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Asset Retirement Obligations (AROs) | 12 Months Ended
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Dec. 31, 2017
Asset Retirement Obligation [Line Items] |
Asset Retirement Obligations (AROs) | Asset Retirement Obligations (AROs) PSEG, PSE&G and Power recognize liabilities for the expected cost of retiring long-lived assets for which a legal obligation exists to remove or dispose of an asset or some component of an asset at retirement. These AROs are recorded at fair value in the period in which they are incurred and are capitalized as part of the carrying amount of the related long-lived assets. PSE&G, as a rate-regulated entity, recognizes regulatory assets or liabilities as a result of timing differences between the recording of costs and costs recovered through the rate-making process. We accrete the ARO liability to reflect the passage of time with the corresponding expense recorded in Operation and Maintenance. PSE&G has conditional AROs primarily for legal obligations related to the removal of treated wood poles and the requirement to seal natural gas pipelines at all sources of gas when the pipelines are no longer in service. PSE&G does not record an ARO for its protected steel and poly-based natural gas lines, as management believes that these categories of gas lines have an indeterminable life. Power’s ARO liability primarily relates to the decommissioning of its nuclear power plants in accordance with NRC requirements. Power has an independent external trust that is intended to fund decommissioning of its nuclear facilities upon termination of operation. For additional information, see Note 9. Available-for-Sale Securities. Power also identified conditional AROs primarily related to Power’s fossil generation units and solar facilities, including liabilities for removal of asbestos, ash ponds, stored hazardous liquid material and underground storage tanks from industrial power sites, and demolition of certain plants, and the restoration of the sites at which they reside, when the plants are no longer in service. To estimate the fair value of its AROs, Power uses a probability weighted, discounted cash flow model which, on a unit by unit basis, considers multiple outcome scenarios that include significant estimates and assumptions, and are based on third-party decommissioning cost estimates, cost escalation rates, inflation rates and discount rates. Updated cost studies are obtained triennially unless new information necessitates more frequent updates. The most recent cost study was done in 2015. When assumptions are revised to calculate fair values of existing AROs, the ARO balance and corresponding long-lived asset are adjusted which impact the amount of accretion and depreciation expense recognized in future periods. For PSE&G, Regulatory Assets and Regulatory Liabilities result when accretion and amortization are adjusted to match rates established by regulators resulting in the regulatory deferral of any gain or loss. The changes to the ARO liabilities for PSEG, PSE&G and Power during 2016 and 2017 are presented in the following table:
|  |  | PSEG |  | PSE&G |  | Power |  | Other |
|  |  | Millions |
| ARO Liability as of January 1, 2016 |  | $ | 679 |  |  | $ | 218 |  |  | $ | 457 |  |  | $ | 4 |  |
| Liabilities Settled |  | (13 | ) |  | (9 | ) |  | (4 | ) |  | — |  |
| Liabilities Incurred |  | 25 |  |  | 2 |  |  | 23 |  |  | — |  |
| Accretion Expense |  | 26 |  |  | — |  |  | 26 |  |  | — |  |
| Accretion Expense Deferred and Recovered in Rate Base (A) |  | 12 |  |  | 12 |  |  | — |  |  | — |  |
| Revision to Present Values of Estimated Cash Flows |  | (3 | ) |  | (10 | ) |  | 9 |  |  | (2 | ) |
| ARO Liability as of December 31, 2016 |  | $ | 726 |  |  | $ | 213 |  |  | $ | 511 |  |  | $ | 2 |  |
| Liabilities Settled |  | (29 | ) |  | (8 | ) |  | (21 | ) |  | — |  |
| Liabilities Incurred |  | 1 |  |  | — |  |  | 1 |  |  | — |  |
| Accretion Expense |  | 30 |  |  | — |  |  | 30 |  |  | — |  |
| Accretion Expense Deferred and Recovered in Rate Base (A) |  | 12 |  |  | 12 |  |  | — |  |  | — |  |
| Revision to Present Values of Estimated Cash Flows |  | 284 |  |  | (5 | ) |  | 289 |  |  | — |  |
| ARO Liability as of December 31, 2017 |  | $ | 1,024 |  |  | $ | 212 |  |  | $ | 810 |  |  | $ | 2 |  |
(A) | Not reflected as expense in Consolidated Statements of Operations
During 2017, PSE&G recorded a reduction to its ARO liabilities primarily due to the impact of settlements and changes to cash flow estimates. These changes had no impact in PSE&G’s Consolidated Statement of Operations. During 2017, Power recorded an increase to its ARO liabilities primarily due to a higher assumed probability of early retirement of its nuclear units of $276 million (See Note 3. Early Plant Retirements for additional information).
PSE&G [Member] |
Asset Retirement Obligation [Line Items] |
Asset Retirement Obligations (AROs) | Asset Retirement Obligations (AROs) PSEG, PSE&G and Power recognize liabilities for the expected cost of retiring long-lived assets for which a legal obligation exists to remove or dispose of an asset or some component of an asset at retirement. These AROs are recorded at fair value in the period in which they are incurred and are capitalized as part of the carrying amount of the related long-lived assets. PSE&G, as a rate-regulated entity, recognizes regulatory assets or liabilities as a result of timing differences between the recording of costs and costs recovered through the rate-making process. We accrete the ARO liability to reflect the passage of time with the corresponding expense recorded in Operation and Maintenance. PSE&G has conditional AROs primarily for legal obligations related to the removal of treated wood poles and the requirement to seal natural gas pipelines at all sources of gas when the pipelines are no longer in service. PSE&G does not record an ARO for its protected steel and poly-based natural gas lines, as management believes that these categories of gas lines have an indeterminable life. Power’s ARO liability primarily relates to the decommissioning of its nuclear power plants in accordance with NRC requirements. Power has an independent external trust that is intended to fund decommissioning of its nuclear facilities upon termination of operation. For additional information, see Note 9. Available-for-Sale Securities. Power also identified conditional AROs primarily related to Power’s fossil generation units and solar facilities, including liabilities for removal of asbestos, ash ponds, stored hazardous liquid material and underground storage tanks from industrial power sites, and demolition of certain plants, and the restoration of the sites at which they reside, when the plants are no longer in service. To estimate the fair value of its AROs, Power uses a probability weighted, discounted cash flow model which, on a unit by unit basis, considers multiple outcome scenarios that include significant estimates and assumptions, and are based on third-party decommissioning cost estimates, cost escalation rates, inflation rates and discount rates. Updated cost studies are obtained triennially unless new information necessitates more frequent updates. The most recent cost study was done in 2015. When assumptions are revised to calculate fair values of existing AROs, the ARO balance and corresponding long-lived asset are adjusted which impact the amount of accretion and depreciation expense recognized in future periods. For PSE&G, Regulatory Assets and Regulatory Liabilities result when accretion and amortization are adjusted to match rates established by regulators resulting in the regulatory deferral of any gain or loss. The changes to the ARO liabilities for PSEG, PSE&G and Power during 2016 and 2017 are presented in the following table:
|  |  | PSEG |  | PSE&G |  | Power |  | Other |
|  |  | Millions |
| ARO Liability as of January 1, 2016 |  | $ | 679 |  |  | $ | 218 |  |  | $ | 457 |  |  | $ | 4 |  |
| Liabilities Settled |  | (13 | ) |  | (9 | ) |  | (4 | ) |  | — |  |
| Liabilities Incurred |  | 25 |  |  | 2 |  |  | 23 |  |  | — |  |
| Accretion Expense |  | 26 |  |  | — |  |  | 26 |  |  | — |  |
| Accretion Expense Deferred and Recovered in Rate Base (A) |  | 12 |  |  | 12 |  |  | — |  |  | — |  |
| Revision to Present Values of Estimated Cash Flows |  | (3 | ) |  | (10 | ) |  | 9 |  |  | (2 | ) |
| ARO Liability as of December 31, 2016 |  | $ | 726 |  |  | $ | 213 |  |  | $ | 511 |  |  | $ | 2 |  |
| Liabilities Settled |  | (29 | ) |  | (8 | ) |  | (21 | ) |  | — |  |
| Liabilities Incurred |  | 1 |  |  | — |  |  | 1 |  |  | — |  |
| Accretion Expense |  | 30 |  |  | — |  |  | 30 |  |  | — |  |
| Accretion Expense Deferred and Recovered in Rate Base (A) |  | 12 |  |  | 12 |  |  | — |  |  | — |  |
| Revision to Present Values of Estimated Cash Flows |  | 284 |  |  | (5 | ) |  | 289 |  |  | — |  |
| ARO Liability as of December 31, 2017 |  | $ | 1,024 |  |  | $ | 212 |  |  | $ | 810 |  |  | $ | 2 |  |
(A) | Not reflected as expense in Consolidated Statements of Operations
During 2017, PSE&G recorded a reduction to its ARO liabilities primarily due to the impact of settlements and changes to cash flow estimates. These changes had no impact in PSE&G’s Consolidated Statement of Operations. During 2017, Power recorded an increase to its ARO liabilities primarily due to a higher assumed probability of early retirement of its nuclear units of $276 million (See Note 3. Early Plant Retirements for additional information).
