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Debt and Credit Facilities | 3 Months Ended
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Mar. 31, 2020
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 three months ended March 31, 2020: PSE&G
• | issued $300 million of 2.45% Secured Medium-Term Notes, Series N, due January 2030, and
• | issued $300 million of 3.15% Secured Medium-Term Notes, Series N, due January 2050.
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 and, from time to time, short-term loans. 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 March 31, 2020, the total available credit capacity was $3.2 billion. As of March 31, 2020, no single institution represented more than 9% of the total commitments in the credit facilities. As of March 31, 2020, 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 March 31, 2020 were as follows:
|  |  | As of March 31, 2020 |  |  |  |  |
| Company/Facility |  | Total Facility |  | Usage (D) |  | Available Liquidity |  | Expiration Date |  | Primary Purpose |
|  |  | Millions |  |  |  |  |
| PSEG |  |  |  |  |  |  |  |  |  |  |
| 5-year Credit Facilities (A) |  | $ | 1,500 |  |  | $ | 806 |  |  | $ | 694 |  |  | Mar 2024 |  | Commercial Paper Support/Funding/Letters of Credit |
| Total PSEG |  | $ | 1,500 |  |  | $ | 806 |  |  | $ | 694 |  |  |  |  |  |
| PSE&G |  |  |  |  |  |  |  |  |  |  |
| 5-year Credit Facility (B) |  | $ | 600 |  |  | $ | 17 |  |  | $ | 583 |  |  | Mar 2024 |  | Commercial Paper Support/Funding/Letters of Credit |
| Total PSE&G |  | $ | 600 |  |  | $ | 17 |  |  | $ | 583 |  |  |  |  |  |
| PSEG Power |  |  |  |  |  |  |  |  |  |  |
| 3-year Letter of Credit Facilities |  | $ | 200 |  |  | $ | 114 |  |  | $ | 86 |  |  | Sept 2021 |  | Letters of Credit |
| 5-year Credit Facilities (C) |  | 1,900 |  |  | 40 |  |  | 1,860 |  |  | Mar 2024 |  | Funding/Letters of Credit |
| Total PSEG Power |  | $ | 2,100 |  |  | $ | 154 |  |  | $ | 1,946 |  |  |  |  |  |
| Total |  | $ | 4,200 |  |  | $ | 977 |  |  | $ | 3,223 |  |  |  |  |  |
(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 March 31, 2020, PSEG had $762 million outstanding at a weighted average interest rate of 3.4%. PSE&G had no commercial paper outstanding under its Commercial Paper Program as of March 31, 2020.
Except as otherwise noted in the table above, in March 2020, PSEG, PSE&G and PSEG Power and their respective lenders agreed to extend the expiration dates on their credit agreements from March 2023 to March 2024. Short-Term Loans PSEG In March 2020, PSEG entered into a $300 million, 364-day variable rate term loan agreement and in April 2020 it entered into two 364-day variable rate term loan agreements for $200 million and $300 million.
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 three months ended March 31, 2020: PSE&G
• | issued $300 million of 2.45% Secured Medium-Term Notes, Series N, due January 2030, and
• | issued $300 million of 3.15% Secured Medium-Term Notes, Series N, due January 2050.
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 and, from time to time, short-term loans. 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 March 31, 2020, the total available credit capacity was $3.2 billion. As of March 31, 2020, no single institution represented more than 9% of the total commitments in the credit facilities. As of March 31, 2020, 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 March 31, 2020 were as follows:
|  |  | As of March 31, 2020 |  |  |  |  |
| Company/Facility |  | Total Facility |  | Usage (D) |  | Available Liquidity |  | Expiration Date |  | Primary Purpose |
|  |  | Millions |  |  |  |  |
| PSEG |  |  |  |  |  |  |  |  |  |  |
| 5-year Credit Facilities (A) |  | $ | 1,500 |  |  | $ | 806 |  |  | $ | 694 |  |  | Mar 2024 |  | Commercial Paper Support/Funding/Letters of Credit |
| Total PSEG |  | $ | 1,500 |  |  | $ | 806 |  |  | $ | 694 |  |  |  |  |  |
| PSE&G |  |  |  |  |  |  |  |  |  |  |
| 5-year Credit Facility (B) |  | $ | 600 |  |  | $ | 17 |  |  | $ | 583 |  |  | Mar 2024 |  | Commercial Paper Support/Funding/Letters of Credit |
| Total PSE&G |  | $ | 600 |  |  | $ | 17 |  |  | $ | 583 |  |  |  |  |  |
| PSEG Power |  |  |  |  |  |  |  |  |  |  |
| 3-year Letter of Credit Facilities |  | $ | 200 |  |  | $ | 114 |  |  | $ | 86 |  |  | Sept 2021 |  | Letters of Credit |
| 5-year Credit Facilities (C) |  | 1,900 |  |  | 40 |  |  | 1,860 |  |  | Mar 2024 |  | Funding/Letters of Credit |
| Total PSEG Power |  | $ | 2,100 |  |  | $ | 154 |  |  | $ | 1,946 |  |  |  |  |  |
| Total |  | $ | 4,200 |  |  | $ | 977 |  |  | $ | 3,223 |  |  |  |  |  |
(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 March 31, 2020, PSEG had $762 million outstanding at a weighted average interest rate of 3.4%. PSE&G had no commercial paper outstanding under its Commercial Paper Program as of March 31, 2020.
