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Recent Accounting Standards | 12 Months Ended
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Dec. 31, 2016
New Accounting Pronouncement [Line Items] |
Recent Accounting Standards [Text Block] | Recent Accounting Standards New Standards Issued and Adopted Stock Compensation-Improvements to Employee Share-Based Payment Accounting This accounting standard was issued to simplify aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the Statement of Cash Flows. Under the new guidance, all excess tax benefits and tax deficiencies related to employee share-based payments will be recognized in income tax expense rather than recognized in additional paid in capital. In the Statement of Cash Flows, excess tax benefits and deficiencies will be classified with other income tax cash flows as an operating activity rather than a financing activity as currently classified. In addition, the minimum statutory tax withholding requirements were simplified in order to facilitate equity classification of the award. The standard is effective for annual and interim reporting periods beginning after December 15, 2017. Early adoption is permitted for an entity in any interim or annual period. An entity that elects early adoption must adopt all of the amendments in the same period; however, the amendments within this update require different adoption methods. PSEG adopted this standard in the fourth quarter of 2016. The impact to the financial statements was immaterial. Disclosure for Investments in Certain Entities that Calculate Net Asset Value (NAV) per Share This accounting standard eliminates the requirement to categorize, in the fair value hierarchy, investments whose fair values are measured at NAV using the practical expedient provided in the fair value guidance. The practical expedient applies to investments in mutual funds or structures similar to a mutual fund for which there is not a readily determinable fair value. Although not required in the fair value hierarchy, sufficient information must be provided to allow for reconciliation between the fair value of assets categorized in the hierarchy and the balance sheet. The standard is effective for annual and interim periods beginning after December 15, 2015 with early adoption permitted. PSEG adopted this standard in the fourth quarter 2016 on a retrospective basis and has reflected the effect of the new disclosure requirements in Note 12. Pension, Other Postretirement Benefits (OPEB) and Savings Plan. Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern This accounting standard requires management to assess an entity’s ability to continue as a going concern and provide related disclosures in certain circumstances. These disclosures are only required when conditions give rise to substantial doubt about an entity’s ability to continue as a going concern within one year from the financial statement issuance date. The standard is effective for annual and interim periods beginning after December 15, 2016. PSEG adopted this standard in the fourth quarter of 2016; however, no disclosures were required this period based on the above criteria. New Standards Issued But Not Yet Adopted Revenue from Contracts with Customers This accounting standard clarifies the principles for recognizing revenue and removes inconsistencies in revenue recognition requirements; improves comparability of revenue recognition practices across entities, industries, jurisdictions and capital markets; and provides improved disclosures. The guidance provides a five-step model to be used for recognizing revenue for the transfer of promised goods and services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services. The standard is effective for annual and interim reporting periods beginning after December 15, 2017. Early application is permitted. PSEG expects the new guidance to result in more detailed disclosures of revenue compared to current guidance, and possibly changes in presentation. PSEG continues to evaluate all of its revenue streams and its contracts. Certain implementation issues continue to be debated and are currently being addressed by the AICPA’s Revenue Recognition Working Group and the FASB’s Transition Resource Group, including the ability to recognize revenue for certain contracts where there is uncertainty regarding collection from customers and accounting for contributions in aid of construction. As the ultimate impact of the new standard has not yet been determined, PSEG has not elected its transition method. Recognition and Measurement of Financial Assets and Financial Liabilities This accounting standard will change how entities measure equity investments that are not consolidated or accounted for under the equity method. Under the new guidance, equity investments (other than those accounted for using the equity method) will be measured at fair value through Net Income instead of Other Comprehensive Income (Loss). Entities that have elected the fair value option for financial liabilities will present changes in fair value due to a change in their own credit risk through Other Comprehensive Income (Loss). For equity investments which do not have readily determinable fair values, the impairment assessment will be simplified by requiring a qualitative assessment to identify impairments. The new standard also changes certain disclosures. The standard is effective for annual and interim reporting periods beginning after December 15, 2017. PSEG is currently analyzing the impact of this standard on our financial statements; however, PSEG expects increased volatility in Net Income due to changes in fair value of our equity securities within the NDT and Rabbi Trust Funds. Leases This