2010 FERC Form 1 - Pacific Gas and Electric Company

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Name of Respondent PACIFIC GAS AND ELECTRIC COMPANY This Report is: (1) X An Original (2) A Resubmission Date of Report (Mo, Da, Yr) 04/08/2011 Year/Period of Report 2010/Q4 NOTES TO FINANCIAL STATEMENTS (Continued) On February 16, 2010, the Utility amended its contributory postretirement medical plans for retirees to provide for additional employer contributions towards retiree premiums. The plan amendment was accounted for as a plan modification that required re-measurement of the accumulated benefit obligation, plan assets, and periodic benefit costs. The inputs and assumptions used in re-measurement did not change significantly from December 31, 2009 and did not have a material impact on the funded status of the plans. The re-measurement of the accumulated benefit obligation and plan assets resulted in an increase to other postretirement benefits and a decrease to other comprehensive income of $148 million. The impact to net periodic benefit cost was not material. Components of Net Periodic Benefit Cost Net periodic benefit cost as reflected in PG&E Corporation’s Consolidated Statements of Income for 2010, 2009, and 2008 is as follows: Pension Benefits December 31, (in millions) 2010 2009 2008 Service cost for benefits earned $ 279 $ 259 $ 236 Interest cost 645 624 581 Expected return on plan assets (624) (579) (696) Amortization of prior service cost 53 53 47 Amortization of unrecognized loss 44 101 1 Net periodic benefit cost 397 458 169 Less: transfer to regulatory account (1) (233) (294) (4) Total $ 164 $ 164 $ 165 (1) The Utility recorded $233 million, $295 million, and $4 million for the years ended December 31, 2010, 2009, and 2008, respectively, to a regulatory account as the amounts are probable of recovery from customers in future rates. December 31, (in millions) 2010 2009 2008 Service cost for benefits earned $ 279 $ 259 $ 236 Interest cost 645 624 581 Expected return on plan assets (624) (579) (696) Amortization of prior service cost 53 53 47 Amortization of unrecognized loss 44 101 1 Net periodic benefit cost 397 458 169 Less: transfer to regulatory account (1) (233) (294) (4) Total $ 164 $ 164 $ 165 (1) The Utility recorded $233 million, $295 million, and $4 million for the years ended December 31, 2010, 2009, and 2008, respectively, to a regulatory account as the amounts are probable of recovery from customers in future rates. Other Benefits December 31, (in millions) 2010 2009 2008 Service cost for benefits earned $ 36 $ 30 $ 29 Interest cost 88 87 81 Expected return on plan assets (74) (68) (93) Amortization of transition obligation 26 26 26 Amortization of prior service cost 25 16 16 FERC FORM NO. 1 (ED. 12-88) Page 123.40
Name of Respondent PACIFIC GAS AND ELECTRIC COMPANY This Report is: (1) X An Original (2) A Resubmission Date of Report (Mo, Da, Yr) 04/08/2011 Year/Period of Report 2010/Q4 NOTES TO FINANCIAL STATEMENTS (Continued) Amortization of unrecognized loss (gain) 3 3 (15) Net periodic benefit cost $ 104 $ 94 $ 44 There was no material difference between PG&E Corporation and the Utility for the information disclosed above. Components of Accumulated Other Comprehensive Income (Loss) PG&E Corporation and the Utility record the net periodic benefit cost for pension benefits and other benefits as a component of accumulated other comprehensive income (loss), net of tax. Net periodic benefit cost is composed of unrecognized prior service costs, unrecognized gains and losses, and unrecognized net transition obligations as components of accumulated other comprehensive income, net of tax. (See Note 2 above.) Regulatory adjustments are recorded in the Consolidated Statements of Income and Consolidated Balance Sheets to reflect the difference between pension expense or income for accounting purposes and pension expense or income for ratemaking, which is based on a funding approach. A regulatory adjustment is also recorded for the amounts that would otherwise be charged to accumulated other comprehensive income for the pension benefits related to the Utility’s defined benefit pension plan. The Utility would record a regulatory liability for a portion of the credit balance in accumulated other comprehensive income, should the other benefits be in an overfunded position. However, this recovery mechanism does not allow the Utility to record a regulatory asset for an underfunded position related to other benefits. Therefore, the charge remains in accumulated other comprehensive income (loss) for other benefits. Pension Benefits The estimated amounts that will be amortized into net periodic benefit cost for PG&E Corporation in 2011 are as follows: (in millions) Unrecognized prior service cost $ 35 Unrecognized net loss 48 Total $ 83 Other Benefits (in millions) Unrecognized prior service cost $ 26 Unrecognized net loss 4 Unrecognized net transition obligation 26 Total $ 56 There were no material differences between the estimated amounts that will be amortized into net period benefit costs for PG&E Corporation and the Utility. Medicare Prescription Drug, Improvement and Modernization Act of 2003 The Medicare Prescription Drug, Improvement, and Modernization Act of 2003 establishes a prescription drug benefit under Medicare (“Medicare Part D”) and a tax-exempt federal subsidy to sponsors of retiree health care benefit plans that provide a benefit that actuarially is at least equivalent to Medicare Part D. PG&E Corporation and the Utility determined that benefits provided to certain participants actuarially will be at least equivalent to Medicare Part D. Therefore, PG&E Corporation and the Utility are entitled to a tax-exempt subsidy that reduced the accumulated postretirement benefit obligation under the defined benefit medical plan at December 31, 2010 and 2009 and reduced the net periodic cost for 2010 and 2009 by the following amounts: (in millions) 2010 2009 Accumulated postretirement benefit obligation reduction $ 72 $ 71 FERC FORM NO. 1 (ED. 12-88) Page 123.41
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2010 ANNUAL REPORT of Pacific Gas a
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FERC FORM NO. 1 (REV. 12-03) Page 4
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SELECTED FINANCIAL DATA - CLASS A,
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2010 FERC Form 1 - Pacific Gas and Electric Company

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