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Long-term Debt | 12 Months Ended
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Dec. 31, 2023
Long-term Debt Disclosure [Abstract] |
Long-term Debt | LONG-TERM DEBT & OTHER FINANCING ARRANGEMENTS Long-term debt Long-term debt consists of the following (in millions):
| As of December 31,
| 2023 |  | 2022
First Mortgage Bonds, rates range from 1.82% to 6.88%, with a weighted average rate of 4.32% in 2023 and 4.09% in 2022, due at various dates through 2059. | $ | 3,880 |  |  | $ | 3,280 |
Unsecured term bank loans, variable rate of approximately 5.30% at December 31, 2022 | — |  |  | 260 |
Pollution Control Revenue Bonds, rates at 2.13% and 2.38%, due 2033 | 119 |  |  | 119 |
Total long-term debt | 3,999 |  |  | 3,659 |
Less: Unamortized debt expense | (14) |  |  | (13) |
Less: Current portion of long-term debt | (80) |  |  | (260) |
Long-term debt, net of current portion | $ | 3,905 |  |  | $ | 3,386 |
First Mortgage Bonds—On August 29, 2023, PGE entered into a Bond Purchase Agreement related to the sale of $500 million in First Mortgage Bonds (FMBs), the bonds consist of: •a series, due in 2030, in the amount of $50 million that bear interest at an annual rate of 5.44%; •a series, due in 2033, in the amount of $150 million that bear interest at an annual rate of 5.48%; •a series, due in 2038, in the amount of $100 million that bear interest at an annual rate of 5.68%; •a series due in 2053, in the amount of $100 million that bear interest at an annual rate of 5.78%; and •a series due in 2059, in the amount of $100 million that bear interest at an annual rate of 5.83%. As of December 31, 2023, all series, totaling $500 million, were issued and funded in full. On November 30, 2022, PGE entered into a Bond Purchase Agreement related to the sale of $200 million in First Mortgage Bonds (FMBs), the first half of which funded in 2022 and the remaining $100 million funded in full on January 13, 2023. 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. Term Loan—On October 21, 2022, PGE obtained a 366-day term loan from lenders in the aggregate principal of $260 million under a 366-Day Bridge Credit Agreement. The term loan bore interest for the relevant interest period at the Term Secured Overnight Financing Rate (SOFR) plus Term SOFR Adjustment Rate of 10 basis points and Applicable Margin of 87.5 basis points. The interest rate was subject to adjustment pursuant to the terms of the loan. On March 1, 2023, this term loan was repaid in full. 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, 2023, the future minimum principal payments on long-term debt are as follows (in millions):
Years ending December 31: |  |
2024 |  | $ | 80 |
2025 |  | — |
2026 |  | — |
2027 |  | 160 |
2028 |  | 100 |
Thereafter |  | 3,659 |
|  | $ | 3,999 |
Pelton/Round Butte financing arrangement Under terms of an agreement (the “Agreement”) approved by the OPUC in 2000, PGE had a 66.67% ownership interest in the 455 Megawatt (MW) Pelton/Round Butte hydroelectric project on the Deschutes River (Pelton/Round Butte), with the remaining interest held by the Confederated Tribes of the Warm Springs Reservation of Oregon (CTWS). In the Agreement, the CTWS had an option to purchase an additional undivided 16.66% ownership interest in Pelton/Round Butte which was exercised in 2022. Under terms of the Agreement, the CTWS has a second option in 2036 to purchase an undivided 0.02% interest in Pelton/Round Butte. If the second option is exercised, the CTWS’ ownership percentage would exceed 50%. PGE remains the operator of the project. PGE has agreed to purchase 100% of the CTWS’ share of the project’s output under a Power Purchase Agreement (PPA) through 2040. The exercise of the purchase option on January 1, 2022 was evaluated as a sale-leaseback arrangement, and PGE determined that the transaction did not qualify for sale-leaseback accounting. As a result, the transaction is accounted for as a financing arrangement. PGE will continue to record the tangible utility asset within Electric utility plant, net on the consolidated balance sheets as if it were the legal owner and will continue to recognize depreciation expense over the estimated useful life. The monthly PPA payments are split between interest expense and a reduction of the principal portion of the financing obligation, which is included in Other noncurrent liabilities. Any material differences between expense recognition and timing of payments is deferred as a regulatory asset or liability in order to match what is being recovered in customer prices for ratemaking purposes. As of December 31, 2023, the future minimum payments on the financing arrangement are as follows (in millions):
Years ending December 31: |  |
2024 |  | $ | 2 |
2025 |  | 5 |
2026 |  | 5 |
2027 |  | 5 |
2028 |  | 5 |
Thereafter |  | 64 |
Total Payments |  | 86 |
Less: Imputed Interest |  | (57) |
Present value of minimum payments |  | $ | 29 |

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- Definition The entire disclosure for long-term debt. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 470 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//470/tableOfContent + Details
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