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ORGANIZATION AND BASIS OF PRESENTATION (Tables) | 12 Months Ended
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Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Schedule of Regulatory assets on the Balance Sheets | The following table provides information about the composition of net regulatory assets and liabilities as of December 31, 2023 and 2022, and the changes during the year 2023:
|  | As of December 31, |  |
Net Regulatory Assets (Liabilities) by Source |  | 2023 |  | 2022 |  | Change
|  | (In millions)
Customer payables for future income taxes |  | $ | (2,382) |  |  | $ | (2,463) |  |  | $ | 81 |
Spent nuclear fuel disposal costs |  | (83) |  |  | (83) |  |  | — |
Asset removal costs |  | (652) |  |  | (675) |  |  | 23 |
Deferred transmission costs |  | 286 |  |  | 50 |  |  | 236 |
Deferred generation costs |  | 572 |  |  | 235 |  |  | 337 |
Deferred distribution costs |  | 247 |  |  | 164 |  |  | 83 |
Storm-related costs |  | 799 |  |  | 683 |  |  | 116 |
Energy efficiency program costs |  | 198 |  |  | 94 |  |  | 104 |
New Jersey societal benefit costs |  | 79 |  |  | 94 |  |  | (15) |
Vegetation management |  | 102 |  |  | 63 |  |  | 39 |
Other |  | (11) |  |  | 24 |  |  | (35) |
Net Regulatory Liabilities included on the Consolidated Balance Sheets |  | $ | (845) |  |  | $ | (1,814) |  |  | $ | 969 |
The following table provides information about the composition of net regulatory assets that do not earn a current return as of December 31, 2023 and 2022, of which approximately $371 million and $511 million, respectively, are currently being recovered through rates over varying periods, through 2068, depending on the nature of the deferral and the jurisdiction:
Regulatory Assets by Source Not Earning a |  | As of December 31, |  |
Current Return |  | 2023 |  | 2022 |  | Change
|  |  |  | (In millions) |  |
Deferred transmission costs |  | $ | 6 |  |  | $ | 8 |  |  | $ | (2) |
Deferred generation costs |  | 432 |  |  | 262 |  |  | 170 |
Deferred distribution costs |  | 68 |  |  | 27 |  |  | 41 |
Storm-related costs |  | 602 |  |  | 568 |  |  | 34 |
Pandemic-related costs |  | 35 |  |  | 45 |  |  | (10) |
Vegetation management |  | 21 |  |  | 52 |  |  | (31) |
Other |  | 33 |  |  | 35 |  |  | (2) |
Regulatory Assets Not Earning a Current Return |  | $ | 1,197 |  |  | $ | 997 |  |  | $ | 200 |
Schedule of Goodwill | The following table presents goodwill by reporting unit as of December 31, 2023 and 2022:
(In millions) |  | Regulated Distribution |  | Regulated Transmission |  | Consolidated
Goodwill |  | $ | 5,004 |  |  | $ | 614 |  |  | $ | 5,618 |
Schedule of Property, plant and equipment balances | Property, plant and equipment balances by segment as of December 31, 2023 and 2022, were as follows:
|  | December 31, 2023
Property, Plant and Equipment |  | In Service(1) |  | Accum. Depr.(2) |  | Net Plant |  | CWIP |  | Total
|  | (In millions)
Regulated Distribution |  | $ | 33,453 |  |  | $ | (10,039) |  |  | $ | 23,414 |  |  | $ | 860 |  |  | $ | 24,274 |
Regulated Transmission |  | 15,538 |  |  | (3,178) |  |  | 12,360 |  |  | 1,208 |  |  | 13,568 |
Corporate/Other |  | 1,116 |  |  | (594) |  |  | 522 |  |  | 48 |  |  | 570 |
Total |  | $ | 50,107 |  |  | $ | (13,811) |  |  | $ | 36,296 |  |  | $ | 2,116 |  |  | $ | 38,412 |
|  | December 31, 2022
Property, Plant and Equipment |  | In Service(1) |  | Accum. Depr.(2) |  | Net Plant |  | CWIP |  | Total
|  | (In millions)
Regulated Distribution |  | $ | 32,257 |  |  | $ | (9,636) |  |  | $ | 22,621 |  |  | $ | 828 |  |  | $ | 23,449 |
Regulated Transmission |  | 14,468 |  |  | (2,978) |  |  | 11,490 |  |  | 818 |  |  | 12,308 |
Corporate/Other |  | 1,125 |  |  | (644) |  |  | 481 |  |  | 47 |  |  | 528 |
Total |  | $ | 47,850 |  |  | $ | (13,258) |  |  | $ | 34,592 |  |  | $ | 1,693 |  |  | $ | 36,285 |
(1) Includes finance leases of $68 million and $105 million as of December 31, 2023 and 2022, respectively. (2) Includes finance lease accumulated amortization of $33 million and $60 million as of December 31, 2023 and 2022, respectively.
Schedule of Changes to the asset retirement obligations | The following table summarizes the changes to the ARO balances during 2023 and 2022:
ARO Reconciliation |  | (In millions)
Balance, January 1, 2022 |  | $ | 179 |
Changes in timing and amount of estimated cash flows |  | (2) |
Liabilities settled |  | (6) |
Accretion |  | 14 |
Balance, December 31, 2022 |  | $ | 185 |
Changes in timing and amount of estimated cash flows |  | 10 |
Liabilities settled |  | (2) |
Accretion |  | 16 |
Balance, December 31, 2023 |  | $ | 209 |

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