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FAIR VALUE MEASUREMENTS (Tables)

3 Months Ended

Mar. 31, 2018

Fair Value Disclosures [Abstract]

Assets and Liabilities Measured at Fair Value on a Recurring Basis

Assets and liabilities measured at fair value on a recurring basis for PG&E Corporation and the Utility are summarized below.

Assets held in rabbi trusts are held by PG&E Corporation and not the Utility.

	Fair Value Measurements
	March 31, 2018
(in millions)	Level 1				Level 2				Level 3				Netting (1)				Total
Assets:
Nuclear decommissioning trusts
Short-term investments	$	28			—				—				—				$	28
Global equity securities	1,862				—				—				—				1,862
Fixed-income securities	776				599				—				—				1,375
Assets measured at NAV	—				—				—				—				17
Total nuclear decommissioning trusts (2)	2,666				599				—				—				3,282
Price risk management instruments (Note 7)
Electricity	—				2				125				3				130
Gas	—				1				—				—				1
Total price risk management instruments	—				3				125				3				131
Rabbi trusts
Fixed-income securities	—				74				—				—				74
Life insurance contracts	—				69				—				—				69
Total rabbi trusts	—				143				—				—				143
Long-term disability trust
Short-term investments	5				—				—				—				5
Assets measured at NAV	—				—				—				—				162
Total long-term disability trust	5				—				—				—				167
TOTAL ASSETS	$	2,671			$	745			$	125			$	3			$	3,723
Liabilities:
Price risk management instruments (Note 7)
Electricity	$	8			$	25			$	85			$	(33	)		$	85
Gas	—				2				—				(1		)		1
TOTAL LIABILITIES	$	8			$	27			$	85			$	(34	)		$	86

⁽¹⁾ Includes the effect of the contractual ability to settle contracts under master netting agreements and margin cash collateral.

⁽²⁾ Represents amount before deducting $440 million, primarily related to deferred taxes on appreciation of investment value.

	Fair Value Measurements
	December 31, 2017
(in millions)	Level 1				Level 2				Level 3				Netting (1)				Total
Assets:
Short-term investments	$	385			$	—			$	—			$	—			$	385
Nuclear decommissioning trusts
Short-term investments	23				—				—				—				23
Global equity securities	1,967				—				—				—				1,967
Fixed-income securities	733				562				—				—				1,295
Assets measured at NAV	—				—				—				—				18
Total nuclear decommissioning trusts (2)	2,723				562				—				—				3,303
Price risk management instruments (Note 7)
Electricity	—				3				129				6				138
Gas	—				1				—				—				1
Total price risk management instruments	—				4				129				6				139
Rabbi trusts
Fixed-income securities	—				72				—				—				72
Life insurance contracts	—				71				—				—				71
Total rabbi trusts	—				143				—				—				143
Long-term disability trust
Short-term investments	8				—				—				—				8
Assets measured at NAV	—				—				—				—				167
Total long-term disability trust	8				—				—				—				175
TOTAL ASSETS	$	3,116			$	709			$	129			$	6			$	4,145
Liabilities:
Price risk management instruments (Note 7)
Electricity	$	10			$	15			$	87			$	(25	)		$	87
Gas	—				1				—				—				1
TOTAL LIABILITIES	$	10			$	16			$	87			$	(25	)		$	88

⁽¹⁾ Includes the effect of the contractual ability to settle contracts under master netting agreements and margin cash collateral.

⁽²⁾ Represents amount before deducting $440 million, primarily related to deferred taxes on appreciation of investment value.

Level 3 Measurements and Sensitivity Analysis

		Fair Value at
(in millions)		March 31, 2018
Fair Value Measurement		Assets				Liabilities				Valuation Technique		Unobservable Input		Range (1)
Congestion revenue rights		$	125			$	25			Market approach		CRR auction prices		$ (7.44) - 13.91
Power purchase agreements		$	—			$	60			Discounted cash flow		Forward prices		$ 18.81 - 38.80

⁽¹⁾ Represents price per megawatt-hour

		Fair Value at
(in millions)		December 31, 2017
Fair Value Measurement		Assets				Liabilities				Valuation Technique		Unobservable Input		Range (1)
Congestion revenue rights		$	129			$	24			Market approach		CRR auction prices		$ (16.03) - 11.99
Power purchase agreements		$	—			$	63			Discounted cash flow		Forward prices		$ 18.81 - 38.80

⁽¹⁾ Represents price per megawatt-hour

Level 3 Reconciliation

The following table presents the reconciliation for Level 3 price risk management instruments for the three months ended March 31, 2018 and 2017:

	Price Risk Management Instruments
(in millions)	2018				2017
Asset (liability) balance as of January 1	$	42			$	55
Net realized and unrealized gains:
Included in regulatory assets and liabilities or balancing accounts (1)	(2		)		(6		)
Asset (liability) balance as of March 31	$	40			$	49

⁽¹⁾ The costs related to price risk management activities are fully passed through to customers in rates.  Accordingly, unrealized gains and losses are deferred in regulatory liabilities and assets and net income is not impacted.

Carrying Amount and Fair Value of Financial Instruments

The carrying amount and fair value of PG&E Corporation’s and the Utility’s debt instruments were as follows (the table below excludes financial instruments with carrying values that approximate their fair values):

	At March 31, 2018								At December 31, 2017
(in millions)	Carrying Amount				Level 2 Fair Value				Carrying Amount				Level 2 Fair Value
PG&E Corporation	$	350			$	348			$	350			$	350
Utility	16,693				17,723				17,090				19,128

Schedule of Unrealized Gains (Losses) Related to Available-For-Sale Investments

The following table provides a summary of equity securities and available-for-sale debt securities:

(in millions)
As of March 31, 2018	Amortized Cost				Total Unrealized Gains				Total Unrealized Losses				Total Fair Value
Nuclear decommissioning trusts
Short-term investments	$	28			$	—			$	—			$	28
Global equity securities	475				1,405				(1		)		1,879
Fixed-income securities	1,355				39				(19		)		1,375
Total (1)	$	1,858			$	1,444			$	(20	)		$	3,282
As of December 31, 2017
Nuclear decommissioning trusts
Short-term investments	$	23			$	—			$	—			$	23
Global equity securities	524				1,463				(2		)		1,985
Fixed-income securities	1,252				51				(8		)		1,295
Total (1)	$	1,799			$	1,514			$	(10	)		$	3,303

⁽¹⁾ Represents amounts before deducting $440 million for the periods ended March 31, 2018 and December 31, 2017, primarily related to deferred taxes on appreciation of investment value.

Schedule of Maturities on Debt Instruments

The fair value of fixed-income securities by contractual maturity is as follows:

	As of
(in millions)	March 31, 2018
Less than 1 year	$	42
1–5 years	438
5–10 years	374
More than 10 years	521
Total maturities of fixed-income securities	$	1,375

Schedule of Activity for Debt and Equity Securities

The following table provides a summary of activity for fixed income and equity securities:

	Three Months Ended March 31,
(in millions)	2018				2017
Proceeds from sales and maturities of nuclear decommissioning trust investments	$	494			$	470
Gross realized gains on securities	37				29
Gross realized losses on securities	(4		)		(5		)

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-Publisher FASB
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Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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