL J. LEFFELL	Director	February 18, 2020
	Michael J. Leffell



*	/s/ DOMINIQUE MIELLE	Director	February 18, 2020
	Dominique Mielle



*	/s/ MERIDEE A. MOORE	Director	February 18, 2020
	Meridee A. Moore



*	/s/ ERIC D. MULLINS	Director	February 18, 2020
	Eric D. Mullins



*	/s/ KRISTINE M. SCHMIDT	Director	February 18, 2020
	Kristine M. Schmidt



*	/s/ WILLIAM L. SMITH	Director	February 18, 2020
	William L. Smith



*	/s/ ANDREW M. VESEY	Director (Pacific Gas and Electric Company)	February 18, 2020
	Andrew M. Vesey



*	/s/ ALEJANDRO D. WOLFF	Director	February 18, 2020
	Alejandro D. Wolff



*	/s/ JOHN M. WOOLARD	Director	February 18, 2020
	John M. Woolard


*By:			/s/ JANET C. LODUCA												February 18, 2020
			Janet C. Loduca, Attorney-in-Fact

PG&E CORPORATION

(DEBTOR-IN-POSSESSION)

SCHEDULE I — CONDENSED FINANCIAL INFORMATION OF PARENT

CONDENSED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME


	Years Ended December 31,
(in millions, except per share amounts)	2019		2018		2017
Administrative service revenue	$	138	$	90	$	63
Operating expenses	(114)		(91)		(5)
Interest income	1		2		1
Interest expense	(21)		(15)		(11)
Other income (expense)	10		(2)		4
Reorganization items, net	(26)		—		—
Equity in earnings of subsidiaries	(7,622)		(6,832)		1,667
Income before income taxes	(7,634)		(6,848)		1,719
Income tax provision (benefit)	8		3		73
Net income (loss)	$	(7,642)	$	(6,851)	$	1,646
Other Comprehensive Income (Loss)
Pension and other postretirement benefit plans obligations (net of taxes of $0, $0, and $0, at respective dates)	$	(1)	$	4	$	1
Total other comprehensive income (loss)	(1)		4		1
Comprehensive Income (Loss)	$	(7,643)	$	(6,847)	$	1,647
Weighted Average Common Shares Outstanding, Basic	528		517		512
Weighted Average Common Shares Outstanding, Diluted	528		513		513
Net earnings (loss) per common share, basic	$	(14.50)	$	(13.25)	$	3.21
Net earnings (loss) per common share, diluted	$	(14.50)	$	(13.25)	$	3.21

PG&E CORPORATION

(DEBTOR-IN-POSSESSION)

SCHEDULE I — CONDENSED FINANCIAL INFORMATION OF PARENT – (Continued)

CONDENSED BALANCE SHEETS


	Balance at December 31,
(in millions)	2019		2018
ASSETS
Current Assets
Cash and cash equivalents	$	448	$	373
Advances to affiliates	120		44
Income taxes receivable	12		18
Other current assets	11		—
Total current assets	591		435
Noncurrent Assets
Equipment	2		2
Accumulated depreciation	(2)		(2)
Net equipment	—		—
Investments in subsidiaries	5,102		12,722
Other investments	173		162
Intercompany receivable	—		—
Operating lease right of use asset	6		—
Deferred income taxes	187		187
Total noncurrent assets	5,468		13,071
Total Assets	$	6,059	$	13,506
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current Liabilities
Short-term borrowings	—		300
Long-term debt, classified as current	—		350
Accounts payable – other	47		16
Operating lease liabilities	3		—
Other current liabilities	3		17
Total current liabilities	53		683
Noncurrent Liabilities
Debtor-in-possession financing	—		—
Operating lease liabilities	3		—
Other noncurrent liabilities	58		172
Total noncurrent liabilities	61		172
Liabilities Subject to Compromise	810		—
Common Shareholders’ Equity
Common stock	13,038		12,910
Reinvested earnings	(7,893)		(250)
Accumulated other comprehensive income (loss)	(10)		(9)
Total common shareholders’ equity	5,135		12,651
Total Liabilities and Shareholders’ Equity	$	6,059	$	13,506

