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Leases | 12 Months Ended
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Dec. 31, 2022
Leases | Leases As of December 31, 2022, PSEG and its subsidiaries were both a lessee and a lessor in operating leases. Lessee PSE&G PSE&G has operating leases for office space for customer service centers, rooftops and land for its Solar 4 All® facilities, equipment, vehicles and land for certain electric substations. These leases have remaining lease terms through 2040, some of which include options to extend the leases for up to four 5-year terms or one 10-year term; and two include options to extend the leases for one 45-year and one 48-year term, respectively. Some leases have fixed rent payments that have escalations based on certain indices, such as the CPI. Certain leases contain variable payments. PSEG Power & Other PSEG Power has operating leases for buildings, merchant transmission and equipment. These leases have remaining terms through 2025, one of which includes an option to extend the lease for up to one 5-year term. One lease has fixed rent payments that has escalations based on the CPI. Certain leases contain variable payments. Services has operating leases for real estate and office equipment. These leases have remaining terms through 2030. Services’ lease for its headquarters, which ends in 2030, includes options to extend for two 5-year terms. Operating Lease Costs The following amounts relate to total operating lease costs, including both amounts recognized in the Consolidated Statements of Operations during the years ended December 31, 2022, 2021 and 2020 and any amounts capitalized as part of the cost of another asset, and the cash flows arising from lease transactions.
|  | PSE&G |  | PSEG Power & Other |  | Total |
|  | Millions |
| Operating Lease Costs |  |  |  |  |  |
| Year Ended December 31, 2022 |  |  |  |  |  |
| Long-term Lease Costs | $ | 31 |  |  | $ | 25 |  |  | $ | 56 |  |
| Short-term Lease Costs | 21 |  |  | 5 |  |  | 26 |  |
| Variable Lease Costs | 2 |  |  | 11 |  |  | 13 |  |
| Total Operating Lease Costs | $ | 54 |  |  | $ | 41 |  |  | $ | 95 |  |
| Year Ended December 31, 2022 |  |  |  |  |  |
| Cash Paid for Amounts Included in the Measurement of Operating Lease Liabilities | $ | 17 |  |  | $ | 25 |  |  | $ | 42 |  |
| Weighted Average Remaining Lease Term in Years | 11 |  | 7 |  | 9 |
| Weighted Average Discount Rate | 3.5 | % |  | 4.1 | % |  | 3.9 | % |
|  | PSE&G |  | PSEG Power & Other |  | Total |
|  | Millions |
| Operating Lease Costs |  |  |  |  |  |
| Year Ended December 31, 2021 |  |  |  |  |  |
| Long-term Lease Costs | $ | 24 |  |  | $ | 26 |  |  | $ | 50 |  |
| Short-term Lease Costs | 36 |  |  | 6 |  |  | 42 |  |
| Variable Lease Costs | 2 |  |  | 18 |  |  | 20 |  |
| Total Operating Lease Costs | $ | 62 |  |  | $ | 50 |  |  | $ | 112 |  |
| Year Ended December 31, 2021 |  |  |  |  |  |
| Cash Paid for Amounts Included in the Measurement of Operating Lease Liabilities | $ | 17 |  |  | $ | 26 |  |  | $ | 43 |  |
| Weighted Average Remaining Lease Term in Years | 12 |  | 8 |  | 9 |
| Weighted Average Discount Rate | 3.4 | % |  | 4.1 | % |  | 3.8 | % |
|  | PSE&G |  | PSEG Power & Other |  | Total |
|  | Millions |
| Operating Lease Costs |  |  |  |  |  |
| Year Ended December 31, 2020 |  |  |  |  |  |
| Long-term Lease Costs | $ | 26 |  |  | $ | 28 |  |  | $ | 54 |  |
| Short-term Lease Costs | 38 |  |  | 7 |  |  | 45 |  |
| Variable Lease Costs | 2 |  |  | 29 |  |  | 31 |  |
| Total Operating Lease Costs | $ | 66 |  |  | $ | 64 |  |  | $ | 130 |  |
| Year Ended December 31, 2020 |  |  |  |  |  |
| Cash Paid for Amounts Included in the Measurement of Operating Lease Liabilities | $ | 17 |  |  | $ | 28 |  |  | $ | 45 |  |
