SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

3 Months Ended

Mar. 31, 2024

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)		2024		2023
Electric
Revenue from contracts with customers
Residential		$	1,799	$	1,289
Commercial		1,505		1,144
Industrial		413		353
Agricultural		180		155
Public street and highway lighting		25		19
Other, net (1)		121		43
Total revenue from contracts with customers - electric		4,043		3,003
Regulatory balancing accounts (2)		9		1,116
Total electric operating revenue		$	4,052	$	4,119

Natural gas
Revenue from contracts with customers
Residential		$	1,517	$	1,883
Commercial		373		513
Transportation service only		475		444
Other, net (1)		(64)		(153)
Total revenue from contracts with customers - gas		2,301		2,687
Regulatory balancing accounts (2)		(492)		(597)
Total natural gas operating revenue		1,809		2,090
Total operating revenues		$	5,861	$	6,209

(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 for the three months ended March 31, 2024 and 2023, respectively:


(in millions)	2024		2023
Long-term debt:
DWR Loan Outstanding at January 1	$	98	$	312

Proceeds received	232		—

Operating Expenses:
Operating and maintenance expense - Performance-based disbursements	(22)		(33)


Other current liabilities:
Performance-based disbursements deferred	(12)		—

Long-term debt:
DWR Loan Outstanding at March 31	$	296	$	279

Schedule of Net Benefit Costs

The net periodic benefit costs reflected in PG&E Corporation’s Condensed Consolidated Financial Statements for the three months ended March 31, 2024 and 2023 were as follows:


	Pension Benefits				Other Benefits
	Three Months Ended March 31,
(in millions)	2024		2023		2024		2023
Service cost for benefits earned (1)	$	99	$	95	$	10	$	10
Interest cost	229		228		18		18
Expected return on plan assets	(253)		(245)		(35)		(33)
Amortization of prior service cost (credit)	(1)		(1)		1		1
Amortization of net actuarial gain	—		—		(6)		(5)
Net periodic benefit cost	74		77		(12)		(9)
Regulatory account transfer (2)	10		6		—		—
Total	$	84	$	83	$	(12)	$	(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.

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 March 31, 2024
Beginning balance	$	(28)	$	18	$	2	$	(8)
Other comprehensive income before reclassification
Loss 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, $1 and $0, respectively)	—		(4)		—		(4)
Regulatory account transfer (net of taxes of $0, $1 and $0, respectively)	1		4		—		5
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)	Three Months Ended March 31, 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 $0, $0 and $0, respectively)	(1)		1		—		—
Amortization of net actuarial gain (net of taxes of $0, $1 and $0, respectively)	—		(4)		—		(4)
Regulatory account transfer (net of taxes of $0, $1 and $0, respectively)	1		3		—		4
Net current period other comprehensive gain	—		—		5		5
Ending balance	$	(12)	$	18	$	(1)	$	5