2019 Q1 Form 10-Q Financial Statement

#000078497719000030 Filed on April 26, 2019

View on sec.gov

Income Statement

Concept 2019 Q1 2018 Q1
Revenue $573.0M $493.0M
YoY Change 16.23% -6.98%
Cost Of Revenue $305.0M $184.0M
YoY Change 65.76% 18.71%
Gross Profit $268.0M $309.0M
YoY Change -13.27% -17.6%
Gross Profit Margin 46.77% 62.68%
Selling, General & Admin $71.00M $69.00M
YoY Change 2.9% 1.47%
% of Gross Profit 26.49% 22.33%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $101.0M $92.00M
YoY Change 9.78% 9.52%
% of Gross Profit 37.69% 29.77%
Operating Expenses $206.0M $194.0M
YoY Change 6.19% 4.86%
Operating Profit $111.0M $100.0M
YoY Change 11.0% -19.35%
Interest Expense $32.00M $31.00M
YoY Change 3.23% 3.33%
% of Operating Profit 28.83% 31.0%
Other Income/Expense, Net $5.000M $3.000M
YoY Change 66.67% 50.0%
Pretax Income $84.00M $72.00M
YoY Change 16.67% -25.0%
Income Tax $11.00M $8.000M
% Of Pretax Income 13.1% 11.11%
Net Earnings $73.00M $64.00M
YoY Change 14.06% -12.33%
Net Earnings / Revenue 12.74% 12.98%
Basic Earnings Per Share
Diluted Earnings Per Share $817.5K $717.5K
COMMON SHARES
Basic Shares Outstanding 89.31M shares 89.11M shares
Diluted Shares Outstanding 89.31M shares

Balance Sheet

Concept 2019 Q1 2018 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $104.0M $87.00M
YoY Change 19.54% 70.59%
Cash & Equivalents $89.00M $70.00M
Short-Term Investments $15.00M $17.00M
Other Short-Term Assets $108.0M $81.00M
YoY Change 33.33% -6.9%
Inventory $81.00M $80.00M
Prepaid Expenses
Receivables $226.0M $152.0M
Other Receivables $0.00 $0.00
Total Short-Term Assets $596.0M $532.0M
YoY Change 12.03% 9.69%
LONG-TERM ASSETS
Property, Plant & Equipment $6.788B $6.781B
YoY Change 0.1% 4.87%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $142.0M $53.00M
YoY Change 167.92% -1.85%
Total Long-Term Assets $7.352B $7.360B
YoY Change -0.11% 3.27%
TOTAL ASSETS
Total Short-Term Assets $596.0M $532.0M
Total Long-Term Assets $7.352B $7.360B
Total Assets $7.948B $7.892B
YoY Change 0.71% 3.68%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $136.0M $97.00M
YoY Change 40.21% 5.43%
Accrued Expenses $152.0M $138.0M
YoY Change 10.14% -2.13%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $300.0M
YoY Change
Total Short-Term Liabilities $731.0M $393.0M
YoY Change 86.01% -28.28%
LONG-TERM LIABILITIES
Long-Term Debt $2.178B $2.426B
YoY Change -10.22% 10.27%
Other Long-Term Liabilities $67.00M $198.0M
YoY Change -66.16% 75.22%
Total Long-Term Liabilities $2.245B $2.624B
YoY Change -14.44% 13.45%
TOTAL LIABILITIES
Total Short-Term Liabilities $731.0M $393.0M
Total Long-Term Liabilities $2.245B $2.624B
Total Liabilities $5.400B $5.443B
YoY Change -0.79% 4.17%
SHAREHOLDERS EQUITY
Retained Earnings $1.344B $1.251B
YoY Change 7.43% 4.69%
Common Stock $1.212B $1.206B
YoY Change 0.5% 0.5%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.548B $2.449B
YoY Change
Total Liabilities & Shareholders Equity $7.948B $7.892B
YoY Change 0.71% 3.68%