| Weighted Average Remaining Lease Term in Years | 12 |  | 11 |  | 11 |
| Weighted Average Discount Rate | 3.5 | % |  | 4.3 | % |  | 4.0 | % |
Operating lease liabilities as of December 31, 2022 had the following maturities on an undiscounted basis:
|  |  | PSE&G |  | PSEG Power & Other |  | Total |
|  |  | Millions |
| 2023 |  | $ | 15 |  |  | $ | 20 |  |  | $ | 35 |  |
| 2024 |  | 12 |  |  | 16 |  |  | 28 |  |
| 2025 |  | 10 |  |  | 15 |  |  | 25 |  |
| 2026 |  | 8 |  |  | 15 |  |  | 23 |  |
| 2027 |  | 8 |  |  | 16 |  |  | 24 |  |
| Thereafter |  | 56 |  |  | 44 |  |  | 100 |  |
| Total Minimum Lease Payments |  | $ | 109 |  |  | $ | 126 |  |  | $ | 235 |  |
The following is a reconciliation of the undiscounted cash flows to the discounted Operating Lease Liabilities recognized on the Consolidated Balance Sheets:
|  |  | As of December 31, 2022 |
|  |  | PSE&G |  | PSEG Power & Other |  | Total |
|  |  | Millions |
| Undiscounted Cash Flows |  | $ | 109 |  |  | $ | 126 |  |  | $ | 235 |  |
| Reconciling Amount due to Discount Rate |  | (20) |  |  | (18) |  |  | (38) |  |
| Total Discounted Operating Lease Liabilities |  | $ | 89 |  |  | $ | 108 |  |  | $ | 197 |  |
|  |  | As of December 31, 2021 |
|  |  | PSE&G |  | PSEG Power & Other |  | Total |
|  |  | Millions |
| Undiscounted Cash Flows |  | $ | 117 |  |  | $ | 152 |  |  | $ | 269 |  |
| Reconciling Amount due to Discount Rate |  | (22) |  |  | (23) |  |  | (45) |  |
| Total Discounted Operating Lease Liabilities |  | $ | 95 |  |  | $ | 129 |  |  | $ | 224 |  |
As of December 31, 2022, the current portions of Operating Lease Liabilities included in Other Current Liabilities were $28 million and $12 million for PSEG and PSE&G, respectively. As of December 31, 2021, the current portions of Operating Lease Liabilities included in Other Current Liabilities were $33 million and $12 million for PSEG and PSE&G, respectively. Lessor PSEG Power & Other Energy Holdings is the lessor in leveraged leases. See Note 9. Long-Term Investments and Note 10. 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 in real estate assets with remaining terms through 2049. In 2022, Energy Holdings recorded pre-tax impairments of $78 million related to one of its domestic energy generating facilities and its real estate assets. As of December 31, 2022, Energy Holdings’ property subject to these leases had a total carrying value of $51 million, including Assets Held for Sale of $20 million. Energy Holdings was previously the lessor in operating leases for real estate assets which were sold in March 2020. 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 of Solar Source in June 2021, 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. The following is the operating lease income for the years ended December 31, 2022, 2021 and 2020:
| Operating Lease Income | Millions |
| Year Ended December 31, 2022 |  |
| Fixed Lease Income | $ | 31 |  |
| Variable Lease Income | — |  |
| Total Operating Lease Income | $ | 31 |  |
| Year Ended December 31, 2021 |  |
| Fixed Lease Income | $ | 23 |  |
| Variable Lease Income | 12 |  |
| Total Operating Lease Income | $ | 35 |  |
| Year Ended December 31, 2020 |  |
| Fixed Lease Income | $ | 15 |  |
| Variable Lease Income | 26 |  |
| Total Operating Lease Income | $ | 41 |  |
Operating leases had the following minimum future fixed lease receipts as of December 31, 2022:
|  |  | Millions |
| 2023 |  | $ | 19 |  |
| 2024 |  | 19 |  |
| 2025 |  | 19 |  |
| 2026 |  | 19 |  |
| 2027 |  | 14 |  |
| Thereafter |  | 124 |  |
| Total Minimum Future Lease Receipts |  | $ | 214 |  |
Public Service Electric and Gas Company |
