Commission File Number | Registrants, State of Incorporation, Address, and Telephone Number | I.R.S. Employer Identification No. | ||
001-09120 | PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED (A New Jersey Corporation) 80 Park Plaza Newark, New Jersey 07102 973 430-7000 | 22-2625848 | ||
001-00973 | PUBLIC SERVICE ELECTRIC AND GAS COMPANY (A New Jersey Corporation) 80 Park Plaza Newark, New Jersey 07102 973 430-7000 | 22-1212800 | ||
001-34232 | PSEG POWER LLC (A Delaware Limited Liability Company) 80 Park Plaza Newark, New Jersey 07102 973 430-7000 | 22-3663480 |
Public Service Enterprise Group Incorporated | Large accelerated filer x | Accelerated filer o | Non-accelerated filer o | Smaller reporting company o | Emerging growth company o |
Public Service Electric and Gas Company | Large accelerated filer o | Accelerated filer o | Non-accelerated filer x | Smaller reporting company o | Emerging growth company o |
PSEG Power LLC | Large accelerated filer o | Accelerated filer o | Non-accelerated filer x | Smaller reporting company o | Emerging growth company o |
Page | ||
FILING FORMAT | ||
PART I. FINANCIAL INFORMATION | ||
Item 1. | Financial Statements | |
Notes to Condensed Consolidated Financial Statements | ||
Note 1. Organization, Basis of Presentation and Significant Accounting Policies | ||
Note 2. Recent Accounting Standards | ||
Note 3. Revenues | ||
Note 4. Early Plant Retirements | ||
Note 5. Variable Interest Entity (VIE) | ||
Note 6. Rate Filings | ||
Note 7. Financing Receivables | ||
Note 8. Trust Investments | ||
Note 9. Pension and Other Postretirement Benefits (OPEB) | ||
Note 10. Commitments and Contingent Liabilities | ||
Note 11. Debt and Credit Facilities | ||
Note 12. Financial Risk Management Activities | ||
Note 13. Fair Value Measurements | ||
Note 14. Other Income (Deductions) | ||
Note 15. Income Taxes | ||
Note 16. Accumulated Other Comprehensive Income (Loss), Net of Tax | ||
Note 17. Earnings Per Share (EPS) and Dividends | ||
Note 18. Financial Information by Business Segment | ||
Note 19. Related-Party Transactions | ||
Note 20. Guarantees of Debt | ||
Item 2. | ||
Executive Overview of 2018 and Future Outlook | ||
Item 3. | ||
Item 4. | ||
PART II. OTHER INFORMATION | ||
Item 1. | ||
Item 1A. | ||
Item 2. | ||
Item 5. | ||
Item 6. | ||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||||
OPERATING REVENUES | $ | 2,016 | $ | 2,142 | $ | 4,834 | $ | 4,733 | |||||||||
OPERATING EXPENSES | |||||||||||||||||
Energy Costs | 600 | 588 | 1,552 | 1,456 | |||||||||||||
Operation and Maintenance | 725 | 718 | 1,479 | 1,435 | |||||||||||||
Depreciation and Amortization | 280 | 641 | 560 | 1,469 | |||||||||||||
Total Operating Expenses | 1,605 | 1,947 | 3,591 | 4,360 | |||||||||||||
OPERATING INCOME | 411 | 195 | 1,243 | 373 | |||||||||||||
Income from Equity Method Investments | 5 | 5 | 7 | 8 | |||||||||||||
Net Gains (Losses) on Trust Investments | 8 | 25 | (14 | ) | 53 | ||||||||||||
Other Income (Deductions) | 34 | 33 | 66 | 65 | |||||||||||||
Non-Operating Pension and OPEB Credits (Costs) | 19 | 1 | 38 | 1 | |||||||||||||
Interest Expense | (111 | ) | (91 | ) | (214 | ) | (189 | ) | |||||||||
INCOME BEFORE INCOME TAXES | 366 | 168 | 1,126 | 311 | |||||||||||||
Income Tax Expense | (97 | ) | (59 | ) | (299 | ) | (88 | ) | |||||||||
NET INCOME | $ | 269 | $ | 109 | $ | 827 | $ | 223 | |||||||||
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING: | |||||||||||||||||
BASIC | 504 | 505 | 504 | 505 | |||||||||||||
DILUTED | 507 | 507 | 507 | 507 | |||||||||||||
NET INCOME PER SHARE: | |||||||||||||||||
BASIC | $ | 0.53 | $ | 0.22 | $ | 1.64 | $ | 0.44 | |||||||||
DILUTED | $ | 0.53 | $ | 0.22 | $ | 1.63 | $ | 0.44 | |||||||||
DIVIDENDS PAID PER SHARE OF COMMON STOCK | $ | 0.45 | $ | 0.43 | $ | 0.90 | $ | 0.86 | |||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||||
OPERATING REVENUES | $ | 2,394 | $ | 2,254 | $ | 7,228 | $ | 6,987 | |||||||||
OPERATING EXPENSES | |||||||||||||||||
Energy Costs | 804 | 616 | 2,356 | 2,072 | |||||||||||||
Operation and Maintenance | 742 | 693 | 2,221 | 2,128 | |||||||||||||
Depreciation and Amortization | 294 | 252 | 854 | 1,721 | |||||||||||||
Total Operating Expenses | 1,840 | 1,561 | 5,431 | 5,921 | |||||||||||||
OPERATING INCOME | 554 | 693 | 1,797 | 1,066 | |||||||||||||
Income from Equity Method Investments | 5 | 3 | 12 | 11 | |||||||||||||
Net Gains (Losses) on Trust Investments | 45 | 18 | 31 | 71 | |||||||||||||
Other Income (Deductions) | 33 | 33 | 99 | 98 | |||||||||||||
Non-Operating Pension and OPEB Credits (Costs) | 19 | — | 57 | 1 | |||||||||||||
Interest Expense | (127 | ) | (100 | ) | (341 | ) | (289 | ) | |||||||||
INCOME BEFORE INCOME TAXES | 529 | 647 | 1,655 | 958 | |||||||||||||
Income Tax Expense | (117 | ) | (252 | ) | (416 | ) | (340 | ) | |||||||||
NET INCOME | $ | 412 | $ | 395 | $ | 1,239 | $ | 618 | |||||||||
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING: | |||||||||||||||||
BASIC | 504 | 505 | 504 | 505 | |||||||||||||
DILUTED | 507 | 507 | 507 | 507 | |||||||||||||
NET INCOME PER SHARE: | |||||||||||||||||
BASIC | $ | 0.82 | $ | 0.78 | $ | 2.46 | $ | 1.22 | |||||||||
DILUTED | $ | 0.81 | $ | 0.78 | $ | 2.44 | $ | 1.22 | |||||||||
DIVIDENDS PAID PER SHARE OF COMMON STOCK | $ | 0.45 | $ | 0.43 | $ | 1.35 | $ | 1.29 | |||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||||
NET INCOME | $ | 269 | $ | 109 | $ | 827 | $ | 223 | |||||||||
Other Comprehensive Income (Loss), net of tax | |||||||||||||||||
Unrealized Gains (Losses) on Available-for-Sale Securities, net of tax (expense) benefit of $4, $(9), $13 and $(25) for the three and six months ended 2018 and 2017, respectively | (5 | ) | 10 | (19 | ) | 25 | |||||||||||
Unrealized Gains (Losses) on Cash Flow Hedges, net of tax (expense) benefit of $1, $0, $1 and $0 for the three and six months ended 2018 and 2017, respectively | (1 | ) | — | (1 | ) | — | |||||||||||
Pension/Other Postretirement Benefit Costs (OPEB) adjustment, net of tax (expense) benefit of $(3), $(4), $(6) and $(8) for the three and six months ended 2018 and 2017, respectively | 7 | 6 | 15 | 12 | |||||||||||||
Other Comprehensive Income (Loss), net of tax | 1 | 16 | (5 | ) | 37 | ||||||||||||
COMPREHENSIVE INCOME | $ | 270 | $ | 125 | $ | 822 | $ | 260 | |||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||||
NET INCOME | $ | 412 | $ | 395 | $ | 1,239 | $ | 618 | |||||||||
Other Comprehensive Income (Loss), net of tax | |||||||||||||||||
Unrealized Gains (Losses) on Available-for-Sale Securities, net of tax (expense) benefit of $2, $(15), $15 and $(40) for the three and nine months ended 2018 and 2017, respectively | (4 | ) | 17 | (23 | ) | 42 | |||||||||||
Unrealized Gains (Losses) on Cash Flow Hedges, net of tax (expense) benefit of $0, $0, $1 and $0 for the three and nine months ended 2018 and 2017, respectively | — | (1 | ) | (1 | ) | (1 | ) | ||||||||||
Pension/Other Postretirement Benefit Costs (OPEB) adjustment, net of tax (expense) benefit of $(3), $(4), $(9) and $(12) for the three and nine months ended 2018 and 2017, respectively | 7 | 6 | 22 | 18 | |||||||||||||
Other Comprehensive Income (Loss), net of tax | 3 | 22 | (2 | ) | 59 | ||||||||||||
COMPREHENSIVE INCOME | $ | 415 | $ | 417 | $ | 1,237 | $ | 677 | |||||||||
June 30, 2018 | December 31, 2017 | ||||||||
ASSETS | |||||||||
CURRENT ASSETS | |||||||||
Cash and Cash Equivalents | $ | 95 | $ | 313 | |||||
Accounts Receivable, net of allowances of $59 in 2018 and 2017 | 1,163 | 1,348 | |||||||
Tax Receivable | 111 | 127 | |||||||
Unbilled Revenues | 189 | 296 | |||||||
Fuel | 218 | 289 | |||||||
Materials and Supplies, net | 574 | 577 | |||||||
Prepayments | 324 | 118 | |||||||
Derivative Contracts | 24 | 29 | |||||||
Regulatory Assets | 296 | 211 | |||||||
Other | 11 | 4 | |||||||
Total Current Assets | 3,005 | 3,312 | |||||||
PROPERTY, PLANT AND EQUIPMENT | 42,809 | 41,231 | |||||||
Less: Accumulated Depreciation and Amortization | (9,658 | ) | (9,434 | ) | |||||
Net Property, Plant and Equipment | 33,151 | 31,797 | |||||||
NONCURRENT ASSETS | |||||||||
Regulatory Assets | 3,225 | 3,222 | |||||||
Long-Term Investments | 924 | 932 | |||||||
Nuclear Decommissioning Trust (NDT) Fund | 2,049 | 2,133 | |||||||
Long-Term Receivable of Variable Interest Entity (VIE) | 688 | 686 | |||||||
Rabbi Trust Fund | 224 | 231 | |||||||
Goodwill | 16 | 16 | |||||||
Other Intangibles | 127 | 114 | |||||||
Derivative Contracts | 21 | 7 | |||||||
Other | 277 | 266 | |||||||
Total Noncurrent Assets | 7,551 | 7,607 | |||||||
TOTAL ASSETS | $ | 43,707 | $ | 42,716 | |||||
September 30, 2018 | December 31, 2017 | ||||||||
ASSETS | |||||||||
CURRENT ASSETS | |||||||||
Cash and Cash Equivalents | $ | 88 | $ | 313 | |||||
Accounts Receivable, net of allowances of $56 in 2018 and $59 in 2017 | 1,240 | 1,348 | |||||||
Tax Receivable | 225 | 127 | |||||||
Unbilled Revenues | 155 | 296 | |||||||
Fuel | 329 | 289 | |||||||
Materials and Supplies, net | 590 | 577 | |||||||
Prepayments | 214 | 118 | |||||||
Derivative Contracts | 11 | 29 | |||||||
Regulatory Assets | 317 | 211 | |||||||
Other | 46 | 4 | |||||||
Total Current Assets | 3,215 | 3,312 | |||||||
PROPERTY, PLANT AND EQUIPMENT | 43,613 | 41,231 | |||||||
Less: Accumulated Depreciation and Amortization | (9,832 | ) | (9,434 | ) | |||||
Net Property, Plant and Equipment | 33,781 | 31,797 | |||||||
NONCURRENT ASSETS | |||||||||
Regulatory Assets | 3,761 | 3,222 | |||||||
Long-Term Investments | 923 | 932 | |||||||
Nuclear Decommissioning Trust (NDT) Fund | 2,096 | 2,133 | |||||||
Long-Term Receivable of Variable Interest Entity (VIE) | 682 | 686 | |||||||
Rabbi Trust Fund | 225 | 231 | |||||||
Goodwill | 16 | 16 | |||||||
Other Intangibles | 107 | 114 | |||||||
Derivative Contracts | 2 | 7 | |||||||
Other | 265 | 266 | |||||||
Total Noncurrent Assets | 8,077 | 7,607 | |||||||
TOTAL ASSETS | $ | 45,073 | $ | 42,716 | |||||
June 30, 2018 | December 31, 2017 | ||||||||
LIABILITIES AND CAPITALIZATION | |||||||||
CURRENT LIABILITIES | |||||||||
Long-Term Debt Due Within One Year | $ | 1,550 | $ | 1,000 | |||||
Commercial Paper and Loans | 270 | 542 | |||||||
Accounts Payable | 1,348 | 1,694 | |||||||
Derivative Contracts | 23 | 16 | |||||||
Accrued Interest | 105 | 103 | |||||||
Accrued Taxes | 104 | 48 | |||||||
Clean Energy Program | 203 | 128 | |||||||
Obligation to Return Cash Collateral | 131 | 129 | |||||||
Regulatory Liabilities | 32 | 47 | |||||||
Other | 478 | 461 | |||||||
Total Current Liabilities | 4,244 | 4,168 | |||||||
NONCURRENT LIABILITIES | |||||||||
Deferred Income Taxes and Investment Tax Credits (ITC) | 5,475 | 5,240 | |||||||
Regulatory Liabilities | 2,937 | 2,948 | |||||||
Clean Energy Program | 27 | — | |||||||
Asset Retirement Obligations | 1,047 | 1,024 | |||||||
OPEB Costs | 1,423 | 1,455 | |||||||
OPEB Costs of Servco | 551 | 542 | |||||||
Accrued Pension Costs | 480 | 537 | |||||||
Accrued Pension Costs of Servco | 122 | 129 | |||||||
Environmental Costs | 332 | 357 | |||||||
Derivative Contracts | 1 | 5 | |||||||
Long-Term Accrued Taxes | 177 | 175 | |||||||
Other | 223 | 221 | |||||||
Total Noncurrent Liabilities | 12,795 | 12,633 | |||||||
COMMITMENTS AND CONTINGENT LIABILITIES (See Note 10) | |||||||||
CAPITALIZATION | |||||||||
LONG-TERM DEBT | 12,510 | 12,068 | |||||||
STOCKHOLDERS’ EQUITY | |||||||||
Common Stock, no par, authorized 1,000 shares; issued, 2018 and 2017—534 shares | 4,955 | 4,961 | |||||||
Treasury Stock, at cost, 2018—30 shares; 2017—29 shares | (813 | ) | (763 | ) | |||||
Retained Earnings | 10,426 | 9,878 | |||||||
Accumulated Other Comprehensive Loss | (410 | ) | (229 | ) | |||||
Total Stockholders’ Equity | 14,158 | 13,847 | |||||||
Total Capitalization | 26,668 | 25,915 | |||||||
TOTAL LIABILITIES AND CAPITALIZATION | $ | 43,707 | $ | 42,716 | |||||
September 30, 2018 | December 31, 2017 | ||||||||
LIABILITIES AND CAPITALIZATION | |||||||||
CURRENT LIABILITIES | |||||||||
Long-Term Debt Due Within One Year | $ | 1,450 | $ | 1,000 | |||||
Commercial Paper and Loans | 419 | 542 | |||||||
Accounts Payable | 1,317 | 1,694 | |||||||
Derivative Contracts | 13 | 16 | |||||||
Accrued Interest | 159 | 103 | |||||||
Accrued Taxes | 36 | 48 | |||||||
Clean Energy Program | 187 | 128 | |||||||
Obligation to Return Cash Collateral | 130 | 129 | |||||||
Regulatory Liabilities | 303 | 47 | |||||||
Other | 471 | 461 | |||||||
Total Current Liabilities | 4,485 | 4,168 | |||||||
NONCURRENT LIABILITIES | |||||||||
Deferred Income Taxes and Investment Tax Credits (ITC) | 5,720 | 5,240 | |||||||
Regulatory Liabilities | 3,286 | 2,948 | |||||||
Asset Retirement Obligations | 1,059 | 1,024 | |||||||
OPEB Costs | 1,410 | 1,455 | |||||||
OPEB Costs of Servco | 560 | 542 | |||||||
Accrued Pension Costs | 451 | 537 | |||||||
Accrued Pension Costs of Servco | 108 | 129 | |||||||
Environmental Costs | 348 | 357 | |||||||
Derivative Contracts | 2 | 5 | |||||||
Long-Term Accrued Taxes | 152 | 175 | |||||||
Other | 224 | 221 | |||||||
Total Noncurrent Liabilities | 13,320 | 12,633 | |||||||
COMMITMENTS AND CONTINGENT LIABILITIES (See Note 10) | |||||||||
CAPITALIZATION | |||||||||
LONG-TERM DEBT | 12,909 | 12,068 | |||||||
STOCKHOLDERS’ EQUITY | |||||||||
Common Stock, no par, authorized 1,000 shares; issued, 2018 and 2017—534 shares | 4,966 | 4,961 | |||||||
Treasury Stock, at cost, 2018—30 shares; 2017—29 shares | (811 | ) | (763 | ) | |||||
Retained Earnings | 10,611 | 9,878 | |||||||
Accumulated Other Comprehensive Loss | (407 | ) | (229 | ) | |||||
Total Stockholders’ Equity | 14,359 | 13,847 | |||||||
Total Capitalization | 27,268 | 25,915 | |||||||
TOTAL LIABILITIES AND CAPITALIZATION | $ | 45,073 | $ | 42,716 | |||||
Six Months Ended | |||||||||
June 30, | |||||||||
2018 | 2017 | ||||||||
CASH FLOWS FROM OPERATING ACTIVITIES | |||||||||
Net Income | $ | 827 | $ | 223 | |||||
Adjustments to Reconcile Net Income to Net Cash Flows from Operating Activities: | |||||||||
Depreciation and Amortization | 560 | 1,469 | |||||||
Amortization of Nuclear Fuel | 95 | 101 | |||||||
Emission Allowances and Renewable Energy Credit (REC) Compliance Accrual | 46 | 51 | |||||||
Provision for Deferred Income Taxes (Other than Leases) and ITC | 213 | 91 | |||||||
Non-Cash Employee Benefit Plan Costs | 35 | 45 | |||||||
Leveraged Lease (Income) Loss, Adjusted for Rents Received and Deferred Taxes | 8 | (30 | ) | ||||||
Net (Gain) Loss on Lease Investments | 14 | 45 | |||||||
Net Realized and Unrealized (Gains) Losses on Energy Contracts and Other Derivatives | (54 | ) | (42 | ) | |||||
Net Change in Regulatory Assets and Liabilities | (58 | ) | (124 | ) | |||||
Cost of Removal | (84 | ) | (47 | ) | |||||
Net (Gains) Losses and (Income) Expense from NDT Fund | (8 | ) | (58 | ) | |||||
Net Change in Certain Current Assets and Liabilities: | |||||||||
Tax Receivable | 16 | 69 | |||||||
Accrued Taxes | 57 | 15 | |||||||
Margin Deposit | 24 | 59 | |||||||
Other Current Assets and Liabilities | 2 | (58 | ) | ||||||
Employee Benefit Plan Funding and Related Payments | (58 | ) | (49 | ) | |||||
Other | (2 | ) | (5 | ) | |||||
Net Cash Provided By (Used In) Operating Activities | 1,633 | 1,755 | |||||||
CASH FLOWS FROM INVESTING ACTIVITIES | |||||||||
Additions to Property, Plant and Equipment | (2,005 | ) | (1,981 | ) | |||||
Purchase of Emissions Allowances and RECs | (44 | ) | (29 | ) | |||||
Proceeds from Sales of Trust Investments | 821 | 711 | |||||||
Purchases of Trust Investments | (829 | ) | (726 | ) | |||||
Other | 30 | 36 | |||||||
Net Cash Provided By (Used In) Investing Activities | (2,027 | ) | (1,989 | ) | |||||
CASH FLOWS FROM FINANCING ACTIVITIES | |||||||||
Net Change in Commercial Paper and Loans | (272 | ) | (388 | ) | |||||
Issuance of Long-Term Debt | 1,400 | 1,125 | |||||||
Redemption of Long-Term Debt | (400 | ) | — | ||||||
Cash Dividends Paid on Common Stock | (455 | ) | (435 | ) | |||||
Other | (83 | ) | (62 | ) | |||||
Net Cash Provided By (Used In) Financing Activities | 190 | 240 | |||||||
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash | (204 | ) | 6 | ||||||
Cash, Cash Equivalents and Restricted Cash at Beginning of Period | 315 | 426 | |||||||
Cash, Cash Equivalents and Restricted Cash at End of Period | $ | 111 | $ | 432 | |||||
Supplemental Disclosure of Cash Flow Information: | |||||||||
Income Taxes Paid (Received) | $ | 52 | $ | (30 | ) | ||||
Interest Paid, Net of Amounts Capitalized | $ | 205 | $ | 189 | |||||
Accrued Property, Plant and Equipment Expenditures | $ | 625 | $ | 513 | |||||
Nine Months Ended | |||||||||
September 30, | |||||||||
2018 | 2017 | ||||||||
CASH FLOWS FROM OPERATING ACTIVITIES | |||||||||
Net Income | $ | 1,239 | $ | 618 | |||||
Adjustments to Reconcile Net Income to Net Cash Flows from Operating Activities: | |||||||||
Depreciation and Amortization | 854 | 1,721 | |||||||
Amortization of Nuclear Fuel | 143 | 152 | |||||||
Emission Allowances and Renewable Energy Credit (REC) Compliance Accrual | 74 | 79 | |||||||
Provision for Deferred Income Taxes (Other than Leases) and ITC | 510 | 227 | |||||||
Non-Cash Employee Benefit Plan Costs | 52 | 67 | |||||||
Leveraged Lease (Income) Loss, Adjusted for Rents Received and Deferred Taxes | (27 | ) | (7 | ) | |||||
Net (Gain) Loss on Lease Investments | 14 | 48 | |||||||
Net Realized and Unrealized (Gains) Losses on Energy Contracts and Other Derivatives | 78 | 8 | |||||||
Net Change in Regulatory Assets and Liabilities | (35 | ) | (121 | ) | |||||
Cost of Removal | (121 | ) | (72 | ) | |||||
Net (Gains) Losses and (Income) Expense from NDT Fund | (62 | ) | (86 | ) | |||||
Net Change in Certain Current Assets and Liabilities: | |||||||||
Tax Receivable | (98 | ) | 64 | ||||||
Accrued Taxes | (12 | ) | 115 | ||||||
Margin Deposit | (77 | ) | 64 | ||||||
Other Current Assets and Liabilities | 12 | (71 | ) | ||||||
Employee Benefit Plan Funding and Related Payments | (85 | ) | (64 | ) | |||||
Other | 33 | (9 | ) | ||||||
Net Cash Provided By (Used In) Operating Activities | 2,492 | 2,733 | |||||||
CASH FLOWS FROM INVESTING ACTIVITIES | |||||||||
Additions to Property, Plant and Equipment | (3,028 | ) | (3,046 | ) | |||||
Purchase of Emissions Allowances and RECs | (111 | ) | (90 | ) | |||||
Proceeds from Sales of Trust Investments | 1,085 | 1,013 | |||||||
Purchases of Trust Investments | (1,100 | ) | (1,029 | ) | |||||
Other | 41 | 48 | |||||||
Net Cash Provided By (Used In) Investing Activities | (3,113 | ) | (3,104 | ) | |||||
CASH FLOWS FROM FINANCING ACTIVITIES | |||||||||
Net Change in Commercial Paper and Loans | (123 | ) | (186 | ) | |||||
Issuance of Long-Term Debt | 2,050 | 1,125 | |||||||
Redemption of Long-Term Debt | (750 | ) | — | ||||||
Cash Dividends Paid on Common Stock | (682 | ) | (652 | ) | |||||
Other | (83 | ) | (62 | ) | |||||
Net Cash Provided By (Used In) Financing Activities | 412 | 225 | |||||||
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash | (209 | ) | (146 | ) | |||||
Cash, Cash Equivalents and Restricted Cash at Beginning of Period | 315 | 426 | |||||||
Cash, Cash Equivalents and Restricted Cash at End of Period | $ | 106 | $ | 280 | |||||
Supplemental Disclosure of Cash Flow Information: | |||||||||
Income Taxes Paid (Received) | $ | 64 | $ | (16 | ) | ||||
Interest Paid, Net of Amounts Capitalized | $ | 292 | $ | 261 | |||||
Accrued Property, Plant and Equipment Expenditures | $ | 543 | $ | 604 | |||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||||
OPERATING REVENUES | $ | 1,386 | $ | 1,393 | $ | 3,231 | $ | 3,219 | |||||||||
OPERATING EXPENSES | |||||||||||||||||
Energy Costs | 488 | 488 | 1,270 | 1,250 | |||||||||||||
Operation and Maintenance | 353 | 359 | 744 | 729 | |||||||||||||
Depreciation and Amortization | 187 | 166 | 377 | 337 | |||||||||||||
Total Operating Expenses | 1,028 | 1,013 | 2,391 | 2,316 | |||||||||||||
OPERATING INCOME | 358 | 380 | 840 | 903 | |||||||||||||
Net Gains (Losses) on Trust Investments | — | — | — | 2 | |||||||||||||
Other Income (Deductions) | 20 | 21 | 40 | 43 | |||||||||||||
Non-Operating Pension and OPEB Credits (Costs) | 15 | (1 | ) | 30 | (3 | ) | |||||||||||
Interest Expense | (82 | ) | (69 | ) | (163 | ) | (144 | ) | |||||||||
INCOME BEFORE INCOME TAXES | 311 | 331 | 747 | 801 | |||||||||||||
Income Tax Expense | (80 | ) | (123 | ) | (197 | ) | (294 | ) | |||||||||
NET INCOME | $ | 231 | $ | 208 | $ | 550 | $ | 507 | |||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||||
OPERATING REVENUES | $ | 1,595 | $ | 1,530 | $ | 4,826 | $ | 4,749 | |||||||||
OPERATING EXPENSES | |||||||||||||||||
Energy Costs | 593 | 543 | 1,863 | 1,793 | |||||||||||||
