XML 18 R8.htm IDEA: XBRL DOCUMENT
v3.10.0.1

Balance Sheet Components (Notes) | 6 Months Ended
--- | ---
Jun. 30, 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):
| June 30, 2018 |  | December 31, 2017
Prepaid expenses | $ | 38 |  |  | $ | 50 |
Assets from price risk management activities | 3 |  |  | 6 |
Margin deposits | 7 |  |  | 11 |
Other | 8 |  |  | 6 |
Other current assets | $ | 56 |  |  | $ | 73 |
Electric Utility Plant, Net Electric utility plant, net consists of the following (in millions):
| June 30, 2018 |  | December 31, 2017
Electric utility plant | $ | 10,257 |  |  | $ | 9,914 |
Construction work-in-progress | 290 |  |  | 391 |
Total cost | 10,547 |  |  | 10,305 |
Less: accumulated depreciation and amortization | (3,707 | ) |  | (3,564 | )
Electric utility plant, net | $ | 6,840 |  |  | $ | 6,741 |
Accumulated depreciation and amortization in the table above includes accumulated amortization related to intangible assets of $317 million and $296 million as of June 30, 2018 and December 31, 2017, respectively. Amortization expense related to intangible assets was $14 million and $27 million for the three and six months ended June 30, 2018, respectively, and $12 million and $23 million for the three and six months ended June 30, 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):
| June 30, 2018 |  | December 31, 2017
| Current |  | Noncurrent |  | Current |  | Noncurrent
Regulatory assets: |  |  |  |  |  |  |
Price risk management | $ | 48 |  |  | $ | 135 |  |  | $ | 53 |  |  | $ | 151 |
Pension and other postretirement plans | — |  |  | 209 |  |  | — |  |  | 218 |
Debt issuance costs | — |  |  | 17 |  |  | — |  |  | 19 |
Trojan decommissioning activities | — |  |  | 26 |  |  | — |  |  | — |
Other | 8 |  |  | 54 |  |  | 9 |  |  | 50 |
Total regulatory assets | $ | 56 |  |  | $ | 441 |  |  | $ | 62 |  |  | $ | 438 |
Regulatory liabilities: |  |  |  |  |  |  |
Asset retirement removal costs | $ | — |  |  | $ | 955 |  |  | $ | — |  |  | $ | 933 |
Deferred income taxes | — |  |  | 272 |  |  | — |  |  | 277 |
Trojan decommissioning activities | 2 |  |  | — |  |  | 3 |  |  | — |
Asset retirement obligations | — |  |  | 53 |  |  | — |  |  | 52 |
Tax Reform Deferral(1) | — |  |  | 25 |  |  | — |  |  | — |
Other | 20 |  |  | 43 |  |  | 28 |  |  | 26 |
Total regulatory liabilities | $ | 22 |  | (2) | $ | 1,348 |  |  | $ | 31 |  | (2) | $ | 1,288 |
(1) Related to the deferral of the 2018 net tax benefits due to the change in corporate tax rate under TCJA. (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):
| June 30, 2018 |  | December 31, 2017
Accrued employee compensation and benefits | $ | 54 |  |  | $ | 60 |
Accrued taxes payable | 25 |  |  | 31 |
Accrued interest payable | 27 |  |  | 27 |
Accrued dividends payable | 33 |  |  | 31 |
Regulatory liabilities—current | 22 |  |  | 31 |
Other | 64 |  |  | 61 |
Total accrued expenses and other current liabilities | $ | 225 |  |  | $ | 241 |
Asset Retirement Obligations Asset retirement obligations (AROs) consist of the following (in millions):
| June 30, 2018 |  | December 31, 2017
Trojan decommissioning activities | $ | 69 |  |  | $ | 45 |
Utility plant | 110 |  |  | 109 |
Non-utility property | 13 |  |  | 13 |
Asset retirement obligations | $ | 192 |  |  | $ | 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 mandated an increase in staffing for the next 16 years that increased the Trojan ARO in the first quarter of 2018 by $23 million. Credit Facilities As of June 30, 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 June 30, 2018, PGE was in compliance with this covenant with a 51.3% 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 June 30, 2018, PGE had no borrowings outstanding and there were no commercial paper or letters of credit issued. As a result, as of June 30, 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 $64 million were outstanding as of June 30, 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 six months ended June 30, 2018, PGE did not enter into any long-term debt transactions. Due to an anticipated repayment of $300 million of long-term debt in 2019, this amount was classified as current on the Company’s condensed consolidated balance sheets as of June 30, 2018. 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 June 30, |  | Six Months Ended June 30,
| 2018 |  | 2017 |  | 2018 |  | 2017
Service cost | $ | 5 |  |  | $ | 4 |  |  | $ | 10 |  |  | $ | 8 |
Interest cost* | 8 |  |  | 9 |  |  | 16 |  |  | 17 |
Expected return on plan assets* | (11 | ) |  | (10 | ) |  | (21 | ) |  | (20 | )
Amortization of net actuarial loss* | 4 |  |  | 3 |  |  | 8 |  |  | 6 |
Net periodic benefit cost | $ | 6 |  |  | $ | 6 |  |  | $ | 13 |  |  | $ | 11 |
* The expense portion of non-service cost components are included in Miscellaneous income (expense), net within Other income on the Company’s condensed consolidated statements of income and comprehensive income pursuant to ASU 2017-07. See Note 1, Basis of Presentation for additional information.

X
- Definition Balance Sheet Components [Abstract] + References No definition available. + 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