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Leases | 12 Months Ended
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Dec. 31, 2019
Leases | Leases As of December 31, 2019, PSEG and its subsidiaries were both a lessee and a lessor in operating leases. Lessee PSE&G PSE&G has operating leases for office space for customer service centers, rooftops and land for its Solar 4 All® facilities, equipment, vehicles and land for certain electric substations. These leases have remaining lease terms through 2039, some of which include options to extend the leases for up to two five-year terms. Some leases have fixed rent payments that have escalations based on certain indices, such as the CPI. Certain leases contain variable payments. PSEG Power PSEG Power has operating leases for buildings, land leases for its solar generating facilities, merchant transmission and equipment. These leases have remaining terms through 2055, some of which include options to extend the leases for up to seven five-year terms and certain other leases which include options to extend the leases for 15 to 20 year terms. Some leases have fixed rent payments that have escalations based on certain indices, such as the CPI. Certain leases contain variable payments. Other Services has operating leases for real estate and office equipment. These leases have remaining terms through 2030. Services’ lease for its headquarters, which ends in 2030, includes options to extend for two five-year terms. Energy Holdings has land leases with remaining lease terms through 2027, some of which include options to extend the leases for up to eight five-year terms. Some leases have fixed rent payments that have escalations based on certain indices, such as the CPI. Certain leases contain variable payments. Operating Lease Costs The following amounts relate to total operating lease costs, including both amounts recognized in the Consolidated Statements of Operations during the year ended December 31, 2019 and any amounts capitalized as part of the cost of another asset, and the cash flows arising from lease transactions.
|  | PSE&G |  | PSEG Power |  | Other |  | Total |
|  | Millions |
| Operating Lease Costs |  |  |  |  |  |  |  |
| Year Ended December 31, 2019 |  |  |  |  |  |  |  |
| Long-term Lease Costs | $ | 24 |  |  | $ | 13 |  |  | $ | 15 |  |  | $ | 52 |  |
| Short-term Lease Costs | 14 |  |  | 10 |  |  | — |  |  | 24 |  |
| Variable Lease Costs | 2 |  |  | 10 |  |  | 10 |  |  | 22 |  |
| Total Operating Lease Costs | $ | 40 |  |  | $ | 33 |  |  | $ | 25 |  |  | $ | 98 |  |
| Year Ended December 31, 2019 |  |  |  |  |  |  |  |
| Cash Paid for Amounts Included in the Measurement of Operating Lease Liabilities | $ | 16 |  |  | $ | 11 |  |  | $ | 15 |  |  | $ | 42 |  |
| Weighted Average Remaining Lease Term in Years | 13 |  |  | 14 |  |  | 10 |  |  | 12 |  |
| Weighted Average Discount Rate | 3.6 | % |  | 4.4 | % |  | 4.2 | % |  | 4.1 | % |
Operating lease commitments as of December 31, 2018 had the following maturities:
|  |  | PSE&G |  | PSEG Power |  | Other |  | Total |
|  |  | Millions |
| 2019 |  | $ | 15 |  |  | $ | 11 |  |  | $ | 15 |  |  | $ | 41 |  |
| 2020 |  | 11 |  |  | 13 |  |  | 16 |  |  | 40 |  |
| 2021 |  | 10 |  |  | 13 |  |  | 16 |  |  | 39 |  |
| 2022 |  | 8 |  |  | 14 |  |  | 16 |  |  | 38 |  |
| 2023 |  | 8 |  |  | 8 |  |  | 15 |  |  | 31 |  |
| Thereafter |  | 66 |  |  | 51 |  |  | 105 |  |  | 222 |  |
| Total Minimum Lease Payments |  | $ | 118 |  |  | $ | 110 |  |  | $ | 183 |  |  | $ | 411 |  |
Operating lease liabilities as of December 31, 2019 had the following maturities:
|  |  | PSE&G |  | PSEG Power |  | Other |  | Total |
|  |  | Millions |
| 2020 |  | $ | 15 |  |  | $ | 13 |  |  | $ | 16 |  |  | $ | 44 |  |
| 2021 |  | 13 |  |  | 14 |  |  | 16 |  |  | 43 |  |
| 2022 |  | 10 |  |  | 14 |  |  | 16 |  |  | 40 |  |
| 2023 |  | 9 |  |  | 8 |  |  | 15 |  |  | 32 |  |
| 2024 |  | 8 |  |  | 3 |  |  | 15 |  |  | 26 |  |
| Thereafter |  | 71 |  |  | 48 |  |  | 90 |  |  | 209 |  |
| Total Minimum Lease Payments |  | $ | 126 |  |  | $ | 100 |  |  | $ | 168 |  |  | $ | 394 |  |
The following is a reconciliation of the undiscounted cash flows to the discounted Operating Lease Liabilities recognized on the Consolidated Balance Sheets:
|  |  | As of December 31, 2019 |
|  |  | PSE&G |  | PSEG Power |  | Other |  | Total |
|  |  | Millions |
| Undiscounted Cash Flows |  | $ | 126 |  |  | $ | 100 |  |  | $ | 168 |  |  | $ | 394 |  |
| Reconciling Amount due to Discount Rate |  | (27 | ) |  | (28 | ) |  | (33 | ) |  | (88 | ) |
| Total Discounted Operating Lease Liabilities |  | $ | 99 |  |  | $ | 72 |  |  | $ | 135 |  |  | $ | 306 |  |
