filings.toolsItem 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, 2022 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/ PATRICIA K. POPPE | /s/ ADAM L. WRIGHT | ||||||||||
| Patricia K. Poppe | Adam L. Wright | ||||||||||
| By: | Chief Executive Officer | By: | Executive Vice President, Operations and Chief Operating Officer | ||||||||
| Date: | February 22, 2023 | Date: | February 22, 2023 | ||||||||
| /s/ MARLENE M. SANTOS | |||||||||||
| Marlene M. Santos | |||||||||||
| By: | Executive Vice President and Chief Customer Officer | ||||||||||
| Date: | February 22, 2023 | ||||||||||
| /s/ JASON M. GLICKMAN | |||||||||||
| Jason M. Glickman | |||||||||||
| By: | Executive Vice President, Engineering, Planning, and Strategy | ||||||||||
| Date: | February 22, 2023 | ||||||||||
| Signature | Title | Date | |||||||||||||||
| A. Principal Executive Officers | |||||||||||||||||
| /s/ PATRICIA K. POPPE | Chief Executive Officer | February 22, 2023 | |||||||||||||||
| Patricia K. Poppe | (PG&E Corporation) |
| /s/ ADAM L. WRIGHT | Executive Vice President, Operations and Chief Operating Officer | February 22, 2023 | |||||||||||||||
| Adam L. Wright | (Pacific Gas and Electric Company) |
| /s/ MARLENE M. SANTOS | Executive Vice President and Chief Customer Officer | February 22, 2023 | |||||||||||||||
| Marlene M. Santos | (Pacific Gas and Electric Company) |
| /s/ JASON M. GLICKMAN | Executive Vice President, Engineering, Planning, and Strategy | February 22, 2023 | |||||||||||||||
| Jason M. Glickman | (Pacific Gas and Electric Company) |
| B. Principal Financial Officers | |||||||||||||||||
| /s/ CHRISTOPHER A. FOSTER | Executive Vice President and Chief Financial Officer | February 22, 2023 | |||||||||||||||
| Christopher A. Foster | (PG&E Corporation) |
| /s/ STEPHANIE N. WILLIAMS | Vice President, Chief Financial Officer, and | February 22, 2023 | |||||||||||||||
| Stephanie N. Williams | Controller (Pacific Gas and Electric Company) |
| C. Principal Accounting Officer | |||||||||||||||||
| /s/ STEPHANIE N. WILLIAMS | Vice President, Chief Financial Officer, and | February 22, 2023 | |||||||||||||||
| Stephanie N. Williams | Controller (Pacific Gas and Electric Company) |
| C. Directors (PG&E Corporation and Pacific Gas and Electric Company, unless otherwise noted) | |||||||||||||||||
| * | /s/ RAJAT BAHRI | Director | February 22, 2023 | ||||||||||||||
| Rajat Bahri |
| * | /s/ CHERYL F. CAMPBELL | Director | February 22, 2023 | ||||||||||||||
| Cheryl F. Campbell | Chair of the Board (Pacific Gas and Electric Company) | ||||||||||||||||
| * | /s/ KERRY W. COOPER | Director | February 22, 2023 | ||||||||||||||
| Kerry W. Cooper |
| * | /s/ JESSICA L. DENECOUR | Director | February 22, 2023 | ||||||||||||||
| Jessica L. Denecour |
| * | /s/ MARK E. FERGUSON III | Director | February 22, 2023 | ||||||||||||||
| Mark E. Ferguson III |
| * | /s/ ROBERT C. FLEXON | Director | February 22, 2023 | ||||||||||||||
| Robert C. Flexon | Chair of the Board (PG&E Corporation) |
| * | /s/ W. CRAIG FUGATE | Director | February 22, 2023 | ||||||||||||||
| W. Craig Fugate |
| * | /s/ ARNO L. HARRIS | Director | February 22, 2023 | ||||||||||||||
| Arno L. Harris |
| * | /s/ CARLOS M. HERNANNDEZ | Director | February 22, 2023 | ||||||||||||||
| Carlos M. Hernandez |
| * | /s/ MICHAEL R. NIGGLI | Director | February 22, 2023 | ||||||||||||||
| Michael R. Niggli |
| * | /s/ PATRICIA K. POPPE | Director | February 22, 2023 | ||||||||||||||
| Patricia K. Poppe |
| * | /s/ WILLIAM L. SMITH | Director | February 22, 2023 | ||||||||||||||
| William L. Smith |
| * | /s/ BENJAMIN F. WILSON | Director | February 22, 2023 | ||||||||||||||
| Benjamin F. Wilson |
| * | /s/ ADAM L. WRIGHT | Director (Pacific Gas and Electric Company) | February 22, 2023 | ||||||||||||||
| Adam L. Wright |
| *By: | /s/ JOHN R. SIMON | February 22, 2023 | |||||||||||||||
| John R. Simon, Attorney-in-Fact |
PG&E CORPORATION