Cashflow Statement

Concept 2019 Q1 2018 Q1
OPERATING ACTIVITIES
Net Income $73.00M $64.00M
YoY Change 14.06% -12.33%
Depreciation, Depletion And Amortization $101.0M $92.00M
YoY Change 9.78% 9.52%
Cash From Operating Activities $156.0M $194.0M
YoY Change -19.59% 14.12%
INVESTING ACTIVITIES
Capital Expenditures $150.0M $131.0M
YoY Change 14.5% 14.91%
Acquisitions
YoY Change
Other Investing Activities $3.000M -$1.000M
YoY Change -400.0% -200.0%
Cash From Investing Activities -$151.0M -$130.0M
YoY Change 16.15% 15.04%
FINANCING ACTIVITIES
Cash Dividend Paid $32.00M $30.00M
YoY Change 6.67% 7.14%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $0.00
YoY Change
Cash From Financing Activities -$35.00M -$33.00M
YoY Change 6.06% 3.13%
NET CHANGE
Cash From Operating Activities $156.0M $194.0M
Cash From Investing Activities -$151.0M -$130.0M
Cash From Financing Activities -$35.00M -$33.00M
Net Change In Cash -$30.00M $31.00M
YoY Change -196.77% 24.0%
FREE CASH FLOW
Cash From Operating Activities $156.0M $194.0M
Capital Expenditures $150.0M $131.0M
Free Cash Flow $6.000M $63.00M
YoY Change -90.48% 12.5%

