Guarantees Of Debt

12 Months Ended

Dec. 31, 2011

Note 25. 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 table presents financial information for the guarantor subsidiaries as well as Power's non-guarantor subsidiaries as of December 31, 2011 and 2010 and for the years ended December 31, 2011, 2010 and 2009.


	Power			Guarantor Subsidiaries			Other Subsidiaries			Consolidating Adjustments			Total
	Millions
For the Year Ended December 31, 2011:
Operating Revenues	$	0		$	7,452		$	146		$	(1,455	)	$	6,143
Operating Expenses		5			5,673			150			(1,456	)		4,372

Operating Income (Loss)		(5	)		1,779			(4	)		1			1,771
Equity Earnings (Losses) of Subsidiaries		1,175			92			0			(1,267	)		0
Other Income		40			195			0			(45	)		190
Other Deductions		(28	)		(51	)		0			0			(79	)
Other-Than-Temporary Investments		(1	)		(19	)		0			0			(20	)
Interest Expense		(146	)		(56	)		(18	)		45			(175	)
Income Tax Benefit (Expense)		63			(762	)		14			0			(685	)
Income (Loss) on Discontinued Operations, net of Tax Benefit		0			0			97			(1	)		96

Net Income (Loss)	$	1,098		$	1,178		$	89		$	(1,267	)	$	1,098

As of December 31, 2011:
Current Assets	$	4,311		$	7,248		$	951		$	(9,823	)	$	2,687
Property, Plant and Equipment, net		66			5,715			950			0			6,731
Investment in Subsidiaries		4,185			804			0			(4,989	)		0
Noncurrent Assets		179			1,557			51			(118	)		1,669

Total Assets	$	8,741		$	15,324		$	1,952		$	(14,930	)	$	11,087

Current Liabilities	$	172		$	9,549		$	1,003		$	(9,822	)	$	902
Noncurrent Liabilities		440			1,589			145			(118	)		2,056
Long-Term Debt		2,685			0			0			0			2,685
Member's Equity		5,444			4,186			804			(4,990	)		5,444

Total Liabilities and Member's Equity	$	8,741		$	15,324		$	1,952		$	(14,930	)	$	11,087

For the Year Ended December 31, 2011:
Net Cash Provided By (Used In) Operating Activities	$	609		$	2,427		$	(284	)	$	(940	)	$	1,812
Net Cash Provided By (Used In) Investing Activities	$	596		$	(1,171	)	$	594		$	(597	)	$	(578	)
Net Cash Provided By (Used In) Financing Activities	$	(1,205	)	$	(1,256	)	$	(309	)	$	1,537		$	(1,233)


	Power			Guarantor Subsidiaries			Other Subsidiaries			Consolidating Adjustments			Total
	Millions
For the Year Ended December 31, 2010:
Operating Revenues	$	0		$	7,746		$	125		$	(1,313	)	$	6,558
Operating Expenses		9			5,760			139			(1,313	)		4,595

Operating Income (Loss)		(9	)		1,986			(14	)		0			1,963
Equity Earnings (Losses) of Subsidiaries		1,182			(15	)		0			(1,167	)		0
Other Income		45			170			0			(45	)		170
Other Deductions		(4	)		(49	)		0			0			(53	)
Other-Than-Temporary Investments		0			(9	)		0			0			(9	)
Interest Expense		(113	)		(67	)		(22	)		45			(157	)
Income Tax Benefit (Expense)		42			(834	)		14			0			(778	)
Income (Loss) on Discontinued Operations, net of Tax Benefit		0			0			7			0			7

Net Income (Loss)	$	1,143		$	1,182		$	(15	)	$	(1,167	)	$	1,143

As of December 31, 2010:
Current Assets	$	3,988		$	6,807		$	1,117		$	(8,468	)	$	3,444
Property, Plant and Equipment, net		55			5,385			902			0			6,342
Investment in Subsidiaries		4,794			1,079			0			(5,873	)		0
Noncurrent Assets		170			1,549			41			(94	)		1,666

Total Assets	$	9,007		$	14,820		$	2,060		$	(14,435	)	$	11,452

Current Liabilities	$	751		$	8,519		$	849		$	(8,468	)	$	1,651
Noncurrent Liabilities		423			1,510			129			(93	)		1,969
Long-Term Debt		2,805			0			0			0			2,805
Member's Equity		5,028			4,791			1,082			(5,874	)		5,027

