SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

6 Months Ended

Jun. 30, 2023

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)	2023		2022		2023		2022
Electric
Revenue from contracts with customers
Residential	$	1,404	$	1,213	$	2,693	$	2,707
Commercial	1,283		1,252		2,427		2,425
Industrial	375		322		728		672
Agricultural	314		484		469		700
Public street and highway lighting	20		19		39		37
Other, net (1)	(121)		(77)		(78)		(90)
Total revenue from contracts with customers - electric	3,275		3,213		6,278		6,451
Regulatory balancing accounts (2)	577		477		1,693		1,397
Total electric operating revenue	$	3,852	$	3,690	$	7,971	$	7,848
Natural gas
Revenue from contracts with customers
Residential	$	691	$	388	$	2,574	$	1,851
Commercial	189		197		702		541
Transportation service only	398		356		842		755
Other, net (1)	(257)		(88)		(410)		(267)
Total revenue from contracts with customers - gas	1,021		853		3,708		2,880
Regulatory balancing accounts (2)	417		575		(180)		188
Total natural gas operating revenue	1,438		1,428		3,528		3,068
Total operating revenues	$	5,290	$	5,118	$	11,499	$	10,916

(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 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, 2023 and 2022 were as follows:

	Pension Benefits				Other Benefits
	Three Months Ended June 30,
(in millions)	2023		2022		2023		2022
Service cost for benefits earned (1)	$	95	$	144	$	9	$	16
Interest cost	229		173		19		14
Expected return on plan assets	(246)		(298)		(33)		(33)
Amortization of prior service cost	(1)		(1)		—		1
Amortization of net actuarial (gain) loss	—		1		(4)		(10)
Net periodic benefit cost	77		19		(9)		(12)
Regulatory account transfer (2)	(6)		64		—		—
Total	$	71	$	83	$	(9)	$	(12)

(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.

	Pension Benefits				Other Benefits
	Six Months Ended June 30,
(in millions)	2023		2022		2023		2022
Service cost for benefits earned (1)	$	190	$	288	$	19	$	31
Interest cost	457		346		37		27
Expected return on plan assets	(491)		(595)		(66)		(65)
Amortization of prior service cost	(2)		(2)		1		3
Amortization of net actuarial (gain) loss	—		1		(9)		(20)
Net periodic benefit cost	154		38		(18)		(24)
Regulatory account transfer (2)	(13)		127		—		—
Total	$	141	$	165	$	(18)	$	(24)

(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, 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	—		—		—		—
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)	Three Months Ended June 30, 2022
Beginning balance	$	(33)	$	18	$	—	$	(15)
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 $0, $0 and $0, respectively)	(1)		1		—		—
Amortization of net actuarial (gain) loss (net of taxes of $0, $3 and $0, respectively)	1		(7)		—		(6)
Regulatory account transfer (net of taxes of $0, $3 and $0, respectively)	—		6		—		6
Net current period other comprehensive loss	—		—		(5)		(5)
Ending balance	$	(33)	$	18	$	(5)	$	(20)

(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
Gain 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.

	Pension Benefits		Other Benefits		Customer Credit Trust		Total
(in millions, net of income tax)	Six Months Ended June 30, 2022
Beginning balance	$	(33)	$	18	$	—	$	(15)
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 $0, $1 and$0, respectively)	(2)		2		—		—
Amortization of net actuarial (gain) loss (net of taxes of $0, $6 and $0, respectively)	1		(14)		—		(13)
Regulatory account transfer (net of taxes of $0, $5 and $0, respectively)	1		12		—		13
Net current period other comprehensive loss	—		—		(5)		(5)
Ending balance	$	(33)	$	18	$	(5)	$	(20)

(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.