XML 47 R18.htm IDEA: XBRL DOCUMENT
v3.20.4

Long-Term Investments | 12 Months Ended
--- | ---
Dec. 31, 2020
Long-Term Investments [Line Items] |
Long-Term Investments [Text Block] | Long-Term Investments Long-Term Investments as of December 31, 2020 and 2019 included the following:
|  |  | As of December 31, |
|  |  | 2020 |  | 2019 |
|  |  | Millions |
| PSE&G |  |  |  |  |
| Life Insurance and Supplemental Benefits |  | $ | 100 |  |  | $ | 111 |  |
| Solar Loans |  | 122 |  |  | 137 |  |
| PSEG Power |  |  |
| Equity Method Investments (A) |  | 64 |  |  | 66 |  |
| Energy Holdings |  |  |  |  |
| Lease Investments |  | 250 |  |  | 497 |  |
| Equity Method Investments |  | — |  |  | 1 |  |
| Total Long-Term Investments |  | $ | 536 |  |  | $ | 812 |  |
(A)During the three years ended December 31, 2020, 2019 and 2018, dividends from these investments were $15 million, $15 million and $16 million, respectively. Leases Energy Holdings, through several of its indirect subsidiaries, has investments in assets subject primarily to leveraged lease accounting. A leveraged lease is typically comprised of an investment by an equity investor and debt provided by a third-party debt investor. The debt is recourse only to the assets subject to lease and is not included on PSEG’s Consolidated Balance Sheets. As an equity investor, Energy Holdings’ equity investments in the leases are comprised of the total expected lease receivables over the lease terms plus the estimated residual values at the end of the lease terms, reduced for any income not yet earned on the leases. This amount is included in Long-Term Investments on PSEG’s Consolidated Balance Sheets. The more rapid depreciation of the leased property for tax purposes creates tax cash flow that will be repaid to the taxing authority in later periods. As such, the liability for such taxes due is recorded in Deferred Income Taxes on PSEG’s Consolidated Balance Sheets. In September 2020, wholly owned subsidiaries of PSEG Energy Holdings L.L.C. (the Sellers) completed the sale of their ownership interests in the Powerton and Joliet generation facilities and related assets, including the assumption by the purchaser of related liabilities. The loss, net of taxes, resulting from the transaction was immaterial. In December 2020, the leveraged lease relating to our interest in the Shawville facilities was modified and extended. Accordingly, the Shawville leveraged lease was reclassified as an operating lease and the underlying assets were recorded in Property, Plant and Equipment. See Note 8. Leases. In the second quarter of 2020, Energy Holdings completed its annual review of estimated residual values embedded in domestic energy leveraged leases and determined no impairments were necessary. During the second quarter of 2019, the outcome of Energy Holdings’ annual review indicated that the updated residual value estimate of the coal-fired Powerton lease was lower than the recorded residual value and the decline was deemed to be other than temporary as a result of expected future adverse market conditions. As a result, a pre-tax write-down of $58 million was reflected in Operating Revenues in 2019, calculated by comparing the gross investment in the leases before and after the revised residual estimates. The following table shows Energy Holdings’ gross and net lease investment as of December 31, 2020 and 2019.
|  |  | As of December 31, |
|  |  | 2020 |  | 2019 |
|  |  | Millions |
| Lease Receivables (net of Non-Recourse Debt) |  | $ | 299 |  |  | $ | 498 |  |
| Estimated Residual Value of Leased Assets |  | 55 |  |  | 202 |  |
| Total Investment in Rental Receivables |  | 354 |  |  | 700 |  |
| Unearned and Deferred Income |  | (104) |  |  | (203) |  |
| Gross Investments in Leases |  | 250 |  |  | 497 |  |
| Deferred Tax Liabilities |  | (64) |  |  | (328) |  |
| Net Investments in Leases |  | $ | 186 |  |  | $ | 169 |  |
The pre-tax income (loss) and income tax effects related to investments in leases, excluding gains and losses on sales and the impacts of the Tax Act, were as follows:
|  |  | Years Ended December 31, |
|  |  | 2020 |  | 2019 |  | 2018 |
|  |  | Millions |
| Pre-Tax Income (Loss) from Leases |  | $ | 18 |  |  | $ | (39) |  |  | $ | 17 |  |
| Income Tax Expense (Benefit) on Income (Loss) from Leases |  | $ | 2 |  |  | $ | (22) |  |  | $ | 6 |  |
Equity Method Investment PSEG Power had a 50% ownership interest in Kalaeloa, a combined-cycle generation facility in Hawaii of $64 million and $66 million as of December 31, 2020 and 2019, respectively.