As of December 31, 2019, the current portions of Operating Lease Liabilities included in Other Current Liabilities were $33 million, $12 million and $10 million for PSEG, PSE&G and PSEG Power, respectively. Lessor PSEG Power Certain of PSEG Power’s sales agreements related to its solar generating plants qualify as operating leases with remaining terms through 2043 with no extension terms. Lease income is based on solar energy generation; therefore, all rental income is variable under these leases. As of December 31, 2019, PSEG Power’s solar generating plants subject to these leases had a total carrying value of $393 million. Other Energy Holdings is the lessor in leveraged leases. See Note 9. Long-Term Investments and Note 10. Financing Receivables. Energy Holdings is the lessor in various operating leases for domestic energy and real estate assets with remaining terms through 2036. As of December 31, 2019, Energy Holdings’ property subject to these leases had a total carrying value of $22 million. The following is the operating lease income for PSEG Power and Energy Holdings for the year ended December 31, 2019:
|  | PSEG Power |  | Energy Holdings |  | Total |
|  | Millions |
| Operating Lease Income |  |  |  |  |  |
| Year Ended December 31, 2019 |  |  |  |  |  |
| Fixed Lease Income | $ | — |  |  | $ | 22 |  |  | $ | 22 |  |
| Variable Lease Income | 23 |  |  | — |  |  | 23 |  |
| Total Operating Lease Income | $ | 23 |  |  | $ | 22 |  |  | $ | 45 |  |
Energy Holdings’ operating leases had the following minimum future fixed lease receipts as of December 31, 2019:
|  |  | Millions |
| 2020 |  | $ | 20 |  |  |
| 2021 |  | 18 |  |  |
| 2022 |  | 17 |  |  |
| 2023 |  | 17 |  |  |
| 2024 |  | 16 |  |  |
| Thereafter |  | 172 |  |  |
| Total Minimum Future Lease Receipts |  | $ | 260 |  |  |
Leases | Leases As of December 31, 2019, PSEG and its subsidiaries were both a lessee and a lessor in operating leases. Lessee PSE&G PSE&G has operating leases for office space for customer service centers, rooftops and land for its Solar 4 All® facilities, equipment, vehicles and land for certain electric substations. These leases have remaining lease terms through 2039, some of which include options to extend the leases for up to two five-year terms. Some leases have fixed rent payments that have escalations based on certain indices, such as the CPI. Certain leases contain variable payments. PSEG Power PSEG Power has operating leases for buildings, land leases for its solar generating facilities, merchant transmission and equipment. These leases have remaining terms through 2055, some of which include options to extend the leases for up to seven five-year terms and certain other leases which include options to extend the leases for 15 to 20 year terms. Some leases have fixed rent payments that have escalations based on certain indices, such as the CPI. Certain leases contain variable payments. Other Services has operating leases for real estate and office equipment. These leases have remaining terms through 2030. Services’ lease for its headquarters, which ends in 2030, includes options to extend for two five-year terms. Energy Holdings has land leases with remaining lease terms through 2027, some of which include options to extend the leases for up to eight five-year terms. Some leases have fixed rent payments that have escalations based on certain indices, such as the CPI. Certain leases contain variable payments. Operating Lease Costs The following amounts relate to total operating lease costs, including both amounts recognized in the Consolidated Statements of Operations during the year ended December 31, 2019 and any amounts capitalized as part of the cost of another asset, and the cash flows arising from lease transactions.
|  | PSE&G |  | PSEG Power |  | Other |  | Total |
|  | Millions |
| Operating Lease Costs |  |  |  |  |  |  |  |
| Year Ended December 31, 2019 |  |  |  |  |  |  |  |
| Long-term Lease Costs | $ | 24 |  |  | $ | 13 |  |  | $ | 15 |  |  | $ | 52 |  |
| Short-term Lease Costs | 14 |  |  | 10 |  |  | — |  |  | 24 |  |
| Variable Lease Costs | 2 |  |  | 10 |  |  | 10 |  |  | 22 |  |
| Total Operating Lease Costs | $ | 40 |  |  | $ | 33 |  |  | $ | 25 |  |  | $ | 98 |  |
| Year Ended December 31, 2019 |  |  |  |  |  |  |  |
| Cash Paid for Amounts Included in the Measurement of Operating Lease Liabilities | $ | 16 |  |  | $ | 11 |  |  | $ | 15 |  |  | $ | 42 |  |
| Weighted Average Remaining Lease Term in Years | 13 |  |  | 14 |  |  | 10 |  |  | 12 |  |
| Weighted Average Discount Rate | 3.6 | % |  | 4.4 | % |  | 4.2 | % |  | 4.1 | % |
Operating lease commitments as of December 31, 2018 had the following maturities:
|  |  | PSE&G |  | PSEG Power |  | Other |  | Total |
|  |  | Millions |
| 2019 |  | $ | 15 |  |  | $ | 11 |  |  | $ | 15 |  |  | $ | 41 |  |
| 2020 |  | 11 |  |  | 13 |  |  | 16 |  |  | 40 |  |
| 2021 |  | 10 |  |  | 13 |  |  | 16 |  |  | 39 |  |
| 2022 |  | 8 |  |  | 14 |  |  | 16 |  |  | 38 |  |
| 2023 |  | 8 |  |  | 8 |  |  | 15 |  |  | 31 |  |
| Thereafter |  | 66 |  |  | 51 |  |  | 105 |  |  | 222 |  |
| Total Minimum Lease Payments |  | $ | 118 |  |  | $ | 110 |  |  | $ | 183 |  |  | $ | 411 |  |
