XML 45 R17.htm IDEA: XBRL DOCUMENT v3.24.0.1
Long-Term Investments
 12 Months Ended
Dec. 31, 2023
Long-Term Investments [Line Items]  
Long-Term Investments [Text Block] Long-Term Investments
Long-Term Investments as of December 31, 2023 and 2022 included the following:
 As of December 31,
 20232022
 Millions
PSE&G
Life Insurance and Supplemental Benefits$77 $81 
Solar Loans40 62 
PSEG Power & Other
Lease Investments161 175 
Equity Method Investments (A)17 306 
Total Long-Term Investments$295 $624 
(A)During the year ended December 31, 2023, there were no dividends from these investments. During the years ended December 31, 2022 and 2021, dividends from these investments were $8 million and $17 million, respectively. See Note 3. Asset Dispositions and Impairments for information regarding the sales of our ownership interest in the Ocean Wind 1 project and Kalaeloa.
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, 2023 commenced in or prior to 2000.The following table shows Energy Holdings’ gross and net lease investment as of December 31, 2023 and 2022.
 As of December 31,
 20232022
 Millions
Lease Receivables (net of Non-Recourse Debt)$223 $249 
Estimated Residual Value of Leased Assets— — 
Total Investment in Rental Receivables223 249 
Unearned and Deferred Income(62)(74)
Gross Investments in Leases161 175 
Deferred Tax Liabilities(36)(39)
Net Investments in Leases$125 $136 
The pre-tax income and income tax effects related to investments in leases were immaterial for the years ended December 31, 2023, 2022 and 2021.
Public Service Electric and Gas Company  
Long-Term Investments [Line Items]  
Long-Term Investments [Text Block] Long-Term Investments
Long-Term Investments as of December 31, 2023 and 2022 included the following:
 As of December 31,
 20232022
 Millions
PSE&G
Life Insurance and Supplemental Benefits$77 $81 
Solar Loans40 62 
PSEG Power & Other
Lease Investments161 175 
Equity Method Investments (A)17 306 
Total Long-Term Investments$295 $624 
(A)During the year ended December 31, 2023, there were no dividends from these investments. During the years ended December 31, 2022 and 2021, dividends from these investments were $8 million and $17 million, respectively. See Note 3. Asset Dispositions and Impairments for information regarding the sales of our ownership interest in the Ocean Wind 1 project and Kalaeloa.
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, 2023 commenced in or prior to 2000.The following table shows Energy Holdings’ gross and net lease investment as of December 31, 2023 and 2022.
 As of December 31,
 20232022
 Millions
Lease Receivables (net of Non-Recourse Debt)$223 $249 
Estimated Residual Value of Leased Assets— — 
Total Investment in Rental Receivables223 249 
Unearned and Deferred Income(62)(74)
Gross Investments in Leases161 175 
Deferred Tax Liabilities(36)(39)
Net Investments in Leases$125 $136 
The pre-tax income and income tax effects related to investments in leases were immaterial for the years ended December 31, 2023, 2022 and 2021.