Income Taxes (Tables)

12 Months Ended

Dec. 31, 2014




2014	PSEG			PSE&G			Power			Energy Holdings
	Millions
Total Amount of Unrecognized Tax Benefits as of January 1, 2014	$	478		$	208		$	156		$	110
Increases as a Result of Positions Taken in a Prior Period	82			65			17			—
Decreases as a Result of Positions Taken in a Prior Period	(190		)	(92		)	(80		)	(18		)
Increases as a Result of Positions Taken during the Current Period	30			16			9			5
Decreases as a Result of Positions Taken during the Current Period	(8		)	—			(8		)	—
Decreases as a Result of Settlements with Taxing Authorities	(60		)	(32		)	(24		)	(2		)
Decreases due to Lapses of Applicable Statute of Limitations	—			—			—			—
Total Amount of Unrecognized Tax Benefits as of December 31, 2014	$	332		$	165		$	70		$	95
Accumulated Deferred Income Taxes Associated with Unrecognized Tax Benefits	(225		)	(138		)	(52		)	(35		)
Regulatory Asset—Unrecognized Tax Benefits	(27		)	(27		)	—			—
Total Amount of Unrecognized Tax Benefits that if Recognized, would Impact the Effective Tax Rate (including Interest and Penalties)	$	80		$	—		$	18		$	60




2013	PSEG			PSE&G			Power			Energy Holdings
	Millions
Total Amount of Unrecognized Tax Benefits as of January 1, 2013	$	402		$	163		$	134		$	101
Increases as a Result of Positions Taken in a Prior Period	83			39			33			11
Decreases as a Result of Positions Taken in a Prior Period	(30		)	(9		)	(19		)	(2		)
Increases as a Result of Positions Taken during the Current Period	23			15			8			—
Decreases as a Result of Positions Taken during the Current Period	—			—			—			—
Decreases as a Result of Settlements with Taxing Authorities	—			—			—			—
Decreases due to Lapses of Applicable Statute of Limitations	—			—			—			—
Total Amount of Unrecognized Tax Benefits as of December 31, 2013	$	478		$	208		$	156		$	110
Accumulated Deferred Income Taxes Associated with Unrecognized Tax Benefits	(320		)	(177		)	(105		)	(37		)
Regulatory Asset—Unrecognized Tax Benefits	(30		)	(30		)	—			—
Total Amount of Unrecognized Tax Benefits that if Recognized, would Impact the Effective Tax Rate (including Interest and Penalties)	$	128		$	1		$	51		$	73




2012	PSEG			PSE&G			Power			Energy Holdings
	Millions
Total Amount of Unrecognized Tax Benefits as of January 1, 2012	$	825		$	113		$	121		$	555
Increases as a Result of Positions Taken in a Prior Period	92			55			27			9
Decreases as a Result of Positions Taken in a Prior Period	(173		)	(47		)	(7		)	(119		)
Increases as a Result of Positions Taken during the Current Period	47			42			3			—
Decreases as a Result of Positions Taken during the Current Period	—			—			—			—
Decreases as a Result of Settlements with Taxing Authorities	(389		)	—			(10		)	(344		)
Decreases due to Lapses of Applicable Statute of Limitations	—			—			—			—
Total Amount of Unrecognized Tax Benefits as of December 31, 2012	$	402		$	163		$	134		$	101
Accumulated Deferred Income Taxes Associated with Unrecognized Tax Benefits	(264		)	(133		)	(93		)	(35		)
Regulatory Asset—Unrecognized Tax Benefits	(30		)	(30		)	—			—
Total Amount of Unrecognized Tax Benefits that if Recognized, would Impact the Effective Tax Rate (including Interest and Penalties)	$	108		$	—		$	41		$	66

Interest And Penalties Related To Uncertain Tax Positions




	Interest and Penalties on Uncertain Tax Positions Years Ended December 31,
	2014		2013			2012
	Millions
PSE&G	$	15	$	6		$	1
Power	9		(2		)	(2		)
Energy Holdings	45		44			39
Total	$	69	$	48		$	38

Possible Decrease In Total Unrecognized Tax Benefits Including Interest




Possible Decrease in Total Unrecognized Tax Benefits including Interest	Over the next 12 Months
	Millions
PSEG	$	59
PSE&G	$	2
Power	$	23

