SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

9 Months Ended

Sep. 30, 2023

Accounting Policies [Abstract]

Summary of Revenues Disaggregated by Type of Customer

The following table presents the Utility’s revenues disaggregated by type of customer:

	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions)	2023		2022		2023		2022
Electric
Revenue from contracts with customers
Residential	$	2,052	$	2,128	$	4,745	$	4,834
Commercial	1,818		1,711		4,245		4,135
Industrial	579		534		1,307		1,206
Agricultural	628		777		1,097		1,477
Public street and highway lighting	22		20		61		57
Other, net (1)	459		115		381		26
Total revenue from contracts with customers - electric	5,558		5,285		11,836		11,735
Regulatory balancing accounts (2)	(1,051)		(1,390)		642		8
Total electric operating revenue	$	4,507	$	3,895	$	12,478	$	11,743
Natural gas
Revenue from contracts with customers
Residential	$	326	$	392	$	2,900	$	2,243
Commercial	120		162		822		703
Transportation service only	364		356		1,206		1,111
Other, net (1)	21		16		(389)		(251)
Total revenue from contracts with customers - gas	831		926		4,539		3,806
Regulatory balancing accounts (2)	550		573		370		761
Total natural gas operating revenue	1,381		1,499		4,909		4,567
Total operating revenues	$	5,888	$	5,394	$	17,387	$	16,310

(1) This activity is primarily related to the change in unbilled revenue and amounts subject to refund, partially offset by other miscellaneous revenue items.

(2) These amounts represent revenues authorized to be billed or refunded to customers.

Schedule of Net Benefit Costs

The net periodic benefit costs reflected in PG&E Corporation’s Condensed Consolidated Financial Statements for the three and nine months ended September 30, 2023 and 2022 were as follows:

	Pension Benefits				Other Benefits
	Three Months Ended September 30,
(in millions)	2023		2022		2023		2022
Service cost for benefits earned (1)	$	94	$	144	$	10	$	15
Interest cost	228		173		18		13
Expected return on plan assets	(245)		(297)		(33)		(32)
Amortization of prior service cost	(1)		(1)		1		2
Amortization of net actuarial (gain) loss	1		—		(5)		(10)
Net periodic benefit cost	77		19		(9)		(12)
Regulatory account transfer (2)	6		64		—		—
Total	$	83	$	83	$	(9)	$	(12)

(1) A portion of service costs is capitalized pursuant to GAAP.

(2) The Utility recorded these amounts to a regulatory account since they are probable of recovery from, or refund to, customers in future rates.

	Pension Benefits				Other Benefits
	Nine Months Ended September 30,
(in millions)	2023		2022		2023		2022
Service cost for benefits earned (1)	$	284	$	432	$	29	$	46
Interest cost	685		519		55		40
Expected return on plan assets	(736)		(892)		(99)		(97)
Amortization of prior service cost	(3)		(3)		2		5
Amortization of net actuarial (gain) loss	1		1		(14)		(30)
Net periodic benefit cost	231		57		(27)		(36)
Regulatory account transfer (2)	19		191		—		—
Total	$	250	$	248	$	(27)	$	(36)

(1) A portion of service costs is capitalized pursuant to GAAP.

(2) The Utility recorded these amounts to a regulatory account since they are probable of recovery from, or refund to, customers in future rates.

Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income

The changes, net of income tax, in PG&E Corporation’s accumulated other comprehensive income (loss) consisted of the following:

	Pension Benefits		Other Benefits		Customer Credit Trust		Total
(in millions, net of income tax)	Three Months Ended September 30, 2023
Beginning balance	$	(12)	$	18	$	(1)	$	5
Other comprehensive income before reclassification
Loss on investments (net of taxes of $0, $0 and $0, respectively)	—		—		(2)		(2)
Amounts reclassified from other comprehensive income: (1)
Amortization of prior service cost (net of taxes of $0, $1 and $0, respectively)	(1)		—		—		(1)
Amortization of net actuarial gain (net of taxes of $0, $2 and $0, respectively)	1		(3)		—		(2)
Regulatory account transfer (net of taxes of $0, $1 and $0, respectively)	—		3		—		3
Net current period other comprehensive loss	—		—		(2)		(2)
Ending balance	$	(12)	$	18	$	(3)	$	3

(1) These components are included in the computation of net periodic pension and other post-retirement benefit costs.  See the “Pension and Other Post-Retirement Benefits” table above for additional details.

	Pension Benefits		Other Benefits		Customer Credit Trust		Total
(in millions, net of income tax)	Three Months Ended September 30, 2022
Beginning balance	$	(33)	$	18	$	(5)	$	(20)
Other comprehensive income before reclassification
Loss on investments (net of taxes of $0, $0 and $5, respectively)	—		—		(12)		(12)
Amounts reclassified from other comprehensive income: (1)
Amortization of prior service cost (net of taxes of $1, $0 and $0, respectively)	—		2		—		2
Amortization of net actuarial gain (net of taxes of $0, $2 and $0, respectively)	—		(8)		—		(8)
Regulatory account transfer (net of taxes of $1, $2 and $0, respectively)	—		6		—		6
Net current period other comprehensive loss	—		—		(12)		(12)
Ending balance	$	(33)	$	18	$	(17)	$	(32)

(1) These components are included in the computation of net periodic pension and other post-retirement benefit costs.  See the “Pension and Other Post-Retirement Benefits” table above for additional details.

	Pension Benefits		Other Benefits		Customer Credit Trust		Total
(in millions, net of income tax)	Nine Months Ended September 30, 2023
Beginning balance	$	(12)	$	18	$	(6)	$	—
Other comprehensive income before reclassification
Gain on investments (net of taxes of $0, $0 and $2, respectively)	—		—		3		3
Amounts reclassified from other comprehensive income: (1)
Amortization of prior service cost (net of taxes of $1, $1 and $0, respectively)	(2)		1		—		(1)
Amortization of net actuarial gain (net of taxes of $0, $4 and $0, respectively)	1		(10)		—		(9)
Regulatory account transfer (net of taxes of $1, $3 and $0, respectively)	1		9		—		10
Net current period other comprehensive gain	—		—		3		3
Ending balance	$	(12)	$	18	$	(3)	$	3

(1) These components are included in the computation of net periodic pension and other post-retirement benefit costs.  See the “Pension and Other Post-Retirement Benefits” table above for additional details.

	Pension Benefits		Other Benefits		Customer Credit Trust		Total
(in millions, net of income tax)	Nine Months Ended September 30, 2022
Beginning balance	$	(33)	$	18	$	—	$	(15)
Other comprehensive income before reclassification
Loss on investments (net of taxes of $0, $0 and $7, respectively)	—		—		(17)		(17)
Amounts reclassified from other comprehensive income: (1)
Amortization of prior service cost (net of taxes of $1, $1 and $0, respectively)	(2)		4		—		2
Amortization of net actuarial (gain) loss (net of taxes of $0, $8 and $0, respectively)	1		(22)		—		(21)
Regulatory account transfer (net of taxes of $1, $7 and $0, respectively)	1		18		—		19
Net current period other comprehensive loss	—		—		(17)		(17)
Ending balance	$	(33)	$	18	$	(17)	$	(32)

(1) These components are included in the computation of net periodic pension and other post-retirement benefit costs.  See the “Pension and Other Post-Retirement Benefits” table above for additional details.