accounting standard replaces existing lease accounting guidance and requires lessees to recognize all leases with a term greater than 12 months on the balance sheet using a right-of-use asset approach. At lease commencement, a lessee will recognize a lease asset and corresponding lease obligation. A lessee will classify its leases as either finance leases or operating leases based on whether control of the underlying assets has transferred to the lessee. A lessor will classify its leases as operating or direct financing leases, or as sales-type leases based on whether control of the underlying assets has transferred to the lessee. Both the lessee and lessor models require additional disclosure of key information. The standard requires lessees and lessors to apply a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. However, existing guidance related to leveraged leases will not change. The standard is effective for annual and interim periods beginning after December 15, 2018 with retrospective application to previously issued financial statements for 2018 and 2017. Early application is permitted. PSEG is currently analyzing the impact of this standard on its financial statements. Measurement of Credit Losses on Financial Instruments This accounting standard provides a new model for recognizing credit losses on financial assets carried at amortized cost. The new model requires entities to use an estimate of expected credit losses that will be recognized as an impairment allowance rather than a direct write-down of the amortized cost basis. The estimate of expected credit losses is to be based on past events, current conditions and supportable forecasts over a reasonable period. For purchased financial assets with credit deterioration, a similar model is to be used; however, the initial allowance will be added to the purchase price rather than reported as an allowance. Credit losses on available-for-sale securities should be measured in a manner similar to current GAAP; however, this standard requires those credit losses to be presented as an allowance, rather than a write-down. This new standard also requires additional disclosures of credit quality indicators for each class of financial asset disaggregated by year of origination. The standard is effective for annual and interim periods beginning after December 15, 2019; however, entities may adopt early beginning in the annual or interim periods after December 15, 2018. PSEG is currently analyzing the impact of this standard on its financial statements. Statement of Cash Flows: Classification of Certain Cash Receipts and Cash Payments This accounting standard reduces the diversity in practice in how certain cash receipts and cash payments are presented and classified in the Statement of Cash Flows. The standard is effective for annual and interim periods beginning after December 15, 2017; however, entities may adopt early including in an interim period. PSEG is currently analyzing the impact of this standard on its financial statements. Statement of Cash Flows: Restricted Cash This accounting standard requires entities to explain the change during the period in the total of cash and cash equivalents and include amounts described as restricted cash or restricted cash equivalents in its reconciliation of beginning of period and end-of-period amounts in the Statement of Cash Flows. The standard is effective for annual and interim periods beginning after December 15, 2017; however, entities may adopt early including in an interim period. PSEG will include those amounts that are deemed to be restricted cash and restricted cash equivalents in its cash and cash equivalents balances in the statement of cash flows as well as disclosure regarding the nature of restricted amounts. Business Combinations: Clarifying the Definition of a Business This accounting standard was issued mainly to provide more consistency in how the definition of a business is applied to acquisitions or dispositions. The new guidance will generally reduce the number of transactions that will require treatment as a business combination. The definition of a business now includes a filter that would consider whether substantially all the fair value of the gross assets acquired or disposed of is concentrated in a single identifiable asset or a group of similar identifiable assets. If this condition is met, the transaction would not qualify as a business. The standard is effective for annual and interim periods beginning after December 15, 2017; however, entities may adopt it for transactions that have closed before the effective date but have not been reported in financial statements that have been issued or made available for issuance. PSEG is currently evaluating the impact of this standard on its financial statements; however, PSEG does not expect this guidance to materially impact its financial statements upon adoption. Simplifying the Test for Goodwill Impairment This accounting standard requires an entity to perform its annual or interim goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An entity should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. Additionally, an entity should consider income tax effects from any tax deductible goodwill on the carrying amount of the reporting unit when measuring the goodwill impairment loss, if applicable. An entity should apply this standard on a prospective basis and will be required to disclose the nature of and reason for the change in accounting principle upon transition. The new standard is effective for impairment tests for periods beginning January 1, 2020. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. PSEG is currently assessing the impact of this guidance upon its financial statements.
PSE&G [Member] |
New Accounting Pronouncement [Line Items] |
Recent Accounting Standards [Text Block] | Recent Accounting Standards New Standards Issued and Adopted Stock Compensation-Improvements to Employee Share-Based Payment Accounting This accounting standard was issued to simplify aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the Statement of Cash Flows. Under the new guidance, all excess tax benefits and tax deficiencies related to employee share-based payments will be recognized in income tax expense rather than recognized in additional paid in capital. In the Statement of Cash Flows, excess tax benefits and deficiencies will be classified with other income tax cash flows as an operating activity rather than a financing activity as currently classified. In addition, the minimum statutory tax withholding requirements were simplified in order to facilitate equity classification of the award. The standard is effective for annual and interim reporting periods beginning after December 15, 2017. Early adoption is permitted for an entity in any interim or annual period. An entity that elects early adoption must adopt all of the amendments in the same period; however, the amendments within this update require different adoption methods. PSEG adopted this standard in the fourth quarter of 2016. The impact to the financial statements was immaterial. Disclosure for Investments in Certain Entities that Calculate Net Asset Value (NAV) per Share This accounting standard eliminates the requirement to categorize, in the fair value hierarchy, investments whose fair values are measured at NAV using the practical expedient provided in the fair value guidance. The practical expedient applies to investments in mutual funds or structures similar to a mutual fund for which there is not a readily determinable fair value. Although not required in the fair value hierarchy, sufficient information must be provided to allow for reconciliation between the fair value of assets categorized in the hierarchy and the balance sheet. The standard is effective for annual and interim periods beginning after December 15, 2015 with early adoption permitted. PSEG adopted this standard in the fourth quarter 2016 on a retrospective basis and has reflected the effect of the new disclosure requirements in Note 12. Pension, Other Postretirement Benefits (OPEB) and Savings Plan. Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern This accounting standard requires management to assess an entity’s ability to continue as a going concern and provide related disclosures in certain circumstances. These disclosures are only required when conditions give rise to substantial doubt about an entity’s ability to continue as a going concern within one year from the financial statement issuance date. The standard is effective for annual and interim periods beginning after December 15, 2016. PSEG adopted this standard in the fourth quarter of 2016; however, no disclosures were required this period based on the above criteria. New Standards Issued But Not Yet Adopted Revenue from Contracts with Customers This accounting standard clarifies the principles for recognizing revenue and removes inconsistencies in revenue recognition requirements; improves comparability of revenue recognition practices across entities, industries, jurisdictions and capital markets; and provides improved disclosures. The guidance provides a five-step model to be used for recognizing revenue for the transfer of promised goods and services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services. The standard is effective for annual and interim reporting periods beginning after December 15, 2017. Early application is permitted. PSEG expects the new guidance to result in more detailed disclosures of revenue compared to current guidance, and possibly changes in presentation. PSEG continues to evaluate all of its revenue streams and its contracts. Certain implementation issues continue to be debated and are currently being addressed by the AICPA’s Revenue Recognition Working Group and the FASB’s Transition Resource Group, including the ability to recognize revenue for certain contracts where there is uncertainty regarding collection from customers and accounting for contributions in aid of construction. As the ultimate impact of the new standard has not yet been determined, PSEG has not elected its transition method. Recognition and Measurement of Financial Assets and Financial Liabilities This accounting standard will change how entities measure equity investments that are not consolidated or accounted for under the equity method. Under the new guidance, equity investments (other than those accounted for using the equity method) will be measured at fair value through Net Income instead of Other Comprehensive Income (Loss). Entities that have elected the fair value option for financial liabilities will present changes in fair value due to a change in their own credit risk through Other Comprehensive Income (Loss). For equity investments which do not have readily determinable fair values, the impairment assessment will be simplified by requiring a qualitative assessment to identify impairments. The new standard also changes certain disclosures. The standard is effective for annual and interim reporting periods beginning after December 15, 2017. PSEG is currently analyzing the impact of this standard on our financial statements; however, PSEG expects increased volatility in Net Income due to changes in fair value of our equity securities within the NDT and Rabbi Trust Funds. Leases This accounting standard replaces existing lease accounting guidance and requires lessees to recognize all leases with a term greater than 12 months on the balance sheet using a right-of-use asset approach. At lease commencement, a lessee will recognize a lease asset and corresponding lease obligation. A lessee will classify its leases as either finance leases or operating leases based on whether control of the underlying assets has transferred to the lessee. A lessor will classify its leases as operating or direct financing leases, or as sales-type leases based on whether control of the underlying assets has transferred to the lessee. Both the lessee and lessor models require additional disclosure of key information. The standard requires lessees and lessors to apply a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. However, existing guidance related to leveraged leases will not change. The standard is effective for annual and interim periods beginning after December 15, 2018 with retrospective application to previously issued financial statements for 2018 and 2017. Early application is permitted. PSEG is currently analyzing the impact of this standard on its financial statements. Measurement of Credit Losses on Financial Instruments This accounting standard provides a new model for recognizing credit losses on financial assets carried at amortized cost. The new model requires entities to use an estimate of expected credit losses that will be recognized as an impairment allowance rather than a direct write-down of the amortized cost basis. The estimate of expected credit losses is to be based on past events, current conditions and supportable forecasts over a reasonable period. For purchased financial assets with credit deterioration, a similar model is to be used; however, the initial allowance will be added to the purchase price rather than reported as an allowance. Credit losses on available-for-sale securities should be measured in a manner similar to current GAAP; however, this standard requires those credit losses to be presented as an allowance, rather than a write-down. This new standard also requires additional disclosures of credit quality indicators for each class of financial asset disaggregated by year of origination. The standard is effective for annual and interim periods beginning after December 15, 2019; however, entities may adopt early beginning in the annual or interim periods after December 15, 2018. PSEG is currently analyzing the impact of this standard on its financial statements. Statement of Cash Flows: Classification of Certain Cash Receipts and Cash Payments This accounting standard reduces the diversity in practice in how certain cash receipts and cash payments are presented and classified in the Statement of Cash Flows. The standard is effective for annual and interim periods beginning after December 15, 2017; however, entities may adopt early including in an interim period. PSEG is currently analyzing the impact of this standard on its financial statements. Statement of Cash Flows: Restricted Cash This accounting standard requires entities to explain the change during the period in the total of cash and cash equivalents and include amounts described as restricted cash or restricted cash equivalents in its reconciliation of beginning of period and end-of-period amounts in the Statement of Cash Flows. The standard is effective for annual and interim periods beginning after December 15, 2017; however, entities may adopt early including in an interim period. PSEG will include those amounts that are deemed to be restricted cash and restricted cash equivalents in its cash and cash equivalents balances in the statement of cash flows as well as disclosure regarding the nature of restricted amounts. Business Combinations: Clarifying the Definition of a Business This accounting standard was issued mainly to provide more consistency in how the definition of a business is applied to acquisitions or dispositions. The new guidance will generally reduce the number of transactions that will require treatment as a business combination. The definition of a business now includes a filter that would consider whether substantially all the fair value of the gross assets acquired or disposed of is concentrated in a single identifiable asset or a group of similar identifiable assets. If this condition is met, the transaction would not qualify as a business. The standard is effective for annual and interim periods beginning after December 15, 2017; however, entities may adopt it for transactions that have closed before the effective date but have not been reported in financial statements that have been issued or made available for issuance. PSEG is currently evaluating the impact of this standard on its financial statements; however, PSEG does not expect this guidance to materially impact its financial statements upon adoption. Simplifying the Test for Goodwill Impairment This accounting standard requires an entity to perform its annual or interim goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An entity should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. Additionally, an entity should consider income tax effects from any tax deductible goodwill on the carrying amount of the reporting unit when measuring the goodwill impairment loss, if applicable. An entity should apply this standard on a prospective basis and will be required to disclose the nature of and reason for the change in accounting principle upon transition. The new standard is effective for impairment tests for periods beginning January 1, 2020. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. PSEG is currently assessing the impact of this guidance upon its financial statements.
