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Pacific Gas Electric Co (75488) SEC Filing 10-K Annual Report for the fiscal year ending Friday, December 31, 2021

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Pacific Gas Electric Co

CIK: 75488


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Investor Relations Contact: 415.972.7080 | Media Inquiries Contact: 415.973.5930 | www.pgecorp.com
February 10, 2022

PG&E Corporation Delivers on Guidance for Full-Year 2021

Recorded GAAP losses were $0.05 per share for the year and GAAP earnings were $0.22 per share for the fourth quarter of 2021, compared to losses of $1.05 and earnings of $0.09, respectively, per share for the same periods in 2020.
Non-GAAP core earnings were $1.08 per share for the year and $0.28 per share for the fourth quarter of 2021, compared to $1.61 and $0.21, respectively, per share for the same periods in 2020.
Non-GAAP core earnings were consistent with guidance for the year when adjusted for potentially dilutive securities, landing at $1.00 per share.
2022 EPS guidance initiated for GAAP earnings in the range of $0.89 to $1.23 and non-GAAP core earnings in the range of $1.07 to $1.13 per share.
On February 8, 2022, Pacific Gas and Electric Company declared payment of all cumulative and unpaid dividends on its preferred shares as of January 31, 2022 and dividends that will be accrued through April 30, 2022, payable on May 13, 2022 and May 15, 2022, respectively, to shareholders of record on April 29, 2022.
Completed Enhanced Vegetation Management work on 1,983 miles of powerlines in extreme or elevated fire-risk areas, exceeding goal by 10%.

SAN FRANCISCO — PG&E Corporation (NYSE: PCG) recorded full-year losses of $102 million, or $0.05 per share and fourth-quarter 2021 income available for common shareholders of $472 million, or $0.22 per share, as reported in accordance with generally accepted accounting principles (GAAP). This compares with losses attributable to common shareholders of $1.3 billion, or $1.05 per share, for the full year of 2020 and income available for common shareholders of $200 million, or $0.09 per share, for the fourth quarter of 2020.

GAAP results include non-core items that management does not consider representative of ongoing earnings, which totaled $2.2 billion after tax, or $1.13 per share, for the year. These results were primarily driven by costs related to the amortization of Wildfire Fund contributions under Assembly Bill (AB) 1054, PG&E Corporation’s and Pacific Gas and Electric Company’s (Utility) reorganization cases under Chapter 11 of the U.S. Bankruptcy Code (Chapter 11), 2019-2020 wildfire-related costs, investigation remedies, and prior period net regulatory recoveries.

“Our performance in 2021 confirms my confidence in our future,” said Patti Poppe, CEO of PG&E Corporation. “We met our commitments for the year, and we intend to do so again in 2022. We are a safer company than we were before. And we will use our new operational and organizational structures to build on that progress every day, making investments to produce triple-bottom-line results for people, the planet, and California’s prosperity.”





