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Debt and Credit Facilities | 12 Months Ended
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Dec. 31, 2018
Debt Instrument [Line Items] |
Schedule Of Consolidated Debt | Debt and Credit Facilities Long-Term Debt
|  |  |  |  | As of December 31, |
|  |  | Maturity |  | 2018 |  | 2017 |
|  |  |  |  | Millions |
| PSEG |  |  |  |  |  |  |
| Term Loan: |  |  |  |  |  |  |
| Variable |  | 2019 |  | $ | 350 |  |  | $ | 700 |  |
| Variable |  | 2020 |  | 700 |  |  | — |  |
| Total Term Loan |  |  |  | 1,050 |  |  | 700 |  |
| Senior Notes: |  |  |  |  |  |  |
| 1.60% |  | 2019 |  | 400 |  |  | 400 |  |
| 2.00% |  | 2021 |  | 300 |  |  | 300 |  |
| 2.65% |  | 2022 |  | 700 |  |  | 700 |  |
| Total Senior Notes |  |  |  | 1,400 |  |  | 1,400 |  |
| Principal Amount Outstanding |  |  |  | 2,450 |  |  | 2,100 |  |
| Amounts Due Within One Year |  |  |  | (750 | ) |  | — |  |
| Net Unamortized Discount and Debt Issuance Costs |  |  |  | (7 | ) |  | (9 | ) |
| Total Long-Term Debt of PSEG |  |  |  | $ | 1,693 |  |  | $ | 2,091 |  |
`
|  |  |  |  | As of December 31, |
|  |  | Maturity |  | 2018 |  | 2017 |
|  |  |  |  | Millions |
| PSE&G |  |  |  |  |  |  |
| First and Refunding Mortgage Bonds (A): |  |  |  |  |  |  |
| 9.25% |  | 2021 |  | $ | 134 |  |  | $ | 134 |  |
| 8.00% |  | 2037 |  | 7 |  |  | 7 |  |
| 5.00% |  | 2037 |  | 8 |  |  | 8 |  |
| Total First and Refunding Mortgage Bonds |  |  |  | 149 |  |  | 149 |  |
| Medium-Term Notes (MTNs) (A): |  |  |  |  |  |  |
| 5.30% |  | 2018 |  | — |  |  | 400 |  |
| 2.30% |  | 2018 |  | — |  |  | 350 |  |
| 1.80% |  | 2019 |  | 250 |  |  | 250 |  |
| 2.00% |  | 2019 |  | 250 |  |  | 250 |  |
| 3.50% |  | 2020 |  | 250 |  |  | 250 |  |
| 7.04% |  | 2020 |  | 9 |  |  | 9 |  |
| 1.90% |  | 2021 |  | 300 |  |  | 300 |  |
| 2.38% |  | 2023 |  | 500 |  |  | 500 |  |
| 3.25% |  | 2023 |  | 325 |  |  | — |  |
| 3.75% |  | 2024 |  | 250 |  |  | 250 |  |
| 3.15% |  | 2024 |  | 250 |  |  | 250 |  |
| 3.05% |  | 2024 |  | 250 |  |  | 250 |  |
| 3.00% |  | 2025 |  | 350 |  |  | 350 |  |
| 2.25% |  | 2026 |  | 425 |  |  | 425 |  |
| 3.00% |  | 2027 |  | 425 |  |  | 425 |  |
| 3.70% |  | 2028 |  | 375 |  |  | — |  |
| 3.65% |  | 2028 |  | 325 |  |  | — |  |
| 5.25% |  | 2035 |  | 250 |  |  | 250 |  |
| 5.70% |  | 2036 |  | 250 |  |  | 250 |  |
| 5.80% |  | 2037 |  | 350 |  |  | 350 |  |
| 5.38% |  | 2039 |  | 250 |  |  | 250 |  |
| 5.50% |  | 2040 |  | 300 |  |  | 300 |  |
| 3.95% |  | 2042 |  | 450 |  |  | 450 |  |
| 3.65% |  | 2042 |  | 350 |  |  | 350 |  |
| 3.80% |  | 2043 |  | 400 |  |  | 400 |  |
| 4.00% |  | 2044 |  | 250 |  |  | 250 |  |
| 4.05% |  | 2045 |  | 250 |  |  | 250 |  |
| 4.15% |  | 2045 |  | 250 |  |  | 250 |  |
| 3.80% |  | 2046 |  | 550 |  |  | 550 |  |
| 3.60% |  | 2047 |  | 350 |  |  | 350 |  |
| 4.05% |  | 2048 |  | 325 |  |  | — |  |
| Total MTNs |  |  |  | 9,109 |  |  | 8,509 |  |
| Principal Amount Outstanding |  |  |  | 9,258 |  |  | 8,658 |  |
| Amounts Due Within One Year |  |  |  | (500 | ) |  | (750 | ) |
| Net Unamortized Discount and Debt Issuance Costs |  |  |  | (74 | ) |  | (67 | ) |
| Total Long-Term Debt of PSE&G |  |  |  | $ | 8,684 |  |  | $ | 7,841 |  |
|  |  |  |  | As of December 31, |
|  |  | Maturity |  | 2018 |  | 2017 |
|  |  |  |  | Millions |
| Power |  |  |  |  |  |  |
| Senior Notes: |  |  |  |  |  |  |
| 2.45% |  | 2018 |  | $ | — |  |  | $ | 250 |  |
| 5.13% |  | 2020 |  | 406 |  |  | 406 |  |
| 3.00% |  | 2021 |  | 700 |  |  | 700 |  |
| 4.15% |  | 2021 |  | 250 |  |  | 250 |  |
| 3.85% |  | 2023 |  | 700 |  |  | — |  |
| 4.30% |  | 2023 |  | 250 |  |  | 250 |  |
| 8.63% |  | 2031 |  | 500 |  |  | 500 |  |
| Total Senior Notes |  |  |  | 2,806 |  |  | 2,356 |  |
| Pollution Control Notes: |  |  |  |  |  |  |
| Floating Rate (B) |  | 2019 |  | 44 |  |  | 44 |  |
| Total Pollution Control Notes |  |  |  | 44 |  |  | 44 |  |
| Principal Amount Outstanding |  |  |  | 2,850 |  |  | 2,400 |  |
| Amounts Due Within One Year |  |  |  | (44 | ) |  | (250 | ) |
| Net Unamortized Discount and Debt Issuance Costs |  |  |  | (15 | ) |  | (14 | ) |
| Total Long-Term Debt of Power |  |  |  | $ | 2,791 |  |  | $ | 2,136 |  |
(A) | Secured by essentially all property of PSE&G pursuant to its First and Refunding Mortgage.