Public Service Electric and Gas Company |
Long-Term Investments [Line Items] |
Long-Term Investments [Text Block] | Long-Term Investments Long-Term Investments as of December 31, 2020 and 2019 included the following:
|  |  | As of December 31, |
|  |  | 2020 |  | 2019 |
|  |  | Millions |
| PSE&G |  |  |  |  |
| Life Insurance and Supplemental Benefits |  | $ | 100 |  |  | $ | 111 |  |
| Solar Loans |  | 122 |  |  | 137 |  |
| PSEG Power |  |  |
| Equity Method Investments (A) |  | 64 |  |  | 66 |  |
| Energy Holdings |  |  |  |  |
| Lease Investments |  | 250 |  |  | 497 |  |
| Equity Method Investments |  | — |  |  | 1 |  |
| Total Long-Term Investments |  | $ | 536 |  |  | $ | 812 |  |
(A)During the three years ended December 31, 2020, 2019 and 2018, dividends from these investments were $15 million, $15 million and $16 million, respectively. Leases Energy Holdings, through several of its indirect subsidiaries, has investments in assets subject primarily to leveraged lease accounting. A leveraged lease is typically comprised of an investment by an equity investor and debt provided by a third-party debt investor. The debt is recourse only to the assets subject to lease and is not included on PSEG’s Consolidated Balance Sheets. As an equity investor, Energy Holdings’ equity investments in the leases are comprised of the total expected lease receivables over the lease terms plus the estimated residual values at the end of the lease terms, reduced for any income not yet earned on the leases. This amount is included in Long-Term Investments on PSEG’s Consolidated Balance Sheets. The more rapid depreciation of the leased property for tax purposes creates tax cash flow that will be repaid to the taxing authority in later periods. As such, the liability for such taxes due is recorded in Deferred Income Taxes on PSEG’s Consolidated Balance Sheets. In September 2020, wholly owned subsidiaries of PSEG Energy Holdings L.L.C. (the Sellers) completed the sale of their ownership interests in the Powerton and Joliet generation facilities and related assets, including the assumption by the purchaser of related liabilities. The loss, net of taxes, resulting from the transaction was immaterial. In December 2020, the leveraged lease relating to our interest in the Shawville facilities was modified and extended. Accordingly, the Shawville leveraged lease was reclassified as an operating lease and the underlying assets were recorded in Property, Plant and Equipment. See Note 8. Leases. In the second quarter of 2020, Energy Holdings completed its annual review of estimated residual values embedded in domestic energy leveraged leases and determined no impairments were necessary. During the second quarter of 2019, the outcome of Energy Holdings’ annual review indicated that the updated residual value estimate of the coal-fired Powerton lease was lower than the recorded residual value and the decline was deemed to be other than temporary as a result of expected future adverse market conditions. As a result, a pre-tax write-down of $58 million was reflected in Operating Revenues in 2019, calculated by comparing the gross investment in the leases before and after the revised residual estimates. The following table shows Energy Holdings’ gross and net lease investment as of December 31, 2020 and 2019.
|  |  | As of December 31, |
|  |  | 2020 |  | 2019 |
|  |  | Millions |
| Lease Receivables (net of Non-Recourse Debt) |  | $ | 299 |  |  | $ | 498 |  |
| Estimated Residual Value of Leased Assets |  | 55 |  |  | 202 |  |
| Total Investment in Rental Receivables |  | 354 |  |  | 700 |  |
| Unearned and Deferred Income |  | (104) |  |  | (203) |  |
| Gross Investments in Leases |  | 250 |  |  | 497 |  |
| Deferred Tax Liabilities |  | (64) |  |  | (328) |  |
| Net Investments in Leases |  | $ | 186 |  |  | $ | 169 |  |
The pre-tax income (loss) and income tax effects related to investments in leases, excluding gains and losses on sales and the impacts of the Tax Act, were as follows:
|  |  | Years Ended December 31, |
|  |  | 2020 |  | 2019 |  | 2018 |
|  |  | Millions |
| Pre-Tax Income (Loss) from Leases |  | $ | 18 |  |  | $ | (39) |  |  | $ | 17 |  |
| Income Tax Expense (Benefit) on Income (Loss) from Leases |  | $ | 2 |  |  | $ | (22) |  |  | $ | 6 |  |
Equity Method Investment PSEG Power had a 50% ownership interest in Kalaeloa, a combined-cycle generation facility in Hawaii of $64 million and $66 million as of December 31, 2020 and 2019, respectively.
