XML 157 R129.htm IDEA: XBRL DOCUMENT v3.24.0.1
Income Taxes (Reconciliation Of Reported Income Tax Expense) (Details) - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Income Taxes [Line Items]      
Net Income (Loss) [1],[2] $ 2,563 $ 1,031 $ (648)
Federal 144 262 407
State 19 (30) (3)
Total Current 163 232 404
Federal 109 (335) (700)
State 253 80 (136)
Total Deferred 362 (255) (836)
Investment tax credit (7) (6) (9)
Total Income Tax 518 (29) (441)
Pre-Tax Income 3,081 1,002 (1,089)
Tax Computed at Statutory Rate 647 210 (229)
State Income Taxes (net of federal income tax) 215 41 (109)
Uncertain Tax Positions (14) (22) 19
Nuclear Decommissioning Trust 26 (22) 23
Plant-Related Items (7) (6) (7)
Effective Income Tax Rate Reconciliation, Tax Credit adjustment     29
Tax Credits (10) (10)  
Effective Income Tax Rate Reconciliation, Tax Settlement, Domestic, Amount (7) 0 (8)
Effective Income Tax Rate Reconciliation, Leasing Activities, Amount (22) 0 (1)
Effective Income Tax Rate Reconciliation, GPRC (52) (37) (13)
Tax Adjustment Credit (232) (193) (171)
Effective Income Tax Rate Reconciliation, Bad Debt Flow Through, Amount (9) (1) 27
Other (17) 11 (1)
Sub-Total (129) (239) (212)
Income Tax Provision $ 518 $ (29) $ (441)
Effective income tax rate 16.80% (2.90%) 40.50%
Public Service Electric and Gas Company      
Income Taxes [Line Items]      
Net Income (Loss) $ 1,515 $ 1,565 $ 1,446
Federal 127 130 208
State 4 0 1
Total Current 131 130 209
Federal (113) (17) (33)
State 149 159 153
Total Deferred 36 142 120
Investment tax credit (7) (5) (5)
Total Income Tax 160 267 324
Pre-Tax Income 1,675 1,832 1,770
Tax Computed at Statutory Rate 352 385 372
State Income Taxes (net of federal income tax) 121 126 122
Uncertain Tax Positions (9) 2 2
Plant-Related Items (7) (6) (7)
Tax Credits (9) (9) (8)
Effective Income Tax Rate Reconciliation, GPRC (52) (37) (13)
Tax Adjustment Credit (232) (193) (171)
Effective Income Tax Rate Reconciliation, Bad Debt Flow Through, Amount (9) (1) 27
Other 5 0 0
Sub-Total (192) (118) (48)
Income Tax Provision $ 160 $ 267 $ 324
Effective income tax rate 9.60% 14.60% 18.30%
[1] Includes a $239 million after-tax pension charge due to the remeasurement of the qualified pension plans as a result of the pension settlement transaction in the third quarter of 2023. Includes after-tax impairments of $92 million related to certain Energy Holdings investments and additional adjustments related to the sale of PSEG Power’s fossil generation assets in the year ended December 31, 2022. Includes after-tax impairment losses and other charges, including debt extinguishment costs, related to the sale of the fossil generating assets at PSEG Power of $2,158 million in the year ended December 31, 2021. See Note 3. Asset Dispositions and Impairments for additional information.
[2] Includes net after-tax gain (loss) of $959 million, $(457) million and $(446) million in the years ended December 31, 2023, 2022 and 2021, respectively at PSEG Power related to the impacts of non-trading commodity mark-to-market activity, which consists of the financial impact from positions with future delivery dates.