Except as otherwise noted in the table above, in March 2020, PSEG, PSE&G and PSEG Power and their respective lenders agreed to extend the expiration dates on their credit agreements from March 2023 to March 2024. Short-Term Loans PSEG In March 2020, PSEG entered into a $300 million, 364-day variable rate term loan agreement and in April 2020 it entered into two 364-day variable rate term loan agreements for $200 million and $300 million.
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 three months ended March 31, 2020: PSE&G
• | issued $300 million of 2.45% Secured Medium-Term Notes, Series N, due January 2030, and
• | issued $300 million of 3.15% Secured Medium-Term Notes, Series N, due January 2050.
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 and, from time to time, short-term loans. 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 March 31, 2020, the total available credit capacity was $3.2 billion. As of March 31, 2020, no single institution represented more than 9% of the total commitments in the credit facilities. As of March 31, 2020, 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 March 31, 2020 were as follows:
|  |  | As of March 31, 2020 |  |  |  |  |
| Company/Facility |  | Total Facility |  | Usage (D) |  | Available Liquidity |  | Expiration Date |  | Primary Purpose |
|  |  | Millions |  |  |  |  |
| PSEG |  |  |  |  |  |  |  |  |  |  |
| 5-year Credit Facilities (A) |  | $ | 1,500 |  |  | $ | 806 |  |  | $ | 694 |  |  | Mar 2024 |  | Commercial Paper Support/Funding/Letters of Credit |
| Total PSEG |  | $ | 1,500 |  |  | $ | 806 |  |  | $ | 694 |  |  |  |  |  |
| PSE&G |  |  |  |  |  |  |  |  |  |  |
| 5-year Credit Facility (B) |  | $ | 600 |  |  | $ | 17 |  |  | $ | 583 |  |  | Mar 2024 |  | Commercial Paper Support/Funding/Letters of Credit |
| Total PSE&G |  | $ | 600 |  |  | $ | 17 |  |  | $ | 583 |  |  |  |  |  |
| PSEG Power |  |  |  |  |  |  |  |  |  |  |
| 3-year Letter of Credit Facilities |  | $ | 200 |  |  | $ | 114 |  |  | $ | 86 |  |  | Sept 2021 |  | Letters of Credit |
| 5-year Credit Facilities (C) |  | 1,900 |  |  | 40 |  |  | 1,860 |  |  | Mar 2024 |  | Funding/Letters of Credit |
| Total PSEG Power |  | $ | 2,100 |  |  | $ | 154 |  |  | $ | 1,946 |  |  |  |  |  |
| Total |  | $ | 4,200 |  |  | $ | 977 |  |  | $ | 3,223 |  |  |  |  |  |
(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 March 31, 2020, PSEG had $762 million outstanding at a weighted average interest rate of 3.4%. PSE&G had no commercial paper outstanding under its Commercial Paper Program as of March 31, 2020.
Except as otherwise noted in the table above, in March 2020, PSEG, PSE&G and PSEG Power and their respective lenders agreed to extend the expiration dates on their credit agreements from March 2023 to March 2024. Short-Term Loans PSEG In March 2020, PSEG entered into a $300 million, 364-day variable rate term loan agreement and in April 2020 it entered into two 364-day variable rate term loan agreements for $200 million and $300 million.

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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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