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Balance Sheet Components (Notes) | 9 Months Ended
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Sep. 30, 2013
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 September 30, 2013 and December 31, 2012. The activity in the allowance for uncollectible accounts is as follows (in millions):
| Nine Months Ended September 30,
| 2013 |  | 2012
Balance as of beginning of period | $ | 5 |  |  | $ | 6 |
Provision, net | 4 |  |  | 6 |
Amounts written off, less recoveries | (4 | ) |  | (6 | )
Balance as of end of period | $ | 5 |  |  | $ | 6 |
Inventories PGE inventories are recorded at average cost and 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. Other Current Assets Other current assets consist of the following (in millions):
| September 30, 2013 |  | December 31, 2012
Prepaid expenses | $ | 25 |  |  | $ | 37 |
Current deferred income tax asset | 37 |  |  | 51 |
Assets from price risk management activities | 1 |  |  | 4 |
Other | — |  |  | 1 |
Other current assets | $ | 63 |  |  | $ | 93 |
Electric Utility Plant, Net Electric utility plant, net consists of the following (in millions):
| September 30, 2013 |  | December 31, 2012
Electric utility plant | $ | 6,975 |  |  | $ | 6,811 |
Construction work in progress | 377 |  |  | 140 |
Total cost | 7,352 |  |  | 6,951 |
Less: accumulated depreciation and amortization | (2,693 | ) |  | (2,559 | )
Electric utility plant, net | $ | 4,659 |  |  | $ | 4,392 |
As of December 31, 2012, Construction work in progress included $46 million related to the Cascade Crossing Transmission Project (Cascade Crossing), which was originally proposed as a 215-mile, 500 kV transmission project between Boardman, Oregon and Salem, Oregon. Based on subsequent analysis and an updated forecast of demand and future transmission capacity in the region, PGE determined in the second quarter of 2013 that the original projections of transmission capacity limitations contemplated in the Integrated Resource Plan (IRP) process were not likely to fully materialize. As a result, PGE and Bonneville Power Administration (BPA) worked toward refining the scope of the project and executed a non-binding memorandum of understanding (MOU) in May 2013. In connection with the MOU, the parties explored a new option under which BPA could provide PGE with ownership of approximately 1,500 MW of transmission capacity rights. As a result of the changed conditions reflected in the MOU, PGE also suspended permitting and development of Cascade Crossing and charged $52 million of capitalized costs related to Cascade Crossing to expense in the second quarter of 2013. Additionally, in June 2013, the Company filed with the Public Utility Commission of Oregon (OPUC) seeking deferral of these costs for future recovery in customer prices. In October 2013, the parties determined that they would not be able to reach an agreement on the financial terms for the proposed ownership of transmission capacity rights and, therefore, agreed to discontinue discussions on this option. The Company has determined that, under current conditions, the best option for meeting its transmission needs is to continue to acquire transmission service offered under BPA’s Open Access Transmission Tariff. In light of this development, the Company intends to withdraw the deferral application previously filed with the OPUC. 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 in January 2012. The Company operates the facility and receives 100% of the power generated by the facility. This transaction is reflected as an investing activity in the condensed consolidated statement of cash flows for the nine months ended September 30, 2012. Accumulated depreciation and amortization in the table above includes accumulated amortization related to intangible assets of $167 million and $151 million as of September 30, 2013 and December 31, 2012, respectively. Amortization expense related to intangible assets was $5 million for the three months ended September 30, 2013 and 2012, and $16 million and $17 million for the nine months ended September 30, 2013 and 2012, respectively. Regulatory Assets and Liabilities Regulatory assets and liabilities consist of the following (in millions):
| September 30, 2013 |  | December 31, 2012
| Current |  | Noncurrent |  | Current |  | Noncurrent
Regulatory assets: |  |  |  |  |  |  |
Price risk management | $ | 88 |  |  | $ | 71 |  |  | $ | 123 |  |  | $ | 71 |
Pension and other postretirement plans | — |  |  | 301 |  |  | — |  |  | 321 |
Deferred income taxes | — |  |  | 74 |  |  | — |  |  | 80 |
Deferred broker settlements | 8 |  |  | — |  |  | 20 |  |  | 1 |
Debt reacquisition costs | — |  |  | 18 |  |  | — |  |  | 22 |
Deferred capital projects | — |  |  | 29 |  |  | — |  |  | 16 |
Other | 3 |  |  | 11 |  |  | 1 |  |  | 13 |
Total regulatory assets | $ | 99 |  |  | $ | 504 |  |  | $ | 144 |  |  | $ | 524 |
Regulatory liabilities: |  |  |  |  |  |  |
Asset retirement removal costs | $ | — |  |  | $ | 733 |  |  | $ | — |  |  | $ | 692 |
Trojan decommissioning activities (1) | — |  |  | 41 |  |  | — |  |  | — |
Asset retirement obligations | — |  |  | 39 |  |  | — |  |  | 39 |
Other | 4 |  |  | 39 |  |  | 12 |  |  | 34 |
Total regulatory liabilities | $ | 4 |  | (2) | $ | 852 |  |  | $ | 12 |  | (1) | $ | 765 |
(1) | During the third quarter of 2013, PGE received a settlement for the reimbursement of certain monitoring costs incurred related to spent nuclear fuel at the Company’s Trojan nuclear power plant. See Complaint Against U.S. Department of Energy in Note 7, Contingencies, for additional information.
