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Leases | 3 Months Ended
--- | ---
Mar. 31, 2021
Leases | Leases PSEG and its subsidiaries are both a lessor and a lessee in operating leases. As of March 31, 2021, PSEG and its subsidiaries were lessors for leases classified as operating leases or leveraged leases. See Note 8. Financing Receivables. There was no significant change in amounts reported in Note 8. Leases in the Annual Report on Form 10-K for the year ended December 31, 2020 for operating leases in which PSEG and its subsidiaries are lessees. PSEG and its subsidiaries, as lessors, have lease agreements with lease and non-lease components, which are primarily related to generating facilities. Rental income from these leases is included in Operating Revenues. 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. Other Energy Holdings is the lessor in leveraged leases. See Note 8. Financing Receivables. Energy Holdings is the lessor in two operating leases for domestic energy generation facilities with remaining terms through 2036, one of which has an optional renewal period. Energy Holdings was previously the lessor in operating leases for real estate assets which were sold in March 2020. The following is the operating lease income for PSEG Power and Energy Holdings for the three months ended March 31, 2021 and 2020:
|  | PSEG Power |  | Energy Holdings |  | Total |
|  | Millions |
| Operating Lease Income |  |  |  |  |  |
| Three Months Ended March 31, 2021 |  |  |  |  |  |
| Fixed Lease Income | $ | — |  |  | $ | 5 |  |  | $ | 5 |  |
| Variable Lease Income | 5 |  |  | — |  |  | 5 |  |
| Total Operating Lease Income | $ | 5 |  |  | $ | 5 |  |  | $ | 10 |  |
| Three Months Ended March 31, 2020 |  |  |  |  |  |
| Fixed Lease Income | $ | — |  |  | $ | 5 |  |  | $ | 5 |  |
| Variable Lease Income | 5 |  |  | — |  |  | 5 |  |
| Total Operating Lease Income | $ | 5 |  |  | $ | 5 |  |  | $ | 10 |  |
Leases | Leases PSEG and its subsidiaries are both a lessor and a lessee in operating leases. As of March 31, 2021, PSEG and its subsidiaries were lessors for leases classified as operating leases or leveraged leases. See Note 8. Financing Receivables. There was no significant change in amounts reported in Note 8. Leases in the Annual Report on Form 10-K for the year ended December 31, 2020 for operating leases in which PSEG and its subsidiaries are lessees. PSEG and its subsidiaries, as lessors, have lease agreements with lease and non-lease components, which are primarily related to generating facilities. Rental income from these leases is included in Operating Revenues. 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. Other Energy Holdings is the lessor in leveraged leases. See Note 8. Financing Receivables. Energy Holdings is the lessor in two operating leases for domestic energy generation facilities with remaining terms through 2036, one of which has an optional renewal period. Energy Holdings was previously the lessor in operating leases for real estate assets which were sold in March 2020. The following is the operating lease income for PSEG Power and Energy Holdings for the three months ended March 31, 2021 and 2020:
|  | PSEG Power |  | Energy Holdings |  | Total |
|  | Millions |
| Operating Lease Income |  |  |  |  |  |
| Three Months Ended March 31, 2021 |  |  |  |  |  |
| Fixed Lease Income | $ | — |  |  | $ | 5 |  |  | $ | 5 |  |
| Variable Lease Income | 5 |  |  | — |  |  | 5 |  |
| Total Operating Lease Income | $ | 5 |  |  | $ | 5 |  |  | $ | 10 |  |
| Three Months Ended March 31, 2020 |  |  |  |  |  |
| Fixed Lease Income | $ | — |  |  | $ | 5 |  |  | $ | 5 |  |
| Variable Lease Income | 5 |  |  | — |  |  | 5 |  |
| Total Operating Lease Income | $ | 5 |  |  | $ | 5 |  |  | $ | 10 |  |
Public Service Electric and Gas Company [Member] |
