Company: PCG-PB
Filing Date: 2025-10-23
Form Type: 10-Q
Source: 0001004980-25-000148
Chunk: 200

Company: PG&E Corp
Filing Date: 2025-10-23
Form: 10-Q
Item: Item 1A
Chunk 200
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 Price risk management instruments (Note 8)    Electricity$— $37 $248 $(6)$279 Gas— 34 — (10)24 TOTAL LIABILITIES$— $71 $248 $(16)$303 (1) Includes the effect of the contractual ability to settle contracts under master netting agreements and cash collateral.(2) Represents amount before deducting $747 million primarily related to deferred taxes on appreciation of investment value.

Valuation TechniquesThe following describes the valuation techniques used to measure the fair value of the assets and liabilities shown in the tables above.  There are no restrictions on the terms and conditions upon which the investments may be redeemed.  There were no material transfers between any levels for the nine months ended September 30, 2025 or 2024.

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Trust AssetsAssets Measured at Fair ValueIn general, investments held in the trusts are exposed to various risks, such as interest rate, credit, and market volatility risks.  Nuclear decommissioning trust assets, customer credit trust assets and other trust assets are composed primarily of equity and fixed-income securities and also include short-term investments that are money market funds classified as Level 1.Global equity securities primarily include investments in common stock that are valued based on quoted prices in active markets and are classified as Level 1.Fixed-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 fixed-income 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 in the valuation model, as applicable.Assets Measured at NAV Using Practical ExpedientInvestments in the nuclear decommissioning trusts and the long-term disability trust that are measured at fair value using the NAV per share practical expedient have not been classified in the fair value hierarchy tables above.  The fair value amounts are included in the tables above in order to reconcile to the amounts presented in the Condensed Consolidated Balance Sheets.  These investments include commingled funds that are composed of equity securities