(2) | Included in Accrued expenses and other current liabilities in the condensed consolidated balance sheets.
Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consist of the following (in millions):
| September 30, 2013 |  | December 31, 2012
Accrued employee compensation and benefits | $ | 44 |  |  | $ | 46 |
Accrued interest payable | 33 |  |  | 23 |
Accrued taxes payable | 35 |  |  | 21 |
Accrued dividends payable | 22 |  |  | 21 |
Regulatory liabilities—current | 4 |  |  | 12 |
Other | 54 |  |  | 56 |
Total accrued expenses and other current liabilities | $ | 192 |  |  | $ | 179 |
Credit Facilities PGE has the following unsecured revolving credit facilities as of September 30, 2013:
• | A $400 million syndicated credit facility, which is scheduled to terminate in November 2017; and
• | A $300 million syndicated credit facility, which is scheduled to terminate in December 2016.
Pursuant to the individual terms of the agreements, both revolving 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 revolving 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 September 30, 2013, PGE was in compliance with this requirement with a 49.6% debt to total capital ratio. The Company also has two letter of credit facilities under which it may obtain letters of credit in an aggregate amount not to exceed $51.5 million. In October 2013, one of the letter of credit facilities was increased from $21.5 million to $30 million, thereby increasing the total capacity under the letter of credit facilities to $60 million. PGE 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 under the revolving credit facilities and outstanding commercial paper as Short-term debt on the condensed consolidated balance sheets. As of September 30, 2013, PGE had no borrowings or commercial paper outstanding, $56 million of letters of credit issued, and aggregate available capacity of $696 million under the credit facilities. Long-term Debt During the nine months ended September 30, 2013, PGE had the following long-term debt transactions:
• | In August, the Company repaid $50 million of 5.625% Series First Mortgage Bonds (FMBs) in accordance with the scheduled maturity and issued $75 million of 4.47% Series FMBs due 2043, with interest due and payable semi-annually in February and August;
• | In June, PGE issued $150 million of 4.47% Series FMBs due 2044, with interest due and payable semi-annually in June and December; and
• | In April, the Company repaid $50 million of 4.45% Series FMBs in accordance with the scheduled maturity.
In October 2013, PGE entered into a bond purchase agreement with certain institutional buyers under which the Company agreed to sell to these buyers an aggregate principal amount of $155 million of FMBs in two tranches, with interest due and payable semi-annually. The first tranche of $105 million of 4.74% Series FMBs due 2042 is expected to be issued in November 2013, with the second tranche of $50 million of 4.84% Series FMBs due 2048 expected to be issued in December 2013. Pension and Other Postretirement Benefits Components of net periodic benefit cost are as follows (in millions):
| Three Months Ended September 30,
| Defined Benefit Pension Plan |  | Other Postretirement Benefits |  | Non-Qualified Benefit Plans
| 2013 |  | 2012 |  | 2013 |  | 2012 |  | 2013 |  | 2012
Service cost | $ | 4 |  |  | $ | 3 |  |  | $ | 1 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Interest cost | 7 |  |  | 8 |  |  | 1 |  |  | 1 |  |  | — |  |  | — |
Expected return on plan assets | (10 | ) |  | (10 | ) |  | — |  |  | — |  |  | — |  |  | — |
Amortization of prior service cost | — |  |  | — |  |  | — |  |  | 1 |  |  | — |  |  | — |
Amortization of net actuarial loss | 6 |  |  | 4 |  |  | — |  |  | — |  |  | — |  |  | — |
Net periodic benefit cost | $ | 7 |  |  | $ | 5 |  |  | $ | 2 |  |  | $ | 2 |  |  | $ | — |  |  | $ | — |
| Nine Months Ended September 30,
| Defined Benefit Pension Plan |  | Other Postretirement Benefits |  | Non-Qualified Benefit Plans
| 2013 |  | 2012 |  | 2013 |  | 2012 |  | 2013 |  | 2012
Service cost | $ | 12 |  |  | $ | 9 |  |  | $ | 2 |  |  | $ | 1 |  |  | $ | — |  |  | $ | — |
Interest cost | 23 |  |  | 24 |  |  | 3 |  |  | 3 |  |  | 1 |  |  | 1 |
Expected return on plan assets | (30 | ) |  | (30 | ) |  | (1 | ) |  | — |  |  | — |  |  | — |
Amortization of prior service cost | — |  |  | — |  |  | 1 |  |  | 1 |  |  | — |  |  | — |
Amortization of net actuarial loss | 18 |  |  | 12 |  |  | — |  |  | — |  |  | — |  |  | — |
Net periodic benefit cost | $ | 23 |  |  | $ | 15 |  |  | $ | 5 |  |  | $ | 5 |  |  | $ | 1 |  |  | $ | 1 |

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