The following information was filed by Pacific Gas Electric Co on Thursday, February 10, 2022 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Cover Page
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Balance Sheets (Parenthetical)
Consolidated Balance Sheets, Utility
Consolidated Statements Of Cash Flows
Consolidated Statements Of Cash Flows (Parenthetical)
Consolidated Statements Of Cash Flows (Parenthetical)
Consolidated Statements Of Cash Flows, Utility
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Comprehensive Income (Parenthetical)
Consolidated Statements Of Comprehensive Income (Parenthetical)
Consolidated Statements Of Comprehensive Income, Utility
Consolidated Statements Of Equity
Consolidated Statements Of Equity, Utility
Consolidated Statements Of Income
Consolidated Statements Of Income, Utility
Bankruptcy Filing
Bankruptcy Filing (Chapter 11 Claims Process) (Details)
Bankruptcy Filing (Schedule Of Debtor Reorganization Items) (Details)
Bankruptcy Filing (Tables)
Common Stock And Share-Based Compensation
Common Stock And Share-Based Compensation (Long-Term Incentive Plan) (Details)
Common Stock And Share-Based Compensation (Narrative) (Details)
Common Stock And Share-Based Compensation (Performance Shares) (Details)
Common Stock And Share-Based Compensation (Restricted Stock Units) (Details)
Common Stock And Share-Based Compensation (Summary Of Stock Option Activity) (Details)
Common Stock And Share-Based Compensation (Tables)
Debt
Debt (Narrative) (Details)
Debt (Outstanding Borrowings And Availability) (Details)
Debt (Schedule Of Contractual Repayment Schedule) (Details)
Debt (Schedule Of Long-Term Debt) (Details)
Debt (Tables)
Derivatives
Derivatives (Outstanding Derivative Balances) (Details)
Derivatives (Tables)
Derivatives (Volumes Of Outstanding Derivative Contracts) (Details)
Earnings Per Share
Earnings Per Share (Reconciliation Of Pg&Amp;E Corporation's Income Available For Common Shareholders And Weighted Average Shares Of Common Stock Outstanding For Calculating Diluted Eps) (Details)
Earnings Per Share (Tables)
Employee Benefit Plans
Employee Benefit Plans (Components Of Net Periodic Benefit Cost) (Details)
Employee Benefit Plans (Narrative) (Details)
Employee Benefit Plans (Reconciliation Of Changes In Plan Assets Benefit Obligations And Funded Status) (Details)
Employee Benefit Plans (Schedule Of Assumptions Used In Calculating Projected Benefit Cost And Net Periodic Benefit Cost) (Details)
Employee Benefit Plans (Schedule Of Estimated Benefits Expected To Be Paid) (Details)
Employee Benefit Plans (Schedule Of Fair Value Of Plan Assets) (Details)
Employee Benefit Plans (Schedule Of Level 3 Reconciliation) (Details)
Employee Benefit Plans (Tables)
Employee Benefit Plans (Target Asset Allocation Percentages) (Details)
Fair Value Measurements
Fair Value Measurements (Assets And Liabilities Measured At Fair Value On A Recurring Basis) (Details)
Fair Value Measurements (Carrying Amount And Fair Value Of Financial Instruments) (Details)
Fair Value Measurements (Level 3 Measurements And Sensitivity Analysis) (Details)
Fair Value Measurements (Level 3 Reconciliation) (Details)
Fair Value Measurements (Schedule Of Activity For Debt And Equity Securities) (Details)
Fair Value Measurements (Schedule Of Maturities On Debt Securities) (Details)
Fair Value Measurements (Schedule Of Unrealized Gains Losses Related To Available-For-Sale Investments) (Details)
Fair Value Measurements (Tables)
Income Taxes
Income Taxes (Narrative) (Details)
Income Taxes (Schedule Of Change In Unrecognized Tax Benefits) (Details)
Income Taxes (Schedule Of Deferred Tax Assets And Liabilities) (Details)
Income Taxes (Schedule Of Effective Income Tax Rate Reconciliation) (Details)
Income Taxes (Schedule Of Income Tax Provision (Benefit)) (Details)
Income Taxes (Summary Of Operating Loss And Tax Credit Carryforward) (Details)
Income Taxes (Tables)
Organization And Basis Of Presentation
Organization And Basis Of Presentation (Details)
Other Contingencies And Commitments
Other Contingencies And Commitments (2015 Gas Transmission And Storage Rate Case And 2011-2014 Gas Transmission And Storage Capital Expenditures Audit) (Details)
Other Contingencies And Commitments (Environmental Remediation Contingencies Narrative) (Details)
Other Contingencies And Commitments (Interim Rate Relief Subject To Refund) (Details)
