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EMPLOYEE BENEFIT PLANS (Tables)
 12 Months Ended
Dec. 31, 2020
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 2020 and 2019:

Pension Plan
(in millions)20202019
Change in plan assets:
Fair value of plan assets at beginning of year$18,547 $15,312 
Actual return on plan assets2,736 3,713 
Company contributions343 328 
Benefits and expenses paid(867)(806)
Fair value of plan assets at end of year$20,759 $18,547 
Change in benefit obligation:
Benefit obligation at beginning of year$20,525 $17,407 
Service cost for benefits earned530 443 
Interest cost713 758 
Actuarial loss (1)
2,271 2,723 
Plan amendments— — 
Benefits and expenses paid(867)(806)
Benefit obligation at end of year (2)
$23,172 $20,525 
Funded Status:
Current liability$(3)$(14)
Noncurrent liability(2,410)(1,964)
Net liability at end of year
$(2,413)$(1,978)
(1) The actuarial losses for the years ended December 31, 2020 and 2019 were primarily due to a decrease in the discount rate used to measure the projected benefit obligation. The actuarial loss for the year ended December 31, 2019 was also driven by unfavorable changes in the demographic assumptions used to measure the projected benefit obligation.
(2) PG&E Corporation’s accumulated benefit obligation was $20.7 billion and $18.4 billion at December 31, 2020 and 2019, respectively.
Postretirement Benefits Other than Pensions
(in millions)20202019
Change in plan assets:
Fair value of plan assets at beginning of year$2,678 $2,258 
Actual return on plan assets379 474 
Company contributions26 29 
Plan participant contribution81 82 
Benefits and expenses paid(169)(165)
Fair value of plan assets at end of year$2,995 $2,678 
Change in benefit obligation:
Benefit obligation at beginning of year$1,832 $1,745 
Service cost for benefits earned61 56 
Interest cost63 76 
Actuarial (gain) loss (1)
(14)22 
Benefits and expenses paid(149)(150)
Federal subsidy on benefits paid3 2 
Plan participant contributions80 81 
Benefit obligation at end of year$1,876 $1,832 
Funded Status: (2)
Noncurrent asset$1,153 $879 
Noncurrent liability(34)(33)
Net asset at end of year$1,119 $846 
(1) 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. The actuarial loss for the year ended December 31, 2019 was primarily due to a decrease in the discount rate used to measure the projected benefit obligation, offset by favorable changes in the demographic assumptions and the elimination of excise tax.
(2) At December 31, 2020 and 2019, 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 $377 million and $343 million as of December 31, 2020, and $337 million and $305 million as of December 31, 2019, 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)202020192018
Service cost for benefits earned (1)
$530 $443 $514 
Interest cost713 758 687 
Expected return on plan assets(1,044)(906)(1,021)
Amortization of prior service cost(6)(6)(6)
Amortization of net actuarial loss3 3 5 
Net periodic benefit cost196 292 179 
Less: transfer to regulatory account (2)
136 42 157 
Total expense recognized$332 $334 $336 
(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 from customers in future rates.

Postretirement Benefits Other than Pensions
(in millions)202020192018
Service cost for benefits earned (1)
$61 $56 $66 
Interest cost63 76 69 
Expected return on plan assets(138)(123)(130)
Amortization of prior service cost14 14 14 
Amortization of net actuarial loss(21)(3)(5)
Net periodic benefit cost$(21)$20 $14 
(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,
 202020192018202020192018
Discount rate2.77 %3.46 %4.35 %
2.67 - 2.80%
3.37 - 3.47%
4.29 - 4.37%
Rate of future compensation increases3.80 %3.90 %3.90 %N/AN/AN/A
Expected return on plan assets5.10 %5.70 %6.00 %
3.10 - 6.10%
3.50 - 6.60%
3.60 - 6.80%
Interest crediting rate for cash balance plan1.95 %2.11 %3.15 %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
 202120202019202120202019
Global equity securities30 %30 %29 %36 %28 %33 %
Absolute return2 %2 %5 %1 %2 %3 %
Real assets8 %8 %8 %5 %8 %6 %
Fixed-income securities60 %60 %58 %58 %62 %58 %
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, 2020 and 2019. 
 Fair Value Measurements
 At December 31,
 20202019
(in millions)Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Pension Plan:        
Short-term investments$334 $408 $— $742 $613 $231 $— $844 
Global equity securities1,875 — — 1,875 1,650 — — 1,650 
Absolute Return1 1 — 2 — 1 — 1 
Real assets517 — — 517 548 1 — 549 
Fixed-income securities2,467 7,154 12 9,633 2,227 6,413 15 8,655 
Assets measured at NAV— — — 8,224 — — — 6,937 
Total$5,194 $7,563 $12 $20,993 $5,038 $6,646 $15 $18,636 
PBOP Plans:        
Short-term investments$37 $— $— $37 $37 $— $— $37 
Global equity securities173 — — 173 151 — — 151 
Real assets54 — — 54 58 — — 58 
Fixed-income securities481 715 1 1,197 193 875 1 1,069 
Assets measured at NAV— — — 1,549 — — — 1,373 
Total$745 $715 $1 $3,010 $439 $875 $1 $2,688 
Total plan assets at fair value   $24,003    $21,324 
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, 2020 and 2019:
(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 
  
(in millions)
For the year ended December 31, 2019
Fixed-Income
Balance at beginning of year$8 
Actual return on plan assets:
  Relating to assets still held at the reporting date— 
Relating to assets sold during the period— 
Purchases, issuances, sales, and settlements:
Purchases11 
Settlements(4)
Balance at end of year$15 
Schedule of Estimated Benefits Expected to be Paid
As of December 31, 2020, 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
2021831 85 (6)
2022913 89 (6)
2023948 92 (6)
2024980 93 (7)
20251,009 95 (7)
Thereafter in the succeeding five years5,375 471 (41)