XML 57 R46.htm IDEA: XBRL DOCUMENT v3.24.0.1
Employee Benefits (Tables)
12 Months Ended
Dec. 31, 2023
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):
 20232022
  NQBPOther NQBPTotalNQBPOther NQBPTotal
Non-qualified benefit plan trust assets$17 $18 $35 $19 $19 $38 
Non-qualified benefit plan liabilities *16 63 79 16 67 83 
*    For the NQBP, excludes the current portion of $2 million in 2023 and $2 million in 2022, which are classified in Accrued expenses and other current liabilities in the consolidated balance sheets.
Schedule of Allocation of Plan Assets [Table Text Block]
The asset allocations for the plans, and the target allocation, are as follows:
 As of December 31,
  20232022
ActualTarget *ActualTarget *
Defined Benefit Pension Plan:
Growth securities
53 %55 %55 %55 %
Liability Hedging Fixed Income securities
47 45 45 45 
Total100 %100 %100 %100 %
Other Postretirement Benefit Plans:
Equity securities41 %39 %39 %40 %
Debt securities59 61 61 60 
Total100 %100 %100 %100 %
Non-Qualified Benefits Plans:
Equity securities%%%%
Debt securities13 10 11 
Insurance contracts86 86 84 84 
Total100 %100 %100 %100 %
*    The target for the Defined Benefit Pension Plan represents the mid-point of the investment target range. Due to the nature of the investment vehicles in both the Other Postretirement Benefit Plans and the NQBP, these targets are the weighted average of the mid-point of the respective investment target ranges approved by the Investment Committee. Due to the method used to calculate the weighted average targets for the Other Postretirement Benefit Plans and NQBP, reported percentages are affected by the fair market values of the investments within the pools.
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]
The Company’s financial assets and liabilities whose values were recognized at fair value are as follows by level within the fair value hierarchy (in millions): 
December 31, 2023
Level 1Level 2Level 3
Other(2)
Total
Assets:
Cash equivalents$— $— $— $— $— 
Nuclear decommissioning trust: (1)
Debt securities:
Domestic government— — 18 
Corporate credit— — — 
Money market funds measured at NAV (2)
— — — 
Non-qualified benefit plan trust: (3)
Money market funds— — — 
Equity securities—domestic— — — — — 
Debt securities—domestic government— — — 
Paid Leave Oregon Trust:
Money market funds measured at NAV (2)
— — — 
Price risk management activities: (1) (4)
Electricity— 14 — 22 
Natural gas— 11 — — 11 
$14 $35 $14 $$72 
Liabilities:
Price risk management activities: (1) (4)
Electricity$— $30 $43 $— $73 
Natural gas— 150 16 — 166 
$— $180 $59 $— $239 
(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 $30 million, which are recorded at cash surrender value.
(4)For further information regarding price risk management derivatives, see Note 6, Risk Management.
December 31, 2022
Level 1Level 2Level 3
Other(2)
Total
Assets:
Cash equivalents$150 $— $— $— $150 
Nuclear decommissioning trust: (1)
Debt securities:
Domestic government10 — — 19 
Corporate credit— — — 
Money market funds measured at NAV (2)
— — — 11 11 
Non-qualified benefit plan trust: (3)
Money market funds— — — 
Equity securities—domestic— — — 
Debt securities—domestic government— — — 
Price risk management activities: (1) (4)
Electricity— 93 63 — 156 
Natural gas— 225 — 231 
$166 $337 $69 $11 $583 
Liabilities:
Price risk management activities: (1) (4)
Electricity$— $53 $93 $— $146 
Natural gas— 39 — 47 
$— $92 $101 $— $193 
(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 $31 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, 2023:
Defined Benefit Pension Plan assets:
Equity securities—Domestic$14 $— $— $— $14 
Investments measured at NAV:
Money market funds— — — 30 30 
Collective trust funds— — — 484 484 
Private equity funds— — — 
$14 $— $— $516 $530 
Other Postretirement Benefit Plans assets:
Money market funds$$— $— $— $
Equity securities:
Domestic— — — 
International— — — 
Debt securities—Domestic— — — 
Investments measured at NAV:
Money market funds— — — 
Collective trust funds— — — 
$$$— $10 $23 
As of December 31, 2022:
