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Balance Sheet Components (Notes) | 3 Months Ended
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Mar. 31, 2012
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 $6 million as of March 31, 2012 and December 31, 2011. The activity in the allowance for uncollectible accounts is as follows (in millions):
| Three Months Ended March 31,
| 2012 |  | 2011
Balance as of beginning of period | $ | 6 |  |  | $ | 5 |
Provision, net | 1 |  |  | 2 |
Amounts written off, less recoveries | (1 | ) |  | (2 | )
Balance as of end of period | $ | 6 |  |  | $ | 5 |
Inventories PGE inventories, which are recorded at average cost, consist primarily of materials and supplies for use in operations, maintenance and capital activities and fuel for use in generating plants. Fuel inventories include natural gas, coal, and oil. Periodically, the Company assesses the realizability of inventory for purposes of determining that inventory is recorded at the lower of average cost or market. Electric Utility Plant, Net Electric utility plant, net consists of the following (in millions):
| March 31, 2012 |  | December 31, 2011
Electric utility plant | $ | 6,630 |  |  | $ | 6,596 |
Construction work in progress | 129 |  |  | 120 |
Total cost | 6,759 |  |  | 6,716 |
Less: accumulated depreciation and amortization | (2,471 | ) |  | (2,431 | )
Electric utility plant, net | $ | 4,288 |  |  | $ | 4,285 |
Accumulated depreciation and amortization in the table above includes accumulated amortization related to intangible assets of $158 million and $153 million as of March 31, 2012 and December 31, 2011, respectively. Amortization expense related to intangible assets was $5 million for the three months ended March 31, 2012 and 2011. In January 2012, PGE completed construction of a $10 million, 1.75 MW solar powered electric generating facility, which was sold to, and simultaneously leased-back from, a financial institution. The Company operates the project and receives 100% of the power generated by the facility. Regulatory Assets and Liabilities Regulatory assets and liabilities consist of the following (in millions):
| March 31, 2012 |  | December 31, 2011
| Current |  | Noncurrent |  | Current |  | Noncurrent
Regulatory assets: |  |  |  |  |  |  |
Price risk management | $ | 216 |  |  | $ | 172 |  |  | $ | 194 |  |  | $ | 172 |
Pension and other postretirement plans | — |  |  | 290 |  |  | — |  |  | 295 |
Deferred income taxes | — |  |  | 85 |  |  | — |  |  | 87 |
Deferred broker settlements | 9 |  |  | — |  |  | 11 |  |  | — |
Debt reacquisition costs | — |  |  | 27 |  |  | — |  |  | 28 |
Other | 7 |  |  | 14 |  |  | 11 |  |  | 12 |
Total regulatory assets | $ | 232 |  |  | $ | 588 |  |  | $ | 216 |  |  | $ | 594 |
Regulatory liabilities: |  |  |  |  |  |  |
Asset retirement removal costs | $ | — |  |  | $ | 651 |  |  | $ | — |  |  | $ | 637 |
Asset retirement obligations | — |  |  | 37 |  |  | — |  |  | 36 |
Power cost adjustment mechanism | — |  |  | 14 |  |  | — |  |  | 10 |
Other | 3 |  |  | 40 |  |  | 6 |  |  | 37 |
Total regulatory liabilities | $ | 3 |  |  | $ | 742 |  |  | $ | 6 |  |  | $ | 720 |
Accrued expenses and other current liabilities Accrued expenses and other current liabilities consist of the following (in millions):
| March 31, 2012 |  | December 31, 2011
Accrued employee compensation and benefits | $ | 38 |  |  | $ | 44 |
Accrued interest payable | 35 |  |  | 24 |
Accrued dividends payable | 21 |  |  | 21 |
Other | 72 |  |  | 68 |
Total accrued expenses and other current liabilities | $ | 166 |  |  | $ | 157 |
Other Noncurrent Liabilities During 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 rather than 2040. As a result of the study, PGE increased its asset retirement obligation related to Boardman by approximately $23 million in the first quarter of 2011, and subsequently adjusted the increase down to $20 million in the fourth quarter of 2011, with a corresponding increase in the cost basis of the plant, included in Electric utility plant, net on the condensed consolidated balance sheet. Such transaction is non-cash and is excluded from investing activities in the statement of cash flows for the three months ended March 31, 2011. 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; and
• | A $300 million syndicated credit facility, which is scheduled to terminate in December 2016.
Pursuant to the individual terms of the agreements, both credit facilities may be used for general corporate purposes and as backup for commercial paper borrowings, and also permit the issuance of standby letters of credit. PGE may borrow for one, two, three, or six months at a fixed interest rate established at the time of the borrowing, or at a variable interest rate for any period up to the then remaining term of the applicable credit facility. Both credit facilities require annual fees based on PGE’s unsecured credit ratings, and 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 March 31, 2012, PGE was in compliance with this requirement with a 50.6% 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 $700 million through February 6, 2014. The authorization provides that if utility assets financed by unsecured debt are divested, then a proportionate share of the unsecured debt must also be divested. PGE classifies borrowings and outstanding commercial paper under the revolving credit facility as Short-term debt on the condensed consolidated balance sheet. As of March 31, 2012, PGE had no borrowings or commercial paper outstanding under the credit facility, and $137 million of letters of credit issued. As of December 31, 2011, PGE had no borrowings and $30 million of commercial paper outstanding, and $124 million in letters of credit issued. As of March 31, 2012, the aggregate unused credit available under the credit facilities was $533 million. Pension and Other Postretirement Benefits Components of net periodic benefit cost are as follows for the three months ended March 31 (in millions):
| Defined Benefit Pension Plan |  | Other Postretirement Benefits |  | Non-Qualified Benefit Plans
| 2012 |  | 2011 |  | 2012 |  | 2011 |  | 2012 |  | 2011
Service cost | $ | 3 |  |  | $ | 3 |  |  | $ | 1 |  |  | $ | 1 |  |  | $ | — |  |  | $ | — |
Interest cost | 8 |  |  | 7 |  |  | 1 |  |  | 1 |  |  | 1 |  |  | 1 |
Expected return on plan assets | (10 | ) |  | (10 | ) |  | — |  |  | — |  |  | — |  |  | — |
Amortization of net actuarial loss | 4 |  |  | 2 |  |  | — |  |  | — |  |  | — |  |  | — |
Net periodic benefit cost | $ | 5 |  |  | $ | 2 |  |  | $ | 2 |  |  | $ | 2 |  |  | $ | 1 |  |  | $ | 1 |

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