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v3.22.4

Debt and Credit Facilities (Tables) | 12 Months Ended
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Dec. 31, 2022
Debt Disclosure [Abstract] |
Long-Term Debt | Long-Term Debt
|  |  |  |  |  | As of December 31, |
|  |  |  | Maturity |  | 2022 |  | 2021 |
|  |  |  |  |  | Millions |
| PSEG |  |  |  |  |  |  |
| Senior Notes: |  |  |  |  |  |  |
| 2.65% |  |  | 2022 |  | $ | — |  |  | $ | 700 |  |
| 0.84% |  |  | 2023 |  | 750 |  |  | 750 |  |
| 2.88% |  |  | 2024 |  | 750 |  |  | 750 |  |
| 0.80% |  |  | 2025 |  | 550 |  |  | 550 |  |
| 5.85% |  |  | 2027 |  | 700 |  |  | — |  |
| 1.60% |  |  | 2030 |  | 550 |  |  | 550 |  |
| 2.45% |  |  | 2031 |  | 750 |  |  | 750 |  |
| 8.63% | (A) |  | 2031 |  | 96 |  |  | 96 |  |
| Total Senior Notes |  |  |  | 4,146 |  |  | 4,146 |  |
| Principal Amount Outstanding |  |  |  | 4,146 |  |  | 4,146 |  |
| Amounts Due Within One Year |  |  |  | (750) |  |  | (700) |  |
| Net Unamortized Discount and Debt Issuance Costs |  |  |  | (22) |  |  | (22) |  |
| Total Long-Term Debt of PSEG |  |  |  | $ | 3,374 |  |  | $ | 3,424 |  |
|  |  |  |  | As of December 31, |
|  |  | Maturity |  | 2022 |  | 2021 |
|  |  |  |  | Millions |
| PSE&G |  |  |  |  |  |  |
| First and Refunding Mortgage Bonds (B): |  |  |  |  |  |  |
| 8.00% |  | 2037 |  | $ | 7 |  |  | $ | 7 |  |
| 5.00% |  | 2037 |  | 8 |  |  | 8 |  |
| Total First and Refunding Mortgage Bonds |  |  |  | 15 |  |  | 15 |  |
| Medium-Term Notes (B): |  |  |  |  |  |  |
| 2.38% |  | 2023 |  | 500 |  |  | 500 |  |
| 3.25% |  | 2023 |  | 325 |  |  | 325 |  |
| 3.75% |  | 2024 |  | 250 |  |  | 250 |  |
| 3.15% |  | 2024 |  | 250 |  |  | 250 |  |
| 3.05% |  | 2024 |  | 250 |  |  | 250 |  |
| 3.00% |  | 2025 |  | 350 |  |  | 350 |  |
| 0.95% |  | 2026 |  | 450 |  |  | 450 |  |
| 2.25% |  | 2026 |  | 425 |  |  | 425 |  |
| 3.00% |  | 2027 |  | 425 |  |  | 425 |  |
| 3.70% |  | 2028 |  | 375 |  |  | 375 |  |
| 3.65% |  | 2028 |  | 325 |  |  | 325 |  |
| 3.20% |  | 2029 |  | 375 |  |  | 375 |  |
| 2.45% |  | 2030 |  | 300 |  |  | 300 |  |
| 1.90% |  | 2031 |  | 425 |  |  | 425 |  |
| 3.10% |  | 2032 |  | 500 |  |  | — |  |
| 4.90% |  | 2032 |  | 400 |  |  | — |  |
| 5.25% |  | 2035 |  | 250 |  |  | 250 |  |
| 5.70% |  | 2036 |  | 250 |  |  | 250 |  |
| 5.80% |  | 2037 |  | 350 |  |  | 350 |  |
| 5.38% |  | 2039 |  | 250 |  |  | 250 |  |
| 5.50% |  | 2040 |  | 300 |  |  | 300 |  |
| 3.95% |  | 2042 |  | 450 |  |  | 450 |  |
| 3.65% |  | 2042 |  | 350 |  |  | 350 |  |
| 3.80% |  | 2043 |  | 400 |  |  | 400 |  |
| 4.00% |  | 2044 |  | 250 |  |  | 250 |  |
| 4.05% |  | 2045 |  | 250 |  |  | 250 |  |
| 4.15% |  | 2045 |  | 250 |  |  | 250 |  |
| 3.80% |  | 2046 |  | 550 |  |  | 550 |  |
| 3.60% |  | 2047 |  | 350 |  |  | 350 |  |
| 4.05% |  | 2048 |  | 325 |  |  | 325 |  |
