1.Please use the following information; what is PG&E's debt-to-capital ratio for 2016?

PG&E Corporation

CONSOLIDATED STATEMENTS OF CASH FLOWS (in millions)

Year ended December 31,

2014

2015

2016

2017

2018

Cash Flows from Operating Activities

Net income (loss)

1,450

888

1,407

1,660

-6,837

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and amortization

2,433

2,612

2,755

2,854

3,036

Allowance for equity funds used during construction

-100

-107

-112

-89

-129

Deferred income taxes and tax credits, net

690

693

1,030

1,254

-2,532

Disallowed capital expenditures

116

407

507

47

-45

Other

286

326

379

307

332

Effect of changes in operating assets and liabilities:

Accounts receivable

13

-177

-473

67

-121

Wildfire-related insurance receivable

-575

-21

-1,698

Inventories

-22

37

-24

-18

-73

Accounts payable

-61

-55

180

173

409

Wildfire-related claims

690

-129

13,665

Income taxes receivable/payable

376

43

-5

160

-23

Other current assets and liabilities

218

-288

83

42

-281

Regulatory assets, liabilities, and balancing accounts, net

- 1,642

-244

- 1,214

-387

-800

Other noncurrent assets and liabilities

-67

-355

-219

57

-151

Net cash provided by operating activities

3,690

3,780

4,409

5,977

4,752

Cash Flows from Investing Activities

Capital expenditures

-4,833

- 5,173

- 5,709

- 5,641

-6,514

Proceeds from sales and maturities of nuclear decommissioning trust investments

1,336

1,268

1,295

1,291

1,412

Purchases of nuclear decommissioning trust investments

-1,334

- 1,392

- 1,352

- 1,323

-1,485

Other

114

22

13

23

23

Net cash used in investing activities

- 4,714

- 5,211

- 5,753

- 5,650

-6,564

Cash Flows from Financing Activities

Borrowings under revolving credit facilities

-260

3,960

Repayments under revolving credit facilities

-775

Net issuances (repayments) of commercial paper, net of discount of $1, $5, and $6

-583

683

-9

-840

-182

at respective dates

Short-term debt financing

300

500

750

600

Short-term debt matured

-300

-

500

-750

Proceeds from issuance of long-term debt, net of premium, discount and issuance

2,308

1,123

983

2,713

793

costs of $7, $32, and $17 at respective dates

Long-term debt matured or repurchased

-889

-160

- 1,445

-795

Common stock issued

802

780

822

395

200

Common stock dividends paid

-828

-856

-921

- 1,021

Other

29

-27

-44

-107

-20

Net cash provided by (used in) financing activities

879

1,403

1171

-55

3031

Cash and cash equivalents

Net Cash Inflow/Outflow

-145

-28

-173

272

1,219

Opening Cash and Cash Equivalents (January 1)

296

151

357

184

456

Closing Cash and Cash Equivalents (December 31)

151

123

184

456

1675

PG&E Corporation

CONSOLIDATED STATEMENTS OF INCOME (in millions, except per share amounts)

Year ended December 31,

2014

2015

2016

2017

201 8

Operating Revenues

Electric

13,658

13,657

13,864

13,124

12,713

Natural gas

3,432

3,176

3,802

4,011

4,046

Total operating revenues

17090

16833

17,666

17,135

16,759

Operating Expenses

Cost of electricity

5615

5099

4,765

4,309

3,828

Cost of natural gas

954

663

615

746

671

Cost of electricity and natural gas sold

6569

5762

5380

5055

4499

Gross profit

10521

11071

12286

12080

12260

Operating and maintenance

5,638

6,951

7,326

6,321

7,153

Wildfire-related claims, net of insurance recoveries

125

11,771

Depreciation, amortization, and decommissioning

2433

2612

2,755

2,854

3,036

Total operating expenses

14640

15325

15,586

14,230

26,459

Operating Income (Loss)

