Company: PCG-PB
Filing Date: 2025-04-24
Form Type: 10-Q
Source: 0001004980-25-000087
Chunk: 55

Company: PG&E Corp
Filing Date: 2025-04-24
Form: 10-Q
Item: Part I, Item 8
Chunk 55
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 participating electric utilities.  The estimated life of the fund has a high degree of uncertainty for many of these assumptions, and so subsequent changes could materially impact the remaining estimated life of the fund.  PG&E Corporation and the Utility have an established process to re-evaluate the estimated life of the fund whenever they obtain new significant fire-loss data.  PG&E Corporation and the Utility consider significant fire-loss data to include Cal Fire’s annual release of the prior year’s fire-loss data, internally developed data about wildfires and wildfire conditions in their own service area, and other participating electric utilities’ public disclosures of probable and estimable wildfire-related losses in their service area.  PG&E Corporation and the Utility are not able to independently verify other utilities’ estimates.  During each re-evaluation, PG&E Corporation and the Utility update their assumptions and the dataset of historical fire-losses for wildfires caused by electrical equipment, as applicable.  Based upon the outcome of the newly run Monte Carlo simulations, PG&E Corporation and the Utility may determine to increase or decrease, as applicable, the estimated life of the fund.In addition to estimating the life of the fund, PG&E Corporation and 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 March 31, 2025, PG&E Corporation and the Utility recorded $193 million in Other current liabilities, $566 million in Other noncurrent liabilities, $301 million in Current assets - Wildfire Fund asset, and $4.0 billion in Noncurrent assets - Wildfire Fund asset in the Condensed Consolidated Balance Sheets.  During the three months ended March 31, 2025 and 2024, the Utility recorded amortization and accretion expense of $76 million and $78 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.For more information, see “Wildfire Fund under AB 1054” in Note 10 below.

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.

50

The net