PG&E CORPORATION

(DEBTOR-IN-POSSESSION)

SCHEDULE I – CONDENSED FINANCIAL INFORMATION OF PARENT – (Continued)

CONDENSED STATEMENTS OF CASH FLOWS

(in millions)


	Year ended December 31,
	2019		2018		2017
Cash Flows from Operating Activities:
Net income (loss)	$	(7,642)	$	(6,851)	$	1,646
Adjustments to reconcile net income to net cash provided by operating activities:
Stock-based compensation amortization	43		78		20
Equity in earnings of subsidiaries	7,622		6,833		(1,667)
Deferred income taxes and tax credits-net	—		(62)		139
Reorganization items, net (Note 2)	11		—		—
Current income taxes receivable/payable	6		9		(2)
Liabilities subject to compromise	28		—		—
Other	(62)		41		(75)
Net cash provided by operating activities	6		48		61
Cash Flows From Investing Activities:
Investment in subsidiaries	—		(45)		(455)
Dividends received from subsidiaries (1)	—		—		784
Net cash provided by (used in) investing activities	—		(45)		329
Cash Flows From Financing Activities:
Debtor-in-possession credit facility debt issuance costs	(16)		—		—
Borrowings under revolving credit facility	—		425		—
Repayments under revolving credit facility	—		(125)		—
Net issuances (repayments) of commercial paper, net of discount of $1 in 2017	—		(132)		132
Short-term debt financing	—		350		—
Long-term debt matured or repurchased	—		(350)		—
Common stock issued	85		200		395
Common stock dividends paid (2)	—		—		(1,021)
Net cash provided by (used in) financing activities	69		368		(494)
Net change in cash and cash equivalents	75		371		(104)
Cash and cash equivalents at January 1	373		2		106
Cash and cash equivalents at December 31	$	448	$	373	$	2
Supplemental disclosures of cash flow information
Cash received (paid) for:
Interest, net of amounts capitalized	$	(3)	$	(13)	$	(9)
Income taxes, net	—		10		—
Supplemental disclosures of noncash investing and financing activities
Common stock dividends declared but not yet paid	$	—	$	—	$	—
Noncash common stock issuances	—		—		21
Operating lease liabilities arising from obtaining ROU assets	9		—		—

(1) Because of its nature as a holding company, PG&E Corporation classifies dividends received from subsidiaries as an investing cash flow. On December 20, 2017, the Board of Directors of the Utility suspended quarterly cash dividends on the Utility's common stock, beginning the fourth quarter of 2017.

(2) On December 20, 2017, the Board of Directors of PG&E Corporation suspended quarterly cash dividends on PG&E Corporation's common stock, beginning the fourth quarter of 2017. In July and October of 2017, respectively, PG&E Corporation paid quarterly common stock dividends of $0.53 per share. In January and April of 2017, respectively, PG&E Corporation paid quarterly common stock dividends of $0.49 per share.

PG&E CORPORATION

(DEBTOR-IN-POSSESSION)

SCHEDULE II – CONSOLIDATED VALUATION AND QUALIFYING ACCOUNTS

For the Years Ended December 31, 2019, 2018, and 2017


(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:
2019:
Allowance for uncollectible accounts (1)	$	56	$	—	$	—	$	13	$	43
2018:
Allowance for uncollectible accounts (1)	$	64	$	34	$	—	$	42	$	56
2017:
Allowance for uncollectible accounts (1)	$	58	$	55	$	—	$	49	$	64

(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

(DEBTOR-IN-POSSESSION)

SCHEDULE II – CONSOLIDATED VALUATION AND QUALIFYING ACCOUNTS

For the Years Ended December 31, 2019, 2018, and 2017


(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:
2019:
Allowance for uncollectible accounts (1)	$	56	$	—	$	—	$	13	$	43
2018:
Allowance for uncollectible accounts (1)	$	64	$	34	$	—	$	42	$	56
2017:
Allowance for uncollectible accounts (1)	$	58	$	55	$	—	$	49	$	64

(1) Allowance for uncollectible accounts is deducted from “Accounts receivable - Customers.”

(2) Deductions consist principally of write-offs, net of collections of receivables previously written off.

Previous: Item 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES