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EMPLOYEE BENEFIT PLANS (Tables)
 12 Months Ended
Dec. 31, 2022
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 2022 and 2021:
Pension Plan
(in millions)20222021
Change in plan assets:
Fair value of plan assets at beginning of year$21,895 $20,759 
Actual return on plan assets(4,916)1,693 
Company contributions339 335 
Benefits and expenses paid(949)(892)
Fair value of plan assets at end of year$16,369 $21,895 
Change in benefit obligation:
Benefit obligation at beginning of year$22,759 $23,172 
Service cost for benefits earned575 587 
Interest cost692 645 
Actuarial gain (1)
(6,471)(752)
Plan amendments— — 
Benefits and expenses paid(947)(893)
Benefit obligation at end of year (2)
$16,608 $22,759 
Funded Status:
Current liability$(8)$(9)
Noncurrent liability(231)(856)
Net liability at end of year
$(239)$(865)
(1) The actuarial gain for the year ended December 31, 2022 and December 31, 2021 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 $15.4 billion and $20.4 billion at December 31, 2022 and 2021, respectively.
Postretirement Benefits Other than Pensions
(in millions)20222021
Change in plan assets:
Fair value of plan assets at beginning of year$3,102 $2,995 
Actual return on plan assets(693)193 
Company contributions26 10 
Plan participant contribution81 80 
Benefits and expenses paid(180)(176)
Fair value of plan assets at end of year$2,336 $3,102 
Change in benefit obligation:
Benefit obligation at beginning of year$1,766 $1,876 
Service cost for benefits earned62 63 
Interest cost53 51 
Actuarial gain (1)
(486)(152)
Benefits and expenses paid(162)(156)
Federal subsidy on benefits paid3 4 
Plan participant contributions81 80 
VSP related termination benefits (3)
22 — 
Benefit obligation at end of year$1,339 $1,766 
Funded Status: (2)
Noncurrent asset$997 $1,340 
Noncurrent liability— (4)
Net asset at end of year$997 $1,336 
(1) 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. The actuarial gain for the year ended December 31, 2021 was primarily due to an increase in the discount rate used to measure the accumulated benefit obligations and favorable claims cost changes
(2) At December 31, 2022 and 2021, 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 $259 million and $266 million as of December 31, 2022, and $363 million and $359 million as of December 31, 2021, respectively.
(3) Represents VSP-related credits to employee retirement health savings accounts. See Note 3 above.
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)202220212020
Service cost for benefits earned (1)
$575 $587 $530 
Interest cost692 645 713 
Expected return on plan assets(1,189)(1,046)(1,044)
Amortization of prior service cost(4)(6)(6)
Amortization of net actuarial loss2 6 3 
Net periodic benefit cost76 186 196 
Less: transfer to regulatory account (2)
254 147 136 
Total expense recognized$330 $333 $332 
(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)202220212020
Service cost for benefits earned (1)
$62 $63 $61 
Interest cost53 51 63 
Expected return on plan assets(130)(137)(138)
Amortization of prior service cost7 14 14 
Amortization of net actuarial loss(40)(33)(21)
Special termination benefits22 — — 
Net periodic benefit cost$(26)$(42)$(21)
(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,
 202220212020202220212020
Discount rate5.54 %3.03 %2.77 %
5.50 - 5.54%
2.97 - 3.04%
2.67 - 2.80%
Rate of future compensation increases3.80 %3.80 %3.80 %N/AN/AN/A
Expected return on plan assets6.10 %5.50 %5.10 %
3.70 - 7.30%
3.30 - 6.40%
3.10 - 6.10%
Interest crediting rate for cash balance plan4.19 %1.95 %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
 202320222021202320222021
Global equity securities26 %30 %30 %28 %26 %36 %
Absolute return1 %2 %2 %1 %1 %1 %
Real assets8 %8 %8 %3 %3 %5 %
Fixed-income securities65 %60 %60 %68 %70 %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, 2022 and 2021.
 Fair Value Measurements
 At December 31,
 20222021
(in millions)Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Pension Plan:        
Short-term investments$461 $126 $— $587 $552 $255 $— $807 
Global equity securities1,430 — — 1,430 2,074 424 — 2,498 
Absolute Return— — — — — 1 — 1 
Real assets426 — — 426 632 — — 632 
Fixed-income securities1,946 6,086 8 8,040 2,729 7,388 27 10,144 
Assets measured at NAV— — — 5,886 — — — 7,972 
Total$4,263 $6,212 $8 $16,369 $5,987 $8,068 $27 $22,054 
PBOP Plans:        
Short-term investments$26 $— $— $26 $31 $— $— $31 
Global equity securities83 — — 83 105 — — 105 
Real assets29 — — 29 34 — — 34 
Fixed-income securities406 702 1 1,109 776 875 1 1,652 
Assets measured at NAV— — — 1,100 — — — 1,296 
Total$544 $702 $1 $2,347 $946 $875 $1 $3,118 
Total plan assets at fair value   $18,716    $25,172 
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, 2022 and 2021:
(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 
  
(in millions)
For the year ended December 31, 2021
Fixed-Income
Balance at beginning of year$12 
Actual return on plan assets:
  Relating to assets still held at the reporting date6 
Relating to assets sold during the period(7)
Purchases, issuances, sales, and settlements:
Purchases22 
Settlements(6)
Balance at end of year$27 
Schedule of Estimated Benefits Expected to be Paid As of December 31, 2022, 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
2023907 97 (4)
2024996 98 (4)
20251028 100 (4)
20261057 94 (4)
20271,082 94 (4)
Thereafter in the succeeding five years5,702 475 (4)