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) Other Benefits: U.S. Equity $ 104 $ 230 $ - $ 334 Non-U.S. Equity 118 80 - 198 Global Equity 18 29 - 47 Absolute Return - - 47 47 Fixed Income: U.S. Government 73 14 - 87 Corporate 8 457 129 594 Other 3 21 10 34 Cash Equivalents 13 - - 13 Total $ 337 $ 831 $ 186 $ 1,354 Other Assets 38 Total Plan Assets at Fair Value $ 11,587 Fair Value Measurements as of December 31, 2009 (in millions) Level 1 Level 2 Level 3 Total Pension Benefits: U.S. Equity $ 411 $ 2,065 $ - $ 2,476 Non-U.S. Equity 316 1,018 - 1,334 Global Equity 162 317 - 479 Absolute Return - - 340 340 Fixed Income: U.S. Government 585 262 - 847 Corporate 25 2,455 531 3,011 Other (8) 233 190 415 Cash Equivalents 378 31 - 409 Total $ 1,869 $ 6,381 $ 1,061 $ 9,311 Other Benefits: U.S. Equity $ 88 $ 218 $ - $ 306 Non-U.S. Equity 81 68 - 149 Global Equity - 8 - 8 Absolute Return - - 32 32 Fixed Income: U.S. Government 40 15 - 55 Corporate 82 275 124 481 Other (1) 13 17 29 Cash Equivalents 111 - - 111 Total $ 401 $ 597 $ 173 $ 1,171 Other Assets 17 Total Plan Assets at Fair Value $ 10,499 Equity Securities The U.S., Non-U.S., and combined Global Equity categories include equity investments in common stock and commingled funds comprised of equity across multiple industries and regions of the world. Equity investments in common stock are actively traded on a public exchange and are therefore considered Level 1 assets. These equity investments are generally valued based on unadjusted prices in active markets for identical securities. Commingled funds are maintained by investment companies for large institutional investors and are not publicly traded. Commingled funds are comprised primarily of underlying equity securities that are publicly traded on exchanges, and price quotes for the assets held by these funds are readily observable and available. Commingled funds are categorized as Level 2 assets. FERC FORM NO. 1 (ED. 12-88) Page 123.44
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) Absolute Return The Absolute Return category includes portfolios of hedge funds that are valued based on a variety of proprietary and non-proprietary valuation methods, including unadjusted prices for publicly-traded securities in active markets. Hedge funds are considered Level 3 assets. Fixed Income The Fixed Income category includes U.S. government securities, corporate securities, and other fixed income securities. U.S. government fixed income primarily consists of U.S. Treasury notes and U.S. government bonds that are valued based on quoted market prices or evaluated pricing data for similar securities adjusted for observable differences. These securities are categorized as Level 1 or Level 2 assets. Corporate fixed income primarily includes investment grade bonds of U.S. issuers across multiple industries that are valued based on a compilation of primarily observable information or broker quotes in non-active markets. The fair value of corporate bonds is determined using recently executed transactions, market price quotations (where observable), bond spreads or credit default swap spreads obtained from independent external parties such as vendors and brokers adjusted for any basis difference between cash and derivative instruments. These securities are classified as Level 2 assets. Corporate fixed income also includes one commingled fund comprised of private corporate debt instruments. The fund is valued using pricing models and valuation inputs that are unobservable and is considered a Level 3 asset. Other fixed income primarily includes pass-through and asset-backed securities. Pass-through securities are valued based on benchmark yields created using observable market inputs and are Level 2 assets. Asset-backed securities are primarily valued based on broker quotes in non-active markets and are considered Level 3 assets. Other fixed income also includes municipal bonds and futures. Municipal bonds are valued based on a compilation of primarily observable information or broker quotes in non-active markets and are considered Level 2 assets. Futures are valued based on unadjusted prices in active markets and are Level 1 assets. Cash Equivalents Cash equivalents consist primarily of money markets and commingled funds of short-term securities that are considered Level 1 assets and valued at the net asset value of $1 per unit. The number of units held by the plan fluctuates based on the unadjusted price changes in active markets for the funds’ underlying assets. Transfers between Levels PG&E Corporation and the Utility recognize any transfers between levels in the fair value hierarchy as of the end of the reporting period. There were no significant transfers between levels for the year ended December 31, 2010. Level 3 Reconciliation The following table is a reconciliation of changes in the fair value of instruments for pension and other benefit plans that have been classified as Level 3 for the years ended December 31, 2010 and 2009: Absolute Return Corporate Fixed Income Other Fixed Income (in millions) Total Pension Benefits: Balance as of December 31, 2009 $ 340 $ 531 $ 190 $ 1,061 Actual return on plan assets: Relating to assets still held at the reporting date 44 52 5 101 FERC FORM NO. 1 (ED. 12-88) Page 123.45
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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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