Company: PCG-PB
Filing Date: 2025-07-31
Form Type: 10-Q
Source: 0001004980-25-000132
Chunk: 171

Company: PG&E Corp
Filing Date: 2025-07-31
Form: 10-Q
Item: Item 1A
Chunk 171
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 the Utility also assess the Wildfire Fund asset for accelerated amortization when they record or increase a Wildfire Fund receivable, or when another participating electric utility discloses a Wildfire Fund receivable. As of June 30, 2025, PG&E Corporation and the Utility recorded $193 million in Other current liabilities, $567 million in Other noncurrent liabilities, $298 million in Current assets - Wildfire Fund asset, and $3.9 billion in Noncurrent assets - Wildfire Fund asset in the Condensed Consolidated Balance Sheets.  During the three months ended June 30, 2025 and 2024, the Utility recorded amortization and accretion expense of $109 million and $78 million, respectively.  During the six months ended June 30, 2025 and 2024, the Utility recorded amortization and accretion expense of $185 million and $156 million, respectively.  The amortization of the asset, accretion of the liability, and applicable acceleration of the amortization of the asset are reflected in Wildfire Fund expense in the Condensed Consolidated Statements of Income.

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For more information, see “Wildfire Fund under AB 1054” in Note 10 below.

Oakland Headquarters PurchaseOn June 3, 2025, the Utility completed the purchase of the legal parcel that contains the Lakeside Building (the "Property"). The purchase price was $906 million, of which the Utility had prepaid a total of $400 million.  At closing, the Utility assumed a $172 million noncurrent liability for a property assessment carried by the Property and paid an additional $349 million, which was adjusted for closing costs.  The cash payment is included within the Capital expenditures line item in PG&E Corporation’s and Utility’s Condensed Consolidated Statements of Cash Flows, and the property assessment and prepayments are included in Supplemental disclosures of noncash investing and financing activities.  

Pension and Other Post-Retirement BenefitsPG&E Corporation and the Utility sponsor a non-contributory defined benefit pension plan and cash balance plan.  Both plans are included in “Pension Benefits” below.  Post-retirement medical and life insurance plans are included in “Other Benefits” below.The net periodic benefit costs reflected in PG&E Corporation’s Condensed Consolidated Financial Statements for the three and six months ended June 30, 2025 and 2024 were as follows:Pension BenefitsOther BenefitsThree Months Ended June