Leases | Leases PSEG and its subsidiaries are both a lessor and a lessee in operating leases. As of March 31, 2021, PSEG and its subsidiaries were lessors for leases classified as operating leases or leveraged leases. See Note 8. Financing Receivables. There was no significant change in amounts reported in Note 8. Leases in the Annual Report on Form 10-K for the year ended December 31, 2020 for operating leases in which PSEG and its subsidiaries are lessees. PSEG and its subsidiaries, as lessors, have lease agreements with lease and non-lease components, which are primarily related to generating facilities. Rental income from these leases is included in Operating Revenues. 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. Other Energy Holdings is the lessor in leveraged leases. See Note 8. Financing Receivables. Energy Holdings is the lessor in two operating leases for domestic energy generation facilities with remaining terms through 2036, one of which has an optional renewal period. Energy Holdings was previously the lessor in operating leases for real estate assets which were sold in March 2020. The following is the operating lease income for PSEG Power and Energy Holdings for the three months ended March 31, 2021 and 2020:
|  | PSEG Power |  | Energy Holdings |  | Total |
|  | Millions |
| Operating Lease Income |  |  |  |  |  |
| Three Months Ended March 31, 2021 |  |  |  |  |  |
| Fixed Lease Income | $ | — |  |  | $ | 5 |  |  | $ | 5 |  |
| Variable Lease Income | 5 |  |  | — |  |  | 5 |  |
| Total Operating Lease Income | $ | 5 |  |  | $ | 5 |  |  | $ | 10 |  |
| Three Months Ended March 31, 2020 |  |  |  |  |  |
| Fixed Lease Income | $ | — |  |  | $ | 5 |  |  | $ | 5 |  |
| Variable Lease Income | 5 |  |  | — |  |  | 5 |  |
| Total Operating Lease Income | $ | 5 |  |  | $ | 5 |  |  | $ | 10 |  |
Leases | Leases PSEG and its subsidiaries are both a lessor and a lessee in operating leases. As of March 31, 2021, PSEG and its subsidiaries were lessors for leases classified as operating leases or leveraged leases. See Note 8. Financing Receivables. There was no significant change in amounts reported in Note 8. Leases in the Annual Report on Form 10-K for the year ended December 31, 2020 for operating leases in which PSEG and its subsidiaries are lessees. PSEG and its subsidiaries, as lessors, have lease agreements with lease and non-lease components, which are primarily related to generating facilities. Rental income from these leases is included in Operating Revenues. 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. Other Energy Holdings is the lessor in leveraged leases. See Note 8. Financing Receivables. Energy Holdings is the lessor in two operating leases for domestic energy generation facilities with remaining terms through 2036, one of which has an optional renewal period. Energy Holdings was previously the lessor in operating leases for real estate assets which were sold in March 2020. The following is the operating lease income for PSEG Power and Energy Holdings for the three months ended March 31, 2021 and 2020:
|  | PSEG Power |  | Energy Holdings |  | Total |
|  | Millions |
| Operating Lease Income |  |  |  |  |  |
| Three Months Ended March 31, 2021 |  |  |  |  |  |
| Fixed Lease Income | $ | — |  |  | $ | 5 |  |  | $ | 5 |  |
| Variable Lease Income | 5 |  |  | — |  |  | 5 |  |
| Total Operating Lease Income | $ | 5 |  |  | $ | 5 |  |  | $ | 10 |  |
| Three Months Ended March 31, 2020 |  |  |  |  |  |
| Fixed Lease Income | $ | — |  |  | $ | 5 |  |  | $ | 5 |  |
| Variable Lease Income | 5 |  |  | — |  |  | 5 |  |
| Total Operating Lease Income | $ | 5 |  |  | $ | 5 |  |  | $ | 10 |  |
PSEG Power [Member] |