Operating lease liabilities as of December 31, 2019 had the following maturities:
|  |  | PSE&G |  | PSEG Power |  | Other |  | Total |
|  |  | Millions |
| 2020 |  | $ | 15 |  |  | $ | 13 |  |  | $ | 16 |  |  | $ | 44 |  |
| 2021 |  | 13 |  |  | 14 |  |  | 16 |  |  | 43 |  |
| 2022 |  | 10 |  |  | 14 |  |  | 16 |  |  | 40 |  |
| 2023 |  | 9 |  |  | 8 |  |  | 15 |  |  | 32 |  |
| 2024 |  | 8 |  |  | 3 |  |  | 15 |  |  | 26 |  |
| Thereafter |  | 71 |  |  | 48 |  |  | 90 |  |  | 209 |  |
| Total Minimum Lease Payments |  | $ | 126 |  |  | $ | 100 |  |  | $ | 168 |  |  | $ | 394 |  |
The following is a reconciliation of the undiscounted cash flows to the discounted Operating Lease Liabilities recognized on the Consolidated Balance Sheets:
|  |  | As of December 31, 2019 |
|  |  | PSE&G |  | PSEG Power |  | Other |  | Total |
|  |  | Millions |
| Undiscounted Cash Flows |  | $ | 126 |  |  | $ | 100 |  |  | $ | 168 |  |  | $ | 394 |  |
| Reconciling Amount due to Discount Rate |  | (27 | ) |  | (28 | ) |  | (33 | ) |  | (88 | ) |
| Total Discounted Operating Lease Liabilities |  | $ | 99 |  |  | $ | 72 |  |  | $ | 135 |  |  | $ | 306 |  |
As of December 31, 2019, the current portions of Operating Lease Liabilities included in Other Current Liabilities were $33 million, $12 million and $10 million for PSEG, PSE&G and PSEG Power, respectively. Lessor PSEG Power Certain of PSEG Power’s sales agreements related to its solar generating plants qualify as operating leases with remaining terms through 2043 with no extension terms. Lease income is based on solar energy generation; therefore, all rental income is variable under these leases. As of December 31, 2019, PSEG Power’s solar generating plants subject to these leases had a total carrying value of $393 million. Other Energy Holdings is the lessor in leveraged leases. See Note 9. Long-Term Investments and Note 10. Financing Receivables. Energy Holdings is the lessor in various operating leases for domestic energy and real estate assets with remaining terms through 2036. As of December 31, 2019, Energy Holdings’ property subject to these leases had a total carrying value of $22 million. The following is the operating lease income for PSEG Power and Energy Holdings for the year ended December 31, 2019:
|  | PSEG Power |  | Energy Holdings |  | Total |
|  | Millions |
| Operating Lease Income |  |  |  |  |  |
| Year Ended December 31, 2019 |  |  |  |  |  |
| Fixed Lease Income | $ | — |  |  | $ | 22 |  |  | $ | 22 |  |
| Variable Lease Income | 23 |  |  | — |  |  | 23 |  |
| Total Operating Lease Income | $ | 23 |  |  | $ | 22 |  |  | $ | 45 |  |
Energy Holdings’ operating leases had the following minimum future fixed lease receipts as of December 31, 2019:
|  |  | Millions |
| 2020 |  | $ | 20 |  |  |
| 2021 |  | 18 |  |  |
| 2022 |  | 17 |  |  |
| 2023 |  | 17 |  |  |
| 2024 |  | 16 |  |  |
| Thereafter |  | 172 |  |  |
| Total Minimum Future Lease Receipts |  | $ | 260 |  |  |
Public Service Electric and Gas Company |
Leases | Leases As of December 31, 2019, PSEG and its subsidiaries were both a lessee and a lessor in operating leases. Lessee PSE&G PSE&G has operating leases for office space for customer service centers, rooftops and land for its Solar 4 All® facilities, equipment, vehicles and land for certain electric substations. These leases have remaining lease terms through 2039, some of which include options to extend the leases for up to two five-year terms. Some leases have fixed rent payments that have escalations based on certain indices, such as the CPI. Certain leases contain variable payments. PSEG Power PSEG Power has operating leases for buildings, land leases for its solar generating facilities, merchant transmission and equipment. These leases have remaining terms through 2055, some of which include options to extend the leases for up to seven five-year terms and certain other leases which include options to extend the leases for 15 to 20 year terms. Some leases have fixed rent payments that have escalations based on certain indices, such as the CPI. Certain leases contain variable payments. Other Services has operating leases for real estate and office equipment. These leases have remaining terms through 2030. Services’ lease for its headquarters, which ends in 2030, includes options to extend for two five-year terms. Energy Holdings has land leases with remaining lease terms through 2027, some of which include options to extend the leases for up to eight five-year terms. Some leases have fixed rent payments that have escalations based on certain indices, such as the CPI. Certain leases contain variable payments. Operating Lease Costs The following amounts relate to total operating lease costs, including both amounts recognized in the Consolidated Statements of Operations during the year ended December 31, 2019 and any amounts capitalized as part of the cost of another asset, and the cash flows arising from lease transactions.
