Quarterly Report (10-q)

Date : 11/07/2019 @ 1:53PM
Source : Edgar (US Regulatory)
Stock : Pacific Gas and Electric Company (PCG)
Quote : 14.27  0.54 (3.93%) @ 12:59AM
After Hours
Last Trade
Last $ 14.45 ▲ 0.18 (1.26%)

Quarterly Report (10-q)

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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C., 20549
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2019
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ___________ to __________
Commission
File
Number
Exact Name of
Registrant
as Specified
in its Charter
State or Other
Jurisdiction of
Incorporation
IRS Employer
Identification
Number
1-12609 PG&E Corporation California 94-3234914
1-2348 Pacific Gas and Electric Company California 94-0742640
PG&E Corporation Pacific Gas and Electric Company
77 Beale Street 77 Beale Street
P.O. Box 770000 P.O. Box 770000
San Francisco, California 94177 San Francisco, California 94177
Address of principal executive offices, including zip code
PG&E Corporation Pacific Gas and Electric Company
415 973-1000 415 973-7000
Registrant’s telephone number, including area code

Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading Symbol(s) Name of each exchange on which registered
Common stock, no par value PCG The New York Stock Exchange
First preferred stock, cumulative, par value $25 per share, 5% series A redeemable PCG-PE NYSE American LLC
First preferred stock, cumulative, par value $25 per share, 5% redeemable PCG-PD NYSE American LLC
First preferred stock, cumulative, par value $25 per share, 4.80% redeemable PCG-PG NYSE American LLC
First preferred stock, cumulative, par value $25 per share, 4.50% redeemable PCG-PH NYSE American LLC
First preferred stock, cumulative, par value $25 per share, 4.36% series A redeemable PCG-PI NYSE American LLC
First preferred stock, cumulative, par value $25 per share, 6% nonredeemable PCG-PA NYSE American LLC
First preferred stock, cumulative, par value $25 per share, 5.50% nonredeemable PCG-PB NYSE American LLC
First preferred stock, cumulative, par value $25 per share, 5% nonredeemable PCG-PC NYSE American LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. 
PG&E Corporation: Yes No
Pacific Gas and Electric Company: Yes No
1


Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
PG&E Corporation: Yes No
Pacific Gas and Electric Company: Yes No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company.  See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
PG&E Corporation: Large accelerated filer
Accelerated filer
 
Non-accelerated filer  
  Smaller reporting company Emerging growth company
Pacific Gas and Electric Company: Large accelerated filer
Accelerated filer
 
Non-accelerated filer
  Smaller reporting company Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
PG&E Corporation:
Pacific Gas and Electric Company:
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
PG&E Corporation: Yes
No
Pacific Gas and Electric Company: Yes
No

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
Common stock outstanding as of November 1, 2019:  
PG&E Corporation: 529,229,517   
Pacific Gas and Electric Company:
264,374,809   

2


PG&E CORPORATION AND
PACIFIC GAS AND ELECTRIC COMPANY, DEBTORS-IN-POSSESSION
FORM 10-Q
FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2019
TABLE OF CONTENTS

3



GLOSSARY

The following terms and abbreviations appearing in the text of this report have the meanings indicated below.
2018 Form 10-K PG&E Corporation and Pacific Gas and Electric Company’s combined Annual Report on Form 10-K for the year ended December 31, 2018
2019 Wildfire Mitigation Plan the wildfire mitigation plan for 2019 submitted by the Utility to the CPUC pursuant to SB 901, previously also referred to as the "2019 Wildfire Safety Plan"
AB Assembly Bill
ALJ administrative law judge
ARAM average rate assumption method
ARO asset retirement obligation
ASU accounting standard update issued by the FASB (see below)
Backstop Party a third-party investor party to a Backstop Commitment Letter
Bankruptcy Code the United States Bankruptcy Code
Bankruptcy Court the U.S. Bankruptcy Court for the Northern District of California
CAISO California Independent System Operator
Cal Fire California Department of Forestry and Fire Protection
CCA Community Choice Aggregator
CCPA California Consumer Privacy Act of 2018
CEC California Energy Resources Conservation and Development Commission
CEMA Catastrophic Event Memorandum Account
Chapter 11 chapter 11 of title 11 of the U.S. Code
Chapter 11 Cases the voluntary cases commenced by each of PG&E Corporation and the Utility under Chapter 11 on January 29, 2019
CHT Customer Harm Threshold
CPUC California Public Utilities Commission
CRRs congestion revenue rights
CUE Coalition of California Utility Employees
CWSP Community Wildfire Safety Program
DA Direct Access
DER distributed energy resources
Diablo Canyon Diablo Canyon nuclear power plant
DIP Credit Agreement Senior Secured Superpriority Debtor in Possession Credit, Guaranty and Security Agreement, dated as of February 1, 2019, among the Utility, as borrower, PG&E Corporation, as guarantor, JPMorgan Chase Bank, N.A., as administrative agent, and Citibank, N.A., as collateral agent
DRP Distribution Resource Plan
DTSC Department of Toxic Substances Control
EPS earnings per common share
EV electric vehicle
EVM enhanced vegetation management
FASB Financial Accounting Standards Board
FEMA Federal Emergency Management Agency
FERC Federal Energy Regulatory Commission
FHPMA Fire Hazard Prevention Memorandum Account
FRMMA Fire Risk Mitigation Memorandum Account
GAAP U.S. Generally Accepted Accounting Principles
GHG greenhouse gas
4


