XML 42 R21.htm IDEA: XBRL DOCUMENT v3.25.0.1
Long-Term Investments
 12 Months Ended
Dec. 31, 2024
Long-Term Investments [Line Items]  
Long-Term Investments

Note 8. Long-Term Investments

Long-Term Investments as of December 31, 2024 and 2023 included the following:

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31,

 

 

 

 

 

2024

 

 

2023

 

 

 

 

 

Millions

 

 

 

PSE&G

 

 

 

 

 

 

 

 

Life Insurance and Supplemental Benefits

 

$

67

 

 

$

77

 

 

 

Solar Loans

 

 

23

 

 

 

40

 

 

 

PSEG Power & Other

 

 

 

 

 

 

 

 

Lease Investments

 

 

150

 

 

 

161

 

 

 

Equity Method Investments (A)

 

 

21

 

 

 

17

 

 

 

Other

 

 

2

 

 

 

—

 

 

 

Total Long-Term Investments

 

$

263

 

 

$

295

 

 

 

 

 

 

 

 

 

 

 

 

(A)
During the years ended December 31, 2024 and 2023, there were no dividends from these investments. During the year ended December 31, 2022, dividends from these investments were $8 million.

Leases

Energy Holdings, through its indirect subsidiaries, has investments in assets subject primarily 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 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, reduced for any income not yet earned on the leases. This amount is included in Long-Term Investments on PSEG’s 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 Consolidated Balance Sheets.

Leveraged leases outstanding as of December 31, 2024 commenced in or prior to 2000.The following table shows Energy Holdings’ gross and net lease investment as of December 31, 2024 and2023.

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31,

 

 

 

 

 

2024

 

 

2023

 

 

 

 

 

Millions

 

 

 

Lease Receivables (net of Non-Recourse Debt)

 

$

200

 

 

$

223

 

 

 

Estimated Residual Value of Leased Assets

 

 

—

 

 

 

—

 

 

 

Total Investment in Rental Receivables

 

 

200

 

 

 

223

 

 

 

Unearned and Deferred Income

 

 

(50

)

 

 

(62

)

 

 

Gross Investments in Leases

 

 

150

 

 

 

161

 

 

 

Deferred Tax Liabilities

 

 

(33

)

 

 

(36

)

 

 

Net Investments in Leases

 

$

117

 

 

$

125

 

 

 

 

 

 

 

 

 

 

 

 

The pre-tax income and income tax effects related to investments in leases were immaterial for the years ended December 31, 2024, 2023 and 2022.

Public Service Electric and Gas Company  
Long-Term Investments [Line Items]  
Long-Term Investments

Note 8. Long-Term Investments

Long-Term Investments as of December 31, 2024 and 2023 included the following:

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31,

 

 

 

 

 

2024

 

 

2023

 

 

 

 

 

Millions

 

 

 

PSE&G

 

 

 

 

 

 

 

 

Life Insurance and Supplemental Benefits

 

$

67

 

 

$

77

 

 

 

Solar Loans

 

 

23

 

 

 

40

 

 

 

PSEG Power & Other

 

 

 

 

 

 

 

 

Lease Investments

 

 

150

 

 

 

161

 

 

 

Equity Method Investments (A)

 

 

21

 

 

 

17

 

 

 

Other

 

 

2

 

 

 

—

 

 

 

Total Long-Term Investments

 

$

263

 

 

$

295

 

 

 

 

 

 

 

 

 

 

 

 

(A)
During the years ended December 31, 2024 and 2023, there were no dividends from these investments. During the year ended December 31, 2022, dividends from these investments were $8 million.

Leases

Energy Holdings, through its indirect subsidiaries, has investments in assets subject primarily 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 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, reduced for any income not yet earned on the leases. This amount is included in Long-Term Investments on PSEG’s 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 Consolidated Balance Sheets.

Leveraged leases outstanding as of December 31, 2024 commenced in or prior to 2000.The following table shows Energy Holdings’ gross and net lease investment as of December 31, 2024 and2023.

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31,

 

 

 

 

 

2024

 

 

2023

 

 

 

 

 

Millions

 

 

 

Lease Receivables (net of Non-Recourse Debt)

 

$

200

 

 

$

223

 

 

 

Estimated Residual Value of Leased Assets

 

 

—

 

 

 

—

 

 

 

Total Investment in Rental Receivables

 

 

200

 

 

 

223

 

 

 

Unearned and Deferred Income

 

 

(50

)

 

 

(62

)

 

 

Gross Investments in Leases

 

 

150

 

 

 

161

 

 

 

Deferred Tax Liabilities

 

 

(33

)

 

 

(36

)

 

 

Net Investments in Leases

 

$

117

 

 

$

125

 

 

 

 

 

 

 

 

 

 

 

 

The pre-tax income and income tax effects related to investments in leases were immaterial for the years ended December 31, 2024, 2023 and 2022.