XML 157 R134.htm IDEA: XBRL DOCUMENT v3.22.4
Income Taxes (Reconciliation Of Reported Income Tax Expense) (Details) - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Income Taxes [Line Items]      
Net Income (Loss) [1] $ 1,031 $ (648) $ 1,905
Federal 262 407 385
State (30) (3) 48
Total Current 232 404 433
Federal (335) (700) (164)
State 80 (136) 141
Total Deferred (255) (836) (23)
Investment tax credit (6) (9) (14)
Total Income Tax (29) (441) 396
Pre-Tax Income 1,002 (1,089) 2,301
Tax Computed at Statutory Rate 210 (229) 483
State Income Taxes (net of federal income tax) 41 (109) 147
Uncertain Tax Positions (22) 19 3
Nuclear Decommissioning Trust (22) 23 32
Plant-Related Items (6) (7) (9)
Effective Income Tax Rate Reconciliation, Tax Credit adjustment   29  
Tax Credits (10)   (18)
Effective Income Tax Rate Reconciliation, Tax Settlement, Domestic, Amount 0 (8) (27)
Effective Income Tax Rate Reconciliation, Leasing Activities, Amount 0 (1) (35)
Effective Income Tax Rate Reconciliation, GPRC (37) (13) 0
Tax Adjustment Credit (193) (171) (205)
Effective Income Tax Rate Reconciliation, Bad Debt Flow Through, Amount (1) 27 28
Other 11 (1) (3)
Sub-Total (239) (212) (87)
Income Tax Provision $ (29) $ (441) $ 396
Effective income tax rate (2.90%) 40.50% 17.20%
Public Service Electric and Gas Company      
Income Taxes [Line Items]      
Net Income (Loss) $ 1,565 $ 1,446 $ 1,327
Federal 130 208 179
State 0 1 8
Total Current 130 209 187
Federal (17) (33) (71)
State 159 153 128
Total Deferred 142 120 57
Investment tax credit (5) (5) (4)
Total Income Tax 267 324 240
Pre-Tax Income 1,832 1,770 1,567
Tax Computed at Statutory Rate 385 372 329
State Income Taxes (net of federal income tax) 126 122 106
Uncertain Tax Positions 2 2 4
Plant-Related Items (6) (7) (9)
Tax Credits (9) (8) (9)
Effective Income Tax Rate Reconciliation, Tax Settlement, Domestic, Amount 0 (1) (2)
Effective Income Tax Rate Reconciliation, GPRC (37) (13) 0
Tax Adjustment Credit (193) (171) (205)
Effective Income Tax Rate Reconciliation, Bad Debt Flow Through, Amount (1) 27 28
Other 0 1 (2)
Sub-Total (118) (48) (89)
Income Tax Provision $ 267 $ 324 $ 240
Effective income tax rate 14.60% 18.30% 15.30%
[1] Include 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. Includes an after-tax gain of $86 million in the year ended December 31, 2020 related to the sale of PSEG Power’s interest in the Yards Creek generation facility. See Note 4. Early Plant Retirements/Asset Dispositions and Impairments for additional information.(C)Includes net after-tax losses of $457 million, $446 million and $58 million in the years ended December 31, 2022, 2021 and 2020, 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.