v3.24.2
Equity (Notes)
 6 Months Ended
Jun. 30, 2024
Equity [Abstract]  
Equity SHAREHOLDERS’ EQUITY
The activity in equity during the three and six-month periods ended June 30, 2024 and 2023 was as follows (dollars in millions, except per share amounts):
Common StockAccumulated
Other
Comprehensive
Loss		Retained
Earnings
SharesAmountTotal
Balances as of December 31, 2023
101,159,609 $1,750 $(5)$1,574 $3,319 
Issuances of shares pursuant to equity-based plans148,926 — — — — 
Issuances of shares pursuant to equity agreements
1,714,972 78 — — 78 
Dividends declared ($0.4750 per share)
— — — (48)(48)
Net income— — — 109 109 
Other comprehensive income
— — 1 — 1 
Balances as of March 31, 2024
103,023,507 $1,828 $(4)$1,635 $3,459 
Issuances of shares pursuant to equity-based plans43,176 1 — — 1 
Stock-based compensation— 4 — — 4 
Dividends declared ($0.5000 per share)
— — — (52)(52)
Net income— — — 72 72 
Balances as of June 30, 2024
103,066,683 $1,833 $(4)$1,655 $3,484 
Balances as of December 31, 2022
89,283,353 $1,249 $(4)$1,534 $2,779 
Issuances of shares pursuant to equity-based plans159,603 — — — — 
Issuances of shares pursuant to equity agreements
7,178,016 300 — — 300 
Stock-based compensation— (1)— — (1)
Dividends declared ($0.4525 per share)
— — — (40)(40)
Net income— — — 74 74 
Balances as of March 31, 2023
96,620,972 $1,548 $(4)$1,568 $3,112 
Issuances of shares pursuant to equity-based plans30,245 1 — — 1 
Issuances of shares pursuant to equity agreements
2,212,610 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, 2023
98,863,827 $1,647 $(3)$1,556 $3,200 
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. In 2023, pursuant to the terms of the equity distribution agreement, PGE entered into separate forward sale agreements with forward counterparties. In March 2024, the Company issued 1,714,972 shares pursuant to the agreements and received net proceeds of $78 million. In 2024, PGE entered into additional forward sale agreements with forward counterparties, exhausting the $300 million facility. As of June 30, 2024, these additional agreements were outstanding. The Company could have physically settled the remaining amount by delivering 5,139,501 shares in exchange for cash of $218 million as of June 30, 2024. Any proceeds from the issuances of common stock will be used for general corporate purposes and investments in renewables and non-emitting dispatchable capacity.