Description Of Income Tax Years By Material Jurisdictions




	PSEG	PSE&G	Power
United States
Federal	2011-2013	N/A	N/A
New Jersey	2006-2013	2006-2013	N/A
Pennsylvania	2001-2013	2000-2013	N/A
Connecticut	2002-2013	N/A	N/A
Texas	2007-2013	N/A	N/A
California	2003-2013	N/A	N/A
New York	2009-2013	N/A	2009-2013

PSEG [Member]

Income Taxes [Line Items]

Reconciliation Of Reported Income Tax Expense




	Years Ended December 31,
PSEG	2014			2013			2012
	Millions
Net Income	$	1,518		$	1,243		$	1,275
Income Taxes:
Operating Income:
Current Expense:
Federal	$	335		$	487		$	(204	)
State	58			42			(2		)
Total Current	393			529			(206		)
Deferred Expense:
Federal	262			147			758
State	260			118			125
Total Deferred	522			265			883
Investment Tax Credit (ITC)	23			18			59
Total Income Taxes	$	938		$	812		$	736
Pre-Tax Income	$	2,456		$	2,055		$	2,011
Tax Computed at Statutory Rate @ 35%	$	860		$	719		$	704
Increase (Decrease) Attributable to Flow-Through of Certain Tax Adjustments:
State Income Taxes (net of federal income tax)	145			108			115
Uncertain Tax Positions	(9		)	10			4
Manufacturing Deduction	(16		)	(9		)	—
NDT Fund	14			12			10
Plant-Related Items	(13		)	(14		)	(5		)
Tax Credits	(14		)	(9		)	(10		)
Audit Settlement	(12		)	—			(71		)
Other	(17		)	(5		)	(11		)
Sub-Total	78			93			32
Total Income Tax Provision	$	938		$	812		$	736
Effective Income Tax Rate	38.2		%	39.5		%	36.6		%

Deferred Income Taxes




	As of December 31,
PSEG	2014		2013
	Millions
Deferred Income Taxes
Assets:
Current (net)	$	11	$	24
Noncurrent
OPEB	$	269	$	280
Related to Uncertain Tax Position	160		201
Securitization-Overcollection	55		—
Accumulated Other Comprehensive Income (Loss)	—		3
Other	—		124
Total Noncurrent Assets	$	484	$	608
Total Assets	$	495	$	632
Liabilities:
Current (net)
Securitization	$	163	$	—
Other	$	10	$	—
Total Current Liabilities (net)	$	173	$	—
Noncurrent:
Plant-Related Items	$	5,422	$	4,865
New Jersey Corporate Business Tax	535		534
Securitization	—		279
Leasing Activities	623		639
Pension Costs	219		288
AROs and NDT Fund	419		523
Taxes Recoverable Through Future Rate (net)	196		181
Other	240		293
Total Noncurrent Liabilities	$	7,654	$	7,602
Total Liabilities	$	7,827	$	7,602
Summary of Accumulated Deferred Income Taxes:
Net Current Deferred Income Tax Assets	$	11	$	24
Net Current Deferred Income Tax Liabilities	$	173	$	—
Net Noncurrent Deferred Income Tax Liabilities	$	7,170	$	6,994
ITC	133		113
Net Total Noncurrent Deferred Income Taxes and ITC	$	7,303	$	7,107

Power [Member]

Income Taxes [Line Items]

Reconciliation Of Reported Income Tax Expense

A reconciliation of reported income tax expense for Power with the amount computed by multiplying pre-tax income by the statutory federal income tax rate of 35% is as follows:




	Years Ended December 31,
Power	2014			2013			2012
	Millions
Net Income	$	760		$	644		$	666
Income Taxes:
Operating Income:
Current Expense:
Federal	$	231		$	262		$	30
State	39			40			51
Total Current	270			302			81
Deferred Expense:
Federal	163			69			279
State	48			35			37
Total Deferred	211			104			316
ITC	10			13			36
Total Income Taxes	$	491		$	419		$	433
Pre-Tax Income	$	1,251		$	1,063		$	1,099
Tax Computed at Statutory Rate @ 35%	$	438		$	372		$	385
Increase (Decrease) Attributable to Flow-Through of Certain Tax Adjustments:
State Income Taxes (net of federal income tax)	58			51			55
Manufacturing Deduction	(16		)	(10		)	—
NDT Fund	15			12			10
Tax Credits	(6		)	(2		)	(7		)
Uncertain Tax Positions	(8		)	3			(6		)
Audit Settlement	(4		)	—			(1		)
Other	14			(7		)	(3		)
Sub-Total	53			47			48
Total Income Tax Provision	$	491		$	419		$	433
Effective Income Tax Rate	39.2		%	39.4		%	39.4		%