Other Contingencies And Commitments (Nuclear Insurance) (Details)
Other Contingencies And Commitments (Oakland Headquarters Lease) (Details)
Other Contingencies And Commitments (Order Instituting Investigation Legal Obligation) (Details)
Other Contingencies And Commitments (Order Instituting Investigation Narrative) (Details)
Other Contingencies And Commitments (Other Commitments) (Details)
Other Contingencies And Commitments (Other Matters) (Details)
Other Contingencies And Commitments (Psps Class Action) (Details)
Other Contingencies And Commitments (Schedule Environmental Remediation Liability Composed) (Details)
Other Contingencies And Commitments (Schedule Of Other Commitments) (Details)
Other Contingencies And Commitments (Schedule Of Purchase Commitments) (Details)
Other Contingencies And Commitments (Tables)
Other Contingencies And Commitments (Third-Party Power Purchase Agreements And Other Agreements) (Details)
Other Contingencies And Commitments (Transmission Owner Rate) (Details)
Preferred Stock
Preferred Stock (Narrative) (Details)
Regulatory Assets, Liabilities, And Balancing Accounts
Regulatory Assets, Liabilities, And Balancing Accounts (Current Regulatory Balancing Accounts, Net) (Details)
Regulatory Assets, Liabilities, And Balancing Accounts (Long-Term Regulatory Assets) (Details)
Regulatory Assets, Liabilities, And Balancing Accounts (Long-Term Regulatory Liabilities) (Details)
Regulatory Assets, Liabilities, And Balancing Accounts (Tables)
Related Party Agreements And Transactions
Related Party Agreements And Transactions (Narrative) (Details)
Related Party Agreements And Transactions (Summary Of Significant Related Party Transactions) (Details)
Related Party Agreements And Transactions (Tables)
Schedule I ??? Condensed Financial Information Of Parent
Schedule I ??? Condensed Financial Information Of Parent (Schedule Of Condensed Balance Sheet) (Details)
Schedule I ??? Condensed Financial Information Of Parent (Schedule Of Condensed Income Statement And Comprehensive Income) (Details)
Schedule I ??? Condensed Financial Information Of Parent (Schedule Of Condensed Statement Of Cash Flows) (Details)
Schedule Ii ??? Consolidated Valuation And Qualifying Accounts
Schedule Ii ??? Consolidated Valuation And Qualifying Accounts (Details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Future Expected Operating Lease Payments) (Details)
Summary Of Significant Accounting Policies (Narrative) (Details)
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies (Reclassifications Out Of Accumulated Other Comprehensive Income) (Details)
Summary Of Significant Accounting Policies (Revenues Disaggregated By Type Of Customer) (Details)
Summary Of Significant Accounting Policies (Schedule Of Changes In Asset Retirement Obligations) (Details)
Summary Of Significant Accounting Policies (Schedule Of Estimated Useful Lives And Balances Of Utilities Property, Plant And Equipment) (Details)
Summary Of Significant Accounting Policies (Schedule Of Lease Expense) (Details)
Summary Of Significant Accounting Policies (Tables)
Wildfire- Related Contingencies (Restructuring Support Agreement) (Details)
Wildfire-Related Contingencies
Wildfire-Related Contingencies (2019 Kincade Fire, 2020 Zogg Fire And 2021 Dixie Fire) (Details)
Wildfire-Related Contingencies (De-Energization Class Action) (Details)
Wildfire-Related Contingencies (District Attorneys Offices Investigations) (Details)
Wildfire-Related Contingencies (Insurance Receivable) (Details)
Wildfire-Related Contingencies (Insurance) (Details)
Wildfire-Related Contingencies (Loss Recoveries) (Details)
Wildfire-Related Contingencies (Losses For Claims) (Details)
Wildfire-Related Contingencies (Regulatory Recovery) (Details)
Wildfire-Related Contingencies (Tables)
Wildfire-Related Contingencies (Wildfire Fund) (Details)
Wildfire-Related Contingencies (Wildfire-Related Derivative Litigation) (Details)
Wildfire-Related Contingencies (Wildfire-Related Securities Class Action Litigation And Debt Claims) (Details)
CIK: 75488
Form Type: 10-K Annual Report
Accession Number: 0001004980-22-000009
Submitted to the SEC: Thu Feb 10 2022 8:07:20 AM EST
Accepted by the SEC: Thu Feb 10 2022
Period: Friday, December 31, 2021
Industry: Electric And Other Services Combined

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