SCHEDULE I — CONDENSED FINANCIAL INFORMATION OF PG&E CORPORATION (“PARENT”)
CONDENSED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
| Years Ended December 31, | |||||||||||||||||
| (in millions, except per share amounts) | 2022 | 2021 | 2020 | ||||||||||||||
| Administrative service revenue | $ | 109 | $ | 118 | $ | 127 | |||||||||||
| Operating expenses | (193) | (124) | (103) | ||||||||||||||
| Interest income | 3 | — | — | ||||||||||||||
| Interest expense | (261) | (230) | (149) | ||||||||||||||
| Other income (expense) | (201) | (54) | 13 | ||||||||||||||
| Reorganization items, net | — | 1 | (1,649) | ||||||||||||||
| Equity in earnings of subsidiaries | 2,154 | 137 | 411 | ||||||||||||||
| Income (loss) before income taxes | 1,611 | (152) | (1,350) | ||||||||||||||
| Income tax benefit | (132) | (64) | (46) | ||||||||||||||
| Net Income (loss) | $ | 1,743 | $ | (88) | $ | (1,304) | |||||||||||
| Other Comprehensive Income (Loss) | |||||||||||||||||
| Pension and other postretirement benefit plans obligations (net of taxes of $8, $3, and $7, at respective dates) | $ | 21 | $ | 7 | $ | (17) | |||||||||||
| Total other comprehensive income (loss) | 21 | 7 | (17) | ||||||||||||||
| Comprehensive Income (Loss) | $ | 1,764 | $ | (81) | $ | (1,321) | |||||||||||
| Weighted Average Common Shares Outstanding, Basic (1) | 2,235 | 2,463 | 1,257 | ||||||||||||||
| Weighted Average Common Shares Outstanding, Diluted (1) | 2,380 | 2,463 | 1,257 | ||||||||||||||
| Net earnings (loss) per common share, basic | $ | 0.78 | $ | (0.05) | $ | (1.05) | |||||||||||
| Net earnings (loss) per common share, diluted | $ | 0.73 | $ | (0.05) | $ | (1.05) |
(1) Includes 247,743,590 and 477,743,590 shares of common stock issued to ShareCo as of December 31, 2022 and 2021, respectively.
PG&E CORPORATION
SCHEDULE I — CONDENSED FINANCIAL INFORMATION OF PG&E CORPORATION (“PARENT”) – (Continued)
CONDENSED BALANCE SHEETS
| Balance at December 31, | |||||||||||
| (in millions) | 2022 | 2021 | |||||||||
| ASSETS | |||||||||||
| Current Assets | |||||||||||
| Cash and cash equivalents | $ | 125 | $ | 126 | |||||||
| Advances to affiliates | 46 | 21 | |||||||||
| Income taxes receivable | 10 | 10 | |||||||||
| Other current assets | 12 | 12 | |||||||||
| Total current assets | 193 | 169 | |||||||||
| Noncurrent Assets | |||||||||||
| Equipment | — | 2 | |||||||||
| Accumulated depreciation | — | (2) | |||||||||
| Net equipment | — | — | |||||||||
| Investments in subsidiaries | 33,021 | 30,232 | |||||||||
| Other investments | 160 | 181 | |||||||||
| Deferred income taxes | 423 | 297 | |||||||||
| Total noncurrent assets | 33,604 | 30,710 | |||||||||
| Total Assets | $ | 33,797 | $ | 30,879 | |||||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||
| Current Liabilities | |||||||||||
| Long-term debt, classified as current | 27 | 27 | |||||||||
| Accounts payable – other | 88 | 200 | |||||||||
| Other current liabilities | 369 | 69 | |||||||||
| Total current liabilities | 484 | 296 | |||||||||
| Noncurrent Liabilities | |||||||||||
| Long-term debt | 4,588 | 4,592 | |||||||||
| Other noncurrent liabilities | 134 | 168 | |||||||||
| Total noncurrent liabilities | 4,722 | 4,760 | |||||||||
| Common Shareholders’ Equity | |||||||||||
| Common stock | 36,132 | 35,129 | |||||||||
| Reinvested earnings | (7,542) | (9,286) | |||||||||
| Accumulated other comprehensive income (loss) | 1 | (20) | |||||||||
| Total common shareholders’ equity | 28,591 | 25,823 | |||||||||
| Total Liabilities and Shareholders’ Equity | $ | 33,797 | $ | 30,879 |
PG&E CORPORATION
SCHEDULE I – CONDENSED FINANCIAL INFORMATION OF PG&E CORPORATION (“PARENT”) – (Continued)
CONDENSED STATEMENTS OF CASH FLOWS
(in millions)
| Year ended December 31, | |||||||||||||||||
| 2022 | 2021 | 2020 | |||||||||||||||
| Cash Flows from Operating Activities: | |||||||||||||||||
| Net income (loss) | $ | 1,743 | $ | (88) | $ | (1,304) | |||||||||||
| Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||||||
| Stock-based compensation amortization | 95 | 51 | 28 | ||||||||||||||
| Equity in earnings of subsidiaries | (2,160) | (139) | (412) | ||||||||||||||
| Deferred income taxes and tax credits, net | (126) | (60) | (50) | ||||||||||||||
| Reorganization items, net (Note 2) | — | (32) | 1,548 | ||||||||||||||
| Current income taxes receivable/payable | — | 2 | — | ||||||||||||||
| Liabilities subject to compromise | — | — | 12 | ||||||||||||||
| Other | 339 | 81 | 97 | ||||||||||||||
| Net cash used in operating activities | (109) | (185) | (81) | ||||||||||||||
| Cash Flows From Investing Activities: | |||||||||||||||||
| Investment in subsidiaries | (994) | — | (12,986) | ||||||||||||||
| Dividends received from subsidiaries (1) | 1,275 | — | — | ||||||||||||||
| Net cash provided by (used in) investing activities | 281 | — | (12,986) | ||||||||||||||
| Cash Flows From Financing Activities: | |||||||||||||||||
| Bridge facility financing fees | — | — | (40) | ||||||||||||||
| Proceeds from issuance of long-term debt | — | — | 4,660 | ||||||||||||||
| Repayment of long-term debt | (28) | (28) | (664) | ||||||||||||||
| Proceeds from (repayments of) intercompany note from the Utility | (145) | 145 | — | ||||||||||||||
| Common stock issued | — | — | 7,582 | ||||||||||||||
| Equity Units issued | — | — | 1,304 | ||||||||||||||
| Other | — | (29) | — | ||||||||||||||
| Net cash provided by (used in) financing activities | (173) | 88 | 12,842 | ||||||||||||||
| Net change in cash and cash equivalents | (1) | (97) | (225) | ||||||||||||||
| Cash and cash equivalents at January 1 | 126 | 223 | 448 | ||||||||||||||
| Cash and cash equivalents at December 31 | $ | 125 | $ | 126 | $ | 223 | |||||||||||
| Supplemental disclosures of cash flow information | |||||||||||||||||
| Cash received (paid) for: | |||||||||||||||||
| Interest, net of amounts capitalized | $ | (233) | $ | (207) | $ | (105) | |||||||||||
| Income taxes, net | — | 1 | — | ||||||||||||||
| Supplemental disclosures of noncash investing and financing activities | |||||||||||||||||
| Common stock issued in satisfaction of liabilities | — | — | 8,276 | ||||||||||||||
| Changes to PG&E Corporation common stock and treasury stock in connection with the Share Exchange and Tax Matters Agreement | (2,337) | 4,854 | — | ||||||||||||||
(1) Because of its nature as a holding company, PG&E Corporation classifies dividends received from subsidiaries as an investing cash flow. On June 15, 2022, the Board of Directors of the Utility reinstated the dividend on the Utility’s common stock.
PG&E CORPORATION
SCHEDULE II – CONSOLIDATED VALUATION AND QUALIFYING ACCOUNTS
For the Years Ended December 31, 2022, 2021, and 2020
| (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: | ||||||||||||||||||||||||||||||||
| 2022: | ||||||||||||||||||||||||||||||||
| Allowance for uncollectible accounts (1) | $ | 171 | $ | 146 | $ | — | $ | 151 | $ | 166 | ||||||||||||||||||||||
| 2021: | ||||||||||||||||||||||||||||||||
| Allowance for uncollectible accounts (1) | $ | 146 | $ | 136 | $ | — | $ | 111 | $ | 171 | ||||||||||||||||||||||
| 2020: | ||||||||||||||||||||||||||||||||
| Allowance for uncollectible accounts (1) | $ | 43 | $ | 138 | $ | — | $ | 35 | $ | 146 |
(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, 2022, 2021, and 2020
| (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: | ||||||||||||||||||||||||||||||||
| 2022: | ||||||||||||||||||||||||||||||||
| Allowance for uncollectible accounts (1) | $ | 171 | $ | 146 | $ | — | $ | 151 | $ | 166 | ||||||||||||||||||||||
| 2021: | ||||||||||||||||||||||||||||||||
| Allowance for uncollectible accounts (1) | $ | 146 | $ | 136 | $ | — | $ | 111 | $ | 171 | ||||||||||||||||||||||
| 2020: | ||||||||||||||||||||||||||||||||
| Allowance for uncollectible accounts (1) | $ | 43 | $ | 138 | $ | — | $ | 35 | $ | 146 |
(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