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Balance Sheet Components (Notes) | 6 Months Ended
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Jun. 30, 2011
Balance Sheet Components Note [Abstract] |
BALANCE SHEET COMPONENTS | BALANCE SHEET COMPONENTS Accounts Receivable, Net Accounts receivable is net of an allowance for uncollectible accounts of $5 million as of June 30, 2011 and December 31, 2010. The activity in the allowance for uncollectible accounts is as follows (in millions):
| Six Months Ended June 30,
| 2011 |  | 2010
Balance as of beginning of period | $ | 5 |  |  | $ | 5 |
Provision, net | 3 |  |  | 3 |
Amounts written off, less recoveries | (3 | ) |  | (3 | )
Balance as of end of period | $ | 5 |  |  | $ | 5 |
Inventories Inventories consist primarily of materials, supplies, and fuel. Materials and supplies inventories are used in operations and maintenance and capital activities, and are recorded at average cost. Fuel inventories include natural gas, coal, and oil and are used in PGE’s generating plants. Natural gas is recorded at the lower of average cost or market, with coal and oil recorded at average cost. Electric Utility Plant, Net Electric utility plant, net consists of the following (in millions):
| June 30, 2011 |  | December 31, 2010
Electric utility plant | $ | 6,458 |  |  | $ | 6,279 |
Construction work in progress | 121 |  |  | 125 |
Total cost | 6,579 |  |  | 6,404 |
Less: accumulated depreciation and amortization | (2,352 | ) |  | (2,271 | )
Electric utility plant, net | $ | 4,227 |  |  | $ | 4,133 |
In 2011, $7 million of costs related to the Cascade Crossing Transmission Project were transferred to Construction work in progress. Such costs were previously included within preliminary engineering, which is included in Other noncurrent assets in the condensed consolidated balance sheets. Accumulated depreciation and amortization in the table above includes accumulated amortization related to intangible assets of $143 million and $133 million as of June 30, 2011 and December 31, 2010, respectively. Amortization expense related to intangible assets was $5 million and $4 million for the three months ended June 30, 2011 and 2010, respectively, and $9 million and $7 million for the six months ended June 30, 2011 and 2010, respectively. Regulatory Assets and Liabilities Regulatory assets and liabilities consist of the following (in millions):
| June 30, 2011 |  | December 31, 2010
| Current |  | Noncurrent |  | Current |  | Noncurrent
Regulatory assets: |  |  |  |  |  |  |
Price risk management | $ | 153 |  |  | $ | 142 |  |  | $ | 175 |  |  | $ | 185 |
Pension and other postretirement plans | — |  |  | 207 |  |  | — |  |  | 213 |
Deferred income taxes | — |  |  | 91 |  |  | — |  |  | 95 |
Deferred broker settlements | 12 |  |  | — |  |  | 24 |  |  | — |
Renewable energy deferral | 12 |  |  | — |  |  | 22 |  |  | — |
Debt reacquisition costs | — |  |  | 22 |  |  | — |  |  | 23 |
Other | 7 |  |  | 19 |  |  | — |  |  | 28 |
Total regulatory assets | $ | 184 |  |  | $ | 481 |  |  | $ | 221 |  |  | $ | 544 |
Regulatory liabilities: |  |  |  |  |  |  |
Asset retirement removal costs | $ | — |  |  | $ | 612 |  |  | $ | — |  |  | $ | 588 |
Asset retirement obligations | — |  |  | 34 |  |  | — |  |  | 33 |
Power cost adjustment mechanism | — |  |  | 12 |  |  | — |  |  | — |
Regulatory treatment of income taxes (SB 408) | 8 |  |  | 1 |  |  | 5 |  |  | 9 |
Trojan ISFSI pollution control tax credits | 9 |  |  | 5 |  |  | 18 |  |  | 4 |
Other | 2 |  |  | 28 |  |  | 2 |  |  | 23 |
Total regulatory liabilities | $ | 19 |  |  | $ | 692 |  |  | $ | 25 |  |  | $ | 657 |
In May 2011, Oregon Senate Bill 967 (SB 967) was enacted, which repealed previously existing statutes (collectively referred to as ‘SB 408’) governing the annual adjustment of public utility rates to account for differences in taxes paid by electricity and natural gas utilities and amounts collected from customers for taxes. SB 967 is effective beginning with the annual filing pertaining to 2010. Accordingly, no annual SB 408 reports or corresponding price adjustments will be required for 2010 and subsequent years. The enactment of SB 967 did not have a material impact on PGE’s consolidated financial statements as minor amounts had been recorded related to SB 408 for 2011 or 2010 as of June 30, 2011 or December 31, 2010. With the enactment of SB 967, taxes paid by electricity and natural gas utilities will be considered in connection with general ratemaking proceedings. Other Current Liabilities Other current liabilities consist of the following (in millions):
| June 30, 2011 |  | December 31, 2010
Accrued interest payable | $ | 26 |  |  | $ | 26 |
Accrued taxes payable | 19 |  |  | 22 |
Accrued dividends payable | 21 |  |  | 20 |
Other | 8 |  |  | 10 |
Total other current liabilities | $ | 74 |  |  | $ | 78 |
Other Noncurrent Liabilities During the first half of 2011, an updated decommissioning study for the Company’s Boardman coal-fired plant was completed, which assumed that Boardman’s coal-fired operations cease in 2020. As a result of the study, PGE increased its asset retirement obligation related to Boardman by approximately $23 million, with a corresponding increase in the cost basis of the plant, included in Electric utility plant, net on the condensed consolidated balance sheets. Credit Facilities PGE has the following unsecured revolving credit facilities:
• | A $370 million syndicated credit facility, with $10 million and $360 million scheduled to terminate in July 2012 and July 2013, respectively;
• | A $200 million syndicated credit facility, which is scheduled to terminate in December 2012; and
• | A $30 million credit facility, which is scheduled to terminate in June 2013.
Pursuant to the individual terms of the agreements, all credit facilities may be used for general corporate purposes and as backup for commercial paper borrowings. The $370 million and $30 million credit facilities also permit the issuance of standby letters of credit. All credit facilities contain customary covenants and default provisions, including a requirement that limits consolidated indebtedness, as defined in the agreements, to 65% of total capitalization. As of June 30, 2011, PGE was in compliance with this covenant with a 52.2% debt to total capital ratio. The Company has a commercial paper program under which it may issue commercial paper for terms of up to 270 days, limited to the unused amount of credit under the credit facilities. Pursuant to an order issued by the Federal Energy Regulatory Commission (FERC), the Company is authorized to issue short-term debt up to $750 million through February 6, 2012. The authorization contains a standard provision which provides that if utility assets financed by unsecured debt are divested, then a proportionate share of the unsecured debt must also be divested. As of June 30, 2011, PGE had $126 million of letters of credit and no commercial paper or borrowings outstanding under the credit facilities. As of June 30, 2011, the aggregate unused credit available under the credit facilities was $474 million. Pension and Other Postretirement Benefits Components of net periodic benefit cost are as follows for the three months ended June 30 (in millions):
| Defined Benefit Pension Plan |  | Other Postretirement Benefit Plans |  | Non-Qualified Benefit Plans
| 2011 |  | 2010 |  | 2011 |  | 2010 |  | 2011 |  | 2010
Service cost | $ | 3 |  |  | $ | 3 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Interest cost | 7 |  |  | 7 |  |  | 1 |  |  | 1 |  |  | — |  |  | — |
Expected return on plan assets | (10 | ) |  | (10 | ) |  | — |  |  | — |  |  | — |  |  | — |
Amortization of net actuarial gain | 2 |  |  | 1 |  |  | — |  |  | 1 |  |  | — |  |  | — |
Net periodic benefit cost | $ | 2 |  |  | $ | 1 |  |  | $ | 1 |  |  | $ | 2 |  |  | $ | — |  |  | $ | — |
Components of net periodic benefit cost are as follows for the six months ended June 30 (in millions):
| Defined Benefit Pension Plan |  | Other Postretirement Benefit Plans |  | Non-Qualified Benefit Plans
| 2011 |  | 2010 |  | 2011 |  | 2010 |  | 2011 |  | 2010
Service cost | $ | 6 |  |  | $ | 6 |  |  | $ | 1 |  |  | $ | 1 |  |  | $ | — |  |  | $ | — |
Interest cost | 14 |  |  | 14 |  |  | 2 |  |  | 2 |  |  | 1 |  |  | 1 |
Expected return on plan assets | (20 | ) |  | (20 | ) |  | — |  |  | — |  |  | — |  |  | — |
Amortization of net actuarial gain | 4 |  |  | 2 |  |  | — |  |  | 1 |  |  | — |  |  | — |
Net periodic benefit cost | $ | 4 |  |  | $ | 2 |  |  | $ | 3 |  |  | $ | 4 |  |  | $ | 1 |  |  | $ | 1 |

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