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Condensed Consolidated Statements of Operations - USD ($)
shares in Millions, $ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
OPERATING REVENUES $ 2,642 $ 2,456 $ 7,825 $ 8,632
OPERATING EXPENSES        
Energy Costs 899 831 2,628 2,517
Operation and Maintenance 808 792 2,415 2,279
Depreciation and Amortization 294 282 874 843
Total Operating Expenses 2,001 1,905 5,917 5,639
OPERATING INCOME 641 551 1,908 2,993
Income from Equity Method Investments 1 0 2 1
Net Gains (Losses) on Trust Investments 89 (40) 191 63
Net Other Income (Deductions) 37 41 119 132
Net Non-Operating Pension and Other Postretirement Benefit (OPEB) Credits (Costs) 18 (302) 55 (245)
Interest Expense (227) (185) (650) (550)
INCOME BEFORE INCOME TAXES 559 65 1,625 2,394
Income Tax Benefit (Expense) (39) 74 (139) (377)
NET INCOME [1] $ 520 $ 139 $ 1,486 $ 2,017
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:        
BASIC (shares) 498 498 498 497
DILUTED (shares) 500 500 500 500
EARNINGS PER SHARE:        
BASIC (dollars per share) $ 1.04 $ 0.28 $ 2.98 $ 4.06
DILUTED (dollars per share) $ 1.04 $ 0.27 $ 2.97 $ 4.03
Public Service Electric and Gas Company [Member]        
OPERATING REVENUES $ 2,139 $ 1,999 $ 6,335 $ 5,954
OPERATING EXPENSES        
Energy Costs 839 765 2,450 2,300
Operation and Maintenance 464 459 1,395 1,348
Depreciation and Amortization 254 244 758 728
Total Operating Expenses 1,557 1,468 4,603 4,376
OPERATING INCOME 582 531 1,732 1,578
Net Other Income (Deductions) 18 21 50 65
Net Non-Operating Pension and Other Postretirement Benefit (OPEB) Credits (Costs) 20 30 58 86
Interest Expense (151) (128) (430) (364)
INCOME BEFORE INCOME TAXES 469 454 1,410 1,365
Income Tax Benefit (Expense) (90) (53) (241) (141)
NET INCOME $ 379 $ 401 $ 1,169 $ 1,224
[1] Includes net after-tax gains (losses) of $17 million and $(17) million for the three months and $(55) million and $750 million for the nine months ended September 30, 2024 and 2023, respectively, at PSEG Power related to the impacts of non-trading commodity mark-to-market activity, which consist of the financial impact from positions with future delivery dates.