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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 3 Months Ended
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Mar. 31, 2024
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 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 |
(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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