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Income Taxes | 9 Months Ended
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Sep. 30, 2021
Income Taxes [Line Items] |
Income Taxes | Income Taxes 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 | % |
PSEG expects that a prolonged economic recovery may result in additional federal and state tax legislation that can have a material impact on PSEG’s, PSE&G’s and PSEG Power’s effective tax rate and cash tax position. Amounts recorded under the Tax Cuts and Jobs Act of 2017, Coronavirus Aid, Relief, and Economic Security Act and Consolidated Appropriations Act, 2021 are subject to change based on several factors, including, among other things, whether the Internal Revenue Service or state taxing authorities issue additional guidance and/or further clarification. Any further guidance or clarification could impact PSEG’s, PSE&G’s and PSEG Power’s financial statements. As of September 30, 2021, PSE&G had a $19 million New Jersey Corporate Business Tax net operating loss (NOL) that is expected to be fully realized in the future. There are no other material tax carryforwards in other jurisdictions. New Jersey State Tax Reform In September 2020, New Jersey enacted its State Fiscal Year 2021 Budget, which amended the temporary surtax originally enacted into law in 2018, from 1.5% to 2.5% for 2020 and 2021 and extended the 2.5% surtax to 2023. PSE&G continues to be exempt and this amendment will not have a material impact on PSEG’s and PSEG Power’s financial statements.
Public Service Electric and Gas Company [Member] |
Income Taxes [Line Items] |
Income Taxes | Income Taxes 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 | % |
PSEG expects that a prolonged economic recovery may result in additional federal and state tax legislation that can have a material impact on PSEG’s, PSE&G’s and PSEG Power’s effective tax rate and cash tax position. Amounts recorded under the Tax Cuts and Jobs Act of 2017, Coronavirus Aid, Relief, and Economic Security Act and Consolidated Appropriations Act, 2021 are subject to change based on several factors, including, among other things, whether the Internal Revenue Service or state taxing authorities issue additional guidance and/or further clarification. Any further guidance or clarification could impact PSEG’s, PSE&G’s and PSEG Power’s financial statements. As of September 30, 2021, PSE&G had a $19 million New Jersey Corporate Business Tax net operating loss (NOL) that is expected to be fully realized in the future. There are no other material tax carryforwards in other jurisdictions. New Jersey State Tax Reform In September 2020, New Jersey enacted its State Fiscal Year 2021 Budget, which amended the temporary surtax originally enacted into law in 2018, from 1.5% to 2.5% for 2020 and 2021 and extended the 2.5% surtax to 2023. PSE&G continues to be exempt and this amendment will not have a material impact on PSEG’s and PSEG Power’s financial statements.
PSEG Power [Member] |
Income Taxes [Line Items] |
Income Taxes | Income Taxes 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 | % |
PSEG expects that a prolonged economic recovery may result in additional federal and state tax legislation that can have a material impact on PSEG’s, PSE&G’s and PSEG Power’s effective tax rate and cash tax position. Amounts recorded under the Tax Cuts and Jobs Act of 2017, Coronavirus Aid, Relief, and Economic Security Act and Consolidated Appropriations Act, 2021 are subject to change based on several factors, including, among other things, whether the Internal Revenue Service or state taxing authorities issue additional guidance and/or further clarification. Any further guidance or clarification could impact PSEG’s, PSE&G’s and PSEG Power’s financial statements. As of September 30, 2021, PSE&G had a $19 million New Jersey Corporate Business Tax net operating loss (NOL) that is expected to be fully realized in the future. There are no other material tax carryforwards in other jurisdictions. New Jersey State Tax Reform In September 2020, New Jersey enacted its State Fiscal Year 2021 Budget, which amended the temporary surtax originally enacted into law in 2018, from 1.5% to 2.5% for 2020 and 2021 and extended the 2.5% surtax to 2023. PSE&G continues to be exempt and this amendment will not have a material impact on PSEG’s and PSEG Power’s financial statements.

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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 21 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32857-109319 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 11.C) -URI http://asc.fasb.org/extlink&oid=116825942&loc=d3e330215-122817 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 17 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32809-109319 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 6.I.5.Q1) -URI http://asc.fasb.org/extlink&oid=116825942&loc=d3e330036-122817 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 14 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32705-109319 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 270 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -URI http://asc.fasb.org/topic&trid=2144680 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 30 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331 + Details
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