PG&E 2013 Annual Report Download - page 92
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)
NOTE 11: EMPLOYEE BENEFIT PLANS (Continued)
Other Benefits
2013 2012
(in millions)
Change in plan assets:
Fair value of plan assets at January 1 ...................... $ 1,758 $ 1,491
Actual return on plan assets .............................. 64 191
Company contributions ................................. 145 149
Plan participant contribution ............................. 64 55
Benefits and expenses paid .............................. (139) (128)
Fair value of plan assets at December 31 .................... $ 1,892 $ 1,758
Change in benefit obligation:
Benefit obligation at January 1 ........................... $ 1,940 $ 1,885
Service cost for benefits earned ........................... 53 49
Interest cost ......................................... 74 83
Actuarial gain ........................................ (415) (23)
Plan amendments ..................................... — 5
Benefits paid ......................................... (123) (119)
Federal subsidy on benefits paid ........................... 4 5
Plan participant contributions ............................. 64 55
Benefit obligation at December 31 ......................... $ 1,597 $ 1,940
Funded status(1):
Noncurrent asset ...................................... $ 352 $ —
Noncurrent liability .................................... (57) (181)
Accrued benefit cost at December 31 ....................... $ 295 $ (181)
(1) At December 31, 2013, the postretirement medical plan was in an overfunded position and the postretirement life insurance plan
was in an underfunded position. At December 31, 2012, both the postretirement medical plan and the postretirement life
insurance plan were in underfunded positions.
There was no material difference between PG&E Corporation and the Utility for the information disclosed
above.
Components of Net Periodic Benefit Cost
Net periodic benefit cost as reflected in PG&E Corporation’s Consolidated Statements of Income was as
follows:
Pension Benefits
2013 2012 2011
(in millions)
Service cost for benefits earned ................ $ 468 $ 396 $ 320
Interest cost .............................. 627 658 660
Expected return on plan assets ................ (650) (598) (669)
Amortization of prior service cost .............. 20 20 34
Amortization of net actuarial loss .............. 111 123 50
Net periodic benefit cost ................... 576 599 395
Less: transfer to regulatory account(1) .......... (238) (301) (139)
Total ................................... $ 338 $ 298 $ 256
(1) The Utility recorded these amounts to a regulatory account as they are probable of recovery from customers in future rates.
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