|  | PSE&G |  | PSEG Power |  | Other |  | Total |
|  | Millions |
| Operating Lease Costs |  |  |  |  |  |  |  |
| Year Ended December 31, 2019 |  |  |  |  |  |  |  |
| Long-term Lease Costs | $ | 24 |  |  | $ | 13 |  |  | $ | 15 |  |  | $ | 52 |  |
| Short-term Lease Costs | 14 |  |  | 10 |  |  | — |  |  | 24 |  |
| Variable Lease Costs | 2 |  |  | 10 |  |  | 10 |  |  | 22 |  |
| Total Operating Lease Costs | $ | 40 |  |  | $ | 33 |  |  | $ | 25 |  |  | $ | 98 |  |
| Year Ended December 31, 2019 |  |  |  |  |  |  |  |
| Cash Paid for Amounts Included in the Measurement of Operating Lease Liabilities | $ | 16 |  |  | $ | 11 |  |  | $ | 15 |  |  | $ | 42 |  |
| Weighted Average Remaining Lease Term in Years | 13 |  |  | 14 |  |  | 10 |  |  | 12 |  |
| Weighted Average Discount Rate | 3.6 | % |  | 4.4 | % |  | 4.2 | % |  | 4.1 | % |
Operating lease commitments as of December 31, 2018 had the following maturities:
|  |  | PSE&G |  | PSEG Power |  | Other |  | Total |
|  |  | Millions |
| 2019 |  | $ | 15 |  |  | $ | 11 |  |  | $ | 15 |  |  | $ | 41 |  |
| 2020 |  | 11 |  |  | 13 |  |  | 16 |  |  | 40 |  |
| 2021 |  | 10 |  |  | 13 |  |  | 16 |  |  | 39 |  |
| 2022 |  | 8 |  |  | 14 |  |  | 16 |  |  | 38 |  |
| 2023 |  | 8 |  |  | 8 |  |  | 15 |  |  | 31 |  |
| Thereafter |  | 66 |  |  | 51 |  |  | 105 |  |  | 222 |  |
| Total Minimum Lease Payments |  | $ | 118 |  |  | $ | 110 |  |  | $ | 183 |  |  | $ | 411 |  |
Operating lease liabilities as of December 31, 2019 had the following maturities:
|  |  | PSE&G |  | PSEG Power |  | Other |  | Total |
|  |  | Millions |
| 2020 |  | $ | 15 |  |  | $ | 13 |  |  | $ | 16 |  |  | $ | 44 |  |
| 2021 |  | 13 |  |  | 14 |  |  | 16 |  |  | 43 |  |
| 2022 |  | 10 |  |  | 14 |  |  | 16 |  |  | 40 |  |
| 2023 |  | 9 |  |  | 8 |  |  | 15 |  |  | 32 |  |
| 2024 |  | 8 |  |  | 3 |  |  | 15 |  |  | 26 |  |
| Thereafter |  | 71 |  |  | 48 |  |  | 90 |  |  | 209 |  |
| Total Minimum Lease Payments |  | $ | 126 |  |  | $ | 100 |  |  | $ | 168 |  |  | $ | 394 |  |
The following is a reconciliation of the undiscounted cash flows to the discounted Operating Lease Liabilities recognized on the Consolidated Balance Sheets:
|  |  | As of December 31, 2019 |
|  |  | PSE&G |  | PSEG Power |  | Other |  | Total |
|  |  | Millions |
| Undiscounted Cash Flows |  | $ | 126 |  |  | $ | 100 |  |  | $ | 168 |  |  | $ | 394 |  |
| Reconciling Amount due to Discount Rate |  | (27 | ) |  | (28 | ) |  | (33 | ) |  | (88 | ) |
| Total Discounted Operating Lease Liabilities |  | $ | 99 |  |  | $ | 72 |  |  | $ | 135 |  |  | $ | 306 |  |
As of December 31, 2019, the current portions of Operating Lease Liabilities included in Other Current Liabilities were $33 million, $12 million and $10 million for PSEG, PSE&G and PSEG Power, respectively. Lessor PSEG Power Certain of PSEG Power’s sales agreements related to its solar generating plants qualify as operating leases with remaining terms through 2043 with no extension terms. Lease income is based on solar energy generation; therefore, all rental income is variable under these leases. As of December 31, 2019, PSEG Power’s solar generating plants subject to these leases had a total carrying value of $393 million. Other Energy Holdings is the lessor in leveraged leases. See Note 9. Long-Term Investments and Note 10. Financing Receivables. Energy Holdings is the lessor in various operating leases for domestic energy and real estate assets with remaining terms through 2036. As of December 31, 2019, Energy Holdings’ property subject to these leases had a total carrying value of $22 million. The following is the operating lease income for PSEG Power and Energy Holdings for the year ended December 31, 2019:
|  | PSEG Power |  | Energy Holdings |  | Total |
|  | Millions |
| Operating Lease Income |  |  |  |  |  |
| Year Ended December 31, 2019 |  |  |  |  |  |
| Fixed Lease Income | $ | — |  |  | $ | 22 |  |  | $ | 22 |  |
| Variable Lease Income | 23 |  |  | — |  |  | 23 |  |
| Total Operating Lease Income | $ | 23 |  |  | $ | 22 |  |  | $ | 45 |  |
Energy Holdings’ operating leases had the following minimum future fixed lease receipts as of December 31, 2019:
|  |  | Millions |
| 2020 |  | $ | 20 |  |  |
| 2021 |  | 18 |  |  |
| 2022 |  | 17 |  |  |
| 2023 |  | 17 |  |  |
| 2024 |  | 16 |  |  |
| Thereafter |  | 172 |  |  |
| Total Minimum Future Lease Receipts |  | $ | 260 |  |  |
Leases | Leases As of December 31, 2019, PSEG and its subsidiaries were both a lessee and a lessor in operating leases. Lessee PSE&G PSE&G has operating leases for office space for customer service centers, rooftops and land for its Solar 4 All® facilities, equipment, vehicles and land for certain electric substations. These leases have remaining lease terms through 2039, some of which include options to extend the leases for up to two five-year terms. Some leases have fixed rent payments that have escalations based on certain indices, such as the CPI. Certain leases contain variable payments. PSEG Power PSEG Power has operating leases for buildings, land leases for its solar generating facilities, merchant transmission and equipment. These leases have remaining terms through 2055, some of which include options to extend the leases for up to seven five-year terms and certain other leases which include options to extend the leases for 15 to 20 year terms. Some leases have fixed rent payments that have escalations based on certain indices, such as the CPI. Certain leases contain variable payments. Other Services has operating leases for real estate and office equipment. These leases have remaining terms through 2030. Services’ lease for its headquarters, which ends in 2030, includes options to extend for two five-year terms. Energy Holdings has land leases with remaining lease terms through 2027, some of which include options to extend the leases for up to eight five-year terms. Some leases have fixed rent payments that have escalations based on certain indices, such as the CPI. Certain leases contain variable payments. Operating Lease Costs The following amounts relate to total operating lease costs, including both amounts recognized in the Consolidated Statements of Operations during the year ended December 31, 2019 and any amounts capitalized as part of the cost of another asset, and the cash flows arising from lease transactions.
|  | PSE&G |  | PSEG Power |  | Other |  | Total |
|  | Millions |
| Operating Lease Costs |  |  |  |  |  |  |  |
| Year Ended December 31, 2019 |  |  |  |  |  |  |  |
| Long-term Lease Costs | $ | 24 |  |  | $ | 13 |  |  | $ | 15 |  |  | $ | 52 |  |
| Short-term Lease Costs | 14 |  |  | 10 |  |  | — |  |  | 24 |  |
| Variable Lease Costs | 2 |  |  | 10 |  |  | 10 |  |  | 22 |  |
| Total Operating Lease Costs | $ | 40 |  |  | $ | 33 |  |  | $ | 25 |  |  | $ | 98 |  |
| Year Ended December 31, 2019 |  |  |  |  |  |  |  |
| Cash Paid for Amounts Included in the Measurement of Operating Lease Liabilities | $ | 16 |  |  | $ | 11 |  |  | $ | 15 |  |  | $ | 42 |  |
| Weighted Average Remaining Lease Term in Years | 13 |  |  | 14 |  |  | 10 |  |  | 12 |  |
| Weighted Average Discount Rate | 3.6 | % |  | 4.4 | % |  | 4.2 | % |  | 4.1 | % |
Operating lease commitments as of December 31, 2018 had the following maturities:
|  |  | PSE&G |  | PSEG Power |  | Other |  | Total |
|  |  | Millions |
| 2019 |  | $ | 15 |  |  | $ | 11 |  |  | $ | 15 |  |  | $ | 41 |  |
| 2020 |  | 11 |  |  | 13 |  |  | 16 |  |  | 40 |  |
| 2021 |  | 10 |  |  | 13 |  |  | 16 |  |  | 39 |  |
| 2022 |  | 8 |  |  | 14 |  |  | 16 |  |  | 38 |  |
| 2023 |  | 8 |  |  | 8 |  |  | 15 |  |  | 31 |  |
| Thereafter |  | 66 |  |  | 51 |  |  | 105 |  |  | 222 |  |
| Total Minimum Lease Payments |  | $ | 118 |  |  | $ | 110 |  |  | $ | 183 |  |  | $ | 411 |  |
Operating lease liabilities as of December 31, 2019 had the following maturities:
|  |  | PSE&G |  | PSEG Power |  | Other |  | Total |
|  |  | Millions |
| 2020 |  | $ | 15 |  |  | $ | 13 |  |  | $ | 16 |  |  | $ | 44 |  |
| 2021 |  | 13 |  |  | 14 |  |  | 16 |  |  | 43 |  |
| 2022 |  | 10 |  |  | 14 |  |  | 16 |  |  | 40 |  |
| 2023 |  | 9 |  |  | 8 |  |  | 15 |  |  | 32 |  |
| 2024 |  | 8 |  |  | 3 |  |  | 15 |  |  | 26 |  |
| Thereafter |  | 71 |  |  | 48 |  |  | 90 |  |  | 209 |  |
| Total Minimum Lease Payments |  | $ | 126 |  |  | $ | 100 |  |  | $ | 168 |  |  | $ | 394 |  |
The following is a reconciliation of the undiscounted cash flows to the discounted Operating Lease Liabilities recognized on the Consolidated Balance Sheets:
|  |  | As of December 31, 2019 |
|  |  | PSE&G |  | PSEG Power |  | Other |  | Total |
|  |  | Millions |
| Undiscounted Cash Flows |  | $ | 126 |  |  | $ | 100 |  |  | $ | 168 |  |  | $ | 394 |  |
| Reconciling Amount due to Discount Rate |  | (27 | ) |  | (28 | ) |  | (33 | ) |  | (88 | ) |
| Total Discounted Operating Lease Liabilities |  | $ | 99 |  |  | $ | 72 |  |  | $ | 135 |  |  | $ | 306 |  |
As of December 31, 2019, the current portions of Operating Lease Liabilities included in Other Current Liabilities were $33 million, $12 million and $10 million for PSEG, PSE&G and PSEG Power, respectively. Lessor PSEG Power Certain of PSEG Power’s sales agreements related to its solar generating plants qualify as operating leases with remaining terms through 2043 with no extension terms. Lease income is based on solar energy generation; therefore, all rental income is variable under these leases. As of December 31, 2019, PSEG Power’s solar generating plants subject to these leases had a total carrying value of $393 million. Other Energy Holdings is the lessor in leveraged leases. See Note 9. Long-Term Investments and Note 10. Financing Receivables. Energy Holdings is the lessor in various operating leases for domestic energy and real estate assets with remaining terms through 2036. As of December 31, 2019, Energy Holdings’ property subject to these leases had a total carrying value of $22 million. The following is the operating lease income for PSEG Power and Energy Holdings for the year ended December 31, 2019:
|  | PSEG Power |  | Energy Holdings |  | Total |
|  | Millions |
| Operating Lease Income |  |  |  |  |  |
| Year Ended December 31, 2019 |  |  |  |  |  |
| Fixed Lease Income | $ | — |  |  | $ | 22 |  |  | $ | 22 |  |
| Variable Lease Income | 23 |  |  | — |  |  | 23 |  |
| Total Operating Lease Income | $ | 23 |  |  | $ | 22 |  |  | $ | 45 |  |
Energy Holdings’ operating leases had the following minimum future fixed lease receipts as of December 31, 2019:
|  |  | Millions |
| 2020 |  | $ | 20 |  |  |
| 2021 |  | 18 |  |  |
| 2022 |  | 17 |  |  |
| 2023 |  | 17 |  |  |
| 2024 |  | 16 |  |  |
| Thereafter |  | 172 |  |  |
| Total Minimum Future Lease Receipts |  | $ | 260 |  |  |
PSEG Power LLC |
Leases | Leases As of December 31, 2019, PSEG and its subsidiaries were both a lessee and a lessor in operating leases. Lessee PSE&G PSE&G has operating leases for office space for customer service centers, rooftops and land for its Solar 4 All® facilities, equipment, vehicles and land for certain electric substations. These leases have remaining lease terms through 2039, some of which include options to extend the leases for up to two five-year terms. Some leases have fixed rent payments that have escalations based on certain indices, such as the CPI. Certain leases contain variable payments. PSEG Power PSEG Power has operating leases for buildings, land leases for its solar generating facilities, merchant transmission and equipment. These leases have remaining terms through 2055, some of which include options to extend the leases for up to seven five-year terms and certain other leases which include options to extend the leases for 15 to 20 year terms. Some leases have fixed rent payments that have escalations based on certain indices, such as the CPI. Certain leases contain variable payments. Other Services has operating leases for real estate and office equipment. These leases have remaining terms through 2030. Services’ lease for its headquarters, which ends in 2030, includes options to extend for two five-year terms. Energy Holdings has land leases with remaining lease terms through 2027, some of which include options to extend the leases for up to eight five-year terms. Some leases have fixed rent payments that have escalations based on certain indices, such as the CPI. Certain leases contain variable payments. Operating Lease Costs The following amounts relate to total operating lease costs, including both amounts recognized in the Consolidated Statements of Operations during the year ended December 31, 2019 and any amounts capitalized as part of the cost of another asset, and the cash flows arising from lease transactions.
|  | PSE&G |  | PSEG Power |  | Other |  | Total |
|  | Millions |
| Operating Lease Costs |  |  |  |  |  |  |  |
| Year Ended December 31, 2019 |  |  |  |  |  |  |  |
| Long-term Lease Costs | $ | 24 |  |  | $ | 13 |  |  | $ | 15 |  |  | $ | 52 |  |
| Short-term Lease Costs | 14 |  |  | 10 |  |  | — |  |  | 24 |  |
| Variable Lease Costs | 2 |  |  | 10 |  |  | 10 |  |  | 22 |  |
| Total Operating Lease Costs | $ | 40 |  |  | $ | 33 |  |  | $ | 25 |  |  | $ | 98 |  |
| Year Ended December 31, 2019 |  |  |  |  |  |  |  |
| Cash Paid for Amounts Included in the Measurement of Operating Lease Liabilities | $ | 16 |  |  | $ | 11 |  |  | $ | 15 |  |  | $ | 42 |  |
| Weighted Average Remaining Lease Term in Years | 13 |  |  | 14 |  |  | 10 |  |  | 12 |  |
| Weighted Average Discount Rate | 3.6 | % |  | 4.4 | % |  | 4.2 | % |  | 4.1 | % |
Operating lease commitments as of December 31, 2018 had the following maturities:
|  |  | PSE&G |  | PSEG Power |  | Other |  | Total |
|  |  | Millions |
| 2019 |  | $ | 15 |  |  | $ | 11 |  |  | $ | 15 |  |  | $ | 41 |  |
| 2020 |  | 11 |  |  | 13 |  |  | 16 |  |  | 40 |  |
| 2021 |  | 10 |  |  | 13 |  |  | 16 |  |  | 39 |  |
| 2022 |  | 8 |  |  | 14 |  |  | 16 |  |  | 38 |  |
| 2023 |  | 8 |  |  | 8 |  |  | 15 |  |  | 31 |  |
| Thereafter |  | 66 |  |  | 51 |  |  | 105 |  |  | 222 |  |
| Total Minimum Lease Payments |  | $ | 118 |  |  | $ | 110 |  |  | $ | 183 |  |  | $ | 411 |  |
Operating lease liabilities as of December 31, 2019 had the following maturities:
|  |  | PSE&G |  | PSEG Power |  | Other |  | Total |
|  |  | Millions |
| 2020 |  | $ | 15 |  |  | $ | 13 |  |  | $ | 16 |  |  | $ | 44 |  |
| 2021 |  | 13 |  |  | 14 |  |  | 16 |  |  | 43 |  |
| 2022 |  | 10 |  |  | 14 |  |  | 16 |  |  | 40 |  |
| 2023 |  | 9 |  |  | 8 |  |  | 15 |  |  | 32 |  |
| 2024 |  | 8 |  |  | 3 |  |  | 15 |  |  | 26 |  |
| Thereafter |  | 71 |  |  | 48 |  |  | 90 |  |  | 209 |  |
| Total Minimum Lease Payments |  | $ | 126 |  |  | $ | 100 |  |  | $ | 168 |  |  | $ | 394 |  |
The following is a reconciliation of the undiscounted cash flows to the discounted Operating Lease Liabilities recognized on the Consolidated Balance Sheets:
