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EMPLOYEE BENEFIT PLANS (Tables) | 12 Months Ended
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Dec. 31, 2023
Employee Benefit and Share-Based Payment Arrangement, Noncash Expense [Abstract] |
Reconciliation of Changes in Plan Assets Benefit Obligations and Funded Status | The following tables show the reconciliation of changes in plan assets, benefit obligations, and the plans’ aggregate funded status for pension benefits and other benefits for PG&E Corporation during 2023 and 2022: Pension Plan
(in millions) | 2023 |  | 2022
Change in plan assets: |  |  |
Fair value of plan assets at beginning of year | $ | 16,369 |  |  | $ | 21,895 |
Actual return on plan assets | 1,518 |  |  | (4,916) |
Company contributions | 336 |  |  | 339 |
Benefits and expenses paid | (1,012) |  |  | (949) |
Fair value of plan assets at end of year | $ | 17,211 |  |  | $ | 16,369 |
Change in benefit obligation: |  |  |
Benefit obligation at beginning of year | $ | 16,608 |  |  | $ | 22,759 |
Service cost for benefits earned | 379 |  |  | 575 |
Interest cost | 913 |  |  | 692 |
Actuarial loss (gain) (1) | 809 |  |  | (6,471) |
Plan amendments | — |  |  | — |
Benefits and expenses paid | (1,012) |  |  | (947) |
Benefit obligation at end of year (2) | $ | 17,697 |  |  | $ | 16,608 |
Funded Status: |  |  |
Current liability | $ | (9) |  |  | $ | (8) |
Noncurrent liability | (477) |  |  | (231) |
Net liability at end of year | $ | (486) |  |  | $ | (239) |
(1) The actuarial loss for the year ended December 31, 2023 was due to a decrease in the discount rate used to measure the projected benefit obligation and unfavorable changes in the demographic assumptions; the actuarial gain for the year ended December 31, 2022 was due to an increase in the discount rate used to measure the projected benefit obligation, offset by unfavorable changes in the demographic assumptions. (2) PG&E Corporation’s accumulated benefit obligation was $16.3 billion and $15.4 billion at December 31, 2023 and 2022, respectively. Postretirement Benefits Other than Pensions
(in millions) | 2023 |  | 2022
Change in plan assets: |  |  |
Fair value of plan assets at beginning of year | $ | 2,336 |  |  | $ | 3,102 |
Actual return on plan assets | 260 |  |  | (693) |
Company contributions | 5 |  |  | 26 |
Plan participant contribution | 81 |  |  | 81 |
Benefits and expenses paid | (183) |  |  | (180) |
Fair value of plan assets at end of year | $ | 2,499 |  |  | $ | 2,336 |
Change in benefit obligation: |  |  |
Benefit obligation at beginning of year | $ | 1,339 |  |  | $ | 1,766 |
Service cost for benefits earned | 38 |  |  | 62 |
Interest cost | 73 |  |  | 53 |
Actuarial loss (gain) (1) | 8 |  |  | (486) |
Benefits and expenses paid | (165) |  |  | (162) |
Federal subsidy on benefits paid | 3 |  |  | 3 |
Plan participant contributions | 81 |  |  | 81 |
Voluntary separation program-related termination benefits (2) | — |  |  | 22 |
Benefit obligation at end of year | $ | 1,377 |  |  | $ | 1,339 |
Funded Status: (3) |  |  |
Noncurrent asset | $ | 1,122 |  |  | $ | 997 |
Noncurrent liability | — |  |  | — |
Net asset at end of year | $ | 1,122 |  |  | $ | 997 |
(1) The actuarial loss for the year ended December 31, 2023 was primarily due to a decrease in the discount rate used to measure the accumulated benefit obligations, offset by favorable changes in claims cost and demographic assumptions. The actuarial gain for the year ended December 31, 2022 was primarily due to an increase in the discount rate used to measure the accumulated benefit obligations, offset by unfavorable changes in demographic assumptions. (2) Represents voluntary separation program related credits to employee retirement health savings accounts. See “Voluntary Separation Program” in Note 3 of the Notes to the Consolidated Financial Statements in Item 8 of the 2022 Form 10-K. (3) At December 31, 2023 and 2022, the postretirement medical plan and the postretirement life insurance plan were in overfunded positions. The projected benefit obligation and the fair value of plan assets for the postretirement life insurance plan were $275 million and $292 million as of December 31, 2023, and $259 million and $266 million as of December 31, 2022, respectively.
