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Leases | 3 Months Ended
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Mar. 31, 2022
Leases | Leases PSEG and its subsidiaries are both a lessor and a lessee in operating leases. As of March 31, 2022, 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, 2021 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 and real estate assets. Rental income from these leases is included in Operating Revenues. PSEG Nuclear, LLC, a wholly owned subsidiary of PSEG Power, is the lessor in an operating lease for certain parcels of land with terms of 28 years from commencement, plus five optional renewal periods of ten years. Prior to the sale in June 2021 of PSEG Solar Source LLC, an indirect wholly owned subsidiary of PSEG Power, certain of PSEG Power’s sales agreements related to its solar generating plants qualified as operating leases. Lease income was based on solar energy generation; therefore, all rental income recorded under these leases was variable. 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 and real estate assets with remaining terms through 2049. As of March 31, 2022, Energy Holdings’ property subject to these leases had a total carrying value of $123 million. The following is the operating lease income for the three months ended March 31, 2022 and 2021:
| Operating Lease Income |  |  |
|  |  | Millions |
| Three Months Ended March 31, 2022 |  |  |
| Fixed Lease Income |  | $ | 8 |  |
| Variable Lease Income |  | — |  |
| Total Operating Lease Income |  | $ | 8 |  |
| Three Months Ended March 31, 2021 |  |  |
| Fixed Lease Income |  | $ | 5 |  |
| Variable Lease Income |  | 5 |  |
| Total Operating Lease Income |  | $ | 10 |  |
Leases | Leases PSEG and its subsidiaries are both a lessor and a lessee in operating leases. As of March 31, 2022, 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, 2021 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 and real estate assets. Rental income from these leases is included in Operating Revenues. PSEG Nuclear, LLC, a wholly owned subsidiary of PSEG Power, is the lessor in an operating lease for certain parcels of land with terms of 28 years from commencement, plus five optional renewal periods of ten years. Prior to the sale in June 2021 of PSEG Solar Source LLC, an indirect wholly owned subsidiary of PSEG Power, certain of PSEG Power’s sales agreements related to its solar generating plants qualified as operating leases. Lease income was based on solar energy generation; therefore, all rental income recorded under these leases was variable. 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 and real estate assets with remaining terms through 2049. As of March 31, 2022, Energy Holdings’ property subject to these leases had a total carrying value of $123 million. The following is the operating lease income for the three months ended March 31, 2022 and 2021:
| Operating Lease Income |  |  |
|  |  | Millions |
| Three Months Ended March 31, 2022 |  |  |
| Fixed Lease Income |  | $ | 8 |  |
| Variable Lease Income |  | — |  |
| Total Operating Lease Income |  | $ | 8 |  |
| Three Months Ended March 31, 2021 |  |  |
| Fixed Lease Income |  | $ | 5 |  |
| Variable Lease Income |  | 5 |  |
| Total Operating Lease Income |  | $ | 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, 2022, 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, 2021 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 and real estate assets. Rental income from these leases is included in Operating Revenues. PSEG Nuclear, LLC, a wholly owned subsidiary of PSEG Power, is the lessor in an operating lease for certain parcels of land with terms of 28 years from commencement, plus five optional renewal periods of ten years. Prior to the sale in June 2021 of PSEG Solar Source LLC, an indirect wholly owned subsidiary of PSEG Power, certain of PSEG Power’s sales agreements related to its solar generating plants qualified as operating leases. Lease income was based on solar energy generation; therefore, all rental income recorded under these leases was variable. 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 and real estate assets with remaining terms through 2049. As of March 31, 2022, Energy Holdings’ property subject to these leases had a total carrying value of $123 million. The following is the operating lease income for the three months ended March 31, 2022 and 2021:
| Operating Lease Income |  |  |
|  |  | Millions |
| Three Months Ended March 31, 2022 |  |  |
| Fixed Lease Income |  | $ | 8 |  |
| Variable Lease Income |  | — |  |
| Total Operating Lease Income |  | $ | 8 |  |
| Three Months Ended March 31, 2021 |  |  |
| Fixed Lease Income |  | $ | 5 |  |
| Variable Lease Income |  | 5 |  |
| Total Operating Lease Income |  | $ | 10 |  |
Leases | Leases PSEG and its subsidiaries are both a lessor and a lessee in operating leases. As of March 31, 2022, 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, 2021 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 and real estate assets. Rental income from these leases is included in Operating Revenues. PSEG Nuclear, LLC, a wholly owned subsidiary of PSEG Power, is the lessor in an operating lease for certain parcels of land with terms of 28 years from commencement, plus five optional renewal periods of ten years. Prior to the sale in June 2021 of PSEG Solar Source LLC, an indirect wholly owned subsidiary of PSEG Power, certain of PSEG Power’s sales agreements related to its solar generating plants qualified as operating leases. Lease income was based on solar energy generation; therefore, all rental income recorded under these leases was variable. 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 and real estate assets with remaining terms through 2049. As of March 31, 2022, Energy Holdings’ property subject to these leases had a total carrying value of $123 million. The following is the operating lease income for the three months ended March 31, 2022 and 2021:
| Operating Lease Income |  |  |
|  |  | Millions |
| Three Months Ended March 31, 2022 |  |  |
| Fixed Lease Income |  | $ | 8 |  |
| Variable Lease Income |  | — |  |
| Total Operating Lease Income |  | $ | 8 |  |
| Three Months Ended March 31, 2021 |  |  |
| Fixed Lease Income |  | $ | 5 |  |
| Variable Lease Income |  | 5 |  |
| Total Operating Lease Income |  | $ | 10 |  |

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=77888251 + Details
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