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EMPLOYEE BENEFIT PLANS (Tables)
 12 Months Ended
Dec. 31, 2021
Employee Benefit and Share-based Payment Arrangement, Noncash Expense [Abstract]  
Reconciliation of Changes in Plan Assets Benefit Obligations and Funded Status
The following tables show the reconciliation of changes in plan assets, benefit obligations, and the plans’ aggregate funded status for pension benefits and other benefits for PG&E Corporation during 2021 and 2020:

Pension Plan
(in millions)20212020
Change in plan assets:
Fair value of plan assets at beginning of year$20,759 $18,547 
Actual return on plan assets1,693 2,736 
Company contributions335 343 
Benefits and expenses paid(892)(867)
Fair value of plan assets at end of year$21,895 $20,759 
Change in benefit obligation:
Benefit obligation at beginning of year$23,172 $20,525 
Service cost for benefits earned587 530 
Interest cost645 713 
Actuarial (gain) loss (1)
(752)2,271 
Plan amendments— — 
Benefits and expenses paid(893)(867)
Benefit obligation at end of year (2)
$22,759 $23,172 
Funded Status:
Current liability$(9)$(3)
Noncurrent liability(856)(2,410)
Net liability at end of year
$(865)$(2,413)
(1) The actuarial gain for the year ended December 31, 2021 was due to an increase in the discount rate used to measure the projected benefit obligation, offset by unfavorable changes in the demographic assumptions. The actuarial loss for the year ended December 31, 2020 was due to a decrease in the discount rate used to measure the projected benefit obligation.
(2) PG&E Corporation’s accumulated benefit obligation was $20.4 billion and $20.7 billion at December 31, 2021 and 2020, respectively.
Postretirement Benefits Other than Pensions
(in millions)20212020
Change in plan assets:
Fair value of plan assets at beginning of year$2,995 $2,678 
Actual return on plan assets193 379 
Company contributions10 26 
Plan participant contribution80 81 
Benefits and expenses paid(176)(169)
Fair value of plan assets at end of year$3,102 $2,995 
Change in benefit obligation:
Benefit obligation at beginning of year$1,876 $1,832 
Service cost for benefits earned63 61 
Interest cost51 63 
Actuarial gain (1)
(152)(14)
Benefits and expenses paid(156)(149)
Federal subsidy on benefits paid4 3 
Plan participant contributions80 80 
Benefit obligation at end of year$1,766 $1,876 
Funded Status: (2)
Noncurrent asset$1,340 $1,153 
Noncurrent liability(4)(34)
Net asset at end of year$1,336 $1,119 
(1) The actuarial gain for the year ended December 31, 2021 was primarily due to an increase in the discount rate used to measure the accumulated benefit obligations and favorable claims cost changes. The actuarial gain for the year ended December 31, 2020 was primarily due to favorable changes in the demographic and medical cost assumptions, offset by a decrease in the discount rate used to measure the projected benefit obligation.
(2) At December 31, 2021 and 2020, the postretirement medical plan was in an overfunded position and the postretirement life insurance plan was in an underfunded position. The projected benefit obligation and the fair value of plan assets for the postretirement life insurance plan were $363 million and $359 million as of December 31, 2021, and $377 million and $343 million as of December 31, 2020, respectively.
Components of Net Periodic Benefit Cost
Net periodic benefit cost as reflected in PG&E Corporation’s Consolidated Statements of Income was as follows:

Pension Plan
(in millions)202120202019
Service cost for benefits earned (1)
$587 $530 $443 
Interest cost645 713 758 
Expected return on plan assets(1,046)(1,044)(906)
Amortization of prior service cost(6)(6)(6)
Amortization of net actuarial loss6 3 3 
Net periodic benefit cost186 196 292 
Less: transfer to regulatory account (2)
147 136 42 
Total expense recognized$333 $332 $334 
(1) A portion of service costs are capitalized pursuant to ASU 2017-07.
(2) The Utility recorded these amounts to a regulatory account as they are probable of recovery through future rates.

