2021 Form 10-K Financial Statement

#000100498022000009 Filed on February 10, 2022

View on sec.gov

Income Statement

Concept 2021 2020 Q4 2020
Revenue $20.64B $4.748B $18.47B
YoY Change 11.77% 0.11% 7.82%
Cost Of Revenue $4.381B $972.0M $3.898B
YoY Change 12.39% 20.3% 1.8%
Gross Profit $16.26B $3.776B $14.57B
YoY Change 11.6% -4.04% 9.56%
Gross Profit Margin 78.78% 79.53% 78.89%
Selling, General & Admin $154.0M
YoY Change
% of Gross Profit 0.95%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $3.403B $894.0M $3.468B
YoY Change -1.87% 11.61% 7.24%
% of Gross Profit 20.93% 23.68% 23.8%
Operating Expenses $13.60B $3.180B $12.15B
YoY Change 11.94% -3.37% 1.61%
Operating Profit $1.883B $596.0M $1.755B
YoY Change 7.29% -7.45% -117.39%
Interest Expense $1.601B -$410.0M $1.260B
YoY Change 27.06% -41.34% 34.9%
% of Operating Profit 85.02% -68.79% 71.79%
Other Income/Expense, Net $457.0M $184.0M $483.0M
YoY Change -5.38% 260.78% 93.2%
Pretax Income $748.0M $172.0M -$942.0M
YoY Change -179.41% -103.39% -91.47%
Income Tax $836.0M -$32.00M $362.0M
% Of Pretax Income 111.76% -18.6%
Net Earnings -$88.00M $204.0M -$1.304B
YoY Change -93.25% -105.65% -82.94%
Net Earnings / Revenue -0.43% 4.3% -7.06%
Basic Earnings Per Share -$0.05 -$1.05
Diluted Earnings Per Share -$0.05 $102.4K -$1.05
COMMON SHARES
Basic Shares Outstanding 1.985B shares 1.985B shares 1.257B shares
Diluted Shares Outstanding 1.985B shares 1.257B shares

Balance Sheet

Concept 2021 2020 Q4 2020
SHORT-TERM ASSETS
Cash & Short-Term Investments $291.0M $484.0M $484.0M
YoY Change -39.88% -69.17% -69.17%
Cash & Equivalents $291.0M $484.0M $484.0M
Short-Term Investments
Other Short-Term Assets $6.061B $1.334B $5.435B
YoY Change 11.52% 108.76% 34.4%
Inventory $596.0M $95.00M $628.0M
Prepaid Expenses
Receivables $2.345B $1.883B $1.883B
Other Receivables $1.784B $1.172B $1.172B
Total Short-Term Assets $11.08B $9.602B $9.602B
YoY Change 15.36% -5.54% -5.54%
LONG-TERM ASSETS
Property, Plant & Equipment $72.18B $66.14B $68.72B
YoY Change 5.03% 7.3% 6.41%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $20.06B $1.978B $19.47B
YoY Change 3.05% 9.65% 87.43%
Total Long-Term Assets $92.25B $88.25B $88.25B
YoY Change 4.53% 17.62% 17.62%
TOTAL ASSETS
Total Short-Term Assets $11.08B $9.602B $9.602B
Total Long-Term Assets $92.25B $88.25B $88.25B
Total Assets $103.3B $97.86B $97.86B
YoY Change 5.59% 14.86% 14.86%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.855B $2.402B $2.402B
YoY Change 18.86% 22.93% 22.93%
Accrued Expenses $949.0M $1.031B $1.031B
YoY Change -7.95% 84.11% 84.11%
Deferred Revenue
YoY Change
Short-Term Debt $2.184B $3.547B $3.547B
YoY Change -38.43% 136.47%
Long-Term Debt Due $4.481B $28.00M $28.00M
YoY Change 15903.57% 1300.0%
Total Short-Term Liabilities $17.43B $13.58B $13.58B
YoY Change 28.32% 77.97% 77.97%
LONG-TERM LIABILITIES
Long-Term Debt $38.23B $37.29B $37.29B
YoY Change 2.51% 61.26%
Other Long-Term Liabilities $23.28B $3.848B $24.34B