| 3.85% |  | 2049 |  | 375 |  |  | 375 |  |
| 3.20% |  | 2049 |  | 400 |  |  | 400 |  |
| 3.15% |  | 2050 |  | 300 |  |  | 300 |  |
| 2.70% |  | 2050 |  | 375 |  |  | 375 |  |
| 2.05% |  | 2050 |  | 375 |  |  | 375 |  |
| 3.00% |  | 2051 |  | 450 |  |  | 450 |  |
| Total MTNs |  |  |  | 12,775 |  |  | 11,875 |  |
| Principal Amount Outstanding |  |  |  | 12,790 |  |  | 11,890 |  |
| Amounts Due Within One Year |  |  |  | (825) |  |  | — |  |
| Net Unamortized Discount and Selling Expense |  |  |  | (94) |  |  | (95) |  |
| Total Long-Term Debt of PSE&G |  |  |  | $ | 11,871 |  |  | $ | 11,795 |  |
|  |  |  |  |  | As of December 31, |
|  |  |  | Maturity |  | 2022 |  | 2021 |
|  |  |  |  |  | Millions |
| PSEG Power |  |  |  |  |  |  |
| Term Loan: |  |  |  |  |  |  |
| Variable Rate |  | 2025 |  | $ | 1,250 |  |  | $ | — |  |
| Total Term Loan |  |  |  | 1,250 |  |  | — |  |
| Total Long-Term Debt of PSEG Power |  |  |  | $ | 1,250 |  |  | $ | — |  |
(A)In December 2020, PSEG issued $96 million principal amount of 8.63% Senior Notes due 2031 to holders of a like principal amount of 8.63% Senior Notes due 2031 originally issued by PSEG Power who validly tendered their notes pursuant to an offer to exchange. Upon consummation of the offer to exchange, the PSEG Power notes accepted in the exchange were cancelled. The transaction resulted in a non-cash financing activity for both PSEG and PSEG Power. (B)Secured by essentially all property of PSE&G pursuant to its First and Refunding Mortgage.
Aggregate Principal Amounts Of Maturities | The aggregate principal amounts of maturities for each of the five years following December 31, 2022 are as follows:
| Year |  | PSEG |  | PSE&G |  | PSEG Power |  | Total |
|  |  | Millions |
| 2023 |  | $ | 750 |  |  | $ | 825 |  |  | $ | — |  |  | $ | 1,575 |  |
| 2024 |  | 750 |  |  | 750 |  |  | — |  |  | 1,500 |  |
| 2025 |  | 550 |  |  | 350 |  |  | 1,250 |  |  | 2,150 |  |
| 2026 |  | — |  |  | 875 |  |  | — |  |  | 875 |  |
| 2027 |  | 700 |  |  | 425 |  |  | — |  |  | 1,125 |  |
| Thereafter |  | 1,396 |  |  | 9,565 |  |  | — |  |  | 10,961 |  |
| Total |  | $ | 4,146 |  |  | $ | 12,790 |  |  | $ | 1,250 |  |  | $ | 18,186 |  |
Short-Term Liquidity | The total credit facilities and available liquidity as of December 31, 2022 were as follows:
|  |  | As of December 31, 2022 |  |  |
| Company/Facility |  | Total Facility |  | Usage (B) |  | Available Liquidity |  | Expiration Date |  | Primary Purpose |
|  |  | Millions |  |  |  |  |
| PSEG |  |  |  |  |  |  |  |  |  |  |
| Revolving Credit Facility (A) |  | $ | 1,500 |  |  | $ | 202 |  |  | $ | 1,298 |  |  | Mar 2027 |  | Commercial Paper Support/Funding/Letters of Credit |
| Total PSEG |  | $ | 1,500 |  |  | $ | 202 |  |  | $ | 1,298 |  |  |  |  |  |
| PSE&G |  |  |  |  |  |  |  |  |  |  |
