Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2011

		0000000000			0000000000			0000000000			0000000000			0000000000			0000000000
	Pension Benefits									Other Benefits
	December 31,									December 31,
	2011			2010			2009			2011			2010			2009
Discount rate		4.66	%		5.42	%		5.97	%		4.41–4.77	%		5.11–5.56	%		5.66–6.09	%
Average rate of future compensation increases		5.00	%		5.00	%		5.00	%		-			-			-
Expected return on plan assets		5.50	%		6.60	%		6.80	%		4.40–5.50	%		5.20–6.60	%		5.80–6.90	%


(in millions)	One- Percentage- Point Increase		One- Percentage- Point Decrease
Effect on postretirement benefit obligation		$ 95		$ (98)
Effect on service and interest cost		7		(8)

		0000000000		0000000000		0000000000		0000000000		0000000000		0000000000
	Pension Benefits						Other Benefits
	2012		2011		2010		2012		2011		2010
Global equity securities		35%		5%		5%		38%		3%		3%
U.S. equity securities		-%		26%		26%		-%		28%		26%
Non-U.S. equity securities		-%		14%		14%		-%		15%		13%
Absolute return		5%		5%		5%		4%		4%		3%
Private real estate securities		5%		-%		-%		4%		-%		-%
Real assets		5%		-%		-%		4%		-%		-%
Extended fixed-income securities		3%		-%		-%		-%		-%		-%
Fixed-income securities		47%		50%		50%		50%		50%		54%
Cash equivalents		-%		-%		-%		-%		-%		1%

Total		100%		100%		100%		100%		100%		100%

		000000		000000		000000		000000		000000		000000		000000		000000
	Fair Value Measurements
	At December 31,
	2011								2010
(in millions)	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Pension Benefits:
U.S. equity securities		$ 244		$ 2,161		$ -		$ 2,405		$ 328		$ 2,482		$ -		$ 2,810
Non-U.S. equity securities		220		1,363		-		1,583		356		1,111		-		1,467
Global equity securities		-		197		-		197		177		360		-		537
Absolute return		-		-		487		487		-		-		494		494
Real assets		326		-		-		326		-		-		-		-
Fixed-income securities:
U.S. government		1,411		115		-		1,526		790		233		-		1,023
Corporate		2		3,083		650		3,735		6		2,724		549		3,279
Other		1		745		-		746		52		393		120		565
Cash equivalents		-		-		-		-		20		-		-		20

Total		$ 2,204		$ 7,664		$ 1,137		$ 11,005		$ 1,729		$ 7,303		$ 1,163		$ 10,195

Other Benefits:
U.S. equity securities		$86		$ 222		$ -		$ 308		$ 104		$ 230		$ -		$ 334
Non-U.S. equity securities		79		108		-		187		118		80		-		198
Global equity securities		-		19		-		19		18		29		-		47
Absolute return		-		-		47		47		-		-		47		47
Real assets		31		-		6		37		-		-		-		-
Fixed-income securities:
U.S. government		199		-		-		199		73		14		-		87
Corporate		-		681		1		682		8		457		129		594
Other		1		44		-		45		3		21		10		34
Cash equivalents		-		-		-		-		13		-		-		13

Total		$ 396		$ 1,074		$ 54		$ 1,524		$ 337		$ 831		$ 186		$ 1,354

Other ⁽¹⁾								(45)								38

Total plan assets at fair value								$ 12,484								$ 11,587

⁽¹⁾	Balances include the impact of administrative trust net assets (liabilities), and deferred tax liability on the unrealized gain from investments for Pension and Other Benefits.

		0000000		0000000		0000000		0000000		0000000		0000000		0000000		0000000		0000000
	Pension Benefits								Other Benefits
(in millions)	Absolute return		Corporate fixed- income		Other fixed- income		Total		Absolute return		Corporate fixed- income		Other fixed- income		Real assets		Total
Balance as of January 1, 2010		$ 340		$ 531		$ 190		$ 1,061		$ 32		$ 124		$ 17		$ -		$ 173
Actual return on plan assets:
Relating to assets still held at the reporting date		44		52		5		101		4		15		-		-		19
Relating to assets sold during the period		5		5		5		15		1		(2)		-		-		(1)
Purchases, issuances, sales, and settlements		105		(39)		(80)		(14)		10		(8)		(7)		-		(5)