Components of Net Periodic Benefit Cost | Net periodic benefit costs as reflected in PG&E Corporation’s Consolidated Statements of Income were as follows: Pension Plan
(in millions) | 2023 |  | 2022 |  | 2021
Service cost for benefits earned (1) | $ | 379 |  |  | $ | 575 |  |  | $ | 587 |
Interest cost | 913 |  |  | 692 |  |  | 645 |
Expected return on plan assets | (981) |  |  | (1,189) |  |  | (1,046) |
Amortization of prior service cost | (4) |  |  | (4) |  |  | (6) |
Amortization of net actuarial loss | 1 |  |  | 2 |  |  | 6 |
Net periodic benefit cost | 308 |  |  | 76 |  |  | 186 |
Less: transfer to regulatory account (2) | 25 |  |  | 254 |  |  | 147 |
Total expense recognized | $ | 333 |  |  | $ | 330 |  |  | $ | 333 |
(1) A portion of service costs are capitalized pursuant to ASU 2017-07. (2) The Utility recorded these amounts to a regulatory account as they are probable of recovery through future rates. Postretirement Benefits Other than Pensions
(in millions) | 2023 |  | 2022 |  | 2021
Service cost for benefits earned (1) | $ | 38 |  |  | $ | 62 |  |  | $ | 63 |
Interest cost | 73 |  |  | 53 |  |  | 51 |
Expected return on plan assets | (132) |  |  | (130) |  |  | (137) |
Amortization of prior service cost | 3 |  |  | 7 |  |  | 14 |
Amortization of net actuarial gain | (19) |  |  | (40) |  |  | (33) |
Special termination benefits | — |  |  | 22 |  |  | — |
Net periodic benefit cost | $ | (37) |  |  | $ | (26) |  |  | $ | (42) |
(1) A portion of service costs are capitalized pursuant to ASU 2017-07.
Schedule of Assumptions Used in Calculating Projected Benefit Cost and Net Periodic Benefit Cost | The following weighted average year-end actuarial assumptions were used in determining the plans’ projected benefit obligations and net benefit costs.
| Pension Plan |  | PBOP Plans
| December 31, |  | December 31,
| 2023 |  | 2022 |  | 2021 |  | 2023 |  | 2022 |  | 2021
Discount rate | 5.21 | % |  | 5.54 | % |  | 3.03 | % |  | 5.18 - 5.22% |  | 5.50 - 5.54% |  | 2.97 - 3.04%
Rate of future compensation increases | 3.80 | % |  | 3.80 | % |  | 3.80 | % |  | N/A |  | N/A |  | N/A
Expected return on plan assets | 6.00 | % |  | 6.10 | % |  | 5.50 | % |  | 3.70 - 7.00% |  | 3.70 - 7.30% |  | 3.30 - 6.40%
Interest crediting rate for cash balance plan | 3.86 | % |  | 4.19 | % |  | 1.95 | % |  | N/A |  | N/A |  | N/A
Target Asset Allocation Percentages | The target asset allocation percentages for major categories of trust assets for pension and other benefit plans are as follows:
| Pension Plan |  | PBOP Plans
| 2024 |  | 2023 |  | 2022 |  | 2024 |  | 2023 |  | 2022
Global equity securities | 26 | % |  | 26 | % |  | 30 | % |  | 29 | % |  | 28 | % |  | 26 | %
Absolute return | 1 | % |  | 1 | % |  | 2 | % |  | — | % |  | 1 | % |  | 1 | %
Real assets | 8 | % |  | 8 | % |  | 8 | % |  | 3 | % |  | 3 | % |  | 3 | %
Fixed-income securities | 65 | % |  | 65 | % |  | 60 | % |  | 68 | % |  | 68 | % |  | 70 | %
Total | 100 | % |  | 100 | % |  | 100 | % |  | 100 | % |  | 100 | % |  | 100 | %
Schedule of Changes in Fair Value of Plan Assets | The following tables present the fair value of plan assets for pension and other benefits plans by major asset category at December 31, 2023 and 2022.
