DEBT (Tables)

12 Months Ended

Dec. 31, 2018

Debt Disclosure [Abstract]

Schedule of Long-term Debt

The following table summarizes PG&E Corporation’s and the Utility’s long-term debt:

		December 31,
(in millions)		2018			2017
PG&E Corporation
Term Loan:
Stated Maturity	Interest Rates
2020	variable rate (2)	350			350
Less: Current Portion (1)		(350		)	—
Total PG&E Corporation long-term debt		—			350
Utility
Senior notes:
Stated Maturity	Interest Rates
2018	8.25%	—			400
2020	3.50%	800			800
2021	3.25% to 4.25%	550			550
2022	2.45%	400			400
2023 through 2046	2.95% to 6.35%	15,775			14,975
Unamortized discount, net of premium and debt issuance costs		(178		)	(185		)
Less: current portion (1)		(17,347		)	(400		)
Total senior notes, net of current portion		—			16,540
Pollution control bonds:
Stated Maturity	Interest Rates
Series 2008 G, due 2018	1.05%	—			45
Series 2008 F and 2010 E, due 2026 (3)	1.75%	100			100
Series 2009 A-B, due 2026 (4)	variable rate (5)	149			149
Series 1996 C, E, F, 1997 B due 2026 (4)	variable rate (6)	614			614
Less: current portion (1)		(863		)	(45		)
Total pollution control bonds		—			863
Total Utility long-term debt, net of current portion		—			17,403
Total consolidated long-term debt, net of current portion		$	—		$	17,753

⁽¹⁾ On January 29, 2019, PG&E Corporation and the Utility commenced reorganization under Chapter 11 of the U.S. Bankruptcy Code. The commencement of the Chapter 11 Cases constituted an event of default or termination event under the above-referenced debt of PG&E Corporation and the Utility. With the exception of Pollution Control Bonds series 2008F and 2010E, where a trustee notice is required to trigger acceleration, the commencement of the Chapter 11 Cases caused an automatic and immediate acceleration of such debt, and the possibility of cure is uncertain. Therefore, all long-term debt is classified as current as of December 31, 2018.

⁽²⁾ At December 31, 2018, the interest rate on the Term Loan was 3.66%.

⁽³⁾ Pollution Control Bonds series 2008F and 2010E were remarketed and issued in June 2017.  Although the stated maturity date for both series is 2026, these bonds have a mandatory redemption date of May 31, 2022.  

⁽⁴⁾ Each series of these bonds is supported by a separate direct-pay letter of credit. Subject to certain requirements, the Utility may choose not to provide a credit facility without issuer consent. Series 2009 A-B bonds have a maturity date of June 5, 2019. In December 2015, Series 1996 C, E, F, 1997 B bonds the letters of credit were extended to December 1, 2020. Although the stated maturity date is 2026, each series will remain outstanding only if the Utility extends or replaces the letter of credit related to the series or otherwise obtains consent from the issuer to the continuation of the series without a credit facility.

⁽⁵⁾ At December 31, 2018, the interest rate on these bonds was 2.08%.

⁽⁶⁾ At December 31, 2018, the interest rate on these bonds ranged from 2.05% to 2.15%.

Schedule of Repayment Schedule

PG&E Corporation’s and the Utility’s combined stated long-term debt principal repayment amounts at December 31, 2018 are reflected in the table below:

(in millions,
except interest rates)	2019			2020			2021			2022			2023			Thereafter			Total
PG&E Corporation
Variable interest rate as of December 31, 2018	—		%	3.51		%	—		%	—		%	—		%	—		%	3.51		%
Variable rate obligations	$	—		$	350		$	—		$	—		$	—		$	—		$	350
Utility
Average fixed interest rate	—		%	3.50		%	3.80		%	2.31		%	3.83		%	4.74		%	4.52		%
Fixed rate obligations	$	—		$	800		$	550		$	500		$	1,175		$	14,600		$	17,625
Variable interest rate as of December 31, 2018	1.78		%	1.59		%	—		%	—		%	—		%	—		%	1.63		%
Variable rate obligations(1)	$	149		$	614		$	—		$	—		$	—		$	—		$	763
Total consolidated debt	$	149		$	1,764		$	550		$	500		$	1,175		$	14,600		$	18,738

⁽¹⁾ The bonds due in 2026 are backed by separate letters of credit that expire June 5, 2019, or December 1, 2020.

Schedule of Short-term Borrowings

The following table summarizes PG&E Corporation’s and the Utility’s outstanding borrowings and availability under their revolving credit facilities and commercial paper programs at December 31, 2018:

(in millions)	Termination Date	Credit Facility Limit			Borrowings Against Revolver			Commercial Paper Outstanding		Facility Availability
PG&E Corporation	April 2022	$	300	(1)	$	300		$	—	$	—
Utility	April 2022	$	3,000	(2)	$	2,965	(3)	$	—	$	35
Total revolving credit facilities		$	3,300		$	3,265		$	—	$	35

⁽¹⁾ Includes a $50 million lender commitment to the letter of credit sublimits and a $100 million commitment for swingline loans defined as loans that are made available on a same-day basis and are repayable in full within 7 days.

⁽²⁾ Includes a $500 million lender commitment to the letter of credit sublimits and a $75 million commitment for swingline loans.

⁽³⁾Includes $80 million of letters of credit.