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CY2018Q4 us-gaap Derivative Liability Collateral Right To Reclaim Cash Offset
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CY2019Q1 us-gaap Derivative Liability Collateral Right To Reclaim Cash Offset
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11000000 USD
CY2019Q1 us-gaap Derivative Net Liability Position Aggregate Fair Value
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CY2018Q1 us-gaap Dividends Common Stock
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CY2019Q1 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense Depreciation
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CY2019Q1 us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
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CY2018Q1 us-gaap Effective Income Tax Rate Continuing Operations
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CY2019Q1 us-gaap Effective Income Tax Rate Continuing Operations
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CY2018Q1 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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0.210
CY2019Q1 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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0.210
CY2019Q1 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense Depletion
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CY2019Q1 us-gaap Dividends Common Stock
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CY2018Q1 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
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CY2019Q1 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
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CY2018Q1 us-gaap Effective Income Tax Rate Reconciliation Tax Credits
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CY2019Q1 us-gaap Effective Income Tax Rate Reconciliation Tax Credits
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CY2019Q1 us-gaap Employee Related Liabilities Current
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CY2018Q4 us-gaap Energy Related Inventory
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CY2019Q1 us-gaap Energy Related Inventory
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81000000 USD
CY2019Q1 us-gaap Environmental Remediation Expense
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CY2019Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Liability Transfers Out Of Level3
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1000000 USD
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CY2019Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Transfers Into Level3
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0 USD
CY2018Q1 us-gaap Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Inputs Reconciliation Transfers Net
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0 USD
CY2019Q1 us-gaap Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Inputs Reconciliation Transfers Net
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0 USD
CY2019Q1 us-gaap Finance Lease Liability
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CY2019Q1 us-gaap Finance Lease Liability Payments Due
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CY2019Q1 us-gaap Finance Lease Liability Payments Due Year Five
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CY2019Q1 us-gaap Finance Lease Liability Payments Due Year Four
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CY2019Q1 us-gaap Finance Lease Liability Payments Due Year Three
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1000000 USD
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CY2019Q1 us-gaap Finance Lease Right Of Use Asset
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CY2019Q1 us-gaap Finance Lease Weighted Average Remaining Lease Term1
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CY2019Q1 us-gaap Financial Instruments Owned At Fair Value
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CY2019Q1 us-gaap Financial Instruments Owned Corporate Debt At Fair Value
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CY2018Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
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CY2019Q1 us-gaap Finite Lived Intangible Assets Accumulated Amortization
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318000000 USD
CY2018Q1 us-gaap Gain On Derivative Instruments Pretax
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CY2019Q1 us-gaap Gain On Derivative Instruments Pretax
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CY2018Q1 us-gaap General And Administrative Expense
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CY2019Q1 us-gaap General And Administrative Expense
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84000000 USD
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CY2019Q1 us-gaap Income Tax Expense Benefit
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CY2019Q1 us-gaap Liabilities
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CY2019Q1 us-gaap Liabilities And Stockholders Equity
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CY2019Q1 us-gaap Liabilities Current
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CY2019Q1 us-gaap Liabilities Fair Value Disclosure
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110000000 USD
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CY2019Q1 us-gaap Litigation Settlement Expense
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CY2019Q1 us-gaap Long Term Debt Current
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CY2019Q1 us-gaap Long Term Debt Fair Value
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CY2019Q1 us-gaap Net Cash Provided By Used In Investing Activities
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CY2019Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
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CY2019Q1 us-gaap Other Assets Current
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CY2018Q4 us-gaap Other Postretirement Defined Benefit Plan Liabilities Noncurrent
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150000000 USD
CY2018Q1 us-gaap Pension And Other Postretirement Benefit Expense
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CY2019Q1 us-gaap Pension And Other Postretirement Defined Benefit Plans Liabilities Noncurrent
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309000000 USD
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CY2019Q1 us-gaap Preferred Stock No Par Value
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CY2018Q4 us-gaap Preferred Stock Shares Authorized
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CY2019Q1 us-gaap Preferred Stock Shares Authorized
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CY2019Q1 us-gaap Preferred Stock Shares Issued
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CY2019Q1 us-gaap Preferred Stock Shares Outstanding
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CY2019Q1 us-gaap Preferred Stock Value
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CY2019Q1 us-gaap Price Risk Derivative Instruments Not Designated As Hedging Instruments Asset At Fair Value
