Guarantees of Debt

3 Months Ended

Mar. 31, 2019

Debt Instrument [Line Items]

Guarantees of Debt

Guarantees of Debt

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 tables present condensed financial information for the guarantor subsidiaries, as well as Power’s non-guarantor subsidiaries, as of March 31, 2019 and December 31, 2018 and for the three months ended March 31, 2019 and 2018.

	Power			Guarantor Subsidiaries			Other Subsidiaries			Consolidating Adjustments			Total
	Millions
Three Months Ended March 31, 2019
Operating Revenues	$	—		$	1,401		$	56		$	(41	)	$	1,416
Operating Expenses	1			1,094			61			(41		)	1,115
Operating Income (Loss)	(1		)	307			(5		)	—			301
Equity Earnings (Losses) of Subsidiaries	309			(8		)	2			(301		)	2
Net Gains (Losses) on Trust Investments	1			125			—			—			126
Other Income (Deductions)	47			55			—			(89		)	13
Non-Operating Pension and OPEB Credits (Costs)	—			3			—			—			3
Interest Expense	(75		)	(31		)	(8		)	89			(25		)
Income Tax Benefit (Expense)	15			(144		)	5			—			(124		)
Net Income (Loss)	$	296		$	307		$	(6	)	$	(301	)	$	296
Comprehensive Income (Loss)	$	312		$	322		$	(6	)	$	(316	)	$	312
Three Months Ended March 31, 2019
Net Cash Provided By (Used In)    Operating Activities	$	(22	)	$	799		$	43		$	(94	)	$	726
Net Cash Provided By (Used In)    Investing Activities	$	(167	)	$	(713	)	$	(124	)	$	728		$	(276	)
Net Cash Provided By (Used In)    Financing Activities	$	189		$	(86	)	$	87		$	(634	)	$	(444	)

	Power			Guarantor Subsidiaries			Other Subsidiaries			Consolidating Adjustments			Total
	Millions
Three Months Ended March 31, 2018
Operating Revenues	$	—		$	1,386		$	51		$	(34	)	$	1,403
Operating Expenses	—			1,056			52			(34		)	1,074
Operating Income (Loss)	—			330			(1		)	—			329
Equity Earnings (Losses) of Subsidiaries	234			(3		)	2			(231		)	2
Net Gains (Losses) on Trust Investments	—			(22		)	—			—			(22		)
Other Income (Deductions)	35			33			—			(57		)	11
Non-Operating Pension and OPEB Credits (Costs)	—			4			—			—			4
Interest Expense	(42		)	(17		)	(5		)	57			(7		)
Income Tax Benefit (Expense)	7			(92		)	2			—			(83		)
Net Income (Loss)	$	234		$	233		$	(2	)	$	(231	)	$	234
Comprehensive Income (Loss)	$	229		$	223		$	(2	)	$	(221	)	$	229
Three Months Ended March 31, 2018
Net Cash Provided By (Used In)    Operating Activities	$	(5	)	$	525		$	(49	)	$	71		$	542
Net Cash Provided By (Used In)    Investing Activities	$	(215	)	$	(625	)	$	(82	)	$	605		$	(317	)
Net Cash Provided By (Used In)    Financing Activities	$	220		$	100		$	111		$	(677	)	$	(246	)

	Power		Guarantor Subsidiaries		Other Subsidiaries		Consolidating Adjustments			Total
	Millions
As of March 31, 2019
Current Assets	$	4,518	$	1,693	$	318	$	(5,217	)	$	1,312
Property, Plant and Equipment, net	48		4,915		3,913		—			8,876
Investment in Subsidiaries	5,309		1,099		—		(6,408		)	—
Noncurrent Assets	278		2,277		137		(209		)	2,483
Total Assets	$	10,153	$	9,984	$	4,368	$	(11,834	)	$	12,671
Current Liabilities	$	776	$	2,966	$	2,113	$	(5,217	)	$	638
Noncurrent Liabilities	519		2,072		793		(209		)	3,175
Long-Term Debt	2,836		—		—		—			2,836
Member’s Equity	6,022		4,946		1,462		(6,408		)	6,022
Total Liabilities and Member’s Equity	$	10,153	$	9,984	$	4,368	$	(11,834	)	$	12,671
As of December 31, 2018
Current Assets	$	4,317	$	1,479	$	304	$	(4,593	)	$	1,507
Property, Plant and Equipment, net	49		4,971		3,822		—			8,842
Investment in Subsidiaries	5,062		1,107		—		(6,169		)	—
Noncurrent Assets	273		2,109		101		(238		)	2,245
Total Assets	$	9,701	$	9,666	$	4,227	$	(11,000	)	$	12,594
Current Liabilities	$	437	$	2,971	$	2,027	$	(4,593	)	$	842
Noncurrent Liabilities	513		1,996		730		(238		)	3,001
Long-Term Debt	2,791		—		—		—			2,791
Member’s Equity	5,960		4,699		1,470		(6,169		)	5,960
Total Liabilities and Member’s Equity	$	9,701	$	9,666	$	4,227	$	(11,000	)	$	12,594

Power [Member]

Debt Instrument [Line Items]

Guarantees of Debt

Guarantees of Debt

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 tables present condensed financial information for the guarantor subsidiaries, as well as Power’s non-guarantor subsidiaries, as of March 31, 2019 and December 31, 2018 and for the three months ended March 31, 2019 and 2018.

