PG&E 2009 Annual Report Download - page 94

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The carrying amount and fair value of PG&E Corporation’s and the Utility’s financial instruments were as follows (the
table below excludes financial instruments with carrying values that approximate their fair values):
At December 31,
2009 2008
(in millions) Carrying
Amount Fair
Value Carrying
Amount Fair
Value
Debt (Note 4):
PG&E Corporation $ 597 $1,096 $ 280 $ 739
Utility 9,240 9,824 8,740 9,134
Energy recovery bonds (Note 5) 1,213 1,269 1,583 1,564
LEVEL 3 ROLLFORWARD
The following table is a reconciliation of changes in fair value of PG&E Corporation’s instruments that have been
classified as Level 3 in the fair value hierarchy for the years ended 2009 and 2008:
PG&E Corporation
Only PG&E Corporation and the Utility
(in millions) Money
Market
Dividend
Participation
Rights
Price Risk
Management
Instruments
Nuclear
Decommissioning
Trusts Equity
Securities(1)
Long-
Term
Disability
Equity
Securities
Long-
Term
Disability
Corp.
Debt
Securities Other Total
Asset (Liability) Balance as of January 1,
2008 $ — $(68) $ 115 $ 8 $ 61 $ 26 $(4) $ 138
Realized and unrealized gains (losses):
Included in earnings — (3) — (35) 1 — (37)
Included in regulatory assets and
liabilities
or balancing accounts — — (271) (3) — — 2 (272)
Purchases, issuances, and settlements (50) 29 — — 28 (3) — 4
Transfers in to (out of) Level 3 62 — — — — — — 62
Asset (Liability) Balance as of
December 31, 2008 $ 12 $(42) $(156) $ 5 $ 54 $ 24 $(2) $(105)
Realized and unrealized gains (losses):
Included in earnings — 2 — 12 3 — 17
Included in regulatory assets and
liabilities or balancing accounts — — (61) 1 — — (1) (61)
Purchases, issuances, and settlements (8) 28 — — (43) 86 — 63
Transfers in to (out of) Level 3 — — — (6) (23) (113) — (142)
Asset (Liability) Balance as of
December 31, 2009 $ 4 $(12) $(217) $ — $ — $ — $(3) $(228)
(1) Excludes deferred taxes on appreciation of investment value.
Earnings for the period were impacted by a $17 million unrealized gain relating to assets or liabilities still held at
December 31, 2009.
PG&E Corporation and the Utility did not have any nonrecurring financial measurements as of December 31, 2009.
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