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DEBT (Tables) | 6 Months Ended
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Jun. 30, 2019
Debt Disclosure [Abstract] |
Schedule of Debtor-in-Possession Financing | The following table summarizes the Utility’s outstanding borrowings and availability under the DIP Facilities at June 30, 2019:
(in millions) | Termination Date |  | Aggregate Limit |  | Term Loan Borrowings |  | Revolver Borrowings |  | Letters of Credit Outstanding |  | Aggregate Availability
DIP Facilities | December 2020 | (1) | $ | 5,500 |  |  | $ | 1,500 |  |  | $ | — |  |  | $ | 521 |  |  | $ | 3,479 |
(1) May be extended to December 2021, subject to satisfaction of certain terms and conditions, including payment of a 25 basis point extension fee.
Schedule of Debt | The following table summarizes PG&E Corporation’s and the Utility’s outstanding debt subject to compromise:
|  |  |  | Balance at,
(in millions) |  | Contractual Interest Rates |  | June 30, 2019 |  | December 31, 2018
Debt Subject to Compromise (1) |  |  |  |  |  |
PG&E Corporation |  |  |  |  |  |
Borrowings under Pre-Petition Credit Facilities |  |  |  |  |  |
PG&E Corporation Revolving Credit Facilities - Stated Maturity: 2022 |  | variable rate(2) |  | $ | 300 |  |  | $ | 300 |
Other borrowings: |  |  |  |  |  |
Term Loan - Stated Maturity: 2020 |  | variable rate(3) |  | 350 |  |  | 350 |
Total PG&E Corporation Debt Subject to Compromise |  |  |  | 650 |  |  | 650 |
Utility |  |  |  |  |  |
Senior Notes - Stated Maturity: |  |  |  |  |  |
2020 |  | 3.50% |  | 800 |  |  | 800 |
2021 |  | 3.25% to 4.25% |  | 550 |  |  | 550 |
2022 |  | 2.45% |  | 400 |  |  | 400 |
2023 |  | 3.25% to 4.25% |  | 1,175 |  |  | 1,175 |
2024 through 2047 |  | 2.95% to 6.35% |  | 14,600 |  |  | 14,600 |
Unamortized discount, net of premium and debt issuance costs |  |  |  | — |  |  | (178 | )
Total Senior notes, net of premium and debt issuance costs |  |  |  | 17,525 |  |  | 17,347 |
Pollution Control Bonds - Stated Maturity: |  |  |  |  |  |
Series 2008 F and 2010 E, due 2026 (4) |  | 1.75% |  | 100 |  |  | 100 |
Series 2009 A-B, due 2026 (5) |  | variable rate (6) |  | 149 |  |  | 149 |
Series 1996 C, E, F, 1997 B due 2026 (5) |  | variable rate (7) |  | 614 |  |  | 614 |
Total pollution control bonds |  |  |  | 863 |  |  | 863 |
Borrowings under Pre-Petition Credit Facilities |  |  |  |  |  |
Utility Revolving Credit Facilities - Stated Maturity: 2022 (8) |  | variable rate(9) |  | 2,965 |  |  | 2,965 |
Other borrowings: |  |  |  |  |  |
Term Loan - Stated Maturity: 2019 |  | variable rate(10) |  | 250 |  |  | 250 |
Total Borrowings under Pre-Petition Credit Facility Subject to Compromise |  |  |  | 3,215 |  |  | 3,215 |
Total Utility Debt Subject to Compromise |  |  |  | 21,603 |  |  | 21,425 |
Total PG&E Corporation Consolidated Debt Subject to Compromise |  |  |  | $ | 22,253 |  |  | $ | 22,075 |
(1) Debt subject to compromise must be reported at the amounts expected to be allowed by the Bankruptcy Court and the carrying values will be adjusted as claims are approved. Total Utility Debt Subject to Compromise does not include $285 million of accrued contractual interest to the Petition Date. At March 31, 2019, PG&E Corporation and the Utility wrote off $178 million of unamortized debt issuance costs and debt discount to present the debt subject to compromise at the outstanding face value. The write-offs are included within long-term regulatory assets in the Condensed Consolidated Balance Sheets. See Notes 2 and 4 for further details. (2) At June 30, 2019, the contractual LIBOR-based interest rate on loans was 3.87%. (3) At June 30, 2019, the contractual LIBOR-based interest rate on the term loan was 3.60%. (4) Pollution Control Bonds series 2008F and 2010E were reissued in June 2017. Although the stated maturity date for both series is 2026, these bonds have a mandatory redemption date of May 31, 2022. (5) Each series of these bonds is supported by a separate direct-pay letter of credit. Following the Utility’s Chapter 11 filing, investors in these bonds drew on the letter of credit facilities. The letter of credit facility supporting the Series 2009 A-B bonds matured on June 5, 2019. In December 2015, the maturity dates of the letter of credit facilities supporting the Series 1996 C, E, F, 1997 B bonds were extended to December 1, 2020. Although the stated maturity date of these bonds is 2026, each series will remain outstanding only if the Utility extends or replaces the letter of credit related to the series or otherwise obtains consent from the issuer to the continuation of the series without a credit facility. (6) At June 30, 2019, the contractual interest rate on the letter of credit facility supporting these bonds was 7.70%. (7) At June 30, 2019, the contractual interest rate on the letter of credit facility supporting these bonds ranged from 7.70% to 7.83%. (8) Also includes $79 million in letters of credit. (9) At June 30, 2019, the contractual LIBOR-based interest rate on the loans was 3.67%. (10) At June 30, 2019, the contractual LIBOR-based interest rate on the term loan was 3.00%.

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- Definition Tabular disclosure of short-term or long-term contractual arrangements with lenders, including letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19(b),22(b)) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(e),(f)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 + Details
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