PSEG Power LLC |
Long-Term Investments [Line Items] |
Long-Term Investments [Text Block] | Long-Term Investments Long-Term Investments as of December 31, 2020 and 2019 included the following:
|  |  | As of December 31, |
|  |  | 2020 |  | 2019 |
|  |  | Millions |
| PSE&G |  |  |  |  |
| Life Insurance and Supplemental Benefits |  | $ | 100 |  |  | $ | 111 |  |
| Solar Loans |  | 122 |  |  | 137 |  |
| PSEG Power |  |  |
| Equity Method Investments (A) |  | 64 |  |  | 66 |  |
| Energy Holdings |  |  |  |  |
| Lease Investments |  | 250 |  |  | 497 |  |
| Equity Method Investments |  | — |  |  | 1 |  |
| Total Long-Term Investments |  | $ | 536 |  |  | $ | 812 |  |
(A)During the three years ended December 31, 2020, 2019 and 2018, dividends from these investments were $15 million, $15 million and $16 million, respectively. Leases Energy Holdings, through several of its indirect subsidiaries, has investments in assets subject primarily to leveraged lease accounting. A leveraged lease is typically comprised of an investment by an equity investor and debt provided by a third-party debt investor. The debt is recourse only to the assets subject to lease and is not included on PSEG’s Consolidated Balance Sheets. As an equity investor, Energy Holdings’ equity investments in the leases are comprised of the total expected lease receivables over the lease terms plus the estimated residual values at the end of the lease terms, reduced for any income not yet earned on the leases. This amount is included in Long-Term Investments on PSEG’s Consolidated Balance Sheets. The more rapid depreciation of the leased property for tax purposes creates tax cash flow that will be repaid to the taxing authority in later periods. As such, the liability for such taxes due is recorded in Deferred Income Taxes on PSEG’s Consolidated Balance Sheets. In September 2020, wholly owned subsidiaries of PSEG Energy Holdings L.L.C. (the Sellers) completed the sale of their ownership interests in the Powerton and Joliet generation facilities and related assets, including the assumption by the purchaser of related liabilities. The loss, net of taxes, resulting from the transaction was immaterial. In December 2020, the leveraged lease relating to our interest in the Shawville facilities was modified and extended. Accordingly, the Shawville leveraged lease was reclassified as an operating lease and the underlying assets were recorded in Property, Plant and Equipment. See Note 8. Leases. In the second quarter of 2020, Energy Holdings completed its annual review of estimated residual values embedded in domestic energy leveraged leases and determined no impairments were necessary. During the second quarter of 2019, the outcome of Energy Holdings’ annual review indicated that the updated residual value estimate of the coal-fired Powerton lease was lower than the recorded residual value and the decline was deemed to be other than temporary as a result of expected future adverse market conditions. As a result, a pre-tax write-down of $58 million was reflected in Operating Revenues in 2019, calculated by comparing the gross investment in the leases before and after the revised residual estimates. The following table shows Energy Holdings’ gross and net lease investment as of December 31, 2020 and 2019.
|  |  | As of December 31, |
|  |  | 2020 |  | 2019 |
|  |  | Millions |
| Lease Receivables (net of Non-Recourse Debt) |  | $ | 299 |  |  | $ | 498 |  |
| Estimated Residual Value of Leased Assets |  | 55 |  |  | 202 |  |
| Total Investment in Rental Receivables |  | 354 |  |  | 700 |  |
| Unearned and Deferred Income |  | (104) |  |  | (203) |  |
| Gross Investments in Leases |  | 250 |  |  | 497 |  |
| Deferred Tax Liabilities |  | (64) |  |  | (328) |  |
| Net Investments in Leases |  | $ | 186 |  |  | $ | 169 |  |
The pre-tax income (loss) and income tax effects related to investments in leases, excluding gains and losses on sales and the impacts of the Tax Act, were as follows:
|  |  | Years Ended December 31, |
|  |  | 2020 |  | 2019 |  | 2018 |
|  |  | Millions |
| Pre-Tax Income (Loss) from Leases |  | $ | 18 |  |  | $ | (39) |  |  | $ | 17 |  |
| Income Tax Expense (Benefit) on Income (Loss) from Leases |  | $ | 2 |  |  | $ | (22) |  |  | $ | 6 |  |
Equity Method Investment PSEG Power had a 50% ownership interest in Kalaeloa, a combined-cycle generation facility in Hawaii of $64 million and $66 million as of December 31, 2020 and 2019, respectively.

X
- Definition Long-Term Investments [Line Items] + References No definition available. + Details
Name: | pseg_LongTermInvestmentsLineItems
Namespace Prefix: | pseg_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for investment holdings. This includes the long positions of investments for the entity. It contains investments in affiliated and unaffiliated issuers. The investments include securities and non securities (i.e. commodities and futures contracts). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 320 -Section S99 -Paragraph 6 -Subparagraph (SX 210.12-14) -URI http://asc.fasb.org/extlink&oid=120401592&loc=d3e611322-123010 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 320 -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-12B) -URI http://asc.fasb.org/extlink&oid=120401592&loc=d3e611197-123010 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 320 -Section S99 -Paragraph 5D -Subparagraph (SX 210.12-13D) -URI http://asc.fasb.org/extlink&oid=120401592&loc=SL120429264-123010 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 320 -Section S99 -Paragraph 1 -Subparagraph (SX 210.12-12) -URI http://asc.fasb.org/extlink&oid=120401592&loc=d3e611133-123010 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 320 -Section S99 -Paragraph 5 -Subparagraph (SX 210.12-13) -URI http://asc.fasb.org/extlink&oid=120401592&loc=d3e611282-123010 + Details
Name: | us-gaap_InvestmentHoldingsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Details
Name: | dei_LegalEntityAxis=pseg_PublicServiceElectricandGasCompanyMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | dei_LegalEntityAxis=pseg_PSEGPowerLLCMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |