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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

6 Months Ended

Jun. 30, 2022

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)			2022						2021						2022						2021
Electric
Revenue from contracts with customers
Residential			$	1,213					$	1,352					$	2,707					$	2,815
Commercial			1,252						1,183						2,425						2,196
Industrial			322						305						672						632
Agricultural			484						431						700						583
Public street and highway lighting			19						18						37						35
Other (1)			(77)						285						(90)						222
Total revenue from contracts with customers - electric			3,213						3,574						6,451						6,483
Regulatory balancing accounts (2)			477						377						1,397						863
Total electric operating revenue			$	3,690					$	3,951					$	7,848					$	7,346
Natural gas
Revenue from contracts with customers
Residential			$	388					$	418					$	1,851					$	1,626
Commercial			197						139						541						384
Transportation service only			356						346						755						672
Other (1)			(88)						(137)						(267)						(184)
Total revenue from contracts with customers - gas			853						766						2,880						2,498
Regulatory balancing accounts (2)			575						498						188						87
Total natural gas operating revenue			1,428						1,264						3,068						2,585
Total operating revenues			$	5,118					$	5,215					$	10,916					$	9,931

(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, 2022 and 2021 were as follows:

			Pension Benefits												Other Benefits
			Three Months Ended June 30,
(in millions)			2022						2021						2022						2021
Service cost for benefits earned (1)			$	144					$	146					$	16					$	16
Interest cost			173						162						14						13
Expected return on plan assets			(298)						(262)						(33)						(35)
Amortization of prior service cost			(1)						(2)						1						3
Amortization of net actuarial (gain) loss			1						2						(10)						(8)
Net periodic benefit cost			19						46						(12)						(11)
Regulatory account transfer (2)			64						37						—						—
Total			$	83					$	83					$	(12)					$	(11)

(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)			2022						2021						2022						2021
Service cost for benefits earned (1)			$	288					$	293					$	31					$	32
Interest cost			346						323						27						26
Expected return on plan assets			(595)						(523)						(65)						(70)
Amortization of prior service cost			(2)						(3)						3						7
Amortization of net actuarial (gain) loss			1						3						(20)						(16)
Net periodic benefit cost			38						93						(24)						(21)
Regulatory account transfer (2)			127						74						—						—
Total			$	165					$	167					$	(24)					$	(21)

(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, 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						Total
(in millions, net of income tax)			Three Months Ended June 30, 2021
Beginning balance			$	(38)					$	17					$	(21)
Amounts reclassified from other comprehensive income: (1)
Amortization of prior service cost (net of taxes of $1 and $1, respectively)			(1)						2						1
Amortization of net actuarial loss (net of taxes of $1 and $2, respectively)			1						(6)						(5)
Regulatory account transfer (net of taxes of $0 and $1, respectively)			—						4						4
Net current period other comprehensive gain (loss)			—						—						—
Ending balance			$	(38)					$	17					$	(21)

(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.

			Pension Benefits						Other Benefits						Total
(in millions, net of income tax)			Six Months Ended June 30, 2021
Beginning balance			$	(39)					$	17					$	(22)
Amounts reclassified from other comprehensive income: (1)
Amortization of prior service cost (net of taxes of $1 and $2, respectively)			(2)						5						3
Amortization of net actuarial loss (net of taxes of $1 and $4, respectively)			2						(12)						(10)
Regulatory account transfer (net of taxes of $0 and $2, respectively)			1						7						8
Net current period other comprehensive gain			1						—						1
Ending balance			$	(38)					$	17					$	(21)

(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.

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