Operation and Maintenance | 389 | 357 | 1,133 | 1,086 | |||||||||||||
Depreciation and Amortization | 192 | 169 | 569 | 506 | |||||||||||||
Total Operating Expenses | 1,174 | 1,069 | 3,565 | 3,385 | |||||||||||||
OPERATING INCOME | 421 | 461 | 1,261 | 1,364 | |||||||||||||
Net Gains (Losses) on Trust Investments | — | — | — | 2 | |||||||||||||
Other Income (Deductions) | 21 | 22 | 61 | 65 | |||||||||||||
Non-Operating Pension and OPEB Credits (Costs) | 14 | (2 | ) | 44 | (5 | ) | |||||||||||
Interest Expense | (83 | ) | (79 | ) | (246 | ) | (223 | ) | |||||||||
INCOME BEFORE INCOME TAXES | 373 | 402 | 1,120 | 1,203 | |||||||||||||
Income Tax Expense | (95 | ) | (156 | ) | (292 | ) | (450 | ) | |||||||||
NET INCOME | $ | 278 | $ | 246 | $ | 828 | $ | 753 | |||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||||
NET INCOME | $ | 231 | $ | 208 | $ | 550 | $ | 507 | |||||||||
Unrealized Gains (Losses) on Available-for-Sale Securities, net of tax (expense) benefit of $0, $0, $0 and $1 for the three and six months ended 2018 and 2017, respectively | 1 | — | — | (1 | ) | ||||||||||||
COMPREHENSIVE INCOME | $ | 232 | $ | 208 | $ | 550 | $ | 506 | |||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||||
NET INCOME | $ | 278 | $ | 246 | $ | 828 | $ | 753 | |||||||||
Unrealized Gains (Losses) on Available-for-Sale Securities, net of tax (expense) benefit of $0, $0, $0 and $1 for the three and nine months ended 2018 and 2017, respectively | (1 | ) | — | (1 | ) | (1 | ) | ||||||||||
COMPREHENSIVE INCOME | $ | 277 | $ | 246 | $ | 827 | $ | 752 | |||||||||
June 30, 2018 | December 31, 2017 | ||||||||
ASSETS | |||||||||
CURRENT ASSETS | |||||||||
Cash and Cash Equivalents | $ | 20 | $ | 242 | |||||
Accounts Receivable, net of allowances of $59 in 2018 and 2017 | 796 | 882 | |||||||
Accounts Receivable—Affiliated Companies | 18 | — | |||||||
Unbilled Revenues | 189 | 296 | |||||||
Materials and Supplies | 195 | 197 | |||||||
Prepayments | 205 | 44 | |||||||
Regulatory Assets | 296 | 211 | |||||||
Other | 10 | 4 | |||||||
Total Current Assets | 1,729 | 1,876 | |||||||
PROPERTY, PLANT AND EQUIPMENT | 30,396 | 29,117 | |||||||
Less: Accumulated Depreciation and Amortization | (6,200 | ) | (6,101 | ) | |||||
Net Property, Plant and Equipment | 24,196 | 23,016 | |||||||
NONCURRENT ASSETS | |||||||||
Regulatory Assets | 3,225 | 3,222 | |||||||
Long-Term Investments | 285 | 280 | |||||||
Rabbi Trust Fund | 45 | 46 | |||||||
Other | 123 | 114 | |||||||
Total Noncurrent Assets | 3,678 | 3,662 | |||||||
TOTAL ASSETS | $ | 29,603 | $ | 28,554 | |||||
September 30, 2018 | December 31, 2017 | ||||||||
ASSETS | |||||||||
CURRENT ASSETS | |||||||||
Cash and Cash Equivalents | $ | 25 | $ | 242 | |||||
Accounts Receivable, net of allowances of $56 in 2018 and $59 in 2017 | 842 | 882 | |||||||
Accounts Receivable—Affiliated Companies | 55 | — | |||||||
Unbilled Revenues | 155 | 296 | |||||||
Materials and Supplies | 200 | 197 | |||||||
Prepayments | 117 | 44 | |||||||
Regulatory Assets | 317 | 211 | |||||||
Other | 26 | 4 | |||||||
Total Current Assets | 1,737 | 1,876 | |||||||
PROPERTY, PLANT AND EQUIPMENT | 30,997 | 29,117 | |||||||
Less: Accumulated Depreciation and Amortization | (6,241 | ) | (6,101 | ) | |||||
Net Property, Plant and Equipment | 24,756 | 23,016 | |||||||
NONCURRENT ASSETS | |||||||||
Regulatory Assets | 3,761 | 3,222 | |||||||
Long-Term Investments | 278 | 280 | |||||||
Rabbi Trust Fund | 46 | 46 | |||||||
Other | 116 | 114 | |||||||
Total Noncurrent Assets | 4,201 | 3,662 | |||||||
TOTAL ASSETS | $ | 30,694 | $ | 28,554 | |||||
June 30, 2018 | December 31, 2017 | ||||||||
LIABILITIES AND CAPITALIZATION | |||||||||
CURRENT LIABILITIES | |||||||||
Long-Term Debt Due Within One Year | $ | 600 | $ | 750 | |||||
Commercial Paper and Loans | 195 | — | |||||||
Accounts Payable | 704 | 728 | |||||||
Accounts Payable—Affiliated Companies | 150 | 340 | |||||||
Accrued Interest | 79 | 78 | |||||||
Clean Energy Program | 203 | 128 | |||||||
Obligation to Return Cash Collateral | 131 | 129 | |||||||
Regulatory Liabilities | 32 | 47 | |||||||
Other | 376 | 311 | |||||||
Total Current Liabilities | 2,470 | 2,511 | |||||||
NONCURRENT LIABILITIES | |||||||||
Deferred Income Taxes and ITC | 3,570 | 3,391 | |||||||
OPEB Costs | 1,066 | 1,103 | |||||||
Accrued Pension Costs | 189 | 226 | |||||||
Regulatory Liabilities | 2,937 | 2,948 | |||||||
Clean Energy Program | 27 | — | |||||||
Environmental Costs | 255 | 283 | |||||||
Asset Retirement Obligations | 214 | 212 | |||||||
Long-Term Accrued Taxes | 94 | 91 | |||||||
Other | 111 | 114 | |||||||
Total Noncurrent Liabilities | 8,463 | 8,368 | |||||||
COMMITMENTS AND CONTINGENT LIABILITIES (See Note 10) | |||||||||
CAPITALIZATION | |||||||||
LONG-TERM DEBT | 8,286 | 7,841 | |||||||
STOCKHOLDER’S EQUITY | |||||||||
Common Stock; 150 shares authorized; issued and outstanding, 2018 and 2017—132 shares | 892 | 892 | |||||||
Contributed Capital | 1,095 | 1,095 | |||||||
Basis Adjustment | 986 | 986 | |||||||
Retained Earnings | 7,411 | 6,861 | |||||||
Total Stockholder’s Equity | 10,384 | 9,834 | |||||||
Total Capitalization | 18,670 | 17,675 | |||||||
TOTAL LIABILITIES AND CAPITALIZATION | $ | 29,603 | $ | 28,554 | |||||
September 30, 2018 | December 31, 2017 | ||||||||
LIABILITIES AND CAPITALIZATION | |||||||||
CURRENT LIABILITIES | |||||||||
Long-Term Debt Due Within One Year | $ | 500 | $ | 750 | |||||
Commercial Paper and Loans | 40 | — | |||||||
Accounts Payable | 666 | 728 | |||||||
Accounts Payable—Affiliated Companies | 164 | 340 | |||||||
Accrued Interest | 96 | 78 | |||||||
Clean Energy Program | 187 | 128 | |||||||
Obligation to Return Cash Collateral | 130 | 129 | |||||||
Regulatory Liabilities | 303 | 47 | |||||||
Other | 367 | 311 | |||||||
Total Current Liabilities | 2,453 | 2,511 | |||||||
NONCURRENT LIABILITIES | |||||||||
Deferred Income Taxes and ITC | 3,718 | 3,391 | |||||||
OPEB Costs | 1,052 | 1,103 | |||||||
Accrued Pension Costs | 171 | 226 | |||||||
Regulatory Liabilities | 3,286 | 2,948 | |||||||
Environmental Costs | 271 | 283 | |||||||
Asset Retirement Obligations | 215 | 212 | |||||||
Long-Term Accrued Taxes | 67 | 91 | |||||||
Other | 118 | 114 | |||||||
Total Noncurrent Liabilities | 8,898 | 8,368 | |||||||
COMMITMENTS AND CONTINGENT LIABILITIES (See Note 10) | |||||||||
CAPITALIZATION | |||||||||
LONG-TERM DEBT | 8,682 | 7,841 | |||||||
STOCKHOLDER’S EQUITY | |||||||||
Common Stock; 150 shares authorized; issued and outstanding, 2018 and 2017—132 shares | 892 | 892 | |||||||
Contributed Capital | 1,095 | 1,095 | |||||||
Basis Adjustment | 986 | 986 | |||||||
Retained Earnings | 7,689 | 6,861 | |||||||
Accumulated Other Comprehensive Income | (1 | ) | — | ||||||
Total Stockholder’s Equity | 10,661 | 9,834 | |||||||
Total Capitalization | 19,343 | 17,675 | |||||||
TOTAL LIABILITIES AND CAPITALIZATION | $ | 30,694 | $ | 28,554 | |||||
Six Months Ended | |||||||||
June 30, | |||||||||
2018 | 2017 | ||||||||
CASH FLOWS FROM OPERATING ACTIVITIES | |||||||||
Net Income | $ | 550 | $ | 507 | |||||
Adjustments to Reconcile Net Income to Net Cash Flows from Operating Activities: | |||||||||
Depreciation and Amortization | 377 | 337 | |||||||
Provision for Deferred Income Taxes and ITC | 160 | 330 | |||||||
Non-Cash Employee Benefit Plan Costs | 19 | 25 | |||||||
Cost of Removal | (84 | ) | (47 | ) | |||||
Net Change in Regulatory Assets and Liabilities | (58 | ) | (124 | ) | |||||
Net Change in Certain Current Assets and Liabilities: | |||||||||
Accounts Receivable and Unbilled Revenues | 195 | 108 | |||||||
Materials and Supplies | 2 | (15 | ) | ||||||
Prepayments | (161 | ) | (184 | ) | |||||
Accounts Payable | (30 | ) | (30 | ) | |||||
Accounts Receivable/Payable—Affiliated Companies, net | (204 | ) | (72 | ) | |||||
Other Current Assets and Liabilities | 66 | 14 | |||||||
Employee Benefit Plan Funding and Related Payments | (50 | ) | (42 | ) | |||||
Other | (20 | ) | (38 | ) | |||||
Net Cash Provided By (Used In) Operating Activities | 762 | 769 | |||||||
CASH FLOWS FROM INVESTING ACTIVITIES | |||||||||
Additions to Property, Plant and Equipment | (1,447 | ) | (1,389 | ) | |||||
Proceeds from Sales of Trust Investments | 9 | 28 | |||||||
Purchases of Trust Investments | (10 | ) | (29 | ) | |||||
Solar Loan Investments | (11 | ) | (3 | ) | |||||
Other | 3 | 5 | |||||||
Net Cash Provided By (Used In) Investing Activities | (1,456 | ) | (1,388 | ) | |||||
CASH FLOWS FROM FINANCING ACTIVITIES | |||||||||
Net Change in Short-Term Debt | 195 | — | |||||||
Issuance of Long-Term Debt | 700 | 425 | |||||||
Redemption of Long-Term Debt | (400 | ) | — | ||||||
Other | (9 | ) | (5 | ) | |||||
Net Cash Provided By (Used In) Financing Activities | 486 | 420 | |||||||
Net Increase (Decrease) In Cash, Cash Equivalents and Restricted Cash | (208 | ) | (199 | ) | |||||
Cash, Cash Equivalents and Restricted Cash at Beginning of Period | 244 | 393 | |||||||
Cash, Cash Equivalents and Restricted Cash at End of Period | $ | 36 | $ | 194 | |||||
Supplemental Disclosure of Cash Flow Information: | |||||||||
Income Taxes Paid (Received) | $ | 97 | $ | (75 | ) | ||||
Interest Paid, Net of Amounts Capitalized | $ | 157 | $ | 144 | |||||
Accrued Property, Plant and Equipment Expenditures | $ | 436 | $ | 319 | |||||
Nine Months Ended | |||||||||
September 30, | |||||||||
2018 | 2017 | ||||||||
CASH FLOWS FROM OPERATING ACTIVITIES | |||||||||
Net Income | $ | 828 | $ | 753 | |||||
Adjustments to Reconcile Net Income to Net Cash Flows from Operating Activities: | |||||||||
Depreciation and Amortization | 569 | 506 | |||||||
Provision for Deferred Income Taxes and ITC | 330 | 497 | |||||||
Non-Cash Employee Benefit Plan Costs | 28 | 37 | |||||||
Cost of Removal | (121 | ) | (72 | ) | |||||
Net Change in Regulatory Assets and Liabilities | (35 | ) | (121 | ) | |||||
Net Change in Certain Current Assets and Liabilities: | |||||||||
Accounts Receivable and Unbilled Revenues | 184 | 136 | |||||||
Materials and Supplies | (3 | ) | (13 | ) | |||||
Prepayments | (73 | ) | (106 | ) | |||||
Accounts Payable | (7 | ) | (37 | ) | |||||
Accounts Receivable/Payable—Affiliated Companies, net | (232 | ) | (61 | ) | |||||
Other Current Assets and Liabilities | 10 | (14 | ) | ||||||
Employee Benefit Plan Funding and Related Payments | (73 | ) | (55 | ) | |||||
Other | (8 | ) | (58 | ) | |||||
Net Cash Provided By (Used In) Operating Activities | 1,397 | 1,392 | |||||||
CASH FLOWS FROM INVESTING ACTIVITIES | |||||||||
Additions to Property, Plant and Equipment | (2,213 | ) | (2,118 | ) | |||||
Proceeds from Sales of Trust Investments | 15 | 33 | |||||||
Purchases of Trust Investments | (17 | ) | (34 | ) | |||||
Solar Loan Investments | (15 | ) | (2 | ) | |||||
Other | 6 | 7 | |||||||
Net Cash Provided By (Used In) Investing Activities | (2,224 | ) | (2,114 | ) | |||||
CASH FLOWS FROM FINANCING ACTIVITIES | |||||||||
Net Change in Short-Term Debt | 40 | — | |||||||
Issuance of Long-Term Debt | 1,350 | 425 | |||||||
Contributed Capital | — | 150 | |||||||
Redemption of Long-Term Debt | (750 | ) | — | ||||||
Other | (14 | ) | (5 | ) | |||||
Net Cash Provided By (Used In) Financing Activities | 626 | 570 | |||||||
Net Increase (Decrease) In Cash, Cash Equivalents and Restricted Cash | (201 | ) | (152 | ) | |||||
Cash, Cash Equivalents and Restricted Cash at Beginning of Period | 244 | 393 | |||||||
Cash, Cash Equivalents and Restricted Cash at End of Period | $ | 43 | $ | 241 | |||||
Supplemental Disclosure of Cash Flow Information: | |||||||||
Income Taxes Paid (Received) | $ | 60 | $ | (107 | ) | ||||
Interest Paid, Net of Amounts Capitalized | $ | 223 | $ | 208 | |||||
Accrued Property, Plant and Equipment Expenditures | $ | 375 | $ | 363 | |||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||||
OPERATING REVENUES | $ | 767 | $ | 918 | $ | 2,170 | $ | 2,187 | |||||||||
OPERATING EXPENSES | |||||||||||||||||
Energy Costs | 373 | 386 | 1,119 | 1,078 | |||||||||||||
Operation and Maintenance | 268 | 256 | 514 | 488 | |||||||||||||
Depreciation and Amortization | 84 | 465 | 166 | 1,115 | |||||||||||||
Total Operating Expenses | 725 | 1,107 | 1,799 | 2,681 | |||||||||||||
OPERATING INCOME (LOSS) | 42 | (189 | ) | 371 | (494 | ) | |||||||||||
Income from Equity Method Investments | 5 | 5 | 7 | 8 | |||||||||||||
Net Gains (Losses) on Trust Investments | 8 | 24 | (14 | ) | 43 | ||||||||||||
Other Income (Deductions) | 13 | 12 | 24 | 23 | |||||||||||||
Non-Operating Pension and OPEB Credits (Costs) | 3 | 2 | 7 | 4 | |||||||||||||
Interest Expense | (11 | ) | (13 | ) | (18 | ) | (29 | ) | |||||||||
INCOME (LOSS) BEFORE INCOME TAXES | 60 | (159 | ) | 377 | (445 | ) | |||||||||||
Income Tax Benefit (Expense) | (19 | ) | 62 | (102 | ) | 178 | |||||||||||
NET INCOME (LOSS) | $ | 41 | $ | (97 | ) | $ | 275 | $ | (267 | ) | |||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||||
OPERATING REVENUES | $ | 868 | $ | 846 | $ | 3,038 | $ | 3,033 | |||||||||
OPERATING EXPENSES | |||||||||||||||||
Energy Costs | 431 | 330 | 1,550 | 1,408 | |||||||||||||
Operation and Maintenance | 231 | 229 | 745 | 717 | |||||||||||||
Depreciation and Amortization | 94 | 76 | 260 | 1,191 | |||||||||||||
Total Operating Expenses | 756 | 635 | 2,555 | 3,316 | |||||||||||||
OPERATING INCOME (LOSS) | 112 | 211 | 483 | (283 | ) | ||||||||||||
Income from Equity Method Investments | 5 | 3 | 12 | 11 | |||||||||||||
Net Gains (Losses) on Trust Investments | 44 | 19 | 30 | 62 | |||||||||||||
Other Income (Deductions) | 14 | 11 | 38 | 34 | |||||||||||||
Non-Operating Pension and OPEB Credits (Costs) | 4 | 2 | 11 | 6 | |||||||||||||
Interest Expense | (29 | ) | (12 | ) | (47 | ) | (41 | ) | |||||||||
INCOME (LOSS) BEFORE INCOME TAXES | 150 | 234 | 527 | (211 | ) | ||||||||||||
Income Tax Benefit (Expense) | (25 | ) | (98 | ) | (127 | ) | 80 | ||||||||||
NET INCOME (LOSS) | $ | 125 | $ | 136 | $ | 400 | $ | (131 | ) | ||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||||
NET INCOME (LOSS) | $ | 41 | $ | (97 | ) | $ | 275 | $ | (267 | ) | |||||||
Other Comprehensive Income (Loss), net of tax | |||||||||||||||||
Unrealized Gains (Losses) on Available-for-Sale Securities, net of tax (expense) benefit of $3, $(9), $11 and $(27) for the three and six months ended 2018 and 2017, respectively | (4 | ) | 10 | (15 | ) | 29 | |||||||||||
Pension/OPEB adjustment, net of tax (expense) benefit of $(2), $(3), $(5) and $(7) for the three and six months ended 2018 and 2017, respectively | 6 | 5 | 12 | 10 | |||||||||||||
Other Comprehensive Income (Loss), net of tax | 2 | 15 | (3 | ) | 39 | ||||||||||||
COMPREHENSIVE INCOME (LOSS) | $ | 43 | $ | (82 | ) | $ | 272 | $ | (228 | ) | |||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||||
NET INCOME (LOSS) | $ | 125 | $ | 136 | $ | 400 | $ | (131 | ) | ||||||||
Other Comprehensive Income (Loss), net of tax | |||||||||||||||||
Unrealized Gains (Losses) on Available-for-Sale Securities, net of tax (expense) benefit of $2, $(14), $13 and $(41) for the three and nine months ended 2018 and 2017, respectively | (4 | ) | 15 | (19 | ) | 44 | |||||||||||
Pension/OPEB adjustment, net of tax (expense) benefit of $(3), $(4), $(8) and $(11) for the three and nine months ended 2018 and 2017, respectively | 7 | 5 | 19 | 15 | |||||||||||||
Other Comprehensive Income (Loss), net of tax | 3 | 20 | — | 59 | |||||||||||||
COMPREHENSIVE INCOME (LOSS) | $ | 128 | $ | 156 | $ | 400 | $ | (72 | ) | ||||||||
June 30, 2018 | December 31, 2017 | ||||||||
ASSETS | |||||||||
CURRENT ASSETS | |||||||||
Cash and Cash Equivalents | $ | 20 | $ | 32 | |||||
Accounts Receivable | 313 | 380 | |||||||
Accounts Receivable—Affiliated Companies | 81 | 221 | |||||||
Short-Term Loan to Affiliate | 519 | — | |||||||
Fuel | 218 | 289 | |||||||
Materials and Supplies, net | 376 | 376 | |||||||
Derivative Contracts | 24 | 29 | |||||||
Prepayments | 10 | 11 | |||||||
Other | 4 | 3 | |||||||
Total Current Assets | 1,565 | 1,341 | |||||||
PROPERTY, PLANT AND EQUIPMENT | 12,046 | 11,755 | |||||||
Less: Accumulated Depreciation and Amortization | (3,267 | ) | (3,159 | ) | |||||
Net Property, Plant and Equipment | 8,779 | 8,596 | |||||||
NONCURRENT ASSETS | |||||||||
NDT Fund | 2,049 | 2,133 | |||||||
Long-Term Investments | 87 | 87 | |||||||
Goodwill | 16 | 16 | |||||||
Other Intangibles | 127 | 114 | |||||||
Rabbi Trust Fund | 56 | 57 | |||||||
Derivative Contracts | 21 | 7 | |||||||
Other | 72 | 67 | |||||||
Total Noncurrent Assets | 2,428 | 2,481 | |||||||
TOTAL ASSETS | $ | 12,772 | $ | 12,418 | |||||
June 30, 2018 | December 31, 2017 | ||||||||
LIABILITIES AND MEMBER’S EQUITY | |||||||||
CURRENT LIABILITIES | |||||||||
Long-Term Debt Due Within One Year | $ | 250 | $ | 250 | |||||
Accounts Payable | 468 | 712 | |||||||
Accounts Payable—Affiliated Companies | 148 | 57 | |||||||
Short-Term Loan from Affiliate | — | 281 | |||||||
Derivative Contracts | 23 | 16 | |||||||
Accrued Interest | 22 | 20 | |||||||
Other | 62 | 99 | |||||||
Total Current Liabilities | 973 | 1,435 | |||||||
NONCURRENT LIABILITIES | |||||||||
Deferred Income Taxes and ITC | 1,451 | 1,406 | |||||||
Asset Retirement Obligations | 831 | 810 | |||||||
OPEB Costs | 287 | 283 | |||||||
Derivative Contracts | 1 | 5 | |||||||
Accrued Pension Costs | 169 | 184 | |||||||
Long-Term Accrued Taxes | 45 | 52 | |||||||
Other | 143 | 140 | |||||||
Total Noncurrent Liabilities | 2,927 | 2,880 | |||||||
COMMITMENTS AND CONTINGENT LIABILITIES (See Note 10) | |||||||||
LONG-TERM DEBT | 2,833 | 2,136 | |||||||
MEMBER’S EQUITY | |||||||||
Contributed Capital | 2,214 | 2,214 | |||||||
Basis Adjustment | (986 | ) | (986 | ) | |||||
Retained Earnings | 5,161 | 4,911 | |||||||
Accumulated Other Comprehensive Loss | (350 | ) | (172 | ) | |||||
Total Member’s Equity | 6,039 | 5,967 | |||||||
TOTAL LIABILITIES AND MEMBER’S EQUITY | $ | 12,772 | $ | 12,418 | |||||
September 30, 2018 | December 31, 2017 | ||||||||
ASSETS | |||||||||
CURRENT ASSETS | |||||||||
Cash and Cash Equivalents | $ | 41 | $ | 32 | |||||
Accounts Receivable | 343 | 380 | |||||||
Accounts Receivable—Affiliated Companies | 121 | 221 | |||||||
Short-Term Loan to Affiliate | 119 | — | |||||||
Fuel | 329 | 289 | |||||||
Materials and Supplies, net | 386 | 376 | |||||||
Derivative Contracts | 11 | 29 | |||||||
Prepayments | 20 | 11 | |||||||
Other | 6 | 3 | |||||||
Total Current Assets | 1,376 | 1,341 | |||||||
PROPERTY, PLANT AND EQUIPMENT | 12,277 | 11,755 | |||||||
Less: Accumulated Depreciation and Amortization | (3,408 | ) | (3,159 | ) | |||||
Net Property, Plant and Equipment | 8,869 | 8,596 | |||||||
NONCURRENT ASSETS | |||||||||
NDT Fund | 2,096 | 2,133 | |||||||
Long-Term Investments | 88 | 87 | |||||||
Goodwill | 16 | 16 | |||||||
Other Intangibles | 107 | 114 | |||||||
Rabbi Trust Fund | 57 | 57 | |||||||
Derivative Contracts | 2 | 7 | |||||||
Other | 70 | 67 | |||||||
Total Noncurrent Assets | 2,436 | 2,481 | |||||||
TOTAL ASSETS | $ | 12,681 | $ | 12,418 | |||||
September 30, 2018 | December 31, 2017 | ||||||||
LIABILITIES AND MEMBER’S EQUITY | |||||||||
CURRENT LIABILITIES | |||||||||
Long-Term Debt Due Within One Year | $ | 250 | $ | 250 | |||||
Accounts Payable | 465 | 712 | |||||||
Accounts Payable—Affiliated Companies | 21 | 57 | |||||||
Short-Term Loan from Affiliate | — | 281 | |||||||
Derivative Contracts | 13 | 16 | |||||||
Accrued Interest | 51 | 20 | |||||||
Other | 69 | 99 | |||||||
Total Current Liabilities | 869 | 1,435 | |||||||
NONCURRENT LIABILITIES | |||||||||
Deferred Income Taxes and ITC | 1,577 | 1,406 | |||||||
Asset Retirement Obligations | 841 | 810 | |||||||
OPEB Costs | 289 | 283 | |||||||
Derivative Contracts | 2 | 5 | |||||||
Accrued Pension Costs | 161 | 184 | |||||||
Long-Term Accrued Taxes | 1 | 52 | |||||||
Other | 140 | 140 | |||||||
Total Noncurrent Liabilities | 3,011 | 2,880 | |||||||
COMMITMENTS AND CONTINGENT LIABILITIES (See Note 10) | |||||||||
LONG-TERM DEBT | 2,834 | 2,136 | |||||||
MEMBER’S EQUITY | |||||||||
Contributed Capital | 2,214 | 2,214 | |||||||
Basis Adjustment | (986 | ) | (986 | ) | |||||
Retained Earnings | 5,086 | 4,911 | |||||||
Accumulated Other Comprehensive Loss | (347 | ) | (172 | ) | |||||
Total Member’s Equity | 5,967 | 5,967 | |||||||
TOTAL LIABILITIES AND MEMBER’S EQUITY | $ | 12,681 | $ | 12,418 | |||||
Six Months Ended | |||||||||
June 30, | |||||||||
2018 | 2017 | ||||||||
CASH FLOWS FROM OPERATING ACTIVITIES | |||||||||
Net Income (Loss) | $ | 275 | $ | (267 | ) | ||||
Adjustments to Reconcile Net Income (Loss) to Net Cash Flows from Operating Activities: | |||||||||
Depreciation and Amortization | 166 | 1,115 | |||||||
Amortization of Nuclear Fuel | 95 | 101 | |||||||