Leases | Leases As of December 31, 2022, PSEG and its subsidiaries were both a lessee and a lessor in operating leases. Lessee PSE&G PSE&G has operating leases for office space for customer service centers, rooftops and land for its Solar 4 All® facilities, equipment, vehicles and land for certain electric substations. These leases have remaining lease terms through 2040, some of which include options to extend the leases for up to four 5-year terms or one 10-year term; and two include options to extend the leases for one 45-year and one 48-year term, respectively. Some leases have fixed rent payments that have escalations based on certain indices, such as the CPI. Certain leases contain variable payments. PSEG Power & Other PSEG Power has operating leases for buildings, merchant transmission and equipment. These leases have remaining terms through 2025, one of which includes an option to extend the lease for up to one 5-year term. One lease has fixed rent payments that has escalations based on the CPI. Certain leases contain variable payments. Services has operating leases for real estate and office equipment. These leases have remaining terms through 2030. Services’ lease for its headquarters, which ends in 2030, includes options to extend for two 5-year terms. Operating Lease Costs The following amounts relate to total operating lease costs, including both amounts recognized in the Consolidated Statements of Operations during the years ended December 31, 2022, 2021 and 2020 and any amounts capitalized as part of the cost of another asset, and the cash flows arising from lease transactions.
|  | PSE&G |  | PSEG Power & Other |  | Total |
|  | Millions |
| Operating Lease Costs |  |  |  |  |  |
| Year Ended December 31, 2022 |  |  |  |  |  |
| Long-term Lease Costs | $ | 31 |  |  | $ | 25 |  |  | $ | 56 |  |
| Short-term Lease Costs | 21 |  |  | 5 |  |  | 26 |  |
| Variable Lease Costs | 2 |  |  | 11 |  |  | 13 |  |
| Total Operating Lease Costs | $ | 54 |  |  | $ | 41 |  |  | $ | 95 |  |
| Year Ended December 31, 2022 |  |  |  |  |  |
| Cash Paid for Amounts Included in the Measurement of Operating Lease Liabilities | $ | 17 |  |  | $ | 25 |  |  | $ | 42 |  |
| Weighted Average Remaining Lease Term in Years | 11 |  | 7 |  | 9 |
| Weighted Average Discount Rate | 3.5 | % |  | 4.1 | % |  | 3.9 | % |
|  | PSE&G |  | PSEG Power & Other |  | Total |
|  | Millions |
| Operating Lease Costs |  |  |  |  |  |
| Year Ended December 31, 2021 |  |  |  |  |  |
| Long-term Lease Costs | $ | 24 |  |  | $ | 26 |  |  | $ | 50 |  |
| Short-term Lease Costs | 36 |  |  | 6 |  |  | 42 |  |
| Variable Lease Costs | 2 |  |  | 18 |  |  | 20 |  |
| Total Operating Lease Costs | $ | 62 |  |  | $ | 50 |  |  | $ | 112 |  |
| Year Ended December 31, 2021 |  |  |  |  |  |
| Cash Paid for Amounts Included in the Measurement of Operating Lease Liabilities | $ | 17 |  |  | $ | 26 |  |  | $ | 43 |  |
| Weighted Average Remaining Lease Term in Years | 12 |  | 8 |  | 9 |
| Weighted Average Discount Rate | 3.4 | % |  | 4.1 | % |  | 3.8 | % |
|  | PSE&G |  | PSEG Power & Other |  | Total |
|  | Millions |
| Operating Lease Costs |  |  |  |  |  |
| Year Ended December 31, 2020 |  |  |  |  |  |
| Long-term Lease Costs | $ | 26 |  |  | $ | 28 |  |  | $ | 54 |  |
| Short-term Lease Costs | 38 |  |  | 7 |  |  | 45 |  |
| Variable Lease Costs | 2 |  |  | 29 |  |  | 31 |  |
| Total Operating Lease Costs | $ | 66 |  |  | $ | 64 |  |  | $ | 130 |  |
| Year Ended December 31, 2020 |  |  |  |  |  |
| Cash Paid for Amounts Included in the Measurement of Operating Lease Liabilities | $ | 17 |  |  | $ | 28 |  |  | $ | 45 |  |
| Weighted Average Remaining Lease Term in Years | 12 |  | 11 |  | 11 |