YoY Change -4.36% 49.55% -50.06%
Total Long-Term Liabilities $61.50B $63.02B $61.62B
YoY Change -0.2% 191.35% -14.24%
TOTAL LIABILITIES
Total Short-Term Liabilities $17.43B $13.58B $13.58B
Total Long-Term Liabilities $61.50B $63.02B $61.62B
Total Liabilities $82.36B $76.60B $76.86B
YoY Change 7.16% 161.78% -4.0%
SHAREHOLDERS EQUITY
Retained Earnings -$9.196B
YoY Change 16.52%
Common Stock $30.22B
YoY Change 131.81%
Preferred Stock
YoY Change
Treasury Stock (at cost) $0.00
YoY Change
Treasury Stock Shares 0.000 shares
Shareholders Equity $20.97B $21.00B $21.00B
YoY Change
Total Liabilities & Shareholders Equity $103.3B $97.86B $97.86B
YoY Change 5.59% 14.86% 14.86%

Cashflow Statement

Concept 2021 2020 Q4 2020
OPERATING ACTIVITIES
Net Income -$88.00M $204.0M -$1.304B
YoY Change -93.25% -105.65% -82.94%
Depreciation, Depletion And Amortization $3.403B $894.0M $3.468B
YoY Change -1.87% 11.61% 7.24%
Cash From Operating Activities $2.262B $89.00M -$19.13B
YoY Change -111.82% -88.12% -497.22%
INVESTING ACTIVITIES
Capital Expenditures $7.689B -$2.215B $7.690B
YoY Change -0.01% 4.43% 21.81%
Acquisitions
YoY Change
Other Investing Activities -$59.00M -$9.000M -$14.00M
YoY Change 321.43% 28.57% 27.27%
Cash From Investing Activities -$6.905B -$2.224B -$7.748B
YoY Change -10.88% 4.51% 21.48%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $87.00M $764.0M
YoY Change -88.61%
Cash From Financing Activities $4.323B 2.083B $25.93B
YoY Change -83.33% -10019.05% 1671.04%
NET CHANGE
Cash From Operating Activities $2.262B 89.00M -$19.13B
Cash From Investing Activities -$6.905B -2.224B -$7.748B
Cash From Financing Activities $4.323B 2.083B $25.93B
Net Change In Cash -$320.0M -52.00M -$950.0M
YoY Change -66.32% -96.29% 869.39%
FREE CASH FLOW
Cash From Operating Activities $2.262B $89.00M -$19.13B
Capital Expenditures $7.689B -$2.215B $7.690B
Free Cash Flow -$5.427B $2.304B -$26.82B
YoY Change -79.77% -19.72% 1691.58%

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The preparation of financial statements in conformity with GAAP requires the use of estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and the disclosure of contingent assets and liabilities. Some of the more significant estimates and assumptions relate to the Utility’s regulatory assets and liabilities, wildfire-related liabilities, legal and regulatory contingencies, the Wildfire Fund, environmental remediation liabilities, AROs, wildfire-related receivables, and pension and other post-retirement benefit plan obligations. Management believes that its estimates and assumptions reflected in the Consolidated Financial Statements are appropriate and reasonable. A change in management’s estimates or assumptions could result in an adjustment that would have a material impact on PG&E Corporation’s and the Utility’s financial condition, results of operations, liquidity, and cash flows during the period in which such change occurred.