Provision for Deferred Income Taxes and ITC | 51 | (226 | ) | ||||||
Interest Accretion on Asset Retirement Obligation | 20 | 15 | |||||||
Net Realized and Unrealized (Gains) Losses on Energy Contracts and Other Derivatives | (54 | ) | (42 | ) | |||||
Emission Allowances and Renewable Energy Credit (REC) Compliance Accrual | 46 | 51 | |||||||
Non-Cash Employee Benefit Plan Costs | 11 | 14 | |||||||
Net (Gains) Losses and (Income) Expense from NDT Fund | (8 | ) | (58 | ) | |||||
Net Change in Certain Current Assets and Liabilities: | |||||||||
Fuel, Materials and Supplies | 71 | 58 | |||||||
Margin Deposit | 24 | 59 | |||||||
Accounts Receivable | 84 | 36 | |||||||
Accounts Payable | (90 | ) | (14 | ) | |||||
Accounts Receivable/Payable—Affiliated Companies, net | 227 | 75 | |||||||
Other Current Assets and Liabilities | (35 | ) | 7 | ||||||
Employee Benefit Plan Funding and Related Payments | (5 | ) | (4 | ) | |||||
Other | (9 | ) | 12 | ||||||
Net Cash Provided By (Used In) Operating Activities | 869 | 932 | |||||||
CASH FLOWS FROM INVESTING ACTIVITIES | |||||||||
Additions to Property, Plant and Equipment | (547 | ) | (576 | ) | |||||
Purchase of Emissions Allowances and RECs | (44 | ) | (29 | ) | |||||
Proceeds from Sales of Trust Investments | 785 | 602 | |||||||
Purchases of Trust Investments | (793 | ) | (616 | ) | |||||
Short-Term Loan—Affiliated Company | (519 | ) | (146 | ) | |||||
Other | 23 | 30 | |||||||
Net Cash Provided By (Used In) Investing Activities | (1,095 | ) | (735 | ) | |||||
CASH FLOWS FROM FINANCING ACTIVITIES | |||||||||
Issuance of Long-Term Debt | 700 | — | |||||||
Cash Dividend Paid | (200 | ) | (175 | ) | |||||
Short-Term Loan—Affiliated Company | (281 | ) | — | ||||||
Other | (5 | ) | (4 | ) | |||||
Net Cash Provided By (Used In) Financing Activities | 214 | (179 | ) | ||||||
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash | (12 | ) | 18 | ||||||
Cash, Cash Equivalents and Restricted Cash at Beginning of Period | 32 | 11 | |||||||
Cash, Cash Equivalents and Restricted Cash at End of Period | $ | 20 | $ | 29 | |||||
Supplemental Disclosure of Cash Flow Information: | |||||||||
Income Taxes Paid (Received) | $ | (72 | ) | $ | 66 | ||||
Interest Paid, Net of Amounts Capitalized | $ | 18 | $ | 29 | |||||
Accrued Property, Plant and Equipment Expenditures | $ | 189 | $ | 194 | |||||
Nine Months Ended | |||||||||
September 30, | |||||||||
2018 | 2017 | ||||||||
CASH FLOWS FROM OPERATING ACTIVITIES | |||||||||
Net Income (Loss) | $ | 400 | $ | (131 | ) | ||||
Adjustments to Reconcile Net Income (Loss) to Net Cash Flows from Operating Activities: | |||||||||
Depreciation and Amortization | 260 | 1,191 | |||||||
Amortization of Nuclear Fuel | 143 | 152 | |||||||
Provision for Deferred Income Taxes and ITC | 177 | (259 | ) | ||||||
Interest Accretion on Asset Retirement Obligation | 31 | 23 | |||||||
Net Realized and Unrealized (Gains) Losses on Energy Contracts and Other Derivatives | 78 | 8 | |||||||
Emission Allowances and Renewable Energy Credit (REC) Compliance Accrual | 74 | 79 | |||||||
Non-Cash Employee Benefit Plan Costs | 17 | 21 | |||||||
Net (Gains) Losses and (Income) Expense from NDT Fund | (62 | ) | (86 | ) | |||||
Net Change in Certain Current Assets and Liabilities: | |||||||||
Fuel, Materials and Supplies | (50 | ) | (32 | ) | |||||
Margin Deposit | (77 | ) | 64 | ||||||
Accounts Receivable | 42 | 19 | |||||||
Accounts Payable | (22 | ) | (32 | ) | |||||
Accounts Receivable/Payable—Affiliated Companies, net | 65 | 205 | |||||||
Other Current Assets and Liabilities | (11 | ) | 11 | ||||||
Employee Benefit Plan Funding and Related Payments | (7 | ) | (5 | ) | |||||
Other | (53 | ) | 21 | ||||||
Net Cash Provided By (Used In) Operating Activities | 1,005 | 1,249 | |||||||
CASH FLOWS FROM INVESTING ACTIVITIES | |||||||||
Additions to Property, Plant and Equipment | (800 | ) | (903 | ) | |||||
Purchase of Emissions Allowances and RECs | (111 | ) | (90 | ) | |||||
Proceeds from Sales of Trust Investments | 1,024 | 886 | |||||||
Purchases of Trust Investments | (1,037 | ) | (900 | ) | |||||
Short-Term Loan—Affiliated Company | (119 | ) | 86 | ||||||
Other | 33 | 37 | |||||||
Net Cash Provided By (Used In) Investing Activities | (1,010 | ) | (884 | ) | |||||
CASH FLOWS FROM FINANCING ACTIVITIES | |||||||||
Issuance of Long-Term Debt | 700 | — | |||||||
Cash Dividend Paid | (400 | ) | (350 | ) | |||||
Short-Term Loan—Affiliated Company | (281 | ) | — | ||||||
Other | (5 | ) | (4 | ) | |||||
Net Cash Provided By (Used In) Financing Activities | 14 | (354 | ) | ||||||
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash | 9 | 11 | |||||||
Cash, Cash Equivalents and Restricted Cash at Beginning of Period | 32 | 11 | |||||||
Cash, Cash Equivalents and Restricted Cash at End of Period | $ | 41 | $ | 22 | |||||
Supplemental Disclosure of Cash Flow Information: | |||||||||
Income Taxes Paid (Received) | $ | 31 | $ | 75 | |||||
Interest Paid, Net of Amounts Capitalized | $ | 32 | $ | 30 | |||||
Accrued Property, Plant and Equipment Expenditures | $ | 168 | $ | 241 | |||||
PSE&G | Power | Other (A) | Consolidated | ||||||||||||||
Millions | |||||||||||||||||
As of December 31, 2017 | |||||||||||||||||
Cash and Cash Equivalents | $ | 242 | $ | 32 | $ | 39 | $ | 313 | |||||||||
Restricted Cash in Other Current Assets | — | — | — | — | |||||||||||||
Restricted Cash in Other Noncurrent Assets | 2 | — | — | 2 | |||||||||||||
Cash, Cash Equivalents and Restricted Cash | $ | 244 | $ | 32 | $ | 39 | $ | 315 | |||||||||
As of June 30, 2018 | |||||||||||||||||
Cash and Cash Equivalents | $ | 20 | $ | 20 | $ | 55 | $ | 95 | |||||||||
Restricted Cash in Other Current Assets | 4 | — | — | 4 | |||||||||||||
Restricted Cash in Other Noncurrent Assets | 12 | — | — | 12 | |||||||||||||
Cash, Cash Equivalents and Restricted Cash | $ | 36 | $ | 20 | $ | 55 | $ | 111 | |||||||||
PSE&G | Power | Other (A) | Consolidated | ||||||||||||||
Millions | |||||||||||||||||
As of December 31, 2017 | |||||||||||||||||
Cash and Cash Equivalents | $ | 242 | $ | 32 | $ | 39 | $ | 313 | |||||||||
Restricted Cash in Other Current Assets | — | — | — | — | |||||||||||||
Restricted Cash in Other Noncurrent Assets | 2 | — | — | 2 | |||||||||||||
Cash, Cash Equivalents and Restricted Cash | $ | 244 | $ | 32 | $ | 39 | $ | 315 | |||||||||
As of September 30, 2018 | |||||||||||||||||
Cash and Cash Equivalents | $ | 25 | $ | 41 | $ | 22 | $ | 88 | |||||||||
Restricted Cash in Other Current Assets | 6 | — | — | 6 | |||||||||||||
Restricted Cash in Other Noncurrent Assets | 12 | — | — | 12 | |||||||||||||
Cash, Cash Equivalents and Restricted Cash | $ | 43 | $ | 41 | $ | 22 | $ | 106 | |||||||||
(A) | Includes amounts applicable to PSEG (parent corporation), Energy Holdings and Services. |
PSE&G | Power | Other | Eliminations | Consolidated | |||||||||||||||||
Millions | |||||||||||||||||||||
Three Months Ended September 30, 2018 | |||||||||||||||||||||
Revenues from Contracts with Customers | |||||||||||||||||||||
Electric Distribution | $ | 1,072 | $ | — | $ | — | $ | — | $ | 1,072 | |||||||||||
Gas Distribution | 142 | — | — | (6 | ) | 136 | |||||||||||||||
Transmission | 312 | — | — | — | 312 | ||||||||||||||||
Electricity and Related Product Sales | |||||||||||||||||||||
PJM | |||||||||||||||||||||
Third Party Sales | — | 558 | — | — | 558 | ||||||||||||||||
Sales to Affiliates | — | 166 | — | (166 | ) | — | |||||||||||||||
New York ISO | — | 56 | — | — | 56 | ||||||||||||||||
ISO New England | — | 12 | — | — | 12 | ||||||||||||||||
Gas Sales | |||||||||||||||||||||
Third Party Sales | — | 24 | — | — | 24 | ||||||||||||||||
Sales to Affiliates | — | 47 | — | (47 | ) | — | |||||||||||||||
Other Revenues from Contracts with Customers (A) | 60 | 12 | 142 | (1 | ) | 213 | |||||||||||||||
Total Revenues from Contracts with Customers | 1,586 | 875 | 142 | (220 | ) | 2,383 | |||||||||||||||
Revenues Unrelated to Contracts with Customers (B) | 9 | (7 | ) | 9 | — | 11 | |||||||||||||||
Total Operating Revenues | $ | 1,595 | $ | 868 | $ | 151 | $ | (220 | ) | $ | 2,394 | ||||||||||
PSE&G | Power | Other | Eliminations | Consolidated | |||||||||||||||||
Millions | |||||||||||||||||||||
Three Months Ended June 30, 2018 | |||||||||||||||||||||
Revenues from Contracts with Customers | |||||||||||||||||||||
Electric Distribution | $ | 754 | $ | — | $ | — | $ | — | $ | 754 | |||||||||||
Gas Distribution | 248 | — | — | (4 | ) | 244 | |||||||||||||||
Transmission | 301 | — | — | — | 301 | ||||||||||||||||
Electricity and Related Product Sales | |||||||||||||||||||||
PJM | |||||||||||||||||||||
Third Party Sales | — | 373 | — | — | 373 | ||||||||||||||||
Sales to Affiliates | — | 147 | — | (147 | ) | — | |||||||||||||||
New York ISO | — | 46 | — | — | 46 | ||||||||||||||||
ISO New England | — | 14 | — | — | 14 | ||||||||||||||||
Gas Sales | |||||||||||||||||||||
Third Party Sales | — | 30 | — | — | 30 | ||||||||||||||||
Sales to Affiliates | — | 108 | — | (108 | ) | — | |||||||||||||||
Other Revenues from Contracts with Customers (A) | 63 | 13 | 125 | (1 | ) | 200 | |||||||||||||||
Total Revenues from Contracts with Customers | 1,366 | 731 | 125 | (260 | ) | 1,962 | |||||||||||||||
Revenues Unrelated to Contracts with Customers (B) | 20 | 36 | (2 | ) | — | 54 | |||||||||||||||
Total Operating Revenues | $ | 1,386 | $ | 767 | $ | 123 | $ | (260 | ) | $ | 2,016 | ||||||||||
PSE&G | Power | Other | Eliminations | Consolidated | |||||||||||||||||
Millions | |||||||||||||||||||||
Nine Months Ended September 30, 2018 | |||||||||||||||||||||
Revenues from Contracts with Customers | |||||||||||||||||||||
Electric Distribution | $ | 2,516 | $ | — | $ | — | $ | — | $ | 2,516 | |||||||||||
Gas Distribution | 1,149 | — | — | (13 | ) | 1,136 | |||||||||||||||
Transmission | 925 | — | — | — | 925 | ||||||||||||||||
Electricity and Related Product Sales | |||||||||||||||||||||
PJM | |||||||||||||||||||||
Third Party Sales | — | 1,429 | — | — | 1,429 | ||||||||||||||||
Sales to Affiliates | — | 489 | — | (489 | ) | — | |||||||||||||||
New York ISO | — | 161 | — | — | 161 | ||||||||||||||||
ISO New England | — | 73 | — | — | 73 | ||||||||||||||||
Gas Sales | |||||||||||||||||||||
Third Party Sales | — | 118 | — | — | 118 | ||||||||||||||||
Sales to Affiliates | — | 552 | — | (552 | ) | — | |||||||||||||||
Other Revenues from Contracts with Customers (A) | 195 | 35 | 404 | (3 | ) | 631 | |||||||||||||||
Total Revenues from Contracts with Customers | 4,785 | 2,857 | 404 | (1,057 | ) | 6,989 | |||||||||||||||
Revenues Unrelated to Contracts with Customers (B) | 41 | 181 | 17 | — | 239 | ||||||||||||||||
Total Operating Revenues | $ | 4,826 | $ | 3,038 | $ | 421 | $ | (1,057 | ) | $ | 7,228 | ||||||||||
PSE&G | Power | Other | Eliminations | Consolidated | |||||||||||||||||
Millions | |||||||||||||||||||||
Six Months Ended June 30, 2018 | |||||||||||||||||||||
Revenues from Contracts with Customers | |||||||||||||||||||||
Electric Distribution | $ | 1,444 | $ | — | $ | — | $ | — | $ | 1,444 | |||||||||||
Gas Distribution | 1,007 | — | — | (7 | ) | 1,000 | |||||||||||||||
Transmission | 613 | — | — | — | 613 | ||||||||||||||||
Electricity and Related Product Sales | |||||||||||||||||||||
PJM | |||||||||||||||||||||
Third Party Sales | — | 871 | — | — | 871 | ||||||||||||||||
Sales to Affiliates | — | 323 | — | (323 | ) | — | |||||||||||||||
New York ISO | — | 105 | — | — | 105 | ||||||||||||||||
ISO New England | — | 61 | — | — | 61 | ||||||||||||||||
Gas Sales | |||||||||||||||||||||
Third Party Sales | — | 94 | — | — | 94 | ||||||||||||||||
Sales to Affiliates | — | 505 | — | (505 | ) | — | |||||||||||||||
Other Revenues from Contracts with Customers (A) | 135 | 23 | 262 | (2 | ) | 418 | |||||||||||||||
Total Revenues from Contracts with Customers | 3,199 | 1,982 | 262 | (837 | ) | 4,606 | |||||||||||||||
Revenues Unrelated to Contracts with Customers (B) | 32 | 188 | 8 | — | 228 | ||||||||||||||||
Total Operating Revenues | $ | 3,231 | $ | 2,170 | $ | 270 | $ | (837 | ) | $ | 4,834 | ||||||||||
PSE&G | Power | Other | Eliminations | Consolidated | |||||||||||||||||
Millions | |||||||||||||||||||||
Three Months Ended June 30, 2017 | |||||||||||||||||||||
Revenues from Contracts with Customers | |||||||||||||||||||||
Electric Distribution | $ | 757 | $ | — | $ | — | $ | — | $ | 757 | |||||||||||
Gas Distribution | 233 | — | — | (6 | ) | 227 | |||||||||||||||
Transmission | 307 | — | — | — | 307 | ||||||||||||||||
Electricity and Related Product Sales | |||||||||||||||||||||
PJM | |||||||||||||||||||||
Third Party Sales | — | 302 | — | — | 302 | ||||||||||||||||
Sales to Affiliates | — | 171 | — | (171 | ) | — | |||||||||||||||
New York ISO | — | 50 | — | — | 50 | ||||||||||||||||
ISO New England | — | 9 | — | — | 9 | ||||||||||||||||
Gas Sales | |||||||||||||||||||||
Third Party Sales | — | 11 | — | — | 11 | ||||||||||||||||
Sales to Affiliates | — | 107 | — | (107 | ) | — | |||||||||||||||
Other Revenues from Contracts with Customers (A) | 67 | 12 | 128 | (1 | ) | 206 | |||||||||||||||
Total Revenues from Contracts with Customers | 1,364 | 662 | 128 | (285 | ) | 1,869 | |||||||||||||||
Revenues Unrelated to Contracts with Customers (B) | 29 | 256 | (12 | ) | — | 273 | |||||||||||||||
Total Operating Revenues | $ | 1,393 | $ | 918 | $ | 116 | $ | (285 | ) | $ | 2,142 | ||||||||||
PSE&G | Power | Other | Eliminations | Consolidated | |||||||||||||||||
Millions | |||||||||||||||||||||
Six Months Ended June 30, 2017 | |||||||||||||||||||||
Revenues from Contracts with Customers | |||||||||||||||||||||
Electric Distribution | $ | 1,458 | $ | — | $ | — | $ | — | $ | 1,458 | |||||||||||
Gas Distribution | 988 | — | — | (7 | ) | 981 | |||||||||||||||
Transmission | 606 | — | — | — | 606 | ||||||||||||||||
Electricity and Related Product Sales | |||||||||||||||||||||
PJM | |||||||||||||||||||||
Third Party Sales | — | 616 | — | — | 616 | ||||||||||||||||
Sales to Affiliates | — | 355 | — | (355 | ) | — | |||||||||||||||
New York ISO | — | 86 | — | — | 86 | ||||||||||||||||
ISO New England | — | 20 | — | — | 20 | ||||||||||||||||
Gas Sales | |||||||||||||||||||||
Third Party Sales | — | 63 | — | — | 63 | ||||||||||||||||
Sales to Affiliates | — | 508 | — | (508 | ) | — | |||||||||||||||
Other Revenues from Contracts with Customers (A) | 129 | 22 | 256 | (2 | ) | 405 | |||||||||||||||
Total Revenues from Contracts with Customers | 3,181 | 1,670 | 256 | (872 | ) | 4,235 | |||||||||||||||
Revenues Unrelated to Contracts with Customers (B) | 38 | 517 | (57 | ) | — | 498 | |||||||||||||||
Total Operating Revenues | $ | 3,219 | $ | 2,187 | $ | 199 | $ | (872 | ) | $ | 4,733 | ||||||||||
PSE&G | Power | Other | Eliminations | Consolidated | |||||||||||||||||
Millions | |||||||||||||||||||||
Three Months Ended September 30, 2017 | |||||||||||||||||||||
Revenues from Contracts with Customers | |||||||||||||||||||||
Electric Distribution | $ | 1,014 | $ | — | $ | — | $ | — | $ | 1,014 | |||||||||||
Gas Distribution | 136 | — | — | (4 | ) | 132 | |||||||||||||||
Transmission | 308 | — | — | — | 308 | ||||||||||||||||
Electricity and Related Product Sales | |||||||||||||||||||||
PJM | |||||||||||||||||||||
Third Party Sales | — | 300 | — | — | 300 | ||||||||||||||||
Sales to Affiliates | — | 208 | — | (208 | ) | — | |||||||||||||||
New York ISO | — | 49 | — | — | 49 | ||||||||||||||||
ISO New England | — | 15 | — | — | 15 | ||||||||||||||||
Gas Sales | |||||||||||||||||||||
Third Party Sales | — | 26 | — | — | 26 | ||||||||||||||||
Sales to Affiliates | — | 44 | — | (44 | ) | — | |||||||||||||||
Other Revenues from Contracts with Customers (A) | 59 | 11 | 130 | (1 | ) | 199 | |||||||||||||||
Total Revenues from Contracts with Customers | 1,517 | 653 | 130 | (257 | ) | 2,043 | |||||||||||||||
Revenues Unrelated to Contracts with Customers (B) | 13 | 193 | 5 | — | 211 | ||||||||||||||||
Total Operating Revenues | $ | 1,530 | $ | 846 | $ | 135 | $ | (257 | ) | $ | 2,254 | ||||||||||
PSE&G | Power | Other | Eliminations | Consolidated | |||||||||||||||||
Millions | |||||||||||||||||||||
Nine Months Ended September 30, 2017 | |||||||||||||||||||||
Revenues from Contracts with Customers | |||||||||||||||||||||
Electric Distribution | $ | 2,472 | $ | — | $ | — | $ | — | $ | 2,472 | |||||||||||
Gas Distribution | 1,124 | — | — | (11 | ) | 1,113 | |||||||||||||||
Transmission | 914 | — | — | — | 914 | ||||||||||||||||
Electricity and Related Product Sales | |||||||||||||||||||||
PJM | |||||||||||||||||||||
Third Party Sales | — | 916 | — | — | 916 | ||||||||||||||||
Sales to Affiliates | — | 563 | — | (563 | ) | — | |||||||||||||||
New York ISO | — | 135 | — | — | 135 | ||||||||||||||||
ISO New England | — | 35 | — | — | 35 | ||||||||||||||||
Gas Sales | |||||||||||||||||||||
Third Party Sales | — | 89 | — | — | 89 | ||||||||||||||||
Sales to Affiliates | — | 552 | — | (552 | ) | — | |||||||||||||||
Other Revenues from Contracts with Customers (A) | 188 | 33 | 386 | (3 | ) | 604 | |||||||||||||||
Total Revenues from Contracts with Customers | 4,698 | 2,323 | 386 | (1,129 | ) | 6,278 | |||||||||||||||
Revenues Unrelated to Contracts with Customers (B) | 51 | 710 | (52 | ) | — | 709 | |||||||||||||||
Total Operating Revenues | $ | 4,749 | $ | 3,033 | $ | 334 | $ | (1,129 | ) | $ | 6,987 | ||||||||||
(A) | Includes primarily revenues from appliance repair services at PSE&G, solar power projects and energy management and fuel service contracts with LIPA at Power, and PSEG LI’s OSA with LIPA in Other. |
(B) | Includes primarily alternative revenues at PSE&G, derivative contracts at Power, and lease contracts in Other. For the |
Delivery Year | $ per MW-Day | MW Cleared | |||||
June 2018 to May 2019 | $205 | 9,200 | |||||
June 2019 to May 2020 | $116 | 8,900 | |||||
June 2020 to May 2021 | $174 | 7,800 | |||||
June 2021 to May 2022 | $178 | 7,700 | |||||
�� |
Delivery Year | $ per MW-Day | MW Cleared | |||||
June 2018 to May 2019 | $205 | 9,200 | |||||
June 2019 to May 2020 | $116 | 8,900 | |||||
June 2020 to May 2021 | $170 | 8,100 | |||||
June 2021 to May 2022 | $178 | 7,700 | |||||
Delivery Year | $ per MW-Day | MW Cleared | |||||
June 2018 to May 2019 | $314 | 820 | |||||
June 2019 to May 2020 | $231 | 1,330 | |||||
June 2020 to May 2021 | $195 | 1,330 | |||||
June 2021 to May 2022 | $192 | 950 | |||||
June 2022 to May 2023 | $231 | 480 | |||||
June 2023 to May 2024 | $231 | 480 | |||||
June 2024 to May 2025 | $231 | 480 | |||||
June 2025 to May 2026 | $231 | 480 | |||||
As of June 30, 2018 | ||||||||||||||||||
Hope Creek | Salem | Support Facilities and Other (A) | Peach Bottom | |||||||||||||||
Millions | ||||||||||||||||||
Assets | ||||||||||||||||||
Materials and Supplies Inventory | $ | 83 | $ | 82 | $ | — | $ | 42 | ||||||||||
Nuclear Production, net of Accumulated Depreciation | 688 | 646 | 203 | 786 | ||||||||||||||
Nuclear Fuel In-Service, net of Accumulated Depreciation | 171 | 89 | — | 119 | ||||||||||||||
Construction Work in Progress (including nuclear fuel) | 140 | 105 | 2 | 24 | ||||||||||||||
Total Assets | $ | 1,082 | $ | 922 | $ | 205 | $ | 971 | ||||||||||
Liability | ||||||||||||||||||
Asset Retirement Obligation | $ | 309 | $ | 255 | $ | — | $ | 210 | ||||||||||
Total Liabilities | $ | 309 | $ | 255 | $ | — | $ | 210 | ||||||||||
Net Assets | $ | 773 | $ | 667 | $ | 205 | $ | 761 | ||||||||||
NRC License Renewal Term | 2046 | 2036/2040 | N/A | 2033/2034 | ||||||||||||||
% Owned | 100 | % | 57 | % | Various | 50 | % | |||||||||||
As of September 30, 2018 | ||||||||||||||||||
Hope Creek | Salem | Support Facilities and Other (A) | Peach Bottom | |||||||||||||||
Millions | ||||||||||||||||||
Assets | ||||||||||||||||||
Materials and Supplies Inventory | $ | 83 | $ | 72 | $ | — | $ | 42 | ||||||||||
Nuclear Production, net of Accumulated Depreciation | 684 | 642 | 199 | 775 | ||||||||||||||
Nuclear Fuel In-Service, net of Accumulated Depreciation | 155 | 72 | — | 103 | ||||||||||||||
Construction Work in Progress (including nuclear fuel) | 144 | 156 | 2 | 87 | ||||||||||||||
Total Assets | $ | 1,066 | $ | 942 | $ | 201 | $ | 1,007 | ||||||||||
Liability | ||||||||||||||||||
Asset Retirement Obligation | $ | 313 | $ | 258 | $ | — | $ | 213 | ||||||||||
Total Liabilities | $ | 313 | $ | 258 | $ | — | $ | 213 | ||||||||||
Net Assets | $ | 753 | $ | 684 | $ | 201 | $ | 794 | ||||||||||
NRC License Renewal Term | 2046 | 2036/2040 | N/A | 2033/2034 | ||||||||||||||
% Owned | 100 | % | 57 | % | Various | 50 | % | |||||||||||
Outstanding Loans by Class of Customer | ||||||||||
As of | As of | |||||||||
Consumer Loans | June 30, 2018 | December 31, 2017 | ||||||||
Millions | ||||||||||
