Company: POR
Filing Date: 2025-10-31
Form Type: 10-Q
Source: 0000784977-25-000172
Chunk: 108

Company: PORTLAND GENERAL ELECTRIC CO /OR/
Filing Date: 2025-10-31
Form: 10-Q
Item: Part I, Item 8
Chunk 108
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audited)

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 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