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Debt and Credit Facilities | 6 Months Ended
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Jun. 30, 2019
Debt Instrument [Line Items] |
Debt and Credit Facilities | Debt and Credit Facilities Long-Term Debt Financing Transactions The following long-term debt transactions occurred in the six months ended June 30, 2019: PSEG
• | issued $750 million of 2.875% Senior Notes due June 2024, and
• | repaid a $350 million term loan with an interest rate of 1 month LIBOR + 0.80% that was scheduled to mature in June 2019.
PSE&G
• | issued $375 million of 3.20% Secured Medium-Term Notes, Series M, due May 2029,
• | issued $375 million of 3.85% Secured Medium-Term Notes, Series M, due May 2049, and
• | retired $250 million of 1.80% Medium-Term Notes at maturity.
PSEG Power PSEG Power executed an extension of the letter of credit backing $44 million of Pennsylvania Economic Development Financing Authority Variable Rate Demand Bonds. The existing letter of credit, which was scheduled to expire in November 2019, has now been extended through March 2022. Short-Term Liquidity PSEG meets its short-term liquidity requirements, as well as those of PSEG 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 June 30, 2019, the total available credit capacity was $3.6 billion. As of June 30, 2019, no single institution represented more than 9% of the total commitments in the credit facilities. As of June 30, 2019, total credit capacity was in excess of the total 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 its subsidiaries’ liquidity needs. The total credit facilities and available liquidity as of June 30, 2019 were as follows:
|  |  | As of June 30, 2019 |  |  |  |  |
| Company/Facility |  | Total Facility |  | Usage (D) |  | Available Liquidity |  | Expiration Date |  | Primary Purpose |
|  |  | Millions |  |  |  |  |
| PSEG |  |  |  |  |  |  |  |  |  |  |
| 5-year Credit Facilities (A) |  | $ | 1,500 |  |  | $ | 188 |  |  | $ | 1,312 |  |  | Mar 2023 |  | Commercial Paper Support/Funding/Letters of Credit |
| Total PSEG |  | $ | 1,500 |  |  | $ | 188 |  |  | $ | 1,312 |  |  |  |  |  |
| PSE&G |  |  |  |  |  |  |  |  |  |  |
| 5-year Credit Facility (B) |  | $ | 600 |  |  | $ | 206 |  |  | $ | 394 |  |  | Mar 2023 |  | Commercial Paper Support/Funding/Letters of Credit |
| Total PSE&G |  | $ | 600 |  |  | $ | 206 |  |  | $ | 394 |  |  |  |  |  |
| PSEG Power |  |  |  |  |  |  |  |  |  |  |
| 3-year Letter of Credit Facilities |  | $ | 200 |  |  | $ | 129 |  |  | $ | 71 |  |  | Sept 2021 |  | Letters of Credit |
| 5-year Credit Facilities (C) |  | 1,900 |  |  | 40 |  |  | 1,860 |  |  | Mar 2023 |  | Funding/Letters of Credit |
| Total PSEG Power |  | $ | 2,100 |  |  | $ | 169 |  |  | $ | 1,931 |  |  |  |  |  |
| Total |  | $ | 4,200 |  |  | $ | 563 |  |  | $ | 3,637 |  |  |  |  |  |
(A) | PSEG facilities will be reduced by $9 million in March 2022.
(B) | PSE&G facility will be reduced by $4 million in March 2022.
(C) | PSEG Power facilities will be reduced by $12 million in March 2022.
(D) The primary use of PSEG’s and PSE&G’s credit facilities is to support their respective Commercial Paper Programs, under which as of June 30, 2019, PSEG had $175 million outstanding at a weighted average interest rate of 2.57%. PSE&G had $190 million outstanding at a weighted average interest rate of 2.55% under its Commercial Paper Program as of June 30, 2019.
Public Service Electric and Gas Company [Member] |
Debt Instrument [Line Items] |
Debt and Credit Facilities | Debt and Credit Facilities Long-Term Debt Financing Transactions The following long-term debt transactions occurred in the six months ended June 30, 2019: PSEG
• | issued $750 million of 2.875% Senior Notes due June 2024, and
• | repaid a $350 million term loan with an interest rate of 1 month LIBOR + 0.80% that was scheduled to mature in June 2019.
PSE&G
• | issued $375 million of 3.20% Secured Medium-Term Notes, Series M, due May 2029,
• | issued $375 million of 3.85% Secured Medium-Term Notes, Series M, due May 2049, and
• | retired $250 million of 1.80% Medium-Term Notes at maturity.
PSEG Power PSEG Power executed an extension of the letter of credit backing $44 million of Pennsylvania Economic Development Financing Authority Variable Rate Demand Bonds. The existing letter of credit, which was scheduled to expire in November 2019, has now been extended through March 2022. Short-Term Liquidity PSEG meets its short-term liquidity requirements, as well as those of PSEG 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 June 30, 2019, the total available credit capacity was $3.6 billion. As of June 30, 2019, no single institution represented more than 9% of the total commitments in the credit facilities. As of June 30, 2019, total credit capacity was in excess of the total 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 its subsidiaries’ liquidity needs. The total credit facilities and available liquidity as of June 30, 2019 were as follows:
|  |  | As of June 30, 2019 |  |  |  |  |
| Company/Facility |  | Total Facility |  | Usage (D) |  | Available Liquidity |  | Expiration Date |  | Primary Purpose |
|  |  | Millions |  |  |  |  |
| PSEG |  |  |  |  |  |  |  |  |  |  |
| 5-year Credit Facilities (A) |  | $ | 1,500 |  |  | $ | 188 |  |  | $ | 1,312 |  |  | Mar 2023 |  | Commercial Paper Support/Funding/Letters of Credit |
| Total PSEG |  | $ | 1,500 |  |  | $ | 188 |  |  | $ | 1,312 |  |  |  |  |  |
| PSE&G |  |  |  |  |  |  |  |  |  |  |
| 5-year Credit Facility (B) |  | $ | 600 |  |  | $ | 206 |  |  | $ | 394 |  |  | Mar 2023 |  | Commercial Paper Support/Funding/Letters of Credit |
| Total PSE&G |  | $ | 600 |  |  | $ | 206 |  |  | $ | 394 |  |  |  |  |  |
| PSEG Power |  |  |  |  |  |  |  |  |  |  |
| 3-year Letter of Credit Facilities |  | $ | 200 |  |  | $ | 129 |  |  | $ | 71 |  |  | Sept 2021 |  | Letters of Credit |
| 5-year Credit Facilities (C) |  | 1,900 |  |  | 40 |  |  | 1,860 |  |  | Mar 2023 |  | Funding/Letters of Credit |
| Total PSEG Power |  | $ | 2,100 |  |  | $ | 169 |  |  | $ | 1,931 |  |  |  |  |  |
| Total |  | $ | 4,200 |  |  | $ | 563 |  |  | $ | 3,637 |  |  |  |  |  |
(A) | PSEG facilities will be reduced by $9 million in March 2022.
(B) | PSE&G facility will be reduced by $4 million in March 2022.
(C) | PSEG Power facilities will be reduced by $12 million in March 2022.
(D) The primary use of PSEG’s and PSE&G’s credit facilities is to support their respective Commercial Paper Programs, under which as of June 30, 2019, PSEG had $175 million outstanding at a weighted average interest rate of 2.57%. PSE&G had $190 million outstanding at a weighted average interest rate of 2.55% under its Commercial Paper Program as of June 30, 2019.
PSEG Power [Member] |
Debt Instrument [Line Items] |
Debt and Credit Facilities | Debt and Credit Facilities Long-Term Debt Financing Transactions The following long-term debt transactions occurred in the six months ended June 30, 2019: PSEG
• | issued $750 million of 2.875% Senior Notes due June 2024, and
• | repaid a $350 million term loan with an interest rate of 1 month LIBOR + 0.80% that was scheduled to mature in June 2019.
PSE&G
• | issued $375 million of 3.20% Secured Medium-Term Notes, Series M, due May 2029,
• | issued $375 million of 3.85% Secured Medium-Term Notes, Series M, due May 2049, and
• | retired $250 million of 1.80% Medium-Term Notes at maturity.
PSEG Power PSEG Power executed an extension of the letter of credit backing $44 million of Pennsylvania Economic Development Financing Authority Variable Rate Demand Bonds. The existing letter of credit, which was scheduled to expire in November 2019, has now been extended through March 2022. Short-Term Liquidity PSEG meets its short-term liquidity requirements, as well as those of PSEG 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 June 30, 2019, the total available credit capacity was $3.6 billion. As of June 30, 2019, no single institution represented more than 9% of the total commitments in the credit facilities. As of June 30, 2019, total credit capacity was in excess of the total 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 its subsidiaries’ liquidity needs. The total credit facilities and available liquidity as of June 30, 2019 were as follows:
|  |  | As of June 30, 2019 |  |  |  |  |
| Company/Facility |  | Total Facility |  | Usage (D) |  | Available Liquidity |  | Expiration Date |  | Primary Purpose |
|  |  | Millions |  |  |  |  |
| PSEG |  |  |  |  |  |  |  |  |  |  |
| 5-year Credit Facilities (A) |  | $ | 1,500 |  |  | $ | 188 |  |  | $ | 1,312 |  |  | Mar 2023 |  | Commercial Paper Support/Funding/Letters of Credit |
| Total PSEG |  | $ | 1,500 |  |  | $ | 188 |  |  | $ | 1,312 |  |  |  |  |  |
| PSE&G |  |  |  |  |  |  |  |  |  |  |
| 5-year Credit Facility (B) |  | $ | 600 |  |  | $ | 206 |  |  | $ | 394 |  |  | Mar 2023 |  | Commercial Paper Support/Funding/Letters of Credit |
| Total PSE&G |  | $ | 600 |  |  | $ | 206 |  |  | $ | 394 |  |  |  |  |  |
| PSEG Power |  |  |  |  |  |  |  |  |  |  |
| 3-year Letter of Credit Facilities |  | $ | 200 |  |  | $ | 129 |  |  | $ | 71 |  |  | Sept 2021 |  | Letters of Credit |
| 5-year Credit Facilities (C) |  | 1,900 |  |  | 40 |  |  | 1,860 |  |  | Mar 2023 |  | Funding/Letters of Credit |
| Total PSEG Power |  | $ | 2,100 |  |  | $ | 169 |  |  | $ | 1,931 |  |  |  |  |  |
| Total |  | $ | 4,200 |  |  | $ | 563 |  |  | $ | 3,637 |  |  |  |  |  |
(A) | PSEG facilities will be reduced by $9 million in March 2022.
(B) | PSE&G facility will be reduced by $4 million in March 2022.
(C) | PSEG Power facilities will be reduced by $12 million in March 2022.
(D) The primary use of PSEG’s and PSE&G’s credit facilities is to support their respective Commercial Paper Programs, under which as of June 30, 2019, PSEG had $175 million outstanding at a weighted average interest rate of 2.57%. PSE&G had $190 million outstanding at a weighted average interest rate of 2.55% under its Commercial Paper Program as of June 30, 2019.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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