Commercial/Industrial | $ | 169 | $ | 158 | ||||||
Residential | 9 | 10 | ||||||||
Total | $ | 178 | $ | 168 | ||||||
Outstanding Loans by Class of Customer | ||||||||||
As of | As of | |||||||||
Consumer Loans | September 30, 2018 | December 31, 2017 | ||||||||
Millions | ||||||||||
Commercial/Industrial | $ | 166 | $ | 158 | ||||||
Residential | 9 | 10 | ||||||||
Total | $ | 175 | $ | 168 | ||||||
As of | As of | ||||||||
June 30, 2018 | December 31, 2017 | ||||||||
Millions | |||||||||
Lease Receivables (net of Non-Recourse Debt) | $ | 525 | $ | 546 | |||||
Estimated Residual Value of Leased Assets | 326 | 326 | |||||||
Total Investment in Rental Receivables | 851 | 872 | |||||||
Unearned and Deferred Income | (299 | ) | (307 | ) | |||||
Gross Investment in Leases | 552 | 565 | |||||||
Deferred Tax Liabilities | (500 | ) | (480 | ) | |||||
Net Investment in Leases | $ | 52 | $ | 85 | |||||
As of | As of | ||||||||
September 30, 2018 | December 31, 2017 | ||||||||
Millions | |||||||||
Lease Receivables (net of Non-Recourse Debt) | $ | 524 | $ | 546 | |||||
Estimated Residual Value of Leased Assets | 326 | 326 | |||||||
Total Investment in Rental Receivables | 850 | 872 | |||||||
Unearned and Deferred Income | (294 | ) | (307 | ) | |||||
Gross Investment in Leases | 556 | 565 | |||||||
Deferred Tax Liabilities | (470 | ) | (480 | ) | |||||
Net Investment in Leases | $ | 86 | $ | 85 | |||||
Lease Receivables, Net of Non-Recourse Debt | ||||||
Counterparties’ Credit Rating Standard & Poor’s (S&P) as of June 30, 2018 | ||||||
As of June 30, 2018 | ||||||
Millions | ||||||
AA | $ | 14 | ||||
BBB+ — BBB- | 316 | |||||
BB- | 133 | |||||
CCC- | 62 | |||||
Total | $ | 525 | ||||
Lease Receivables, Net of Non-Recourse Debt | ||||||
Counterparties’ Credit Rating Standard & Poor’s (S&P) as of September 30, 2018 | ||||||
As of September 30, 2018 | ||||||
Millions | ||||||
AA | $ | 13 | ||||
BBB+ — BBB- | 316 | |||||
BB | 133 | |||||
NR | 62 | |||||
Total | $ | 524 | ||||
Asset | Location | Gross Investment | % Owned | Total MW | Fuel Type | Counterparties’ S&P Credit Ratings | Counterparty | |||||||||||||
Millions | ||||||||||||||||||||
Powerton Station Units 5 and 6 | IL | $ | 132 | 64 | % | 1,538 | Coal | BB- | NRG Energy, Inc. | |||||||||||
Joliet Station Units 7 and 8 | IL | $ | 85 | 64 | % | 1,036 | Gas | BB- | NRG Energy, Inc. | |||||||||||
Keystone Station Units 1 and 2 | PA | $ | 10 | 17 | % | 1,711 | Coal | CCC- | REMA (A) | |||||||||||
Conemaugh Station Units 1 and 2 | PA | $ | 10 | 17 | % | 1,711 | Coal | CCC- | REMA (A) | |||||||||||
Shawville Station Units 1, 2, 3 and 4 | PA | $ | 78 | 100 | % | 596 | Gas | CCC- | REMA (A) | |||||||||||
Asset | Location | Gross Investment | % Owned | Total MW | Fuel Type | Counterparties’ S&P Credit Ratings | Counterparty | |||||||||||||
Millions | ||||||||||||||||||||
Powerton Station Units 5 and 6 | IL | $ | 133 | 64 | % | 1,538 | Coal | BB | NRG Energy, Inc. | |||||||||||
Joliet Station Units 7 and 8 | IL | $ | 85 | 64 | % | 1,036 | Gas | BB | NRG Energy, Inc. | |||||||||||
Keystone Station Units 1 and 2 | PA | $ | 10 | 17 | % | 1,711 | Coal | NR | REMA (A) | |||||||||||
Conemaugh Station Units 1 and 2 | PA | $ | 9 | 17 | % | 1,711 | Coal | NR | REMA (A) | |||||||||||
Shawville Station Units 1, 2, 3 and 4 | PA | $ | 79 | 100 | % | 596 | Gas | NR | REMA (A) | |||||||||||
(A) |
As of June 30, 2018 | |||||||||||||||||
Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||||||
Millions | |||||||||||||||||
Equity Securities | |||||||||||||||||
Domestic | $ | 471 | $ | 235 | $ | (8 | ) | $ | 698 | ||||||||
International | 321 | 76 | (14 | ) | 383 | ||||||||||||
Total Equity Securities | 792 | 311 | (22 | ) | 1,081 | ||||||||||||
Available-for Sale Debt Securities | |||||||||||||||||
Government | 528 | 1 | (12 | ) | 517 | ||||||||||||
Corporate | 464 | — | (14 | ) | 450 | ||||||||||||
Total Available-for-Sale Debt Securities | 992 | 1 | (26 | ) | 967 | ||||||||||||
Other | 1 | — | — | 1 | |||||||||||||
Total NDT Fund Investments | $ | 1,785 | $ | 312 | $ | (48 | ) | $ | 2,049 | ||||||||
As of September 30, 2018 | |||||||||||||||||
Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||||||
Millions | |||||||||||||||||
Equity Securities | |||||||||||||||||
Domestic | $ | 467 | $ | 268 | $ | (7 | ) | $ | 728 | ||||||||
International | 330 | 78 | (16 | ) | 392 | ||||||||||||
Total Equity Securities | 797 | 346 | (23 | ) | 1,120 | ||||||||||||
Available-for Sale Debt Securities | |||||||||||||||||
Government | 537 | — | (17 | ) | 520 | ||||||||||||
Corporate | 468 | 1 | (13 | ) | 456 | ||||||||||||
Total Available-for-Sale Debt Securities | 1,005 | 1 | (30 | ) | 976 | ||||||||||||
Other | — | — | — | — | |||||||||||||
Total NDT Fund Investments | $ | 1,802 | $ | 347 | $ | (53 | ) | $ | 2,096 | ||||||||
As of December 31, 2017 | |||||||||||||||||
Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||||||
Millions | |||||||||||||||||
Equity Securities | |||||||||||||||||
Domestic | $ | 497 | $ | 245 | $ | (2 | ) | $ | 740 | ||||||||
International | 311 | 99 | (3 | ) | 407 | ||||||||||||
Total Equity Securities | 808 | 344 | (5 | ) | 1,147 | ||||||||||||
Available-for Sale Debt Securities | |||||||||||||||||
Government | 586 | 2 | (4 | ) | 584 | ||||||||||||
Corporate | 400 | 4 | (2 | ) | 402 | ||||||||||||
Total Available-for-Sale Debt Securities | 986 | 6 | (6 | ) | 986 | ||||||||||||
Total NDT Fund Investments | $ | 1,794 | $ | 350 | $ | (11 | ) | $ | 2,133 | ||||||||
As of | As of | ||||||||
June 30, 2018 | December 31, 2017 | ||||||||
Millions | |||||||||
Accounts Receivable | $ | 11 | $ | 24 | |||||
Accounts Payable | $ | 8 | $ | 74 | |||||
As of | As of | ||||||||
September 30, 2018 | December 31, 2017 | ||||||||
Millions | |||||||||
Accounts Receivable | $ | 13 | $ | 24 | |||||
Accounts Payable | $ | 14 | $ | 74 | |||||
As of June 30, 2018 | As of December 31, 2017 | ||||||||||||||||||||||||||||||||
Less Than 12 Months | Greater Than 12 Months | Less Than 12 Months | Greater Than 12 Months | ||||||||||||||||||||||||||||||
Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | ||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||||
Equity Securities (A) | |||||||||||||||||||||||||||||||||
Domestic | $ | 79 | $ | (8 | ) | $ | — | $ | — | $ | 40 | $ | (2 | ) | $ | — | $ | — | |||||||||||||||
International | 74 | (13 | ) | 4 | (1 | ) | 29 | (3 | ) | 2 | — | ||||||||||||||||||||||
Total Equity Securities | 153 | (21 | ) | 4 | (1 | ) | 69 | (5 | ) | 2 | — | ||||||||||||||||||||||
Available-for Sale Debt Securities | |||||||||||||||||||||||||||||||||
Government (B) | 402 | (9 | ) | 64 | (3 | ) | 343 | (2 | ) | 91 | (2 | ) | |||||||||||||||||||||
Corporate (C) | 358 | (12 | ) | 25 | (2 | ) | 191 | (1 | ) | 27 | (1 | ) | |||||||||||||||||||||
Total Available-for-Sale Debt Securities | 760 | (21 | ) | 89 | (5 | ) | 534 | (3 | ) | 118 | (3 | ) | |||||||||||||||||||||
NDT Trust Investments | $ | 913 | $ | (42 | ) | $ | 93 | $ | (6 | ) | $ | 603 | $ | (8 | ) | $ | 120 | $ | (3 | ) | |||||||||||||
As of September 30, 2018 | As of December 31, 2017 | ||||||||||||||||||||||||||||||||
Less Than 12 Months | Greater Than 12 Months | Less Than 12 Months | Greater Than 12 Months | ||||||||||||||||||||||||||||||
Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | ||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||||
Equity Securities (A) | |||||||||||||||||||||||||||||||||
Domestic | $ | 78 | $ | (7 | ) | $ | 4 | $ | — | $ | 40 | $ | (2 | ) | $ | — | $ | — | |||||||||||||||
International | 87 | (14 | ) | 8 | (2 | ) | 29 | (3 | ) | 2 | — | ||||||||||||||||||||||
Total Equity Securities | 165 | (21 | ) | 12 | (2 | ) | 69 | (5 | ) | 2 | — | ||||||||||||||||||||||
Available-for Sale Debt Securities | |||||||||||||||||||||||||||||||||
Government (B) | 342 | (10 | ) | 153 | (7 | ) | 343 | (2 | ) | 91 | (2 | ) | |||||||||||||||||||||
Corporate (C) | 342 | (11 | ) | 49 | (2 | ) | 191 | (1 | ) | 27 | (1 | ) | |||||||||||||||||||||
Total Available-for-Sale Debt Securities | 684 | (21 | ) | 202 | (9 | ) | 534 | (3 | ) | 118 | (3 | ) | |||||||||||||||||||||
NDT Trust Investments | $ | 849 | $ | (42 | ) | $ | 214 | $ | (11 | ) | $ | 603 | $ | (8 | ) | $ | 120 | $ | (3 | ) | |||||||||||||
(A) | Equity Securities—Investments in marketable equity securities within the NDT Fund are primarily in common stocks within a broad range of industries and sectors. Effective January 1, 2018, unrealized gains and losses on these securities are recorded in Net Income. |
(B) | Debt Securities (Government)—Unrealized gains and losses on these securities are recorded in Accumulated Other Comprehensive Income (Loss). The unrealized losses on Power’s NDT investments in U.S. Treasury obligations and Federal Agency mortgage-backed securities were caused by interest rate changes. These investments are guaranteed by the U.S. government or an agency of the U.S. government. Power also has investments in municipal bonds that are primarily in investment grade securities. It is not expected that these securities will settle for less than their amortized cost. Since Power does not intend to sell these securities nor will it be more-likely-than-not required to sell, Power does not consider these debt securities to be other-than-temporarily impaired as of |
(C) | Debt Securities (Corporate)—Unrealized gains and losses on these securities are recorded in Accumulated Other Comprehensive Income (Loss). Power’s investments in corporate bonds are primarily in investment grade securities. It is not expected that these securities would settle for less than their amortized cost. Since Power does not intend to sell these securities nor will it be more-likely-than-not required to sell, Power does not consider these debt securities to be other-than-temporarily impaired as of |
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||||
Millions | |||||||||||||||||
Proceeds from NDT Fund Sales (A) | $ | 402 | $ | 320 | $ | 774 | $ | 567 | |||||||||
Net Realized Gains (Losses) on NDT Fund | |||||||||||||||||
Gross Realized Gains | $ | 34 | $ | 32 | $ | 58 | $ | 53 | |||||||||
Gross Realized Losses | (10 | ) | (5 | ) | (22 | ) | (9 | ) | |||||||||
Net Realized Gains (Losses) on NDT Fund (B) | $ | 24 | $ | 27 | $ | 36 | $ | 44 | |||||||||
Unrealized Gains (Losses) on Equity Securities in NDT Fund (C) | (16 | ) | N/A | (50 | ) | N/A | |||||||||||
Other-Than-Temporary-Impairments | $ | — | $ | (3 | ) | — | (4 | ) | |||||||||
Net Gains (Losses) on NDT Fund Investments | $ | 8 | $ | 24 | $ | (14 | ) | $ | 40 | ||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||||
Millions | |||||||||||||||||
Proceeds from NDT Fund Sales (A) | $ | 231 | $ | 278 | $ | 1,005 | $ | 845 | |||||||||
Net Realized Gains (Losses) on NDT Fund | |||||||||||||||||
Gross Realized Gains | $ | 17 | $ | 29 | $ | 75 | $ | 82 | |||||||||
Gross Realized Losses | (7 | ) | (5 | ) | (29 | ) | (14 | ) | |||||||||
Net Realized Gains (Losses) on NDT Fund (B) | $ | 10 | $ | 24 | $ | 46 | $ | 68 | |||||||||
Unrealized Gains (Losses) on Equity Securities in NDT Fund (C) | 34 | N/A | (16 | ) | N/A | ||||||||||||
Other-Than-Temporary-Impairments (OTTI) | $ | — | $ | (5 | ) | — | (9 | ) | |||||||||
Net Gains (Losses) on NDT Fund Investments | $ | 44 | $ | 19 | $ | 30 | $ | 59 | |||||||||
(C) | Effective January 1, 2018, unrealized gains (losses) on equity securities are recorded in Net Income instead of Other Comprehensive Income (Loss). |
Time Frame | Fair Value | |||||
Millions | ||||||
Less than one year | $ | 10 | ||||
1 - 5 years | 298 | |||||
6 - 10 years | 196 | |||||
11 - 15 years | 45 | |||||
16 - 20 years | 71 | |||||
Over 20 years | 347 | |||||
Total NDT Available-for-Sale Debt Securities | $ | 967 | ||||
Time Frame | Fair Value | |||||
Millions | ||||||
Less than one year | $ | 11 | ||||
1 - 5 years | 282 | |||||
6 - 10 years | 201 | |||||
11 - 15 years | 47 | |||||
16 - 20 years | 73 | |||||
Over 20 years | 362 | |||||
Total NDT Available-for-Sale Debt Securities | $ | 976 | ||||
As of June 30, 2018 | |||||||||||||||||
Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||||||
Millions | |||||||||||||||||
Equity Securities | |||||||||||||||||
Domestic | $ | 21 | $ | 3 | $ | — | $ | 24 | |||||||||
International | — | — | — | — | |||||||||||||
Total Equity Securities | 21 | 3 | — | 24 | |||||||||||||
Available-for-Sale Debt Securities | |||||||||||||||||
Government | 96 | — | (2 | ) | 94 | ||||||||||||
Corporate | 110 | — | (4 | ) | 106 | ||||||||||||
Total Available-for-Sale Debt Securities | 206 | — | (6 | ) | 200 | ||||||||||||
Total Rabbi Trust Investments | $ | 227 | $ | 3 | $ | (6 | ) | $ | 224 | ||||||||
As of September 30, 2018 | |||||||||||||||||
Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||||||
Millions | |||||||||||||||||
Equity Securities | |||||||||||||||||
Domestic | $ | 21 | $ | 4 | $ | — | $ | 25 | |||||||||
International | — | — | — | — | |||||||||||||
Total Equity Securities | 21 | 4 | — | 25 | |||||||||||||
Available-for-Sale Debt Securities | |||||||||||||||||
Government | 103 | — | (4 | ) | 99 | ||||||||||||
Corporate | 104 | — | (3 | ) | 101 | ||||||||||||
Total Available-for-Sale Debt Securities | 207 | — | (7 | ) | 200 | ||||||||||||
Total Rabbi Trust Investments | $ | 228 | $ | 4 | $ | (7 | ) | $ | 225 | ||||||||
As of December 31, 2017 | |||||||||||||||||
Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||||||
Millions | |||||||||||||||||
Equity Securities | |||||||||||||||||
Domestic | $ | 24 | $ | 3 | $ | — | $ | 27 | |||||||||
International | — | — | — | — | |||||||||||||
Total Equity Securities | 24 | 3 | — | 27 | |||||||||||||
Available-for-Sale Debt Securities | |||||||||||||||||
Government | 85 | 1 | (1 | ) | 85 | ||||||||||||
Corporate | 118 | 2 | (1 | ) | 119 | ||||||||||||
Total Available-for-Sale Debt Securities | 203 | 3 | (2 | ) | 204 | ||||||||||||
Total Rabbi Trust Investments | $ | 227 | $ | 6 | $ | (2 | ) | $ | 231 | ||||||||
As of | As of | ||||||||
June 30, 2018 | December 31, 2017 | ||||||||
Millions | |||||||||
Accounts Receivable | $ | 2 | $ | 2 | |||||
Accounts Payable | $ | — | $ | 1 | |||||
As of | As of | ||||||||
September 30, 2018 | December 31, 2017 | ||||||||
Millions | |||||||||
Accounts Receivable | $ | 1 | $ | 2 | |||||
Accounts Payable | $ | — | $ | 1 | |||||
As of June 30, 2018 | As of December 31, 2017 | ||||||||||||||||||||||||||||||||
Less Than 12 Months | Greater Than 12 Months | Less Than 12 Months | Greater Than 12 Months | ||||||||||||||||||||||||||||||
Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | ||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||||
Available-for-Sale Debt Securities | |||||||||||||||||||||||||||||||||
Government (A) | $ | 57 | $ | (1 | ) | 23 | (1 | ) | $ | 28 | $ | — | $ | 25 | $ | (1 | ) | ||||||||||||||||
Corporate (B) | 93 | (4 | ) | 6 | — | 39 | (1 | ) | 9 | — | |||||||||||||||||||||||
Total Available-for-Sale Debt Securities | 150 | (5 | ) | 29 | (1 | ) | 67 | (1 | ) | 34 | (1 | ) | |||||||||||||||||||||
Rabbi Trust Investments | $ | 150 | $ | (5 | ) | $ | 29 | $ | (1 | ) | $ | 67 | $ | (1 | ) | $ | 34 | $ | (1 | ) | |||||||||||||
As of September 30, 2018 | As of December 31, 2017 | ||||||||||||||||||||||||||||||||
Less Than 12 Months | Greater Than 12 Months | Less Than 12 Months | Greater Than 12 Months | ||||||||||||||||||||||||||||||
Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | ||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||||
Available-for-Sale Debt Securities | |||||||||||||||||||||||||||||||||
Government (A) | $ | 70 | $ | (2 | ) | $ | 28 | $ | (2 | ) | $ | 28 | $ | — | $ | 25 | $ | (1 | ) | ||||||||||||||
Corporate (B) | 76 | (3 | ) | 14 | — | 39 | (1 | ) | 9 | — | |||||||||||||||||||||||
Total Available-for-Sale Debt Securities | 146 | (5 | ) | 42 | (2 | ) | 67 | (1 | ) | 34 | (1 | ) | |||||||||||||||||||||
Rabbi Trust Investments | $ | 146 | $ | (5 | ) | $ | 42 | $ | (2 | ) | $ | 67 | $ | (1 | ) | $ | 34 | $ | (1 | ) | |||||||||||||
(A) | Debt Securities (Government)—Unrealized gains and losses on these securities are recorded in Accumulated Other Comprehensive Income (Loss). The unrealized losses on PSEG’s Rabbi Trust investments in U.S. Treasury obligations and Federal Agency mortgage-backed securities were caused by interest rate changes. These investments are guaranteed by the U.S. government or an agency of the U.S. government. PSEG also has investments in municipal bonds that are primarily in investment grade securities. It is not expected that these securities will settle for less than their amortized cost. Since PSEG does not intend to sell these securities nor will it be more-likely-than-not required to sell, PSEG does not consider these debt securities to be other-than-temporarily impaired as of |
(B) | Debt Securities (Corporate)—Unrealized gains and losses on these securities are recorded in Accumulated Other Comprehensive Income (Loss). PSEG’s investments in corporate bonds are primarily in investment grade securities. It is not expected that these securities would settle for less than their amortized cost. Since PSEG does not intend to sell these securities nor will it be more-likely-than-not required to sell, PSEG does not consider these debt securities to be other-than-temporarily impaired as of |
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||||
Millions | |||||||||||||||||
Proceeds from Rabbi Trust Sales (A) | $ | 22 | $ | 93 | $ | 47 | $ | 144 | |||||||||
Net Realized Gains (Losses) on Rabbi Trust: | |||||||||||||||||
Gross Realized Gains | $ | — | $ | 2 | $ | 2 | $ | 17 | |||||||||
Gross Realized Losses | — | (1 | ) | (2 | ) | (4 | ) | ||||||||||
Net Realized Gains (Losses) on Rabbi Trust (B) | — | 1 | — | 13 | |||||||||||||
Unrealized Gains (Losses) on Equity Securities in Rabbi Trust (C) | — | N/A | — | N/A | |||||||||||||
Other-Than-Temporary-Impairments | — | $ | — | — | — | ||||||||||||
Net Gains (Losses) on Rabbi Trust Investments | $ | — | $ | 1 | $ | — | $ | 13 | |||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||||
Millions | |||||||||||||||||
Proceeds from Rabbi Trust Sales (A) | $ | 33 | $ | 24 | $ | 80 | $ | 168 | |||||||||
Net Realized Gains (Losses) on Rabbi Trust: | |||||||||||||||||
Gross Realized Gains | $ | — | $ | — | $ | 2 | $ | 17 | |||||||||
Gross Realized Losses | (1 | ) | (1 | ) | (3 | ) | (5 | ) | |||||||||
Net Realized Gains (Losses) on Rabbi Trust (B) | (1 | ) | (1 | ) | (1 | ) | 12 | ||||||||||
Unrealized Gains (Losses) on Equity Securities in Rabbi Trust (C) | 2 | N/A | 2 | N/A | |||||||||||||
OTTI | — | — | — | — | |||||||||||||
Net Gains (Losses) on Rabbi Trust Investments | $ | 1 | $ | (1 | ) | $ | 1 | $ | 12 | ||||||||
(C) | Effective January 1, 2018, unrealized gains (losses) on equity securities are recorded in Net Income instead of Other Comprehensive Income (Loss). |
Time Frame | Fair Value | |||||
Millions | ||||||
Less than one year | $ | 1 | ||||
1 - 5 years | 39 | |||||
6 - 10 years | 23 | |||||
11 - 15 years | 7 | |||||
16 - 20 years | 18 | |||||
Over 20 years | 112 | |||||
Total Rabbi Trust Available-for-Sale Debt Securities | $ | 200 | ||||
Time Frame | Fair Value | |||||
Millions | ||||||
Less than one year | $ | 3 | ||||
1 - 5 years | 28 | |||||
6 - 10 years | 32 | |||||
11 - 15 years | 7 | |||||
16 - 20 years | 22 | |||||
Over 20 years | 108 | |||||
Total Rabbi Trust Available-for-Sale Debt Securities | $ | 200 | ||||
As of | As of | ||||||||
June 30, 2018 | December 31, 2017 | ||||||||
Millions | |||||||||
PSE&G | $ | 45 | $ | 46 | |||||
Power | 56 | 57 | |||||||
Other | 123 | 128 | |||||||
Total Rabbi Trust Investments | $ | 224 | $ | 231 | |||||
As of | As of | ||||||||
September 30, 2018 | December 31, 2017 | ||||||||
Millions | |||||||||
PSE&G | $ | 46 | $ | 46 | |||||
Power | 57 | 57 | |||||||
Other | 122 | 128 | |||||||
Total Rabbi Trust Investments | $ | 225 | $ | 231 | |||||
Pension Benefits | OPEB | Pension Benefits | OPEB | ||||||||||||||||||||||||||||||
Three Months Ended | Three Months Ended | Six Months Ended | Six Months Ended | ||||||||||||||||||||||||||||||
June 30, | June 30, | June 30, | June 30, | ||||||||||||||||||||||||||||||
2018 | 2017 | 2018 | 2017 | 2018 | 2017 | 2018 | 2017 | ||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||||
Components of Net Periodic Benefit (Credits) Costs | |||||||||||||||||||||||||||||||||
Service Cost (included in O&M Expense) | $ | 33 | $ | 28 | $ | 5 | $ | 4 | $ | 65 | $ | 57 | $ | 9 | $ | 8 | |||||||||||||||||
Non-Service Components of Pension and OPEB (Credits) Costs | |||||||||||||||||||||||||||||||||
Interest Cost | 52 | 51 | 17 | 16 | 104 | 102 | 33 | 32 | |||||||||||||||||||||||||