Defined Benefit Pension Plan assets:
Equity securities—Domestic$16 $— $— $— $16 
Investments measured at NAV:
Money market funds— — — 
Collective trust funds— — — 525 525 
Private equity funds— — — 
$16 $— $— $531 $547 
Other Postretirement Benefit Plans assets:
Money market funds$$— $— $— $
Equity securities:
Domestic— — — 
International— — — 
Debt securities—Domestic government— — — 
Investments measured at NAV:
Money market funds— — — 
Collective trust funds— — — 
$$$— $$21 
*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, 2023 and 2022. 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
  202320222023202220232022
Benefit obligation:
As of January 1$695 $972 $43 $71 $18 $27 
Service cost10 17 — — 
Interest cost37 28 
Actuarial gain37 (255)(15)(7)
Benefits paid from plan assets
(86)(69)(2)(4)(3)(3)
Benefits paid from Company assets
— — (1)— — — 
Administrative expenses(3)(3)— — — — 
Plan amendment— — — — 
Plan settlements— — (11)(13)— — 
As of December 31$690 $695 $35 $43 $18 $18 
Fair value of plan assets:
As of January 1$547 $800 $21 $37 $19 $21 
Actual return on plan assets72 (181)(6)(2)(2)
Company contributions— — 13 
Benefit payments(86)(69)(2)(4)(3)(3)
Administrative expenses(3)(3)— — — — 
Plan settlements— — (11)(13)— — 
As of December 31$530 $547 $23 $21 $17 $19 
Unfunded position as of December 31$(160)$(148)$(12)$(22)$(1)$
Accumulated benefit plan obligation as of December 31$645 $656 N/AN/A$17 $17 
Classification in consolidated balance sheet:
Noncurrent asset$— $— $— $— $17 $19 
Current liability— — — (1)(2)(2)
Noncurrent liability(160)(148)(12)(21)(16)(16)
Net asset (liability)$(160)$(148)$(12)$(22)$(1)$
Amounts included in comprehensive income:
Net actuarial loss (gain)$$(28)$$(8)$$(7)
Net settlement gain (loss)
— — 11 — — 
Net prior service credit— — — — — 
Amortization of net actuarial gain (loss)
— (15)— (1)(1)
Amortization of prior service credit— — — — 
$$(36)$$$$(8)
Amounts included in AOCL: *
Net actuarial loss (gain)$105 $96 $(3)$(7)$$
Prior service cost(1)(1)— — — — 
$104 $95 $(3)$(7)$$
* 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 gains and losses due to demographic experience, including assumption changes, were a loss of $37 million and a gain of $255 million, and the changes between actual and expected return on plan assets were a gain of $29 million and a loss of $227 million, for the years ended December 31, 2023 and 2022, respectively.
For the other postretirement benefits, actuarial gains and losses due to demographic experience, including assumption changes, were a loss of $3 million and a gain of $15 million, and the changes between actual and expected return on plan assets were a gain of $1 million and a loss of $6 million, for the years ended December 31, 2023 and 2022, 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
  202320222021202320222021202320222021
Service cost$10 $17 $19 $$$$— $— $— 
Interest cost on benefit obligation37 28 27 
Expected return on plan assets(43)(46)(45)(1)(2)(2)— — — 
Amortization of prior service credit(1)(2)— — — (1)— — — 
Amortization of net actuarial loss— 15 22 (1)— — 
Settlement gain— — — (1)(11)— — — — 
Net periodic benefit cost$$12 $23 $— $(10)$$$$
Employee Benefits Assumptions [Table]
The following assumptions were used in determining benefit obligations and net period benefit costs:
Defined Benefit Pension PlanOther Postretirement BenefitsNon-Qualified
Benefit Plans
202320222023202220232022
Assumptions used to determine benefit obligations: 
Discount rate5.13 %5.42 %5.18 %5.47% -5.13 %5.42 %
5.57 %5.51 %
Rate of compensation increase4.19 %4.21 %4.06 %4.04 %4.01 %5.10 %
Assumptions used to determine net periodic benefit cost:
Discount rate5.42 %2.92 %5.47 %2.75% -5.42 %2.92 %
6.06 %3.11 %
Rate of compensation increase 4.21 %4.26 %4.04 %4.13 %5.10 %4.10 %
Long-term rate of return on plan assets6.75 %6.75 %4.77 %4.83 %N/AN/A
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
  20242025202620272028
2029 - 2033
Defined benefit pension plan$76 $49 $49 $49 $49 $241 
Other postretirement benefits10 
Non-qualified benefit plans
Total$82 $55 $55 $56 $53 $260