Company: PCG-PB
Filing Date: 2025-02-13
Form Type: 10-K
Source: 0001004980-25-000010
Chunk: 198

Company: PG&E Corp
Filing Date: 2025-02-13
Form: 10-K
Item: Item 8
Chunk 198
---
 Total customer credit trust149 84 — — 233 Price risk management instruments (Note 10)    Electricity— 7 404 (1)410 Gas— 3 — 43 46 Total price risk management instruments— 10 404 42 456 Rabbi trusts    Short-term investments102 — — — 102 Global equity securities5 — — — 5 Life insurance contracts— 65 — — 65 Total rabbi trusts107 65 — — 172 Long-term disability trust    Short-term investments7 — — — 7 Assets measured at NAV— — — — 139 Total long-term disability trust7 — — — 146 TOTAL ASSETS$3,830 $1,068 $404 $42 $5,501 Liabilities:    Price risk management instruments (Note 10)    Electricity$— $43 $213 $(6)$250 Gas— 76 — (48)28 TOTAL LIABILITIES$— $119 $213 $(54)$278 (1) Includes the effect of the contractual ability to settle contracts under master netting agreements and cash collateral.(2) Represents amount before deducting $717 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 years ended December 31, 2024 or 2023.

136

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