Expected Return on Plan Assets | (110 | ) | (99 | ) | (11 | ) | (9 | ) | (220 | ) | (197 | ) | (21 | ) | (17 | ) | |||||||||||||||||
Amortization of Net | |||||||||||||||||||||||||||||||||
Prior Service Cost | (5 | ) | (4 | ) | — | (2 | ) | (9 | ) | (9 | ) | — | (5 | ) | |||||||||||||||||||
Actuarial Loss | 21 | 25 | 16 | 12 | 42 | 49 | 32 | 25 | |||||||||||||||||||||||||
Non-Service Components of Pension and OPEB (Credits) Costs | (42 | ) | (27 | ) | 22 | 17 | (83 | ) | (55 | ) | 44 | 35 | |||||||||||||||||||||
Total Benefit (Credits) Costs | $ | (9 | ) | $ | 1 | $ | 27 | $ | 21 | $ | (18 | ) | $ | 2 | $ | 53 | $ | 43 | |||||||||||||||
Pension Benefits | OPEB | Pension Benefits | OPEB | ||||||||||||||||||||||||||||||
Three Months Ended | Three Months Ended | Nine Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||||
September 30, | September 30, | September 30, | September 30, | ||||||||||||||||||||||||||||||
2018 | 2017 | 2018 | 2017 | 2018 | 2017 | 2018 | 2017 | ||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||||
Components of Net Periodic Benefit (Credits) Costs | |||||||||||||||||||||||||||||||||
Service Cost (included in O&M Expense) | $ | 32 | $ | 29 | $ | 4 | $ | 4 | $ | 97 | $ | 86 | $ | 13 | $ | 12 | |||||||||||||||||
Non-Service Components of Pension and OPEB (Credits) Costs | |||||||||||||||||||||||||||||||||
Interest Cost | 52 | 51 | 16 | 15 | 156 | 153 | 49 | 47 | |||||||||||||||||||||||||
Expected Return on Plan Assets | (111 | ) | (98 | ) | (9 | ) | (8 | ) | (331 | ) | (295 | ) | (30 | ) | (25 | ) | |||||||||||||||||
Amortization of Net | |||||||||||||||||||||||||||||||||
Prior Service Cost | (4 | ) | (5 | ) | (1 | ) | (3 | ) | (13 | ) | (14 | ) | (1 | ) | (8 | ) | |||||||||||||||||
Actuarial Loss | 22 | 24 | 16 | 13 | 64 | 73 | 48 | 38 | |||||||||||||||||||||||||
Non-Service Components of Pension and OPEB (Credits) Costs | (41 | ) | (28 | ) | 22 | 17 | (124 | ) | (83 | ) | 66 | 52 | |||||||||||||||||||||
Total Benefit (Credits) Costs | $ | (9 | ) | $ | 1 | $ | 26 | $ | 21 | $ | (27 | ) | $ | 3 | $ | 79 | $ | 64 | |||||||||||||||
Pension Benefits | OPEB | Pension Benefits | OPEB | ||||||||||||||||||||||||||||||
Three Months Ended | Three Months Ended | Six Months Ended | Six Months Ended | ||||||||||||||||||||||||||||||
June 30, | June 30, | June 30, | June 30, | ||||||||||||||||||||||||||||||
2018 | 2017 | 2018 | 2017 | 2018 | 2017 | 2018 | 2017 | ||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||||
PSE&G | $ | (7 | ) | $ | (1 | ) | $ | 17 | $ | 13 | $ | (15 | ) | $ | (2 | ) | $ | 34 | $ | 27 | |||||||||||||
Power | (3 | ) | 1 | 8 | 6 | (5 | ) | 1 | 16 | 13 | |||||||||||||||||||||||
Other | 1 | 1 | 2 | 2 | 2 | 3 | 3 | 3 | |||||||||||||||||||||||||
Total Benefit (Credits) Costs | $ | (9 | ) | $ | 1 | $ | 27 | $ | 21 | $ | (18 | ) | $ | 2 | $ | 53 | $ | 43 | |||||||||||||||
Pension Benefits | OPEB | Pension Benefits | OPEB | ||||||||||||||||||||||||||||||
Three Months Ended | Three Months Ended | Nine Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||||
September 30, | September 30, | September 30, | September 30, | ||||||||||||||||||||||||||||||
2018 | 2017 | 2018 | 2017 | 2018 | 2017 | 2018 | 2017 | ||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||||
PSE&G | $ | (8 | ) | $ | (1 | ) | $ | 17 | $ | 13 | $ | (23 | ) | $ | (3 | ) | $ | 51 | $ | 40 | |||||||||||||
Power | (2 | ) | — | 8 | 7 | (7 | ) | 1 | 24 | 20 | |||||||||||||||||||||||
Other | 1 | 2 | 1 | 1 | 3 | 5 | 4 | 4 | |||||||||||||||||||||||||
Total Benefit (Credits) Costs | $ | (9 | ) | $ | 1 | $ | 26 | $ | 21 | $ | (27 | ) | $ | 3 | $ | 79 | $ | 64 | |||||||||||||||
As of | As of | ||||||||
June 30, 2018 | December 31, 2017 | ||||||||
Millions | |||||||||
Face Value of Outstanding Guarantees | $ | 1,780 | $ | 1,701 | |||||
Exposure under Current Guarantees | $ | 129 | $ | 153 | |||||
Letters of Credit Margin Posted | $ | 152 | $ | 103 | |||||
Letters of Credit Margin Received | $ | 18 | $ | 32 | |||||
Cash Deposited and Received: | |||||||||
Counterparty Cash Margin Deposited | $ | — | $ | — | |||||
Counterparty Cash Margin Received | $ | (2 | ) | $ | (1 | ) | |||
Net Broker Balance Deposited (Received) | $ | 124 | $ | 147 | |||||
Additional Amounts Posted: | |||||||||
Other Letters of Credit | $ | 63 | $ | 61 | |||||
As of | As of | ||||||||
September 30, 2018 | December 31, 2017 | ||||||||
Millions | |||||||||
Face Value of Outstanding Guarantees | $ | 1,787 | $ | 1,701 | |||||
Exposure under Current Guarantees | $ | 140 | $ | 153 | |||||
Letters of Credit Margin Posted | $ | 163 | $ | 103 | |||||
Letters of Credit Margin Received | $ | 17 | $ | 32 | |||||
Cash Deposited and Received: | |||||||||
Counterparty Cash Margin Deposited | $ | — | $ | — | |||||
Counterparty Cash Margin Received | $ | (3 | ) | $ | (1 | ) | |||
Net Broker Balance Deposited (Received) | $ | 226 | $ | 147 | |||||
Additional Amounts Posted: | |||||||||
Other Letters of Credit | $ | 63 | $ | 61 | |||||
Auction Year | ||||||||||||||
2015 | 2016 | 2017 | 2018 | |||||||||||
36-Month Terms Ending | May 2018 | May 2019 | May 2020 | May 2021 | (A) | |||||||||
Load (MW) | 2,900 | 2,800 | 2,800 | 2,900 | ||||||||||
$ per MWh | $99.54 | $96.38 | $90.78 | $91.77 | ||||||||||
(A) | Prices set in the 2018 BGS auction year became effective on June 1, 2018 when the 2015 BGS auction agreements expired. |
Fuel Type | Power's Share of Commitments through 2022 | |||||
Millions | ||||||
Nuclear Fuel | ||||||
Uranium | $ | 244 | ||||
Enrichment | $ | 345 | ||||
Fabrication | $ | 161 | ||||
Natural Gas | $ | 990 | ||||
Coal | $ | 278 | ||||
Fuel Type | Power's Share of Commitments through 2022 | |||||
Millions | ||||||
Nuclear Fuel | ||||||
Uranium | $ | 227 | ||||
Enrichment | $ | 312 | ||||
Fabrication | $ | 158 | ||||
Natural Gas | $ | 922 | ||||
Coal | $ | 240 | ||||
As of June 30, 2018 | ||||||||||||||||||
Company/Facility | Total Facility | Usage | Available Liquidity | Expiration Date | Primary Purpose | |||||||||||||
Millions | ||||||||||||||||||
PSEG | ||||||||||||||||||
5-year Credit Facilities (A) | $ | 1,500 | $ | 88 | $ | 1,412 | Mar 2022 | Commercial Paper Support/Funding/Letters of Credit | ||||||||||
Total PSEG | $ | 1,500 | $ | 88 | $ | 1,412 | ||||||||||||
PSE&G | ||||||||||||||||||
5-year Credit Facility (A) | $ | 600 | $ | 211 | $ | 389 | Mar 2022 | Commercial Paper Support/Funding/Letters of Credit | ||||||||||
Total PSE&G | $ | 600 | $ | 211 | $ | 389 | ||||||||||||
Power | ||||||||||||||||||
3-year Letter of Credit Facilities | $ | 200 | $ | 162 | $ | 38 | Mar 2020 | Letters of Credit | ||||||||||
5-year Credit Facilities | 1,900 | 40 | 1,860 | Mar 2022 | Funding/Letters of Credit | |||||||||||||
Total Power | $ | 2,100 | $ | 202 | $ | 1,898 | ||||||||||||
Total | $ | 4,200 | $ | 501 | $ | 3,699 | ||||||||||||
As of September 30, 2018 | ||||||||||||||||||
Company/Facility | Total Facility | Usage | Available Liquidity | Expiration Date | Primary Purpose | |||||||||||||
Millions | ||||||||||||||||||
PSEG | ||||||||||||||||||
5-year Credit Facilities (A) | $ | 1,500 | $ | 393 | $ | 1,107 | Mar 2022 | Commercial Paper Support/Funding/Letters of Credit | ||||||||||
Total PSEG | $ | 1,500 | $ | 393 | $ | 1,107 | ||||||||||||
PSE&G | ||||||||||||||||||
5-year Credit Facility (A) | $ | 600 | $ | 56 | $ | 544 | Mar 2022 | Commercial Paper Support/Funding/Letters of Credit | ||||||||||
Total PSE&G | $ | 600 | $ | 56 | $ | 544 | ||||||||||||
Power | ||||||||||||||||||
3-year Letter of Credit Facility | $ | 100 | $ | 62 | $ | 38 | Mar 2020 | Letters of Credit | ||||||||||
3-year Letter of Credit Facilities | 200 | 100 | $ | 100 | Sept 2021 | Letters of Credit | ||||||||||||
5-year Credit Facilities | 1,900 | 51 | 1,849 | Mar 2022 | Funding/Letters of Credit | |||||||||||||
Total Power | $ | 2,200 | $ | 213 | $ | 1,987 | ||||||||||||
Total | $ | 4,300 | $ | 662 | $ | 3,638 | ||||||||||||
(A) | The primary use of PSEG’s and PSE&G’s credit facilities is to support their respective Commercial Paper Programs, under which as of |
As of June 30, 2018 | ||||||||||||||||||
Power (A) | Consolidated | |||||||||||||||||
Not Designated | ||||||||||||||||||
Balance Sheet Location | Energy- Related Contracts | Netting (B) | Total Power | Total Derivatives | ||||||||||||||
Millions | ||||||||||||||||||
Derivative Contracts | ||||||||||||||||||
Current Assets | $ | 256 | $ | (232 | ) | $ | 24 | $ | 24 | |||||||||
Noncurrent Assets | 132 | (111 | ) | �� | 21 | 21 | ||||||||||||
Total Mark-to-Market Derivative Assets | $ | 388 | $ | (343 | ) | $ | 45 | $ | 45 | |||||||||
Derivative Contracts | ||||||||||||||||||
Current Liabilities | $ | (254 | ) | $ | 231 | $ | (23 | ) | $ | (23 | ) | |||||||
Noncurrent Liabilities | (111 | ) | 110 | (1 | ) | (1 | ) | |||||||||||
Total Mark-to-Market Derivative (Liabilities) | $ | (365 | ) | $ | 341 | $ | (24 | ) | $ | (24 | ) | |||||||
Total Net Mark-to-Market Derivative Assets (Liabilities) | $ | 23 | $ | (2 | ) | $ | 21 | $ | 21 | |||||||||
As of September 30, 2018 | ||||||||||||||||||
Power (A) | Consolidated | |||||||||||||||||
Not Designated | ||||||||||||||||||
Balance Sheet Location | Energy- Related Contracts | Netting (B) | Total Power | Total Derivatives | ||||||||||||||
Millions | ||||||||||||||||||
Derivative Contracts | ||||||||||||||||||
Current Assets | $ | 301 | $ | (290 | ) | $ | 11 | $ | 11 | |||||||||
Noncurrent Assets | 123 | (121 | ) | 2 | 2 | |||||||||||||
Total Mark-to-Market Derivative Assets | $ | 424 | $ | (411 | ) | $ | 13 | $ | 13 | |||||||||
Derivative Contracts | ||||||||||||||||||
Current Liabilities | $ | (389 | ) | $ | 376 | $ | (13 | ) | $ | (13 | ) | |||||||
Noncurrent Liabilities | (149 | ) | 147 | (2 | ) | (2 | ) | |||||||||||
Total Mark-to-Market Derivative (Liabilities) | $ | (538 | ) | $ | 523 | $ | (15 | ) | $ | (15 | ) | |||||||
Total Net Mark-to-Market Derivative Assets (Liabilities) | $ | (114 | ) | $ | 112 | $ | (2 | ) | $ | (2 | ) | |||||||
As of December 31, 2017 | ||||||||||||||||||
Power (A) | Consolidated | |||||||||||||||||
Not Designated | ||||||||||||||||||
Balance Sheet Location | Energy- Related Contracts | Netting (B) | Total Power | Total Derivatives | ||||||||||||||
Millions | ||||||||||||||||||
Derivative Contracts | ||||||||||||||||||
Current Assets | $ | 391 | $ | (362 | ) | $ | 29 | $ | 29 | |||||||||
Noncurrent Assets | 78 | (71 | ) | 7 | 7 | |||||||||||||
Total Mark-to-Market Derivative Assets | $ | 469 | $ | (433 | ) | $ | 36 | $ | 36 | |||||||||
Derivative Contracts | ||||||||||||||||||
Current Liabilities | $ | (403 | ) | $ | 387 | $ | (16 | ) | $ | (16 | ) | |||||||
Noncurrent Liabilities | (95 | ) | 90 | (5 | ) | (5 | ) | |||||||||||
Total Mark-to-Market Derivative (Liabilities) | $ | (498 | ) | $ | 477 | $ | (21 | ) | $ | (21 | ) | |||||||
Total Net Mark-to-Market Derivative Assets (Liabilities) | $ | (29 | ) | $ | 44 | $ | 15 | $ | 15 | |||||||||
(A) | Substantially all of Power’s derivative instruments are contracts subject to master netting agreements. Contracts not subject to master netting or similar agreements are immaterial and did not have any collateral posted or received as of |
(B) | Represents the netting of fair value balances with the same counterparty (where the right of offset exists) and the application of collateral. All cash collateral received or posted that has been allocated to derivative positions, where the right of offset exists, has been offset on the Condensed Consolidated Balance Sheets. As of |
Accumulated Other Comprehensive Income | Pre-Tax | After-Tax | ||||||||
Millions | ||||||||||
Balance as of December 31, 2016 | $ | 3 | $ | 2 | ||||||
Gain Recognized in AOCI | — | — | ||||||||
Less: Gain Reclassified into Income | (3 | ) | (2 | ) | ||||||
Balance as of December 31, 2017 | $ | — | $ | — | ||||||
Loss Recognized in AOCI | (2 | ) | (1 | ) | ||||||
Less: Loss Reclassified into Income | — | — | ||||||||
Balance as of June 30, 2018 | $ | (2 | ) | $ | (1 | ) | ||||
Accumulated Other Comprehensive Income (Loss) | Pre-Tax | After-Tax | ||||||||
Millions | ||||||||||
Balance as of December 31, 2016 | $ | 3 | $ | 2 | ||||||
Gain Recognized in AOCI | — | — | ||||||||
Less: Gain Reclassified into Income | (3 | ) | (2 | ) | ||||||
Balance as of December 31, 2017 | $ | — | $ | — | ||||||
Loss Recognized in AOCI | (2 | ) | (1 | ) | ||||||
Less: Loss Reclassified into Income | — | — | ||||||||
Balance as of September 30, 2018 | $ | (2 | ) | $ | (1 | ) | ||||
Derivatives Not Designated as Hedges | Location of Pre-Tax Gain (Loss) Recognized in Income on Derivatives | Pre-Tax Gain (Loss) Recognized in Income on Derivatives | Pre-Tax Gain (Loss) Recognized in Income on Derivatives | |||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||||
June 30, | June 30, | |||||||||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||||||
Millions | ||||||||||||||||||||
PSEG and Power | ||||||||||||||||||||
Energy-Related Contracts | Operating Revenues | $ | (64 | ) | $ | 112 | $ | (24 | ) | $ | 190 | |||||||||
Energy-Related Contracts | Energy Costs | 15 | (10 | ) | 7 | (10 | ) | |||||||||||||
Total PSEG and Power | $ | (49 | ) | $ | 102 | $ | (17 | ) | $ | 180 | ||||||||||
�� | ||||||||||||||||||||
Derivatives Not Designated as Hedges | Location of Pre-Tax Gain (Loss) Recognized in Income on Derivatives | Pre-Tax Gain (Loss) Recognized in Income on Derivatives | Pre-Tax Gain (Loss) Recognized in Income on Derivatives | |||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||||||
Millions | ||||||||||||||||||||
PSEG and Power | ||||||||||||||||||||
Energy-Related Contracts | Operating Revenues | $ | (130 | ) | $ | 26 | $ | (154 | ) | $ | 216 | |||||||||
Energy-Related Contracts | Energy Costs | 5 | (4 | ) | 12 | (14 | ) | |||||||||||||
Total PSEG and Power | $ | (125 | ) | $ | 22 | $ | (142 | ) | $ | 202 | ||||||||||
Type | Notional | Total | PSEG | Power | PSE&G | |||||||||||
Millions | ||||||||||||||||
As of June 30, 2018 | ||||||||||||||||
Natural Gas | Dekatherm (Dth) | 249 | — | 249 | — | |||||||||||
Electricity | MWh | (67 | ) | — | (67 | ) | — | |||||||||
Financial Transmission Rights (FTRs) | MWh | 24 | — | 24 | — | |||||||||||
As of December 31, 2017 | ||||||||||||||||
Natural Gas | Dth | 154 | — | 154 | — | |||||||||||
Electricity | MWh | (63 | ) | — | (63 | ) | — | |||||||||
FTRs | MWh | 6 | — | 6 | — | |||||||||||
Type | Notional | Total | PSEG | Power | PSE&G | |||||||||||
Millions | ||||||||||||||||
As of September 30, 2018 | ||||||||||||||||
Natural Gas | Dekatherm (Dth) | 281 | — | 281 | — | |||||||||||
Electricity | MWh | (66 | ) | — | (66 | ) | — | |||||||||
Financial Transmission Rights (FTRs) | MWh | 24 | — | 24 | — | |||||||||||
As of December 31, 2017 | ||||||||||||||||
Natural Gas | Dth | 154 | — | 154 | — | |||||||||||
Electricity | MWh | (63 | ) | — | (63 | ) | — | |||||||||
FTRs | MWh | 6 | — | 6 | — | |||||||||||
Rating | Current Exposure | Securities held as Collateral | Net Exposure | Number of Counterparties >10% | Net Exposure of Counterparties >10% | |||||||||||||||||
Millions | Millions | |||||||||||||||||||||
Investment Grade | $ | 172 | $ | 12 | $ | 160 | 2 | $ | 74 | (A) | ||||||||||||
Non-Investment Grade | 4 | 1 | 3 | — | — | |||||||||||||||||
Total | $ | 176 | $ | 13 | $ | 163 | 2 | $ | 74 | |||||||||||||
Rating | Current Exposure | Securities held as Collateral | Net Exposure | Number of Counterparties >10% | Net Exposure of Counterparties >10% | |||||||||||||||||
Millions | Millions | |||||||||||||||||||||
Investment Grade | $ | 112 | $ | 12 | $ | 100 | 2 | $ | 50 | (A) | ||||||||||||
Non-Investment Grade | 6 | 2 | 4 | — | — | |||||||||||||||||
Total | $ | 118 | $ | 14 | $ | 104 | 2 | $ | 50 | |||||||||||||
(A) | Represents net exposure of |
Recurring Fair Value Measurements as of June 30, 2018 | ||||||||||||||||||||||
Description | Total | Netting (D) | Quoted Market Prices for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||||||||
Millions | ||||||||||||||||||||||
PSEG | ||||||||||||||||||||||
Assets: | ||||||||||||||||||||||
Energy-Related Contracts (B) | $ | 45 | $ | (343 | ) | $ | 16 | $ | 365 | $ | 7 | |||||||||||
NDT Fund (C) | ||||||||||||||||||||||
Equity Securities | $ | 1,081 | $ | — | $ | 1,079 | $ | 2 | $ | — | ||||||||||||
Debt Securities—U.S. Treasury | $ | 211 | $ | — | $ | — | $ | 211 | $ | — | ||||||||||||
Debt Securities—Govt Other | $ | 306 | $ | — | $ | — | $ | 306 | $ | — | ||||||||||||
Debt Securities—Corporate | $ | 450 | $ | — | $ | — | $ | 450 | $ | — | ||||||||||||
Rabbi Trust (C) | ||||||||||||||||||||||
Equity Securities | $ | 24 | $ | — | $ | 24 | $ | — | $ | — | ||||||||||||
Debt Securities—U.S. Treasury | $ | 58 | $ | — | $ | — | $ | 58 | $ | — | ||||||||||||
Debt Securities—Govt Other | $ | 36 | $ | — | $ | — | $ | 36 | $ | — | ||||||||||||
Debt Securities—Corporate | $ | 106 | $ | — | $ | — | $ | 106 | $ | — | ||||||||||||
Liabilities: | ||||||||||||||||||||||
Derivative Contracts: | ||||||||||||||||||||||
Energy-Related Contracts (B) | $ | (24 | ) | $ | 341 | $ | (8 | ) | $ | (354 | ) | $ | (3 | ) | ||||||||
PSE&G | ||||||||||||||||||||||
Assets: | ||||||||||||||||||||||
Rabbi Trust (C) | ||||||||||||||||||||||
Equity Securities | $ | 4 | $ | — | $ | 4 | $ | — | $ | — | ||||||||||||
Debt Securities—U.S. Treasury | $ | 12 | $ | — | $ | — | $ | 12 | $ | — | ||||||||||||
Debt Securities—Govt Other | $ | 8 | $ | — | $ | — | $ | 8 | $ | — | ||||||||||||
Debt Securities—Corporate | $ | 21 | $ | — | $ | — | $ | 21 | $ | — | ||||||||||||
Power | ||||||||||||||||||||||
Assets: | ||||||||||||||||||||||
Derivative Contracts: | ||||||||||||||||||||||
Energy-Related Contracts (B) | $ | 45 | $ | (343 | ) | $ | 16 | $ | 365 | $ | 7 | |||||||||||
NDT Fund (C) | ||||||||||||||||||||||
Equity Securities | $ | 1,081 | $ | — | $ | 1,079 | $ | 2 | $ | — | ||||||||||||
Debt Securities—U.S. Treasury | $ | 211 | $ | — | $ | — | $ | 211 | $ | — | ||||||||||||
Debt Securities—Govt Other | $ | 306 | $ | — | $ | — | $ | 306 | $ | — | ||||||||||||
Debt Securities—Corporate | $ | 450 | $ | — | $ | — | $ | 450 | $ | — | ||||||||||||
Rabbi Trust (C) | ||||||||||||||||||||||
Equity Securities | $ | 6 | $ | — | $ | 6 | $ | — | $ | — | ||||||||||||
Debt Securities—U.S. Treasury | $ | 14 | $ | — | $ | — | $ | 14 | $ | — | ||||||||||||
Debt Securities—Govt Other | $ | 9 | $ | — | $ | — | $ | 9 | $ | — | ||||||||||||
Debt Securities—Corporate | $ | 27 | $ | — | $ | — | $ | 27 | $ | — | ||||||||||||
Liabilities: | ||||||||||||||||||||||
Derivative Contracts: | ||||||||||||||||||||||
Energy-Related Contracts (B) | $ | (24 | ) | $ | 341 | $ | (8 | ) | $ | (354 | ) | $ | (3 | ) | ||||||||
Recurring Fair Value Measurements as of September 30, 2018 | ||||||||||||||||||||||
Description | Total | Netting (C) | Quoted Market Prices for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||||||||
Millions | ||||||||||||||||||||||
PSEG | ||||||||||||||||||||||
Assets: | ||||||||||||||||||||||
Energy-Related Contracts (A) | $ | 13 | $ | (411 | ) | $ | 12 | $ | 404 | $ | 8 | |||||||||||
NDT Fund (B) | ||||||||||||||||||||||
Equity Securities | $ | 1,120 | $ | — | $ | 1,118 | $ | 2 | $ | — | ||||||||||||
Debt Securities—U.S. Treasury | $ | 209 | $ | — | $ | — | $ | 209 | $ | — | ||||||||||||
Debt Securities—Govt Other | $ | 311 | $ | — | $ | — | $ | 311 | $ | — | ||||||||||||
Debt Securities—Corporate | $ | 456 | $ | — | $ | — | $ | 456 | $ | — | ||||||||||||
Rabbi Trust (B) | ||||||||||||||||||||||
Equity Securities | $ | 25 | $ | — | $ | 25 | $ | — | $ | — | ||||||||||||
Debt Securities—U.S. Treasury | $ | 60 | $ | — | $ | — | $ | 60 | $ | — | ||||||||||||
Debt Securities—Govt Other | $ | 39 | $ | — | $ | — | $ | 39 | $ | — | ||||||||||||
Debt Securities—Corporate | $ | 101 | $ | — | $ | — | $ | 101 | $ | — | ||||||||||||
Liabilities: | ||||||||||||||||||||||
Derivative Contracts: | ||||||||||||||||||||||
Energy-Related Contracts (A) | $ | (15 | ) | $ | 523 | $ | (10 | ) | $ | (519 | ) | $ | (9 | ) | ||||||||
PSE&G | ||||||||||||||||||||||
Assets: | ||||||||||||||||||||||
Rabbi Trust (B) | ||||||||||||||||||||||
Equity Securities | $ | 5 | $ | — | $ | 5 | $ | — | $ | — | ||||||||||||
Debt Securities—U.S. Treasury | $ | 12 | $ | — | $ | — | $ | 12 | $ | — | ||||||||||||
Debt Securities—Govt Other | $ | 8 | $ | — | $ | — | $ | 8 | $ | — | ||||||||||||
Debt Securities—Corporate | $ | 21 | $ | — | $ | — | $ | 21 | $ | — | ||||||||||||
Power | ||||||||||||||||||||||
Assets: | ||||||||||||||||||||||
Derivative Contracts: | ||||||||||||||||||||||
Energy-Related Contracts (A) | $ | 13 | $ | (411 | ) | $ | 12 | $ | 404 | $ | 8 | |||||||||||
NDT Fund (B) | ||||||||||||||||||||||
Equity Securities | $ | 1,120 | $ | — | $ | 1,118 | $ | 2 | $ | — | ||||||||||||
Debt Securities—U.S. Treasury | $ | 209 | $ | — | $ | — | $ | 209 | $ | — | ||||||||||||
Debt Securities—Govt Other | $ | 311 | $ | — | $ | — | $ | 311 | $ | — | ||||||||||||
Debt Securities—Corporate | $ | 456 | $ | — | $ | — | $ | 456 | $ | — | ||||||||||||
Rabbi Trust (B) | ||||||||||||||||||||||
Equity Securities | $ | 6 | $ | — | $ | 6 | $ | — | $ | — | ||||||||||||
Debt Securities—U.S. Treasury | $ | 15 | $ | — | $ | — | $ | 15 | $ | — | ||||||||||||
Debt Securities—Govt Other | $ | 10 | $ | — | $ | — | $ | 10 | $ | — | ||||||||||||
Debt Securities—Corporate | $ | 26 | $ | — | $ | — | $ | 26 | $ | — | ||||||||||||
Liabilities: | ||||||||||||||||||||||
Derivative Contracts: | ||||||||||||||||||||||
Energy-Related Contracts (A) | $ | (15 | ) | $ | 523 | $ | (10 | ) | $ | (519 | ) | $ | (9 | ) | ||||||||
Recurring Fair Value Measurements as of December 31, 2017 | ||||||||||||||||||||||
Description | Total | Netting (D) | Quoted Market Prices for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||||||||
Millions | ||||||||||||||||||||||
PSEG | ||||||||||||||||||||||
Assets: | ||||||||||||||||||||||
Cash Equivalents (A) | $ | 223 | $ | — | $ | 223 | $ | — | $ | — | ||||||||||||
Derivative Contracts: | ||||||||||||||||||||||
Energy-Related Contracts (B) | $ | 36 | $ | (433 | ) | $ | 15 | $ | 442 | $ | 12 | |||||||||||
NDT Fund (C) | ||||||||||||||||||||||
Equity Securities | $ | 1,147 | $ | — | $ | 1,145 | $ | 2 | $ | — | ||||||||||||
Debt Securities—U.S. Treasury | $ | 314 | $ | — | $ | — | $ | 314 | $ | — | ||||||||||||
Debt Securities—Govt Other | $ | 270 | $ | — | $ | — | $ | 270 | $ | — | ||||||||||||
Debt Securities—Corporate | $ | 402 | $ | — | $ | — | $ | 402 | $ | — | ||||||||||||
Rabbi Trust (C) | ||||||||||||||||||||||
Equity Securities | $ | 27 | $ | — | $ | 27 | $ | — | $ | — | ||||||||||||
Debt Securities—U.S. Treasury | $ | 51 | $ | — | $ | — | $ | 51 | $ | — | ||||||||||||
Debt Securities—Govt Other | $ | 34 | $ | — | $ | — | $ | 34 | $ | — | ||||||||||||
Debt Securities—Corporate | $ | 119 | $ | — | $ | — | $ | 119 | $ | — | ||||||||||||
Liabilities: | ||||||||||||||||||||||
Derivative Contracts: | ||||||||||||||||||||||
Energy-Related Contracts (B) | $ | (21 | ) | $ | 477 | $ | (8 | ) | $ | (485 | ) | $ | (5 | ) | ||||||||
PSE&G | ||||||||||||||||||||||
Assets: | ||||||||||||||||||||||
Cash Equivalents (A) | $ | 223 | $ | — | $ | 223 | $ | — | $ | — | ||||||||||||
Rabbi Trust (C) | ||||||||||||||||||||||
Equity Securities | $ | 5 | $ | — | $ | 5 | $ | — | $ | — | ||||||||||||
Debt Securities—U.S. Treasury | $ | 10 | $ | — | $ | — | $ | 10 | $ | — | ||||||||||||
Debt Securities—Govt Other | $ | 7 | $ | — | $ | — | $ | 7 | $ | — | ||||||||||||
Debt Securities—Corporate | $ | 24 | $ | — | $ | — | $ | 24 | $ | — | ||||||||||||
Liabilities: | ||||||||||||||||||||||
Power | ||||||||||||||||||||||
Assets: | ||||||||||||||||||||||
Derivative Contracts: | ||||||||||||||||||||||
Energy-Related Contracts (B) | $ | 36 | $ | (433 | ) | $ | 15 | $ | 442 | $ | 12 | |||||||||||
NDT Fund (C) | ||||||||||||||||||||||
Equity Securities | $ | 1,147 | $ | — | $ | 1,145 | $ | 2 | $ | — | ||||||||||||
Debt Securities—U.S. Treasury | $ | 314 | $ | — | $ | — | $ | 314 | $ | — | ||||||||||||
Debt Securities—Govt Other | $ | 270 | $ | — | $ | — | $ | 270 | $ | — | ||||||||||||
Debt Securities—Corporate | $ | 402 | $ | — | $ | — | $ | 402 | $ | — | ||||||||||||
Rabbi Trust (C) | ||||||||||||||||||||||
Equity Securities | $ | 6 | $ | — | $ | 6 | $ | — | $ | — | ||||||||||||
Debt Securities—U.S. Treasury | $ | 13 | $ | — | $ | — | $ | 13 | $ | — | ||||||||||||
Debt Securities—Govt Other | $ | 8 | $ | — | $ | — | $ | 8 | $ | — | ||||||||||||
Debt Securities—Corporate | $ | 30 | $ | — | $ | — | $ | 30 | $ | — | ||||||||||||
Liabilities: | ||||||||||||||||||||||
Derivative Contracts: | ||||||||||||||||||||||
Energy-Related Contracts (B) | $ | (21 | ) | $ | 477 | $ | (8 | ) | $ | (485 | ) | $ | (5 | ) | ||||||||
Recurring Fair Value Measurements as of December 31, 2017 | ||||||||||||||||||||||
Description | Total | Netting (C) | Quoted Market Prices for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||||||||
Millions | ||||||||||||||||||||||
PSEG | ||||||||||||||||||||||
Assets: | ||||||||||||||||||||||
Cash Equivalents (D) | $ | 223 | $ | — | $ | 223 | $ | — | $ | — | ||||||||||||
Derivative Contracts: | ||||||||||||||||||||||
Energy-Related Contracts (A) | $ | 36 | $ | (433 | ) | $ | 15 | $ | 442 | $ | 12 | |||||||||||
NDT Fund (B) | ||||||||||||||||||||||
Equity Securities | $ | 1,147 | $ | — | $ | 1,145 | $ | 2 | $ | — | ||||||||||||
Debt Securities—U.S. Treasury | $ | 314 | $ | — | $ | — | $ | 314 | $ | — | ||||||||||||
Debt Securities—Govt Other | $ | 270 | $ | — | $ | — | $ | 270 | $ | — | ||||||||||||
Debt Securities—Corporate | $ | 402 | $ | — | $ | — | $ | 402 | $ | — | ||||||||||||
Rabbi Trust (B) | ||||||||||||||||||||||
Equity Securities | $ | 27 | $ | — | $ | 27 | $ | — | $ | — | ||||||||||||
Debt Securities—U.S. Treasury | $ | 51 | $ | — | $ | — | $ | 51 | $ | — | ||||||||||||
Debt Securities—Govt Other | $ | 34 | $ | — | $ | — | $ | 34 | $ | — | ||||||||||||
Debt Securities—Corporate | $ | 119 | $ | — | $ | — | $ | 119 | $ | — | ||||||||||||
Liabilities: | ||||||||||||||||||||||
Derivative Contracts: | ||||||||||||||||||||||
Energy-Related Contracts (A) | $ | (21 | ) | $ | 477 | $ | (8 | ) | $ | (485 | ) | $ | (5 | ) | ||||||||
PSE&G | ||||||||||||||||||||||
Assets: | ||||||||||||||||||||||
Cash Equivalents (D) | $ | 223 | $ | — | $ | 223 | $ | — | $ | — | ||||||||||||
Rabbi Trust (B) | ||||||||||||||||||||||
Equity Securities | $ | 5 | $ | — | $ | 5 | $ | — | $ | — | ||||||||||||
Debt Securities—U.S. Treasury | $ | 10 | $ | — | $ | — | $ | 10 | $ | — | ||||||||||||
Debt Securities—Govt Other | $ | 7 | $ | — | $ | — | $ | 7 | $ | — | ||||||||||||
Debt Securities—Corporate | $ | 24 | $ | — | $ | — | $ | 24 | $ | — | ||||||||||||
Power | ||||||||||||||||||||||
Assets: | ||||||||||||||||||||||
Derivative Contracts: | ||||||||||||||||||||||
Energy-Related Contracts (A) | $ | 36 | $ | (433 | ) | $ | 15 | $ | 442 | $ | 12 | |||||||||||
NDT Fund (B) | ||||||||||||||||||||||
Equity Securities | $ | 1,147 | $ | — | $ | 1,145 | $ | 2 | $ | — | ||||||||||||
Debt Securities—U.S. Treasury | $ | 314 | $ | — | $ | — | $ | 314 | $ | — | ||||||||||||
Debt Securities—Govt Other | $ | 270 | $ | — | $ | — | $ | 270 | $ | — | ||||||||||||
Debt Securities—Corporate | $ | 402 | $ | — | $ | — | $ | 402 | $ | — | ||||||||||||
Rabbi Trust (B) | ||||||||||||||||||||||
Equity Securities | $ | 6 | $ | — | $ | 6 | $ | — | $ | — | ||||||||||||
Debt Securities—U.S. Treasury | $ | 13 | $ | — | $ | — | $ | 13 | $ | — | ||||||||||||
Debt Securities—Govt Other | $ | 8 | $ | — | $ | — | $ | 8 | $ | — | ||||||||||||
Debt Securities—Corporate | $ | 30 | $ | — | $ | — | $ | 30 | $ | — | ||||||||||||
Liabilities: | ||||||||||||||||||||||
Derivative Contracts: | ||||||||||||||||||||||
Energy-Related Contracts (A) | $ | (21 | ) | $ | 477 | $ | (8 | ) | $ | (485 | ) | $ | (5 | ) | ||||||||
(A) |
Level 1—These contracts represent natural gas futures contracts executed on NYMEX, and are being valued solely on settled pricing inputs which come directly from the exchange. |
Represents the netting of fair value balances with the same counterparty (where the right of offset exists) and the application of collateral. |
(D) | Represents money market mutual funds. |
Quantitative Information About Level 3 Fair Value Measurements | ||||||||||||||||||
Significant | ||||||||||||||||||
Fair Value as of | Valuation | Unobservable | ||||||||||||||||
Commodity | Level 3 Position | June 30, 2018 | Technique(s) | Input | Range | |||||||||||||
Assets | (Liabilities) | |||||||||||||||||
Millions | ||||||||||||||||||
Power | ||||||||||||||||||
Electricity | Electric Load Contracts | $ | 2 | $ | (3 | ) | Discounted Cash flow | Historic Load Variability | 0% to 10% | |||||||||
Gas | Gas Physical Contracts | 5 | — | Discounted Cash flow | Average Historical Basis | -40% to 0% | ||||||||||||
Total Power | $ | 7 | $ | (3 | ) | |||||||||||||
Total PSEG | $ | 7 | $ | (3 | ) | |||||||||||||
Quantitative Information About Level 3 Fair Value Measurements | ||||||||||||||||||
Significant | ||||||||||||||||||
Fair Value as of | Valuation | Unobservable | ||||||||||||||||
Commodity | Level 3 Position | September 30, 2018 | Technique(s) | Input | Range | |||||||||||||
Assets | (Liabilities) | |||||||||||||||||
Millions | ||||||||||||||||||
Power | ||||||||||||||||||
Electricity | Electric Load Contracts | $ | — | $ | (9 | ) | Discounted Cash flow | Historic Load Variability | 0% to 10% | |||||||||
Gas | Gas Physical Contracts | 8 | — | Discounted Cash flow | Average Historical Basis | -40% to 0% | ||||||||||||
Total Power | $ | 8 | $ | (9 | ) | |||||||||||||
Total PSEG | $ | 8 | $ | (9 | ) | |||||||||||||
Quantitative Information About Level 3 Fair Value Measurements | ||||||||||||||||||
Significant | ||||||||||||||||||
Fair Value as of | Valuation | Unobservable | ||||||||||||||||
Commodity | Level 3 Position | December 31, 2017 | Technique(s) | Input | Range | |||||||||||||
Assets | (Liabilities) | |||||||||||||||||
Millions | ||||||||||||||||||
Power | ||||||||||||||||||
Electricity | Electric Load Contracts | $ | 1 | $ | (3 | ) | Discounted Cash flow | Historic Load Variability | 0% to 10% | |||||||||
Gas | Gas Physical Contracts | 11 | (2 | ) | Discounted Cash flow | Average Historical Basis | -40% to -10% | |||||||||||
Total Power | $ | 12 | $ | (5 | ) | |||||||||||||
Total PSEG | $ | 12 | $ | (5 | ) | |||||||||||||
Three Months Ended June 30, 2018 | ||||||||||||||||||||||||||||||
Total Gains or (Losses) Realized/Unrealized | ||||||||||||||||||||||||||||||
Description | Balance as of April 1, 2018 | Included in Income (A) | Included in Regulatory Assets/ Liabilities (B) | Purchases (Sales) | Issuances/ Settlements (C) | Transfers In/Out (D) | Balance as of June 30, 2018 | |||||||||||||||||||||||
Millions | ||||||||||||||||||||||||||||||
PSEG | ||||||||||||||||||||||||||||||
Net Derivative Assets (Liabilities) | $ | 7 | $ | (3 | ) | $ | — | $ | — | $ | — | $ | — | $ | 4 | |||||||||||||||
Power | ||||||||||||||||||||||||||||||
Net Derivative Assets (Liabilities) | $ | 7 | $ | (3 | ) | $ | — | $ | — | $ | — | $ | — | $ | 4 | |||||||||||||||
Six Months Ended June 30, 2018 | ||||||||||||||||||||||||||||||
Total Gains or (Losses) Realized/Unrealized | ||||||||||||||||||||||||||||||
Description | Balance as of January 1, 2018 | Included in Income (A) | Included in Regulatory Assets/ Liabilities (B) | Purchases (Sales) | Issuances/ Settlements (C) | Transfers In/Out (D) | Balance as of June 30, 2018 | |||||||||||||||||||||||
Millions | ||||||||||||||||||||||||||||||
PSEG | ||||||||||||||||||||||||||||||
Net Derivative Assets (Liabilities) | $ | 7 | $ | (4 | ) | $ | — | $ | — | $ | 1 | $ | — | $ | 4 | |||||||||||||||
Power | ||||||||||||||||||||||||||||||
Net Derivative Assets (Liabilities) | $ | 7 | $ | (4 | ) | $ | — | $ | — | $ | 1 | $ | — | $ | 4 | |||||||||||||||
Three Months Ended September 30, 2018 | ||||||||||||||||||||||||||||||
Total Gains or (Losses) Realized/Unrealized | ||||||||||||||||||||||||||||||
Description | Balance as of July 1, 2018 | Included in Income (A) | Included in Regulatory Assets/ Liabilities (B) | Purchases (Sales) | Issuances/ Settlements (C) | Transfers In/Out (D) | Balance as of September 30, 2018 | |||||||||||||||||||||||
Millions | ||||||||||||||||||||||||||||||
PSEG | ||||||||||||||||||||||||||||||
Net Derivative Assets (Liabilities) | $ | 4 | $ | (4 | ) | $ | — | $ | — | $ | (1 | ) | $ | — | $ | (1 | ) | |||||||||||||
Power | ||||||||||||||||||||||||||||||
Net Derivative Assets (Liabilities) | $ | 4 | $ | (4 | ) | $ | — | $ | — | $ | (1 | ) | $ | — | $ | (1 | ) | |||||||||||||
Nine Months Ended September 30, 2018 | ||||||||||||||||||||||||||||||
Total Gains or (Losses) Realized/Unrealized | ||||||||||||||||||||||||||||||
Description | Balance as of January 1, 2018 | Included in Income (A) | Included in Regulatory Assets/ Liabilities (B) | Purchases (Sales) | Issuances/ Settlements (C) | Transfers In/Out (D) | Balance as of September 30, 2018 | |||||||||||||||||||||||
Millions | ||||||||||||||||||||||||||||||
PSEG | ||||||||||||||||||||||||||||||
Net Derivative Assets (Liabilities) | $ | 7 | $ | (8 | ) | $ | — | $ | — | $ | — | $ | — | $ | (1 | ) | ||||||||||||||
Power | ||||||||||||||||||||||||||||||
Net Derivative Assets (Liabilities) | $ | 7 | $ | (8 | ) | $ | — | $ | — | $ | — | $ | — | $ | (1 | ) | ||||||||||||||
Three Months Ended June 30, 2017 | ||||||||||||||||||||||||||||||
Total Gains or (Losses) Realized/Unrealized | ||||||||||||||||||||||||||||||
Description | Balance as of April 1, 2017 | Included in Income (E) | Included in Regulatory Assets/ Liabilities (B) | Purchases (Sales) | Issuances/ Settlements (C) | Transfers In/Out (D) | Balance as of June 30, 2017 | |||||||||||||||||||||||
Millions | ||||||||||||||||||||||||||||||
PSEG | ||||||||||||||||||||||||||||||
Net Derivative Assets (Liabilities) | $ | 3 | $ | 7 | $ | (1 | ) | $ | — | $ | (3 | ) | $ | — | $ | 6 | ||||||||||||||
PSE&G | ||||||||||||||||||||||||||||||
Net Derivative Assets (Liabilities) | $ | 1 | $ | — | $ | (1 | ) | $ | — | $ | — | $ | — | $ | — | |||||||||||||||
Power | ||||||||||||||||||||||||||||||
Net Derivative Assets (Liabilities) | $ | 2 | $ | 7 | $ | — | $ | — | $ | (3 | ) | $ | — | $ | 6 | |||||||||||||||
Six Months Ended June 30, 2017 | ||||||||||||||||||||||||||||||
Total Gains or (Losses) Realized/Unrealized | ||||||||||||||||||||||||||||||
Description | Balance as of January 1, 2017 | Included in Income (E) | Included in Regulatory Assets/ Liabilities (B) | Purchases (Sales) | Issuances/ Settlements (C) | Transfers In/Out (D) | Balance as of June 30, 2017 | |||||||||||||||||||||||
Millions | ||||||||||||||||||||||||||||||
PSEG | ||||||||||||||||||||||||||||||
Net Derivative Assets (Liabilities) | $ | 1 | $ | 26 | $ | 5 | $ | — | $ | (25 | ) | $ | (1 | ) | $ | 6 | ||||||||||||||
PSE&G | ||||||||||||||||||||||||||||||
Net Derivative Assets (Liabilities) | $ | (5 | ) | $ | — | $ | 5 | $ | — | $ | — | $ | — | $ | — | |||||||||||||||
Power | ||||||||||||||||||||||||||||||
Net Derivative Assets (Liabilities) | $ | 6 | $ | 26 | $ | — | $ | — | $ | (25 | ) | $ | (1 | ) | $ | 6 | ||||||||||||||
Three Months Ended September 30, 2017 | ||||||||||||||||||||||||||||||
Total Gains or (Losses) Realized/Unrealized | ||||||||||||||||||||||||||||||
Description | Balance as of July 1, 2017 | Included in Income (E) | Included in Regulatory Assets/ Liabilities (B) | Purchases (Sales) | Issuances/ Settlements (C) | Transfers In/Out (D) | Balance as of September 30, 2017 | |||||||||||||||||||||||
Millions | ||||||||||||||||||||||||||||||
PSEG | ||||||||||||||||||||||||||||||
Net Derivative Assets (Liabilities) | $ | 6 | $ | 3 | $ | — | $ | — | $ | (3 | ) | $ | — | $ | 6 | |||||||||||||||
PSE&G | ||||||||||||||||||||||||||||||
Net Derivative Assets (Liabilities) | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
Power | ||||||||||||||||||||||||||||||
Net Derivative Assets (Liabilities) | $ | 6 | $ | 3 | $ | — | $ | — | $ | (3 | ) | $ | — | $ | 6 | |||||||||||||||
Nine Months Ended September 30, 2017 | ||||||||||||||||||||||||||||||
Total Gains or (Losses) Realized/Unrealized | ||||||||||||||||||||||||||||||
Description | Balance as of January 1, 2017 | Included in Income (E) | Included in Regulatory Assets/ Liabilities (B) | Purchases (Sales) | Issuances/ Settlements (C) | Transfers In/Out (D) | Balance as of September 30, 2017 | |||||||||||||||||||||||
Millions | ||||||||||||||||||||||||||||||
PSEG | ||||||||||||||||||||||||||||||
Net Derivative Assets (Liabilities) | $ | 1 | $ | 29 | $ | 5 | $ | — | $ | (28 | ) | $ | (1 | ) | $ | 6 | ||||||||||||||
PSE&G | ||||||||||||||||||||||||||||||
Net Derivative Assets (Liabilities) | $ | (5 | ) | $ | — | $ | 5 | $ | — | $ | — | $ | — | $ | — | |||||||||||||||
Power | ||||||||||||||||||||||||||||||
Net Derivative Assets (Liabilities) | $ | 6 | $ | 29 | $ | — | $ | — | $ | (28 | ) | $ | (1 | ) | $ | 6 | ||||||||||||||
(A) | PSEG’s and Power’s gains(losses) attributable to changes in net derivative assets and liabilities for the three months and |
(B) | Mainly includes gains/losses on PSE&G’s derivative contracts that are not included in either earnings or Accumulated Other Comprehensive Income, as they are deferred as a Regulatory Asset/Liability and are expected to be recovered from/returned to PSE&G’s customers. |
(C) | Represents |
(D) | During the three months and |
(E) | PSEG’s and Power’s gains(losses) attributable to changes in net derivative assets and liabilities for the three months and |
As of | As of | ||||||||||||||||
June 30, 2018 | December 31, 2017 | ||||||||||||||||
Carrying Amount | Fair Value | Carrying Amount | Fair Value | ||||||||||||||
Millions | |||||||||||||||||
Long-Term Debt: | |||||||||||||||||
PSEG (A) (B) | $ | 2,091 | $ | 2,042 | $ | 2,091 | $ | 2,081 | |||||||||
PSE&G (B) | 8,886 | 9,055 | 8,591 | 9,322 | |||||||||||||
Power (B) | 3,083 | 3,249 | 2,386 | 2,659 | |||||||||||||
Total Long-Term Debt | $ | 14,060 | $ | 14,346 | $ | 13,068 | $ | 14,062 | |||||||||
As of | As of | ||||||||||||||||
September 30, 2018 | December 31, 2017 | ||||||||||||||||
Carrying Amount | Fair Value | Carrying Amount | Fair Value | ||||||||||||||
Millions | |||||||||||||||||
Long-Term Debt: | |||||||||||||||||
PSEG (A) (B) | $ | 2,093 | $ | 2,051 | $ | 2,091 | $ | 2,081 | |||||||||
PSE&G (B) | 9,182 | 9,292 | 8,591 | 9,322 | |||||||||||||
Power (B) | 3,084 | 3,254 | 2,386 | 2,659 | |||||||||||||
Total Long-Term Debt | $ | 14,359 | $ | 14,597 | $ | 13,068 | $ | 14,062 | |||||||||
(A) | Includes floating rate term loan of $700 million. The fair values of the term loan debt (Level 2 measurement) approximate the carrying values because the interest payments are based on LIBOR rates that are reset monthly and the debt is redeemable at face value by PSEG at any time. |
(B) | Given that these bonds do not trade actively, the fair value amounts of taxable debt securities (primarily Level 2 measurements) are generally determined by a valuation model that is based on a conventional discounted cash flow methodology and utilizes assumptions of current market pricing curves. In order to incorporate the credit risk into the discount rates, pricing is obtained (i.e. U.S. Treasury rate plus credit spread) based on expected new issue pricing across each of the companies’ respective debt maturity spectrum. The credit spreads of various tenors obtained from this information are added to the appropriate benchmark U.S. Treasury rates in order to determine the current market yields for the various tenors. The yields are then converted into discount rates of various tenors that are used for discounting the respective cash flows of the same tenor for each bond or note. |
PSE&G | Power | Other (A) | Consolidated | ||||||||||||||
Millions | |||||||||||||||||
Three Months Ended June 30, 2018 | |||||||||||||||||
NDT Fund Interest and Dividends | $ | — | $ | 15 | $ | — | $ | 15 | |||||||||
Allowance for Funds Used During Construction | 13 | — | — | 13 | |||||||||||||
Solar Loan Interest | 5 | — | — | 5 | |||||||||||||
Other | 2 | (2 | ) | 1 | 1 | ||||||||||||
Total Other Income (Deductions) | $ | 20 | $ | 13 | $ | 1 | $ | 34 | |||||||||
Six Months Ended June 30, 2018 | |||||||||||||||||
NDT Fund Interest and Dividends | $ | — | $ | 27 | $ | — | $ | 27 | |||||||||
Allowance for Funds Used During Construction | 27 | — | — | 27 | |||||||||||||
Solar Loan Interest | 9 | — | — | 9 | |||||||||||||
Other | 4 | (3 | ) | 2 | 3 | ||||||||||||
Total Other Income (Deductions) | $ | 40 | $ | 24 | $ | 2 | $ | 66 | |||||||||
Three Months Ended June 30, 2017 | |||||||||||||||||
NDT Fund Interest and Dividends | $ | — | $ | 13 | $ | — | $ | 13 | |||||||||
Allowance for Funds Used During Construction | 14 | — | — | 14 | |||||||||||||
Solar Loan Interest | 5 | — | — | 5 | |||||||||||||
Other | 2 | (1 | ) | — | 1 | ||||||||||||
Total Other Income (Deductions) | $ | 21 | $ | 12 | $ | — | $ | 33 | |||||||||
Six Months Ended June 30, 2017 | |||||||||||||||||
NDT Fund Interest and Dividends | $ | — | $ | 23 | $ | — | $ | 23 | |||||||||
Allowance for Funds Used During Construction | 28 | — | — | 28 | |||||||||||||
Solar Loan Interest | 10 | — | — | 10 | |||||||||||||
Other | 5 | — | (1 | ) | 4 | ||||||||||||
Total Other Income (Deductions) | $ | 43 | $ | 23 | $ | (1 | ) | $ | 65 | ||||||||
PSE&G | Power | Other (A) | Consolidated | ||||||||||||||
