Company: POR
Filing Date: 2025-04-25
Form Type: 10-Q
Source: 0000784977-25-000074
Chunk: 21

Company: PORTLAND GENERAL ELECTRIC CO /OR/
Filing Date: 2025-04-25
Form: 10-Q
Item: Part I, Item 1
Chunk 21
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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 March 31, 20252024Service cost$2 $3 Interest cost*8 8 Expected return on plan assets*(9)(10)Net periodic benefit cost$1 $1 * 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 March 31, 2025 and December 31, 2024, and classified these financial instruments based on a fair value hierarchy that is applied to prioritize the inputs to the valuation techniques used to measure fair value. The three levels of the fair value hierarchy and application to the Company are: Level 1Quoted prices are available in active markets for identical assets or liabilities as of the measurement date; Level 2Pricing inputs include those that are directly or indirectly observable in the marketplace as of the measurement date; andLevel 3Pricing inputs include significant inputs that are unobservable for the asset or liability.Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the valuation of assets, liabilities, and their placement within the fair value hierarchy. Assets measured at fair value using net asset value (NAV) as a practical expedient are