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Income Taxes | 6 Months Ended
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Jun. 30, 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 |  | Six Months Ended |
| PSEG |  | June 30, |  | June 30, |
|  |  | 2022 |  | 2021 |  | 2022 |  | 2021 |
|  |  | Millions |
| Pre-Tax Income (Loss) |  | $ | 98 |  |  | $ | (239) |  |  | $ | (56) |  |  | $ | 526 |  |
| Tax Computed at Statutory Rate @ 21% |  | $ | 21 |  |  | $ | (50) |  |  | $ | (12) |  |  | $ | 110 |  |
| Increase (Decrease) Attributable to Flow-Through of Certain Tax Adjustments: |  |  |  |  |  |  |  |  |
| State Income Taxes (net of federal income tax) |  | 6 |  |  | (24) |  |  | (22) |  |  | 18 |  |
| NDT Fund |  | (18) |  |  | 9 |  |  | (24) |  |  | 18 |  |
| GPRC-CEF-Energy Efficiency (EE) |  | (8) |  |  | (2) |  |  | (14) |  |  | (3) |  |
| Tax Credit Amortization/ITC Recapture |  | (2) |  |  | 35 |  |  | (4) |  |  | 31 |  |
| TAC |  | (32) |  |  | (40) |  |  | (106) |  |  | (118) |  |
| Other |  | — |  |  | 10 |  |  | (3) |  |  | (1) |  |
| Subtotal |  | (54) |  |  | (12) |  |  | (173) |  |  | (55) |  |
| Total Income Tax Expense (Benefit) |  | $ | (33) |  |  | $ | (62) |  |  | $ | (185) |  |  | $ | 55 |  |
| Effective Income Tax Rate |  | (33.7) | % |  | 25.9 | % |  | 330.4 | % |  | 10.5 | % |
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, |
|  |  | 2022 |  | 2021 |  | 2022 |  | 2021 |
|  |  | Millions |
| Pre-Tax Income |  | $ | 361 |  |  | $ | 370 |  |  | $ | 959 |  |  | $ | 926 |  |
| Tax Computed at Statutory Rate @ 21% |  | $ | 76 |  |  | $ | 78 |  |  | $ | 201 |  |  | $ | 194 |  |
| Increase (Decrease) Attributable to Flow-Through of Certain Tax Adjustments: |  |  |  |  |  |  |  |  |
| State Income Taxes (net of federal income tax) |  | 25 |  |  | 25 |  |  | 67 |  |  | 63 |  |
| GPRC-CEF-EE |  | (8) |  |  | (2) |  |  | (14) |  |  | (3) |  |
| TAC |  | (32) |  |  | (40) |  |  | (106) |  |  | (118) |  |
| Other |  | (5) |  |  | — |  |  | (3) |  |  | 4 |  |
| Subtotal |  | (20) |  |  | (17) |  |  | (56) |  |  | (54) |  |
| Total Income Tax Expense (Benefit) |  | $ | 56 |  |  | $ | 61 |  |  | $ | 145 |  |  | $ | 140 |  |
| Effective Income Tax Rate |  | 15.5 | % |  | 16.5 | % |  | 15.1 | % |  | 15.1 | % |
A prolonged economic recovery can result in the enactment of additional federal and state tax legislation. Enactment of additional legislation and clarification of prior enacted tax laws could impact PSEG’s and PSE&G’s financial statements. As of June 30, 2022, PSEG had a $59 million state net operating loss (NOL) and PSE&G had a $21 million state NOL that are both 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 |  | Six Months Ended |
| PSEG |  | June 30, |  | June 30, |
|  |  | 2022 |  | 2021 |  | 2022 |  | 2021 |
|  |  | Millions |
| Pre-Tax Income (Loss) |  | $ | 98 |  |  | $ | (239) |  |  | $ | (56) |  |  | $ | 526 |  |
| Tax Computed at Statutory Rate @ 21% |  | $ | 21 |  |  | $ | (50) |  |  | $ | (12) |  |  | $ | 110 |  |
| Increase (Decrease) Attributable to Flow-Through of Certain Tax Adjustments: |  |  |  |  |  |  |  |  |
| State Income Taxes (net of federal income tax) |  | 6 |  |  | (24) |  |  | (22) |  |  | 18 |  |
| NDT Fund |  | (18) |  |  | 9 |  |  | (24) |  |  | 18 |  |
| GPRC-CEF-Energy Efficiency (EE) |  | (8) |  |  | (2) |  |  | (14) |  |  | (3) |  |
| Tax Credit Amortization/ITC Recapture |  | (2) |  |  | 35 |  |  | (4) |  |  | 31 |  |
| TAC |  | (32) |  |  | (40) |  |  | (106) |  |  | (118) |  |
| Other |  | — |  |  | 10 |  |  | (3) |  |  | (1) |  |
| Subtotal |  | (54) |  |  | (12) |  |  | (173) |  |  | (55) |  |
| Total Income Tax Expense (Benefit) |  | $ | (33) |  |  | $ | (62) |  |  | $ | (185) |  |  | $ | 55 |  |
| Effective Income Tax Rate |  | (33.7) | % |  | 25.9 | % |  | 330.4 | % |  | 10.5 | % |
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, |
|  |  | 2022 |  | 2021 |  | 2022 |  | 2021 |
|  |  | Millions |
| Pre-Tax Income |  | $ | 361 |  |  | $ | 370 |  |  | $ | 959 |  |  | $ | 926 |  |
| Tax Computed at Statutory Rate @ 21% |  | $ | 76 |  |  | $ | 78 |  |  | $ | 201 |  |  | $ | 194 |  |
| Increase (Decrease) Attributable to Flow-Through of Certain Tax Adjustments: |  |  |  |  |  |  |  |  |
| State Income Taxes (net of federal income tax) |  | 25 |  |  | 25 |  |  | 67 |  |  | 63 |  |
| GPRC-CEF-EE |  | (8) |  |  | (2) |  |  | (14) |  |  | (3) |  |
| TAC |  | (32) |  |  | (40) |  |  | (106) |  |  | (118) |  |
| Other |  | (5) |  |  | — |  |  | (3) |  |  | 4 |  |
| Subtotal |  | (20) |  |  | (17) |  |  | (56) |  |  | (54) |  |
| Total Income Tax Expense (Benefit) |  | $ | 56 |  |  | $ | 61 |  |  | $ | 145 |  |  | $ | 140 |  |
| Effective Income Tax Rate |  | 15.5 | % |  | 16.5 | % |  | 15.1 | % |  | 15.1 | % |
A prolonged economic recovery can result in the enactment of additional federal and state tax legislation. Enactment of additional legislation and clarification of prior enacted tax laws could impact PSEG’s and PSE&G’s financial statements. As of June 30, 2022, PSEG had a $59 million state net operating loss (NOL) and PSE&G had a $21 million state NOL that are both expected to be fully realized in the future.

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