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Balance Sheet Components (Notes) | 3 Months Ended
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Mar. 31, 2018
Balance Sheet Components [Abstract] |
BALANCE SHEET COMPONENTS | BALANCE SHEET COMPONENTS Inventories PGE’s inventories, which are recorded at average cost, consist primarily of materials and supplies for use in operations, maintenance, and capital activities, as well as fuel, which includes natural gas, coal, and oil for use in the Company’s generating plants. Periodically, the Company assesses inventory for purposes of determining that inventories are recorded at the lower of average cost or net realizable value. Other Current Assets Other current assets consist of the following (in millions):
| March 31, 2018 |  | December 31, 2017
Prepaid expenses | $ | 56 |  |  | $ | 50 |
Assets from price risk management activities | 4 |  |  | 6 |
Margin deposits | 17 |  |  | 11 |
Other | 4 |  |  | 6 |
Other current assets | $ | 81 |  |  | $ | 73 |
Electric Utility Plant, Net Electric utility plant, net consists of the following (in millions):
| March 31, 2018 |  | December 31, 2017
Electric utility plant | $ | 9,984 |  |  | $ | 9,914 |
Construction work-in-progress | 430 |  |  | 391 |
Total cost | 10,414 |  |  | 10,305 |
Less: accumulated depreciation and amortization | (3,633 | ) |  | (3,564 | )
Electric utility plant, net | $ | 6,781 |  |  | $ | 6,741 |
Accumulated depreciation and amortization in the table above includes accumulated amortization related to intangible assets of $303 million and $296 million as of March 31, 2018 and December 31, 2017, respectively. Amortization expense related to intangible assets was $13 million and $11 million for the three months ended March 31, 2018 and 2017, 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, 2018 |  | December 31, 2017
| Current |  | Noncurrent |  | Current |  | Noncurrent
Regulatory assets: |  |  |  |  |  |  |
Price risk management | $ | 62 |  |  | $ | 144 |  |  | $ | 53 |  |  | $ | 151 |
Pension and other postretirement plans | — |  |  | 214 |  |  | — |  |  | 218 |
Debt issuance costs | — |  |  | 18 |  |  | — |  |  | 19 |
Trojan decommissioning activities | — |  |  | 25 |  |  | — |  |  | — |
Other | 10 |  |  | 47 |  |  | 9 |  |  | 50 |
Total regulatory assets | $ | 72 |  |  | $ | 448 |  |  | $ | 62 |  |  | $ | 438 |
Regulatory liabilities: |  |  |  |  |  |  |
Asset retirement removal costs | $ | — |  |  | $ | 944 |  |  | $ | — |  |  | $ | 933 |
Deferred income taxes | — |  |  | 281 |  |  | — |  |  | 277 |
Trojan decommissioning activities | 2 |  |  | — |  |  | 3 |  |  | — |
Asset retirement obligations | — |  |  | 53 |  |  | — |  |  | 52 |
Other | 26 |  |  | 45 |  |  | 28 |  |  | 26 |
Total regulatory liabilities | $ | 28 |  | * | $ | 1,323 |  |  | $ | 31 |  | * | $ | 1,288 |
* 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, 2018 |  | December 31, 2017
Accrued employee compensation and benefits | $ | 39 |  |  | $ | 60 |
Accrued taxes payable | 32 |  |  | 31 |
Accrued interest payable | 43 |  |  | 27 |
Accrued dividends payable | 31 |  |  | 31 |
Regulatory liabilities—current | 28 |  |  | 31 |
Other | 56 |  |  | 61 |
Total accrued expenses and other current liabilities | $ | 229 |  |  | $ | 241 |
Asset Retirement Obligations Asset retirement obligations (AROs) consist of the following (in millions):
| March 31, 2018 |  | December 31, 2017
Trojan decommissioning activities | $ | 68 |  |  | $ | 45 |
Utility plant | 110 |  |  | 109 |
Non-utility property | 13 |  |  | 13 |
Asset retirement obligations | $ | 191 |  |  | $ | 167 |
Trojan decommissioning activities represents the present value of future decommissioning costs for the plant, which ceased operation in 1993. The remaining decommissioning activities primarily consist of the long-term operation and decommissioning of the Independent Spent Fuel Storage Installation (ISFSI), an interim dry storage facility that is licensed by the Nuclear Regulatory Commission (NRC). The ISFSI is to house the spent nuclear fuel at the former plant site until an off-site storage facility is available. Decommissioning of the ISFSI and final site restoration activities will begin once shipment of all the spent fuel to a U.S. Department of Energy facility is complete, which is not expected prior to 2034. The NRC has mandated an increase in staffing for the next 16 years that has increased the Trojan ARO by $23 million as of March 31, 2018. Credit Facilities As of March 31, 2018, PGE had a $500 million revolving credit facility scheduled to expire in November 2021. Pursuant to the terms of the agreement, the revolving credit facility may be used for general corporate purposes, as backup for commercial paper borrowings, and to 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 facility contains a provision that 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, 2018, PGE was in compliance with this covenant with a 51.4% 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 revolving credit facility. PGE classifies any borrowings under the revolving credit facility and outstanding commercial paper as Short-term debt on the condensed consolidated balance sheets. Under the revolving credit facility, as of March 31, 2018, PGE had no borrowings outstanding and there were no commercial paper or letters of credit issued. As a result, as of March 31, 2018, the aggregate unused available credit capacity under the revolving credit facility was $500 million. In addition, PGE has four letter of credit facilities that provide a total capacity of $220 million under which the Company can request letters of credit for original terms not to exceed one year. The issuance of such letters of credit is subject to the approval of the issuing institution. Under these facilities, letters of credit for a total of $71 million were outstanding as of March 31, 2018. Letters of credit issued are not reflected on the Company’s condensed consolidated balance sheets. Pursuant to an order issued by the FERC, the Company is authorized to issue short-term debt in an aggregate amount of up to $900 million through February 6, 2020. Long-term Debt During the three months ended March 31, 2018, PGE did not enter into any long-term debt transactions. Defined Benefit Pension Plan Costs Components of net periodic benefit cost under the defined benefit pension plan are as follows (in millions):
| Three Months Ended March 31,
| 2018 |  | 2017
Service cost | $ | 5 |  |  | $ | 4 |
Interest cost | 8 |  |  | 8 |
Expected return on plan assets | (10 | ) |  | (10 | )
Amortization of net actuarial loss | 4 |  |  | 3 |
Net periodic benefit cost | $ | 7 |  |  | $ | 5 |

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