XML 32 R17.htm IDEA: XBRL DOCUMENT
v3.22.1

Financing Receivables | 3 Months Ended
--- | ---
Mar. 31, 2022
Schedule of Financial Receivables [Line Items] |
Financing Receivables | Financing Receivables PSE&G PSE&G’s Solar Loan Programs are designed to help finance the installation of solar power systems throughout its electric service area. Interest income on the loans is recorded on an accrual basis. The loans are paid back with SRECs generated from the related installed solar electric system. PSE&G uses collection experience as a credit quality indicator for its Solar Loan Programs and conducts a comprehensive credit review for all prospective borrowers. As of March 31, 2022, none of the solar loans were impaired; however, in the event of a loan default, the basis of the solar loan would be recovered through a regulatory recovery mechanism. Therefore, no current credit losses have been recorded for Solar Loan Programs I, II and III. A substantial portion of these loan amounts are noncurrent and reported in Long-Term Investments on PSEG’s and PSE&G’s Condensed Consolidated Balance Sheets. The following table reflects the outstanding loans by class of customer, none of which would be considered “non-performing.”
|  |  | As of |
| Outstanding Loans by Class of Customers |  | March 31, 2022 |  | December 31, 2021 |
|  |  | Millions |
| Commercial/Industrial |  | $ | 113 |  |  | $ | 116 |  |
| Residential |  | 5 |  |  | 5 |  |
| Total |  | 118 |  |  | 121 |  |
| Current Portion (included in Accounts Receivable) |  | (30) |  |  | (29) |  |
| Noncurrent Portion (included in Long-Term Investments) |  | $ | 88 |  |  | $ | 92 |  |
The solar loans originated under three Solar Loan Programs are comprised as follows:
| Programs |  | Balance as of March 31, 2022 |  | Funding Provided |  | Residential Loan Term |  | Non-Residential Loan Term |
|  |  | Millions |  |  |  |  |  |  |
| Solar Loan I |  | $ | 14 |  |  | prior to 2013 |  | 10 years |  | 15 years |
| Solar Loan II |  | 55 |  |  | prior to 2015 |  | 10 years |  | 15 years |
| Solar Loan III |  | 49 |  |  | largely funded as of March 31, 2022 |  | 10 years |  | 10 years |
| Total |  | $ | 118 |  |  |  |  |  |  |  |
The average life of loans paid in full is eight years, which is lower than the loan terms of 10 to 15 years due to the generation of SRECs being greater than expected and/or cash payments made to the loan. Payments on all outstanding loans were current as of March 31, 2022 and have an average remaining life of approximately four years. There are no remaining residential loans outstanding under the Solar Loan 1 program. Energy Holdings Energy Holdings, through its indirect subsidiaries, has investments in assets subject 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 Condensed 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 Condensed 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 Condensed Consolidated Balance Sheets. Leveraged leases outstanding as of March 31, 2022 commenced in or prior to 2000. The following table shows Energy Holdings’ gross and net lease investment as of March 31, 2022 and December 31, 2021.
|  | As of |
|  | March 31, 2022 |  | December 31, 2021 |
|  | Millions |
| Lease Receivables (net of Non-Recourse Debt) | $ | 249 |  |  | $ | 274 |  |
| Unearned and Deferred Income | (84) |  |  | (87) |  |
| Gross Investments in Leases | 165 |  |  | 187 |  |
| Deferred Tax Liabilities | (40) |  |  | (42) |  |
| Net Investments in Leases | $ | 125 |  |  | $ | 145 |  |
The corresponding receivables associated with the lease portfolio are reflected as follows, net of non-recourse debt. The ratings in the table represent the ratings of the entities providing payment assurance to Energy Holdings.
|  |  | Lease Receivables, Net of Non-Recourse Debt |  |  |
| Counterparties' Standard & Poor's (S&P) Credit Rating as of March 31, 2022 |  |  |  |  |
|  | As of March 31, 2022 |  |  |
|  |  | Millions |  |  |
| AA |  | $ | 8 |  |  |  |
| A- |  | 47 |  |  |  |
| BBB+ to BBB |  | 194 |  |  |  |
| Total |  | $ | 249 |  |  |  |
PSEG recorded no credit losses for the leveraged leases existing on March 31, 2022. Upon the occurrence of certain defaults, indirect subsidiaries of Energy Holdings would exercise their rights and seek recovery of their investments, potentially including stepping into the lease directly to protect their investments. While these actions could ultimately protect or mitigate the loss of value, they could require the use of significant capital and trigger certain material tax obligations which could, for certain leases, wholly or partially be mitigated by tax indemnification claims against the counterparty. A bankruptcy of a lessee would likely delay and potentially limit any efforts on the part of the lessors to assert their rights upon default and could delay the monetization of claims.
Public Service Electric and Gas Company [Member] |
Schedule of Financial Receivables [Line Items] |
Financing Receivables | Financing Receivables PSE&G PSE&G’s Solar Loan Programs are designed to help finance the installation of solar power systems throughout its electric service area. Interest income on the loans is recorded on an accrual basis. The loans are paid back with SRECs generated from the related installed solar electric system. PSE&G uses collection experience as a credit quality indicator for its Solar Loan Programs and conducts a comprehensive credit review for all prospective borrowers. As of March 31, 2022, none of the solar loans were impaired; however, in the event of a loan default, the basis of the solar loan would be recovered through a regulatory recovery mechanism. Therefore, no current credit losses have been recorded for Solar Loan Programs I, II and III. A substantial portion of these loan amounts are noncurrent and reported in Long-Term Investments on PSEG’s and PSE&G’s Condensed Consolidated Balance Sheets. The following table reflects the outstanding loans by class of customer, none of which would be considered “non-performing.”
|  |  | As of |
| Outstanding Loans by Class of Customers |  | March 31, 2022 |  | December 31, 2021 |
|  |  | Millions |
| Commercial/Industrial |  | $ | 113 |  |  | $ | 116 |  |
| Residential |  | 5 |  |  | 5 |  |
| Total |  | 118 |  |  | 121 |  |
| Current Portion (included in Accounts Receivable) |  | (30) |  |  | (29) |  |
| Noncurrent Portion (included in Long-Term Investments) |  | $ | 88 |  |  | $ | 92 |  |
The solar loans originated under three Solar Loan Programs are comprised as follows:
| Programs |  | Balance as of March 31, 2022 |  | Funding Provided |  | Residential Loan Term |  | Non-Residential Loan Term |
|  |  | Millions |  |  |  |  |  |  |
| Solar Loan I |  | $ | 14 |  |  | prior to 2013 |  | 10 years |  | 15 years |
| Solar Loan II |  | 55 |  |  | prior to 2015 |  | 10 years |  | 15 years |
| Solar Loan III |  | 49 |  |  | largely funded as of March 31, 2022 |  | 10 years |  | 10 years |
| Total |  | $ | 118 |  |  |  |  |  |  |  |
The average life of loans paid in full is eight years, which is lower than the loan terms of 10 to 15 years due to the generation of SRECs being greater than expected and/or cash payments made to the loan. Payments on all outstanding loans were current as of March 31, 2022 and have an average remaining life of approximately four years. There are no remaining residential loans outstanding under the Solar Loan 1 program. Energy Holdings Energy Holdings, through its indirect subsidiaries, has investments in assets subject 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 Condensed 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 Condensed 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 Condensed Consolidated Balance Sheets. Leveraged leases outstanding as of March 31, 2022 commenced in or prior to 2000. The following table shows Energy Holdings’ gross and net lease investment as of March 31, 2022 and December 31, 2021.
|  | As of |
|  | March 31, 2022 |  | December 31, 2021 |
|  | Millions |
| Lease Receivables (net of Non-Recourse Debt) | $ | 249 |  |  | $ | 274 |  |
| Unearned and Deferred Income | (84) |  |  | (87) |  |
| Gross Investments in Leases | 165 |  |  | 187 |  |
| Deferred Tax Liabilities | (40) |  |  | (42) |  |
| Net Investments in Leases | $ | 125 |  |  | $ | 145 |  |
The corresponding receivables associated with the lease portfolio are reflected as follows, net of non-recourse debt. The ratings in the table represent the ratings of the entities providing payment assurance to Energy Holdings.
|  |  | Lease Receivables, Net of Non-Recourse Debt |  |  |
| Counterparties' Standard & Poor's (S&P) Credit Rating as of March 31, 2022 |  |  |  |  |
|  | As of March 31, 2022 |  |  |
|  |  | Millions |  |  |
| AA |  | $ | 8 |  |  |  |
| A- |  | 47 |  |  |  |
| BBB+ to BBB |  | 194 |  |  |  |
| Total |  | $ | 249 |  |  |  |
PSEG recorded no credit losses for the leveraged leases existing on March 31, 2022. Upon the occurrence of certain defaults, indirect subsidiaries of Energy Holdings would exercise their rights and seek recovery of their investments, potentially including stepping into the lease directly to protect their investments. While these actions could ultimately protect or mitigate the loss of value, they could require the use of significant capital and trigger certain material tax obligations which could, for certain leases, wholly or partially be mitigated by tax indemnification claims against the counterparty. A bankruptcy of a lessee would likely delay and potentially limit any efforts on the part of the lessors to assert their rights upon default and could delay the monetization of claims.

X
- Definition Schedule of Financial Receivables [Line Items] + References No definition available. + Details
Name: | pseg_ScheduleofFinancialReceivablesLineItems
Namespace Prefix: | pseg_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for financing receivable. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -URI http://asc.fasb.org/subtopic&trid=2196772 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=2196816 + Details
Name: | us-gaap_FinancingReceivablesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

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