Guarantees of Debt

12 Months Ended

Dec. 31, 2013

Power’s Senior Notes are fully and unconditionally and jointly and severally guaranteed by its subsidiaries, PSEG Fossil LLC, PSEG Nuclear LLC and PSEG Energy Resources & Trade LLC. The following table presents financial information for the guarantor subsidiaries as well as Power’s non-guarantor subsidiaries as of December 31, 2013 and 2012 and for the years ended December 31, 2013, 2012 and 2011.




	Power			Guarantor Subsidiaries			Other Subsidiaries			Consolidating Adjustments			Total
	Millions
Year Ended December 31, 2013
Operating Revenues	$	—		$	6,490		$	190		$	(1,617	)	$	5,063
Operating Expenses	23			5,413			174			(1,617		)	3,993
Operating Income (Loss)	(23		)	1,077			16			—			1,070
Equity Earnings (Losses) of Subsidiaries	684			(5		)	16			(679		)	16
Other Income	35			157			—			(38		)	154
Other Deductions	(14		)	(35		)	—			—			(49		)
Other-Than-Temporary Impairments	—			(12		)	—			—			(12		)
Interest Expense	(93		)	(42		)	(19		)	38			(116		)
Income Tax Benefit (Expense)	55			(474		)	—			—			(419		)
Net Income (Loss)	$	644		$	666		$	13		$	(679	)	$	644
Comprehensive Income (Loss)	$	909		$	713		$	11		$	(724	)	$	909
As of December 31, 2013
Current Assets	$	4,160		$	8,916		$	944		$	(11,544	)	$	2,476
Property, Plant and Equipment, net	81			6,108			1,178			—			7,367
Investment in Subsidiaries	4,645			729			—			(5,374		)	—
Noncurrent Assets	222			1,847			138			(48		)	2,159
Total Assets	$	9,108		$	17,600		$	2,260		$	(16,966	)	$	12,002
Current Liabilities	$	444		$	10,919		$	982		$	(11,545	)	$	800
Noncurrent Liabilities	309			2,247			338			(47		)	2,847
Long-Term Debt	2,497			—			—			—			2,497
Member’s Equity	5,858			4,434			940			(5,374		)	5,858
Total Liabilities and Member’s Equity	$	9,108		$	17,600		$	2,260		$	(16,966	)	$	12,002
Year Ended December 31, 2013
Net Cash Provided By (Used In) Operating Activities	$	288		$	1,503		$	82		$	(526	)	$	1,347
Net Cash Provided By (Used In) Investing Activities	$	193		$	(1,092	)	$	(71	)	$	109		$	(861	)
Net Cash Provided By (Used In) Financing Activities	$	(481	)	$	(412	)	$	(11	)	$	417		$	(487	)




	Power			Guarantor Subsidiaries			Other Subsidiaries			Consolidating Adjustments			Total
	Millions
Year Ended December 31, 2012
Operating Revenues	$	—		$	6,238		$	135		$	(1,500	)	$	4,873
Operating Expenses	7			5,118			125			(1,500		)	3,750
Operating Income (Loss)	(7		)	1,120			10			—			1,123
Equity Earnings (Losses) of Subsidiaries	707			(10		)	15			(697		)	15
Other Income	45			206			2			(52		)	201
Other Deductions	(31		)	(59		)	—			—			(90		)
Other-Than-Temporary Impairments	—			(18		)	—			—			(18		)
Interest Expense	(118		)	(51		)	(16		)	53			(132		)
Income Tax Benefit (Expense)	70			(501		)	(2		)	—			(433		)
Net Income (Loss)	$	666		$	687		$	9		$	(696	)	$	666
Comprehensive Income (Loss)	$	614		$	681		$	9		$	(690	)	$	614
As of December 31, 2012
Current Assets	$	3,922		$	8,084		$	942		$	(10,712	)	$	2,236
Property, Plant and Equipment, net	80			5,988			1,154			—			7,222
Investment in Subsidiaries	4,508			733			—			(5,241		)	—
Noncurrent Assets	201			1,660			145			(141		)	1,865
Total Assets	$	8,711		$	16,465		$	2,241		$	(16,094	)	$	11,323
Current Liabilities	$	482		$	10,187		$	1,011		$	(10,712	)	$	968
Noncurrent Liabilities	559			1,960			306			(140		)	2,685
Long-Term Debt	2,040			—			—			—			2,040
Member’s Equity	5,630			4,318			924			(5,242		)	5,630
Total Liabilities and Member’s Equity	$	8,711		$	16,465		$	2,241		$	(16,094	)	$	11,323
Year Ended December 31, 2012
Net Cash Provided By (Used In) Operating Activities	$	298		$	1,562		$	67		$	(474	)	$	1,453
Net Cash Provided By (Used In) Investing Activities	$	715		$	(1,206	)	$	(151	)	$	170		$	(472	)
Net Cash Provided By (Used In) Financing Activities	$	(963	)	$	(361	)	$	83		$	255		$	(986	)




	Power			Guarantor Subsidiaries			Other Subsidiaries			Consolidating Adjustments			Total
	Millions
Year Ended December 31, 2011
Operating Revenues	$	—		$	7,452		$	155		$	(1,457	)	$	6,150
Operating Expenses	5			5,673			157			(1,458		)	4,377
Operating Income (Loss)	(5		)	1,779			(2		)	1			1,773
Equity Earnings (Losses) of Subsidiaries	1,186			92			14			(1,278		)	14
Other Income	40			195			—			(45		)	190
Other Deductions	(28		)	(51		)	—			—			(79		)
Other-Than-Temporary Impairments	(1		)	(19		)	—			—			(20		)
Interest Expense	(146		)	(56		)	(18		)	45			(175		)
Income Tax Benefit (Expense)	63			(762		)	9			—			(690		)
Income (Loss) on Discontinued Operations, net of Tax Benefit	—			—			97			(1		)	96
Net Income (Loss)	$	1,109		$	1,178		$	100		$	(1,278	)	$	1,109
Comprehensive Income (Loss)	$	928		$	1,055		$	100		$	(1,155	)	$	928
Year Ended December 31, 2011
Net Cash Provided By (Used In) Operating Activities	$	609		$	2,427		$	(279	)	$	(940	)	$	1,817
Net Cash Provided By (Used In) Investing Activities	$	596		$	(1,171	)	$	594		$	(597	)	$	(578	)
Net Cash Provided By (Used In) Financing Activities	$	(1,210	)	$	(1,256	)	$	(314	)	$	1,542		$	(1,238	)

Power [Member]

Guarantees of Debt




	Power			Guarantor Subsidiaries			Other Subsidiaries			Consolidating Adjustments			Total
	Millions
Year Ended December 31, 2013
Operating Revenues	$	—		$	6,490		$	190		$	(1,617	)	$	5,063
Operating Expenses	23			5,413			174			(1,617		)	3,993
Operating Income (Loss)	(23		)	1,077			16			—			1,070
Equity Earnings (Losses) of Subsidiaries	684			(5		)	16			(679		)	16
Other Income	35			157			—			(38		)	154
Other Deductions	(14		)	(35		)	—			—			(49		)
Other-Than-Temporary Impairments	—			(12		)	—			—			(12		)
Interest Expense	(93		)	(42		)	(19		)	38			(116		)
Income Tax Benefit (Expense)	55			(474		)	—			—			(419		)
Net Income (Loss)	$	644		$	666		$	13		$	(679	)	$	644
Comprehensive Income (Loss)	$	909		$	713		$	11		$	(724	)	$	909
As of December 31, 2013
Current Assets	$	4,160		$	8,916		$	944		$	(11,544	)	$	2,476
Property, Plant and Equipment, net	81			6,108			1,178			—			7,367
Investment in Subsidiaries	4,645			729			—			(5,374		)	—
Noncurrent Assets	222			1,847			138			(48		)	2,159
Total Assets	$	9,108		$	17,600		$	2,260		$	(16,966	)	$	12,002
Current Liabilities	$	444		$	10,919		$	982		$	(11,545	)	$	800
Noncurrent Liabilities	309			2,247			338			(47		)	2,847
Long-Term Debt	2,497			—			—			—			2,497
Member’s Equity	5,858			4,434			940			(5,374		)	5,858
Total Liabilities and Member’s Equity	$	9,108		$	17,600		$	2,260		$	(16,966	)	$	12,002
Year Ended December 31, 2013
Net Cash Provided By (Used In) Operating Activities	$	288		$	1,503		$	82		$	(526	)	$	1,347
Net Cash Provided By (Used In) Investing Activities	$	193		$	(1,092	)	$	(71	)	$	109		$	(861	)
Net Cash Provided By (Used In) Financing Activities	$	(481	)	$	(412	)	$	(11	)	$	417		$	(487	)