Millions | |||||||||||||||||
Three Months Ended September 30, 2018 | |||||||||||||||||
NDT Fund Interest and Dividends | $ | — | $ | 13 | $ | — | $ | 13 | |||||||||
Allowance for Funds Used During Construction | 13 | — | — | 13 | |||||||||||||
Solar Loan Interest | 5 | — | — | 5 | |||||||||||||
Other | 3 | 1 | (2 | ) | 2 | ||||||||||||
Total Other Income (Deductions) | $ | 21 | $ | 14 | $ | (2 | ) | $ | 33 | ||||||||
Nine Months Ended September 30, 2018 | |||||||||||||||||
NDT Fund Interest and Dividends | $ | — | $ | 40 | $ | — | $ | 40 | |||||||||
Allowance for Funds Used During Construction | 40 | — | — | 40 | |||||||||||||
Solar Loan Interest | 14 | — | — | 14 | |||||||||||||
Other | 7 | (2 | ) | — | 5 | ||||||||||||
Total Other Income (Deductions) | $ | 61 | $ | 38 | $ | — | $ | 99 | |||||||||
Three Months Ended September 30, 2017 | |||||||||||||||||
NDT Fund Interest and Dividends | $ | — | $ | 12 | $ | — | $ | 12 | |||||||||
Allowance for Funds Used During Construction | 14 | — | — | 14 | |||||||||||||
Solar Loan Interest | 6 | — | — | 6 | |||||||||||||
Other | 2 | (1 | ) | — | 1 | ||||||||||||
Total Other Income (Deductions) | $ | 22 | $ | 11 | $ | — | $ | 33 | |||||||||
Nine Months Ended September 30, 2017 | |||||||||||||||||
NDT Fund Interest and Dividends | $ | — | $ | 35 | $ | — | $ | 35 | |||||||||
Allowance for Funds Used During Construction | 42 | — | — | 42 | |||||||||||||
Solar Loan Interest | 16 | — | — | 16 | |||||||||||||
Other | 7 | (1 | ) | (1 | ) | 5 | |||||||||||
Total Other Income (Deductions) | $ | 65 | $ | 34 | $ | (1 | ) | $ | 98 | ||||||||
(A) | Other consists of activity at PSEG (as parent company), Energy Holdings, Services, PSEG LI and intercompany eliminations. |
Three Months Ended | Six Months Ended | ||||||||
June 30, | June 30, | ||||||||
2018 | 2017 | 2018 | 2017 | ||||||
PSEG | 26.5% | 35.1% | 26.6% | 28.3% | |||||
PSE&G | 25.7% | 37.2% | 26.4% | 36.7% | |||||
Power | 31.7% | 39.0% | 27.1% | 40.0% | |||||
Three Months Ended | Nine Months Ended | ||||||||
September 30, | September 30, | ||||||||
2018 | 2017 | 2018 | 2017 | ||||||
PSEG | 22.1% | 38.9% | 25.1% | 35.5% | |||||
PSE&G | 25.5% | 38.8% | 26.1% | 37.4% | |||||
Power | 16.7% | 41.9% | 24.1% | 37.9% | |||||
PSEG | Other Comprehensive Income (Loss) | |||||||||||||||||
Three Months Ended June 30, 2018 | ||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | Cash Flow Hedges | Pension and OPEB Plans | Available-for-Sale Securities | Total | ||||||||||||||
Millions | ||||||||||||||||||
Balance as of March 31, 2018 | $ | — | $ | (398 | ) | $ | (13 | ) | $ | (411 | ) | |||||||
Other Comprehensive Income before Reclassifications | (1 | ) | — | (6 | ) | (7 | ) | |||||||||||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | — | 7 | 1 | 8 | ||||||||||||||
Net Current Period Other Comprehensive Income (Loss) | (1 | ) | 7 | (5 | ) | 1 | ||||||||||||
Balance as of June 30, 2018 | $ | (1 | ) | $ | (391 | ) | $ | (18 | ) | $ | (410 | ) | ||||||
PSEG | Other Comprehensive Income (Loss) | |||||||||||||||||
Three Months Ended June 30, 2017 | ||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | Cash Flow Hedges | Pension and OPEB Plans | Available-for-Sale Securities | Total | ||||||||||||||
Millions | ||||||||||||||||||
Balance as of March 31, 2017 | $ | 2 | $ | (392 | ) | $ | 148 | $ | (242 | ) | ||||||||
Other Comprehensive Income before Reclassifications | — | — | 23 | 23 | ||||||||||||||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | — | 6 | (13 | ) | (7 | ) | ||||||||||||
Net Current Period Other Comprehensive Income (Loss) | — | 6 | 10 | 16 | ||||||||||||||
Balance as of June 30, 2017 | $ | 2 | $ | (386 | ) | $ | 158 | $ | (226 | ) | ||||||||
PSEG | Other Comprehensive Income (Loss) | |||||||||||||||||
Six Months Ended June 30, 2018 | ||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | Cash Flow Hedges | Pension and OPEB Plans | Available-for-Sale Securities | Total | ||||||||||||||
Millions | ||||||||||||||||||
Balance as of December 31, 2017 | $ | — | $ | (406 | ) | $ | 177 | $ | (229 | ) | ||||||||
Cumulative Effect Adjustment to Reclassify Unrealized Net Gains on Equity Investments to Retained Earnings | — | — | (176 | ) | (176 | ) | ||||||||||||
Current Period Other Comprehensive Income (Loss) | ||||||||||||||||||
Other Comprehensive Income before Reclassifications | (1 | ) | — | (22 | ) | (23 | ) | |||||||||||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | — | 15 | 3 | 18 | ||||||||||||||
Net Current Period Other Comprehensive Income (Loss) | (1 | ) | 15 | (19 | ) | (5 | ) | |||||||||||
Net Change in Accumulative Other Comprehensive Income (Loss) | (1 | ) | 15 | (195 | ) | (181 | ) | |||||||||||
Balance as of June 30, 2018 | $ | (1 | ) | $ | (391 | ) | $ | (18 | ) | $ | (410 | ) | ||||||
PSEG | Other Comprehensive Income (Loss) | |||||||||||||||||
Six Months Ended June 30, 2017 | ||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | Cash Flow Hedges | Pension and OPEB Plans | Available-for-Sale Securities | Total | ||||||||||||||
Millions | ||||||||||||||||||
Balance as of December 31, 2016 | $ | 2 | $ | (398 | ) | $ | 133 | $ | (263 | ) | ||||||||
Other Comprehensive Income before Reclassifications | — | — | 53 | 53 | ||||||||||||||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | — | 12 | (28 | ) | (16 | ) | ||||||||||||
Net Current Period Other Comprehensive Income (Loss) | — | 12 | 25 | 37 | ||||||||||||||
Balance as of June 30, 2017 | $ | 2 | $ | (386 | ) | $ | 158 | $ | (226 | ) | ||||||||
PSEG | Other Comprehensive Income (Loss) | |||||||||||||||||
Three Months Ended September 30, 2018 | ||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | Cash Flow Hedges | Pension and OPEB Plans | Available-for-Sale Securities | Total | ||||||||||||||
Millions | ||||||||||||||||||
Balance as of June 30, 2018 | $ | (1 | ) | $ | (391 | ) | $ | (18 | ) | $ | (410 | ) | ||||||
Other Comprehensive Income before Reclassifications | — | — | (6 | ) | (6 | ) | ||||||||||||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | — | 7 | 2 | 9 | ||||||||||||||
Net Current Period Other Comprehensive Income (Loss) | — | 7 | (4 | ) | 3 | |||||||||||||
Balance as of September 30, 2018 | $ | (1 | ) | $ | (384 | ) | $ | (22 | ) | $ | (407 | ) | ||||||
PSEG | Other Comprehensive Income (Loss) | |||||||||||||||||
Three Months Ended September 30, 2017 | ||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | Cash Flow Hedges | Pension and OPEB Plans | Available-for-Sale Securities | Total | ||||||||||||||
Millions | ||||||||||||||||||
Balance as of June 30, 2017 | $ | 2 | $ | (386 | ) | $ | 158 | $ | (226 | ) | ||||||||
Other Comprehensive Income before Reclassifications | — | — | 25 | 25 | ||||||||||||||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | (1 | ) | 6 | (8 | ) | (3 | ) | |||||||||||
Net Current Period Other Comprehensive Income (Loss) | (1 | ) | 6 | 17 | 22 | |||||||||||||
Balance as of September 30, 2017 | $ | 1 | $ | (380 | ) | $ | 175 | $ | (204 | ) | ||||||||
PSEG | Other Comprehensive Income (Loss) | |||||||||||||||||
Nine Months Ended September 30, 2018 | ||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | Cash Flow Hedges | Pension and OPEB Plans | Available-for-Sale Securities | Total | ||||||||||||||
Millions | ||||||||||||||||||
Balance as of December 31, 2017 | $ | — | $ | (406 | ) | $ | 177 | $ | (229 | ) | ||||||||
Cumulative Effect Adjustment to Reclassify Unrealized Net Gains on Equity Investments to Retained Earnings | — | — | (176 | ) | (176 | ) | ||||||||||||
Current Period Other Comprehensive Income (Loss) | ||||||||||||||||||
Other Comprehensive Income before Reclassifications | (1 | ) | — | (28 | ) | (29 | ) | |||||||||||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | — | 22 | 5 | 27 | ||||||||||||||
Net Current Period Other Comprehensive Income (Loss) | (1 | ) | 22 | (23 | ) | (2 | ) | |||||||||||
Net Change in Accumulative Other Comprehensive Income (Loss) | (1 | ) | 22 | (199 | ) | (178 | ) | |||||||||||
Balance as of September 30, 2018 | $ | (1 | ) | $ | (384 | ) | $ | (22 | ) | $ | (407 | ) | ||||||
PSEG | Other Comprehensive Income (Loss) | |||||||||||||||||
Nine Months Ended September 30, 2017 | ||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | Cash Flow Hedges | Pension and OPEB Plans | Available-for-Sale Securities | Total | ||||||||||||||
Millions | ||||||||||||||||||
Balance as of December 31, 2016 | $ | 2 | $ | (398 | ) | $ | 133 | $ | (263 | ) | ||||||||
Other Comprehensive Income before Reclassifications | — | — | 78 | 78 | ||||||||||||||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | (1 | ) | 18 | (36 | ) | (19 | ) | |||||||||||
Net Current Period Other Comprehensive Income (Loss) | (1 | ) | 18 | 42 | 59 | |||||||||||||
Balance as of September 30, 2017 | $ | 1 | $ | (380 | ) | $ | 175 | $ | (204 | ) | ||||||||
Power | Other Comprehensive Income (Loss) | |||||||||||||||||
Three Months Ended June 30, 2018 | ||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | Cash Flow Hedges | Pension and OPEB Plans | Available-for-Sale Securities | Total | ||||||||||||||
Millions | ||||||||||||||||||
Balance as of March 31, 2018 | $ | — | $ | (341 | ) | $ | (11 | ) | $ | (352 | ) | |||||||
Other Comprehensive Income before Reclassifications | — | — | (5 | ) | (5 | ) | ||||||||||||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | — | 6 | 1 | 7 | ||||||||||||||
Net Current Period Other Comprehensive Income (Loss) | — | 6 | (4 | ) | 2 | |||||||||||||
Balance as of June 30, 2018 | $ | — | $ | (335 | ) | $ | (15 | ) | $ | (350 | ) | |||||||
Power | Other Comprehensive Income (Loss) | |||||||||||||||||
Three Months Ended June 30, 2017 | ||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | Cash Flow Hedges | Pension and OPEB Plans | Available-for-Sale Securities | Total | ||||||||||||||
Millions | ||||||||||||||||||
Balance as of March 31, 2017 | $ | — | $ | (335 | ) | $ | 148 | $ | (187 | ) | ||||||||
Other Comprehensive Income before Reclassifications | — | — | 22 | 22 | ||||||||||||||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | — | 5 | (12 | ) | (7 | ) | ||||||||||||
Net Current Period Other Comprehensive Income (Loss) | — | 5 | 10 | 15 | ||||||||||||||
Balance as of June 30, 2017 | $ | — | $ | (330 | ) | $ | 158 | $ | (172 | ) | ||||||||
Power | Other Comprehensive Income (Loss) | |||||||||||||||||
Six Months Ended June 30, 2018 | ||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | Cash Flow Hedges | Pension and OPEB Plans | Available-for-Sale Securities | Total | ||||||||||||||
Millions | ||||||||||||||||||
Balance as of December 31, 2017 | $ | — | $ | (347 | ) | $ | 175 | $ | (172 | ) | ||||||||
Cumulative Effect Adjustment to Reclassify Unrealized Net Gains on Equity Investments to Retained Earnings | — | — | (175 | ) | (175 | ) | ||||||||||||
Current Period Other Comprehensive Income (Loss) | ||||||||||||||||||
Other Comprehensive Income before Reclassifications | — | — | (18 | ) | (18 | ) | ||||||||||||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | — | 12 | 3 | 15 | ||||||||||||||
Net Current Period Other Comprehensive Income (Loss) | — | 12 | (15 | ) | (3 | ) | ||||||||||||
Net Change in Accumulative Other Comprehensive Income (Loss) | — | 12 | (190 | ) | (178 | ) | ||||||||||||
Balance as of June 30, 2018 | $ | — | $ | (335 | ) | $ | (15 | ) | $ | (350 | ) | |||||||
Power | Other Comprehensive Income (Loss) | |||||||||||||||||
Six Months Ended June 30, 2017 | ||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | Cash Flow Hedges | Pension and OPEB Plans | Available-for-Sale Securities | Total | ||||||||||||||
Millions | ||||||||||||||||||
Balance as of December 31, 2016 | $ | — | $ | (340 | ) | $ | 129 | $ | (211 | ) | ||||||||
Other Comprehensive Income before Reclassifications | — | — | 50 | 50 | ||||||||||||||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | — | 10 | (21 | ) | (11 | ) | ||||||||||||
Net Current Period Other Comprehensive Income (Loss) | — | 10 | 29 | 39 | ||||||||||||||
Balance as of June 30, 2017 | $ | — | $ | (330 | ) | $ | 158 | $ | (172 | ) | ||||||||
Power | Other Comprehensive Income (Loss) | |||||||||||||||||
Three Months Ended September 30, 2018 | ||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | Cash Flow Hedges | Pension and OPEB Plans | Available-for-Sale Securities | Total | ||||||||||||||
Millions | ||||||||||||||||||
Balance as of June 30, 2018 | $ | — | $ | (335 | ) | $ | (15 | ) | $ | (350 | ) | |||||||
Other Comprehensive Income before Reclassifications | — | — | (5 | ) | (5 | ) | ||||||||||||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | — | 7 | 1 | 8 | ||||||||||||||
Net Current Period Other Comprehensive Income (Loss) | — | 7 | (4 | ) | 3 | |||||||||||||
Balance as of September 30, 2018 | $ | — | $ | (328 | ) | $ | (19 | ) | $ | (347 | ) | |||||||
Power | Other Comprehensive Income (Loss) | |||||||||||||||||
Three Months Ended September 30, 2017 | ||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | Cash Flow Hedges | Pension and OPEB Plans | Available-for-Sale Securities | Total | ||||||||||||||
Millions | ||||||||||||||||||
Balance as of June 30, 2017 | $ | — | $ | (330 | ) | $ | 158 | $ | (172 | ) | ||||||||
Other Comprehensive Income before Reclassifications | — | — | 24 | 24 | ||||||||||||||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | — | 5 | (9 | ) | (4 | ) | ||||||||||||
Net Current Period Other Comprehensive Income (Loss) | — | 5 | 15 | 20 | ||||||||||||||
Balance as of September 30, 2017 | $ | — | $ | (325 | ) | $ | 173 | $ | (152 | ) | ||||||||
Power | Other Comprehensive Income (Loss) | |||||||||||||||||
Nine Months Ended September 30, 2018 | ||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | Cash Flow Hedges | Pension and OPEB Plans | Available-for-Sale Securities | Total | ||||||||||||||
Millions | ||||||||||||||||||
Balance as of December 31, 2017 | $ | — | $ | (347 | ) | $ | 175 | $ | (172 | ) | ||||||||
Cumulative Effect Adjustment to Reclassify Unrealized Net Gains on Equity Investments to Retained Earnings | — | — | (175 | ) | (175 | ) | ||||||||||||
Current Period Other Comprehensive Income (Loss) | ||||||||||||||||||
Other Comprehensive Income before Reclassifications | — | — | (23 | ) | (23 | ) | ||||||||||||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | — | 19 | 4 | 23 | ||||||||||||||
Net Current Period Other Comprehensive Income (Loss) | — | 19 | (19 | ) | — | |||||||||||||
Net Change in Accumulative Other Comprehensive Income (Loss) | — | 19 | (194 | ) | (175 | ) | ||||||||||||
Balance as of September 30, 2018 | $ | — | $ | (328 | ) | $ | (19 | ) | $ | (347 | ) | |||||||
Power | Other Comprehensive Income (Loss) | |||||||||||||||||
Nine Months Ended September 30, 2017 | ||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | Cash Flow Hedges | Pension and OPEB Plans | Available-for-Sale Securities | Total | ||||||||||||||
Millions | ||||||||||||||||||
Balance as of December 31, 2016 | $ | — | $ | (340 | ) | $ | 129 | $ | (211 | ) | ||||||||
Other Comprehensive Income before Reclassifications | — | — | 74 | 74 | ||||||||||||||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | — | 15 | (30 | ) | (15 | ) | ||||||||||||
Net Current Period Other Comprehensive Income (Loss) | — | 15 | 44 | 59 | ||||||||||||||
Balance as of September 30, 2017 | $ | — | $ | (325 | ) | $ | 173 | $ | (152 | ) | ||||||||
PSEG | Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) to Income Statement | ||||||||||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||
Description of Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | Location of Pre-Tax Amount In Statement of Operations | June 30, 2018 | June 30, 2018 | ||||||||||||||||||||||||
Pre-Tax Amount | Tax (Expense) Benefit | After-Tax Amount | Pre-Tax Amount | Tax (Expense) Benefit | After-Tax Amount | ||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||
Pension and OPEB Plans | |||||||||||||||||||||||||||
Amortization of Prior Service (Cost) Credit | Non-Operating Pension and OPEB Credits (Costs) | $ | 1 | $ | — | $ | 1 | $ | 2 | $ | — | $ | 2 | ||||||||||||||
Amortization of Actuarial Loss | Non-Operating Pension and OPEB Credits (Costs) | (11 | ) | 3 | (8 | ) | (23 | ) | 6 | (17 | ) | ||||||||||||||||
Total Pension and OPEB Plans | (10 | ) | 3 | (7 | ) | (21 | ) | 6 | (15 | ) | |||||||||||||||||
Available-for-Sale Debt Securities | |||||||||||||||||||||||||||
Realized Gains (Losses) and OTTI | Net Gains (Losses) on Trust Investments | (2 | ) | 1 | (1 | ) | (6 | ) | 3 | (3 | ) | ||||||||||||||||
Total Available-for-Sale Debt Securities | (2 | ) | 1 | (1 | ) | (6 | ) | 3 | (3 | ) | |||||||||||||||||
Total | $ | (12 | ) | $ | 4 | $ | (8 | ) | $ | (27 | ) | $ | 9 | $ | (18 | ) | |||||||||||
PSEG | Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) to Income Statement | ||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||
Description of Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | Location of Pre-Tax Amount In Statement of Operations | September 30, 2018 | September 30, 2018 | ||||||||||||||||||||||||
Pre-Tax Amount | Tax (Expense) Benefit | After-Tax Amount | Pre-Tax Amount | Tax (Expense) Benefit | After-Tax Amount | ||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||
Pension and OPEB Plans | |||||||||||||||||||||||||||
Amortization of Prior Service (Cost) Credit | Non-Operating Pension and OPEB Credits (Costs) | $ | 1 | $ | — | $ | 1 | $ | 3 | $ | — | $ | 3 | ||||||||||||||
Amortization of Actuarial Loss | Non-Operating Pension and OPEB Credits (Costs) | (11 | ) | 3 | (8 | ) | (34 | ) | 9 | (25 | ) | ||||||||||||||||
Total Pension and OPEB Plans | (10 | ) | 3 | (7 | ) | (31 | ) | 9 | (22 | ) | |||||||||||||||||
Available-for-Sale Debt Securities | |||||||||||||||||||||||||||
Realized Gains (Losses) and OTTI | Net Gains (Losses) on Trust Investments | (2 | ) | — | (2 | ) | (8 | ) | 3 | (5 | ) | ||||||||||||||||
Total Available-for-Sale Debt Securities | (2 | ) | — | (2 | ) | (8 | ) | 3 | (5 | ) | |||||||||||||||||
Total | $ | (12 | ) | $ | 3 | $ | (9 | ) | $ | (39 | ) | $ | 12 | $ | (27 | ) | |||||||||||
PSEG | Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) to Income Statement | ||||||||||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||
Description of Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | Location of Pre-Tax Amount In Statement of Operations | June 30, 2017 | June 30, 2017 | ||||||||||||||||||||||||
Pre-Tax Amount | Tax (Expense) Benefit | After-Tax Amount | Pre-Tax Amount | Tax (Expense) Benefit | After-Tax Amount | ||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||
Pension and OPEB Plans | |||||||||||||||||||||||||||
Amortization of Prior Service (Cost) Credit | Non-Operating Pension and OPEB Credits (Costs) | $ | 2 | $ | (1 | ) | $ | 1 | $ | 4 | $ | (2 | ) | $ | 2 | ||||||||||||
Amortization of Actuarial Loss | Non-Operating Pension and OPEB Credits (Costs) | (12 | ) | 5 | (7 | ) | (24 | ) | 10 | (14 | ) | ||||||||||||||||
Total Pension and OPEB Plans | (10 | ) | 4 | (6 | ) | (20 | ) | 8 | (12 | ) | |||||||||||||||||
Available-for-Sale Securities | |||||||||||||||||||||||||||
Realized Gains (Losses) and OTTI | Net Gains (Losses) on Trust Investments | 25 | (12 | ) | 13 | 53 | (25 | ) | 28 | ||||||||||||||||||
Total Available-for-Sale Securities | 25 | (12 | ) | 13 | 53 | (25 | ) | 28 | |||||||||||||||||||
Total | $ | 15 | $ | (8 | ) | $ | 7 | $ | 33 | $ | (17 | ) | $ | 16 | |||||||||||||
PSEG | Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) to Income Statement | ||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||
Description of Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | Location of Pre-Tax Amount In Statement of Operations | September 30, 2017 | September 30, 2017 | ||||||||||||||||||||||||
Pre-Tax Amount | Tax (Expense) Benefit | After-Tax Amount | Pre-Tax Amount | Tax (Expense) Benefit | After-Tax Amount | ||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||
Cash Flow Hedges | |||||||||||||||||||||||||||
Interest Rate Swaps | Interest Expense | $ | 2 | $ | (1 | ) | $ | 1 | $ | 2 | $ | (1 | ) | $ | 1 | ||||||||||||
Total Cash Flow Hedges | 2 | (1 | ) | 1 | 2 | (1 | ) | 1 | |||||||||||||||||||
Pension and OPEB Plans | |||||||||||||||||||||||||||
Amortization of Prior Service (Cost) Credit | Non-Operating Pension and OPEB Credits (Costs) | 3 | (1 | ) | 2 | 7 | (3 | ) | 4 | ||||||||||||||||||
Amortization of Actuarial Loss | Non-Operating Pension and OPEB Credits (Costs) | (13 | ) | 5 | (8 | ) | (37 | ) | 15 | (22 | ) | ||||||||||||||||
Total Pension and OPEB Plans | (10 | ) | 4 | (6 | ) | (30 | ) | 12 | (18 | ) | |||||||||||||||||
