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v3.19.3.a.u2

Debt and Credit Facilities (Tables) | 12 Months Ended
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Dec. 31, 2019
Debt Disclosure [Abstract] |
Long-Term Debt | Long-Term Debt
|  |  |  |  | As of December 31, |
|  |  | Maturity |  | 2019 |  | 2018 |
|  |  |  |  | Millions |
| PSEG |  |  |  |  |  |  |
| Term Loan: |  |  |  |  |  |  |
| Variable Rate |  | 2019 |  | $ | — |  |  | $ | 350 |  |
| Variable Rate |  | 2020 |  | 700 |  |  | 700 |  |
| Total Term Loan |  |  |  | 700 |  |  | 1,050 |  |
| Senior Notes: |  |  |  |  |  |  |
| 1.60% |  | 2019 |  | — |  |  | 400 |  |
| 2.00% |  | 2021 |  | 300 |  |  | 300 |  |
| 2.65% |  | 2022 |  | 700 |  |  | 700 |  |
| 2.88% |  | 2024 |  | 750 |  |  | — |  |
| Total Senior Notes |  |  |  | 1,750 |  |  | 1,400 |  |
| Principal Amount Outstanding |  |  |  | 2,450 |  |  | 2,450 |  |
| Amounts Due Within One Year |  |  |  | (700 | ) |  | (750 | ) |
| Net Unamortized Discount and Debt Issuance Costs |  |  |  | (9 | ) |  | (7 | ) |
| Total Long-Term Debt of PSEG |  |  |  | $ | 1,741 |  |  | $ | 1,693 |  |
`
|  |  |  |  | As of December 31, |
|  |  | Maturity |  | 2019 |  | 2018 |
|  |  |  |  | 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): |  |  |  |  |  |  |
| 1.80% |  | 2019 |  | — |  |  | 250 |  |
| 2.00% |  | 2019 |  | — |  |  | 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 |  |  | 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 |  |  | 375 |  |
| 3.65% |  | 2028 |  | 325 |  |  | 325 |  |
| 3.20% |  | 2029 |  | 375 |  |  | — |  |
| 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 |  |  | 325 |  |
| 3.85% |  | 2049 |  | 375 |  |  | — |  |
| 3.20% |  | 2049 |  | 400 |  |  | — |  |
| Total MTNs |  |  |  | 9,759 |  |  | 9,109 |  |
| Principal Amount Outstanding |  |  |  | 9,908 |  |  | 9,258 |  |
| Amounts Due Within One Year |  |  |  | (259 | ) |  | (500 | ) |
| Net Unamortized Discount and Debt Issuance Costs |  |  |  | (81 | ) |  | (74 | ) |
| Total Long-Term Debt of PSE&G |  |  |  | $ | 9,568 |  |  | $ | 8,684 |  |
|  |  |  |  | As of December 31, |
|  |  | Maturity |  | 2019 |  | 2018 |
|  |  |  |  | Millions |
| PSEG Power |  |  |  |  |  |  |
| Senior Notes: |  |  |  |  |  |  |
| 5.13% |  | 2020 |  | $ | 406 |  |  | $ | 406 |  |
| 3.00% |  | 2021 |  | 700 |  |  | 700 |  |
| 4.15% |  | 2021 |  | 250 |  |  | 250 |  |
| 3.85% |  | 2023 |  | 700 |  |  | 700 |  |
| 4.30% |  | 2023 |  | 250 |  |  | 250 |  |
| 8.63% |  | 2031 |  | 500 |  |  | 500 |  |
| Total Senior Notes |  |  |  | 2,806 |  |  | 2,806 |  |
| Pollution Control Notes: |  |  |  |  |  |  |
| Floating Rate (B) |  | 2022 |  | 44 |  |  | 44 |  |
| Total Pollution Control Notes |  |  |  | 44 |  |  | 44 |  |
| Principal Amount Outstanding |  |  |  | 2,850 |  |  | 2,850 |  |
| Amounts Due Within One Year |  |  |  | (406 | ) |  | (44 | ) |
| Net Unamortized Discount and Debt Issuance Costs |  |  |  | (10 | ) |  | (15 | ) |
| Total Long-Term Debt of PSEG Power |  |  |  | $ | 2,434 |  |  | $ | 2,791 |  |
(A) | Secured by essentially all property of PSE&G pursuant to its First and Refunding Mortgage.
