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Equity (Notes)
 9 Months Ended
Sep. 30, 2023
Equity [Abstract]  
Equity SHAREHOLDERS’ EQUITY
The activity in equity during the three- and nine-month periods ended September 30, 2023 and 2022 was as follows (dollars in millions, except per share amounts):
Common StockAccumulated
Other
Comprehensive
Loss		Retained
Earnings
SharesAmountTotal
Balances as of December 31, 202289,283,353 $1,249 $(4)$1,534 $2,779 
Issuances of shares pursuant to equity-based plans159,603 — — — — 
Issuances of shares pursuant to equity forward sales agreement7,178,016 300 — — 300 
Stock-based compensation(1)— — (1)
Dividends declared ($0.4525 per share)
— — — (40)(40)
Net income— — — 74 74 
Balances as of March 31, 202396,620,972 $1,548 $(4)$1,568 $3,112 
Issuances of shares pursuant to equity-based plans30,245 1 — — 1 
Issuances of shares pursuant to equity forward sales agreement2,212,610 92 — — 92 
Stock-based compensation— 6 — — 6 
Other comprehensive income— — 1 — 1 
Dividends declared ($0.4750 per share)
— — — (51)(51)
Net income— — — 39 39 
Balances as of June 30, 202398,863,827 $1,647 $(3)$1,556 $3,200 
Issuances of shares pursuant to equity-based plans35,702 — — — — 
Issuances of shares pursuant to equity forward sales agreement2,224,374 93 — — 93 
Stock-based compensation— 4 — — 4 
Dividends declared ($0.4750 per share)
— — — (49)(49)
Net income— — — 47 47 
Balances as of September 30, 2023
101,123,903 $1,744 $(3)$1,554 $3,295 
Common StockAccumulated
Other
Comprehensive
Loss		Retained
Earnings
SharesAmountTotal
Balances as of December 31, 202189,410,612 $1,241 $(10)$1,476 $2,707 
Issuances of shares pursuant to equity-based plans163,291 — — — — 
Repurchase of common stock(350,000)(5)— (13)(18)
Dividends declared ($0.4300 per share)
— — — (40)(40)
Net income— — — 60 60 
Balances as of March 31, 202289,223,903 $1,236 $(10)$1,483 $2,709 
Issuances of shares pursuant to equity-based plans18,769 1 — — 1 
Stock-based compensation— 4 — — 4 
Other comprehensive income— — 1 — 1 
Dividends declared ($0.4525 per share)
— — — (41)(41)
Net income— — — 64 64 
Balances as of June 30, 202289,242,672 $1,241 $(9)$1,506 $2,738 
Issuances of shares pursuant to equity-based plans27,989 — — — — 
Stock-based compensation— 4 — — 4 
Dividends declared ($0.4525 per share)
— — — (40)(40)
Net income— — — 58 58 
Balances as of September 30, 2022
89,270,661 $1,245 $(9)$1,524 $2,760 

At the Market Offering Program—On April 28, 2023, PGE entered into an equity distribution agreement under which it could sell up to $300 million of its common stock through at the market offering programs. As of September 30, 2023, pursuant to the terms of the equity distribution agreement, PGE entered into separate forward sale agreements with forward counterparties and under such agreements, the Company could have physically settled by delivering 1,237,033 shares to the counterparties in exchange for cash of $58 million. Any proceeds from the issuances of common stock will be used for general corporate purposes and investments in renewables and non-emitting dispatchable capacity.

Equity Forward Sale Agreement—In 2022, PGE entered into an EFSA in connection with a public offering of 10,100,000 shares of its common stock. In March 2023, the Company issued 7,178,016 shares pursuant to the EFSA and received net proceeds of $300 million. In June 2023, the Company issued 2,212,610 shares pursuant to the EFSA and received net proceeds of $92 million. On July 12, 2023, the Company issued 2,224,374 shares pursuant to the EFSA, settling the equity forward transaction, and received net proceeds of $92 million.

Pursuant to the terms of the EFSA, the forward counterparties borrowed 11,615,000 shares of PGE’s common stock, including 1,515,000 shares in connection with the underwriters’ exercise of their option to purchase additional shares, from third parties in the open market and sold the shares to a group of underwriters for $43.00 per share, less an underwriting discount equal to $1.23625 per share. PGE receives proceeds from the sale of common stock when the EFSA is settled (described above), and at that time PGE records the proceeds, if any, in equity.
PGE concluded that the EFSA was an equity instrument and that it qualified for an exception from derivative accounting because the EFSA was indexed to its own stock.

Prior to settlement, the potentially issuable shares pursuant to the EFSA were reflected in PGE’s diluted earnings per share calculations using the treasury stock method. Under this method, the number of shares of PGE’s common stock used in calculating diluted earnings per share for a reporting period would be increased by the number of shares, if any, that would be issued upon physical settlement of the EFSA less the number of shares that could be purchased by PGE in the market with the proceeds received from issuance (based on the average market price during that reporting period). Share dilution occurs when the average market price of PGE’s stock during the reporting period is higher than the average forward sale price during the reporting period. No such dilution occurred for the three and nine months ended September 30, 2023. For additional information concerning the Company’s diluted earnings per share, see Note 6, Earnings Per Share.