ORGANIZATION AND BASIS OF PRESENTATION (Tables)

12 Months Ended

Dec. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Regulatory assets on the Balance Sheets

The following table provides information about the composition of net regulatory assets and liabilities as of December 31, 2023 and 2022, and the changes during the year 2023:

	As of December 31,
Net Regulatory Assets (Liabilities) by Source	2023		2022		Change
	(In millions)
Customer payables for future income taxes	$	(2,382)	$	(2,463)	$	81
Spent nuclear fuel disposal costs	(83)		(83)		—
Asset removal costs	(652)		(675)		23
Deferred transmission costs	286		50		236
Deferred generation costs	572		235		337
Deferred distribution costs	247		164		83
Storm-related costs	799		683		116
Energy efficiency program costs	198		94		104
New Jersey societal benefit costs	79		94		(15)
Vegetation management	102		63		39
Other	(11)		24		(35)
Net Regulatory Liabilities included on the Consolidated Balance Sheets	$	(845)	$	(1,814)	$	969

The following table provides information about the composition of net regulatory assets that do not earn a current return as of December 31, 2023 and 2022, of which approximately $371 million and $511 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	2023		2022		Change
			(In millions)
Deferred transmission costs	$	6	$	8	$	(2)
Deferred generation costs	432		262		170
Deferred distribution costs	68		27		41
Storm-related costs	602		568		34
Pandemic-related costs	35		45		(10)
Vegetation management	21		52		(31)
Other	33		35		(2)
Regulatory Assets Not Earning a Current Return	$	1,197	$	997	$	200

Schedule of Goodwill

The following table presents goodwill by reporting unit as of December 31, 2023 and 2022:

(In millions)	Regulated Distribution		Regulated Transmission		Consolidated
Goodwill	$	5,004	$	614	$	5,618

Schedule of Property, plant and equipment balances

Property, plant and equipment balances by segment as of December 31, 2023 and 2022, were as follows:

	December 31, 2023
Property, Plant and Equipment	In Service(1)		Accum. Depr.(2)		Net Plant		CWIP		Total
	(In millions)
Regulated Distribution	$	33,453	$	(10,039)	$	23,414	$	860	$	24,274
Regulated Transmission	15,538		(3,178)		12,360		1,208		13,568
Corporate/Other	1,116		(594)		522		48		570
Total	$	50,107	$	(13,811)	$	36,296	$	2,116	$	38,412

	December 31, 2022
Property, Plant and Equipment	In Service(1)		Accum. Depr.(2)		Net Plant		CWIP		Total
	(In millions)
Regulated Distribution	$	32,257	$	(9,636)	$	22,621	$	828	$	23,449
Regulated Transmission	14,468		(2,978)		11,490		818		12,308
Corporate/Other	1,125		(644)		481		47		528
Total	$	47,850	$	(13,258)	$	34,592	$	1,693	$	36,285

(1) Includes finance leases of $68 million and $105 million as of December 31, 2023 and 2022, respectively.

(2) Includes finance lease accumulated amortization of $33 million and $60 million as of December 31, 2023 and 2022, respectively.

Schedule of Changes to the asset retirement obligations

The following table summarizes the changes to the ARO balances during 2023 and 2022:

ARO Reconciliation	(In millions)
Balance, January 1, 2022	$	179
Changes in timing and amount of estimated cash flows	(2)
Liabilities settled	(6)
Accretion	14
Balance, December 31, 2022	$	185
Changes in timing and amount of estimated cash flows	10
Liabilities settled	(2)
Accretion	16
Balance, December 31, 2023	$	209