GRC general rate case
GT&S gas transmission and storage
HSM Hazardous Substance Memorandum Account
IOU(s) investor-owned utility(ies)
LIBOR London Interbank Offered Rate
LSTC liabilities subject to compromise
MD&A Management’s Discussion and Analysis of Financial Condition and Results of Operations set forth in Item 2 of this Form 10-Q
MGP(s) manufactured gas plants
the Monitor third-party monitor retained as part of its compliance with the sentencing terms of the Utility’s January 27, 2017 federal criminal conviction
NAV net asset value
NDCTP Nuclear Decommissioning Cost Triennial Proceedings
NDT Diablo Canyon Nuclear Decommissioning Trust
NEIL Nuclear Electric Insurance Limited
NRC Nuclear Regulatory Commission
OES State of California Office of Emergency Services
OII order instituting investigation
OIR order instituting rulemaking
OSA Office of the Safety Advocate, a division of the CPUC
PAO Public Advocates Office of the California Public Utilities Commission (formerly known as Office of Ratepayer Advocates or ORA)
PCIA Power Charge Indifference Adjustment
PD proposed decision
Petition Date January 29, 2019
PFM petition for modification
PSA plan support agreement
PSPS Public Safety Power Shutoff
ROE return on equity
ROU asset right-of-use asset
RSA restructuring support agreement (as amended)
SB Senate Bill
SEC U.S. Securities and Exchange Commission
SED Safety and Enforcement Division of the CPUC
Tax Act Tax Cuts and Jobs Act of 2017
TCC Official Committee of Tort Claimants
TE transportation electrification
TO transmission owner
TURN The Utility Reform Network
UCC Official Committee of Unsecured Creditors
USAO United States Attorney’s Office for the Northern District of California
Utility Pacific Gas and Electric Company
VIE(s) variable interest entity(ies)
VM vegetation management
WEMA Wildfire Expense Memorandum Account
Wildfire Assistance Fund program designed to assist those displaced by the 2018 Camp fire and 2017 Northern California wildfires with the costs of temporary housing and other urgent needs
5


Wildfire Fund statewide fund established by AB 1054 that will be available for eligible electric utility companies to pay eligible claims for liabilities arising from wildfires occurring after July 12, 2019 that are caused by the applicable electric utility company’s equipment
WMPMA Wildfire Mitigation Plan Memorandum Account

6


PART I. FINANCIAL INFORMATION
ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 