Total Liabilities and Member's Equity	$	9,007		$	14,820		$	2,060		$	(14,435	)	$	11,452

For the Year Ended December 31, 2010:
Net Cash Provided By (Used In) Operating Activities	$	467		$	2,249		$	28		$	(1,178	)	$	1,566
Net Cash Provided By (Used In) Investing Activities	$	(252	)	$	(1,567	)	$	(34	)	$	648		$	(1,205	)
Net Cash Provided By (Used In) Financing Activities	$	(216	)	$	(687	)	$	(40	)	$	529		$	(414	)


	Power			Guarantor Subsidiaries			Other Subsidiaries			Consolidating Adjustments			Total
	Millions
For the Year Ended December 31, 2009:
Operating Revenues	$	0		$	7,932		$	122		$	(1,282	)	$	6,772
Operating Expenses		4			5,846			125			(1,284	)		4,691

Operating Income (Loss)		(4	)		2,086			(3	)		2			2,081
Equity Earnings (Losses) of Subsidiaries		1,208			(20	)		0			(1,188	)		0
Other Income		57			256			1			(81	)		233
Other Deductions		(14	)		(120	)		0			(1	)		(135	)
Other-Than-Temporary Investments		0			(60	)		0			0			(60	)
Interest Expense		(145	)		(73	)		(23	)		80			(161	)
Income Tax Benefit (Expense)		87			(861	)		7			0			(767	)
Income (Loss) on Discontinued Operations, net of Tax Benefit		0			0			(2	)		0			(2	)

Net Income (Loss)	$	1,189		$	1,208		$	(20	)	$	(1,188	)	$	1,189

For the Year Ended December 31, 2009:
Net Cash Provided By (Used In) Operating Activities	$	383		$	2,520		$	10		$	(1,255	)	$	1,658
Net Cash Provided By (Used In) Investing Activities	$	490		$	(1,320	)	$	(50	)	$	228		$	(652	)
Net Cash Provided By (Used In) Financing Activities	$	(873	)	$	(1,202	)	$	66		$	1,027		$	(982	)

Power [Member]

Guarantees Of Debt

Note 25. Guarantees of Debt


	Power			Guarantor Subsidiaries			Other Subsidiaries			Consolidating Adjustments			Total
	Millions
For the Year Ended December 31, 2011:
Operating Revenues	$	0		$	7,452		$	146		$	(1,455	)	$	6,143
Operating Expenses		5			5,673			150			(1,456	)		4,372

Operating Income (Loss)		(5	)		1,779			(4	)		1			1,771
Equity Earnings (Losses) of Subsidiaries		1,175			92			0			(1,267	)		0
Other Income		40			195			0			(45	)		190
Other Deductions		(28	)		(51	)		0			0			(79	)
Other-Than-Temporary Investments		(1	)		(19	)		0			0			(20	)
Interest Expense		(146	)		(56	)		(18	)		45			(175	)
Income Tax Benefit (Expense)		63			(762	)		14			0			(685	)
Income (Loss) on Discontinued Operations, net of Tax Benefit		0			0			97			(1	)		96

Net Income (Loss)	$	1,098		$	1,178		$	89		$	(1,267	)	$	1,098

As of December 31, 2011:
Current Assets	$	4,311		$	7,248		$	951		$	(9,823	)	$	2,687
Property, Plant and Equipment, net		66			5,715			950			0			6,731
Investment in Subsidiaries		4,185			804			0			(4,989	)		0
Noncurrent Assets		179			1,557			51			(118	)		1,669

Total Assets	$	8,741		$	15,324		$	1,952		$	(14,930	)	$	11,087

Current Liabilities	$	172		$	9,549		$	1,003		$	(9,822	)	$	902
Noncurrent Liabilities		440			1,589			145			(118	)		2,056
Long-Term Debt		2,685			0			0			0			2,685
Member's Equity		5,444			4,186			804			(4,990	)		5,444

Total Liabilities and Member's Equity	$	8,741		$	15,324		$	1,952		$	(14,930	)	$	11,087