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41000000 USD
CY2019 us-gaap Debt Securities Available For Sale Realized Loss
DebtSecuritiesAvailableForSaleRealizedLoss
14000000 USD
CY2021 pcg Defined Benefit Plan Health Care Cost Trend Rate Assumed For Current Fiscal Year
DefinedBenefitPlanHealthCareCostTrendRateAssumedForCurrentFiscalYear
0.060
CY2021Q4 us-gaap Defined Benefit Plan Ultimate Health Care Cost Trend Rate1
DefinedBenefitPlanUltimateHealthCareCostTrendRate1
0.045
CY2021 pcg Defined Benefit Plan Expected Return On Plan Assets Percentage
DefinedBenefitPlanExpectedReturnOnPlanAssetsPercentage
0.055
CY2021 us-gaap Defined Benefit Plan Assumptions Used Calculating Net Periodic Benefit Cost Expected Long Term Return On Assets
DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostExpectedLongTermReturnOnAssets
0.096
CY2021 pcg Defined Benefit Plan Number Of Aa Grade Non Callable Bonds Used To Develop Yield Curve For Rate Used
DefinedBenefitPlanNumberOfAaGradeNonCallableBondsUsedToDevelopYieldCurveForRateUsed
817 noncallable_bond
CY2021Q4 pcg Total Fair Value Of Plan Assets For Pension And Other Benefit Plans
TotalFairValueOfPlanAssetsForPensionAndOtherBenefitPlans
25172000000 USD
CY2020Q4 pcg Total Fair Value Of Plan Assets For Pension And Other Benefit Plans
TotalFairValueOfPlanAssetsForPensionAndOtherBenefitPlans
24003000000 USD
CY2021Q4 pcg Total Fair Value Of Trust Other Net Liabilities
TotalFairValueOfTrustOtherNetLiabilities
-175000000 USD
CY2020Q4 pcg Total Fair Value Of Trust Other Net Liabilities
TotalFairValueOfTrustOtherNetLiabilities
249000000 USD
CY2021 us-gaap Pension Expense
PensionExpense
133000000 USD
CY2020 us-gaap Pension Expense
PensionExpense
119000000 USD
CY2019 us-gaap Pension Expense
PensionExpense
109000000 USD
CY2021Q3 pcg Intercompany Note
IntercompanyNote
145000000 USD
CY2021Q4 us-gaap Prepaid Insurance
PrepaidInsurance
358000000 USD
CY2021Q4 pcg Insurance Premium Costs Recovery Coverage Amount
InsurancePremiumCostsRecoveryCoverageAmount
1400000000 USD
CY2019Q4 us-gaap Insurance Settlements Receivable
InsuranceSettlementsReceivable
2238000000 USD
CY2020 us-gaap Insurance Recoveries
InsuranceRecoveries
649000000 USD
CY2020 pcg Insurance Settlements Receivable Reimbursements
InsuranceSettlementsReceivableReimbursements
2213000000 USD
CY2020Q4 us-gaap Insurance Settlements Receivable
InsuranceSettlementsReceivable
674000000 USD
CY2021 us-gaap Insurance Recoveries
InsuranceRecoveries
681000000 USD
CY2021 pcg Insurance Settlements Receivable Reimbursements
InsuranceSettlementsReceivableReimbursements
108000000 USD
CY2021Q4 us-gaap Insurance Settlements Receivable
InsuranceSettlementsReceivable
1247000000 USD
CY2019Q3 pcg Loss Contingency Disallowance Cap Transmission And Distribution Equity Rate Base
LossContingencyDisallowanceCapTransmissionAndDistributionEquityRateBase
2900000000 USD
CY2019Q3 pcg Loss Contingency Initial Safety Certification Documentation Provided Period
LossContingencyInitialSafetyCertificationDocumentationProvidedPeriod
P90D
CY2019Q3 pcg Loss Contingency Initial Safety Certification Period
LossContingencyInitialSafetyCertificationPeriod
P12M
CY2021Q4 pcg Loss Contingency Expected Capitalization Proceeds Of Bond
LossContingencyExpectedCapitalizationProceedsOfBond
10500000000 USD
CY2021Q4 pcg Loss Contingency Expected Capitalization Initial Contribution
LossContingencyExpectedCapitalizationInitialContribution
7500000000 USD
CY2021Q4 pcg Loss Contingency Expected Capitalization Annual Contribution
LossContingencyExpectedCapitalizationAnnualContribution
300000000 USD
CY2021Q1 pcg Payment Of Plan Of Reorganization Tax Benefits Payment Agreement
PaymentOfPlanOfReorganizationTaxBenefitsPaymentAgreement
758000000 USD
CY2021Q4 pcg Loss Contingency Expenses And Capital Expenditures Disallowed Costs
LossContingencyExpensesAndCapitalExpendituresDisallowedCosts
1625000000 USD
CY2020Q2 pcg Loss Contingency Expenses And Capital Expenditures Disallowed Capital Approved
LossContingencyExpensesAndCapitalExpendituresDisallowedCapitalApproved
198000000 USD
CY2020Q2 pcg Loss Contingency Shareholder Funded System Enhancement Initiatives Approved
LossContingencyShareholderFundedSystemEnhancementInitiativesApproved
64000000 USD
CY2020Q2 pcg Fine Payable To General Fund Suspended
FinePayableToGeneralFundSuspended
200000000 USD
CY2021Q4 pcg Accrued Legal Liabilities
AccruedLegalLiabilities
77000000 USD
CY2020Q4 pcg Accrued Legal Liabilities
AccruedLegalLiabilities
144000000 USD
CY2021Q4 pcg Topock Natural Gas Compressor Station
TopockNaturalGasCompressorStation
299000000 USD
CY2020Q4 pcg Topock Natural Gas Compressor Station
TopockNaturalGasCompressorStation
303000000 USD
CY2021Q4 pcg Hinkley Natural Gas Compressor Station
HinkleyNaturalGasCompressorStation
123000000 USD
CY2020Q4 pcg Hinkley Natural Gas Compressor Station
HinkleyNaturalGasCompressorStation
132000000 USD
CY2021Q4 pcg Former Manufactured Gas Plant Sites Owned By Utility Or Third Parties
FormerManufacturedGasPlantSitesOwnedByUtilityOrThirdParties
667000000 USD
CY2020Q4 pcg Former Manufactured Gas Plant Sites Owned By Utility Or Third Parties
FormerManufacturedGasPlantSitesOwnedByUtilityOrThirdParties
659000000 USD
CY2021Q4 pcg Utility Owned Generation Facilities Other Than For Fossil Fuel Fired Other Facilities And Third Party Disposal Sites
UtilityOwnedGenerationFacilitiesOtherThanForFossilFuelFiredOtherFacilitiesAndThirdPartyDisposalSites
104000000 USD
CY2020Q4 pcg Utility Owned Generation Facilities Other Than For Fossil Fuel Fired Other Facilities And Third Party Disposal Sites
UtilityOwnedGenerationFacilitiesOtherThanForFossilFuelFiredOtherFacilitiesAndThirdPartyDisposalSites
111000000 USD
CY2021Q4 pcg Fossil Fuel Fired Generation Facilities Formerly Owned By Utility
FossilFuelFiredGenerationFacilitiesFormerlyOwnedByUtility
70000000 USD
CY2020Q4 pcg Fossil Fuel Fired Generation Facilities Formerly Owned By Utility
FossilFuelFiredGenerationFacilitiesFormerlyOwnedByUtility
96000000 USD
CY2021Q4 pcg Environmental Remediation Liability
EnvironmentalRemediationLiability
1263000000 USD
CY2020Q4 pcg Environmental Remediation Liability
EnvironmentalRemediationLiability
1301000000 USD
CY2021Q4 us-gaap Recorded Third Party Environmental Recoveries Receivable
RecordedThirdPartyEnvironmentalRecoveriesReceivable
982000000 USD
CY2021 pcg Number Of Nuclear Generating Units
NumberOfNuclearGeneratingUnits