| Revolving Credit Facility |  | $ | 1,000 |  |  | $ | 18 |  |  | $ | 982 |  |  | Mar 2027 |  | Commercial Paper Support/Funding/Letters of Credit |
| Total PSE&G |  | $ | 1,000 |  |  | $ | 18 |  |  | $ | 982 |  |  |  |  |  |
| PSEG Power |  |  |  |  |  |  |  |  |  |  |
| Revolving Credit Facility (A) |  | $ | 1,250 |  |  | $ | 63 |  |  | $ | 1,187 |  |  | Mar 2027 |  | Funding/Letters of Credit |
| Letter of Credit Facility |  | 100 |  |  | 32 |  |  | $ | 68 |  |  | Apr 2024 |  | Letters of Credit |
| Letter of Credit Facility |  | 200 |  |  | 120 |  |  | $ | 80 |  |  | Sept 2024 |  | Letters of Credit |
| Letter of Credit Facility |  | 100 |  |  | 26 |  |  | $ | 74 |  |  | Apr 2025 |  | Letters of Credit |
| Total PSEG Power |  | $ | 1,650 |  |  | $ | 241 |  |  | $ | 1,409 |  |  |  |  |  |
| Total (C) |  | $ | 4,150 |  |  | $ | 461 |  |  | $ | 3,689 |  |  |  |  |  |
(A)Master Credit Facility with sub-limits of $1.5 billion for PSEG and $1.25 billion for PSEG Power. (B)The primary use of PSEG’s and PSE&G’s credit facilities is to support their respective Commercial Paper Programs, under which as of December 31, 2022, PSEG had $200 million outstanding at a weighted average interest rate of 4.4%. PSE&G had no Commercial Paper outstanding as of December 31, 2022. (C)Amounts do not include uncommitted credit facilities.
Estimated Fair Values | Fair Value of Debt The estimated fair values, carrying amounts and methods used to determine the fair values of long-term debt as of December 31, 2022 and 2021 are included in the following table and accompanying notes as of December 31, 2022 and 2021. See Note 19. Fair Value Measurements for more information on fair value guidance and the hierarchy that prioritizes the inputs to fair value measurements into three levels.
|  |  | December 31, 2022 |  | December 31, 2021 |
|  |  | Carrying Amount |  | Fair Value |  | Carrying Amount |  | Fair Value |
|  |  | Millions |
| Long-Term Debt: |  |  |  |  |  |  |  |  |
| PSEG (A) |  | $ | 4,124 |  |  | $ | 3,808 |  |  | $ | 4,124 |  |  | $ | 4,172 |  |
| PSE&G (A) |  | 12,696 |  |  | 11,106 |  |  | 11,795 |  |  | 13,374 |  |
| PSEG Power (B) |  | 1,250 |  |  | 1,250 |  |  | — |  |  | — |  |
| Total Long-Term Debt |  | $ | 18,070 |  |  | $ | 16,164 |  |  | $ | 15,919 |  |  | $ | 17,546 |  |
(A)Given that these bonds do not trade actively, the fair value amounts of taxable debt securities (primarily Level 2 measurements) are generally determined by a valuation model using market-based measurements that are processed through a rules-based pricing methodology. The fair value amounts above do not represent the price at which the outstanding debt may be called for redemption by each issuer under their respective debt agreements. (B)Private term loan with book value approximating fair value (Level 2 measurement).

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