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Leases | 12 Months Ended
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Dec. 31, 2023
Leases | Leases As of December 31, 2023, 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 and equipment. These leases have remaining terms through 2028, 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, 2023, 2022 and 2021 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, 2023 |  |  |  |  |  |
| Long-term Lease Costs | $ | 34 |  |  | $ | 19 |  |  | $ | 53 |  |
| Short-term Lease Costs | 21 |  |  | 6 |  |  | 27 |  |
| Variable Lease Costs | 2 |  |  | 13 |  |  | 15 |  |
| Total Operating Lease Costs | $ | 57 |  |  | $ | 38 |  |  | $ | 95 |  |
| Year Ended December 31, 2023 |  |  |  |  |  |
| Cash Paid for Amounts Included in the Measurement of Operating Lease Liabilities | $ | 17 |  |  | $ | 17 |  |  | $ | 34 |  |
| Weighted Average Remaining Lease Term in Years | 10 |  | 7 |  | 8 |
| Weighted Average Discount Rate | 4.0 | % |  | 4.2 | % |  | 4.1 | % |
|  | 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 | % |
Operating lease liabilities as of December 31, 2023 had the following maturities on an undiscounted basis:
|  |  | PSE&G |  | PSEG Power & Other |  | Total |
|  |  | Millions |
| 2024 |  | $ | 18 |  |  | $ | 17 |  |  | $ | 35 |  |
| 2025 |  | 15 |  |  | 17 |  |  | 32 |  |
| 2026 |  | 13 |  |  | 16 |  |  | 29 |  |
| 2027 |  | 12 |  |  | 17 |  |  | 29 |  |
| 2028 |  | 10 |  |  | 16 |  |  | 26 |  |
| Thereafter |  | 57 |  |  | 28 |  |  | 85 |  |
| Total Minimum Lease Payments |  | $ | 125 |  |  | $ | 111 |  |  | $ | 236 |  |
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, 2023 |
|  |  | PSE&G |  | PSEG Power & Other |  | Total |
|  |  | Millions |
| Undiscounted Cash Flows |  | $ | 125 |  |  | $ | 111 |  |  | $ | 236 |  |
| Reconciling Amount due to Discount Rate |  | (21) |  |  | (15) |  |  | (36) |  |
| Total Discounted Operating Lease Liabilities |  | $ | 104 |  |  | $ | 96 |  |  | $ | 200 |  |
|  |  | 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, 2023, the current portions of Operating Lease Liabilities included in Other Current Liabilities were $27 million and $15 million for PSEG and PSE&G, respectively. 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. Lessor PSEG Power & Other Energy Holdings is the lessor in leveraged leases. See Note 8. Long-Term Investments and Note 9. Financing Receivables. Energy Holdings is the lessor in an operating lease for a domestic energy generation facility with a remaining term through 2036. As of December 31, 2023, Energy Holdings’ property subject to this lease had a total carrying value of $10 million. 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. In March 2023, Energy Holdings completed the sale of one of its domestic energy generating facilities and recorded an immaterial pre-tax gain. In December 2023, Energy Holdings completed the sale of its real estate assets and recorded an immaterial pre-tax gain. A wholly owned subsidiary of PSEG Power is the lessor in an operating lease for certain parcels of land with terms through 2050, 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, 2023, 2022 and 2021:
| Operating Lease Income | Millions |
| Year Ended December 31, 2023 |  |
| Fixed Lease Income | $ | 24 |  |
| Variable Lease Income | — |  |
| Total Operating Lease Income | $ | 24 |  |
| 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 |  |
Operating leases had the following minimum future fixed lease receipts as of December 31, 2023:
|  |  | Millions |
| 2024 |  | $ | 14 |  |
| 2025 |  | 14 |  |
| 2026 |  | 14 |  |
| 2027 |  | 14 |  |
| 2028 |  | 13 |  |
| Thereafter |  | 110 |  |
| Total Minimum Future Lease Receipts |  | $ | 179 |  |
Public Service Electric and Gas Company |
