Company: PCG-PB
Filing Date: 2025-02-13
Form Type: 10-K
Source: 0001004980-25-000010
Chunk: 209

Company: PG&E Corp
Filing Date: 2025-02-13
Form: 10-K
Item: Item 8
Chunk 209
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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 In addition to the total plan assets disclosed at fair value in the table above, the trusts had other net liabilities of zero and $10 million at December 31, 2024 and 2023, respectively, comprised primarily of cash, accounts receivable, deferred taxes, and accounts payable.Valuation TechniquesThe following describes the valuation techniques used to measure the fair value of the assets and liabilities shown in the table above.  All investments that are valued using a NAV per share can be redeemed quarterly with a notice not to exceed 90 days.Short-Term InvestmentsShort-term investments consist primarily of commingled funds across government, credit, and asset-backed sectors.  These securities are categorized as Level 1 and Level 2 assets.

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Global Equity SecuritiesThe global equity category includes investments in common stock and equity-index futures.  Equity investments in common stock are actively traded on public exchanges and are therefore considered Level 1 assets.  These equity investments are generally valued based on unadjusted prices in active markets for identical securities.  Equity-index futures are valued based on unadjusted prices in active markets and are Level 1 assets.Real AssetsThe real asset category includes portfolios of commodity futures, global REITS, global listed infrastructure equities, and private real estate funds.  The commodity futures, global REITS, and global listed infrastructure equities are actively traded on a public exchange and are therefore considered Level 1 assets.Fixed-Income SecuritiesFixed-income securities are primarily composed of U.S. government and agency securities, municipal securities, and other fixed-income securities, including corporate debt securities.  U.S. government and agency securities primarily consist of U.S. Treasury securities that are classified as Level 1 because the fair value is determined by observable market prices in active markets.  A market approach is generally used to estimate the fair value of debt securities classified as Level 2 using evaluated pricing data such as broker quotes, for similar securities adjusted for observable differences.  Significant inputs used in the valuation model generally include benchmark yield curves and issuer spreads.  The external credit ratings, coupon rate, and maturity of each security are considered