Income Taxes (Tables)

6 Months Ended

Jun. 30, 2021

Income Tax Disclosure [Abstract]

Schedule Of Effective Tax Rates

A reconciliation of reported income tax expense for PSEG with the amount computed by multiplying pre-tax income by the statutory federal income tax rate of 21% is as follows:

	Three Months Ended						Six Months Ended
PSEG	June 30,						June 30,
	2021			2020			2021			2020
	Millions
Pre-Tax Income (Loss)	$	(239)		$	560		$	526		$	1,052
Tax Computed at Statutory Rate @ 21%	$	(50)		$	118		$	110		$	221
Increase (Decrease) Attributable to Flow-Through of Certain Tax Adjustments:
State Income Taxes (net of federal income tax)	(24)			25			18			32
NDT Fund	9			24			18			(2)
Tax Credit Amortization/ITC Recapture	35			(4)			31			(8)
Tax Adjustment Credit	(42)			(45)			(121)			(88)
Other	10			(9)			(1)			(2)
Subtotal	(12)			(9)			(55)			(68)
Total Income Tax Expense (Benefit)	$	(62)		$	109		$	55		$	153
Effective Income Tax Rate	25.9		%	19.5		%	10.5		%	14.5		%

A reconciliation of reported income tax expense for PSE&G with the amount computed by multiplying pre-tax income by the statutory federal income tax rate of 21% is as follows:

	Three Months Ended						Six Months Ended
PSE&G	June 30,						June 30,
	2021			2020			2021			2020
	Millions
Pre-Tax Income	$	370		$	330		$	926		$	879
Tax Computed at Statutory Rate @ 21%	$	78		$	69		$	194		$	185
Increase (Decrease) Attributable to Flow-Through of Certain Tax Adjustments:
State Income Taxes (net of federal income tax)	25			17			63			54
Tax Adjustment Credit	(42)			(45)			(121)			(88)
Other	—			6			4			5
Subtotal	(17)			(22)			(54)			(29)
Total Income Tax Expense (Benefit)	$	61		$	47		$	140		$	156
Effective Income Tax Rate	16.5		%	14.2		%	15.1		%	17.7		%

A reconciliation of reported income tax expense for PSEG Power with the amount computed by multiplying pre-tax income by the statutory federal income tax rate of 21% is as follows:

	Three Months Ended						Six Months Ended
PSEG Power	June 30,						June 30,
	2021			2020			2021			2020
	Millions
Pre-Tax Income (Loss)	$	(610)		$	234		$	(397)		$	177
Tax Computed at Statutory Rate @ 21%	$	(128)		$	49		$	(83)		$	37
Increase (Decrease) Attributable to Flow-Through of Certain Tax Adjustments:
State Income Taxes (net of federal income tax)	(49)			10			(45)			(21)
NDT Fund	9			24			18			(2)
Tax Credit Amortization/ITC Recapture	38			(2)			36			(4)
Audit Settlement	—			(20)			(2)			(22)
Other	3			3			1			6
Subtotal	1			15			8			(43)
Total Income Tax Expense (Benefit)	$	(127)		$	64		$	(75)		$	(6)
Effective Income Tax Rate	20.8		%	27.4		%	18.9		%	(3.4)		%