XML 38 R24.htm IDEA: XBRL DOCUMENT
v3.23.3

Income Taxes | 9 Months Ended
--- | ---
Sep. 30, 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 |  | Nine Months Ended |
| PSEG |  | September 30, |  | September 30, |
|  |  | 2023 |  | 2022 |  | 2023 |  | 2022 |
|  |  | Millions |
| Pre-Tax Income (Loss) |  | $ | 65 |  |  | $ | 55 |  |  | $ | 2,394 |  |  | $ | (1) |  |
| Tax Computed at Statutory Rate @ 21% |  | $ | 14 |  |  | $ | 12 |  |  | $ | 503 |  |  | $ | — |  |
| Increase (Decrease) Attributable to Flow-Through of Certain Tax Adjustments: |  |  |  |  |  |  |  |  |
| State Income Taxes (net of federal income tax) |  | (1) |  |  | 7 |  |  | 157 |  |  | (16) |  |
| NDT Fund |  | (3) |  |  | (10) |  |  | 11 |  |  | (34) |  |
| Uncertain Tax Positions |  | 1 |  |  | (5) |  |  | (6) |  |  | (6) |  |
| Leasing Activities |  | — |  |  | — |  |  | (17) |  |  | — |  |
| GPRC-Clean Energy Future (CEF)-EE |  | (13) |  |  | (11) |  |  | (36) |  |  | (25) |  |
| Tax Credits |  | (2) |  |  | (2) |  |  | (7) |  |  | (6) |  |
| Estimated Annual Effective Tax Rate Interim Period Adjustment |  | 9 |  |  | (7) |  |  | (7) |  |  | (14) |  |
| TAC |  | (62) |  |  | (44) |  |  | (188) |  |  | (150) |  |
| Bad Debt Flow-Through |  | (2) |  |  | (2) |  |  | (9) |  |  | (2) |  |
| Other |  | (15) |  |  | 3 |  |  | (24) |  |  | 9 |  |
| Subtotal |  | (88) |  |  | (71) |  |  | (126) |  |  | (244) |  |
| Total Income Tax Expense (Benefit) |  | $ | (74) |  |  | $ | (59) |  |  | $ | 377 |  |  | $ | (244) |  |
| Effective Income Tax Rate |  | N/A |  | N/A |  | 15.7 | % |  | N/A |
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, |
|  |  | 2023 |  | 2022 |  | 2023 |  | 2022 |
|  |  | Millions |
| Pre-Tax Income |  | $ | 454 |  |  | $ | 468 |  |  | $ | 1,365 |  |  | $ | 1,427 |  |
| Tax Computed at Statutory Rate @ 21% |  | $ | 95 |  |  | $ | 98 |  |  | $ | 287 |  |  | $ | 300 |  |
| Increase (Decrease) Attributable to Flow-Through of Certain Tax Adjustments: |  |  |  |  |  |  |  |  |
| State Income Taxes (net of federal income tax) |  | 33 |  |  | 32 |  |  | 100 |  |  | 99 |  |
| Uncertain Tax Positions |  | — |  |  | — |  |  | (5) |  |  | — |  |
| Tax Credits |  | (2) |  |  | (2) |  |  | (7) |  |  | (6) |  |
| GPRC-CEF-EE |  | (13) |  |  | (11) |  |  | (36) |  |  | (25) |  |
| TAC |  | (62) |  |  | (44) |  |  | (188) |  |  | (150) |  |
| Bad Debt Flow-Through |  | (2) |  |  | (2) |  |  | (9) |  |  | (2) |  |
| Other |  | 4 |  |  | (2) |  |  | (1) |  |  | (2) |  |
| Subtotal |  | (42) |  |  | (29) |  |  | (146) |  |  | (86) |  |
| Total Income Tax Expense (Benefit) |  | $ | 53 |  |  | $ | 69 |  |  | $ | 141 |  |  | $ | 214 |  |
| Effective Income Tax Rate |  | 11.7 | % |  | 14.7 | % |  | 10.3 | % |  | 15.0 | % |
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 proposed regulations and 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 September 30, 2023, PSEG had a $51 million state net operating loss (NOL) and PSE&G had a $58 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 |  | Nine Months Ended |
| PSEG |  | September 30, |  | September 30, |
|  |  | 2023 |  | 2022 |  | 2023 |  | 2022 |
|  |  | Millions |
| Pre-Tax Income (Loss) |  | $ | 65 |  |  | $ | 55 |  |  | $ | 2,394 |  |  | $ | (1) |  |
| Tax Computed at Statutory Rate @ 21% |  | $ | 14 |  |  | $ | 12 |  |  | $ | 503 |  |  | $ | — |  |
| Increase (Decrease) Attributable to Flow-Through of Certain Tax Adjustments: |  |  |  |  |  |  |  |  |
| State Income Taxes (net of federal income tax) |  | (1) |  |  | 7 |  |  | 157 |  |  | (16) |  |
| NDT Fund |  | (3) |  |  | (10) |  |  | 11 |  |  | (34) |  |