|  |  | As of December 31, 2019 |
|  |  | PSE&G |  | PSEG Power |  | Other |  | Total |
|  |  | Millions |
| Undiscounted Cash Flows |  | $ | 126 |  |  | $ | 100 |  |  | $ | 168 |  |  | $ | 394 |  |
| Reconciling Amount due to Discount Rate |  | (27 | ) |  | (28 | ) |  | (33 | ) |  | (88 | ) |
| Total Discounted Operating Lease Liabilities |  | $ | 99 |  |  | $ | 72 |  |  | $ | 135 |  |  | $ | 306 |  |
As of December 31, 2019, the current portions of Operating Lease Liabilities included in Other Current Liabilities were $33 million, $12 million and $10 million for PSEG, PSE&G and PSEG Power, respectively. Lessor PSEG Power Certain of PSEG Power’s sales agreements related to its solar generating plants qualify as operating leases with remaining terms through 2043 with no extension terms. Lease income is based on solar energy generation; therefore, all rental income is variable under these leases. As of December 31, 2019, PSEG Power’s solar generating plants subject to these leases had a total carrying value of $393 million. Other Energy Holdings is the lessor in leveraged leases. See Note 9. Long-Term Investments and Note 10. Financing Receivables. Energy Holdings is the lessor in various operating leases for domestic energy and real estate assets with remaining terms through 2036. As of December 31, 2019, Energy Holdings’ property subject to these leases had a total carrying value of $22 million. The following is the operating lease income for PSEG Power and Energy Holdings for the year ended December 31, 2019:
|  | PSEG Power |  | Energy Holdings |  | Total |
|  | Millions |
| Operating Lease Income |  |  |  |  |  |
| Year Ended December 31, 2019 |  |  |  |  |  |
| Fixed Lease Income | $ | — |  |  | $ | 22 |  |  | $ | 22 |  |
| Variable Lease Income | 23 |  |  | — |  |  | 23 |  |
| Total Operating Lease Income | $ | 23 |  |  | $ | 22 |  |  | $ | 45 |  |
Energy Holdings’ operating leases had the following minimum future fixed lease receipts as of December 31, 2019:
|  |  | Millions |
| 2020 |  | $ | 20 |  |  |
| 2021 |  | 18 |  |  |
| 2022 |  | 17 |  |  |
| 2023 |  | 17 |  |  |
| 2024 |  | 16 |  |  |
| Thereafter |  | 172 |  |  |
| Total Minimum Future Lease Receipts |  | $ | 260 |  |  |
Leases | Leases As of December 31, 2019, PSEG and its subsidiaries were both a lessee and a lessor in operating leases. Lessee PSE&G PSE&G has operating leases for office space for customer service centers, rooftops and land for its Solar 4 All® facilities, equipment, vehicles and land for certain electric substations. These leases have remaining lease terms through 2039, some of which include options to extend the leases for up to two five-year terms. Some leases have fixed rent payments that have escalations based on certain indices, such as the CPI. Certain leases contain variable payments. PSEG Power PSEG Power has operating leases for buildings, land leases for its solar generating facilities, merchant transmission and equipment. These leases have remaining terms through 2055, some of which include options to extend the leases for up to seven five-year terms and certain other leases which include options to extend the leases for 15 to 20 year terms. Some leases have fixed rent payments that have escalations based on certain indices, such as the CPI. Certain leases contain variable payments. Other Services has operating leases for real estate and office equipment. These leases have remaining terms through 2030. Services’ lease for its headquarters, which ends in 2030, includes options to extend for two five-year terms. Energy Holdings has land leases with remaining lease terms through 2027, some of which include options to extend the leases for up to eight five-year terms. Some leases have fixed rent payments that have escalations based on certain indices, such as the CPI. Certain leases contain variable payments. Operating Lease Costs The following amounts relate to total operating lease costs, including both amounts recognized in the Consolidated Statements of Operations during the year ended December 31, 2019 and any amounts capitalized as part of the cost of another asset, and the cash flows arising from lease transactions.
