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Long-term Debt | 12 Months Ended
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Dec. 31, 2017
Long-term Debt Disclosure [Abstract] |
Long-term Debt | LONG-TERM DEBT Long-term debt consists of the following (in millions):
| As of December 31,
| 2017 |  | 2016
First Mortgage Bonds, rates range from 2.51% to 9.31%, with a weighted average rate of 5.03% in 2017 and 4.86% in 2016, due at various dates through 2048 | $ | 2,315 |  |  | $ | 2,090 |
Unsecured term bank loans, variable rates of approximately 1.87% at 11/27/2017 and 1.37% at 12/31/2016 | — |  |  | 150 |
Pollution Control Revenue Bonds, 5% rate, due 2033 | 142 |  |  | 142 |
Pollution Control Revenue Bonds owned by PGE | (21 | ) |  | (21 | )
Total long-term debt | 2,436 |  |  | 2,361 |
Less: Unamortized debt expense | (10 | ) |  | (11 | )
Less: Current portion of long-term debt | — |  |  | (150 | )
Long-term debt, net of current portion | $ | 2,426 |  |  | $ | 2,200 |
First Mortgage Bonds and Unsecured term bank loans—During 2017, PGE issued a total of $225 million of FMBs and repaid long-term debt, in an aggregate amount of $150 million. In 2017, the Company issued a total of $225 million at an interest rate of 3.98%. PGE drew $75 million in August with a maturity of 2048 and drew the remaining $150 million in November with a maturity of 2047. The Indenture securing PGE’s outstanding FMBs constitutes a direct first mortgage lien on substantially all regulated utility property, other than expressly excepted property. Interest is payable semi-annually on FMBs. In 2017, PGE repaid an unsecured credit agreement under which it had borrowed $150 million from certain financial institutions. PGE repaid the loan in three separate payments as follows:
• | $50 million on August 21, 2017;
• | $25 million on October 30, 2017; and
• | $75 million on November 27, 2017.
The term loan interest rates were set at the beginning of the interest period for periods of 1-month, 3-months, or 6-months, as selected by PGE and are based on the London Interbank Offered Rate (LIBOR) plus 63 basis points. The final rate was 1.87% as of November 27, 2017, with no other fees. Pollution Control Revenue Bonds—The Company has the option to remarket through 2033 the $21 million of Pollution Control Revenue Bonds (PCBs) held by PGE as of December 31, 2017. At the time of any remarketing, the Company can choose a new interest rate period that could be daily, weekly, or a fixed term. The new interest rate would be based on market conditions at the time of remarketing. The PCBs could be backed by FMBs or a bank letter of credit depending on market conditions. Interest is payable semi-annually on PCBs. As of December 31, 2017, the future minimum principal payments on long-term debt are as follows (in millions):
Years ending December 31: |  |
2018 |  | $ | — |
2019 |  | 300 |
2020 |  | — |
2021 |  | 160 |
2022 |  | — |
Thereafter |  | 1,976 |
|  | $ | 2,436 |

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- Definition Long-term Debt Disclosure [Abstract] + References No definition available. + Details
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- Definition The entire disclosure for long-term debt. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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