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v3.23.1

Income Taxes | 3 Months Ended
--- | ---
Mar. 31, 2023
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, |
|  |  |  |  |  |  | 2023 |  | 2022 |
|  |  |  |  |  |  | Millions |
| Pre-Tax Income (Loss) |  |  |  |  |  | $ | 1,585 |  |  | $ | (154) |  |
| Tax Computed at Statutory Rate @ 21% |  |  |  |  |  | $ | 333 |  |  | $ | (32) |  |
| Increase (Decrease) Attributable to Flow-Through of Certain Tax Adjustments: |  |  |  |  |  |  |  |  |
| State Income Taxes (net of federal income tax) |  |  |  |  |  | 108 |  |  | (29) |  |
| Uncertain Tax Positions |  |  |  |  |  | (6) |  |  | (3) |  |
| Leasing Activities |  |  |  |  |  | (17) |  |  | — |  |
| Green Program Recovery Charges (GPRC)-Clean Energy Future (CEF)-EE |  |  |  |  |  | (16) |  |  | (6) |  |
| Estimated Annual Effective Tax Rate Interim Period Adjustment |  |  |  |  |  | (23) |  |  | (12) |  |
| Tax Adjustment Credit (TAC) |  |  |  |  |  | (75) |  |  | (73) |  |
| Other |  |  |  |  |  | (6) |  |  | 3 |  |
| Subtotal |  |  |  |  |  | (35) |  |  | (120) |  |
| Total Income Tax Expense (Benefit) |  |  |  |  |  | $ | 298 |  |  | $ | (152) |  |
| Effective Income Tax Rate |  |  |  |  |  | 18.8 | % |  | 98.7 | % |
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 |
| PSE&G |  |  |  | March 31, |
|  |  |  |  |  |  | 2023 |  | 2022 |
|  |  |  |  |  |  | Millions |
| Pre-Tax Income |  |  |  |  |  | $ | 541 |  |  | $ | 598 |  |
| Tax Computed at Statutory Rate @ 21% |  |  |  |  |  | $ | 114 |  |  | $ | 126 |  |
| Increase (Decrease) Attributable to Flow-Through of Certain Tax Adjustments: |  |  |  |  |  |  |  |  |
| State Income Taxes (net of federal income tax) |  |  |  |  |  | 38 |  |  | 41 |  |
| GPRC-CEF-EE |  |  |  |  |  | (16) |  |  | (6) |  |
| TAC |  |  |  |  |  | (75) |  |  | (73) |  |
| Other |  |  |  |  |  | (7) |  |  | 1 |  |
| Subtotal |  |  |  |  |  | (60) |  |  | (37) |  |
| Total Income Tax Expense (Benefit) |  |  |  |  |  | $ | 54 |  |  | $ | 89 |  |
| Effective Income Tax Rate |  |  |  |  |  | 10.0 | % |  | 14.9 | % |
PSEG’s and PSE&G’s total income tax expense (benefit) for interim periods is determined using an estimated annual effective tax rate, adjusted for discrete items, if any, that are taken into account in the relevant period. Each quarter, PSEG and PSE&G update the respective estimated annual effective tax rates, and if the estimated tax rate changes, PSEG and PSE&G make cumulative adjustments. 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. In August 2022, the IRA was signed into law. The IRA made certain changes to existing energy tax credit laws and enacted a new 15% corporate alternative minimum tax (CAMT), effective in 2023. Changes to the energy tax credit laws include: increases to the PTC rate, a new PTC for electricity generation using nuclear energy, expanded technologies that are eligible for energy tax credits, and the transferability of the energy tax credits. See Note 3. Early Plant Retirements/Asset Dispositions and Impairments for additional information on the nuclear PTC. Since the enactment of the IRA, the U.S. Treasury issued various Notices that provide interim guidance on several provisions of the IRA, including the CAMT. The Notices state that the U.S. Treasury anticipates issuing additional guidance including proposed and final regulations. Many aspects of the IRA remain unclear and in need of further guidance; therefore, the impact the IRA will have on PSEG's and PSE&G's financial statements is subject to continued evaluation. In April 2023, the U.S. Treasury issued Revenue Procedure 2023-15 that provides a safe harbor method of accounting to determine the annual repair tax deduction for gas transmission and distribution property. The impact, if any, this may have on PSEG and PSE&G’s financial statements has not yet been determined. As of March 31, 2023, PSEG had a $45 million state net operating loss (NOL) and PSE&G had a $32 million New Jersey Corporate Business Tax 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 |
