XML 63 R34.htm IDEA: XBRL DOCUMENT

Financial Information By Business Segments

12 Months Ended

Dec. 31, 2020

Segment Reporting Information [Line Items]

Financial Information By Business Segments

Financial Information by Business Segment

Basis of Organization

PSEG’s, PSE&G’s and PSEG Power’s operating segments were determined by management in accordance with GAAP. These segments were determined based on how management measures performance based on segment Net Income, as illustrated in the following table, and how resources are allocated to each business. PSEG’s reportable segments are PSE&G and PSEG Power. PSE&G and PSEG Power each represent a single reportable segment and therefore no separate segment information is provided for these Registrants.

PSE&G

PSE&G earns revenues from its tariffs, under which it provides electric transmission and electric and gas distribution services to residential, commercial and industrial customers in New Jersey. The rates charged for electric transmission are regulated by FERC while the rates charged for electric and gas distribution are regulated by the BPU. Revenues are also earned from several other activities such as solar investments, sundry sales, the appliance service business, wholesale transmission services and other miscellaneous services.

PSEG Power

PSEG Power earns revenues by selling energy, capacity and ancillary services on a wholesale basis under contract to power marketers and to load-serving entities and by bidding energy, capacity and ancillary services into the markets for these products. A significant portion of PSEG Power’s revenue is obtained from the various ISOs in which PSEG Power operates. The ISOs act similarly to a clearing house for all of its members in that all revenues paid out are collected from market participants based on their consumption of energy and energy-related products. PSEG Power also enters into bilateral contracts for energy, capacity, FTRs, gas, emission allowances and other energy-related contracts to optimize the value of its portfolio of generating assets and its electric and gas supply obligations. In addition, PSEG Power’s Salem 1, Salem 2 and Hope Creek nuclear plants receive ZEC revenue from the EDCs in New Jersey including PSE&G.

Other

This category includes amounts applicable to Energy Holdings and PSEG LI, which are below the quantitative threshold for separate disclosure as reportable segments. Other also includes amounts applicable to PSEG (parent corporation) and Services.



	PSE&G		PSEG Power		Other (A)		Eliminations (B)		Consolidated Total
	Millions
Year Ended December 31, 2020
Operating Revenues	$	6,608	$	3,634	$	595	$	(1,234)	$	9,603
Depreciation and Amortization	887		368		30		—		1,285
Operating Income (Loss)	1,639		603		28		—		2,270
Income from Equity Method Investments	—		14		—		—		14
Interest Income	17		6		5		(3)		25
Interest Expense	388		121		94		(3)		600
Income (Loss) before Income Taxes	1,567		782		(48)		—		2,301
Income Tax Expense (Benefit)	240		188		(32)		—		396
Net Income (Loss) (C)	$	1,327	$	594	$	(16)	$	—	$	1,905
Gross Additions to Long-Lived Assets	$	2,507	$	404	$	12	$	—	$	2,923
As of December 31, 2020
Total Assets	$	35,581	$	12,704	$	2,692	$	(927)	$	50,050
Investments in Equity Method Subsidiaries	$	—	$	64	$	—	$	—	$	64



	PSE&G		PSEG Power		Other (A)		Eliminations (B)		Consolidated Total
	Millions
Year Ended December 31, 2019
Operating Revenues	$	6,625	$	4,385	$	549	$	(1,483)	$	10,076
Depreciation and Amortization	837		377		34		—		1,248
Operating Income (Loss)	1,469		448		26		—		1,943
Income from Equity Method Investments	—		14		—		—		14
Interest Income	18		7		6		(5)		26
Interest Expense	361		119		94		(5)		569
Income (Loss) before Income Taxes	1,343		671		(64)		—		1,950
Income Tax Expense (Benefit)	93		203		(39)		—		257
Net Income (Loss) (C)	$	1,250	$	468	$	(25)	$	—	$	1,693
Gross Additions to Long-Lived Assets	$	2,542	$	607	$	17	$	—	$	3,166
As of December 31, 2019
Total Assets	$	33,266	$	12,805	$	2,715	$	(1,056)	$	47,730
Investments in Equity Method Subsidiaries	$	—	$	66	$	1	$	—	$	67



