Income Taxes (Tables)

6 Months Ended

Jun. 30, 2023

Income Tax Disclosure [Abstract]

Schedule Of Effective Tax Rates

A reconciliation of reported income tax expense for PSEG with the amount computed by multiplying pre-tax income by the statutory federal income tax rate of 21% is as follows:

	Three Months Ended						Six Months Ended
PSEG	June 30,						June 30,
	2023			2022			2023			2022
	Millions
Pre-Tax Income (Loss)	$	744		$	98		$	2,329		$	(56)
Tax Computed at Statutory Rate @ 21%	$	156		$	21		$	489		$	(12)
Increase (Decrease) Attributable to Flow-Through of Certain Tax Adjustments:
State Income Taxes (net of federal income tax)	50			6			158			(22)
NDT Fund	7			(18)			13			(24)
Uncertain Tax Positions	(1)			—			(7)			(2)
Leasing Activities	—			—			(17)			—
GPRC-CEF-EE	(8)			(8)			(24)			(14)
Tax Credits	(3)			(2)			(5)			(4)
Estimated Annual Effective Tax Rate Interim Period Adjustment	7			4			(16)			(8)
TAC	(51)			(32)			(126)			(106)
Other	(4)			(4)			(14)			7
Subtotal	(3)			(54)			(38)			(173)
Total Income Tax Expense (Benefit)	$	153		$	(33)		$	451		$	(185)
Effective Income Tax Rate	20.6		%	(33.7)		%	19.4		%	N/A

A reconciliation of reported income tax expense for PSE&G with the amount computed by multiplying pre-tax income by the statutory federal income tax rate of 21% is as follows:

	Three Months Ended						Six Months Ended
PSE&G	June 30,						June 30,
	2023			2022			2023			2022
	Millions
Pre-Tax Income	$	370		$	361		$	911		$	959
Tax Computed at Statutory Rate @ 21%	$	78		$	76		$	191		$	201
Increase (Decrease) Attributable to Flow-Through of Certain Tax Adjustments:
State Income Taxes (net of federal income tax)	30			25			68			67
Uncertain Tax Positions	(6)			—			(6)			—
Tax Credits	(3)			(2)			(5)			(4)
GPRC-CEF-EE	(8)			(8)			(24)			(14)
TAC	(51)			(32)			(126)			(106)
Other	(6)			(3)			(10)			1
Subtotal	(44)			(20)			(103)			(56)
Total Income Tax Expense (Benefit)	$	34		$	56		$	88		$	145
Effective Income Tax Rate	9.2		%	15.5		%	9.7		%	15.1		%