Power [Member] |
New Accounting Pronouncement [Line Items] |
Recent Accounting Standards [Text Block] | Recent Accounting Standards New Standards Issued and Adopted Stock Compensation-Improvements to Employee Share-Based Payment Accounting This accounting standard was issued to simplify aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the Statement of Cash Flows. Under the new guidance, all excess tax benefits and tax deficiencies related to employee share-based payments will be recognized in income tax expense rather than recognized in additional paid in capital. In the Statement of Cash Flows, excess tax benefits and deficiencies will be classified with other income tax cash flows as an operating activity rather than a financing activity as currently classified. In addition, the minimum statutory tax withholding requirements were simplified in order to facilitate equity classification of the award. The standard is effective for annual and interim reporting periods beginning after December 15, 2017. Early adoption is permitted for an entity in any interim or annual period. An entity that elects early adoption must adopt all of the amendments in the same period; however, the amendments within this update require different adoption methods. PSEG adopted this standard in the fourth quarter of 2016. The impact to the financial statements was immaterial. Disclosure for Investments in Certain Entities that Calculate Net Asset Value (NAV) per Share This accounting standard eliminates the requirement to categorize, in the fair value hierarchy, investments whose fair values are measured at NAV using the practical expedient provided in the fair value guidance. The practical expedient applies to investments in mutual funds or structures similar to a mutual fund for which there is not a readily determinable fair value. Although not required in the fair value hierarchy, sufficient information must be provided to allow for reconciliation between the fair value of assets categorized in the hierarchy and the balance sheet. The standard is effective for annual and interim periods beginning after December 15, 2015 with early adoption permitted. PSEG adopted this standard in the fourth quarter 2016 on a retrospective basis and has reflected the effect of the new disclosure requirements in Note 12. Pension, Other Postretirement Benefits (OPEB) and Savings Plan. Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern This accounting standard requires management to assess an entity’s ability to continue as a going concern and provide related disclosures in certain circumstances. These disclosures are only required when conditions give rise to substantial doubt about an entity’s ability to continue as a going concern within one year from the financial statement issuance date. The standard is effective for annual and interim periods beginning after December 15, 2016. PSEG adopted this standard in the fourth quarter of 2016; however, no disclosures were required this period based on the above criteria. New Standards Issued But Not Yet Adopted Revenue from Contracts with Customers This accounting standard clarifies the principles for recognizing revenue and removes inconsistencies in revenue recognition requirements; improves comparability of revenue recognition practices across entities, industries, jurisdictions and capital markets; and provides improved disclosures. The guidance provides a five-step model to be used for recognizing revenue for the transfer of promised goods and services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services. The standard is effective for annual and interim reporting periods beginning after December 15, 2017. Early application is permitted. PSEG expects the new guidance to result in more detailed disclosures of revenue compared to current guidance, and possibly changes in presentation. PSEG continues to evaluate all of its revenue streams and its contracts. Certain implementation issues continue to be debated and are currently being addressed by the AICPA’s Revenue Recognition Working Group and the FASB’s Transition Resource Group, including the ability to recognize revenue for certain contracts where there is uncertainty regarding collection from customers and accounting for contributions in aid of construction. As the ultimate impact of the new standard has not yet been determined, PSEG has not elected its transition method. Recognition and Measurement of Financial Assets and Financial Liabilities This accounting standard will change how entities measure equity investments that are not consolidated or accounted for under the equity method. Under the new guidance, equity investments (other than those accounted for using the equity method) will be measured at fair value through Net Income instead of Other Comprehensive Income (Loss). Entities that have elected the fair value option for financial liabilities will present changes in fair value due to a change in their own credit risk through Other Comprehensive Income (Loss). For equity investments which do not have readily determinable fair values, the impairment assessment will be simplified by requiring a qualitative assessment to identify impairments. The new standard also changes certain disclosures. The standard is effective for annual and interim reporting periods beginning after December 15, 2017. PSEG is currently analyzing the impact of this standard on our financial statements; however, PSEG expects increased volatility in Net Income due to changes in fair value of our equity securities within the NDT and Rabbi Trust Funds. Leases This accounting standard replaces existing lease accounting guidance and requires lessees to recognize all