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Long-term Debt | 12 Months Ended
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Dec. 31, 2019
Long-term Debt Disclosure [Abstract] |
Long-term Debt | LONG-TERM DEBT Long-term debt consists of the following (in millions):
| As of December 31,
| 2019 |  | 2018
First Mortgage Bonds, rates range from 2.51% to 9.31%, with a weighted average rate of 4.63% in 2019 and 5.01% in 2018, due at various dates through 2050 | $ | 2,510 |  |  | $ | 2,390 |
Pollution Control Revenue Bonds, rates at 5%, due 2033 | 119 |  |  | 119 |
Pollution Control Revenue Bonds held by PGE | (21 | ) |  | (21 | )
Total long-term debt | 2,608 |  |  | 2,488 |
Less: Unamortized debt expense | (11 | ) |  | (10 | )
Less: Current portion of long-term debt | — |  |  | (300 | )
Long-term debt, net of current portion | $ | 2,597 |  |  | $ | 2,178 |
First Mortgage Bonds—On April 12, 2019, PGE issued $200 million of 4.30% Series FMBs due in 2049. Proceeds from the transaction were used to repay the $300 million current portion of long-term debt on April 15, 2019. On October 25, 2019, PGE entered into an agreement to issue $270 million of privately placed FMBs in two tranches, both of which bear interest from their issue date at an annual rate of 3.34%. The first tranche, $110 million, with a maturity in 2049, was issued on October 25, 2019, a portion of which was used to redeem $50 million of 6.75% FMBs that had a maturity date in 2023. The second tranche, $160 million, with a maturity in 2050, was issued and funded November 15, 2019. 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 PCRBs held by PGE as of December 31, 2019. 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 PCRBs could be backed by FMBs or a bank letter of credit depending on market conditions. Interest is payable semi-annually on the PCRBs. As of December 31, 2019, the future minimum principal payments on long-term debt are as follows (in millions):
Years ending December 31: |  |
2020 |  | $ | — |
2021 |  | 160 |
2022 |  | — |
2023 |  | — |
2024 |  | 80 |
Thereafter |  | 2,368 |
|  | $ | 2,608 |

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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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