SCHEDULE I – CONDENSED FINANCIAL INFORMATION OF PARENT

12 Months Ended

Dec. 31, 2022

Condensed Financial Information Disclosure [Abstract]

SCHEDULE I – CONDENSED FINANCIAL INFORMATION OF PARENT

PG&E CORPORATION

SCHEDULE I — CONDENSED FINANCIAL INFORMATION OF PG&E CORPORATION (“PARENT”)

CONDENSED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME

	Years Ended December 31,
(in millions, except per share amounts)	2022		2021		2020
Administrative service revenue	$	109	$	118	$	127
Operating expenses	(193)		(124)		(103)
Interest income	3		—		—
Interest expense	(261)		(230)		(149)
Other income (expense)	(201)		(54)		13
Reorganization items, net	—		1		(1,649)
Equity in earnings of subsidiaries	2,154		137		411
Income (loss) before income taxes	1,611		(152)		(1,350)
Income tax benefit	(132)		(64)		(46)
Net Income (loss)	$	1,743	$	(88)	$	(1,304)
Other Comprehensive Income (Loss)
Pension and other postretirement benefit plans obligations (net of taxes of $8, $3, and $7, at respective dates)	$	21	$	7	$	(17)
Total other comprehensive income (loss)	21		7		(17)
Comprehensive Income (Loss)	$	1,764	$	(81)	$	(1,321)
Weighted Average Common Shares Outstanding, Basic (1)	2,235		2,463		1,257
Weighted Average Common Shares Outstanding, Diluted (1)	2,380		2,463		1,257
Net earnings (loss) per common share, basic	$	0.78	$	(0.05)	$	(1.05)
Net earnings (loss) per common share, diluted	$	0.73	$	(0.05)	$	(1.05)

(1) Includes 247,743,590 and 477,743,590 shares of common stock issued to ShareCo as of December 31, 2022 and 2021, respectively.

PG&E CORPORATION

SCHEDULE I — CONDENSED FINANCIAL INFORMATION OF PG&E CORPORATION (“PARENT”) – (Continued)

CONDENSED BALANCE SHEETS

	Balance at December 31,
(in millions)	2022		2021
ASSETS
Current Assets
Cash and cash equivalents	$	125	$	126
Advances to affiliates	46		21
Income taxes receivable	10		10
Other current assets	12		12
Total current assets	193		169
Noncurrent Assets
Equipment	—		2
Accumulated depreciation	—		(2)
Net equipment	—		—
Investments in subsidiaries	33,021		30,232
Other investments	160		181
Deferred income taxes	423		297
Total noncurrent assets	33,604		30,710
Total Assets	$	33,797	$	30,879
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current Liabilities
Long-term debt, classified as current	27		27
Accounts payable – other	88		200
Other current liabilities	369		69
Total current liabilities	484		296
Noncurrent Liabilities
Long-term debt	4,588		4,592
Other noncurrent liabilities	134		168
Total noncurrent liabilities	4,722		4,760
Common Shareholders’ Equity
Common stock	36,132		35,129
Reinvested earnings	(7,542)		(9,286)
Accumulated other comprehensive income (loss)	1		(20)
Total common shareholders’ equity	28,591		25,823
Total Liabilities and Shareholders’ Equity	$	33,797	$	30,879

PG&E CORPORATION

SCHEDULE I – CONDENSED FINANCIAL INFORMATION OF PG&E CORPORATION (“PARENT”) – (Continued)

CONDENSED STATEMENTS OF CASH FLOWS

(in millions)

	Year ended December 31,
	2022		2021		2020
Cash Flows from Operating Activities:
Net income (loss)	$	1,743	$	(88)	$	(1,304)
Adjustments to reconcile net income to net cash provided by operating activities:
Stock-based compensation amortization	95		51		28
Equity in earnings of subsidiaries	(2,160)		(139)		(412)
Deferred income taxes and tax credits, net	(126)		(60)		(50)
Reorganization items, net (Note 2)	—		(32)		1,548
Current income taxes receivable/payable	—		2		—
Liabilities subject to compromise	—		—		12
Other	339		81		97
Net cash used in operating activities	(109)		(185)		(81)
Cash Flows From Investing Activities:
Investment in subsidiaries	(994)		—		(12,986)
Dividends received from subsidiaries (1)	1,275		—		—
Net cash provided by (used in) investing activities	281		—		(12,986)
Cash Flows From Financing Activities:
Bridge facility financing fees	—		—		(40)
Proceeds from issuance of long-term debt	—		—		4,660
Repayment of long-term debt	(28)		(28)		(664)
Proceeds from (repayments of) intercompany note from the Utility	(145)		145		—
Common stock issued	—		—		7,582
Equity Units issued	—		—		1,304
Other	—		(29)		—
Net cash provided by (used in) financing activities	(173)		88		12,842
Net change in cash and cash equivalents	(1)		(97)		(225)
Cash and cash equivalents at January 1	126		223		448
Cash and cash equivalents at December 31	$	125	$	126	$	223
Supplemental disclosures of cash flow information
Cash received (paid) for:
Interest, net of amounts capitalized	$	(233)	$	(207)	$	(105)
Income taxes, net	—		1		—
Supplemental disclosures of noncash investing and financing activities
Common stock issued in satisfaction of liabilities	—		—		8,276
Changes to PG&E Corporation common stock and treasury stock in connection     with the Share Exchange and Tax Matters Agreement	(2,337)		4,854		—

(1) Because of its nature as a holding company, PG&E Corporation classifies dividends received from subsidiaries as an investing cash flow. On June 15, 2022, the Board of Directors of the Utility reinstated the dividend on the Utility’s common stock.