Debt and Credit Facilities (Tables)

12 Months Ended

Dec. 31, 2018

Debt Disclosure [Abstract]

Long-Term Debt

Long-Term Debt

		As of December 31,
	Maturity	2018			2017
		Millions
PSEG
Term Loan:
Variable	2019	$	350		$	700
Variable	2020	700			—
Total Term Loan		1,050			700
Senior Notes:
1.60%	2019	400			400
2.00%	2021	300			300
2.65%	2022	700			700
Total Senior Notes		1,400			1,400
Principal Amount Outstanding		2,450			2,100
Amounts Due Within One Year		(750		)	—
Net Unamortized Discount and Debt Issuance Costs		(7		)	(9		)
Total Long-Term Debt of PSEG		$	1,693		$	2,091

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		As of December 31,
	Maturity	2018			2017
		Millions
PSE&G
First and Refunding Mortgage Bonds (A):
9.25%	2021	$	134		$	134
8.00%	2037	7			7
5.00%	2037	8			8
Total First and Refunding Mortgage Bonds		149			149
Medium-Term Notes (MTNs) (A):
5.30%	2018	—			400
2.30%	2018	—			350
1.80%	2019	250			250
2.00%	2019	250			250
3.50%	2020	250			250
7.04%	2020	9			9
1.90%	2021	300			300
2.38%	2023	500			500
3.25%	2023	325			—
3.75%	2024	250			250
3.15%	2024	250			250
3.05%	2024	250			250
3.00%	2025	350			350
2.25%	2026	425			425
3.00%	2027	425			425
3.70%	2028	375			—
3.65%	2028	325			—
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			—
Total MTNs		9,109			8,509
Principal Amount Outstanding		9,258			8,658
Amounts Due Within One Year		(500		)	(750		)
Net Unamortized Discount and Debt Issuance Costs		(74		)	(67		)
Total Long-Term Debt of PSE&G		$	8,684		$	7,841

		As of December 31,
	Maturity	2018			2017
		Millions
Power
Senior Notes:
2.45%	2018	$	—		$	250
5.13%	2020	406			406
3.00%	2021	700			700
4.15%	2021	250			250
3.85%	2023	700			—
4.30%	2023	250			250
8.63%	2031	500			500
Total Senior Notes		2,806			2,356
Pollution Control Notes:
Floating Rate (B)	2019	44			44
Total Pollution Control Notes		44			44
Principal Amount Outstanding		2,850			2,400
Amounts Due Within One Year		(44		)	(250		)
Net Unamortized Discount and Debt Issuance Costs		(15		)	(14		)
Total Long-Term Debt of Power		$	2,791		$	2,136

(A) Secured by essentially all property of PSE&G pursuant to its First and Refunding Mortgage.

(B) The Pennsylvania Economic Development Authority (PEDFA) bond that is serviced and secured by Power Pollution Control Notes is a variable rate bond that is in weekly reset mode.

Aggregate Principal Amounts Of Maturities

The aggregate principal amounts of maturities for each of the five years following December 31, 2018 are as follows:

Year	PSEG		PSE&G		Power		Total
2019	$	750	$	500	$	44	$	1,294
2020	700		259		406		1,365
2021	300		434		950		1,684
2022	700		—		—		700
2023	—		825		950		1,775
Thereafter	—		7,240		500		7,740
Total	$	2,450	$	9,258	$	2,850	$	14,558

Short-Term Liquidity

total credit facilities and available liquidity as of December 31, 2018 were as follows:

	As of December 31, 2018
Company/Facility	Total Facility		Usage		Available Liquidity		Expiration Date	Primary Purpose
	Millions
PSEG
5-year Credit Facilities (A)	$	1,500	$	759	$	741	Mar 2022	Commercial Paper Support/Funding/Letters of Credit
Total PSEG	$	1,500	$	759	$	741
PSE&G
5-year Credit Facility (A)	$	600	$	288	$	312	Mar 2022	Commercial Paper Support/Funding/Letters of Credit
Total PSE&G	$	600	$	288	$	312
Power
3-year Letter of Credit Facilities	$	200	$	114	$	86	Sept 2021	Letters of Credit
5-year Credit Facilities	1,900		40		1,860		Mar 2022	Funding/Letters of Credit
Total Power	$	2,100	$	154	$	1,946
Total	$	4,200	$	1,201	$	2,999

(A) 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, 2018, PSEG had $744 million outstanding at a weighted average interest rate of 2.95%. PSE&G had $272 million outstanding at a weighted average interest rate of 2.96% under its Commercial Paper Program as of December 31, 2018.

Estimated Fair Values

	December 31, 2018				December 31, 2017
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
	Millions
Long-Term Debt:
PSEG (A) (B)	$	2,443	$	2,397	$	2,091	$	2,081
PSE&G (B)	9,184		9,374		8,591		9,322
Power (B)	2,835		2,996		2,386		2,659
Total Long-Term Debt	$	14,462	$	14,767	$	13,068	$	14,062

(A) As of December 31, 2018 and 2017, fair value includes floating rate term loans of $1,050 million and $700 million, respectively. The fair value of the term loan debt (Level 2 measurement) approximates the carrying value because the interest payments are based on LIBOR rates that are reset monthly and the debt is redeemable at face value by PSEG at any time.

(B) 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 that is based on a conventional discounted cash flow methodology and utilizes assumptions of current market pricing curves. In order to incorporate the credit risk into the discount rates, pricing is obtained (i.e. U.S. Treasury rate plus credit spread) based on expected new issue pricing across each of the companies’ respective debt maturity spectrum. The credit spreads of various tenors obtained from this information are added to the appropriate benchmark U.S. Treasury rates in order to determine the current market yields for the various tenors. The yields are then converted into discount rates of various tenors that are used for discounting the respective cash flows of the same tenor for each bond or note.