2 nuclear_generating_unit
CY2021Q4 pcg Maximum Annual Payment Per Incident For Liability For Nuclear Incident Per Reactor
MaximumAnnualPaymentPerIncidentForLiabilityForNuclearIncidentPerReactor
450000000 USD
CY2021Q4 us-gaap Recorded Unconditional Purchase Obligation Due Within One Year
RecordedUnconditionalPurchaseObligationDueWithinOneYear
3518000000 USD
CY2021Q4 us-gaap Recorded Unconditional Purchase Obligation Due In Second Year
RecordedUnconditionalPurchaseObligationDueInSecondYear
2761000000 USD
CY2021Q4 us-gaap Recorded Unconditional Purchase Obligation Due In Third Year
RecordedUnconditionalPurchaseObligationDueInThirdYear
2547000000 USD
CY2021Q4 us-gaap Recorded Unconditional Purchase Obligation Due In Fourth Year
RecordedUnconditionalPurchaseObligationDueInFourthYear
2443000000 USD
CY2021Q4 us-gaap Recorded Unconditional Purchase Obligation Due In Fifth Year
RecordedUnconditionalPurchaseObligationDueInFifthYear
2313000000 USD
CY2021Q4 us-gaap Recorded Unconditional Purchase Obligation Due After Fifth Year
RecordedUnconditionalPurchaseObligationDueAfterFifthYear
19920000000 USD
CY2021Q4 us-gaap Recorded Unconditional Purchase Obligation
RecordedUnconditionalPurchaseObligation
33502000000 USD
CY2021Q4 us-gaap Other Commitment
OtherCommitment
3278000000 USD
CY2021Q4 us-gaap Other Commitment Due In Next Twelve Months
OtherCommitmentDueInNextTwelveMonths
43000000 USD
CY2021Q4 us-gaap Other Commitment Due In Second Year
OtherCommitmentDueInSecondYear
65000000 USD
CY2021Q4 us-gaap Other Commitment Due In Third Year
OtherCommitmentDueInThirdYear
81000000 USD
CY2021Q4 us-gaap Other Commitment Due In Fourth Year
OtherCommitmentDueInFourthYear
77000000 USD
CY2021Q4 us-gaap Other Commitment Due In Fifth Year
OtherCommitmentDueInFifthYear
74000000 USD
CY2021Q4 us-gaap Other Commitment Due After Fifth Year
OtherCommitmentDueAfterFifthYear
2938000000 USD
CY2021 pcg Payments For Other Commitments
PaymentsForOtherCommitments
50000000 USD
CY2020 pcg Payments For Other Commitments
PaymentsForOtherCommitments
45000000 USD
CY2019 pcg Payments For Other Commitments
PaymentsForOtherCommitments
48000000 USD
CY2020Q2 us-gaap Net Rentable Area
NetRentableArea
910000 sqft
CY2020Q4 pcg Lease Option Payment Letter Of Credit
LeaseOptionPaymentLetterOfCredit
75000000 USD
CY2020Q4 pcg Lease Security Letter Of Credit
LeaseSecurityLetterOfCredit
75000000 USD
CY2020Q2 us-gaap Purchase Options Land
PurchaseOptionsLand
892000000 USD
CY2021 dei Auditor Name
AuditorName
DELOITTE & TOUCHE LLP
CY2021 dei Auditor Location
AuditorLocation
San Francisco, California
CY2021Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
477743590 shares
CY2020Q4 us-gaap Valuation Allowances And Reserves Balance
ValuationAllowancesAndReservesBalance
146000000 USD
CY2021 us-gaap Valuation Allowances And Reserves Charged To Cost And Expense
ValuationAllowancesAndReservesChargedToCostAndExpense
136000000 USD
CY2021 us-gaap Valuation Allowances And Reserves Charged To Other Accounts
ValuationAllowancesAndReservesChargedToOtherAccounts
0 USD
CY2021 us-gaap Valuation Allowances And Reserves Deductions
ValuationAllowancesAndReservesDeductions
111000000 USD