| PSEG |  |  |  | March 31, |
|  |  |  |  |  |  | 2023 |  | 2022 |
|  |  |  |  |  |  | Millions |
| Pre-Tax Income (Loss) |  |  |  |  |  | $ | 1,585 |  |  | $ | (154) |  |
| Tax Computed at Statutory Rate @ 21% |  |  |  |  |  | $ | 333 |  |  | $ | (32) |  |
| Increase (Decrease) Attributable to Flow-Through of Certain Tax Adjustments: |  |  |  |  |  |  |  |  |
| State Income Taxes (net of federal income tax) |  |  |  |  |  | 108 |  |  | (29) |  |
| Uncertain Tax Positions |  |  |  |  |  | (6) |  |  | (3) |  |
| Leasing Activities |  |  |  |  |  | (17) |  |  | — |  |
| Green Program Recovery Charges (GPRC)-Clean Energy Future (CEF)-EE |  |  |  |  |  | (16) |  |  | (6) |  |
| Estimated Annual Effective Tax Rate Interim Period Adjustment |  |  |  |  |  | (23) |  |  | (12) |  |
| Tax Adjustment Credit (TAC) |  |  |  |  |  | (75) |  |  | (73) |  |
| Other |  |  |  |  |  | (6) |  |  | 3 |  |
| Subtotal |  |  |  |  |  | (35) |  |  | (120) |  |
| Total Income Tax Expense (Benefit) |  |  |  |  |  | $ | 298 |  |  | $ | (152) |  |
| Effective Income Tax Rate |  |  |  |  |  | 18.8 | % |  | 98.7 | % |
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 |
| PSE&G |  |  |  | March 31, |
|  |  |  |  |  |  | 2023 |  | 2022 |
|  |  |  |  |  |  | Millions |
| Pre-Tax Income |  |  |  |  |  | $ | 541 |  |  | $ | 598 |  |
| Tax Computed at Statutory Rate @ 21% |  |  |  |  |  | $ | 114 |  |  | $ | 126 |  |
| Increase (Decrease) Attributable to Flow-Through of Certain Tax Adjustments: |  |  |  |  |  |  |  |  |
| State Income Taxes (net of federal income tax) |  |  |  |  |  | 38 |  |  | 41 |  |
| GPRC-CEF-EE |  |  |  |  |  | (16) |  |  | (6) |  |
| TAC |  |  |  |  |  | (75) |  |  | (73) |  |
| Other |  |  |  |  |  | (7) |  |  | 1 |  |
| Subtotal |  |  |  |  |  | (60) |  |  | (37) |  |
| Total Income Tax Expense (Benefit) |  |  |  |  |  | $ | 54 |  |  | $ | 89 |  |
| Effective Income Tax Rate |  |  |  |  |  | 10.0 | % |  | 14.9 | % |
PSEG’s and PSE&G’s total income tax expense (benefit) for interim periods is determined using an estimated annual effective tax rate, adjusted for discrete items, if any, that are taken into account in the relevant period. Each quarter, PSEG and PSE&G update the respective estimated annual effective tax rates, and if the estimated tax rate changes, PSEG and PSE&G make cumulative adjustments. 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. In August 2022, the IRA was signed into law. The IRA made certain changes to existing energy tax credit laws and enacted a new 15% corporate alternative minimum tax (CAMT), effective in 2023. Changes to the energy tax credit laws include: increases to the PTC rate, a new PTC for electricity generation using nuclear energy, expanded technologies that are eligible for energy tax credits, and the transferability of the energy tax credits. See Note 3. Early Plant Retirements/Asset Dispositions and Impairments for additional information on the nuclear PTC. Since the enactment of the IRA, the U.S. Treasury issued various Notices that provide interim guidance on several provisions of the IRA, including the CAMT. The Notices state that the U.S. Treasury anticipates issuing additional guidance including proposed and final regulations. Many aspects of the IRA remain unclear and in need of further guidance; therefore, the impact the IRA will have on PSEG's and PSE&G's financial statements is subject to continued evaluation. In April 2023, the U.S. Treasury issued Revenue Procedure 2023-15 that provides a safe harbor method of accounting to determine the annual repair tax deduction for gas transmission and distribution property. The impact, if any, this may have on PSEG and PSE&G’s financial statements has not yet been determined. As of March 31, 2023, PSEG had a $45 million state net operating loss (NOL) and PSE&G had a $32 million New Jersey Corporate Business Tax NOL that are both expected to be fully realized in the future.

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