SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

6 Months Ended

Jun. 30, 2024

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 June 30,				Six Months Ended June 30,
(in millions)	2024		2023		2024		2023
Electric
Revenue from contracts with customers
Residential	$	1,516	$	1,404	$	3,315	$	2,693
Commercial	1,655		1,283		3,160		2,427
Industrial	441		375		854		728
Agricultural	439		314		619		469
Public street and highway lighting	27		20		52		39
Other, net (1)	798		(121)		919		(78)
Total revenue from contracts with customers - electric	4,876		3,275		8,919		6,278
Regulatory balancing accounts (2)	(418)		577		(409)		1,693
Total electric operating revenue	$	4,458	$	3,852	$	8,510	$	7,971
Natural gas
Revenue from contracts with customers
Residential	$	213	$	691	$	1,730	$	2,574
Commercial	187		189		560		702
Transportation service only	424		398		899		842
Other, net (1)	(138)		(257)		(202)		(410)
Total revenue from contracts with customers - gas	686		1,021		2,987		3,708
Regulatory balancing accounts (2)	842		417		350		(180)
Total natural gas operating revenue	1,528		1,438		3,337		3,528
Total operating revenues	$	5,986	$	5,290	$	11,847	$	11,499

(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 Government Assistance

The following table provides a summary of where the DWR loan activity is presented in PG&E Corporation’s and the Utility’s Condensed Consolidated Financial Statements:

	Three Months Ended June 30,				Six Months Ended June 30,
(in millions)	2024		2023		2024		2023
Long-term debt:
Beginning Balance - DWR loan outstanding	$	296	$	279	$	98	$	312
Proceeds received	368		—		600		—
Operating Expenses:
Operating and maintenance expense - Performance-based disbursements	(17)		(19)		(39)		(52)
Operating and maintenance expense - Loan forgiveness and other adjustments	12		—		12		—
Other current liabilities:
Performance-based disbursements deferred	(8)		(15)		(20)		(15)
Long-term debt:
Ending Balance - DWR loan outstanding	$	651	$	245	$	651	$	245

Schedule of Net Benefit Costs

The net periodic benefit costs reflected in PG&E Corporation’s Condensed Consolidated Financial Statements for the three and six months ended June 30, 2024 and 2023 were as follows:

	Pension Benefits				Other Benefits
	Three Months Ended June 30,
(in millions)	2024		2023		2024		2023
Service cost for benefits earned (1)	$	99	$	95	$	11	$	9
Interest cost	229		229		18		19
Expected return on plan assets	(254)		(246)		(35)		(33)
Amortization of prior service (credit)	(1)		(1)		—		—
Amortization of net actuarial (gain) loss	1		—		(5)		(4)
Net periodic benefit cost	74		77		(11)		(9)
Regulatory account transfer (2)	(9)		(6)		—		—
Total	$	65	$	71	$	(11)	$	(9)

(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 or refund through rates in future periods.

	Pension Benefits				Other Benefits
	Six Months Ended June 30,
(in millions)	2024		2023		2024		2023
Service cost for benefits earned (1)	$	198	$	190	$	21	$	19
Interest cost	458		457		36		37
Expected return on plan assets	(507)		(491)		(70)		(66)
Amortization of prior service cost (credit)	(2)		(2)		1		1
Amortization of net actuarial (gain) loss	1		—		(11)		(9)
Net periodic benefit cost	148		154		(23)		(18)
Regulatory account transfer (2)	(19)		(13)		—		—
Total	$	129	$	141	$	(23)	$	(18)

(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 June 30, 2024
Beginning balance	$	(28)	$	18	$	1	$	(9)
Amounts reclassified from other comprehensive income: (1)
Amortization of prior service cost (net of taxes of $0, $0, and $0, respectively)	—		1		—		1
Amortization of net actuarial gain (net of taxes of $0, $2, and $0, respectively)	—		(4)		—		(4)
Regulatory account transfer (net of taxes of $0, $2, and $0, respectively)	—		3		—		3
Net current period other comprehensive gain (loss)	—		—		—		—
Ending balance	$	(28)	$	18	$	1	$	(9)

(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 June 30, 2023
Beginning balance	$	(12)	$	18	$	(1)	$	5
Amounts reclassified from other comprehensive income: (1)
Amortization of prior service cost (net of taxes of $1, $0, and $0, respectively)	—		—		—		—
Amortization of net actuarial gain (net of taxes of $0, $1, and $0, respectively)	—		(3)		—		(3)
Regulatory account transfer (net of taxes of $1, $1, and $0, respectively)	—		3		—		3
Net current period other comprehensive gain (loss)	—		—		—		—
Ending balance	$	(12)	$	18	$	(1)	$	5

(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)	Six Months Ended June 30, 2024
Beginning balance	$	(28)	$	18	$	2	$	(8)
Other comprehensive income before reclassification
Gain on investments (net of taxes of $0, $0, and $1, respectively)	—		—		(1)		(1)
Amounts reclassified from other comprehensive income: (1)
Amortization of prior service cost (net of taxes of $0, $0, and $0, respectively)	(1)		1		—		—
Amortization of net actuarial gain (net of taxes of $0, $3, and $0, respectively)	—		(8)		—		(8)
Regulatory account transfer (net of taxes of $0, $3, and $0, respectively)	1		7		—		8
Net current period other comprehensive loss	—		—		(1)		(1)
Ending balance	$	(28)	$	18	$	1	$	(9)

(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)	Six Months Ended June 30, 2023
Beginning balance	$	(12)	$	18	$	(6)	$	—
Other comprehensive income before reclassification
Loss on investments (net of taxes of $0, $0, and $2, respectively)	—		—		5		5
Amounts reclassified from other comprehensive income: (1)
Amortization of prior service cost (net of taxes of $1, $0, and $0, respectively)	(1)		1		—		—
Amortization of net actuarial gain (net of taxes of $0, $2, and $0, respectively)	—		(7)		—		(7)
Regulatory account transfer (net of taxes of $1, $2, and $0, respectively)	1		6		—		7
Net current period other comprehensive gain	—		—		5		5
Ending balance	$	(12)	$	18	$	(1)	$	5

(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.