PG&E CORPORATION
(DEBTOR-IN-POSSESSION)
CONDENSED CONSOLIDATED STATEMENTS OF INCOME


  (Unaudited)
Three Months Ended September 30, Nine Months Ended September 30,
(in millions, except per share amounts) 2019 2018 2019 2018
Operating Revenues    
Electric $ 3,554    $ 3,466    $ 9,292    $ 9,729   
Natural gas 878    915    3,094    2,942   
Total operating revenues 4,432    4,381    12,386    12,671   
Operating Expenses
Cost of electricity 1,070    1,256    2,506    3,038   
Cost of natural gas 68    69    515    437   
Operating and maintenance 2,206    1,611    6,235    5,001   
Wildfire-related claims, net of insurance recoveries 2,548    (10)   6,448    2,108   
Depreciation, amortization, and decommissioning 840    759    2,433    2,257   
Total operating expenses 6,732    3,685    18,137    12,841   
Operating Income (Loss) (2,300)   696    (5,751)   (170)  
Interest income 18    14    62    35   
Interest expense (52)   (232)   (215)   (678)  
Other income, net 62    104    199    318   
Reorganization items, net (73)   —    (256)   —   
Income (Loss) Before Income Taxes (2,345)   582    (5,961)   (495)  
Income tax provision (benefit) (729)   15    (1,932)   (527)  
Net Income (Loss) (1,616)   567    (4,029)   32   
Preferred stock dividend requirement of subsidiary     10    10   
Income (Loss) Attributable to Common Shareholders $ (1,619)   $ 564    $ (4,039)   $ 22   
Weighted Average Common Shares Outstanding, Basic 529    517    528    516   
Weighted Average Common Shares Outstanding, Diluted 529    517    528    517   
Net Income (Loss) Per Common Share, Basic $ (3.06)   $ 1.09    $ (7.65)   $ 0.04   
Net Income (Loss) Per Common Share, Diluted $ (3.06)   $ 1.09    $ (7.65)   $ 0.04   
See accompanying Notes to the Condensed Consolidated Financial Statements.

7


PG&E CORPORATION
(DEBTOR-IN-POSSESSION)
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
  (Unaudited)
Three Months Ended September 30, Nine Months Ended September 30,
(in millions) 2019 2018 2019 2018
Net Income (Loss) $ (1,616)   $ 567    $ (4,029)   $ 32   
Other Comprehensive Income
Pension and other post-retirement benefit plans obligations (net of taxes of $0, $0, $0, and $0, at respective dates) —      —     
Total other comprehensive income —      —     
Comprehensive Income (Loss) (1,616)   568    (4,029)   33   
Preferred stock dividend requirement of subsidiary     10    10   
Comprehensive Income (Loss) Attributable to Common Shareholders
$ (1,619)   $ 565    $ (4,039)   $ 23   
See accompanying Notes to the Condensed Consolidated Financial Statements.

8


PG&E CORPORATION
(DEBTOR-IN-POSSESSION)
CONDENSED CONSOLIDATED BALANCE SHEETS
  (Unaudited)
  Balance At
(in millions) September 30, 2019 December 31, 2018
ASSETS    
Current Assets       
Cash and cash equivalents $ 2,970    $ 1,668   
Accounts receivable:
Customers (net of allowance for doubtful accounts of $41 and $56
at respective dates)
1,397    1,148   
Accrued unbilled revenue 1,023    1,000   
Regulatory balancing accounts 1,919    1,435   
Other 2,627    2,686   
Regulatory assets 314    233   
Inventories:
Gas stored underground and fuel oil 110    111   
Materials and supplies 525    443   
Income taxes receivable 15    23   
Other 677    448   
Total current assets 11,577    9,195   
Property, Plant, and Equipment
Electric 61,797    59,150   
Gas 22,741    21,556   
Construction work in progress 2,689    2,564   
Other 20     
Total property, plant, and equipment 87,247    83,272   
Accumulated depreciation (25,923)   (24,715)  
Net property, plant, and equipment 61,324    58,557   
Other Noncurrent Assets
Regulatory assets 5,711    4,964   
Nuclear decommissioning trusts 3,061    2,730   
Operating lease right of use asset 2,435    —   
Income taxes receivable 67    69   
Other 1,538    1,480   
Total other noncurrent assets 12,812    9,243   
TOTAL ASSETS $ 85,713    $ 76,995   
See accompanying Notes to the Condensed Consolidated Financial Statements.

9


PG&E CORPORATION
(DEBTOR-IN-POSSESSION)
CONDENSED CONSOLIDATED BALANCE SHEETS
 
 
(Unaudited)
  Balance At
(in millions, except share amounts) September 30, 2019 December 31, 2018
LIABILITIES AND EQUITY    
Current Liabilities
   