(B) | The Pennsylvania Economic Development Authority (PEDFA) bond that is serviced and secured by Power Pollution Control Notes is a variable rate bond that is in weekly reset mode.
Long-Term Debt Maturities The aggregate principal amounts of maturities for each of the five years following December 31, 2018 are as follows:
| Year |  | PSEG |  | PSE&G |  | Power |  | Total |
| 2019 |  | $ | 750 |  |  | $ | 500 |  |  | $ | 44 |  |  | $ | 1,294 |  |
| 2020 |  | 700 |  |  | 259 |  |  | 406 |  |  | 1,365 |  |
| 2021 |  | 300 |  |  | 434 |  |  | 950 |  |  | 1,684 |  |
| 2022 |  | 700 |  |  | — |  |  | — |  |  | 700 |  |
| 2023 |  | — |  |  | 825 |  |  | 950 |  |  | 1,775 |  |
| Thereafter |  | — |  |  | 7,240 |  |  | 500 |  |  | 7,740 |  |
| Total |  | $ | 2,450 |  |  | $ | 9,258 |  |  | $ | 2,850 |  |  | $ | 14,558 |  |
Long-Term Debt Financing Transactions During 2018, PSEG and its subsidiaries had the following Long-Term Debt issuances, maturities and redemptions: PSEG
• | entered into an agreement for a new term loan maturing November 2020. The term loan has a balance of $700 million at an interest rate of 1 month LIBOR + 0.60% and can be terminated at any time without penalty, and
• | redeemed $350 million of a $700 million term loan at an interest rate of 1 month LIBOR + 0.80% maturing June 2019.
PSE&G
• | issued $375 million of 3.70% Secured Medium-Term Notes, Series M, due May 2028,
• | issued $325 million of 4.05% Secured Medium-Term Notes, Series M, due May 2048,
• | issued $325 million of 3.25% Secured Medium-Term Notes, Series M, due September 2023,
• | issued $325 million of 3.65% Secured Medium-Term Notes, Series M, due September 2028,
• | retired $400 million of 5.30% Medium-Term Notes at maturity, and
• | retired $350 million of 2.30% Medium-Term Notes at maturity.
Power
• | issued $700 million of 3.85% Senior Notes due June 2023, and
• | retired $250 million of 2.45% Senior Notes at maturity.
Short-Term Liquidity PSEG meets its short-term liquidity requirements, as well as those of Power, primarily with cash and through the issuance of commercial paper. PSE&G maintains its own separate commercial paper program to meet its short-term liquidity requirements. Each commercial paper program is fully back-stopped by its own separate credit facilities. The commitments under the $4.2 billion credit facilities are provided by a diverse bank group. As of December 31, 2018, the total available credit capacity was $3.0 billion. As of December 31, 2018, no single institution represented more than 9% of the total commitments in the credit facilities. As of December 31, 2018, the total credit capacity was in excess of the anticipated maximum liquidity requirements over PSEG’s 12-month planning horizon. Each of the credit facilities is restricted as to availability and use to the specific companies as listed in the following table; however, if necessary, the PSEG facilities can also be used to support our subsidiaries’ liquidity needs. The total credit facilities and available liquidity as of December 31, 2018 were as follows:
|  |  | As of December 31, 2018 |  |  |
| Company/Facility |  | Total Facility |  | Usage |  | Available Liquidity |  | Expiration Date |  | Primary Purpose |
|  |  | Millions |  |  |  |  |
| PSEG |  |  |  |  |  |  |  |  |  |  |
| 5-year Credit Facilities (A) |  | $ | 1,500 |  |  | $ | 759 |  |  | $ | 741 |  |  | Mar 2022 |  | Commercial Paper Support/Funding/Letters of Credit |
| Total PSEG |  | $ | 1,500 |  |  | $ | 759 |  |  | $ | 741 |  |  |  |  |  |
| PSE&G |  |  |  |  |  |  |  |  |  |  |
| 5-year Credit Facility (A) |  | $ | 600 |  |  | $ | 288 |  |  | $ | 312 |  |  | Mar 2022 |  | Commercial Paper Support/Funding/Letters of Credit |
| Total PSE&G |  | $ | 600 |  |  | $ | 288 |  |  | $ | 312 |  |  |  |  |  |
| Power |  |  |  |  |  |  |  |  |  |  |
| 3-year Letter of Credit Facilities |  | $ | 200 |  |  | $ | 114 |  |  | $ | 86 |  |  | Sept 2021 |  | Letters of Credit |
| 5-year Credit Facilities |  | 1,900 |  |  | 40 |  |  | 1,860 |  |  | Mar 2022 |  | Funding/Letters of Credit |
| Total Power |  | $ | 2,100 |  |  | $ | 154 |  |  | $ | 1,946 |  |  |  |  |  |
| Total |  | $ | 4,200 |  |  | $ | 1,201 |  |  | $ | 2,999 |  |  |  |  |  |
(A) | The primary use of PSEG’s and PSE&G’s credit facilities is to support their respective Commercial Paper Programs under which as of December 31, 2018, PSEG had $744 million outstanding at a weighted average interest rate of 2.95%. PSE&G had $272 million outstanding at a weighted average interest rate of 2.96% under its Commercial Paper Program as of December 31, 2018.
Fair Value of Debt The estimated fair values, carrying amounts and methods used to determine fair value of long-term debt as of December 31, 2018 and 2017 are included in the following table and accompanying notes as of December 31, 2018 and 2017. See Note 18. Fair Value Measurements for more information on fair value guidance and the hierarchy that prioritizes the inputs to fair value measurements into three levels.
|  |  | December 31, 2018 |  | December 31, 2017 |
|  |  | Carrying Amount |  | Fair Value |  | Carrying Amount |  | Fair Value |
|  |  | Millions |
| Long-Term Debt: |  |  |  |  |  |  |  |  |
| PSEG (A) (B) |  | $ | 2,443 |  |  | $ | 2,397 |  |  | $ | 2,091 |  |  | $ | 2,081 |  |
| PSE&G (B) |  | 9,184 |  |  | 9,374 |  |  | 8,591 |  |  | 9,322 |  |
| Power (B) |  | 2,835 |  |  | 2,996 |  |  | 2,386 |  |  | 2,659 |  |
| Total Long-Term Debt |  | $ | 14,462 |  |  | $ | 14,767 |  |  | $ | 13,068 |  |  | $ | 14,062 |  |
(A) | As of December 31, 2018 and 2017, fair value includes floating rate term loans of $1,050 million and $700 million, respectively. The fair value of the term loan debt (Level 2 measurement) approximates the carrying value because the interest payments are based on LIBOR rates that are reset monthly and the debt is redeemable at face value by PSEG at any time.
(B) | Given that these bonds do not trade actively, the fair value amounts of taxable debt securities (primarily Level 2 measurements) are generally determined by a valuation model that is based on a conventional discounted cash flow methodology and utilizes assumptions of current market pricing curves. In order to incorporate the credit risk into the discount rates, pricing is obtained (i.e. U.S. Treasury rate plus credit spread) based on expected new issue pricing across each of the companies’ respective debt maturity spectrum. The credit spreads of various tenors obtained from this information are added to the appropriate benchmark U.S. Treasury rates in order to determine the current market yields for the various tenors. The yields are then converted into discount rates of various tenors that are used for discounting the respective cash flows of the same tenor for each bond or note.
PSE&G [Member] |
Debt Instrument [Line Items] |
Schedule Of Consolidated Debt | Debt and Credit Facilities Long-Term Debt
|  |  |  |  | As of December 31, |
|  |  | Maturity |  | 2018 |  | 2017 |
|  |  |  |  | Millions |
| PSEG |  |  |  |  |  |  |
| Term Loan: |  |  |  |  |  |  |
| Variable |  | 2019 |  | $ | 350 |  |  | $ | 700 |  |
| Variable |  | 2020 |  | 700 |  |  | — |  |
| Total Term Loan |  |  |  | 1,050 |  |  | 700 |  |
| Senior Notes: |  |  |  |  |  |  |
| 1.60% |  | 2019 |  | 400 |  |  | 400 |  |
| 2.00% |  | 2021 |  | 300 |  |  | 300 |  |
| 2.65% |  | 2022 |  | 700 |  |  | 700 |  |
| Total Senior Notes |  |  |  | 1,400 |  |  | 1,400 |  |
| Principal Amount Outstanding |  |  |  | 2,450 |  |  | 2,100 |  |
| Amounts Due Within One Year |  |  |  | (750 | ) |  | — |  |
| Net Unamortized Discount and Debt Issuance Costs |  |  |  | (7 | ) |  | (9 | ) |
| Total Long-Term Debt of PSEG |  |  |  | $ | 1,693 |  |  | $ | 2,091 |  |
`
|  |  |  |  | As of December 31, |
|  |  | Maturity |  | 2018 |  | 2017 |
|  |  |  |  | Millions |
| PSE&G |  |  |  |  |  |  |