(B) The Pennsylvania Economic Development Financing Authority (PEDFA) bond that is serviced and secured by PSEG Power Pollution Control Notes is a variable rate bond that is in weekly reset mode.
Aggregate Principal Amounts Of Maturities | The aggregate principal amounts of maturities for each of the five years following December 31, 2019 are as follows:
| Year |  | PSEG |  | PSE&G |  | PSEG Power |  | Total |
| 2020 |  | $ | 700 |  |  | $ | 259 |  |  | $ | 406 |  |  | $ | 1,365 |  |
| 2021 |  | 300 |  |  | 434 |  |  | 950 |  |  | 1,684 |  |
| 2022 |  | 700 |  |  | — |  |  | 44 |  |  | 744 |  |
| 2023 |  | — |  |  | 825 |  |  | 950 |  |  | 1,775 |  |
| 2024 |  | 750 |  |  | 750 |  |  | — |  |  | 1,500 |  |
| Thereafter |  | — |  |  | 7,640 |  |  | 500 |  |  | 8,140 |  |
| Total |  | $ | 2,450 |  |  | $ | 9,908 |  |  | $ | 2,850 |  |  | $ | 15,208 |  |
Short-Term Liquidity | total credit facilities and available liquidity as of December 31, 2019 were as follows:
|  |  | As of December 31, 2019 |  |  |
| Company/Facility |  | Total Facility |  | Usage (D) |  | Available Liquidity |  | Expiration Date |  | Primary Purpose |
|  |  | Millions |  |  |  |  |
| PSEG |  |  |  |  |  |  |  |  |  |  |
| 5-year Credit Facilities (A) |  | $ | 1,500 |  |  | $ | 796 |  |  | $ | 704 |  |  | Mar 2023 |  | Commercial Paper Support/Funding/Letters of Credit |
| Total PSEG |  | $ | 1,500 |  |  | $ | 796 |  |  | $ | 704 |  |  |  |  |  |
| PSE&G |  |  |  |  |  |  |  |  |  |  |
| 5-year Credit Facility (B) |  | $ | 600 |  |  | $ | 379 |  |  | $ | 221 |  |  | Mar 2023 |  | Commercial Paper Support/Funding/Letters of Credit |
| Total PSE&G |  | $ | 600 |  |  | $ | 379 |  |  | $ | 221 |  |  |  |  |  |
| PSEG Power |  |  |  |  |  |  |  |  |  |  |
| 3-year Letter of Credit Facilities |  | $ | 200 |  |  | $ | 121 |  |  | $ | 79 |  |  | 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 |  |  | $ | 161 |  |  | $ | 1,939 |  |  |  |  |  |
| Total |  | $ | 4,200 |  |  | $ | 1,336 |  |  | $ | 2,864 |  |  |  |  |  |
(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 December 31, 2019, PSEG had $753 million outstanding at a weighted average interest rate of 2.08%. PSE&G had $362 million outstanding at a weighted average interest rate of 1.95% under its Commercial Paper Program as of December 31, 2019.
Estimated Fair Values | 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, 2019 and 2018 are included in the following table and accompanying notes as of December 31, 2019 and 2018. See Note 19. 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, 2019 |  | December 31, 2018 |
|  |  | Carrying Amount |  | Fair Value |  | Carrying Amount |  | Fair Value |
|  |  | Millions |
| Long-Term Debt: |  |  |  |  |  |  |  |  |
| PSEG (A) (B) |  | $ | 2,441 |  |  | $ | 2,479 |  |  | $ | 2,443 |  |  | $ | 2,397 |  |
| PSE&G (B) |  | 9,827 |  |  | 11,107 |  |  | 9,184 |  |  | 9,374 |  |
| PSEG Power (B) |  | 2,840 |  |  | 3,137 |  |  | 2,835 |  |  | 2,996 |  |
| Total Long-Term Debt |  | $ | 15,108 |  |  | $ | 16,723 |  |  | $ | 14,462 |  |  | $ | 14,767 |  |
(A) | As of December 31, 2019 and 2018, fair value includes floating rate term loans of $700 million and $1,050 million, respectively. The fair values of the term loan debt (Level 2 measurement) approximate 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 (i.e. U.S. Treasury rate plus credit spread) is 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. The fair value amounts above do not represent the price at which the outstanding debt may be called for redemption by each issuer under their respective debt agreements.

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