| Fair Value Measurements
| At December 31,
| 2023 |  | 2022
(in millions) | Level 1 |  | Level 2 |  | Level 3 |  | Total |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Pension Plan: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Short-term investments | $ | 565 |  |  | $ | 86 |  |  | $ | — |  |  | $ | 651 |  |  | $ | 461 |  |  | $ | 126 |  |  | $ | — |  |  | $ | 587 |
Global equity securities | 1,270 |  |  | — |  |  | — |  |  | 1,270 |  |  | 1,430 |  |  | — |  |  | — |  |  | 1,430 |
Real assets | 472 |  |  | — |  |  | — |  |  | 472 |  |  | 426 |  |  | — |  |  | — |  |  | 426 |
Fixed-income securities | 1,926 |  |  | 6,802 |  |  | 13 |  |  | 8,741 |  |  | 1,946 |  |  | 6,086 |  |  | 8 |  |  | 8,040 |
Assets measured at NAV | — |  |  | — |  |  | — |  |  | 6,080 |  |  | — |  |  | — |  |  | — |  |  | 5,886 |
Total | $ | 4,233 |  |  | $ | 6,888 |  |  | $ | 13 |  |  | $ | 17,214 |  |  | $ | 4,263 |  |  | $ | 6,212 |  |  | $ | 8 |  |  | $ | 16,369 |
PBOP Plans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Short-term investments | $ | 30 |  |  | $ | — |  |  | $ | — |  |  | $ | 30 |  |  | $ | 26 |  |  | $ | — |  |  | $ | — |  |  | $ | 26 |
Global equity securities | 66 |  |  | — |  |  | — |  |  | 66 |  |  | 83 |  |  | — |  |  | — |  |  | 83 |
Real assets | 32 |  |  | — |  |  | — |  |  | 32 |  |  | 29 |  |  | — |  |  | — |  |  | 29 |
Fixed-income securities | 422 |  |  | 795 |  |  | 1 |  |  | 1,218 |  |  | 406 |  |  | 702 |  |  | 1 |  |  | 1,109 |
Assets measured at NAV | — |  |  | — |  |  | — |  |  | 1,160 |  |  | — |  |  | — |  |  | — |  |  | 1,100 |
Total | $ | 550 |  |  | $ | 795 |  |  | $ | 1 |  |  | $ | 2,506 |  |  | $ | 544 |  |  | $ | 702 |  |  | $ | 1 |  |  | $ | 2,347 |
Total plan assets at fair value |  |  |  |  |  |  | $ | 19,720 |  |  |  |  |  |  |  |  | $ | 18,716 |
Schedule of Level 3 Reconciliation | The following table is a reconciliation of changes in the fair value of instruments for the pension plan that have been classified as Level 3 for the years ended December 31, 2023 and 2022:
(in millions) |
For the year ended December 31, 2023 | Fixed-Income
Balance at beginning of year | $ | 8 |
Actual return on plan assets: |
Relating to assets still held at the reporting date | 2 |
Relating to assets sold during the period | (1) |
Purchases, issuances, sales, and settlements: |
Purchases | 10 |
Settlements | (6) |
Balance at end of year | $ | 13 |
(in millions) |
For the year ended December 31, 2022 | Fixed-Income
Balance at beginning of year | $ | 27 |
Actual return on plan assets: |
Relating to assets still held at the reporting date | 1 |
Relating to assets sold during the period | — |
Purchases, issuances, sales, and settlements: |
Purchases | 6 |
Settlements | (26) |
Balance at end of year | $ | 8 |
Schedule of Estimated Benefits Expected to be Paid | As of December 31, 2023, the estimated benefits expected to be paid and the estimated federal subsidies expected to be received in each of the next five fiscal years, and in aggregate for the five fiscal years thereafter, are as follows:
(in millions) | Pension Plan |  | PBOP Plans |  | Federal Subsidy
2024 | 957 |  |  | 93 |  |  | (4) |
2025 | 1,040 |  |  | 93 |  |  | (1) |
2026 | 1,066 |  |  | 96 |  |  | (1) |
2027 | 1,089 |  |  | 87 |  |  | (1) |
2028 | 1,111 |  |  | 89 |  |  | (1) |
Thereafter in the succeeding five years | 5,802 |  |  | 471 |  |  | (4) |

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