| First and Refunding Mortgage Bonds (A): |  |  |  |  |  |  |
| 9.25% |  | 2021 |  | $ | 134 |  |  | $ | 134 |  |
| 8.00% |  | 2037 |  | 7 |  |  | 7 |  |
| 5.00% |  | 2037 |  | 8 |  |  | 8 |  |
| Total First and Refunding Mortgage Bonds |  |  |  | 149 |  |  | 149 |  |
| Medium-Term Notes (MTNs) (A): |  |  |  |  |  |  |
| 5.30% |  | 2018 |  | — |  |  | 400 |  |
| 2.30% |  | 2018 |  | — |  |  | 350 |  |
| 1.80% |  | 2019 |  | 250 |  |  | 250 |  |
| 2.00% |  | 2019 |  | 250 |  |  | 250 |  |
| 3.50% |  | 2020 |  | 250 |  |  | 250 |  |
| 7.04% |  | 2020 |  | 9 |  |  | 9 |  |
| 1.90% |  | 2021 |  | 300 |  |  | 300 |  |
| 2.38% |  | 2023 |  | 500 |  |  | 500 |  |
| 3.25% |  | 2023 |  | 325 |  |  | — |  |
| 3.75% |  | 2024 |  | 250 |  |  | 250 |  |
| 3.15% |  | 2024 |  | 250 |  |  | 250 |  |
| 3.05% |  | 2024 |  | 250 |  |  | 250 |  |
| 3.00% |  | 2025 |  | 350 |  |  | 350 |  |
| 2.25% |  | 2026 |  | 425 |  |  | 425 |  |
| 3.00% |  | 2027 |  | 425 |  |  | 425 |  |
| 3.70% |  | 2028 |  | 375 |  |  | — |  |
| 3.65% |  | 2028 |  | 325 |  |  | — |  |
| 5.25% |  | 2035 |  | 250 |  |  | 250 |  |
| 5.70% |  | 2036 |  | 250 |  |  | 250 |  |
| 5.80% |  | 2037 |  | 350 |  |  | 350 |  |
| 5.38% |  | 2039 |  | 250 |  |  | 250 |  |
| 5.50% |  | 2040 |  | 300 |  |  | 300 |  |
| 3.95% |  | 2042 |  | 450 |  |  | 450 |  |
| 3.65% |  | 2042 |  | 350 |  |  | 350 |  |
| 3.80% |  | 2043 |  | 400 |  |  | 400 |  |
| 4.00% |  | 2044 |  | 250 |  |  | 250 |  |
| 4.05% |  | 2045 |  | 250 |  |  | 250 |  |
| 4.15% |  | 2045 |  | 250 |  |  | 250 |  |
| 3.80% |  | 2046 |  | 550 |  |  | 550 |  |
| 3.60% |  | 2047 |  | 350 |  |  | 350 |  |
| 4.05% |  | 2048 |  | 325 |  |  | — |  |
| Total MTNs |  |  |  | 9,109 |  |  | 8,509 |  |
| Principal Amount Outstanding |  |  |  | 9,258 |  |  | 8,658 |  |
| Amounts Due Within One Year |  |  |  | (500 | ) |  | (750 | ) |
| Net Unamortized Discount and Debt Issuance Costs |  |  |  | (74 | ) |  | (67 | ) |
| Total Long-Term Debt of PSE&G |  |  |  | $ | 8,684 |  |  | $ | 7,841 |  |
|  |  |  |  | As of December 31, |
|  |  | Maturity |  | 2018 |  | 2017 |
|  |  |  |  | Millions |
| Power |  |  |  |  |  |  |
| Senior Notes: |  |  |  |  |  |  |
| 2.45% |  | 2018 |  | $ | — |  |  | $ | 250 |  |
| 5.13% |  | 2020 |  | 406 |  |  | 406 |  |
| 3.00% |  | 2021 |  | 700 |  |  | 700 |  |
| 4.15% |  | 2021 |  | 250 |  |  | 250 |  |
| 3.85% |  | 2023 |  | 700 |  |  | — |  |
| 4.30% |  | 2023 |  | 250 |  |  | 250 |  |
| 8.63% |  | 2031 |  | 500 |  |  | 500 |  |
| Total Senior Notes |  |  |  | 2,806 |  |  | 2,356 |  |
| Pollution Control Notes: |  |  |  |  |  |  |
| Floating Rate (B) |  | 2019 |  | 44 |  |  | 44 |  |
| Total Pollution Control Notes |  |  |  | 44 |  |  | 44 |  |
| Principal Amount Outstanding |  |  |  | 2,850 |  |  | 2,400 |  |
| Amounts Due Within One Year |  |  |  | (44 | ) |  | (250 | ) |
| Net Unamortized Discount and Debt Issuance Costs |  |  |  | (15 | ) |  | (14 | ) |
| Total Long-Term Debt of Power |  |  |  | $ | 2,791 |  |  | $ | 2,136 |  |
(A) | Secured by essentially all property of PSE&G pursuant to its First and Refunding Mortgage.
(B) | The Pennsylvania Economic Development Authority (PEDFA) bond that is serviced and secured by Power Pollution Control Notes is a variable rate bond that is in weekly reset mode.
Long-Term Debt Maturities The aggregate principal amounts of maturities for each of the five years following December 31, 2018 are as follows:
| Year |  | PSEG |  | PSE&G |  | Power |  | Total |
| 2019 |  | $ | 750 |  |  | $ | 500 |  |  | $ | 44 |  |  | $ | 1,294 |  |
| 2020 |  | 700 |  |  | 259 |  |  | 406 |  |  | 1,365 |  |
| 2021 |  | 300 |  |  | 434 |  |  | 950 |  |  | 1,684 |  |
| 2022 |  | 700 |  |  | — |  |  | — |  |  | 700 |  |
| 2023 |  | — |  |  | 825 |  |  | 950 |  |  | 1,775 |  |
| Thereafter |  | — |  |  | 7,240 |  |  | 500 |  |  | 7,740 |  |
| Total |  | $ | 2,450 |  |  | $ | 9,258 |  |  | $ | 2,850 |  |  | $ | 14,558 |  |
Long-Term Debt Financing Transactions During 2018, PSEG and its subsidiaries had the following Long-Term Debt issuances, maturities and redemptions: PSEG
• | entered into an agreement for a new term loan maturing November 2020. The term loan has a balance of $700 million at an interest rate of 1 month LIBOR + 0.60% and can be terminated at any time without penalty, and
• | redeemed $350 million of a $700 million term loan at an interest rate of 1 month LIBOR + 0.80% maturing June 2019.
PSE&G
• | issued $375 million of 3.70% Secured Medium-Term Notes, Series M, due May 2028,
• | issued $325 million of 4.05% Secured Medium-Term Notes, Series M, due May 2048,
• | issued $325 million of 3.25% Secured Medium-Term Notes, Series M, due September 2023,
• | issued $325 million of 3.65% Secured Medium-Term Notes, Series M, due September 2028,
• | retired $400 million of 5.30% Medium-Term Notes at maturity, and
• | retired $350 million of 2.30% Medium-Term Notes at maturity.
Power
• | issued $700 million of 3.85% Senior Notes due June 2023, and
• | retired $250 million of 2.45% Senior Notes at maturity.
Short-Term Liquidity PSEG meets its short-term liquidity requirements, as well as those of Power, primarily with cash and through the issuance of commercial paper. PSE&G maintains its own separate commercial paper program to meet its short-term liquidity requirements. Each commercial paper program is fully back-stopped by its own separate credit facilities. The commitments under the $4.2 billion credit facilities are provided by a diverse bank group. As of December 31, 2018, the total available credit capacity was $3.0 billion. As of December 31, 2018, no single institution represented more than 9% of the total commitments in the credit facilities. As of December 31, 2018, the total credit capacity was in excess of the anticipated maximum liquidity requirements over PSEG’s 12-month planning horizon. Each of the credit facilities is restricted as to availability and use to the specific companies as listed in the following table; however, if necessary, the PSEG facilities can also be used to support our subsidiaries’ liquidity needs. The total credit facilities and available liquidity as of December 31, 2018 were as follows:
|  |  | As of December 31, 2018 |  |  |
| Company/Facility |  | Total Facility |  | Usage |  | Available Liquidity |  | Expiration Date |  | Primary Purpose |
|  |  | Millions |  |  |  |  |
| PSEG |  |  |  |  |  |  |  |  |  |  |
| 5-year Credit Facilities (A) |  | $ | 1,500 |  |  | $ | 759 |  |  | $ | 741 |  |  | Mar 2022 |  | Commercial Paper Support/Funding/Letters of Credit |
| Total PSEG |  | $ | 1,500 |  |  | $ | 759 |  |  | $ | 741 |  |  |  |  |  |
| PSE&G |  |  |  |  |  |  |  |  |  |  |
| 5-year Credit Facility (A) |  | $ | 600 |  |  | $ | 288 |  |  | $ | 312 |  |  | Mar 2022 |  | Commercial Paper Support/Funding/Letters of Credit |
| Total PSE&G |  | $ | 600 |  |  | $ | 288 |  |  | $ | 312 |  |  |  |  |  |
| Power |  |  |  |  |  |  |  |  |  |  |
| 3-year Letter of Credit Facilities |  | $ | 200 |  |  | $ | 114 |  |  | $ | 86 |  |  | Sept 2021 |  | Letters of Credit |
| 5-year Credit Facilities |  | 1,900 |  |  | 40 |  |  | 1,860 |  |  | Mar 2022 |  | Funding/Letters of Credit |
| Total Power |  | $ | 2,100 |  |  | $ | 154 |  |  | $ | 1,946 |  |  |  |  |  |
| Total |  | $ | 4,200 |  |  | $ | 1,201 |  |  | $ | 2,999 |  |  |  |  |  |
(A) | The primary use of PSEG’s and PSE&G’s credit facilities is to support their respective Commercial Paper Programs under which as of December 31, 2018, PSEG had $744 million outstanding at a weighted average interest rate of 2.95%. PSE&G had $272 million outstanding at a weighted average interest rate of 2.96% under its Commercial Paper Program as of December 31, 2018.
Fair Value of Debt The estimated fair values, carrying amounts and methods used to determine fair value of long-term debt as of December 31, 2018 and 2017 are included in the following table and accompanying notes as of December 31, 2018 and 2017. See Note 18. Fair Value Measurements for more information on fair value guidance and the hierarchy that prioritizes the inputs to fair value measurements into three levels.
|  |  | December 31, 2018 |  | December 31, 2017 |
|  |  | Carrying Amount |  | Fair Value |  | Carrying Amount |  | Fair Value |
|  |  | Millions |
| Long-Term Debt: |  |  |  |  |  |  |  |  |
| PSEG (A) (B) |  | $ | 2,443 |  |  | $ | 2,397 |  |  | $ | 2,091 |  |  | $ | 2,081 |  |
| PSE&G (B) |  | 9,184 |  |  | 9,374 |  |  | 8,591 |  |  | 9,322 |  |
| Power (B) |  | 2,835 |  |  | 2,996 |  |  | 2,386 |  |  | 2,659 |  |
| Total Long-Term Debt |  | $ | 14,462 |  |  | $ | 14,767 |  |  | $ | 13,068 |  |  | $ | 14,062 |  |
(A) | As of December 31, 2018 and 2017, fair value includes floating rate term loans of $1,050 million and $700 million, respectively. The fair value of the term loan debt (Level 2 measurement) approximates the carrying value because the interest payments are based on LIBOR rates that are reset monthly and the debt is redeemable at face value by PSEG at any time.
(B) | Given that these bonds do not trade actively, the fair value amounts of taxable debt securities (primarily Level 2 measurements) are generally determined by a valuation model that is based on a conventional discounted cash flow methodology and utilizes assumptions of current market pricing curves. In order to incorporate the credit risk into the discount rates, pricing is obtained (i.e. U.S. Treasury rate plus credit spread) based on expected new issue pricing across each of the companies’ respective debt maturity spectrum. The credit spreads of various tenors obtained from this information are added to the appropriate benchmark U.S. Treasury rates in order to determine the current market yields for the various tenors. The yields are then converted into discount rates of various tenors that are used for discounting the respective cash flows of the same tenor for each bond or note.
Power [Member] |
Debt Instrument [Line Items] |
Schedule Of Consolidated Debt | Debt and Credit Facilities Long-Term Debt
|  |  |  |  | As of December 31, |
|  |  | Maturity |  | 2018 |  | 2017 |
|  |  |  |  | Millions |
| PSEG |  |  |  |  |  |  |
| Term Loan: |  |  |  |  |  |  |
| Variable |  | 2019 |  | $ | 350 |  |  | $ | 700 |  |
| Variable |  | 2020 |  | 700 |  |  | — |  |
| Total Term Loan |  |  |  | 1,050 |  |  | 700 |  |
| Senior Notes: |  |  |  |  |  |  |
| 1.60% |  | 2019 |  | 400 |  |  | 400 |  |
| 2.00% |  | 2021 |  | 300 |  |  | 300 |  |
| 2.65% |  | 2022 |  | 700 |  |  | 700 |  |
| Total Senior Notes |  |  |  | 1,400 |  |  | 1,400 |  |
| Principal Amount Outstanding |  |  |  | 2,450 |  |  | 2,100 |  |
| Amounts Due Within One Year |  |  |  | (750 | ) |  | — |  |
| Net Unamortized Discount and Debt Issuance Costs |  |  |  | (7 | ) |  | (9 | ) |
| Total Long-Term Debt of PSEG |  |  |  | $ | 1,693 |  |  | $ | 2,091 |  |
`
|  |  |  |  | As of December 31, |
|  |  | Maturity |  | 2018 |  | 2017 |
|  |  |  |  | Millions |
| PSE&G |  |  |  |  |  |  |
| First and Refunding Mortgage Bonds (A): |  |  |  |  |  |  |
| 9.25% |  | 2021 |  | $ | 134 |  |  | $ | 134 |  |
| 8.00% |  | 2037 |  | 7 |  |  | 7 |  |
| 5.00% |  | 2037 |  | 8 |  |  | 8 |  |
| Total First and Refunding Mortgage Bonds |  |  |  | 149 |  |  | 149 |  |
| Medium-Term Notes (MTNs) (A): |  |  |  |  |  |  |
| 5.30% |  | 2018 |  | — |  |  | 400 |  |
| 2.30% |  | 2018 |  | — |  |  | 350 |  |
| 1.80% |  | 2019 |  | 250 |  |  | 250 |  |
| 2.00% |  | 2019 |  | 250 |  |  | 250 |  |
| 3.50% |  | 2020 |  | 250 |  |  | 250 |  |
| 7.04% |  | 2020 |  | 9 |  |  | 9 |  |
| 1.90% |  | 2021 |  | 300 |  |  | 300 |  |
| 2.38% |  | 2023 |  | 500 |  |  | 500 |  |
| 3.25% |  | 2023 |  | 325 |  |  | — |  |
| 3.75% |  | 2024 |  | 250 |  |  | 250 |  |
| 3.15% |  | 2024 |  | 250 |  |  | 250 |  |
| 3.05% |  | 2024 |  | 250 |  |  | 250 |  |
| 3.00% |  | 2025 |  | 350 |  |  | 350 |  |
| 2.25% |  | 2026 |  | 425 |  |  | 425 |  |
| 3.00% |  | 2027 |  | 425 |  |  | 425 |  |
| 3.70% |  | 2028 |  | 375 |  |  | — |  |
| 3.65% |  | 2028 |  | 325 |  |  | — |  |
| 5.25% |  | 2035 |  | 250 |  |  | 250 |  |
| 5.70% |  | 2036 |  | 250 |  |  | 250 |  |
| 5.80% |  | 2037 |  | 350 |  |  | 350 |  |
| 5.38% |  | 2039 |  | 250 |  |  | 250 |  |
| 5.50% |  | 2040 |  | 300 |  |  | 300 |  |
| 3.95% |  | 2042 |  | 450 |  |  | 450 |  |
| 3.65% |  | 2042 |  | 350 |  |  | 350 |  |
| 3.80% |  | 2043 |  | 400 |  |  | 400 |  |
| 4.00% |  | 2044 |  | 250 |  |  | 250 |  |
| 4.05% |  | 2045 |  | 250 |  |  | 250 |  |
| 4.15% |  | 2045 |  | 250 |  |  | 250 |  |
| 3.80% |  | 2046 |  | 550 |  |  | 550 |  |
| 3.60% |  | 2047 |  | 350 |  |  | 350 |  |
| 4.05% |  | 2048 |  | 325 |  |  | — |  |
| Total MTNs |  |  |  | 9,109 |  |  | 8,509 |  |
| Principal Amount Outstanding |  |  |  | 9,258 |  |  | 8,658 |  |
| Amounts Due Within One Year |  |  |  | (500 | ) |  | (750 | ) |
| Net Unamortized Discount and Debt Issuance Costs |  |  |  | (74 | ) |  | (67 | ) |
| Total Long-Term Debt of PSE&G |  |  |  | $ | 8,684 |  |  | $ | 7,841 |  |
|  |  |  |  | As of December 31, |
|  |  | Maturity |  | 2018 |  | 2017 |
|  |  |  |  | Millions |
| Power |  |  |  |  |  |  |
| Senior Notes: |  |  |  |  |  |  |
| 2.45% |  | 2018 |  | $ | — |  |  | $ | 250 |  |
| 5.13% |  | 2020 |  | 406 |  |  | 406 |  |
| 3.00% |  | 2021 |  | 700 |  |  | 700 |  |
| 4.15% |  | 2021 |  | 250 |  |  | 250 |  |
| 3.85% |  | 2023 |  | 700 |  |  | — |  |
| 4.30% |  | 2023 |  | 250 |  |  | 250 |  |
| 8.63% |  | 2031 |  | 500 |  |  | 500 |  |
| Total Senior Notes |  |  |  | 2,806 |  |  | 2,356 |  |
| Pollution Control Notes: |  |  |  |  |  |  |
| Floating Rate (B) |  | 2019 |  | 44 |  |  | 44 |  |
| Total Pollution Control Notes |  |  |  | 44 |  |  | 44 |  |
| Principal Amount Outstanding |  |  |  | 2,850 |  |  | 2,400 |  |
| Amounts Due Within One Year |  |  |  | (44 | ) |  | (250 | ) |
| Net Unamortized Discount and Debt Issuance Costs |  |  |  | (15 | ) |  | (14 | ) |
| Total Long-Term Debt of Power |  |  |  | $ | 2,791 |  |  | $ | 2,136 |  |
(A) | Secured by essentially all property of PSE&G pursuant to its First and Refunding Mortgage.
(B) | The Pennsylvania Economic Development Authority (PEDFA) bond that is serviced and secured by Power Pollution Control Notes is a variable rate bond that is in weekly reset mode.
Long-Term Debt Maturities The aggregate principal amounts of maturities for each of the five years following December 31, 2018 are as follows:
| Year |  | PSEG |  | PSE&G |  | Power |  | Total |
| 2019 |  | $ | 750 |  |  | $ | 500 |  |  | $ | 44 |  |  | $ | 1,294 |  |
| 2020 |  | 700 |  |  | 259 |  |  | 406 |  |  | 1,365 |  |
| 2021 |  | 300 |  |  | 434 |  |  | 950 |  |  | 1,684 |  |
| 2022 |  | 700 |  |  | — |  |  | — |  |  | 700 |  |
| 2023 |  | — |  |  | 825 |  |  | 950 |  |  | 1,775 |  |
| Thereafter |  | — |  |  | 7,240 |  |  | 500 |  |  | 7,740 |  |
| Total |  | $ | 2,450 |  |  | $ | 9,258 |  |  | $ | 2,850 |  |  | $ | 14,558 |  |
Long-Term Debt Financing Transactions During 2018, PSEG and its subsidiaries had the following Long-Term Debt issuances, maturities and redemptions: PSEG
• | entered into an agreement for a new term loan maturing November 2020. The term loan has a balance of $700 million at an interest rate of 1 month LIBOR + 0.60% and can be terminated at any time without penalty, and
• | redeemed $350 million of a $700 million term loan at an interest rate of 1 month LIBOR + 0.80% maturing June 2019.
PSE&G
• | issued $375 million of 3.70% Secured Medium-Term Notes, Series M, due May 2028,
• | issued $325 million of 4.05% Secured Medium-Term Notes, Series M, due May 2048,
• | issued $325 million of 3.25% Secured Medium-Term Notes, Series M, due September 2023,
• | issued $325 million of 3.65% Secured Medium-Term Notes, Series M, due September 2028,
• | retired $400 million of 5.30% Medium-Term Notes at maturity, and
• | retired $350 million of 2.30% Medium-Term Notes at maturity.
