BANKRUPTCY FILING (Tables)

3 Months Ended

Mar. 31, 2020

Schedule of Liabilities Subject to Compromise

The following table presents LSTC as reported in the Condensed Consolidated Balance Sheets at March 31, 2020:


(in millions)	Utility		PG&E Corporation⁽¹⁾		PG&E Corporation Consolidated
Financing debt⁽²⁾	$	22,627	$	671	$	23,298
Wildfire-related claims⁽³⁾	25,548		—		25,548
Trade creditors	1,200		5		1,205
Non-qualified benefit plan	20		132		152
2001 bankruptcy disputed claims ⁽⁴⁾	238		—		238
Customer deposits & advances	78		—		78
Other	230		2		232
Total Liabilities Subject to Compromise	$	49,941	$	810	$	50,751

⁽¹⁾PG&E Corporation amounts reflected under the column “PG&E Corporation” exclude the accounts of the Utility.

⁽²⁾At March 31, 2020, PG&E Corporation and the Utility had $650 million and $21,526 million in aggregate principal amount of pre-petition indebtedness, respectively. Pre-petition financing debt includes accrued contractual interest of $1 million and $286 million for PG&E Corporation and the Utility, respectively, to the Petition Date. Financing debt also includes post-petition interest of $20 million and $815 million for PG&E Corporation and the Utility, respectively, in accordance with the terms of the Noteholder RSA. See Note 5 for details of pre-petition debt reported as LSTC.

⁽³⁾See “Pre-petition Wildfire-related claims” in Note 10 for information regarding pre-petition wildfire-related claims reported as LSTC.

⁽⁴⁾2001 bankruptcy disputed claims includes $17 million of interest recorded at the interest rate specified by FERC in accordance with S35.19a of the Commission’s regulations.

The following table presents LSTC as reported in the Consolidated Balance Sheets at December 31, 2019:


(in millions)	Utility		PG&E Corporation⁽¹⁾		PG&E Corporation Consolidated
Financing debt⁽²⁾	$	22,450	$	666	$	23,116
Wildfire-related claims⁽³⁾	25,548		—		25,548
Trade creditors	1,183		5		1,188
Non-qualified benefit plan	20		137		157
2001 bankruptcy disputed claims ⁽⁴⁾	234		—		234
Customer deposits & advances	71		—		71
Other	230		2		232
Total Liabilities Subject to Compromise	$	49,736	$	810	$	50,546

⁽¹⁾PG&E Corporation amounts reflected under the column “PG&E Corporation” exclude the accounts of the Utility.

⁽²⁾At December 31, 2019, PG&E Corporation and the Utility had $650 million and $21,526 million in aggregate principal amount of pre-petition indebtedness, respectively. Pre-petition financing debt includes accrued contractual interest of $1 million and $286 million for PG&E Corporation and the Utility, respectively, to the Petition Date. Financing debt also includes post-petition interest of $15 million and $638 million for PG&E Corporation and the Utility, respectively, in accordance with the terms of the Noteholder RSA. See Note 5 for details of pre-petition debt reported as LSTC.

⁽³⁾See “Pre-petition Wildfire-related claims” in Note 10 for information regarding pre-petition wildfire-related claims reported as LSTC.

⁽⁴⁾2001 bankruptcy disputed claims includes $14 million of interest recorded at the interest rate specified by FERC in accordance with S35.19a of the Commission’s regulations.

Schedule of Debtor Reorganization Items

Reorganization items, net for the three months ended March 31, 2020 and from the Petition Date through March 31, 2020 include the following:


	Three Months Ended March 31, 2020
(in millions)	Utility		PG&E Corporation⁽¹⁾		PG&E Corporation Consolidated
Debtor-in-possession financing costs	$	3	$	—	$	3
Legal and other ⁽²⁾	95		84		179
Interest income	(5)		(1)		(6)
Total reorganization items, net	$	93	$	83	$	176

⁽¹⁾PG&E Corporation amounts reflected under the column “PG&E Corporation” exclude the accounts of the Utility.

⁽²⁾ Includes bridge loan facility fees.


	Petition Date Through March 31, 2020
(in millions)	Utility		PG&E Corporation⁽¹⁾		PG&E Corporation Consolidated
Debtor-in-possession financing costs	$	98	$	17	$	115
Legal and other ⁽²⁾	371		102		473
Interest income	(55)		(11)		(66)
Total reorganization items, net	$	414	$	108	$	522

⁽¹⁾PG&E Corporation amounts reflected under the column “PG&E Corporation” exclude the accounts of the Utility.

⁽²⁾ Includes bridge loan facility fees.

Reorganization items, net for the three months ended March 31, 2019 include the following:


	Three Months Ended March 31, 2019
(in millions)	Utility		PG&E Corporation⁽¹⁾		PG&E Corporation Consolidated
Debtor-in-possession financing costs	$	97	$	17	$	114
Legal and other	23		1		24
Interest income	(9)		(2)		(11)
Total reorganization items, net	$	111	$	16	$	127

⁽¹⁾PG&E Corporation amounts reflected under the column “PG&E Corporation” exclude the accounts of the Utility.