2450

1508

2,080

2,905

-9,700

Interest income

9

9

23

31

76

Interest expense

734

773

829

888

929

Income (Loss) Before Income Taxes

1795

861

1,462

2,171

-10,129

Income tax provision (benefit)

345

-27

55

511

-3,292

Net Income (Loss)

1450

888

1,407

1,660

-6,837

Preferred stock dividends

14

14

14

14

14

Net Income (Loss) Available for Common Shareholders

1436

874

1,393

1,646

-6,851

Reference items

EBITDA

4883

4120

4835

5759

-6664

EBIT

2450

1508

2080

2905

-9700

Common Shares Outstanding (millions)

468

484

499

512

517

Net Earnings (Loss) Per Common Share

3.07

1.81

2.79

3.21

-13.25

PG&E Corporation

CONSOLIDATED BALANCE SHEET (in millions)

Balance at December 31

2014

2015

2016

2017

2018

ASSETS

Current Assets

Cash and cash equivalents

151

123

177

449

1,668

Restricted cash

298

234

Accounts receivable: Customers, Accrued unbilled revenue, Regulatory balancing accounts, Other

4379

4007

4651

4272

6269

Regulatory assets

444

517

423

615

233

Inventories (Gas stored underground and fuel oil and Materials and supplies)

476

439

463

481

554

Income taxes receivable

198

155

160

23

Other

443

338

290

464

448

Total current assets

6389

5813

6164

6281

9195

Property, Plant, and Equipment

Electric

45162

48532

52556

55133

59150

Gas

15678

16749

17853

19641

21556

Construction work in progress

2220

2059

2184

2471

2564

Other

2

2

2

3

2

Total property, plant, and equipment

63062

67342

72595

77248

83272

Accumulated depreciation

-19121

-20619

-22014

- 23459

- 24715

Net property, plant, and equipment

43941

46723

50581

53789

58557

Other Noncurrent Assets

Regulatory assets

6322

7029

7951

3793

4964

Nuclear decommissioning trusts

2421

2470

2606

2863

2730

Income taxes receivable

91

135

70

65

69

Other

963

1064

1226

1221

1480

Total other noncurrent assets

9797

10698

11853

7,942

9,243

TOTAL ASSETS

60,127

63,234

68,598

68,012

76,995

LIABILITIES AND EQUITY

Liabilities

Current Liabilities

Short-term borrowings

633

1,019

1,516

931

3435

Long-term debt, classified as current

160

700

445

18559

Accounts payable (Trade creditors, Regulatory balancing accounts, Other)

2810

2527

2573

3283

3515

Disputed claims and customer refunds

434

454

236

243

220

Interest payable

197

206

216

217

228

Wildfire-related claims

561

14226

Other

1,846

1,997

2,323

1449

1512

Total current liabilities

5920

6363

7564

7129

41695

Noncurrent Liabilities

Long-term debt

15050

16030

16220

17753

0

Regulatory liabilities

6,290

6,321

6,805

8679

8539

Pension and other postretirement benefits

2,561

2,622

2,641

2128

2119

Asset retirement obligations

3,575

3,643

4,684

4899

5994

Deferred income taxes

8,513

9,206

10,213

5822

3281

Other

2,218

2,326

2,279

2130

2464

Total noncurrent liabilities

38207

40148

42842

41411

22397

Contingencies and Commitments (Notes 13 and 14)

Total liabilities

44127

46511

50406

48540

64092

Equity

Shareholders' Equity

Common stock, no par value, authorized 800,000,000 shares; 520,338,710 and 514,755,845 shares outstanding at respective dates

10,421

11,282

12,198

12632

12910

Reinvested earnings

5,316

5,301

5,751

6596

-250

Accumulated other comprehensive loss

11

-7

-9

-8

-9

Total shareholders' equity

15748

16576

17940

19220

12651

Noncontrolling Interest - Preferred Stock of Subsidiary

252

252

252

252

252

Total equity

16000

16828

18192

19472

12903

TOTAL LIABILITIES AND EQUITY

60127

63339

68598

68012

76995