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ORGANIZATION AND BASIS OF PRESENTATION (Tables)

12 Months Ended

Dec. 31, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

The following table provides information about the composition of net regulatory assets and liabilities as of December 31, 2021 and 2020, and the changes during the year ended December 31, 2021:


	As of December 31,
Net Regulatory Assets (Liabilities) by Source	2021		2020		Change
	(In millions)

Customer payables for future income taxes	$	(2,345)	$	(2,369)	$	24
Spent nuclear fuel disposal costs	(101)		(102)		1
Asset removal costs	(646)		(721)		75
Deferred transmission costs	(3)		319		(322)
Deferred generation costs	118		17		101
Deferred distribution costs	49		79		(30)
Contract valuations	7		41		(34)
Storm-related costs	660		748		(88)
Uncollectible and COVID-19 related costs	56		97		(41)
Energy efficiency program costs	47		42		5
New Jersey societal benefit costs	109		112		(3)
Regulatory transition costs	(18)		(20)		2
Vegetation management	33		22		11
Other	(19)		(9)		(10)
Net Regulatory Liabilities included on the Consolidated Balance Sheets	$	(2,053)	$	(1,744)	$	(309)

The following table provides information about the composition of net regulatory assets that do not earn a current return as of December 31, 2021 and 2020, of which approximately $228 million and $195 million, respectively, are currently being recovered through rates over varying periods, through 2068, depending on the nature of the deferral and the jurisdiction:


Regulatory Assets by Source Not Earning a	As of December 31,
Current Return	2021		2020		Change
			(in millions)

Deferred transmission costs	$	13	$	17	$	(4)
Deferred generation costs	50		5		45
Storm-related costs	549		654		(105)
COVID-19 related costs	65		66		(1)
Regulatory transition costs	13		16		(3)
Vegetation management	31		22		9
Other	11		9		2
Regulatory Assets Not Earning a Current Return	$	732	$	789	$	(57)

Reconciliation of basic and diluted earnings per share


	For the Years Ended December 31,
Reconciliation of Basic and Diluted EPS of Common Stock	2021		2020		2019
(In millions, except per share amounts)
EPS of Common Stock
Income from continuing operations	$	1,239	$	1,003	$	904
Less: Preferred dividends	N/A		N/A		(3)
Less: Undistributed earnings allocated to preferred stockholders	N/A		N/A		(1)
Income from continuing operations available to common stockholders	1,239		1,003		900
Discontinued operations, net of tax	44		76		8
Less: Undistributed earnings allocated to preferred stockholders	N/A		N/A		—
Income from discontinued operations available to common stockholders	44		76		8

Income attributable to common stockholders, basic	$	1,283	$	1,079	$	908

Income allocated to preferred stockholders, preferred dilutive	N/A		N/A		4

Income attributable to common stockholders, dilutive	$	1,283	$	1,079	$	912

Share Count information:
Weighted average number of basic shares outstanding	545		542		535
Assumed exercise of dilutive share based awards	1		1		3
Assumed conversion of preferred stock	N/A		N/A		4
Weighted average number of diluted shares outstanding	546		543		542

Income attributable to common stockholders, per common share:
Income from continuing operations, basic	$	2.27	$	1.85	$	1.69
Discontinued operations, basic	0.08		0.14		0.01
Income attributable to common stockholders, basic	$	2.35	$	1.99	$	1.70

Income from continuing operations, diluted	$	2.27	$	1.85	$	1.67
Discontinued operations, diluted	0.08		0.14		0.01
Income attributable to common stockholders, diluted	$	2.35	$	1.99	$	1.68

Schedule of Goodwill

The following table presents goodwill by reporting unit as of December 31, 2021:


(In millions)	Regulated Distribution		Regulated Transmission		Consolidated




Goodwill	$	5,004	$	614	$	5,618

Property, plant and equipment balances

Property, plant and equipment balances by segment as of December 31, 2021 and 2020, were as follows:


	December 31, 2021
Property, Plant and Equipment	In Service(1)		Accum. Depr.		Net Plant		CWIP		Total
	(In millions)
Regulated Distribution	$	31,154	$	(9,284)	$	21,870	$	774	$	22,644
Regulated Transmission	13,744		(2,789)		10,955		580		11,535

Corporate/Other	1,104		(599)		505		60		565
Total	$	46,002	$	(12,672)	$	33,330	$	1,414	$	34,744


	December 31, 2020
Property, Plant and Equipment	In Service(1)		Accum. Depr.		Net Plant		CWIP		Total
	(In millions)
Regulated Distribution	$	29,775	$	(8,800)	$	20,975	$	841	$	21,816
Regulated Transmission	12,912		(2,609)		10,303		671		10,974

Corporate/Other	1,039		(556)		483		66		549
Total	$	43,726	$	(11,965)	$	31,761	$	1,578	$	33,339

(1) Includes finance leases of $143 million and $153 million as of December 31, 2021 and 2020, respectively.

Receivables from customers

Billed and unbilled customer receivables as of December 31, 2021 and 2020, are included below.


	As of December 31,
Customer Receivables	2021		2020
	(In millions)
Billed(1)	$	616	$	800
Unbilled	576		567
	1,192		1,367

Less: Uncollectible Reserve	159		164
Total Customer Receivables	$	1,033	$	1,203

(1) Includes approximately $318 million and $349 million as of December 31, 2021, 2020, respectively, that are past due by greater than 30 days.

Accounts receivable, allowance for credit loss

Activity in the allowance for uncollectible accounts on receivables for the years ended December 31, 2021, 2020 and 2019 are as follows:


(In millions)	2021		2020		2019

Customer Receivables
Beginning of year balance	$	164	$	46	$	50
Charged to income (1)	54		174		81
Charged to other accounts (2)	42		46		47
Write-offs	(101)		(102)		(132)
End of year balance	$	159	$	164	$	46

Other Receivables
Beginning of year balance	$	26	$	21	$	2
Charged to income	3		7		27
Charged to other accounts (2)	3		10		1
Write-offs	(22)		(12)		(9)
End of year balance	$	10	$	26	$	21

Affiliated Companies Receivables (3)
Beginning of year balance	$	—	$	1,063	$	920
Charged to income	—		—		143
Charged to other accounts (2)	—		—		—
Write-offs	—		(1,063)		—
End of year balance	$	—	$	—	$	1,063

(1) Customer receivable amounts charged to income for the years ended December 31, 2021, 2020 and 2019 include approximately $12 million, $103 million, and $25 million respectively, deferred for future recovery.

(2) Represents recoveries and reinstatements of accounts previously written off for uncollectible accounts.

(3) Amounts relate to the FES Debtors and are included in discontinued operations. Write-off of $1.1 billion in 2020 was recognized upon their emergence in February 2020.