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Condensed Consolidated Statements Of Operations - USD ($)
shares in Millions, $ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Operating Revenues $ 1,903 $ 2,370 $ 6,666 $ 7,201
Operating Expenses [Abstract]        
Energy Costs 860 775 2,495 2,276
Operation and Maintenance 807 767 2,368 2,254
Depreciation and Amortization 283 317 946 956
(Gains) Losses on Asset Dispositions and Impairments 2,158 (122) 2,615 (122)
Total Operating Expenses 4,108 1,737 8,424 5,364
OPERATING INCOME (LOSS) (2,205) 633 (1,758) 1,837
Income from Equity Method Investments 3 4 12 10
Net Gains (Losses) on Trust Investments (17) 107 124 87
Other Income (Deductions) 35 39 93 81
Non-Operating Pension and OPEB Credits (Costs) 82 62 246 186
Interest Expense (144) (149) (437) (453)
Income Before Income Taxes (2,246) 696 (1,720) 1,748
Income Tax Benefit (Expense) 682 (121) 627 (274)
Net Income (Loss) $ (1,564) [1] $ 575 [2] $ (1,093) [1] $ 1,474 [2]
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:        
BASIC (shares) 504 504 504 504
DILUTED (shares) 504 507 504 507
EARNINGS PER SHARE:        
BASIC (dollars per share) $ (3.10) $ 1.15 $ (2.17) $ 2.93
DILUTED (dollars per share) $ (3.10) $ 1.14 $ (2.17) $ 2.91
Public Service Electric and Gas Company [Member]        
Operating Revenues $ 1,820 $ 1,660 $ 5,407 $ 4,999
Operating Expenses [Abstract]        
Energy Costs 698 663 2,056 1,881
Operation and Maintenance 422 409 1,239 1,175
Depreciation and Amortization 226 218 698 657
(Gains) Losses on Asset Dispositions and Impairments (4) 0 (4) 0
Total Operating Expenses 1,342 1,290 3,989 3,713
OPERATING INCOME (LOSS) 478 370 1,418 1,286
Net Gains (Losses) on Trust Investments 0 1 1 2
Other Income (Deductions) 20 28 72 81
Non-Operating Pension and OPEB Credits (Costs) 67 51 199 154
Interest Expense (102) (97) (301) (291)
Income Before Income Taxes 463 353 1,389 1,232
Income Tax Benefit (Expense) (74) (40) (214) (196)
Net Income (Loss) 389 313 1,175 1,036
PSEG Power [Member]        
Operating Revenues 51 746 1,598 2,649
Operating Expenses [Abstract]        
Energy Costs 290 290 1,243 1,289
Operation and Maintenance 230 213 711 679
Depreciation and Amortization 50 91 225 276
(Gains) Losses on Asset Dispositions and Impairments 2,162 (122) 2,619 (122)
Total Operating Expenses 2,732 472 4,798 2,122
OPERATING INCOME (LOSS) (2,681) 274 (3,200) 527
Income from Equity Method Investments 3 4 12 10
Net Gains (Losses) on Trust Investments (17) 103 120 79
Other Income (Deductions) 16 11 20 0
Non-Operating Pension and OPEB Credits (Costs) 12 8 35 25
Interest Expense (19) (28) (70) (92)
Income Before Income Taxes (2,686) 372 (3,083) 549
Income Tax Benefit (Expense) 753 (118) 828 (112)
Net Income (Loss) $ (1,933) $ 254 $ (2,255) $ 437
[1] Includes after-tax impairment losses and other charges related to the pending sale of the Fossil generating assets at PSEG Power of $1,563 million and $1,936 million for the three and nine months ended September 30, 2021, respectively. See Note 4. Early Plant Retirements/Asset Dispositions and Impairments for additional information. Also includes net after-tax losses of $478 million and $718 million for the three and nine months ended September 30, 2021 related to the impacts of non-trading commodity mark-to-market activity, which consist of the financial impact from positions with future delivery dates.
[2] Includes an after-tax gain of $86 million in the three and nine months ended September 30, 2020 related to the sale of PSEG Power’s interest in the Yards Creek generation facility. See Note 4. Early Plant Retirements/Asset Dispositions and Impairments