Power
• | issued $700 million of 3.85% Senior Notes due June 2023, and
• | retired $250 million of 2.45% Senior Notes at maturity.
Short-Term Liquidity PSEG meets its short-term liquidity requirements, as well as those of Power, primarily with cash and through the issuance of commercial paper. PSE&G maintains its own separate commercial paper program to meet its short-term liquidity requirements. Each commercial paper program is fully back-stopped by its own separate credit facilities. The commitments under the $4.2 billion credit facilities are provided by a diverse bank group. As of December 31, 2018, the total available credit capacity was $3.0 billion. As of December 31, 2018, no single institution represented more than 9% of the total commitments in the credit facilities. As of December 31, 2018, the total credit capacity was in excess of the anticipated maximum liquidity requirements over PSEG’s 12-month planning horizon. Each of the credit facilities is restricted as to availability and use to the specific companies as listed in the following table; however, if necessary, the PSEG facilities can also be used to support our subsidiaries’ liquidity needs. The total credit facilities and available liquidity as of December 31, 2018 were as follows:
|  |  | As of December 31, 2018 |  |  |
| Company/Facility |  | Total Facility |  | Usage |  | Available Liquidity |  | Expiration Date |  | Primary Purpose |
|  |  | Millions |  |  |  |  |
| PSEG |  |  |  |  |  |  |  |  |  |  |
| 5-year Credit Facilities (A) |  | $ | 1,500 |  |  | $ | 759 |  |  | $ | 741 |  |  | Mar 2022 |  | Commercial Paper Support/Funding/Letters of Credit |
| Total PSEG |  | $ | 1,500 |  |  | $ | 759 |  |  | $ | 741 |  |  |  |  |  |
| PSE&G |  |  |  |  |  |  |  |  |  |  |
| 5-year Credit Facility (A) |  | $ | 600 |  |  | $ | 288 |  |  | $ | 312 |  |  | Mar 2022 |  | Commercial Paper Support/Funding/Letters of Credit |
| Total PSE&G |  | $ | 600 |  |  | $ | 288 |  |  | $ | 312 |  |  |  |  |  |
| Power |  |  |  |  |  |  |  |  |  |  |
| 3-year Letter of Credit Facilities |  | $ | 200 |  |  | $ | 114 |  |  | $ | 86 |  |  | Sept 2021 |  | Letters of Credit |
| 5-year Credit Facilities |  | 1,900 |  |  | 40 |  |  | 1,860 |  |  | Mar 2022 |  | Funding/Letters of Credit |
| Total Power |  | $ | 2,100 |  |  | $ | 154 |  |  | $ | 1,946 |  |  |  |  |  |
| Total |  | $ | 4,200 |  |  | $ | 1,201 |  |  | $ | 2,999 |  |  |  |  |  |
(A) | The primary use of PSEG’s and PSE&G’s credit facilities is to support their respective Commercial Paper Programs under which as of December 31, 2018, PSEG had $744 million outstanding at a weighted average interest rate of 2.95%. PSE&G had $272 million outstanding at a weighted average interest rate of 2.96% under its Commercial Paper Program as of December 31, 2018.
Fair Value of Debt The estimated fair values, carrying amounts and methods used to determine fair value of long-term debt as of December 31, 2018 and 2017 are included in the following table and accompanying notes as of December 31, 2018 and 2017. See Note 18. Fair Value Measurements for more information on fair value guidance and the hierarchy that prioritizes the inputs to fair value measurements into three levels.
|  |  | December 31, 2018 |  | December 31, 2017 |
|  |  | Carrying Amount |  | Fair Value |  | Carrying Amount |  | Fair Value |
|  |  | Millions |
| Long-Term Debt: |  |  |  |  |  |  |  |  |
| PSEG (A) (B) |  | $ | 2,443 |  |  | $ | 2,397 |  |  | $ | 2,091 |  |  | $ | 2,081 |  |
| PSE&G (B) |  | 9,184 |  |  | 9,374 |  |  | 8,591 |  |  | 9,322 |  |
| Power (B) |  | 2,835 |  |  | 2,996 |  |  | 2,386 |  |  | 2,659 |  |
| Total Long-Term Debt |  | $ | 14,462 |  |  | $ | 14,767 |  |  | $ | 13,068 |  |  | $ | 14,062 |  |
(A) | As of December 31, 2018 and 2017, fair value includes floating rate term loans of $1,050 million and $700 million, respectively. The fair value of the term loan debt (Level 2 measurement) approximates the carrying value because the interest payments are based on LIBOR rates that are reset monthly and the debt is redeemable at face value by PSEG at any time.
(B) | Given that these bonds do not trade actively, the fair value amounts of taxable debt securities (primarily Level 2 measurements) are generally determined by a valuation model that is based on a conventional discounted cash flow methodology and utilizes assumptions of current market pricing curves. In order to incorporate the credit risk into the discount rates, pricing is obtained (i.e. U.S. Treasury rate plus credit spread) based on expected new issue pricing across each of the companies’ respective debt maturity spectrum. The credit spreads of various tenors obtained from this information are added to the appropriate benchmark U.S. Treasury rates in order to determine the current market yields for the various tenors. The yields are then converted into discount rates of various tenors that are used for discounting the respective cash flows of the same tenor for each bond or note.

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