	Power			Guarantor Subsidiaries			Other Subsidiaries			Consolidating Adjustments			Total
	Millions
Three Months Ended March 31, 2019
Operating Revenues	$	—		$	1,401		$	56		$	(41	)	$	1,416
Operating Expenses	1			1,094			61			(41		)	1,115
Operating Income (Loss)	(1		)	307			(5		)	—			301
Equity Earnings (Losses) of Subsidiaries	309			(8		)	2			(301		)	2
Net Gains (Losses) on Trust Investments	1			125			—			—			126
Other Income (Deductions)	47			55			—			(89		)	13
Non-Operating Pension and OPEB Credits (Costs)	—			3			—			—			3
Interest Expense	(75		)	(31		)	(8		)	89			(25		)
Income Tax Benefit (Expense)	15			(144		)	5			—			(124		)
Net Income (Loss)	$	296		$	307		$	(6	)	$	(301	)	$	296
Comprehensive Income (Loss)	$	312		$	322		$	(6	)	$	(316	)	$	312
Three Months Ended March 31, 2019
Net Cash Provided By (Used In)    Operating Activities	$	(22	)	$	799		$	43		$	(94	)	$	726
Net Cash Provided By (Used In)    Investing Activities	$	(167	)	$	(713	)	$	(124	)	$	728		$	(276	)
Net Cash Provided By (Used In)    Financing Activities	$	189		$	(86	)	$	87		$	(634	)	$	(444	)

	Power			Guarantor Subsidiaries			Other Subsidiaries			Consolidating Adjustments			Total
	Millions
Three Months Ended March 31, 2018
Operating Revenues	$	—		$	1,386		$	51		$	(34	)	$	1,403
Operating Expenses	—			1,056			52			(34		)	1,074
Operating Income (Loss)	—			330			(1		)	—			329
Equity Earnings (Losses) of Subsidiaries	234			(3		)	2			(231		)	2
Net Gains (Losses) on Trust Investments	—			(22		)	—			—			(22		)
Other Income (Deductions)	35			33			—			(57		)	11
Non-Operating Pension and OPEB Credits (Costs)	—			4			—			—			4
Interest Expense	(42		)	(17		)	(5		)	57			(7		)
Income Tax Benefit (Expense)	7			(92		)	2			—			(83		)
Net Income (Loss)	$	234		$	233		$	(2	)	$	(231	)	$	234
Comprehensive Income (Loss)	$	229		$	223		$	(2	)	$	(221	)	$	229
Three Months Ended March 31, 2018
Net Cash Provided By (Used In)    Operating Activities	$	(5	)	$	525		$	(49	)	$	71		$	542
Net Cash Provided By (Used In)    Investing Activities	$	(215	)	$	(625	)	$	(82	)	$	605		$	(317	)
Net Cash Provided By (Used In)    Financing Activities	$	220		$	100		$	111		$	(677	)	$	(246	)

	Power		Guarantor Subsidiaries		Other Subsidiaries		Consolidating Adjustments			Total
	Millions
As of March 31, 2019
Current Assets	$	4,518	$	1,693	$	318	$	(5,217	)	$	1,312
Property, Plant and Equipment, net	48		4,915		3,913		—			8,876
Investment in Subsidiaries	5,309		1,099		—		(6,408		)	—
Noncurrent Assets	278		2,277		137		(209		)	2,483
Total Assets	$	10,153	$	9,984	$	4,368	$	(11,834	)	$	12,671
Current Liabilities	$	776	$	2,966	$	2,113	$	(5,217	)	$	638
Noncurrent Liabilities	519		2,072		793		(209		)	3,175
Long-Term Debt	2,836		—		—		—			2,836
Member’s Equity	6,022		4,946		1,462		(6,408		)	6,022
Total Liabilities and Member’s Equity	$	10,153	$	9,984	$	4,368	$	(11,834	)	$	12,671
As of December 31, 2018
Current Assets	$	4,317	$	1,479	$	304	$	(4,593	)	$	1,507
Property, Plant and Equipment, net	49		4,971		3,822		—			8,842
Investment in Subsidiaries	5,062		1,107		—		(6,169		)	—
Noncurrent Assets	273		2,109		101		(238		)	2,245
Total Assets	$	9,701	$	9,666	$	4,227	$	(11,000	)	$	12,594
Current Liabilities	$	437	$	2,971	$	2,027	$	(4,593	)	$	842
Noncurrent Liabilities	513		1,996		730		(238		)	3,001
Long-Term Debt	2,791		—		—		—			2,791
Member’s Equity	5,960		4,699		1,470		(6,169		)	5,960
Total Liabilities and Member’s Equity	$	9,701	$	9,666	$	4,227	$	(11,000	)	$	12,594