Leases | Leases PSEG and its subsidiaries are both a lessor and a lessee in operating leases. As of March 31, 2021, PSEG and its subsidiaries were lessors for leases classified as operating leases or leveraged leases. See Note 8. Financing Receivables. There was no significant change in amounts reported in Note 8. Leases in the Annual Report on Form 10-K for the year ended December 31, 2020 for operating leases in which PSEG and its subsidiaries are lessees. PSEG and its subsidiaries, as lessors, have lease agreements with lease and non-lease components, which are primarily related to generating facilities. Rental income from these leases is included in Operating Revenues. 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. Other Energy Holdings is the lessor in leveraged leases. See Note 8. Financing Receivables. Energy Holdings is the lessor in two operating leases for domestic energy generation facilities with remaining terms through 2036, one of which has an optional renewal period. Energy Holdings was previously the lessor in operating leases for real estate assets which were sold in March 2020. The following is the operating lease income for PSEG Power and Energy Holdings for the three months ended March 31, 2021 and 2020:
|  | PSEG Power |  | Energy Holdings |  | Total |
|  | Millions |
| Operating Lease Income |  |  |  |  |  |
| Three Months Ended March 31, 2021 |  |  |  |  |  |
| Fixed Lease Income | $ | — |  |  | $ | 5 |  |  | $ | 5 |  |
| Variable Lease Income | 5 |  |  | — |  |  | 5 |  |
| Total Operating Lease Income | $ | 5 |  |  | $ | 5 |  |  | $ | 10 |  |
| Three Months Ended March 31, 2020 |  |  |  |  |  |
| Fixed Lease Income | $ | — |  |  | $ | 5 |  |  | $ | 5 |  |
| Variable Lease Income | 5 |  |  | — |  |  | 5 |  |
| Total Operating Lease Income | $ | 5 |  |  | $ | 5 |  |  | $ | 10 |  |
Leases | Leases PSEG and its subsidiaries are both a lessor and a lessee in operating leases. As of March 31, 2021, PSEG and its subsidiaries were lessors for leases classified as operating leases or leveraged leases. See Note 8. Financing Receivables. There was no significant change in amounts reported in Note 8. Leases in the Annual Report on Form 10-K for the year ended December 31, 2020 for operating leases in which PSEG and its subsidiaries are lessees. PSEG and its subsidiaries, as lessors, have lease agreements with lease and non-lease components, which are primarily related to generating facilities. Rental income from these leases is included in Operating Revenues. 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. Other Energy Holdings is the lessor in leveraged leases. See Note 8. Financing Receivables. Energy Holdings is the lessor in two operating leases for domestic energy generation facilities with remaining terms through 2036, one of which has an optional renewal period. Energy Holdings was previously the lessor in operating leases for real estate assets which were sold in March 2020. The following is the operating lease income for PSEG Power and Energy Holdings for the three months ended March 31, 2021 and 2020:
|  | PSEG Power |  | Energy Holdings |  | Total |
|  | Millions |
| Operating Lease Income |  |  |  |  |  |
| Three Months Ended March 31, 2021 |  |  |  |  |  |
| Fixed Lease Income | $ | — |  |  | $ | 5 |  |  | $ | 5 |  |
| Variable Lease Income | 5 |  |  | — |  |  | 5 |  |
| Total Operating Lease Income | $ | 5 |  |  | $ | 5 |  |  | $ | 10 |  |
| Three Months Ended March 31, 2020 |  |  |  |  |  |
| Fixed Lease Income | $ | — |  |  | $ | 5 |  |  | $ | 5 |  |
| Variable Lease Income | 5 |  |  | — |  |  | 5 |  |
| Total Operating Lease Income | $ | 5 |  |  | $ | 5 |  |  | $ | 10 |  |

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- Definition The entire disclosure for lessee entity's leasing arrangements including, but not limited to, all of the following: (a.) The basis on which contingent rental payments are determined, (b.) The existence and terms of renewal or purchase options and escalation clauses, (c.) Restrictions imposed by lease agreements, such as those concerning dividends, additional debt, and further leasing. + References Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -URI http://asc.fasb.org/topic&trid=2208923 + Details
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