Income Taxes (Tables)

9 Months Ended

Sep. 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						Nine Months Ended
PSEG	September 30,						September 30,
	2021			2020			2021			2020
	Millions
Pre-Tax Income (Loss)	$	(2,246)		$	696		$	(1,720)		$	1,748
Tax Computed at Statutory Rate @ 21%	$	(472)		$	146		$	(361)		$	367
Increase (Decrease) Attributable to Flow-Through of Certain Tax Adjustments:
State Income Taxes (net of federal income tax)	(160)			70			(142)			102
NDT Fund	(1)			12			17			10
Tax Credit Amortization/ITC Recapture	(2)			(4)			29			(12)
Tax Adjustment Credit	(60)			(63)			(181)			(151)
Other	13			(40)			11			(42)
Subtotal	(210)			(25)			(266)			(93)
Total Income Tax Expense (Benefit)	$	(682)		$	121		$	(627)		$	274
Effective Income Tax Rate	30.4		%	17.4		%	36.5		%	15.7		%

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						Nine Months Ended
PSE&G	September 30,						September 30,
	2021			2020			2021			2020
	Millions
Pre-Tax Income	$	463		$	353		$	1,389		$	1,232
Tax Computed at Statutory Rate @ 21%	$	97		$	74		$	292		$	259
Increase (Decrease) Attributable to Flow-Through of Certain Tax Adjustments:
State Income Taxes (net of federal income tax)	33			24			96			78
Tax Adjustment Credit	(60)			(63)			(181)			(151)
Other	4			5			7			10
Subtotal	(23)			(34)			(78)			(63)
Total Income Tax Expense (Benefit)	$	74		$	40		$	214		$	196
Effective Income Tax Rate	16.0		%	11.3		%	15.4		%	15.9		%

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						Nine Months Ended
PSEG Power	September 30,						September 30,
	2021			2020			2021			2020
	Millions
Pre-Tax Income (Loss)	$	(2,686)		$	372		$	(3,083)		$	549
Tax Computed at Statutory Rate @ 21%	$	(564)		$	78		$	(647)		$	115
Increase (Decrease) Attributable to Flow-Through of Certain Tax Adjustments:
State Income Taxes (net of federal income tax)	(191)			30			(236)			9
NDT Fund	(1)			12			17			10
Tax Credit Amortization/ITC Recapture	—			(2)			36			(6)
Audit Settlement	—			—			(2)			(22)
Other	3			—			4			6
Subtotal	(189)			40			(181)			(3)
Total Income Tax Expense (Benefit)	$	(753)		$	118		$	(828)		$	112
Effective Income Tax Rate	28.0		%	31.7		%	26.9		%	20.4		%