Employee Benefits (Tables)

12 Months Ended

Dec. 31, 2019

Assets and Liabilities associated with Non Qualified Benefit Plans [Table Text Block]

Trust assets and plan liabilities related to the NQBP included in PGE’s consolidated balance sheets are as follows as of December 31 (in millions):



	2019						2018
	NQBP		Other NQBP		Total		NQBP		Other NQBP		Total
Non-qualified benefit plan trust	$	17	$	21	$	38	$	16	$	20	$	36
Non-qualified benefit plan liabilities *	24		79		103		22		81		103

For the NQBP, excludes the current portion of $2 million in 2019 and 2018, which are classified in Accrued expenses and other current liabilities in the consolidated balance sheets.

Schedule of Allocation of Plan Assets [Table Text Block]

The asset allocations for the plans, and the target allocation, are as follows:



	As of December 31,
	2019				2018
	Actual		Target *		Actual		Target *
Defined Benefit Pension Plan:
Equity securities	64	%	65	%	65	%	67	%
Debt securities	36		35		35		33
Total	100	%	100	%	100	%	100	%
Other Postretirement Benefit Plans:
Equity securities	61	%	59	%	58	%	59	%
Debt securities	39		41		42		41
Total	100	%	100	%	100	%	100	%
Non-Qualified Benefits Plans:
Equity securities	17	%	12	%	16	%	13	%
Debt securities	7		12		10		13
Insurance contracts	76		76		74		74
Total	100	%	100	%	100	%	100	%

The target for the Defined Benefit Pension Plan represents the mid-point of the investment target range. Due to the nature of the investment vehicles in both the Other Postretirement Benefit Plans and the NQBP, these targets are the weighted average of the mid-point of the respective investment target ranges approved by the Investment Committee. Due to the method used to calculate the weighted average targets for the Other Postretirement Benefit Plans and NQBP, reported percentages are affected by the fair market values of the investments within the pools.

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]

The Company’s financial assets and liabilities whose values were recognized at fair value are as follows by level within the fair value hierarchy (in millions):



	As of December 31, 2019
	Level 1		Level 2		Level 3		Other⁽²⁾		Total
Assets:
Cash equivalents	$	26	$	—	$	—	$	—	$	26
Nuclear decommissioning trust: ⁽¹⁾
Debt securities:
Domestic government	8		16		—		—		24
Corporate credit	—		9		—		—		9
Money market funds measured at NAV ⁽²⁾	—		—		—		13		13
Non-qualified benefit plan trust: ⁽³⁾
Money market funds	1		—		—		—		1
Equity securities—domestic	7		—		—		—		7
Debt securities—domestic government	1		—		—		—		1
Price risk management activities: ^{(1) (4)}
Electricity	—		9		7		—		16
Natural gas	—		21		1		—		22
	$	43	$	55	$	8	$	13	$	119
Liabilities:
Price risk management activities: ^{(1) (4)}
Electricity	$	—	$	14	$	105	$	—	$	119
Natural gas	—		12		—		—		12
	$	—	$	26	$	105	$	—	$	131


(1)	Activities are subject to regulation, with gains and losses deferred pursuant to regulatory accounting and included in regulatory assets or regulatory liabilities as appropriate.


(2)	Assets are measured at NAV as a practical expedient and not subject to hierarchy level classification disclosure.


(3)	Excludes insurance policies of $29 million, which are recorded at cash surrender value.


(4)	For further information regarding price risk management derivatives, see Note 6, Risk Management.



	As of December 31, 2018
	Level 1		Level 2		Level 3		Other⁽²⁾		Total
Assets:
Cash equivalents	$	112	$	—	$	—	$	—	$	112
Nuclear decommissioning trust: ⁽¹⁾
Debt securities:
Domestic government	7		18		—		—		25
Corporate credit	—		10		—		—		10
Money market funds measured at NAV ⁽²⁾	—		—		—		7		7
Non-qualified benefit plan trust: ⁽³⁾
Money market funds	2		—		—		—		2
Equity securities—domestic	6		—		—		—		6
Debt securities—domestic government	1		—		—		—		1
Price risk management activities: ^{(1) (4)}
Electricity	—		9		3		—		12
Natural gas	—		8		—		—		8
	$	128	$	45	$	3	$	7	$	183
Liabilities:
Interest rate swap derivatives	$	—	$	4	$	—	$	—	4
Price risk management activities: ^{(1) (4)}
Electricity	—		10		84		—		94
Natural gas	—		51		7		—		58
	$	—	$	65	$	91	$	—	$	156


(1)	Activities are subject to regulation, with certain gains and losses deferred pursuant to regulatory accounting and included in regulatory assets or regulatory liabilities as appropriate.


(2)	Assets are measured at NAV as a practical expedient and not subject to hierarchy level classification disclosure.


(3)	Excludes insurance policies of $27 million, which are recorded at cash surrender value.

(4)

For further information regarding price risk management derivatives, see Note 6, Risk Management.

The fair values of the Company’s pension plan assets and other postretirement benefit plan assets by asset category are as follows (in millions):



	Level 1		Level 2		Level 3		Other *		Total
As of December 31, 2019:
Defined Benefit Pension Plan assets:
Equity securities—Domestic	$	49	$	—	$	—	$	—	$	49
Investments measured at NAV:
Money market funds	—		—		—		5		5
Collective trust funds	—		—		—		632		632
Private equity funds	—		—		—		9		9
	$	49	$	—	$	—	$	646	$	695
Other Postretirement Benefit Plans assets:
Money market funds	$	4	$	—	$	—	$	—	$	4
Equity securities:
Domestic	—		3		—		—		3
International	9		—		—		—		9
Debt securities—Domestic	—		5		—		—		5
Investments measured at NAV:
Money market funds	—		—		—		5		5
Collective trust funds	—		—		—		8		8
	$	13	$	8	$	—	$	13	$	34
As of December 31, 2018:
Defined Benefit Pension Plan assets:
Equity securities—Domestic	$	67	$	—	$	—	$	—	$	67
Investments measured at NAV:
Money market funds	—		—		—		5		5
Collective trust funds	—		—		—		463		463
Private equity funds	—		—		—		11		11
	$	67	$	—	$	—	$	479	$	546
Other Postretirement Benefit Plans assets:
Money market funds	$	3	$	—	$	—	$	—	$	3
Equity securities:
Domestic	—		3		—		—		3
International	8		—		—		—		8
Debt securities—Domestic government	—		5		—		—		5
Investments measured at NAV:
Money market funds	—		—		—		4		4
Collective trust funds	—		—		—		7		7
	$	11	$	8	$	—	$	11	$	30


*	Assets are measured at NAV as a practical expedient and not subject to hierarchy level classification disclosure. These assets are listed in the totals of the fair value hierarchy to permit the reconciliation to amounts presented in the financial statements.

Schedule of Defined Benefit Plans Disclosures [Table Text Block]

The following tables provide certain information with respect to the Company’s defined benefit pension plan, other postretirement benefits, and NQBP as of and for the years ended December 31, 2019 and 2018. Information related to the Other NQBP is not included in the following tables (dollars in millions):



	Defined Benefit Pension Plan						Other Postretirement Benefits						Non-Qualified Benefit Plans
	2019			2018			2019			2018			2019			2018
Benefit obligation:
As of January 1	$	811		$	869		$	72		$	78		$	24		$	27
Service cost	16			19			2			2			—			—
Interest cost	34			32			3			3			1			1
Participants’ contributions	—			—			2			2			—			—
Actuarial loss (gain)	88			(67		)	8			(7		)	3			(1		)
Benefit payments	(42		)	(39		)	(6		)	(6		)	(2		)	(3		)
Administrative expenses	(2		)	(3		)	—			—			—			—
Plan amendment	—			—			(9		)	—			—			—
Curtailment gain	—			—			(1		)	—			—			—
As of December 31	$	905		$	811		$	71		$	72		$	26		$	24
Fair value of plan assets:
As of January 1	$	546		$	629		$	30		$	33		$	16		$	17
Actual return on plan assets	131			(50		)	5			(2		)	1			(1		)
Company contributions	62			9			3			3			2			3
Participants’ contributions	—			—			2			2			—			—
Benefit payments	(42		)	(39		)	(6		)	(6		)	(2		)	(3		)
Administrative expenses	(2		)	(3		)	—			—			—			—
As of December 31	$	695		$	546		$	34		$	30		$	17		$	16
Unfunded position as of December 31	$	(210	)	$	(265	)	$	(37	)	$	(42	)	$	(9	)	$	(8	)
Accumulated benefit plan obligation as of December 31	$	813		$	734		N/A			N/A			$	26		$	24
Classification in consolidated balance sheet:
Noncurrent asset	$	—		$	—		$	—		$	—		$	17		$	16
Current liability	—			—			—			—			(2		)	(2		)
Noncurrent liability	(210		)	(265		)	(37		)	(42		)	(24		)	(22		)
Net liability	$	(210	)	$	(265	)	$	(37	)	$	(42	)	$	(9	)	$	(8	)
Amounts included in comprehensive income:
Net actuarial loss (gain)	$	(3	)	$	25		$	5		$	(4	)	$	3		$	(1	)
Net prior service credit	—			—			(9		)	—			—			—
Amortization of net actuarial loss	(10		)	(17		)	—			—			(1		)	(1		)
	$	(13	)	$	8		$	(4	)	$	(4	)	$	2		$	(2	)
Amounts included in AOCL:*
Net actuarial loss (gain)	$	213		$	226		$	1		$	(4	)	$	13		$	11
Prior service cost	—			—			(9		)	—			—			—
	$	213		$	226		$	(8	)	$	(4	)	$	13		$	11

* Amounts included in AOCL related to the Company’s defined benefit pension plan and other postretirement benefits are transferred to Regulatory assets due to the future recoverability from retail customers. Accordingly, as of the balance sheet date, such amounts are included in Regulatory assets.

Schedule of Net Benefit Costs [Table Text Block]

Net periodic benefit cost consists of the following for the years ended December 31 (in millions):



	Defined Benefit Pension Plan									Other Postretirement Benefits									Non-Qualified Benefit Plans
	2019			2018			2017			2019			2018			2017			2019		2018		2017
Service cost	$	16		$	19		$	17		$	2		$	2		$	2		$	—	$	—	$	—
Interest cost on benefit obligation	34			32			33			3			3			3			1		1		1
Expected return on plan assets	(40		)	(42		)	(42		)	(2		)	(1		)	(2		)	—		—		—
Amortization of net actuarial loss	10			17			13			—			—			—			1		1		1
Curtailment gain	—			—			—			(2		)	—			—			—		—		—
Net periodic benefit cost	$	20		$	26		$	21		$	1		$	4		$	3		$	2	$	2	$	2

Schedule of Expected Benefit Payments [Table Text Block]

The following table summarizes the benefits expected to be paid to participants in each of the next five years and in the aggregate for the five years thereafter (in millions):



	Payments Due
	2020		2021		2022		2023		2024		2025 - 2029
Defined benefit pension plan	$	44	$	44	$	45	$	46	$	46	$	239
Other postretirement benefits	5		5		5		5		6		20
Non-qualified benefit plans	2		2		2		2		2		11
Total	$	51	$	51	$	52	$	53	$	54	$	270