Short-term borrowings $ —    $ 3,435   
Long-term debt, classified as current —    18,559   
Accounts payable:
Trade creditors 1,844    1,975   
Regulatory balancing accounts 1,655    1,076   
Other 558    464   
Operating lease liabilities 553    —   
Disputed claims and customer refunds —    220   
Interest payable   228   
Wildfire-related claims —    14,226   
Other 1,857    1,512   
Total current liabilities 6,472    41,695   
Noncurrent Liabilities
Debtor-in-possession financing 1,500    —   
Regulatory liabilities 9,336    8,539   
Pension and other post-retirement benefits 1,986    2,119   
Asset retirement obligations 6,259    5,994   
Deferred income taxes 1,721    3,281   
Operating lease liabilities 1,882    —   
Other 2,473    2,464   
Total noncurrent liabilities 25,157    22,397   
Liabilities Subject to Compromise 45,093    —   
Equity
Shareholders’ Equity
Common stock, no par value, authorized 800,000,000 shares;
529,229,517 and 520,338,710 shares outstanding at respective dates
13,027    12,910   
Reinvested earnings (4,279)   (250)  
Accumulated other comprehensive loss (9)   (9)  
Total shareholders’ equity
8,739    12,651   
Noncontrolling Interest - Preferred Stock of Subsidiary 252    252   
Total equity 8,991    12,903   
TOTAL LIABILITIES AND EQUITY $ 85,713    $ 76,995   
See accompanying Notes to the Condensed Consolidated Financial Statements.

10


PG&E CORPORATION
(DEBTOR-IN-POSSESSION)
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
  (Unaudited)
  Nine Months Ended September 30,
(in millions) 2019 2018
Cash Flows from Operating Activities    
Net income (loss) $ (4,029)   $ 32   
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization, and decommissioning 2,433    2,257   
Allowance for equity funds used during construction (64)   (97)  
Deferred income taxes and tax credits, net (1,548)   10   
Reorganization items, net (Note 2) 97    —   
Disallowed capital expenditures 232    (38)  
Other 112    231   
Effect of changes in operating assets and liabilities:
Accounts receivable (264)   (201)  
Wildfire-related insurance receivable 35    64   
Inventories (68)   (24)  
Accounts payable 371    245   
Wildfire-related claims (114)   2,233   
Income taxes receivable/payable   —   
Other current assets and liabilities (7)   (154)  
Regulatory assets, liabilities, and balancing accounts, net 90    (128)  
Liabilities subject to compromise 6,704    —   
Other noncurrent assets and liabilities 79    (194)  
Net cash provided by operating activities 4,067    4,236   
Cash Flows from Investing Activities    
Capital expenditures (4,192)   (4,592)  
Proceeds from sales and maturities of nuclear decommissioning trust investments 808    1,121   
Purchases of nuclear decommissioning trust investments (874)   (1,165)  
Other   19   
Net cash used in investing activities
(4,250)   (4,617)  
Cash Flows from Financing Activities    
Proceeds from debtor-in-possession credit facility
1,850    —   
Repayments of debtor-in-possession credit facility
(350)   —   
Debtor-in-possession credit facility debt issuance costs
(114)   —   
Borrowings under revolving credit facilities
—    775   
Repayments under revolving credit facilities —    (775)  
Net repayments of commercial paper, net of discount of $1 —    (182)  
Short-term debt financing —    250   
Short-term debt matured —    (250)  
Proceeds from issuance of long-term debt, net of discount and issuance costs of $7 —    1,143   
Long-term debt matured or repurchased —    (750)  
Common stock issued 85    137   
Other 14    14   
Net cash provided by financing activities 1,485    362   
Net change in cash, cash equivalents, and restricted cash 1,302    (19)  
11


Cash, cash equivalents, and restricted cash at January 1 1,675    456   
Cash, cash equivalents, and restricted cash at September 30 $ 2,977    $ 437   
Less: Restricted cash and restricted cash equivalents included in other current assets (7)   $ (7)  
Cash and cash equivalents at September 30 $ 2,970    $ 430   

Supplemental disclosures of cash flow information    
Cash paid for:    
Interest, net of amounts capitalized $ (38)   $ (650)  
Income taxes, net —    (49)  
Supplemental disclosures of noncash operating activities
Operating lease liabilities arising from obtaining ROU assets $ 2,816    $ —   
Supplemental disclosures of noncash investing and financing activities
Capital expenditures financed through accounts payable $ 981    $ 348   
See accompanying Notes to the Condensed Consolidated Financial Statements.