	Power			Guarantor Subsidiaries			Other Subsidiaries			Consolidating Adjustments			Total
	Millions
Year Ended December 31, 2012
Operating Revenues	$	—		$	6,238		$	135		$	(1,500	)	$	4,873
Operating Expenses	7			5,118			125			(1,500		)	3,750
Operating Income (Loss)	(7		)	1,120			10			—			1,123
Equity Earnings (Losses) of Subsidiaries	707			(10		)	15			(697		)	15
Other Income	45			206			2			(52		)	201
Other Deductions	(31		)	(59		)	—			—			(90		)
Other-Than-Temporary Impairments	—			(18		)	—			—			(18		)
Interest Expense	(118		)	(51		)	(16		)	53			(132		)
Income Tax Benefit (Expense)	70			(501		)	(2		)	—			(433		)
Net Income (Loss)	$	666		$	687		$	9		$	(696	)	$	666
Comprehensive Income (Loss)	$	614		$	681		$	9		$	(690	)	$	614
As of December 31, 2012
Current Assets	$	3,922		$	8,084		$	942		$	(10,712	)	$	2,236
Property, Plant and Equipment, net	80			5,988			1,154			—			7,222
Investment in Subsidiaries	4,508			733			—			(5,241		)	—
Noncurrent Assets	201			1,660			145			(141		)	1,865
Total Assets	$	8,711		$	16,465		$	2,241		$	(16,094	)	$	11,323
Current Liabilities	$	482		$	10,187		$	1,011		$	(10,712	)	$	968
Noncurrent Liabilities	559			1,960			306			(140		)	2,685
Long-Term Debt	2,040			—			—			—			2,040
Member’s Equity	5,630			4,318			924			(5,242		)	5,630
Total Liabilities and Member’s Equity	$	8,711		$	16,465		$	2,241		$	(16,094	)	$	11,323
Year Ended December 31, 2012
Net Cash Provided By (Used In) Operating Activities	$	298		$	1,562		$	67		$	(474	)	$	1,453
Net Cash Provided By (Used In) Investing Activities	$	715		$	(1,206	)	$	(151	)	$	170		$	(472	)
Net Cash Provided By (Used In) Financing Activities	$	(963	)	$	(361	)	$	83		$	255		$	(986	)




	Power			Guarantor Subsidiaries			Other Subsidiaries			Consolidating Adjustments			Total
	Millions
Year Ended December 31, 2011
Operating Revenues	$	—		$	7,452		$	155		$	(1,457	)	$	6,150
Operating Expenses	5			5,673			157			(1,458		)	4,377
Operating Income (Loss)	(5		)	1,779			(2		)	1			1,773
Equity Earnings (Losses) of Subsidiaries	1,186			92			14			(1,278		)	14
Other Income	40			195			—			(45		)	190
Other Deductions	(28		)	(51		)	—			—			(79		)
Other-Than-Temporary Impairments	(1		)	(19		)	—			—			(20		)
Interest Expense	(146		)	(56		)	(18		)	45			(175		)
Income Tax Benefit (Expense)	63			(762		)	9			—			(690		)
Income (Loss) on Discontinued Operations, net of Tax Benefit	—			—			97			(1		)	96
Net Income (Loss)	$	1,109		$	1,178		$	100		$	(1,278	)	$	1,109
Comprehensive Income (Loss)	$	928		$	1,055		$	100		$	(1,155	)	$	928
Year Ended December 31, 2011
Net Cash Provided By (Used In) Operating Activities	$	609		$	2,427		$	(279	)	$	(940	)	$	1,817
Net Cash Provided By (Used In) Investing Activities	$	596		$	(1,171	)	$	594		$	(597	)	$	(578	)
Net Cash Provided By (Used In) Financing Activities	$	(1,210	)	$	(1,256	)	$	(314	)	$	1,542		$	(1,238	)