Postretirement Benefits Other than Pensions
(in millions)202120202019
Service cost for benefits earned (1)
$63 $61 $56 
Interest cost51 63 76 
Expected return on plan assets(137)(138)(123)
Amortization of prior service cost14 14 14 
Amortization of net actuarial loss(33)(21)(3)
Net periodic benefit cost$(42)$(21)$20 
(1) A portion of service costs are capitalized pursuant to ASU 2017-07.
Schedule of Assumptions Used in Calculating Projected Benefit Cost and Net Periodic Benefit Cost The following weighted average year-end actuarial assumptions were used in determining the plans’ projected benefit obligations and net benefit costs.
 Pension PlanPBOP Plans
 December 31,December 31,
 202120202019202120202019
Discount rate3.03 %2.77 %3.46 %
2.97 - 3.04%
2.67 - 2.80 %
3.37 - 3.47%
Rate of future compensation increases3.80 %3.80 %3.90 %N/AN/AN/A
Expected return on plan assets5.50 %5.10 %5.70 %
3.30 - 6.40%
3.10 - 6.10 %
3.50 - 6.60%
Interest crediting rate for cash balance plan1.95 %1.95 %2.11 %N/AN/AN/A
Target Asset Allocation Percentages The target asset allocation percentages for major categories of trust assets for pension and other benefit plans are as follows:
 Pension PlanPBOP Plans
 202220212020202220212020
Global equity securities30 %30 %30 %26 %36 %28 %
Absolute return2 %2 %2 %1 %1 %2 %
Real assets8 %8 %8 %3 %5 %8 %
Fixed-income securities60 %60 %60 %70 %58 %62 %
Total100 %100 %100 %100 %100 %100 %
Schedule of Changes in Fair Value of Plan Assets The following tables present the fair value of plan assets for pension and other benefits plans by major asset category at December 31, 2021 and 2020. 
 Fair Value Measurements
 At December 31,
 20212020
(in millions)Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Pension Plan:        
Short-term investments$552 $255 $— $807 $334 $408 $— $742 
Global equity securities2,074 424 — 2,498 1,875 — — 1,875 
Absolute Return— 1 — 1 1 1 — 2 
Real assets632 — — 632 517 — — 517 
Fixed-income securities2,729 7,388 27 10,144 2,467 7,154 12 9,633 
Assets measured at NAV— — — 7,972 — — — 8,224 
Total$5,987 $8,068 $27 $22,054 $5,194 $7,563 $12 $20,993 
PBOP Plans:        
Short-term investments$31 $— $— $31 $37 $— $— $37 
Global equity securities105 — — 105 173 — — 173 
Real assets34 — — 34 54 — — 54 
Fixed-income securities776 875 1 1,652 481 715 1 1,197 
Assets measured at NAV— — — 1,296 — — — 1,549 
Total$946 $875 $1 $3,118 $745 $715 $1 $3,010 
Total plan assets at fair value   $25,172    $24,003 
Schedule of Level 3 Reconciliation The following table is a reconciliation of changes in the fair value of instruments for the pension plan that have been classified as Level 3 for the years ended December 31, 2021 and 2020:
(in millions)
For the year ended December 31, 2021
Fixed-Income
Balance at beginning of year$12 
Actual return on plan assets:
Relating to assets still held at the reporting date6 
Relating to assets sold during the period(7)
Purchases, issuances, sales, and settlements:
Purchases22 
Settlements(6)
Balance at end of year$27 
  
(in millions)
For the year ended December 31, 2020
Fixed-Income
Balance at beginning of year$15 
Actual return on plan assets:
  Relating to assets still held at the reporting date2 
Relating to assets sold during the period(3)
Purchases, issuances, sales, and settlements:
Purchases11 
Settlements(13)
Balance at end of year$12 
Schedule of Estimated Benefits Expected to be Paid As of December 31, 2021, the estimated benefits expected to be paid and the estimated federal subsidies expected to be received in each of the next five fiscal years, and in aggregate for the five fiscal years thereafter, are as follows:
(in millions)Pension
Plan		PBOP
Plans		Federal
Subsidy
2022869 81 (3)
2023954 85 (3)
2024988 89 (3)
20251018 88 (3)
20261,046 91 (3)
Thereafter in the succeeding five years5,533 466 (3)