Balance as of December 31, 2010		$ 494		$ 549		$ 120		$ 1,163		$ 47		$ 129		$ 10		$ -		$ 186

Actual return on plan assets:
Relating to assets still held at the reporting date		5		57		(2)		60		1		16		-		-		17
Relating to assets sold during the period		2		-		1		3		-		(2)		-		-		(2)
Purchases, issuances, sales, and settlements:
Purchases		-		79		2		81		-		34		-		6		40
Settlements		(14)		(35)		(58)		(107)		(1)		(30)		(5)		-		(36)
Transfers out of Level 3		-		-		(63)		(63)		-		(146)		(5)		-		(151)

Balance as of December 31, 2011		$ 487		$ 650		$ -		$ 1,137		$ 47		$ 1		$ -		$ 6		$ 54


(in millions) Year ended December 31,
2011	$	65
2010		56
2009		52

Pension Benefits [Member]


(in millions)	2011		2010
Change in plan assets:
Fair value of plan assets at January 1	$	10,250	$	9,330
Actual return on plan assets		1,016		1,235
Company contributions		230		162
Benefits and expenses paid		(503)		(477)

Fair value of plan assets at December 31	$	10,993	$	10,250

Change in benefit obligation:
Projected benefit obligation at January 1	$	12,071	$	10,766
Service cost for benefits earned		320		253
Interest cost		660		645
Actuarial loss		1,450		856
Plan amendments		—		(1)
Transitional costs		2		4
Benefits paid		(503)		(452)

Projected benefit obligation at December 31 ⁽¹⁾	$	14,000	$	12,071

Funded status:
Current liability	$	(5)	$	(5)
Noncurrent liability		(3,002)		(1,816)

Accrued benefit cost at December 31	$	(3,007)	$	(1,821)

⁽¹⁾ PG&E Corporation's accumulated benefit obligation was $12,285 million and $10,653 million at December 31, 2011 and 2010, respectively.


(in millions)	2011		2010		2009
Service cost for benefits earned	$	320	$	279	$	259
Interest cost		660		645		624
Expected return on plan assets		(669)		(624)		(579)
Amortization of prior service cost		34		53		53
Amortization of unrecognized loss		50		44		101

Net periodic benefit cost		395		397		458

Less: transfer to regulatory account ⁽¹⁾		(139)		(233)		(294)

Total	$	256	$	164	$	164

⁽¹⁾ The Utility recorded $139 million, $233 million, and $295 million for the years ended December 31, 2011, 2010, and 2009, respectively, to a regulatory account as the amounts are probable of recovery from customers in future rates.

			0000000000
(in millions)
Unrecognized prior service cost			$ 19
Unrecognized net loss			125

Total			$ 144

Other Benefits [Member]


(in millions)	2011		2010
Change in plan assets:
Fair value of plan assets at January 1	$	1,337	$	1,169
Actual return on plan assets		95		147
Company contributions		137		94
Plan participant contribution		52		49
Benefits and expenses paid		(130)		(122)

Fair value of plan assets at December 31	$	1,491	$	1,337


Change in benefit obligation:
Benefit obligation at January 1	$	1,755	$	1,511
Service cost for benefits earned		42		36
Interest cost		91		88
Actuarial loss		63		52
Plan amendments		—		128
Transitional costs		—		1
Benefits paid		(130)		(113)
Federal subsidy on benefits paid		12		3
Plan participant contributions		52		49

Benefit obligation at December 31	$	1,885	$	1,755


Funded status:
Noncurrent liability	$	(394)	$	(418)

Accrued benefit cost at December 31	$	(394)	$	(418)

		0000000000		0000000000		0000000000
(in millions)	2011		2010		2009
Service cost for benefits earned		$ 42		$ 36		$ 30
Interest cost		91		88		87
Expected return on plan assets		(82)		(74)		(68)
Amortization of transition obligation		26		26		26
Amortization of prior service cost		27		25		16
Amortization of unrecognized loss (gain)		4		3		3

Net periodic benefit cost		$ 108		$ 104		$ 94

			000000000
(in millions)
Unrecognized prior service cost			$ 25
Unrecognized net loss			6
Unrecognized net transition obligation			24

Total			$ 55