	PSE&G		PSEG Power		Other (A)		Eliminations (B)		Consolidated Total
	Millions
Year Ended December 31, 2018
Operating Revenues	$	6,471	$	4,146	$	571	$	(1,492)	$	9,696
Depreciation and Amortization	770		354		34		—		1,158
Operating Income (Loss)	1,606		596		96		—		2,298
Income from Equity Method Investments	—		15		—		—		15
Interest Income	21		5		9		(6)		29
Interest Expense	333		76		73		(6)		476
Income (Loss) before Income Taxes	1,411		431		13		—		1,855
Income Tax Expense (Benefit)	344		66		7		—		417
Net Income (Loss)	$	1,067	$	365	$	6	$	—	$	1,438
Gross Additions to Long-Lived Assets	$	2,896	$	996	$	20	$	—	$	3,912
As of December 31, 2018
Total Assets	$	31,109	$	12,594	$	2,604	$	(981)	$	45,326
Investments in Equity Method Subsidiaries	$	—	$	86	$	—	$	—	$	86

(A)Includes amounts applicable to Energy Holdings and PSEG LI, which are below the quantitative threshold for separate disclosure as reportable segments. Other also includes amounts applicable to PSEG (parent corporation) and Services.

(B)Intercompany eliminations primarily relate to intercompany transactions between PSE&G and PSEG Power. For a further discussion of the intercompany transactions between PSE&G and PSEG Power, see Note 26. Related-Party Transactions.

(C)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 and an after-tax loss of $286 million in the year ended December 31, 2019 related to the sale of PSEG Power’s ownership interests in the Keystone and Conemaugh fossil generation plants. See Note 4. Early Plant Retirements/Asset Dispositions for additional information.

Public Service Electric and Gas Company

Segment Reporting Information [Line Items]

Financial Information By Business Segments

Financial Information by Business Segment

Basis of Organization

PSE&G

PSEG Power

Other



	PSE&G		PSEG Power		Other (A)		Eliminations (B)		Consolidated Total
	Millions
Year Ended December 31, 2020
Operating Revenues	$	6,608	$	3,634	$	595	$	(1,234)	$	9,603
Depreciation and Amortization	887		368		30		—		1,285
Operating Income (Loss)	1,639		603		28		—		2,270
Income from Equity Method Investments	—		14		—		—		14
Interest Income	17		6		5		(3)		25
Interest Expense	388		121		94		(3)		600
Income (Loss) before Income Taxes	1,567		782		(48)		—		2,301
Income Tax Expense (Benefit)	240		188		(32)		—		396
Net Income (Loss) (C)	$	1,327	$	594	$	(16)	$	—	$	1,905
Gross Additions to Long-Lived Assets	$	2,507	$	404	$	12	$	—	$	2,923
As of December 31, 2020
Total Assets	$	35,581	$	12,704	$	2,692	$	(927)	$	50,050
Investments in Equity Method Subsidiaries	$	—	$	64	$	—	$	—	$	64



	PSE&G		PSEG Power		Other (A)		Eliminations (B)		Consolidated Total
	Millions
Year Ended December 31, 2019
Operating Revenues	$	6,625	$	4,385	$	549	$	(1,483)	$	10,076
Depreciation and Amortization	837		377		34		—		1,248
Operating Income (Loss)	1,469		448		26		—		1,943
Income from Equity Method Investments	—		14		—		—		14
Interest Income	18		7		6		(5)		26
Interest Expense	361		119		94		(5)		569
Income (Loss) before Income Taxes	1,343		671		(64)		—		1,950
Income Tax Expense (Benefit)	93		203		(39)		—		257
Net Income (Loss) (C)	$	1,250	$	468	$	(25)	$	—	$	1,693
Gross Additions to Long-Lived Assets	$	2,542	$	607	$	17	$	—	$	3,166
As of December 31, 2019
Total Assets	$	33,266	$	12,805	$	2,715	$	(1,056)	$	47,730
Investments in Equity Method Subsidiaries	$	—	$	66	$	1	$	—	$	67



