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Long-term Debt | 12 Months Ended
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Dec. 31, 2021
Long-term Debt Disclosure [Abstract] |
Long-term Debt | LONG-TERM DEBT Long-term debt consists of the following (in millions):
| As of December 31,
| 2021 |  | 2020
First Mortgage Bonds, rates range from 1.82% to 6.88%, with a weighted average rate of 4.11%% in 2021 and 4.14% in 2020, due at various dates through 2051 | $ | 3,180 |  |  | $ | 2,940 |
Pollution Control Revenue Bonds, rates at 2.13% and 2.38%, due 2033 | 119 |  |  | 119 |
Total long-term debt | 3,299 |  |  | 3,059 |
Less: Unamortized debt expense | (14) |  |  | (13) |
Less: Current portion of long-term debt | — |  |  | (160) |
Long-term debt, net of current portion | $ | 3,285 |  |  | $ | 2,886 |
First Mortgage Bonds—On January 6, 2021, the Company made a scheduled $140 million repayment of a 2.51% Series of First Mortgage Bonds with available cash. On August 11, 2021, the Company made a scheduled $20 million repayment of a 9.31% Series of First Mortgage Bonds with available cash. On September 30, 2021, PGE issued $400 million in FMBs. The Bonds consist of: •a series, due in 2028, in the amount of $100 million that will bear interest from its issuance date at an annual rate of 1.82%; •a series, due in 2031, in the amount of $50 million that will bear interest from its issuance date at an annual rate of 2.10%; •a series, due in 2034, in the amount of $100 million that will bear interest from its issuance date at an annual rate of 2.20%; and •a series, due in 2051, in the amount of $150 million that will bear interest from its issuance date at an annual rate of 2.97%. 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—On March 11, 2020, PGE completed the remarketing of an aggregate principal amount of $119 million of Pollution Control Revenue Refunding Bonds (PCRBs), which consist of $98 million aggregate principal of PCRBs that bear an interest rate of 2.125%, and $21 million aggregate principal of PCRBs that bear an interest rate of 2.375%, both due in 2033. At the time of remarketing, the Company chose a new interest rate period that was fixed term. The new interest rate was 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, 2021, the future minimum principal payments on long-term debt are as follows (in millions):
Years ending December 31: |  |
2022 |  | $ | — |
2023 |  | — |
2024 |  | 80 |
2025 |  | — |
2026 |  | — |
Thereafter |  | 3,219 |
|  | $ | 3,299 |

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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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