Deferred Income Taxes

The following is an analysis of deferred income taxes for Power:




	As of December 31,
Power	2014		2013
	Millions
Deferred Income Taxes
Assets:
Current	$	—	$	30
Noncurrent:
Pension Costs	$	52	$	—
Contractual Liabilities & Environmental Costs	18		35
Related to Uncertain Tax Positions	23		32
Other	70		91
Total Noncurrent Assets	$	163	$	158
Total Assets	$	163	$	188
Liabilities:
Current (net)	$	43	$	—
Noncurrent:
Plant-Related Items	$	1,552	$	1,416
New Jersey Corporate Business Tax	192		81
Pension Costs	—		77
AROs and NDT Fund	420		523
Accumulated Other Comprehensive Income (Loss)	—		2
Other	—		36
Total Noncurrent Liabilities	$	2,164	$	2,135
Total Liabilities	$	2,207	$	2,135
Summary of Accumulated Deferred Income Taxes:
Net Current Deferred Income Tax Assets	$	—	$	30
Net Current Deferred Income Tax Liabilities	$	43	$	—
Net Noncurrent Deferred Income Tax Liabilities	$	2,001	$	1,977
ITC	64		54
Net Total Noncurrent Deferred Income Taxes and ITC	$	2,065	$	2,031

PSE&G [Member]

Income Taxes [Line Items]

Reconciliation Of Reported Income Tax Expense




	Years Ended December 31,
PSE&G	2014			2013			2012
	Millions
Net Income	$	725		$	612		$	528
Income Taxes:
Operating Income:
Current Expense:
Federal	$	124		$	183		$	(217	)
State	16			—			9
Total Current	140			183			(208		)
Deferred Expense:
Federal	214			101			409
State	84			92			83
Total Deferred	298			193			492
ITC	11			5			23
Total Income Taxes	$	449		$	381		$	307
Pre-Tax Income	$	1,174		$	993		$	835
Tax Computed at Statutory Rate @ 35%	$	411		$	348		$	292
Increase (Decrease) Attributable to Flow-Through of Certain Tax Adjustments:
State Income Taxes (net of federal income tax)	65			59			52
Uncertain Tax Positions	—			—			7
Plant-Related Items	(13		)	(14		)	(4		)
Tax Credits	(7		)	(6		)	(3		)
Audit Settlement	1			—			(31		)
Other	(8		)	(6		)	(6		)
Sub-Total	38			33			15
Total Income Tax Provision	$	449		$	381		$	307
Effective Income Tax Rate	38.2		%	38.4		%	36.8		%

Deferred Income Taxes




	As of December 31,
PSE&G	2014		2013
	Millions
Deferred Income Taxes
Assets:
Current (net)	$	24	$	16
Noncurrent:
OPEB	$	173	$	182
Securitization-Overcollection	55		—
Total Noncurrent Assets	$	228	$	182
Total Assets	$	252	$	198
Liabilities:
Current (net)
Securitization	$	163	$	—
Other	2		30
Total Current Liabilities (net)	$	165	$	30
Noncurrent:
Plant-Related Items	$	3,869	$	3,439
New Jersey Corporate Business Tax	268		340
Securitization	—		279
Conservation Costs	48		52
Pension Costs	269		171
Taxes Recoverable Through Future Rate (net)	196		181
Other	84		68
Total Noncurrent Liabilities	$	4,734	$	4,530
Total Liabilities	$	4,899	$	4,560
Summary of Accumulated Deferred Income Taxes:
Net Current Deferred Income Tax Assets	$	24	$	16
Net Current Deferred Income Tax Liabilities	$	165	$	30
Net Noncurrent Deferred Income Tax Liabilities	$	4,506	$	4,348
ITC	69		58
Net Total Noncurrent Deferred Income Taxes and ITC	$	4,575	$	4,406