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Long-term Debt | 12 Months Ended
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Dec. 31, 2018
Long-term Debt Disclosure [Abstract] |
Long-term Debt | LONG-TERM DEBT Long-term debt consists of the following (in millions):
| As of December 31,
| 2018 |  | 2017
First Mortgage Bonds, rates range from 2.51% to 9.31%, with a weighted average rate of 5.01% in 2018 and 5.03% in 2017, due at various dates through 2048 | $ | 2,390 |  |  | $ | 2,315 |
Pollution Control Revenue Bonds, 5% rate, due 2033 | 119 |  |  | 142 |
Pollution Control Revenue Bonds owned by PGE | (21 | ) |  | (21 | )
Total long-term debt | 2,488 |  |  | 2,436 |
Less: Unamortized debt expense | (10 | ) |  | (10 | )
Less: Current portion of long-term debt | (300 | ) |  | — |
Long-term debt, net of current portion | $ | 2,178 |  |  | $ | 2,426 |
First Mortgage Bonds—During December 2018, the Company issued a total of $75 million at an interest rate of 4.47%, and a maturity of 2048. 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. 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, 2018. 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. The Company repaid $24 million of Pollution Control Revenue Bonds that were early redeemed in October 2018. As of December 31, 2018, the future minimum principal payments on long-term debt are as follows (in millions):
Years ending December 31: |  |
2019 |  | $ | 300 |
2020 |  | — |
2021 |  | 160 |
2022 |  | — |
2023 |  | — |
Thereafter |  | 2,028 |
|  | $ | 2,488 |

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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