leases with a term greater than 12 months on the balance sheet using a right-of-use asset approach. At lease commencement, a lessee will recognize a lease asset and corresponding lease obligation. A lessee will classify its leases as either finance leases or operating leases based on whether control of the underlying assets has transferred to the lessee. A lessor will classify its leases as operating or direct financing leases, or as sales-type leases based on whether control of the underlying assets has transferred to the lessee. Both the lessee and lessor models require additional disclosure of key information. The standard requires lessees and lessors to apply a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. However, existing guidance related to leveraged leases will not change. The standard is effective for annual and interim periods beginning after December 15, 2018 with retrospective application to previously issued financial statements for 2018 and 2017. Early application is permitted. PSEG is currently analyzing the impact of this standard on its financial statements. Measurement of Credit Losses on Financial Instruments This accounting standard provides a new model for recognizing credit losses on financial assets carried at amortized cost. The new model requires entities to use an estimate of expected credit losses that will be recognized as an impairment allowance rather than a direct write-down of the amortized cost basis. The estimate of expected credit losses is to be based on past events, current conditions and supportable forecasts over a reasonable period. For purchased financial assets with credit deterioration, a similar model is to be used; however, the initial allowance will be added to the purchase price rather than reported as an allowance. Credit losses on available-for-sale securities should be measured in a manner similar to current GAAP; however, this standard requires those credit losses to be presented as an allowance, rather than a write-down. This new standard also requires additional disclosures of credit quality indicators for each class of financial asset disaggregated by year of origination. The standard is effective for annual and interim periods beginning after December 15, 2019; however, entities may adopt early beginning in the annual or interim periods after December 15, 2018. PSEG is currently analyzing the impact of this standard on its financial statements. Statement of Cash Flows: Classification of Certain Cash Receipts and Cash Payments This accounting standard reduces the diversity in practice in how certain cash receipts and cash payments are presented and classified in the Statement of Cash Flows. The standard is effective for annual and interim periods beginning after December 15, 2017; however, entities may adopt early including in an interim period. PSEG is currently analyzing the impact of this standard on its financial statements. Statement of Cash Flows: Restricted Cash This accounting standard requires entities to explain the change during the period in the total of cash and cash equivalents and include amounts described as restricted cash or restricted cash equivalents in its reconciliation of beginning of period and end-of-period amounts in the Statement of Cash Flows. The standard is effective for annual and interim periods beginning after December 15, 2017; however, entities may adopt early including in an interim period. PSEG will include those amounts that are deemed to be restricted cash and restricted cash equivalents in its cash and cash equivalents balances in the statement of cash flows as well as disclosure regarding the nature of restricted amounts. Business Combinations: Clarifying the Definition of a Business This accounting standard was issued mainly to provide more consistency in how the definition of a business is applied to acquisitions or dispositions. The new guidance will generally reduce the number of transactions that will require treatment as a business combination. The definition of a business now includes a filter that would consider whether substantially all the fair value of the gross assets acquired or disposed of is concentrated in a single identifiable asset or a group of similar identifiable assets. If this condition is met, the transaction would not qualify as a business. The standard is effective for annual and interim periods beginning after December 15, 2017; however, entities may adopt it for transactions that have closed before the effective date but have not been reported in financial statements that have been issued or made available for issuance. PSEG is currently evaluating the impact of this standard on its financial statements; however, PSEG does not expect this guidance to materially impact its financial statements upon adoption. Simplifying the Test for Goodwill Impairment This accounting standard requires an entity to perform its annual or interim goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An entity should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. Additionally, an entity should consider income tax effects from any tax deductible goodwill on the carrying amount of the reporting unit when measuring the goodwill impairment loss, if applicable. An entity should apply this standard on a prospective basis and will be required to disclose the nature of and reason for the change in accounting principle upon transition. The new standard is effective for impairment tests for periods beginning January 1, 2020. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. PSEG is currently assessing the impact of this guidance upon its financial statements.

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