SCHEDULE I – CONDENSED FINANCIAL INFORMATION OF PARENT (Tables)
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12 Months Ended |
Dec. 31, 2018 |
Condensed Financial Information Disclosure [Abstract] |
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Condensed Income Statement |
| | | | | | | | | | | | | | Years Ended December 31, | (in millions, except per share amounts) | 2018 | | 2017 | | 2016 | Administrative service revenue | $ | 90 |
| | $ | 63 |
| | $ | 70 |
| Operating expenses | (91 | ) | | (5 | ) | | (73 | ) | Interest income | 2 |
| | 1 |
| | 1 |
| Interest expense | (15 | ) | | (11 | ) | | (10 | ) | Other income (expense) | (2 | ) | | 4 |
| | 2 |
| Equity in earnings of subsidiaries | (6,832 | ) | | 1,667 |
| | 1,388 |
| Income before income taxes | (6,848 | ) | | 1,719 |
| | 1,378 |
| Income tax provision (benefit) | 3 |
| | 73 |
| | (15 | ) | Net income | $ | (6,851 | ) | | $ | 1,646 |
| | $ | 1,393 |
| Other Comprehensive Income | |
| | |
| | |
| Pension and other postretirement benefit plans obligations (net of taxes of $0, $0, and $1, at respective dates) | $ | 4 |
| | $ | 1 |
| | $ | (2 | ) | Total other comprehensive income (loss) | 4 |
| | 1 |
| | (2 | ) | Comprehensive Income | $ | (6,847 | ) | | $ | 1,647 |
| | $ | 1,391 |
| Weighted Average Common Shares Outstanding, Basic | 517 |
| | 512 |
| | 499 |
| Weighted Average Common Shares Outstanding, Diluted | 517 |
| | 513 |
| | 501 |
| Net earnings per common share, basic | $ | (13.25 | ) | | $ | 3.21 |
| | $ | 2.79 |
| Net earnings per common share, diluted | $ | (13.25 | ) | | $ | 3.21 |
| | $ | 2.78 |
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Condensed Balance Sheet |
| | | | | | | | | | Balance at December 31, | (in millions) | 2018 | | 2017 | ASSETS | |
| | |
| Current Assets | |
| | |
| Cash and cash equivalents | $ | 373 |
| | $ | 2 |
| Advances to affiliates | 44 |
| | 24 |
| Income taxes receivable | 18 |
| | 27 |
| Total current assets | 435 |
| | 53 |
| Noncurrent Assets | |
| | |
| Equipment | 2 |
| | 3 |
| Accumulated depreciation | (2 | ) | | (3 | ) | Net equipment | — |
| | — |
| Investments in subsidiaries | 12,722 |
| | 19,514 |
| Other investments | 162 |
| | 144 |
| Intercompany receivable | — |
| | 72 |
| Deferred income taxes | 187 |
| | 123 |
| Total noncurrent assets | 13,071 |
| | 19,853 |
| Total Assets | $ | 13,506 |
| | $ | 19,906 |
| LIABILITIES AND SHAREHOLDERS’ EQUITY | |
| | |
| Current Liabilities | |
| | |
| Short-term borrowings | 300 |
| | 132 |
| Long-term debt, classified as current | 350 |
| | — |
| Accounts payable – other | 16 |
| | 6 |
| Other | 17 |
| | 23 |
| Total current liabilities | 683 |
| | 161 |
| Noncurrent Liabilities | |
| | |
| Long-term debt | — |
| | 350 |
| Other | 172 |
| | 175 |
| Total noncurrent liabilities | 172 |
| | 525 |
| Common Shareholders’ Equity | |
| | |
| Common stock | 12,910 |
| | 12,632 |
| Reinvested earnings | (250 | ) | | 6,596 |
| Accumulated other comprehensive income (loss) | (9 | ) | | (8 | ) | Total common shareholders’ equity | 12,651 |
| | 19,220 |
| Total Liabilities and Shareholders’ Equity | $ | 13,506 |
| | $ | 19,906 |
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Schedule of Condensed Statement of Cash Flows |
| | | | | | | | | | | | | | Year ended December 31, | | 2018 | | 2017 | | 2016 | Cash Flows from Operating Activities: | |
| | |
| | |
| Net income | $ | (6,851 | ) | | $ | 1,646 |
| | $ | 1,393 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |
| | |
| | |
| Stock-based compensation amortization | 78 |
| | 20 |
| | 74 |
| Equity in earnings of subsidiaries | 6,833 |
| | (1,667 | ) | | (1,388 | ) | Deferred income taxes and tax credits-net | (62 | ) | | 139 |
| | 11 |
| Current income taxes receivable/payable | 9 |
| | (2 | ) | | (1 | ) | Other | 41 |
| | (75 | ) | | (24 | ) | Net cash provided by operating activities | 48 |
| | 61 |
| | 65 |
| Cash Flows From Investing Activities: | |
| | |
| | |
| Investment in subsidiaries | (45 | ) | | (455 | ) | | (835 | ) | Dividends received from subsidiaries (1) | — |
| | 784 |
| | 911 |
| Net cash provided by (used in) investing activities | (45 | ) | | 329 |
| | 76 |
| Cash Flows From Financing Activities: | |
| | |
| | |
| 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 | 200 |
|
| 395 |
|
| 822 |
| Common stock dividends paid (2) | — |
|
| (1,021 | ) |
| (921 | ) | Net cash provided by (used in) financing activities | 368 |
| | (494 | ) | | (99 | ) | Net change in cash and cash equivalents | 371 |
| | (104 | ) | | 42 |
| Cash and cash equivalents at January 1 | 2 |
| | 106 |
| | 64 |
| Cash and cash equivalents at December 31 | $ | 373 |
| | $ | 2 |
| | $ | 106 |
| Supplemental disclosure of cash flow information | |
| | |
| | |
| Cash received (paid) for: | |
| | |
| | |
| Interest, net of amounts capitalized | $ | (13 | ) | | $ | (9 | ) | | $ | (9 | ) | Income taxes, net | 10 |
| | — |
| | (13 | ) | Supplemental disclosure of noncash investing and financing activities | | | | | | Common stock dividends declared but not yet paid | $ | — |
|
| $ | — |
|
| $ | 248 |
| Noncash common stock issuances | — |
|
| 21 |
|
| 20 |
| | | | | | |
(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 July and October of 2016 and January and April of 2017, respectively, PG&E Corporation paid quarterly common stock dividends of $0.49 per share. In January and April of 2016, respectively, PG&E Corporation paid quarterly common stock dividends of $0.455 per share.
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