| Weighted Average Discount Rate | 3.5 | % |  | 4.3 | % |  | 4.0 | % |
Operating lease liabilities as of December 31, 2022 had the following maturities on an undiscounted basis:
|  |  | PSE&G |  | PSEG Power & Other |  | Total |
|  |  | Millions |
| 2023 |  | $ | 15 |  |  | $ | 20 |  |  | $ | 35 |  |
| 2024 |  | 12 |  |  | 16 |  |  | 28 |  |
| 2025 |  | 10 |  |  | 15 |  |  | 25 |  |
| 2026 |  | 8 |  |  | 15 |  |  | 23 |  |
| 2027 |  | 8 |  |  | 16 |  |  | 24 |  |
| Thereafter |  | 56 |  |  | 44 |  |  | 100 |  |
| Total Minimum Lease Payments |  | $ | 109 |  |  | $ | 126 |  |  | $ | 235 |  |
The following is a reconciliation of the undiscounted cash flows to the discounted Operating Lease Liabilities recognized on the Consolidated Balance Sheets:
|  |  | As of December 31, 2022 |
|  |  | PSE&G |  | PSEG Power & Other |  | Total |
|  |  | Millions |
| Undiscounted Cash Flows |  | $ | 109 |  |  | $ | 126 |  |  | $ | 235 |  |
| Reconciling Amount due to Discount Rate |  | (20) |  |  | (18) |  |  | (38) |  |
| Total Discounted Operating Lease Liabilities |  | $ | 89 |  |  | $ | 108 |  |  | $ | 197 |  |
|  |  | As of December 31, 2021 |
|  |  | PSE&G |  | PSEG Power & Other |  | Total |
|  |  | Millions |
| Undiscounted Cash Flows |  | $ | 117 |  |  | $ | 152 |  |  | $ | 269 |  |
| Reconciling Amount due to Discount Rate |  | (22) |  |  | (23) |  |  | (45) |  |
| Total Discounted Operating Lease Liabilities |  | $ | 95 |  |  | $ | 129 |  |  | $ | 224 |  |
As of December 31, 2022, the current portions of Operating Lease Liabilities included in Other Current Liabilities were $28 million and $12 million for PSEG and PSE&G, respectively. As of December 31, 2021, the current portions of Operating Lease Liabilities included in Other Current Liabilities were $33 million and $12 million for PSEG and PSE&G, respectively. Lessor PSEG Power & Other Energy Holdings is the lessor in leveraged leases. See Note 9. Long-Term Investments and Note 10. 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 in real estate assets with remaining terms through 2049. In 2022, Energy Holdings recorded pre-tax impairments of $78 million related to one of its domestic energy generating facilities and its real estate assets. As of December 31, 2022, Energy Holdings’ property subject to these leases had a total carrying value of $51 million, including Assets Held for Sale of $20 million. Energy Holdings was previously the lessor in operating leases for real estate assets which were sold in March 2020. 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 of Solar Source in June 2021, 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. The following is the operating lease income for the years ended December 31, 2022, 2021 and 2020:
| Operating Lease Income | Millions |
| Year Ended December 31, 2022 |  |
| Fixed Lease Income | $ | 31 |  |
| Variable Lease Income | — |  |
| Total Operating Lease Income | $ | 31 |  |
| Year Ended December 31, 2021 |  |
| Fixed Lease Income | $ | 23 |  |
| Variable Lease Income | 12 |  |
| Total Operating Lease Income | $ | 35 |  |
| Year Ended December 31, 2020 |  |
| Fixed Lease Income | $ | 15 |  |
| Variable Lease Income | 26 |  |
| Total Operating Lease Income | $ | 41 |  |
Operating leases had the following minimum future fixed lease receipts as of December 31, 2022:
|  |  | Millions |
| 2023 |  | $ | 19 |  |
| 2024 |  | 19 |  |
| 2025 |  | 19 |  |
| 2026 |  | 19 |  |
| 2027 |  | 14 |  |
| Thereafter |  | 124 |  |
| Total Minimum Future Lease Receipts |  | $ | 214 |  |

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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 https://asc.fasb.org/subtopic&trid=77888251 + Details
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