XML 41 R7.htm IDEA: XBRL DOCUMENT
v2.4.1.9

Balance Sheet Components (Notes) | 3 Months Ended
--- | ---
Mar. 31, 2015
Balance Sheet Components [Abstract] |
BALANCE SHEET COMPONENTS | BALANCE SHEET COMPONENTS Accounts Receivable, Net Accounts receivable is net of an allowance for uncollectible accounts of $7 million and $6 million as of March 31, 2015 and December 31, 2014, respectively. The activity in the allowance for uncollectible accounts is as follows (in millions):
| Three Months Ended March 31,
| 2015 |  | 2014
Balance as of beginning of period | $ | 6 |  |  | $ | 6 |
Provision, net | 2 |  |  | 2 |
Amounts written off, less recoveries | (1 | ) |  | (1 | )
Balance as of end of period | $ | 7 |  |  | $ | 7 |
Inventories PGE’s 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. Other Current Assets Other current assets consist of the following (in millions):
| March 31, 2015 |  | December 31, 2014
Prepaid expenses | $ | 58 |  |  | $ | 39 |
Current deferred income tax asset | 33 |  |  | 33 |
Margin deposits | 20 |  |  | 11 |
Accrued sales tax refund related to Tucannon River Wind Farm | 11 |  |  | 23 |
Assets from price risk management activities | 7 |  |  | 6 |
Other | 4 |  |  | 3 |
Other current assets | $ | 133 |  |  | $ | 115 |
Electric Utility Plant, Net Electric utility plant, net consists of the following (in millions):
| March 31, 2015 |  | December 31, 2014
Electric utility plant | $ | 8,251 |  |  | $ | 8,161 |
Construction work-in-progress | 478 |  |  | 417 |
Total cost | 8,729 |  |  | 8,578 |
Less: accumulated depreciation and amortization | (2,940 | ) |  | (2,899 | )
Electric utility plant, net | $ | 5,789 |  |  | $ | 5,679 |
Accumulated depreciation and amortization in the table above includes accumulated amortization related to intangible assets of $200 million and $191 million as of March 31, 2015 and December 31, 2014, respectively. Amortization expense related to intangible assets was $9 million and $6 million for the three months ended March 31, 2015 and 2014, respectively. The Company’s intangible assets primarily consist of computer software development and hydro licensing costs. Regulatory Assets and Liabilities Regulatory assets and liabilities consist of the following (in millions):
| March 31, 2015 |  | December 31, 2014
| Current |  | Noncurrent |  | Current |  | Noncurrent
Regulatory assets: |  |  |  |  |  |  |
Price risk management | $ | 100 |  |  | $ | 174 |  |  | $ | 100 |  |  | $ | 121 |
Pension and other postretirement plans | — |  |  | 242 |  |  | — |  |  | 247 |
Deferred income taxes | — |  |  | 87 |  |  | — |  |  | 86 |
Debt issuance costs | — |  |  | 15 |  |  | — |  |  | 15 |
Deferred capital projects | 14 |  |  | — |  |  | 19 |  |  | — |
Other | 11 |  |  | 27 |  |  | 14 |  |  | 25 |
Total regulatory assets | $ | 125 |  |  | $ | 545 |  |  | $ | 133 |  |  | $ | 494 |
Regulatory liabilities: |  |  |  |  |  |  |
Asset retirement removal costs | $ | — |  |  | $ | 813 |  |  | $ | — |  |  | $ | 804 |
Trojan decommissioning activities | 22 |  |  | 29 |  |  | 23 |  |  | 34 |
Asset retirement obligations | — |  |  | 40 |  |  | — |  |  | 39 |
Other | 37 |  |  | 29 |  |  | 37 |  |  | 29 |
Total regulatory liabilities | $ | 59 |  | * | $ | 911 |  |  | $ | 60 |  | * | $ | 906 |
* | 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):
| March 31, 2015 |  | December 31, 2014
Regulatory liabilities—current | $ | 59 |  |  | $ | 60 |
Accrued employee compensation and benefits | 39 |  |  | 51 |
Accrued interest payable | 40 |  |  | 26 |
Accrued dividends payable | 22 |  |  | 23 |
Accrued taxes payable | 26 |  |  | 22 |
Other | 57 |  |  | 54 |
Total accrued expenses and other current liabilities | $ | 243 |  |  | $ | 236 |
Credit Facilities During the first quarter of 2015, PGE determined that a $500 million aggregate revolving credit facility capacity would be sufficient to meet its liquidity needs and accordingly, in March 2015, reduced its aggregate revolving credit capacity from $700 million to $500 million. As of March 31, 2015, PGE has a $500 million revolving credit facility, which is scheduled to expire in November 2019. Pursuant to the terms of the agreement, the revolving credit facility 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 credit facility. The revolving credit facility contains provisions for two, one-year extensions subject to approval by the banks, requires annual fees based on PGE’s unsecured credit ratings, and contains customary covenants and default provisions, including a requirement that limits consolidated indebtedness, as defined in the agreement, to 65% of total capitalization. As of March 31, 2015, PGE was in compliance with this covenant with a 55.9% debt-to-total capital ratio. PGE classifies any borrowings under the revolving credit facility and outstanding commercial paper as Short-term debt on the condensed consolidated balance sheets. As of March 31, 2015, PGE had no borrowings or commercial paper outstanding, $46 million of letters of credit issued, and an aggregate available capacity under the credit facility of $454 million. In addition, PGE has two $30 million letter of credit facilities, under which the Company can request letters of credit for original terms not to exceed one year. The issuance of such letters of credit are subject to the approval of the issuing institution. As of March 31, 2015, $58 million of letters of credit had been issued under these facilities. 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 revolving credit facility. Pursuant to an order issued by the Federal Energy Regulatory Commission (FERC), the Company is authorized to issue short-term debt up to $900 million through February 6, 2016. 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. Long-term Debt During the first quarter of 2015, PGE had the following long-term debt transactions:
• | Issued $75 million of 3.55% Series of First Mortgage Bonds (FMBs) due 2030 in January;
• | Repaid $70 million of 3.46% Series FMBs in January; and
• | Repaid $50 million of long-term bank loans in March.
On April 22, 2015, PGE agreed with certain institutional investors to issue and sell $70 million of new FMBs under a private placement. The FMBs will have an interest rate of 3.50% and mature in 2035. The transaction is expected to close and fund on May 19, 2015. In addition, on May 21, 2015, the Company will redeem its $67 million of 6.80% Series FMBs, due January 15, 2016. 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
| 2015 |  | 2014 |  | 2015 |  | 2014
Service cost | $ | 4 |  |  | $ | 4 |  |  | $ | 1 |  |  | $ | — |
Interest cost | 8 |  |  | 9 |  |  | 1 |  |  | 1 |
Expected return on plan assets | (10 | ) |  | (10 | ) |  | — |  |  | — |
Amortization of net actuarial loss | 5 |  |  | 4 |  |  | — |  |  | — |
Net periodic benefit cost | $ | 7 |  |  | $ | 7 |  |  | $ | 2 |  |  | $ | 1 |

X
- Details
Name: | por_BalanceSheetComponentsAbstract
Namespace Prefix: | por_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Details of Certain Balance Sheet Accounts + References No definition available. + Details
Name: | por_DetailsOfCertainBalanceSheetAccountsDisclosureTextBlock
Namespace Prefix: | por_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration