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) | 2021 | | 2020 | | 2019 | Administrative service revenue | $ | 118 | | | $ | 127 | | | $ | 138 | | Operating expenses | (124) | | | (103) | | | (114) | | Interest income | — | | | — | | | 1 | | Interest expense | (230) | | | (149) | | | (21) | | Other income (expense) | (54) | | | 13 | | | 10 | | Reorganization items, net | 1 | | | (1,649) | | | (26) | | Equity in earnings of subsidiaries | 137 | | | 411 | | | (7,622) | | Loss before income taxes | (152) | | | (1,350) | | | (7,634) | | Income tax provision (benefit) | (64) | | | (46) | | | 8 | | Net loss | $ | (88) | | | $ | (1,304) | | | $ | (7,642) | | Other Comprehensive Income (Loss) | | | | | | Pension and other postretirement benefit plans obligations (net of taxes of $3, $7, and $0, at respective dates) | $ | 7 | | | $ | (17) | | | $ | (1) | | Total other comprehensive income (loss) | 7 | | | (17) | | | (1) | | Comprehensive Loss | $ | (81) | | | $ | (1,321) | | | $ | (7,643) | | Weighted Average Common Shares Outstanding, Basic (1) | 2,463 | | | 1,257 | | | 528 | | Weighted Average Common Shares Outstanding, Diluted (1) | 2,463 | | | 1,257 | | | 528 | | Net loss per common share, basic | $ | (0.05) | | | $ | (1.05) | | | $ | (14.50) | | Net loss per common share, diluted | $ | (0.05) | | | $ | (1.05) | | | $ | (14.50) | |
(1) Includes 477,743,590 shares of common stock issued to ShareCo. PG&E CORPORATION SCHEDULE I — CONDENSED FINANCIAL INFORMATION OF PARENT – (Continued) CONDENSED BALANCE SHEETS | | | | | | | | | | | | | Balance at December 31, | (in millions) | 2021 | | 2020 | ASSETS | | | | Current Assets | | | | Cash and cash equivalents | $ | 126 | | | $ | 223 | | Advances to affiliates | 21 | | | 48 | | Income taxes receivable | 10 | | | 12 | | Other current assets | 12 | | | 13 | | Total current assets | 169 | | | 296 | | Noncurrent Assets | | | | Equipment | 2 | | | 2 | | Accumulated depreciation | (2) | | | (2) | | Net equipment | — | | | — | | Investments in subsidiaries | 30,232 | | | 25,244 | | Other investments | 181 | | | 186 | | Operating lease right of use asset | — | | | 3 | | Deferred income taxes | 297 | | | 237 | | Total noncurrent assets | 30,710 | | | 25,670 | | Total Assets | $ | 30,879 | | | $ | 25,966 | | LIABILITIES AND SHAREHOLDERS’ EQUITY | | | | Current Liabilities | | | | Long-term debt, classified as current | 27 | | | 28 | | Accounts payable – other | 200 | | | 49 | | Operating lease liabilities | — | | | 3 | | Other current liabilities | 69 | | | 72 | | Total current liabilities | 296 | | | 152 | | Noncurrent Liabilities | | | | Debtor-in-possession financing | 4,592 | | | 4,624 | | Operating lease liabilities | — | | | — | | Other noncurrent liabilities | 168 | | | 191 | | Total noncurrent liabilities | 4,760 | | | 4,815 | | Common Shareholders’ Equity | | | | Common stock | 35,129 | | | 30,224 | | Reinvested earnings | (9,286) | | | (9,198) | | Accumulated other comprehensive loss | (20) | | | (27) | | Total common shareholders’ equity | 25,823 | | | 20,999 | | Total Liabilities and Shareholders’ Equity | $ | 30,879 | | | $ | 25,966 | |
PG&E CORPORATION SCHEDULE I – CONDENSED FINANCIAL INFORMATION OF PARENT – (Continued) CONDENSED STATEMENTS OF CASH FLOWS (in millions) | | | | | | | | | | | | | | | | | | | Year ended December 31, | | 2021 | | 2020 | | 2019 | Cash Flows from Operating Activities: | | | | | | Net loss | $ | (88) | | | $ | (1,304) | | | $ | (7,642) | | Adjustments to reconcile net income to net cash provided by operating activities: | | | | | | Stock-based compensation amortization | 51 | | | 28 | | | 43 | | Equity in earnings (loss) of subsidiaries | (139) | | | (412) | | | 7,622 | | Deferred income taxes and tax credits-net | (60) | | | (50) | | | — | | Reorganization items, net (Note 2) | (32) | | | 1,548 | | | 11 | | Current income taxes receivable/payable | 2 | | | — | | | 6 | | Liabilities subject to compromise | — | | | 12 | | | 28 | | Other | 81 | | | 97 | | | (62) | | Net cash provided by (used in) operating activities | (185) | | | (81) | | | 6 | | Cash Flows From Investing Activities: | | | | | | Investment in subsidiaries | — | | | (12,986) | | | — | | Net cash used in investing activities | — | | | (12,986) | | | — | | Cash Flows From Financing Activities: | | | | | | Debtor-in-possession credit facility debt issuance costs | — | | | — | | | (16) | | Bridge facility financing fees | — | | | (40) | | | — | | | | | | | | | | | | | | | | | | | | Proceeds from issuance of long-term debt | — | | | 4,660 | | | — | | Repayment of long-term debt | (28) | | | (664) | | | — | | Intercompany note from the Utility | 145 | | | — | | | — | | Common stock issued | — | | | 7,582 | | | 85 | | Equity Units issued | — | | | 1,304 | | | — | | Other | (29) | | | — | | | — | | Net cash provided by financing activities | 88 | | | 12,842 | | | 69 | | Net change in cash and cash equivalents | (97) | | | (225) | | | 75 | | Cash and cash equivalents at January 1 | 223 | | | 448 | | | 373 | | Cash and cash equivalents at December 31 | $ | 126 | | | $ | 223 | | | $ | 448 | | Supplemental disclosures of cash flow information | | | | | | Cash received (paid) for: | | | | | | Interest, net of amounts capitalized | $ | (207) | | | $ | (105) | | | $ | (3) | | Income taxes, net | 1 | | | — | | | — | | 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 | | | — | | Increase to PG&E Corporation common stock and treasury stock in connection with the Share Exchange and Tax Matters Agreement | 4,854 | | | — | | | — | |
|