12


PG&E CORPORATION
(DEBTOR-IN-POSSESSION)
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY
(in millions, except share amounts) Common
Stock
Shares
Common
Stock
Amount
Reinvested
Earnings
Accumulated
Other
Comprehensive
Income
(Loss)
Total
Shareholders’
Equity
Non
controlling
Interest -
Preferred
Stock of
Subsidiary
Total
Equity
Balance at December 31, 2018 520,338,710    $ 12,910    $ (250)   $ (9)   $ 12,651    $ 252    $ 12,903   
Net income —    —    136    —    136    —    136   
Other comprehensive loss —    —    —    —    —    —    —   
Common stock issued, net 8,871,568    85    —    —    85    —    85   
Stock-based compensation amortization —      —    —      —     
Balance at March 31, 2019 529,210,278    $ 13,000    $ (114)   $ (9)   $ 12,877    $ 252    $ 13,129   
Net loss —    —    (2,549)   —    (2,549)   —    (2,549)  
Other comprehensive loss —    —    —    —    —    —    —   
Common stock issued, net 13,515    —    —    —    —    —    —   
Stock-based compensation amortization —    14    —    —    14    —    14   
Balance at June 30, 2019 529,223,793    $ 13,014    $ (2,663)   $ (9)   $ 10,342    $ 252    $ 10,594   
Net loss —    —    (1,616)   —    (1,616)   —    (1,616)  
Other comprehensive loss —    —    —    —    —    —    —   
Common stock issued, net 5,724    —    —    —    —    —    —   
Stock-based compensation amortization —    13    —    —    13    —    13   
Balance at September 30, 2019 529,229,517    $ 13,027    $ (4,279)   $ (9)   $ 8,739    $ 252    $ 8,991   

(in millions, except share amounts) Common
Stock
Shares
Common
Stock
Amount
Reinvested
Earnings
Accumulated
Other
Comprehensive
Income
(Loss)
Total
Shareholders’
Equity
Non
controlling
Interest -
Preferred
Stock of
Subsidiary
Total
Equity
Balance at December 31, 2017 514,755,845    $ 12,632    $ 6,596    $ (8)   $ 19,220    $ 252    $ 19,472   
Net income —    —    445    —    445    —    445   
Other comprehensive income —    —      (5)   —    —    —   
Common stock issued, net 1,248,112    35    —    —    35    —    35   
Stock-based compensation amortization —    34    —    —    34    —    34   
Preferred stock dividend requirement of
subsidiary
—    —    (3)   —    (3)   —    (3)  
Balance at March 31, 2018 516,003,957    $ 12,701    $ 7,043    $ (13)   $ 19,731    $ 252    $ 19,983   
Net loss —    —    (980)   —    (980)   —    (980)  
Other comprehensive income —    —    —    —    —    —    —   
Common stock issued, net 1,099,026    47    —    —    47    —    47   
Stock-based compensation amortization —    15    —    —    15    —    15   
Preferred stock dividend requirement of
subsidiary
—    —    (4)   —    (4)   —    (4)  
Balance at June 30, 2018 517,102,983    $ 12,763    $ 6,059    $ (13)   $ 18,809    $ 252    $ 19,061   
Net income —    —    567    —    567    —    567   
Other comprehensive income —    —    —        —     
Common stock issued, net 1,229,841    55    —    —    55    —    55   
Stock-based compensation amortization —    15    —    —    15    —    15   
Preferred stock dividend requirement of
subsidiary
—    —    (3)   —    (3)   —    (3)  
Balance at September 30, 2018 518,332,824    $ 12,833    $ 6,623    $ (12)   $ 19,444    $ 252    $ 19,696   

See accompanying Notes to the Consolidated Financial Statements.

