Income Taxes (Tables)

9 Months Ended

Sep. 30, 2022

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,
	2022		2021			2022		2021
	Millions
Pre-Tax Income (Loss)	$	55	$	(2,246)		$	(1)	$	(1,720)
Tax Computed at Statutory Rate @ 21%	$	12	$	(472)		$	—	$	(361)
Increase (Decrease) Attributable to Flow-Through of Certain Tax Adjustments:
State Income Taxes (net of federal income tax)	7		(160)			(16)		(142)
NDT Fund	(10)		(1)			(34)		17
GPRC-CEF-EE	(11)		(3)			(25)		(6)
Tax Credit Amortization/ITC Recapture	(2)		(2)			(6)		29
TAC	(44)		(57)			(150)		(175)
Other	(11)		13			(13)		11
Subtotal	(71)		(210)			(244)		(266)
Total Income Tax Expense (Benefit)	$	(59)	$	(682)		$	(244)	$	(627)
Effective Income Tax Rate	N/A		30.4		%	N/A		36.5		%

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						Nine Months Ended
PSE&G	September 30,						September 30,
	2022			2021			2022			2021
	Millions
Pre-Tax Income	$	468		$	463		$	1,427		$	1,389
Tax Computed at Statutory Rate @ 21%	$	98		$	97		$	300		$	292
Increase (Decrease) Attributable to Flow-Through of Certain Tax Adjustments:
State Income Taxes (net of federal income tax)	32			33			99			96
GPRC-CEF-EE	(11)			(3)			(25)			(6)
TAC	(44)			(57)			(150)			(175)
Other	(6)			4			(10)			7
Subtotal	(29)			(23)			(86)			(78)
Total Income Tax Expense (Benefit)	$	69		$	74		$	214		$	214
Effective Income Tax Rate	14.7		%	16.0		%	15.0		%	15.4		%