Leases Lease Obligations (Tables)

12 Months Ended

Dec. 31, 2021

Leases [Abstract]

Lease, Cost [Table Text Block]

The components of lease cost were as follows (in millions):

	2021		2020
Operating lease cost	$	8	$	8
Finance lease cost:
Amortization of right-of-use assets	$	7	$	5
Interest on lease liabilities	11		10
Total finance lease cost	$	18	$	15
Variable lease cost	$	24	$	12

Lease term and discount rates were as follows:

	December 31, 2021		December 31, 2020
Weighted Average Remaining Lease Term (in years)
Operating leases	40		26
Finance leases	23		28
Weighted Average Discount Rate
Operating leases	3.8	%	3.6	%
Finance leases	5	%	7.3	%

Schedule of Future Minimum Lease Payments for Capital Leases [Table Text Block]

As of December 31, 2021, maturities of lease liabilities were as follows (in millions):

	Operating Leases		Finance Leases
2022	$	4	$	20
2023	4		18
2024	3		18
2025	1		25
2026	1		25
Thereafter	43		377
Total lease payments	56		483
Less imputed interest	(30)		(190)
Total	$	26	$	293

Schedule of Cash Flow, Supplemental Disclosures [Table Text Block]

Supplemental cash flow information related to leases for the years indicated was as follows (in millions):

	2021		2020		2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	8	$	8	$	7
Operating cash flows from finance leases	11		10		5
Financing cash flows from finance leases	6		6		$	4
Right-of-use assets obtained in leasing arrangements:
Operating leases	$	(12)	$	—	$	56
Finance leases	153		—		154

In 2021, PGE entered into a hydroelectric power purchase agreement (PPA). The PPA modified an existing operating lease by effectively extending the term of the lease from 2024 to 2040 and increasing the capacity payments in the extension period. PGE reclassified the lease from operating to finance, and the Company recorded an additional lease liability and right-of-use (ROU) asset of approximately $141 million on PGE’s consolidated balance sheets. The energy portion of the PPA is considered variable and will not be included in the calculation of the lease liability and right-of-use asset. Any material differences between expense recognition and timing of lease payments will be deferred as a regulatory asset or liability in order to match what is anticipated to be recovered in customer prices for ratemaking purposes.