Company: PCG-PB
Filing Date: 2025-02-13
Form Type: 10-K
Source: 0001004980-25-000010
Chunk: 201

Company: PG&E Corp
Filing Date: 2025-02-13
Form: 10-K
Item: Item 8
Chunk 201
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 through rates.  Accordingly, unrealized gains and losses are deferred in regulatory liabilities and assets and net income is not impacted.

Financial InstrumentsPG&E Corporation and the Utility use the following methods and assumptions in estimating fair value for financial instruments: the fair values of cash, net accounts receivable, short-term borrowings, accounts payable, customer deposits, and the Utility’s variable rate pollution control bond loan agreements approximate their carrying values as of December 31, 2024 and December 31, 2023, as they are short-term in nature.The carrying amount and fair value of PG&E Corporation’s and the Utility’s long-term debt instruments were as follows (the table below excludes financial instruments with carrying values that approximate their fair values): At December 31, 2024At December 31, 2023(in millions)Carrying AmountLevel 2 Fair ValueCarrying AmountLevel 2 Fair ValueDebt (Note 4)    PG&E Corporation (1)$5,358 $5,829 $4,548 $4,695 Utility37,812 34,532 35,909 32,866 (1) As of December 31, 2024, the net carrying amount and the estimated fair value (Level 2) of the Convertible Notes were $2.1 billion and $2.2 billion, respectively.

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Nuclear Decommissioning Trust InvestmentsThe following table provides a summary of equity securities and available-for-sale debt securities:(in millions)AmortizedCostTotalUnrealizedGainsTotalUnrealizedLossesTotal FairValueAs of December 31, 2024    Nuclear decommissioning trusts    Short-term investments$54 $— $(1)$53 Global equity securities353 1,907 (10)2,250 Fixed-income securities2,341 20 (84)2,277 Total (1)$2,748 $1,927 $(95)$4,580 As of December 31, 2023    Nuclear decommissioning trusts    Short-term investments$52 $— $— $52 Global equity securities381 1,792 (11)2,162 Fixed-income securities2,103 60 (86)2,077 Total (1)$2,536 $1,852 $(97)$4,291 (1) Represents amounts before