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EMPLOYEE BENEFIT PLANS (Tables)
 12 Months Ended
Dec. 31, 2023
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 2023 and 2022:

Pension Plan
(in millions)20232022
Change in plan assets:
Fair value of plan assets at beginning of year$16,369 $21,895 
Actual return on plan assets1,518 (4,916)
Company contributions336 339 
Benefits and expenses paid(1,012)(949)
Fair value of plan assets at end of year$17,211 $16,369 
Change in benefit obligation:
Benefit obligation at beginning of year$16,608 $22,759 
Service cost for benefits earned379 575 
Interest cost913 692 
Actuarial loss (gain) (1)
809 (6,471)
Plan amendments— — 
Benefits and expenses paid(1,012)(947)
Benefit obligation at end of year (2)
$17,697 $16,608 
Funded Status:
Current liability$(9)$(8)
Noncurrent liability(477)(231)
Net liability at end of year
$(486)$(239)
(1) The actuarial loss for the year ended December 31, 2023 was due to a decrease in the discount rate used to measure the projected benefit obligation and unfavorable changes in the demographic assumptions; the actuarial gain for the year ended December 31, 2022 was due to an increase in the discount rate used to measure the projected benefit obligation, offset by unfavorable changes in the demographic assumptions.
(2) PG&E Corporation’s accumulated benefit obligation was $16.3 billion and $15.4 billion at December 31, 2023 and 2022, respectively.
Postretirement Benefits Other than Pensions
(in millions)20232022
Change in plan assets:
Fair value of plan assets at beginning of year$2,336 $3,102 
Actual return on plan assets260 (693)
Company contributions5 26 
Plan participant contribution81 81 
Benefits and expenses paid(183)(180)
Fair value of plan assets at end of year$2,499 $2,336 
Change in benefit obligation:
Benefit obligation at beginning of year$1,339 $1,766 
Service cost for benefits earned38 62 
Interest cost73 53 
Actuarial loss (gain) (1)
8 (486)
Benefits and expenses paid(165)(162)
Federal subsidy on benefits paid3 3 
Plan participant contributions81 81 
Voluntary separation program-related termination benefits (2)
— 22 
Benefit obligation at end of year$1,377 $1,339 
Funded Status: (3)
Noncurrent asset$1,122 $997 
Noncurrent liability— — 
Net asset at end of year$1,122 $997 
(1) The actuarial loss for the year ended December 31, 2023 was primarily due to a decrease in the discount rate used to measure the accumulated benefit obligations, offset by favorable changes in claims cost and demographic assumptions. The actuarial gain for the year ended December 31, 2022 was primarily due to an increase in the discount rate used to measure the accumulated benefit obligations, offset by unfavorable changes in demographic assumptions.
(2) Represents voluntary separation program related credits to employee retirement health savings accounts. See “Voluntary Separation Program” in Note 3 of the Notes to the Consolidated Financial Statements in Item 8 of the 2022 Form 10-K.
(3) At December 31, 2023 and 2022, the postretirement medical plan and the postretirement life insurance plan were in overfunded positions. The projected benefit obligation and the fair value of plan assets for the postretirement life insurance plan were $275 million and $292 million as of December 31, 2023, and $259 million and $266 million as of December 31, 2022, respectively.
Components of Net Periodic Benefit Cost
Net periodic benefit costs as reflected in PG&E Corporation’s Consolidated Statements of Income were as follows:

Pension Plan
(in millions)202320222021
Service cost for benefits earned (1)
$379 $575 $587 
Interest cost913 692 645 
Expected return on plan assets(981)(1,189)(1,046)
Amortization of prior service cost(4)(4)(6)
Amortization of net actuarial loss1 2 6 
Net periodic benefit cost308 76 186 
Less: transfer to regulatory account (2)
25 254 147 
Total expense recognized$333 $330 $333 
(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)202320222021
Service cost for benefits earned (1)
$38 $62 $63 
Interest cost73 53 51 
Expected return on plan assets(132)(130)(137)
Amortization of prior service cost3 7 14 
Amortization of net actuarial gain(19)(40)(33)
Special termination benefits— 22 — 
Net periodic benefit cost$(37)$(26)$(42)
(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,
 202320222021202320222021
Discount rate5.21 %5.54 %3.03 %
5.18 - 5.22%
5.50 - 5.54%
2.97 - 3.04%
Rate of future compensation increases3.80 %3.80 %3.80 %N/AN/AN/A
Expected return on plan assets6.00 %6.10 %5.50 %
3.70 - 7.00%
3.70 - 7.30%
3.30 - 6.40%
Interest crediting rate for cash balance plan3.86 %4.19 %1.95 %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
 202420232022202420232022
Global equity securities26 %26 %30 %29 %28 %26 %
Absolute return1 %1 %2 %— %1 %1 %
Real assets8 %8 %8 %3 %3 %3 %
Fixed-income securities65 %65 %60 %68 %68 %70 %
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, 2023 and 2022.
 Fair Value Measurements
 At December 31,
 20232022
(in millions)Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Pension Plan:        
Short-term investments$565 $86 $— $651 $461 $126 $— $587 
Global equity securities1,270 — — 1,270 1,430 — — 1,430 
Real assets472 — — 472 426 — — 426 
Fixed-income securities1,926 6,802 13 8,741 1,946 6,086 8 8,040 
Assets measured at NAV— — — 6,080 — — — 5,886 
Total$4,233 $6,888 $13 $17,214 $4,263 $6,212 $8 $16,369 
PBOP Plans:        
Short-term investments$30 $— $— $30 $26 $— $— $26 
Global equity securities66 — — 66 83 — — 83 
Real assets32 — — 32 29 — — 29 
Fixed-income securities422 795 1 1,218 406 702 1 1,109 
Assets measured at NAV— — — 1,160 — — — 1,100 
Total$550 $795 $1 $2,506 $544 $702 $1 $2,347 
Total plan assets at fair value   $19,720    $18,716 
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, 2023 and 2022:
(in millions)
For the year ended December 31, 2023
Fixed-Income
Balance at beginning of year$8 
Actual return on plan assets:
Relating to assets still held at the reporting date2 
Relating to assets sold during the period(1)
Purchases, issuances, sales, and settlements:
Purchases10 
Settlements(6)
Balance at end of year$13 
  
(in millions)
For the year ended December 31, 2022
Fixed-Income
Balance at beginning of year$27 
Actual return on plan assets:
  Relating to assets still held at the reporting date1 
Relating to assets sold during the period— 
Purchases, issuances, sales, and settlements:
Purchases6 
Settlements(26)
Balance at end of year$8 
Schedule of Estimated Benefits Expected to be Paid
As of December 31, 2023, 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
2024957 93 (4)
20251,040 93 (1)
20261,066 96 (1)
20271,089 87 (1)
20281,111 89 (1)
Thereafter in the succeeding five years5,802 471 (4)