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CY2018Q4 us-gaap Price Risk Derivative Instruments Not Designated As Hedging Instruments Liability At Fair Value
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152000000 USD
CY2019Q1 us-gaap Price Risk Derivative Instruments Not Designated As Hedging Instruments Liability At Fair Value
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110000000 USD
CY2018Q1 us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
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CY2019Q1 us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
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CY2019Q1 us-gaap Profit Loss
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CY2019Q1 us-gaap Property Plant And Equipment Gross
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CY2019Q1 us-gaap Public Utilities Allowance For Funds Used During Construction Capitalized Cost Of Equity
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CY2019Q1 us-gaap Public Utilities Property Plant And Equipment Accumulated Depreciation
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3869000000 USD
CY2018Q4 us-gaap Public Utilities Property Plant And Equipment Construction Work In Progress
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CY2019Q1 us-gaap Public Utilities Property Plant And Equipment Construction Work In Progress
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CY2019Q1 us-gaap Public Utilities Property Plant And Equipment Net
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CY2018Q4 us-gaap Public Utilities Property Plant And Equipment Plant In Service
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CY2019Q1 us-gaap Public Utilities Property Plant And Equipment Plant In Service
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CY2018Q1 us-gaap Regulated Operating Revenue
RegulatedOperatingRevenue
454000000 USD
CY2019Q1 us-gaap Regulated Operating Revenue
RegulatedOperatingRevenue
509000000 USD
CY2018Q1 us-gaap Regulated Operating Revenue Electric Non Nuclear
RegulatedOperatingRevenueElectricNonNuclear
473000000 USD
CY2019Q1 us-gaap Regulated Operating Revenue Electric Non Nuclear
RegulatedOperatingRevenueElectricNonNuclear
499000000 USD
CY2018Q4 us-gaap Regulatory Assets Current
RegulatoryAssetsCurrent
61000000 USD
CY2019Q1 us-gaap Regulatory Assets Current
RegulatoryAssetsCurrent
21000000 USD
CY2019Q1 us-gaap Regulatory Assets Noncurrent
RegulatoryAssetsNoncurrent
380000000 USD
CY2018Q4 us-gaap Regulatory Assets Noncurrent
RegulatoryAssetsNoncurrent
401000000 USD
CY2018Q4 us-gaap Regulatory Liability Current
RegulatoryLiabilityCurrent
36000000 USD
CY2019Q1 us-gaap Regulatory Liability Current
RegulatoryLiabilityCurrent
41000000 USD
CY2018Q4 us-gaap Regulatory Liability Noncurrent
RegulatoryLiabilityNoncurrent
1355000000 USD
CY2019Q1 us-gaap Regulatory Liability Noncurrent
RegulatoryLiabilityNoncurrent
1356000000 USD
CY2018Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
1301000000 USD
CY2019Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
1344000000 USD
CY2018Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
495000000 USD
CY2019Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
570000000 USD
CY2018Q1 us-gaap Revenues
Revenues
493000000 USD
CY2019Q1 us-gaap Revenues
Revenues
573000000 USD
CY2019Q1 us-gaap Short Term Borrowings
ShortTermBorrowings
0 USD
CY2019Q1 us-gaap Site Contingency Names Of Other Potentially Responsible Parties
SiteContingencyNamesOfOtherPotentiallyResponsibleParties
100
CY2017Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
2416000000 USD
CY2018Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
2449000000 USD
CY2018Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
2506000000 USD
CY2019Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
2548000000 USD
CY2018Q1 us-gaap Tax Adjustments Settlements And Unusual Provisions
TaxAdjustmentsSettlementsAndUnusualProvisions
15000000 USD
CY2019Q1 us-gaap Tax Adjustments Settlements And Unusual Provisions
TaxAdjustmentsSettlementsAndUnusualProvisions
-5000000 USD
CY2018Q1 us-gaap Taxes Excluding Income And Excise Taxes
TaxesExcludingIncomeAndExciseTaxes
33000000 USD
CY2019Q1 us-gaap Taxes Excluding Income And Excise Taxes
TaxesExcludingIncomeAndExciseTaxes
34000000 USD
CY2018Q4 us-gaap Taxes Payable Current
TaxesPayableCurrent
34000000 USD
CY2019Q1 us-gaap Taxes Payable Current
TaxesPayableCurrent
37000000 USD
CY2018Q4 us-gaap Us Government Securities At Carrying Value
USGovernmentSecuritiesAtCarryingValue
25000000 USD
CY2019Q1 us-gaap Us Government Securities At Carrying Value
USGovernmentSecuritiesAtCarryingValue
22000000 USD
CY2018Q4 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
10000000 USD
CY2019Q1 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
10000000 USD
CY2018Q4 us-gaap Unbilled Receivables Current
UnbilledReceivablesCurrent
96000000 USD
CY2019Q1 us-gaap Unbilled Receivables Current
UnbilledReceivablesCurrent
71000000 USD
CY2018Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAccrued
0 USD
CY2019Q1 us-gaap Unrecognized Tax Benefits Income Tax Penalties Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAccrued
0 USD
CY2018Q1 us-gaap Unregulated Operating Revenue
UnregulatedOperatingRevenue
28000000 USD
CY2019Q1 us-gaap Unregulated Operating Revenue
UnregulatedOperatingRevenue
37000000 USD
CY2018Q1 us-gaap Utilities Operating Expense Maintenance And Operations
UtilitiesOperatingExpenseMaintenanceAndOperations
69000000 USD
CY2019Q1 us-gaap Utilities Operating Expense Maintenance And Operations
UtilitiesOperatingExpenseMaintenanceAndOperations
77000000 USD
CY2018Q1 us-gaap Utilities Operating Expense Purchased Power
UtilitiesOperatingExpensePurchasedPower
130000000 USD
CY2019Q1 us-gaap Utilities Operating Expense Purchased Power
UtilitiesOperatingExpensePurchasedPower
179000000 USD
CY2019Q1 us-gaap Valuation Allowances And Reserves Balance
ValuationAllowancesAndReservesBalance
0 USD
CY2019Q1 us-gaap Variable Lease Cost
VariableLeaseCost
9000000 USD
CY2018Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
89160000 shares
CY2019Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
89309000 shares
CY2019Q1 us-gaap Guarantees Indemnifications And Warranties Policies
GuaranteesIndemnificationsAndWarrantiesPolicies
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Generally, a maximum obligation is not explicitly stated in the indemnification provisions and, therefore, the overall maximum amount of the obligation under such indemnifications cannot be reasonably estimated. PGE periodically evaluates the likelihood of incurring costs under such indemnities based on the Company&#8217;s historical experience and the evaluation of the specific indemnities.</font></div></div>
CY2019Q1 us-gaap Revenue Recognition Multiple Element Arrangements
RevenueRecognitionMultipleElementArrangements
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Certain contracts with customers, primarily wholesale, may include multiple performance obligations. For such arrangements, PGE allocates revenue to each performance obligation based on its relative standalone selling price. PGE generally determines standalone selling prices based on the prices charged to customers.</font></div></div>

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