|  | PSE&G |  | PSEG Power |  | Other |  | Total |
|  | Millions |
| Operating Lease Costs |  |  |  |  |  |  |  |
| Year Ended December 31, 2019 |  |  |  |  |  |  |  |
| Long-term Lease Costs | $ | 24 |  |  | $ | 13 |  |  | $ | 15 |  |  | $ | 52 |  |
| Short-term Lease Costs | 14 |  |  | 10 |  |  | — |  |  | 24 |  |
| Variable Lease Costs | 2 |  |  | 10 |  |  | 10 |  |  | 22 |  |
| Total Operating Lease Costs | $ | 40 |  |  | $ | 33 |  |  | $ | 25 |  |  | $ | 98 |  |
| Year Ended December 31, 2019 |  |  |  |  |  |  |  |
| Cash Paid for Amounts Included in the Measurement of Operating Lease Liabilities | $ | 16 |  |  | $ | 11 |  |  | $ | 15 |  |  | $ | 42 |  |
| Weighted Average Remaining Lease Term in Years | 13 |  |  | 14 |  |  | 10 |  |  | 12 |  |
| Weighted Average Discount Rate | 3.6 | % |  | 4.4 | % |  | 4.2 | % |  | 4.1 | % |
Operating lease commitments as of December 31, 2018 had the following maturities:
|  |  | PSE&G |  | PSEG Power |  | Other |  | Total |
|  |  | Millions |
| 2019 |  | $ | 15 |  |  | $ | 11 |  |  | $ | 15 |  |  | $ | 41 |  |
| 2020 |  | 11 |  |  | 13 |  |  | 16 |  |  | 40 |  |
| 2021 |  | 10 |  |  | 13 |  |  | 16 |  |  | 39 |  |
| 2022 |  | 8 |  |  | 14 |  |  | 16 |  |  | 38 |  |
| 2023 |  | 8 |  |  | 8 |  |  | 15 |  |  | 31 |  |
| Thereafter |  | 66 |  |  | 51 |  |  | 105 |  |  | 222 |  |
| Total Minimum Lease Payments |  | $ | 118 |  |  | $ | 110 |  |  | $ | 183 |  |  | $ | 411 |  |
Operating lease liabilities as of December 31, 2019 had the following maturities:
|  |  | PSE&G |  | PSEG Power |  | Other |  | Total |
|  |  | Millions |
| 2020 |  | $ | 15 |  |  | $ | 13 |  |  | $ | 16 |  |  | $ | 44 |  |
| 2021 |  | 13 |  |  | 14 |  |  | 16 |  |  | 43 |  |
| 2022 |  | 10 |  |  | 14 |  |  | 16 |  |  | 40 |  |
| 2023 |  | 9 |  |  | 8 |  |  | 15 |  |  | 32 |  |
| 2024 |  | 8 |  |  | 3 |  |  | 15 |  |  | 26 |  |
| Thereafter |  | 71 |  |  | 48 |  |  | 90 |  |  | 209 |  |
| Total Minimum Lease Payments |  | $ | 126 |  |  | $ | 100 |  |  | $ | 168 |  |  | $ | 394 |  |
The following is a reconciliation of the undiscounted cash flows to the discounted Operating Lease Liabilities recognized on the Consolidated Balance Sheets:
|  |  | As of December 31, 2019 |
|  |  | PSE&G |  | PSEG Power |  | Other |  | Total |
|  |  | Millions |
| Undiscounted Cash Flows |  | $ | 126 |  |  | $ | 100 |  |  | $ | 168 |  |  | $ | 394 |  |
| Reconciling Amount due to Discount Rate |  | (27 | ) |  | (28 | ) |  | (33 | ) |  | (88 | ) |
| Total Discounted Operating Lease Liabilities |  | $ | 99 |  |  | $ | 72 |  |  | $ | 135 |  |  | $ | 306 |  |
As of December 31, 2019, the current portions of Operating Lease Liabilities included in Other Current Liabilities were $33 million, $12 million and $10 million for PSEG, PSE&G and PSEG Power, respectively. Lessor PSEG Power Certain of PSEG Power’s sales agreements related to its solar generating plants qualify as operating leases with remaining terms through 2043 with no extension terms. Lease income is based on solar energy generation; therefore, all rental income is variable under these leases. As of December 31, 2019, PSEG Power’s solar generating plants subject to these leases had a total carrying value of $393 million. Other Energy Holdings is the lessor in leveraged leases. See Note 9. Long-Term Investments and Note 10. Financing Receivables. Energy Holdings is the lessor in various operating leases for domestic energy and real estate assets with remaining terms through 2036. As of December 31, 2019, Energy Holdings’ property subject to these leases had a total carrying value of $22 million. The following is the operating lease income for PSEG Power and Energy Holdings for the year ended December 31, 2019:
|  | PSEG Power |  | Energy Holdings |  | Total |
|  | Millions |
| Operating Lease Income |  |  |  |  |  |
| Year Ended December 31, 2019 |  |  |  |  |  |
| Fixed Lease Income | $ | — |  |  | $ | 22 |  |  | $ | 22 |  |
| Variable Lease Income | 23 |  |  | — |  |  | 23 |  |
| Total Operating Lease Income | $ | 23 |  |  | $ | 22 |  |  | $ | 45 |  |
Energy Holdings’ operating leases had the following minimum future fixed lease receipts as of December 31, 2019:
|  |  | Millions |
| 2020 |  | $ | 20 |  |  |
| 2021 |  | 18 |  |  |
| 2022 |  | 17 |  |  |
| 2023 |  | 17 |  |  |
| 2024 |  | 16 |  |  |
| Thereafter |  | 172 |  |  |
| Total Minimum Future Lease Receipts |  | $ | 260 |  |  |

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