Power [Member] |
Asset Retirement Obligation [Line Items] |
Asset Retirement Obligations (AROs) | Asset Retirement Obligations (AROs) PSEG, PSE&G and Power recognize liabilities for the expected cost of retiring long-lived assets for which a legal obligation exists to remove or dispose of an asset or some component of an asset at retirement. These AROs are recorded at fair value in the period in which they are incurred and are capitalized as part of the carrying amount of the related long-lived assets. PSE&G, as a rate-regulated entity, recognizes regulatory assets or liabilities as a result of timing differences between the recording of costs and costs recovered through the rate-making process. We accrete the ARO liability to reflect the passage of time with the corresponding expense recorded in Operation and Maintenance. PSE&G has conditional AROs primarily for legal obligations related to the removal of treated wood poles and the requirement to seal natural gas pipelines at all sources of gas when the pipelines are no longer in service. PSE&G does not record an ARO for its protected steel and poly-based natural gas lines, as management believes that these categories of gas lines have an indeterminable life. Power’s ARO liability primarily relates to the decommissioning of its nuclear power plants in accordance with NRC requirements. Power has an independent external trust that is intended to fund decommissioning of its nuclear facilities upon termination of operation. For additional information, see Note 9. Available-for-Sale Securities. Power also identified conditional AROs primarily related to Power’s fossil generation units and solar facilities, including liabilities for removal of asbestos, ash ponds, stored hazardous liquid material and underground storage tanks from industrial power sites, and demolition of certain plants, and the restoration of the sites at which they reside, when the plants are no longer in service. To estimate the fair value of its AROs, Power uses a probability weighted, discounted cash flow model which, on a unit by unit basis, considers multiple outcome scenarios that include significant estimates and assumptions, and are based on third-party decommissioning cost estimates, cost escalation rates, inflation rates and discount rates. Updated cost studies are obtained triennially unless new information necessitates more frequent updates. The most recent cost study was done in 2015. When assumptions are revised to calculate fair values of existing AROs, the ARO balance and corresponding long-lived asset are adjusted which impact the amount of accretion and depreciation expense recognized in future periods. For PSE&G, Regulatory Assets and Regulatory Liabilities result when accretion and amortization are adjusted to match rates established by regulators resulting in the regulatory deferral of any gain or loss. The changes to the ARO liabilities for PSEG, PSE&G and Power during 2016 and 2017 are presented in the following table:
|  |  | PSEG |  | PSE&G |  | Power |  | Other |
|  |  | Millions |
| ARO Liability as of January 1, 2016 |  | $ | 679 |  |  | $ | 218 |  |  | $ | 457 |  |  | $ | 4 |  |
| Liabilities Settled |  | (13 | ) |  | (9 | ) |  | (4 | ) |  | — |  |
| Liabilities Incurred |  | 25 |  |  | 2 |  |  | 23 |  |  | — |  |
| Accretion Expense |  | 26 |  |  | — |  |  | 26 |  |  | — |  |
| Accretion Expense Deferred and Recovered in Rate Base (A) |  | 12 |  |  | 12 |  |  | — |  |  | — |  |
| Revision to Present Values of Estimated Cash Flows |  | (3 | ) |  | (10 | ) |  | 9 |  |  | (2 | ) |
| ARO Liability as of December 31, 2016 |  | $ | 726 |  |  | $ | 213 |  |  | $ | 511 |  |  | $ | 2 |  |
| Liabilities Settled |  | (29 | ) |  | (8 | ) |  | (21 | ) |  | — |  |
| Liabilities Incurred |  | 1 |  |  | — |  |  | 1 |  |  | — |  |
| Accretion Expense |  | 30 |  |  | — |  |  | 30 |  |  | — |  |
| Accretion Expense Deferred and Recovered in Rate Base (A) |  | 12 |  |  | 12 |  |  | — |  |  | — |  |
| Revision to Present Values of Estimated Cash Flows |  | 284 |  |  | (5 | ) |  | 289 |  |  | — |  |
| ARO Liability as of December 31, 2017 |  | $ | 1,024 |  |  | $ | 212 |  |  | $ | 810 |  |  | $ | 2 |  |
(A) | Not reflected as expense in Consolidated Statements of Operations
During 2017, PSE&G recorded a reduction to its ARO liabilities primarily due to the impact of settlements and changes to cash flow estimates. These changes had no impact in PSE&G’s Consolidated Statement of Operations. During 2017, Power recorded an increase to its ARO liabilities primarily due to a higher assumed probability of early retirement of its nuclear units of $276 million (See Note 3. Early Plant Retirements for additional information).

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- Definition The entire disclosure for an asset retirement obligation and the associated long-lived asset. An asset retirement obligation is a legal obligation associated with the disposal or retirement from service of a tangible long-lived asset that results from the acquisition, construction or development, or the normal operations of a long-lived asset, except for certain obligations of lessees. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 410 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=2175671 + Details
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