For the Year Ended December 31, 2011:
Net Cash Provided By (Used In) Operating Activities	$	609		$	2,427		$	(284	)	$	(940	)	$	1,812
Net Cash Provided By (Used In) Investing Activities	$	596		$	(1,171	)	$	594		$	(597	)	$	(578	)
Net Cash Provided By (Used In) Financing Activities	$	(1,205	)	$	(1,256	)	$	(309	)	$	1,537		$	(1,233	)


	Power			Guarantor Subsidiaries			Other Subsidiaries			Consolidating Adjustments			Total
	Millions
For the Year Ended December 31, 2010:
Operating Revenues	$	0		$	7,746		$	125		$	(1,313	)	$	6,558
Operating Expenses		9			5,760			139			(1,313	)		4,595

Operating Income (Loss)		(9	)		1,986			(14	)		0			1,963
Equity Earnings (Losses) of Subsidiaries		1,182			(15	)		0			(1,167	)		0
Other Income		45			170			0			(45	)		170
Other Deductions		(4	)		(49	)		0			0			(53	)
Other-Than-Temporary Investments		0			(9	)		0			0			(9	)
Interest Expense		(113	)		(67	)		(22	)		45			(157	)
Income Tax Benefit (Expense)		42			(834	)		14			0			(778	)
Income (Loss) on Discontinued Operations, net of Tax Benefit		0			0			7			0			7

Net Income (Loss)	$	1,143		$	1,182		$	(15	)	$	(1,167	)	$	1,143

As of December 31, 2010:
Current Assets	$	3,988		$	6,807		$	1,117		$	(8,468	)	$	3,444
Property, Plant and Equipment, net		55			5,385			902			0			6,342
Investment in Subsidiaries		4,794			1,079			0			(5,873	)		0
Noncurrent Assets		170			1,549			41			(94	)		1,666

Total Assets	$	9,007		$	14,820		$	2,060		$	(14,435	)	$	11,452

Current Liabilities	$	751		$	8,519		$	849		$	(8,468	)	$	1,651
Noncurrent Liabilities		423			1,510			129			(93	)		1,969
Long-Term Debt		2,805			0			0			0			2,805
Member's Equity		5,028			4,791			1,082			(5,874	)		5,027

Total Liabilities and Member's Equity	$	9,007		$	14,820		$	2,060		$	(14,435	)	$	11,452

For the Year Ended December 31, 2010:
Net Cash Provided By (Used In) Operating Activities	$	467		$	2,249		$	28		$	(1,178	)	$	1,566
Net Cash Provided By (Used In) Investing Activities	$	(252	)	$	(1,567	)	$	(34	)	$	648		$	(1,205	)
Net Cash Provided By (Used In) Financing Activities	$	(216	)	$	(687	)	$	(40	)	$	529		$	(414	)


	Power			Guarantor Subsidiaries			Other Subsidiaries			Consolidating Adjustments			Total
	Millions
For the Year Ended December 31, 2009:
Operating Revenues	$	0		$	7,932		$	122		$	(1,282	)	$	6,772
Operating Expenses		4			5,846			125			(1,284	)		4,691

Operating Income (Loss)		(4	)		2,086			(3	)		2			2,081
Equity Earnings (Losses) of Subsidiaries		1,208			(20	)		0			(1,188	)		0
Other Income		57			256			1			(81	)		233
Other Deductions		(14	)		(120	)		0			(1	)		(135	)
Other-Than-Temporary Investments		0			(60	)		0			0			(60	)
Interest Expense		(145	)		(73	)		(23	)		80			(161	)
Income Tax Benefit (Expense)		87			(861	)		7			0			(767	)
Income (Loss) on Discontinued Operations, net of Tax Benefit		0			0			(2	)		0			(2	)

Net Income (Loss)	$	1,189		$	1,208		$	(20	)	$	(1,188	)	$	1,189

For the Year Ended December 31, 2009:
Net Cash Provided By (Used In) Operating Activities	$	383		$	2,520		$	10		$	(1,255	)	$	1,658
Net Cash Provided By (Used In) Investing Activities	$	490		$	(1,320	)	$	(50	)	$	228		$	(652	)
Net Cash Provided By (Used In) Financing Activities	$	(873	)	$	(1,202	)	$	66		$	1,027		$	(982	)