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v3.22.1

Income Taxes | 3 Months Ended
--- | ---
Mar. 31, 2022
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 |
| PSEG |  |  |  | March 31, |
|  |  |  |  |  |  | 2022 |  | 2021 |
|  |  |  |  |  |  | Millions |
| Pre-Tax Income (Loss) |  |  |  |  |  | $ | (154) |  |  | $ | 765 |  |
| Tax Computed at Statutory Rate @ 21% |  |  |  |  |  | $ | (32) |  |  | $ | 161 |  |
| Increase (Decrease) Attributable to Flow-Through of Certain Tax Adjustments: |  |  |  |  |  |  |  |  |
| State Income Taxes (net of federal income tax) |  |  |  |  |  | (29) |  |  | 41 |  |
| NDT Fund |  |  |  |  |  | (6) |  |  | 8 |  |
| Audit Settlement |  |  |  |  |  | — |  |  | (7) |  |
| Green Program Recovery Charges (GPRC)-CEF-Energy Efficiency (EE) |  |  |  |  |  | (6) |  |  | (1) |  |
| Tax Adjustment Credit (TAC) |  |  |  |  |  | (73) |  |  | (78) |  |
| Other |  |  |  |  |  | (6) |  |  | (7) |  |
| Subtotal |  |  |  |  |  | (120) |  |  | (44) |  |
| Total Income Tax Expense (Benefit) |  |  |  |  |  | $ | (152) |  |  | $ | 117 |  |
| Effective Income Tax Rate |  |  |  |  |  | 98.7 | % |  | 15.3 | % |
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 |
| PSE&G |  |  |  | March 31, |
|  |  |  |  |  |  | 2022 |  | 2021 |
|  |  |  |  |  |  | Millions |
| Pre-Tax Income |  |  |  |  |  | $ | 598 |  |  | $ | 556 |  |
| Tax Computed at Statutory Rate @ 21% |  |  |  |  |  | $ | 126 |  |  | $ | 117 |  |
| Increase (Decrease) Attributable to Flow-Through of Certain Tax Adjustments: |  |  |  |  |  |  |  |  |
| State Income Taxes (net of federal income tax) |  |  |  |  |  | 41 |  |  | 38 |  |
| GPRC-CEF-EE |  |  |  |  |  | (6) |  |  | (1) |  |
| TAC |  |  |  |  |  | (73) |  |  | (78) |  |
| Other |  |  |  |  |  | 1 |  |  | 3 |  |
| Subtotal |  |  |  |  |  | (37) |  |  | (38) |  |
| Total Income Tax Expense (Benefit) |  |  |  |  |  | $ | 89 |  |  | $ | 79 |  |
| Effective Income Tax Rate |  |  |  |  |  | 14.9 | % |  | 14.2 | % |
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 and PSE&G’s effective tax rate and cash tax position. Amounts recorded under the Tax Cuts and Jobs Act of 2017 and Coronavirus Aid, Relief, and Economic Security Act are subject to change based on several factors, including 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 and PSE&G’s financial statements. As of March 31, 2022, PSE&G had a $7 million New Jersey Corporate Business Tax net operating loss (NOL) that is expected to be fully realized in the future. PSEG had a $46 million state NOL due to the sale of PSEG Power’s fossil generating portfolio that is expected to be fully realized in the future.
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 |
| PSEG |  |  |  | March 31, |
|  |  |  |  |  |  | 2022 |  | 2021 |
|  |  |  |  |  |  | Millions |
| Pre-Tax Income (Loss) |  |  |  |  |  | $ | (154) |  |  | $ | 765 |  |
| Tax Computed at Statutory Rate @ 21% |  |  |  |  |  | $ | (32) |  |  | $ | 161 |  |
| Increase (Decrease) Attributable to Flow-Through of Certain Tax Adjustments: |  |  |  |  |  |  |  |  |
| State Income Taxes (net of federal income tax) |  |  |  |  |  | (29) |  |  | 41 |  |
| NDT Fund |  |  |  |  |  | (6) |  |  | 8 |  |
| Audit Settlement |  |  |  |  |  | — |  |  | (7) |  |
| Green Program Recovery Charges (GPRC)-CEF-Energy Efficiency (EE) |  |  |  |  |  | (6) |  |  | (1) |  |
| Tax Adjustment Credit (TAC) |  |  |  |  |  | (73) |  |  | (78) |  |
| Other |  |  |  |  |  | (6) |  |  | (7) |  |
| Subtotal |  |  |  |  |  | (120) |  |  | (44) |  |
| Total Income Tax Expense (Benefit) |  |  |  |  |  | $ | (152) |  |  | $ | 117 |  |
| Effective Income Tax Rate |  |  |  |  |  | 98.7 | % |  | 15.3 | % |
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 |
| PSE&G |  |  |  | March 31, |
|  |  |  |  |  |  | 2022 |  | 2021 |
|  |  |  |  |  |  | Millions |
| Pre-Tax Income |  |  |  |  |  | $ | 598 |  |  | $ | 556 |  |
| Tax Computed at Statutory Rate @ 21% |  |  |  |  |  | $ | 126 |  |  | $ | 117 |  |
| Increase (Decrease) Attributable to Flow-Through of Certain Tax Adjustments: |  |  |  |  |  |  |  |  |
| State Income Taxes (net of federal income tax) |  |  |  |  |  | 41 |  |  | 38 |  |
| GPRC-CEF-EE |  |  |  |  |  | (6) |  |  | (1) |  |
| TAC |  |  |  |  |  | (73) |  |  | (78) |  |
| Other |  |  |  |  |  | 1 |  |  | 3 |  |
| Subtotal |  |  |  |  |  | (37) |  |  | (38) |  |
| Total Income Tax Expense (Benefit) |  |  |  |  |  | $ | 89 |  |  | $ | 79 |  |
| Effective Income Tax Rate |  |  |  |  |  | 14.9 | % |  | 14.2 | % |
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 and PSE&G’s effective tax rate and cash tax position. Amounts recorded under the Tax Cuts and Jobs Act of 2017 and Coronavirus Aid, Relief, and Economic Security Act are subject to change based on several factors, including 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 and PSE&G’s financial statements. As of March 31, 2022, PSE&G had a $7 million New Jersey Corporate Business Tax net operating loss (NOL) that is expected to be fully realized in the future. PSEG had a $46 million state NOL due to the sale of PSEG Power’s fossil generating portfolio that is expected to be fully realized in the future.

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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=121826272&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=122134291&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=121826272&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=122134291&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=121826272&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 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(h)(2)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 + Details
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