XML 66 R43.htm IDEA: XBRL DOCUMENT
v3.21.2

Income Taxes (Tables) | 6 Months Ended
--- | ---
Jun. 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 |  | Six Months Ended |
| PSEG |  | June 30, |  | June 30, |
|  |  | 2021 |  | 2020 |  | 2021 |  | 2020 |
|  |  | Millions |
| Pre-Tax Income (Loss) |  | $ | (239) |  |  | $ | 560 |  |  | $ | 526 |  |  | $ | 1,052 |  |
| Tax Computed at Statutory Rate @ 21% |  | $ | (50) |  |  | $ | 118 |  |  | $ | 110 |  |  | $ | 221 |  |
| Increase (Decrease) Attributable to Flow-Through of Certain Tax Adjustments: |  |  |  |  |  |  |  |  |
| State Income Taxes (net of federal income tax) |  | (24) |  |  | 25 |  |  | 18 |  |  | 32 |  |
| NDT Fund |  | 9 |  |  | 24 |  |  | 18 |  |  | (2) |  |
| Tax Credit Amortization/ITC Recapture |  | 35 |  |  | (4) |  |  | 31 |  |  | (8) |  |
| Tax Adjustment Credit |  | (42) |  |  | (45) |  |  | (121) |  |  | (88) |  |
| Other |  | 10 |  |  | (9) |  |  | (1) |  |  | (2) |  |
| Subtotal |  | (12) |  |  | (9) |  |  | (55) |  |  | (68) |  |
| Total Income Tax Expense (Benefit) |  | $ | (62) |  |  | $ | 109 |  |  | $ | 55 |  |  | $ | 153 |  |
| Effective Income Tax Rate |  | 25.9 | % |  | 19.5 | % |  | 10.5 | % |  | 14.5 | % |
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 |  | Six Months Ended |
| PSE&G |  | June 30, |  | June 30, |
|  |  | 2021 |  | 2020 |  | 2021 |  | 2020 |
|  |  | Millions |
| Pre-Tax Income |  | $ | 370 |  |  | $ | 330 |  |  | $ | 926 |  |  | $ | 879 |  |
| Tax Computed at Statutory Rate @ 21% |  | $ | 78 |  |  | $ | 69 |  |  | $ | 194 |  |  | $ | 185 |  |
| Increase (Decrease) Attributable to Flow-Through of Certain Tax Adjustments: |  |  |  |  |  |  |  |  |
| State Income Taxes (net of federal income tax) |  | 25 |  |  | 17 |  |  | 63 |  |  | 54 |  |
| Tax Adjustment Credit |  | (42) |  |  | (45) |  |  | (121) |  |  | (88) |  |
| Other |  | — |  |  | 6 |  |  | 4 |  |  | 5 |  |
| Subtotal |  | (17) |  |  | (22) |  |  | (54) |  |  | (29) |  |
| Total Income Tax Expense (Benefit) |  | $ | 61 |  |  | $ | 47 |  |  | $ | 140 |  |  | $ | 156 |  |
| Effective Income Tax Rate |  | 16.5 | % |  | 14.2 | % |  | 15.1 | % |  | 17.7 | % |
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 |  | Six Months Ended |
| PSEG Power |  | June 30, |  | June 30, |
|  |  | 2021 |  | 2020 |  | 2021 |  | 2020 |
|  |  | Millions |
| Pre-Tax Income (Loss) |  | $ | (610) |  |  | $ | 234 |  |  | $ | (397) |  |  | $ | 177 |  |
| Tax Computed at Statutory Rate @ 21% |  | $ | (128) |  |  | $ | 49 |  |  | $ | (83) |  |  | $ | 37 |  |
| Increase (Decrease) Attributable to Flow-Through of Certain Tax Adjustments: |  |  |  |  |  |  |  |  |
| State Income Taxes (net of federal income tax) |  | (49) |  |  | 10 |  |  | (45) |  |  | (21) |  |
| NDT Fund |  | 9 |  |  | 24 |  |  | 18 |  |  | (2) |  |
| Tax Credit Amortization/ITC Recapture |  | 38 |  |  | (2) |  |  | 36 |  |  | (4) |  |
| Audit Settlement |  | — |  |  | (20) |  |  | (2) |  |  | (22) |  |
| Other |  | 3 |  |  | 3 |  |  | 1 |  |  | 6 |  |
| Subtotal |  | 1 |  |  | 15 |  |  | 8 |  |  | (43) |  |
| Total Income Tax Expense (Benefit) |  | $ | (127) |  |  | $ | 64 |  |  | $ | (75) |  |  | $ | (6) |  |
| Effective Income Tax Rate |  | 20.8 | % |  | 27.4 | % |  | 18.9 | % |  | (3.4) | % |

X
- References No definition available. + Details
Name: | us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32687-109319 + Details
Name: | us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration