v3.25.0.1
EMPLOYEE BENEFIT PLANS (Tables)
 12 Months Ended
Dec. 31, 2024
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 2024 and 2023:

Pension Plan
(in millions)20242023
Change in plan assets:
Fair value of plan assets at beginning of year$17,211 $16,369 
Actual return on plan assets218 1,518 
Company contributions337 336 
Benefits and expenses paid(999)(1,012)
Fair value of plan assets at end of year$16,767 $17,211 
Change in benefit obligation:
Benefit obligation at beginning of year$17,697 $16,608 
Service cost for benefits earned396 379 
Interest cost916 913 
Actuarial loss (gain) (1)
(424)809 
Benefits and expenses paid(1,000)(1,012)
Benefit obligation at end of year (2)
$17,585 $17,697 
Funded Status:
Current liability$(10)$(9)
Noncurrent liability(808)(477)
Net liability at end of year
$(818)$(486)
(1) The actuarial gain for the year ended December 31, 2024 was due to an increase in the discount rate used to measure the projected benefit obligation, offset by an unfavorable return on plan assets and unfavorable changes in the demographic assumptions; 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.
(2) PG&E Corporation’s accumulated benefit obligation was $15.8 billion and $16.3 billion at December 31, 2024 and 2023, respectively.
Postretirement Benefits Other than Pensions
(in millions)20242023
Change in plan assets:
Fair value of plan assets at beginning of year$2,499 $2,336 
Actual return on plan assets74 260 
Company contributions5 5 
Plan participant contribution84 81 
Benefits and expenses paid(191)(183)
Fair value of plan assets at end of year$2,471 $2,499 
Change in benefit obligation:
Benefit obligation at beginning of year$1,377 $1,339 
Service cost for benefits earned41 38 
Interest cost71 73 
Actuarial loss (gain) (1)
(123)8 
Benefits and expenses paid(174)(165)
Federal subsidy on benefits paid3 3 
Plan participant contributions84 81 
Benefit obligation at end of year$1,279 $1,377 
Funded Status: (2)
Noncurrent asset$1,192 $1,122 
Noncurrent liability— — 
Net asset at end of year$1,192 $1,122 
(1) The actuarial gain for the year ended December 31, 2024 was primarily due to an increase in the discount rate used to measure the accumulated benefit obligations and favorable changes in demographic assumptions, offset by an unfavorable return on plan assets. 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.
(2) At December 31, 2024 and 2023, 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 $261 million and $296 million as of December 31, 2024, and $275 million and $292 million as of December 31, 2023, 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)202420232022
Service cost for benefits earned (1)
$396 $379 $575 
Interest cost916 913 692 
Expected return on plan assets(1,014)(981)(1,189)
Amortization of prior service cost(3)(4)(4)
Amortization of net actuarial loss1 1 2 
Net periodic benefit cost296 308 76 
Less: transfer to regulatory account (2)
39 25 254 
Total expense recognized$335 $333 $330 
(1) A portion of service costs are capitalized pursuant to ASC 715.
(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)202420232022
Service cost for benefits earned (1)
$41 $38 $62 
Interest cost71 73 53 
Expected return on plan assets(139)(132)(130)
Amortization of prior service cost3 3 7 
Amortization of net actuarial gain(23)(19)(40)
Special termination benefits— — 22 
Net periodic benefit cost$(47)$(37)$(26)
(1) A portion of service costs are capitalized pursuant to ASC 715.
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 PlanPBOP Plans
 December 31,December 31,
 202420232022202420232022
Discount rate5.76 %5.21 %5.54 %
5.71 - 5.76%
5.18 - 5.22%
5.50 - 5.54%
Rate of future compensation increases4.80 %3.80 %3.80 %N/AN/AN/A
Expected return on plan assets6.40 %6.00 %6.10 %
3.90 - 7.20%
3.70 - 7.00%
3.70 - 7.30%
Interest crediting rate for cash balance plan4.41 %3.86 %4.19 %N/AN/AN/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 PlanPBOP Plans
 202520242023202520242023
Global equity securities26 %26 %26 %30 %29 %28 %
Absolute return1 %1 %1 %— %— %1 %
Real assets8 %8 %8 %3 %3 %3 %
Fixed-income securities65 %65 %65 %67 %68 %68 %
Total100 %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, 2024 and 2023.
 Fair Value Measurements
 At December 31,
 20242023
(in millions)Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Pension Plan:        
Short-term investments$126 $47 $— $173 $565 $86 $— $651 
Global equity securities1,310 — — 1,310 1,270 — — 1,270 
Real assets437 — — 437 472 — — 472 
Fixed-income securities2,180 6,367 16 8,563 1,926 6,802 13 8,741 
Assets measured at NAV— — — 6,284 — — — 6,080 
Total$4,053 $6,414 $16 $16,767 $4,233 $6,888 $13 $17,214 
PBOP Plans:        
Short-term investments$27 $— $— $27 $30 $— $— $30 
Global equity securities60 — — 60 66 — — 66 
Real assets20 — — 20 32 — — 32 
Fixed-income securities431 751 1 1,183 422 795 1 1,218 
Assets measured at NAV— — — 1,181 — — — 1,160 
Total$538 $751 $1 $2,471 $550 $795 $1 $2,506 
Total plan assets at fair value   $19,238    $19,720 
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, 2024 and 2023:
(in millions)
For the year ended December 31, 2024
Fixed-Income
Balance at beginning of year$13 
Actual return on plan assets:
Relating to assets still held at the reporting date9 
Relating to assets sold during the period(9)
Purchases, issuances, sales, and settlements:
Purchases14 
Settlements(11)
Balance at end of year$16 
  
(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 date2 
Relating to assets sold during the period(1)
Purchases, issuances, sales, and settlements:
Purchases10 
Settlements(6)
Balance at end of year$13 
Schedule of Estimated Benefits Expected to be Paid
As of December 31, 2024, 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
2025969 81 (1)
20261,055 84 (1)
20271,083 87 (2)
20281,109 89 (2)
20291,133 91 (2)
2030-20345,997 473 (11)