SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

3 Months Ended

Mar. 31, 2021

Accounting Policies [Abstract]

Components of Net Periodic Benefit Cost

The net periodic benefit costs reflected in PG&E Corporation’s Condensed Consolidated Financial Statements for the three months ended March 31, 2021 and 2020 were as follows:

	Pension Benefits				Other Benefits
	Three Months Ended March 31,
(in millions)	2021		2020		2021		2020
Service cost for benefits earned (1)	$	147	$	132	$	16	$	15
Interest cost	161		178		13		16
Expected return on plan assets	(261)		(261)		(35)		(34)
Amortization of prior service cost	(1)		(1)		4		3
Amortization of net actuarial loss	1		1		(8)		(5)
Net periodic benefit cost	47		49		(10)		(5)
Regulatory account transfer (2)	37		34		—		—
Total	$	84	$	83	$	(10)	$	(5)

(1) A portion of service costs are 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 (Loss)

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

	Pension Benefits		Other Benefits		Total
(in millions, net of income tax)	Three Months Ended March 31, 2021
Beginning balance	$	(39)	$	17	$	(22)
Amounts reclassified from other comprehensive income: (1)
Amortization of prior service cost (net of taxes of $0 and $1, respectively)	(1)		3		2
Amortization of net actuarial loss (net of taxes of $0 and $2, respectively)	1		(6)		(5)
Regulatory account transfer (net of taxes of $0 and $1, respectively)	1		3		4
Net current period other comprehensive gain (loss)	1		—		1
Ending balance	$	(38)	$	17	$	(21)

(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		Total
(in millions, net of income tax)	Three Months Ended March 31, 2020
Beginning balance	$	(22)	$	17	$	(5)
Amounts reclassified from other comprehensive income: (1)
Amortization of prior service cost (net of taxes of $0 and $1, respectively)	(1)		2		1
Amortization of net actuarial loss (net of taxes of $0, and $2, respectively)	1		(3)		(2)
Regulatory account transfer (net of taxes of $0 and $1, respectively)	—		1		1
Net current period other comprehensive gain (loss)	—		—		—
Ending balance	$	(22)	$	17	$	(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.)

Summary of Revenues Disaggregated by Type of Customer

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

	Three Months Ended March 31,
(in millions)	2021		2020
Electric
Revenue from contracts with customers
Residential	$	1,464	$	1,242
Commercial	1,013		1,007
Industrial	327		341
Agricultural	152		123
Public street and highway lighting	17		17
Other (1)	(64)		(66)
Total revenue from contracts with customers - electric	2,909		2,664
Regulatory balancing accounts (2)	486		376
Total electric operating revenue	$	3,395	$	3,040
Natural gas
Revenue from contracts with customers
Residential	$	1,208	$	1,066
Commercial	245		234
Transportation service only	326		348
Other (1)	(47)		(22)
Total revenue from contracts with customers - gas	1,732		1,626
Regulatory balancing accounts (2)	(411)		(360)
Total natural gas operating revenue	1,321		1,266
Total operating revenues	$	4,716	$	4,306

(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.