	PSE&G		PSEG Power		Other (A)		Eliminations (B)		Consolidated Total
	Millions
Year Ended December 31, 2018
Operating Revenues	$	6,471	$	4,146	$	571	$	(1,492)	$	9,696
Depreciation and Amortization	770		354		34		—		1,158
Operating Income (Loss)	1,606		596		96		—		2,298
Income from Equity Method Investments	—		15		—		—		15
Interest Income	21		5		9		(6)		29
Interest Expense	333		76		73		(6)		476
Income (Loss) before Income Taxes	1,411		431		13		—		1,855
Income Tax Expense (Benefit)	344		66		7		—		417
Net Income (Loss)	$	1,067	$	365	$	6	$	—	$	1,438
Gross Additions to Long-Lived Assets	$	2,896	$	996	$	20	$	—	$	3,912
As of December 31, 2018
Total Assets	$	31,109	$	12,594	$	2,604	$	(981)	$	45,326
Investments in Equity Method Subsidiaries	$	—	$	86	$	—	$	—	$	86

PSEG Power LLC

Segment Reporting Information [Line Items]

Financial Information By Business Segments

Financial Information by Business Segment

Basis of Organization

PSE&G

PSEG Power

Other



	PSE&G		PSEG Power		Other (A)		Eliminations (B)		Consolidated Total
	Millions
Year Ended December 31, 2020
Operating Revenues	$	6,608	$	3,634	$	595	$	(1,234)	$	9,603
Depreciation and Amortization	887		368		30		—		1,285
Operating Income (Loss)	1,639		603		28		—		2,270
Income from Equity Method Investments	—		14		—		—		14
Interest Income	17		6		5		(3)		25
Interest Expense	388		121		94		(3)		600
Income (Loss) before Income Taxes	1,567		782		(48)		—		2,301
Income Tax Expense (Benefit)	240		188		(32)		—		396
Net Income (Loss) (C)	$	1,327	$	594	$	(16)	$	—	$	1,905
Gross Additions to Long-Lived Assets	$	2,507	$	404	$	12	$	—	$	2,923
As of December 31, 2020
Total Assets	$	35,581	$	12,704	$	2,692	$	(927)	$	50,050
Investments in Equity Method Subsidiaries	$	—	$	64	$	—	$	—	$	64



	PSE&G		PSEG Power		Other (A)		Eliminations (B)		Consolidated Total
	Millions
Year Ended December 31, 2019
Operating Revenues	$	6,625	$	4,385	$	549	$	(1,483)	$	10,076
Depreciation and Amortization	837		377		34		—		1,248
Operating Income (Loss)	1,469		448		26		—		1,943
Income from Equity Method Investments	—		14		—		—		14
Interest Income	18		7		6		(5)		26
Interest Expense	361		119		94		(5)		569
Income (Loss) before Income Taxes	1,343		671		(64)		—		1,950
Income Tax Expense (Benefit)	93		203		(39)		—		257
Net Income (Loss) (C)	$	1,250	$	468	$	(25)	$	—	$	1,693
Gross Additions to Long-Lived Assets	$	2,542	$	607	$	17	$	—	$	3,166
As of December 31, 2019
Total Assets	$	33,266	$	12,805	$	2,715	$	(1,056)	$	47,730
Investments in Equity Method Subsidiaries	$	—	$	66	$	1	$	—	$	67



	PSE&G		PSEG Power		Other (A)		Eliminations (B)		Consolidated Total
	Millions
Year Ended December 31, 2018
Operating Revenues	$	6,471	$	4,146	$	571	$	(1,492)	$	9,696
Depreciation and Amortization	770		354		34		—		1,158
Operating Income (Loss)	1,606		596		96		—		2,298
Income from Equity Method Investments	—		15		—		—		15
Interest Income	21		5		9		(6)		29
Interest Expense	333		76		73		(6)		476
Income (Loss) before Income Taxes	1,411		431		13		—		1,855
Income Tax Expense (Benefit)	344		66		7		—		417
Net Income (Loss)	$	1,067	$	365	$	6	$	—	$	1,438
Gross Additions to Long-Lived Assets	$	2,896	$	996	$	20	$	—	$	3,912
As of December 31, 2018
Total Assets	$	31,109	$	12,594	$	2,604	$	(981)	$	45,326
Investments in Equity Method Subsidiaries	$	—	$	86	$	—	$	—	$	86

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8981-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 26
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8844-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8657-108599

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-URI http://asc.fasb.org/topic&trid=2134510

+ Details