Company: POR
Filing Date: 2025-10-31
Form Type: 10-Q
Source: 0000784977-25-000172
Chunk: 22

Company: PORTLAND GENERAL ELECTRIC CO /OR/
Filing Date: 2025-10-31
Form: 10-Q
Item: Part I, Item 1
Chunk 22
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 sheets.Pursuant to an order issued by the FERC, the Company is authorized to issue short-term debt in an aggregate amount of up to $900 million through February 6, 2026. 

17

Table of ContentsPORTLAND GENERAL ELECTRIC COMPANYNOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS, continued(Unaudited)

Long-term DebtOn March 25, 2025, PGE entered into a Bond Purchase Agreement related to the sale of $310 million in First Mortgage Bonds (FMBs). The Bonds were issued and funded in full on March 25, 2025 and consist of:•a series, due in 2035, in the amount of $60 million that will bear interest from its issuance date at an annual rate of 5.36%; •a series, due in 2045, in the amount of $50 million that will bear interest from its issuance date at an annual rate of 5.72%; and•a series, due in 2055, in the amount of $200 million that will bear interest from its issuance date at an annual rate of 5.84%. On November 14, 2024, PGE drew a $220 million loan under a 366-day term loan agreement. On December 31, 2024, PGE repaid $50 million of the term loan and, on March 31, 2025, the Company repaid another $102 million, leaving an outstanding balance of $68 million.Defined Benefit Retirement Plan CostsComponents of net periodic benefit cost under the defined benefit pension plan are as follows (in millions): Three Months Ended September 30, Nine Months Ended September 30, 2025202420252024Service cost$2 $3 $7 $8 Interest cost*8 8 24 25 Expected return on plan assets*(9)(10)(27)(30)Net periodic benefit cost$1 $1 $4 $3 * The net expense portion of non-service cost components are included in Miscellaneous income, net within Other income on the Company’s condensed consolidated statements of income and comprehensive income.

NOTE 4: FAIR VALUE OF FINANCIAL INSTRUMENTS 

PGE estimated the fair value of financial asset and liability instruments as of September 30, 2025 and December 31, 2024, and classified these financial instruments based on a fair value hierarchy that is applied to prioritize the inputs to