CY2021Q4 us-gaap Valuation Allowances And Reserves Balance
ValuationAllowancesAndReservesBalance
171000000 USD
CY2019Q4 us-gaap Valuation Allowances And Reserves Balance
ValuationAllowancesAndReservesBalance
43000000 USD
CY2020 us-gaap Valuation Allowances And Reserves Charged To Cost And Expense
ValuationAllowancesAndReservesChargedToCostAndExpense
138000000 USD
CY2020 us-gaap Valuation Allowances And Reserves Charged To Other Accounts
ValuationAllowancesAndReservesChargedToOtherAccounts
0 USD
CY2020 us-gaap Valuation Allowances And Reserves Deductions
ValuationAllowancesAndReservesDeductions
35000000 USD
CY2020Q4 us-gaap Valuation Allowances And Reserves Balance
ValuationAllowancesAndReservesBalance
146000000 USD
CY2018Q4 us-gaap Valuation Allowances And Reserves Balance
ValuationAllowancesAndReservesBalance
56000000 USD
CY2019 us-gaap Valuation Allowances And Reserves Charged To Cost And Expense
ValuationAllowancesAndReservesChargedToCostAndExpense
0 USD
CY2019 us-gaap Valuation Allowances And Reserves Charged To Other Accounts
ValuationAllowancesAndReservesChargedToOtherAccounts
0 USD
CY2019 us-gaap Valuation Allowances And Reserves Deductions
ValuationAllowancesAndReservesDeductions
13000000 USD
CY2019Q4 us-gaap Valuation Allowances And Reserves Balance
ValuationAllowancesAndReservesBalance
43000000 USD
CY2020Q4 us-gaap Valuation Allowances And Reserves Balance
ValuationAllowancesAndReservesBalance
146000000 USD
CY2021 us-gaap Valuation Allowances And Reserves Charged To Cost And Expense
ValuationAllowancesAndReservesChargedToCostAndExpense
136000000 USD
CY2021 us-gaap Valuation Allowances And Reserves Charged To Other Accounts
ValuationAllowancesAndReservesChargedToOtherAccounts
0 USD
CY2021 us-gaap Valuation Allowances And Reserves Deductions
ValuationAllowancesAndReservesDeductions
111000000 USD
CY2021Q4 us-gaap Valuation Allowances And Reserves Balance
ValuationAllowancesAndReservesBalance
171000000 USD
CY2019Q4 us-gaap Valuation Allowances And Reserves Balance
ValuationAllowancesAndReservesBalance
43000000 USD
CY2020 us-gaap Valuation Allowances And Reserves Charged To Cost And Expense
ValuationAllowancesAndReservesChargedToCostAndExpense
138000000 USD
CY2020 us-gaap Valuation Allowances And Reserves Charged To Other Accounts
ValuationAllowancesAndReservesChargedToOtherAccounts
0 USD
CY2020 us-gaap Valuation Allowances And Reserves Deductions
ValuationAllowancesAndReservesDeductions
35000000 USD
CY2020Q4 us-gaap Valuation Allowances And Reserves Balance
ValuationAllowancesAndReservesBalance
146000000 USD
CY2018Q4 us-gaap Valuation Allowances And Reserves Balance
ValuationAllowancesAndReservesBalance
56000000 USD
CY2019 us-gaap Valuation Allowances And Reserves Charged To Cost And Expense
ValuationAllowancesAndReservesChargedToCostAndExpense
0 USD
CY2019 us-gaap Valuation Allowances And Reserves Charged To Other Accounts
ValuationAllowancesAndReservesChargedToOtherAccounts
0 USD
CY2019 us-gaap Valuation Allowances And Reserves Deductions
ValuationAllowancesAndReservesDeductions
13000000 USD
CY2019Q4 us-gaap Valuation Allowances And Reserves Balance
ValuationAllowancesAndReservesBalance
43000000 USD

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