Leases | Leases As of December 31, 2023, 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 and equipment. These leases have remaining terms through 2028, 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, 2023, 2022 and 2021 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, 2023 |  |  |  |  |  |
| Long-term Lease Costs | $ | 34 |  |  | $ | 19 |  |  | $ | 53 |  |
| Short-term Lease Costs | 21 |  |  | 6 |  |  | 27 |  |
| Variable Lease Costs | 2 |  |  | 13 |  |  | 15 |  |
| Total Operating Lease Costs | $ | 57 |  |  | $ | 38 |  |  | $ | 95 |  |
| Year Ended December 31, 2023 |  |  |  |  |  |
| Cash Paid for Amounts Included in the Measurement of Operating Lease Liabilities | $ | 17 |  |  | $ | 17 |  |  | $ | 34 |  |
| Weighted Average Remaining Lease Term in Years | 10 |  | 7 |  | 8 |
| Weighted Average Discount Rate | 4.0 | % |  | 4.2 | % |  | 4.1 | % |
|  | 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 | % |
Operating lease liabilities as of December 31, 2023 had the following maturities on an undiscounted basis:
|  |  | PSE&G |  | PSEG Power & Other |  | Total |
|  |  | Millions |
| 2024 |  | $ | 18 |  |  | $ | 17 |  |  | $ | 35 |  |
| 2025 |  | 15 |  |  | 17 |  |  | 32 |  |
| 2026 |  | 13 |  |  | 16 |  |  | 29 |  |
| 2027 |  | 12 |  |  | 17 |  |  | 29 |  |
| 2028 |  | 10 |  |  | 16 |  |  | 26 |  |
| Thereafter |  | 57 |  |  | 28 |  |  | 85 |  |
| Total Minimum Lease Payments |  | $ | 125 |  |  | $ | 111 |  |  | $ | 236 |  |
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, 2023 |
|  |  | PSE&G |  | PSEG Power & Other |  | Total |
|  |  | Millions |
| Undiscounted Cash Flows |  | $ | 125 |  |  | $ | 111 |  |  | $ | 236 |  |
| Reconciling Amount due to Discount Rate |  | (21) |  |  | (15) |  |  | (36) |  |
| Total Discounted Operating Lease Liabilities |  | $ | 104 |  |  | $ | 96 |  |  | $ | 200 |  |
|  |  | 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, 2023, the current portions of Operating Lease Liabilities included in Other Current Liabilities were $27 million and $15 million for PSEG and PSE&G, respectively. 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. Lessor PSEG Power & Other Energy Holdings is the lessor in leveraged leases. See Note 8. Long-Term Investments and Note 9. Financing Receivables. Energy Holdings is the lessor in an operating lease for a domestic energy generation facility with a remaining term through 2036. As of December 31, 2023, Energy Holdings’ property subject to this lease had a total carrying value of $10 million. 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. In March 2023, Energy Holdings completed the sale of one of its domestic energy generating facilities and recorded an immaterial pre-tax gain. In December 2023, Energy Holdings completed the sale of its real estate assets and recorded an immaterial pre-tax gain. A wholly owned subsidiary of PSEG Power is the lessor in an operating lease for certain parcels of land with terms through 2050, 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, 2023, 2022 and 2021:
| Operating Lease Income | Millions |
| Year Ended December 31, 2023 |  |
| Fixed Lease Income | $ | 24 |  |
| Variable Lease Income | — |  |
| Total Operating Lease Income | $ | 24 |  |
| 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 |  |
Operating leases had the following minimum future fixed lease receipts as of December 31, 2023:
|  |  | Millions |
| 2024 |  | $ | 14 |  |
| 2025 |  | 14 |  |
| 2026 |  | 14 |  |
| 2027 |  | 14 |  |
| 2028 |  | 13 |  |
| Thereafter |  | 110 |  |
| Total Minimum Future Lease Receipts |  | $ | 179 |  |

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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 -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//842-20/tableOfContent + Details
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