13


PACIFIC GAS AND ELECTRIC COMPANY
(DEBTOR-IN-POSSESSION)
CONDENSED CONSOLIDATED STATEMENTS OF INCOME


  (Unaudited)
Three Months Ended September 30, Nine Months Ended September 30,
(in millions) 2019 2018 2019 2018
Operating Revenues    
Electric $ 3,554    $ 3,467    $ 9,292    $ 9,730   
Natural gas 878    915    3,094    2,942   
Total operating revenues 4,432    4,382    12,386    12,672   
Operating Expenses
Cost of electricity 1,070    1,256    2,506    3,038   
Cost of natural gas 68    69    515    437   
Operating and maintenance 2,208    1,611    6,252    5,002   
Wildfire-related claims, net of insurance recoveries 2,548    (10)   6,448    2,108   
Depreciation, amortization, and decommissioning 840    759    2,433    2,257   
Total operating expenses 6,734    3,685    18,154    12,842   
Operating Income (Loss) (2,302)   697    (5,768)   (170)  
Interest income 18    14    61    34   
Interest expense (52)   (229)   (213)   (668)  
Other income, net 57    103    187    321   
Reorganization items, net (69)   —    (237)   —   
Income (Loss) Before Income Taxes (2,348)   585    (5,970)   (483)  
Income tax provision (benefit) (738)   14    (1,943)   (530)  
Net Income (Loss) (1,610)   571    (4,027)   47   
Preferred stock dividend requirement     10    10   
Income (Loss) Attributable to Common Stock $ (1,613)   $ 568    $ (4,037)   $ 37   
See accompanying Notes to the Condensed Consolidated Financial Statements.

14


PACIFIC GAS AND ELECTRIC COMPANY
(DEBTOR-IN-POSSESSION)
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
  (Unaudited)
Three Months Ended September 30, Nine Months Ended September 30,
(in millions) 2019 2018 2019 2018
Net Income (Loss) $ (1,610)   $ 571    $ (4,027)   $ 47   
Other Comprehensive Income
Pension and other post-retirement benefit plans obligations (net of taxes of $0, $0, $0, and $0, at respective dates) —    —    —     
Total other comprehensive income —    —    —     
Comprehensive Income (Loss) $ (1,610)   $ 571    $ (4,027)   $ 48   
See accompanying Notes to the Condensed Consolidated Financial Statements.

15


PACIFIC GAS AND ELECTRIC COMPANY
(DEBTOR-IN-POSSESSION)
CONDENSED CONSOLIDATED BALANCE SHEETS
  (Unaudited)
  Balance At
(in millions) September 30, 2019 December 31, 2018
ASSETS    
Current Assets    
Cash and cash equivalents $ 2,539    $ 1,295   
Accounts receivable:
Customers (net of allowance for doubtful accounts of $41 and $56
at respective dates)
1,397    1,148   
Accrued unbilled revenue 1,023    1,000   
Regulatory balancing accounts 1,919    1,435   
Other 2,639    2,688   
Regulatory assets 314    233   
Inventories:
Gas stored underground and fuel oil 110    111   
Materials and supplies 525    443   
Income taxes receivable    
Other 666    448   
Total current assets 11,136    8,806   
Property, Plant, and Equipment
Electric 61,797    59,150   
Gas 22,741    21,556   
Construction work in progress 2,689    2,564   
Other 18    —   
Total property, plant, and equipment 87,245    83,270   
Accumulated depreciation (25,920)   (24,713)  
Net property, plant, and equipment 61,325    58,557   
Other Noncurrent Assets
Regulatory assets 5,711    4,964   
Nuclear decommissioning trusts 3,061    2,730   
Operating lease right of use asset 2,427    —   
Income taxes receivable 66    66   
Other 1,394    1,348   
Total other noncurrent assets 12,659    9,108   
TOTAL ASSETS $ 85,120    $ 76,471   
See accompanying Notes to the Condensed Consolidated Financial Statements.

16


PACIFIC GAS AND ELECTRIC COMPANY
(DEBTOR-IN-POSSESSION)
CONDENSED CONSOLIDATED BALANCE SHEETS
  (Unaudited)
  Balance At
(in millions. except share amounts) September 30, 2019 December 31, 2018
LIABILITIES AND EQUITY
Current Liabilities    
Short-term borrowings $ —    $ 3,135   
Long-term debt, classified as current —    18,209   
Accounts payable:
Trade creditors 1,841    1,972   
Regulatory balancing accounts 1,655    1,076   
Other 650    498   
Operating lease liabilities 550    —   
Disputed claims and customer refunds —    220   
Interest payable   227   
Wildfire-related claims —    14,226   
Other 1,857    1,497   
Total current liabilities 6,558    41,060   
Noncurrent Liabilities
Debtor-in-possession financing 1,500    —   
Regulatory liabilities 9,336    8,539   
Pension and other post-retirement benefits 1,986    2,026   
Asset retirement obligations 6,259    5,994   
Deferred income taxes 1,839    3,405   
Operating lease liabilities 1,877    —   
Other 2,528