XML 63 R48.htm IDEA: XBRL DOCUMENT v3.20.4
Employee Benefits (Tables)
 12 Months Ended
Dec. 31, 2020
Employee Benefits [Abstract]  
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):
 20202019
  NQBPOther NQBPTotalNQBPOther NQBPTotal
Non-qualified benefit plan trust$19 $23 $42 $17 $21 $38 
Non-qualified benefit plan liabilities *26 75 101 24 79 103 
*    For the NQBP, excludes the current portion of $2 million in 2020 and in 2019, 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,
  20202019
ActualTarget *ActualTarget *
Defined Benefit Pension Plan:
Equity securities67 %65 %64 %65 %
Debt securities33 35 36 35 
Total100 %100 %100 %100 %
Other Postretirement Benefit Plans:
Equity securities60 %57 %61 %59 %
Debt securities40 43 39 41 
Total100 %100 %100 %100 %
Non-Qualified Benefits Plans:
Equity securities17 %12 %17 %12 %
Debt securities6 11 7 12 
Insurance contracts77 77 76 76 
Total100 %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, 2020
Level 1Level 2Level 3
Other(2)
Total
Assets:
Cash equivalents$255 $— $— $— $255 
Nuclear decommissioning trust: (1)
Debt securities:
Domestic government9 11 — — 20 
Corporate credit— 13 — — 13 
Money market funds measured at NAV (2)
— — — 12 12 
Non-qualified benefit plan trust: (3)
Money market funds1 — — — 1 
Equity securities—domestic7 — — — 7 
Debt securities—domestic government1 — — — 1 
Price risk management activities: (1) (4)
Electricity— 4 4 — 8 
Natural gas— 36 1 — 37 
$273 $64 $5 $12 $354 
Liabilities:
Price risk management activities: (1) (4)
Electricity$— $5 $141 $— $146 
Natural gas— 4 1 — 5 
$— $9 $142 $— $151 
(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 $33 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, 2019
Level 1Level 2Level 3
Other(2)
Total
Assets:
Cash equivalents$26 $— $— $— $26 
Nuclear decommissioning trust: (1)
Debt securities:
Domestic government8 16 — — 24 
Corporate credit— 9 — — 9 
Money market funds measured at NAV (2)
— — — 13 13 
Non-qualified benefit plan trust: (3)
Money market funds1 — — — 1 
Equity securities—domestic7 — — — 7 
Debt securities—domestic government1 — — — 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 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 $29 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 1Level 2Level 3Other *Total
As of December 31, 2020:
Defined Benefit Pension Plan assets:
Equity securities—Domestic$49 $— $— $— $49 
Investments measured at NAV:
Money market funds— — — 6 6 
Collective trust funds— — — 692 692 
Private equity funds— — — 6 6 
$49 $— $— $704 $753 
Other Postretirement Benefit Plans assets:
Money market funds$4 $— $— $— $4 
Equity securities:
Domestic— 3 — — 3 
International9 — — — 9 
Debt securities—Domestic— 5 — — 5 
Investments measured at NAV:
Money market funds— — — 5 5 
Collective trust funds— — — 9 9 
$13 $8 $— $14 $35 
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 
International9 — — — 9 
Debt securities—Domestic government— 5 — — 5 
Investments measured at NAV:
Money market funds— — — 5 5 
Collective trust funds— — — 8 8 
$13 $8 $— $13 $34 
*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, 2020 and 2019. Information related to the Other NQBP is not included in the following tables (dollars in millions):

 Defined Benefit Pension PlanOther Postretirement BenefitsNon-Qualified
Benefit Plans
  202020192020201920202019
Benefit obligation:
As of January 1$905 $811 $71 $72 $26 $24 
Service cost17 16 2 2 — — 
Interest cost31 34 2 3 1 1 
Participants’ contributions— — — 2 — — 
Actuarial loss (gain)104 88 4 8 3 3 
Benefit payments(44)(42)(4)(6)(2)(2)
Administrative expenses(3)(2)— — — — 
Plan amendment— — 1 (9)— — 
Curtailment gain— — — (1)— — 
As of December 31$1,010 $905 $76 $71 $28 $26 
Fair value of plan assets:
As of January 1$695 $546 $34 $30 $17 $16 
Actual return on plan assets105 131 2 5 1 1 
Company contributions— 62 3 3 3 2 
Participants’ contributions— — — 2 — — 
Benefit payments(44)(42)(4)(6)(2)(2)
Administrative expenses(3)(2)— — — — 
As of December 31$753 $695 $35 $34 $19 $17 
Unfunded position as of December 31$(257)$(210)$(41)$(37)$(9)$(9)
Accumulated benefit plan obligation as of December 31$907 $813 N/AN/A$24 $26 
Classification in consolidated balance sheet:
Noncurrent asset$— $— $— $— $19 $17 
Current liability— — — — (2)(2)
Noncurrent liability(257)(210)(41)(37)(26)(24)
Net liability$(257)$(210)$(41)$(37)$(9)$(9)
Amounts included in comprehensive income:
Net actuarial loss (gain)$43 $(3)$4 $5 $3 $3 
Net prior service credit1 — — (9)— — 
Amortization of net actuarial loss(17)(10)— — (1)(1)
Amortization of prior service credit— — 1 — — — 
$27 $(13)$5 $(4)$2 $2 
Amounts included in AOCL:*
Net actuarial loss (gain)$239 $213 $5 $1 $15 $13 
Prior service cost1 — (8)(9)— — 
$240 $213 $(3)$(8)$15 $13 
* Amounts included in AOCL related to the Company’s defined benefit pension plan and other postretirement benefits are classified as Regulatory assets or liabilities as future recoverability is expected from retail customers.

Significant actuarial gains (losses) experienced that resulted in changes in projected benefit obligation included the following:
•For the defined benefit pension plan, actuarial losses due to demographic experience, including assumption changes, were losses of $104 million and $88 million, and the changes between actual and expected return on plan assets were gains of $61 million and $94 million for the years ended December 31, 2020 and 2019, respectively.
•For the other postretirement benefits, actuarial losses due to demographic experience, including assumption changes, were losses of $5 million and $2 million, and the changes between actual and expected return on plan assets were gains of $1 million for each of the years ended December 31, 2020 and 2019, respectively.
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
  202020192018202020192018202020192018
Service cost$17 $16 $19 $2 $2 $2 $— $— $— 
Interest cost on benefit obligation31 34 32 2 3 3 1 1 1 
Expected return on plan assets(44)(40)(42)(2)(2)(1)— — — 
Amortization of prior service credit— — — (1)— — — — — 
Amortization of net actuarial loss17 10 17 — — — 1 1 1 
Curtailment gain— — — — (2)— — — — 
Net periodic benefit cost$21 $20 $26 $1 $1 $4 $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
  202120222023202420252026 - 2030
Defined benefit pension plan$45 $45 $46 $47 $47 $243 
Other postretirement benefits5 5 5 6 5 19 
Non-qualified benefit plans2 2 3 2 2 11 
Total$52 $52 $54 $55 $54 $273