| Uncertain Tax Positions |  | 1 |  |  | (5) |  |  | (6) |  |  | (6) |  |
| Leasing Activities |  | — |  |  | — |  |  | (17) |  |  | — |  |
| GPRC-Clean Energy Future (CEF)-EE |  | (13) |  |  | (11) |  |  | (36) |  |  | (25) |  |
| Tax Credits |  | (2) |  |  | (2) |  |  | (7) |  |  | (6) |  |
| Estimated Annual Effective Tax Rate Interim Period Adjustment |  | 9 |  |  | (7) |  |  | (7) |  |  | (14) |  |
| TAC |  | (62) |  |  | (44) |  |  | (188) |  |  | (150) |  |
| Bad Debt Flow-Through |  | (2) |  |  | (2) |  |  | (9) |  |  | (2) |  |
| Other |  | (15) |  |  | 3 |  |  | (24) |  |  | 9 |  |
| Subtotal |  | (88) |  |  | (71) |  |  | (126) |  |  | (244) |  |
| Total Income Tax Expense (Benefit) |  | $ | (74) |  |  | $ | (59) |  |  | $ | 377 |  |  | $ | (244) |  |
| Effective Income Tax Rate |  | N/A |  | N/A |  | 15.7 | % |  | N/A |
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, |
|  |  | 2023 |  | 2022 |  | 2023 |  | 2022 |
|  |  | Millions |
| Pre-Tax Income |  | $ | 454 |  |  | $ | 468 |  |  | $ | 1,365 |  |  | $ | 1,427 |  |
| Tax Computed at Statutory Rate @ 21% |  | $ | 95 |  |  | $ | 98 |  |  | $ | 287 |  |  | $ | 300 |  |
| Increase (Decrease) Attributable to Flow-Through of Certain Tax Adjustments: |  |  |  |  |  |  |  |  |
| State Income Taxes (net of federal income tax) |  | 33 |  |  | 32 |  |  | 100 |  |  | 99 |  |
| Uncertain Tax Positions |  | — |  |  | — |  |  | (5) |  |  | — |  |
| Tax Credits |  | (2) |  |  | (2) |  |  | (7) |  |  | (6) |  |
| GPRC-CEF-EE |  | (13) |  |  | (11) |  |  | (36) |  |  | (25) |  |
| TAC |  | (62) |  |  | (44) |  |  | (188) |  |  | (150) |  |
| Bad Debt Flow-Through |  | (2) |  |  | (2) |  |  | (9) |  |  | (2) |  |
| Other |  | 4 |  |  | (2) |  |  | (1) |  |  | (2) |  |
| Subtotal |  | (42) |  |  | (29) |  |  | (146) |  |  | (86) |  |
| Total Income Tax Expense (Benefit) |  | $ | 53 |  |  | $ | 69 |  |  | $ | 141 |  |  | $ | 214 |  |
| Effective Income Tax Rate |  | 11.7 | % |  | 14.7 | % |  | 10.3 | % |  | 15.0 | % |
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 proposed regulations and 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 September 30, 2023, PSEG had a $51 million state net operating loss (NOL) and PSE&G had a $58 million New Jersey Corporate Business Tax NOL that are both expected to be fully realized in the future.

X
- Definition Income Taxes [Line Items] + References No definition available. + Details
Name: | pseg_IncomeTaxesLineItems
Namespace Prefix: | pseg_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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 -Topic 946 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480990/946-20-50-13 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(h)(2)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//740/tableOfContent Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 14 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-14 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-21 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 270 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482526/740-270-50-1 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 17 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-17 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 6.I.5.Q1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 11.C) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482603/740-30-50-2 + Details
Name: | us-gaap_IncomeTaxDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Details
Name: | dei_LegalEntityAxis=pseg_PublicServiceElectricandGasCompanyMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |