Company: PCG-PB
Filing Date: 2025-10-23
Form Type: 10-Q
Source: 0001004980-25-000148
Chunk: 203

Company: PG&E Corp
Filing Date: 2025-10-23
Form: 10-Q
Item: Item 1A
Chunk 203
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 2024, as they are short-term in nature.

71

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 September 30, 2025At December 31, 2024(in millions)Carrying AmountLevel 2 Fair ValueCarrying AmountLevel 2 Fair ValueDebt (Note 4)    PG&E Corporation (1)$5,363 $5,697 $5,358 $5,829 Utility38,151 35,565 37,812 34,532 (1) As of September 30, 2025, the net carrying amount and the estimated fair value (Level 2) of the Convertible Notes were $2.1 billion and $2.2 billion, respectively.

Nuclear Decommissioning Trust InvestmentsThe following table provides a summary of equity securities and available-for-sale debt securities:(in millions)AmortizedCostTotalUnrealizedGainsTotalUnrealizedLossesTotal FairValueAs of September 30, 2025    Nuclear decommissioning trusts    Short-term investments$34 $— $— $34 Global equity securities382 2,142 (6)2,518 Fixed-income securities2,495 52 (49)2,498 Total (1)$2,911 $2,194 $(55)$5,050 As 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 (1) Represents amounts before deducting $860 million and $747 million as of September 30, 2025 and December 31, 2024, respectively, primarily related to deferred taxes on appreciation of investment value.

The fair value of fixed-income securities by contractual maturity is as follows: As of(in millions)September 30, 2025Less than 1 year$124 1–5 years726 5–10 years594 More than 10 years1,054 Total maturities of