Available-for-Sale Securities | |||||||||||||||||||||||||||
Realized Gains (Losses) and OTTI | Net Gains (Losses) on Trust Investments | 18 | (10 | ) | 8 | 71 | (35 | ) | 36 | ||||||||||||||||||
Total Available-for-Sale Securities | 18 | (10 | ) | 8 | 71 | (35 | ) | 36 | |||||||||||||||||||
Total | $ | 10 | $ | (7 | ) | $ | 3 | $ | 43 | $ | (24 | ) | $ | 19 | |||||||||||||
Power | Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) to Income Statement | |||||||||||||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||
Description of Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | Location of Pre-Tax Amount In Statement of Operations | June 30, 2018 | June 30, 2018 | |||||||||||||||||||||||||
Pre-Tax Amount | Tax (Expense) Benefit | After-Tax Amount | Pre-Tax Amount | Tax (Expense) Benefit | After-Tax Amount | |||||||||||||||||||||||
Millions | ||||||||||||||||||||||||||||
Pension and OPEB Plans | ||||||||||||||||||||||||||||
Amortization of Prior Service (Cost) Credit | Non-Operating Pension and OPEB Credits (Costs) | $ | 1 | $ | — | $ | 1 | $ | 2 | $ | — | $ | 2 | |||||||||||||||
Amortization of Actuarial Loss | Non-Operating Pension and OPEB Credits (Costs) | (9 | ) | 2 | (7 | ) | (19 | ) | 5 | (14 | ) | |||||||||||||||||
Total Pension and OPEB Plans | (8 | ) | 2 | (6 | ) | (17 | ) | 5 | (12 | ) | ||||||||||||||||||
Available-for-Sale Debt Securities | ||||||||||||||||||||||||||||
Realized Gains (Losses) and OTTI | Net Gains (Losses) on Trust Investments | (2 | ) | 1 | (1 | ) | (6 | ) | 3 | (3 | ) | |||||||||||||||||
Total Available-for-Sale Debt Securities | (2 | ) | 1 | (1 | ) | (6 | ) | 3 | (3 | ) | ||||||||||||||||||
Total | $ | (10 | ) | $ | 3 | $ | (7 | ) | $ | (23 | ) | $ | 8 | $ | (15 | ) | ||||||||||||
Power | Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) to Income Statement | |||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||
Description of Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | Location of Pre-Tax Amount In Statement of Operations | September 30, 2018 | September 30, 2018 | |||||||||||||||||||||||||
Pre-Tax Amount | Tax (Expense) Benefit | After-Tax Amount | Pre-Tax Amount | Tax (Expense) Benefit | After-Tax Amount | |||||||||||||||||||||||
Millions | ||||||||||||||||||||||||||||
Pension and OPEB Plans | ||||||||||||||||||||||||||||
Amortization of Prior Service (Cost) Credit | Non-Operating Pension and OPEB Credits (Costs) | $ | 1 | $ | — | $ | 1 | $ | 3 | $ | — | $ | 3 | |||||||||||||||
Amortization of Actuarial Loss | Non-Operating Pension and OPEB Credits (Costs) | (11 | ) | 3 | (8 | ) | (30 | ) | 8 | (22 | ) | |||||||||||||||||
Total Pension and OPEB Plans | (10 | ) | 3 | (7 | ) | (27 | ) | 8 | (19 | ) | ||||||||||||||||||
Available-for-Sale Debt Securities | ||||||||||||||||||||||||||||
Realized Gains (Losses) and OTTI | Net Gains (Losses) on Trust Investments | (1 | ) | — | (1 | ) | (7 | ) | 3 | (4 | ) | |||||||||||||||||
Total Available-for-Sale Debt Securities | (1 | ) | — | (1 | ) | (7 | ) | 3 | (4 | ) | ||||||||||||||||||
Total | $ | (11 | ) | $ | 3 | $ | (8 | ) | $ | (34 | ) | $ | 11 | $ | (23 | ) | ||||||||||||
Power | Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) to Income Statement | |||||||||||||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||
Description of Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | Location of Pre-Tax Amount In Statement of Operations | June 30, 2017 | June 30, 2017 | |||||||||||||||||||||||||
Pre-Tax Amount | Tax (Expense) Benefit | After-Tax Amount | Pre-Tax Amount | Tax (Expense) Benefit | After-Tax Amount | |||||||||||||||||||||||
Millions | ||||||||||||||||||||||||||||
Pension and OPEB Plans | ||||||||||||||||||||||||||||
Amortization of Prior Service (Cost) Credit | Non-Operating Pension and OPEB Credits (Costs) | $ | 2 | $ | (1 | ) | $ | 1 | $ | 4 | $ | (2 | ) | $ | 2 | |||||||||||||
Amortization of Actuarial Loss | Non-Operating Pension and OPEB Credits (Costs) | (10 | ) | 4 | (6 | ) | (21 | ) | 9 | (12 | ) | |||||||||||||||||
Total Pension and OPEB Plans | (8 | ) | 3 | (5 | ) | (17 | ) | 7 | (10 | ) | ||||||||||||||||||
Available-for-Sale Securities | ||||||||||||||||||||||||||||
Realized Gains (Losses) and OTTI | Net Gains (Losses) on Trust Investments | 24 | (12 | ) | 12 | 43 | (22 | ) | 21 | |||||||||||||||||||
Total Available-for-Sale Securities | 24 | (12 | ) | 12 | 43 | (22 | ) | 21 | ||||||||||||||||||||
Total | $ | 16 | $ | (9 | ) | $ | 7 | $ | 26 | $ | (15 | ) | $ | 11 | ||||||||||||||
Power | Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) to Income Statement | |||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||
Description of Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | Location of Pre-Tax Amount In Statement of Operations | September 30, 2017 | September 30, 2017 | |||||||||||||||||||||||||
Pre-Tax Amount | Tax (Expense) Benefit | After-Tax Amount | Pre-Tax Amount | Tax (Expense) Benefit | After-Tax Amount | |||||||||||||||||||||||
Millions | ||||||||||||||||||||||||||||
Pension and OPEB Plans | ||||||||||||||||||||||||||||
Amortization of Prior Service (Cost) Credit | Non-Operating Pension and OPEB Credits (Costs) | $ | 2 | $ | (1 | ) | $ | 1 | $ | 6 | $ | (3 | ) | $ | 3 | |||||||||||||
Amortization of Actuarial Loss | Non-Operating Pension and OPEB Credits (Costs) | (11 | ) | 5 | (6 | ) | (32 | ) | 14 | (18 | ) | |||||||||||||||||
Total Pension and OPEB Plans | (9 | ) | 4 | (5 | ) | (26 | ) | 11 | (15 | ) | ||||||||||||||||||
Available-for-Sale Securities | ||||||||||||||||||||||||||||
Realized Gains (Losses) and OTTI | Net Gains (Losses) on Trust Investments | 19 | (10 | ) | 9 | 62 | (32 | ) | 30 | |||||||||||||||||||
Total Available-for-Sale Securities | 19 | (10 | ) | 9 | 62 | (32 | ) | 30 | ||||||||||||||||||||
Total | $ | 10 | $ | (6 | ) | $ | 4 | $ | 36 | $ | (21 | ) | $ | 15 | ||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||||||||||||||||||||
Basic | Diluted | Basic | Diluted | Basic | Diluted | Basic | Diluted | ||||||||||||||||||||||||||
EPS Numerator (Millions): | |||||||||||||||||||||||||||||||||
Net Income | $ | 269 | $ | 269 | $ | 109 | $ | 109 | $ | 827 | $ | 827 | $ | 223 | $ | 223 | |||||||||||||||||
EPS Denominator (Millions): | |||||||||||||||||||||||||||||||||
Weighted Average Common Shares Outstanding | 504 | 504 | 505 | 505 | 504 | 504 | 505 | 505 | |||||||||||||||||||||||||
Effect of Stock Based Compensation Awards | — | 3 | — | 2 | — | 3 | — | 2 | |||||||||||||||||||||||||
Total Shares | 504 | 507 | 505 | 507 | 504 | 507 | 505 | 507 | |||||||||||||||||||||||||
EPS | |||||||||||||||||||||||||||||||||
Net Income | $ | 0.53 | $ | 0.53 | $ | 0.22 | $ | 0.22 | $ | 1.64 | $ | 1.63 | $ | 0.44 | $ | 0.44 | |||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||||||||||||||||||||
Basic | Diluted | Basic | Diluted | Basic | Diluted | Basic | Diluted | ||||||||||||||||||||||||||
EPS Numerator (Millions): | |||||||||||||||||||||||||||||||||
Net Income | $ | 412 | $ | 412 | $ | 395 | $ | 395 | $ | 1,239 | $ | 1,239 | $ | 618 | $ | 618 | |||||||||||||||||
EPS Denominator (Millions): | |||||||||||||||||||||||||||||||||
Weighted Average Common Shares Outstanding | 504 | 504 | 505 | 505 | 504 | 504 | 505 | 505 | |||||||||||||||||||||||||
Effect of Stock Based Compensation Awards | — | 3 | — | 2 | — | 3 | ��� | 2 | |||||||||||||||||||||||||
Total Shares | 504 | 507 | 505 | 507 | 504 | 507 | 505 | 507 | |||||||||||||||||||||||||
EPS | |||||||||||||||||||||||||||||||||
Net Income | $ | 0.82 | $ | 0.81 | $ | 0.78 | $ | 0.78 | $ | 2.46 | $ | 2.44 | $ | 1.22 | $ | 1.22 | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
Dividend Payments on Common Stock | 2018 | 2017 | 2018 | 2017 | |||||||||||||
Per Share | $ | 0.45 | $ | 0.43 | $ | 0.90 | $ | 0.86 | |||||||||
In Millions | $ | 228 | $ | 217 | $ | 455 | $ | 435 | |||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
Dividend Payments on Common Stock | 2018 | 2017 | 2018 | 2017 | |||||||||||||
Per Share | $ | 0.45 | $ | 0.43 | $ | 1.35 | $ | 1.29 | |||||||||
In Millions | $ | 227 | $ | 217 | $ | 682 | $ | 652 | |||||||||
PSE&G | Power | Other (A) | Eliminations (B) | Consolidated Total | |||||||||||||||||
Millions | |||||||||||||||||||||
Three Months Ended June 30, 2018 | |||||||||||||||||||||
Total Operating Revenues | $ | 1,386 | $ | 767 | $ | 123 | $ | (260 | ) | $ | 2,016 | ||||||||||
Net Income (Loss) | 231 | 41 | (3 | ) | — | 269 | |||||||||||||||
Gross Additions to Long-Lived Assets | 697 | 248 | 7 | — | 952 | ||||||||||||||||
Six Months Ended June 30, 2018 | |||||||||||||||||||||
Operating Revenues | $ | 3,231 | $ | 2,170 | $ | 270 | $ | (837 | ) | $ | 4,834 | ||||||||||
Net Income (Loss) | 550 | 275 | 2 | — | 827 | ||||||||||||||||
Gross Additions to Long-Lived Assets | 1,447 | 547 | 11 | — | 2,005 | ||||||||||||||||
Three Months Ended June 30, 2017 | |||||||||||||||||||||
Total Operating Revenues | $ | 1,393 | $ | 918 | $ | 116 | $ | (285 | ) | $ | 2,142 | ||||||||||
Net Income (Loss) | 208 | (97 | ) | (2 | ) | — | 109 | ||||||||||||||
Gross Additions to Long-Lived Assets | 641 | 269 | 9 | — | 919 | ||||||||||||||||
Six Months Ended June 30, 2017 | |||||||||||||||||||||
Operating Revenues | $ | 3,219 | $ | 2,187 | $ | 199 | $ | (872 | ) | $ | 4,733 | ||||||||||
Net Income (Loss) | 507 | (267 | ) | (17 | ) | — | 223 | ||||||||||||||
Gross Additions to Long-Lived Assets | 1,389 | 576 | 16 | — | 1,981 | ||||||||||||||||
As of June 30, 2018 | |||||||||||||||||||||
Total Assets | $ | 29,603 | $ | 12,772 | $ | 2,407 | $ | (1,075 | ) | $ | 43,707 | ||||||||||
Investments in Equity Method Subsidiaries | $ | — | $ | 87 | $ | — | $ | — | $ | 87 | |||||||||||
As of December 31, 2017 | |||||||||||||||||||||
Total Assets | $ | 28,554 | $ | 12,418 | $ | 2,666 | $ | (922 | ) | $ | 42,716 | ||||||||||
Investments in Equity Method Subsidiaries | $ | — | $ | 87 | $ | — | $ | — | $ | 87 | |||||||||||
PSE&G | Power | Other (A) | Eliminations (B) | Consolidated Total | |||||||||||||||||
Millions | |||||||||||||||||||||
Three Months Ended September 30, 2018 | |||||||||||||||||||||
Total Operating Revenues | $ | 1,595 | $ | 868 | $ | 151 | $ | (220 | ) | $ | 2,394 | ||||||||||
Net Income (Loss) | 278 | 125 | 9 | — | 412 | ||||||||||||||||
Gross Additions to Long-Lived Assets | 766 | 253 | 4 | — | 1,023 | ||||||||||||||||
Nine Months Ended September 30, 2018 | |||||||||||||||||||||
Operating Revenues | $ | 4,826 | $ | 3,038 | $ | 421 | $ | (1,057 | ) | $ | 7,228 | ||||||||||
Net Income (Loss) | 828 | 400 | 11 | — | 1,239 | ||||||||||||||||
Gross Additions to Long-Lived Assets | 2,213 | 800 | 15 | — | 3,028 | ||||||||||||||||
Three Months Ended September 30, 2017 | |||||||||||||||||||||
Total Operating Revenues | $ | 1,530 | $ | 846 | $ | 135 | $ | (257 | ) | $ | 2,254 | ||||||||||
Net Income (Loss) | 246 | 136 | 13 | — | 395 | ||||||||||||||||
Gross Additions to Long-Lived Assets | 729 | 327 | 9 | — | 1,065 | ||||||||||||||||
Nine Months Ended September 30, 2017 | |||||||||||||||||||||
Operating Revenues | $ | 4,749 | $ | 3,033 | $ | 334 | $ | (1,129 | ) | $ | 6,987 | ||||||||||
Net Income (Loss) | 753 | (131 | ) | (4 | ) | — | 618 | ||||||||||||||
Gross Additions to Long-Lived Assets | 2,118 | 903 | 25 | — | 3,046 | ||||||||||||||||
As of September 30, 2018 | |||||||||||||||||||||
Total Assets | $ | 30,694 | $ | 12,681 | $ | 2,249 | $ | (551 | ) | $ | 45,073 | ||||||||||
Investments in Equity Method Subsidiaries | — | 88 | — | — | 88 | ||||||||||||||||
As of December 31, 2017 | |||||||||||||||||||||
Total Assets | $ | 28,554 | $ | 12,418 | $ | 2,666 | $ | (922 | ) | $ | 42,716 | ||||||||||
Investments in Equity Method Subsidiaries | — | 87 | — | — | 87 | ||||||||||||||||
(A) | Includes amounts applicable to Energy Holdings and PSEG LI, which are below the quantitative threshold for separate disclosure as reportable segments. Other also includes amounts applicable to PSEG (parent corporation) and Services. |
(B) | Intercompany eliminations primarily relate to intercompany transactions between PSE&G and Power. For a further discussion of the intercompany transactions between PSE&G and Power, see Note 19. Related-Party Transactions. |
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
Related-Party Transactions | 2018 | 2017 | 2018 | 2017 | |||||||||||||
Millions | |||||||||||||||||
Billings from Affiliates: | |||||||||||||||||
Net Billings from Power primarily through BGS and BGSS (A) | $ | 272 | $ | 296 | $ | 850 | $ | 895 | |||||||||
Administrative Billings from Services (B) | 85 | 79 | $ | 168 | 144 | ||||||||||||
Total Billings from Affiliates | $ | 357 | $ | 375 | $ | 1,018 | $ | 1,039 | |||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
Related-Party Transactions | 2018 | 2017 | 2018 | 2017 | |||||||||||||
Millions | |||||||||||||||||
Billings from Affiliates: | |||||||||||||||||
Net Billings from Power primarily through BGS and BGSS (A) | $ | 229 | $ | 259 | $ | 1,079 | $ | 1,154 | |||||||||
Administrative Billings from Services (B) | 78 | 82 | 246 | 226 | |||||||||||||
Total Billings from Affiliates | $ | 307 | $ | 341 | $ | 1,325 | $ | 1,380 | |||||||||
As of | As of | ||||||||
Related-Party Transactions | June 30, 2018 | December 31, 2017 | |||||||
Millions | |||||||||
Receivables from PSEG (C) | $ | 18 | $ | — | |||||
Payable to Power (A) | $ | 81 | $ | 221 | |||||
Payable to Services (B) | 69 | 78 | |||||||
Payable to PSEG (C) | — | 41 | |||||||
Accounts Payable—Affiliated Companies | $ | 150 | $ | 340 | |||||
Working Capital Advances to Services (D) | $ | 33 | $ | 33 | |||||
Long-Term Accrued Taxes Payable | $ | 94 | $ | 91 | |||||
As of | As of | ||||||||
Related-Party Transactions | September 30, 2018 | December 31, 2017 | |||||||
Millions | |||||||||
Receivables from PSEG (C) | $ | 55 | $ | — | |||||
Payable to Power (A) | $ | 97 | $ | 221 | |||||
Payable to Services (B) | 67 | 78 | |||||||
Payable to PSEG (C) | — | 41 | |||||||
Accounts Payable—Affiliated Companies | $ | 164 | $ | 340 | |||||
Working Capital Advances to Services (D) | $ | 33 | $ | 33 | |||||
Long-Term Accrued Taxes Payable | $ | 67 | $ | 91 | |||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
Related-Party Transactions | 2018 | 2017 | 2018 | 2017 | |||||||||||||
Millions | |||||||||||||||||
Billings to Affiliates: | |||||||||||||||||
Net Billings to PSE&G primarily through BGS and BGSS (A) | $ | 272 | $ | 296 | $ | 850 | $ | 895 | |||||||||
Billings from Affiliates: | |||||||||||||||||
Administrative Billings from Services (B) | $ | 32 | $ | 42 | $ | 75 | $ | 78 | |||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
Related-Party Transactions | 2018 | 2017 | 2018 | 2017 | |||||||||||||
Millions | |||||||||||||||||
Billings to Affiliates: | |||||||||||||||||
Net Billings to PSE&G primarily through BGS and BGSS (A) | $ | 229 | $ | 259 | $ | 1,079 | $ | 1,154 | |||||||||
Billings from Affiliates: | |||||||||||||||||
Administrative Billings from Services (B) | $ | 38 | $ | 39 | $ | 113 | $ | 117 | |||||||||
As of | As of | ||||||||
Related-Party Transactions | June 30, 2018 | December 31, 2017 | |||||||
Millions | |||||||||
Receivables from PSE&G (A) | $ | 81 | $ | 221 | |||||
Payable to Services (B) | $ | 20 | $ | 28 | |||||
Payable to PSEG (C) | 128 | 29 | |||||||
Accounts Payable—Affiliated Companies | $ | 148 | $ | 57 | |||||
Short-Term Loan due (to) from Affiliate (E) | $ | 519 | $ | (281 | ) | ||||
Working Capital Advances to Services (D) | $ | 17 | $ | 17 | |||||
Long-Term Accrued Taxes Payable | $ | 45 | $ | 52 | |||||
As of | As of | ||||||||
Related-Party Transactions | September 30, 2018 | December 31, 2017 | |||||||
Millions | |||||||||
Receivables from PSE&G (A) | $ | 97 | $ | 221 | |||||
Receivables from PSEG (C) | 24 | — | |||||||
Accounts Receivable—Affiliated Companies | $ | 121 | $ | 221 | |||||
Payable to Services (B) | $ | 21 | $ | 28 | |||||
Payable to PSEG (C) | — | 29 | |||||||
Accounts Payable—Affiliated Companies | $ | 21 | $ | 57 | |||||
Short-Term Loan to (from) Affiliate (E) | $ | 119 | $ | (281 | ) | ||||
Working Capital Advances to Services (D) | $ | 17 | $ | 17 | |||||
Long-Term Accrued Taxes Payable | $ | 1 | $ | 52 | |||||
(A) | PSE&G has entered into a requirements contract with Power under which Power provides the gas supply services needed to meet PSE&G’s BGSS and other contractual requirements. Power has also entered into contracts to supply energy, capacity and ancillary services to PSE&G through the BGS auction process. The rates in the BGS and BGSS contracts are prescribed by the BPU. In addition, Power and PSE&G provide certain technical services for each other generally at cost in compliance with FERC and BPU affiliate rules. |
(B) | Services provides and bills administrative services to PSE&G and Power at cost. In addition, PSE&G and Power have other payables to Services, including amounts related to certain common costs, such as pension and OPEB costs, which Services pays on behalf of each of the operating companies. |
(C) | PSEG files a consolidated federal income tax return with its affiliated companies. A tax allocation agreement exists between PSEG and each of its affiliated companies. The general operation of these agreements is that the subsidiary company will compute its taxable income on a stand-alone basis. If the result is a net tax liability, such amount shall be paid to PSEG. If there are net operating losses and/or tax credits, the subsidiary shall receive payment for the tax savings from PSEG to the extent that PSEG is able to utilize those benefits. |
(D) | PSE&G and Power have advanced working capital to Services. The amounts are included in Other Noncurrent Assets on PSE&G’s and Power’s Condensed Consolidated Balance Sheets. |
(E) | Power’s short-term loans with PSEG are for working capital and other short-term needs. Interest Income and Interest Expense relating to these short-term funding activities were immaterial. |
Power | Guarantor Subsidiaries | Other Subsidiaries | Consolidating Adjustments | Total | |||||||||||||||||
Millions | |||||||||||||||||||||
Three Months Ended June 30, 2018 | |||||||||||||||||||||
Operating Revenues | $ | — | $ | 747 | $ | 51 | $ | (31 | ) | $ | 767 | ||||||||||
Operating Expenses | 3 | 704 | 49 | (31 | ) | 725 | |||||||||||||||
Operating Income (Loss) | (3 | ) | 43 | 2 | — | 42 | |||||||||||||||
Equity Earnings (Losses) of Subsidiaries | 55 | (4 | ) | 5 | (51 | ) | 5 | ||||||||||||||
Net Gains (Losses) on Trust Investments | — | 8 | — | — | 8 | ||||||||||||||||
Other Income (Deductions) | 41 | 40 | — | (68 | ) | 13 | |||||||||||||||
Non-Operating Pension and OPEB Credits (Costs) | — | 2 | 1 | — | 3 | ||||||||||||||||
Interest Expense | (54 | ) | (19 | ) | (6 | ) | 68 | (11 | ) | ||||||||||||
Income Tax Benefit (Expense) | 2 | (23 | ) | 2 | — | (19 | ) | ||||||||||||||
Net Income (Loss) | $ | 41 | $ | 47 | $ | 4 | $ | (51 | ) | $ | 41 | ||||||||||
Comprehensive Income (Loss) | $ | 43 | $ | 44 | $ | 4 | $ | (48 | ) | $ | 43 | ||||||||||
Six Months Ended June 30, 2018 | |||||||||||||||||||||
Operating Revenues | $ | — | $ | 2,133 | $ | 102 | $ | (65 | ) | $ | 2,170 | ||||||||||
Operating Expenses | 3 | 1,760 | 101 | (65 | ) | 1,799 | |||||||||||||||
Operating Income (Loss) | (3 | ) | 373 | 1 | — | 371 | |||||||||||||||
Equity Earnings (Losses) of Subsidiaries | 289 | (7 | ) | 7 | (282 | ) | 7 | ||||||||||||||
Net Gains (Losses) on Trust Investments | — | (14 | ) | — | — | (14 | ) | ||||||||||||||
Other Income (Deductions) | 76 | 73 | — | (125 | ) | 24 | |||||||||||||||
Non-Operating Pension and OPEB Credits (Costs) | — | 6 | 1 | — | 7 | ||||||||||||||||
Interest Expense | (96 | ) | (36 | ) | (11 | ) | 125 | (18 | ) | ||||||||||||
Income Tax Benefit (Expense) | 9 | (115 | ) | 4 | — | (102 | ) | ||||||||||||||
Net Income (Loss) | $ | 275 | $ | 280 | $ | 2 | $ | (282 | ) | $ | 275 | ||||||||||
Comprehensive Income (Loss) | $ | 272 | $ | 267 | $ | 2 | $ | (269 | ) | $ | 272 | ||||||||||
Six Months Ended June 30, 2018 | |||||||||||||||||||||
Net Cash Provided By (Used In) Operating Activities | $ | 34 | $ | 745 | $ | (8 | ) | $ | 98 | $ | 869 | ||||||||||
Net Cash Provided By (Used In) Investing Activities | $ | (840 | ) | $ | (867 | ) | $ | (196 | ) | $ | 808 | $ | (1,095 | ) | |||||||
Net Cash Provided By (Used In) Financing Activities | $ | 806 | $ | 123 | $ | 191 | $ | (906 | ) | $ | 214 | ||||||||||
Power | Guarantor Subsidiaries | Other Subsidiaries | Consolidating Adjustments | Total | |||||||||||||||||
Millions | |||||||||||||||||||||
Three Months Ended September 30, 2018 | |||||||||||||||||||||
Operating Revenues | $ | — | $ | 849 | $ | 59 | $ | (40 | ) | $ | 868 | ||||||||||
Operating Expenses | 2 | 733 | 61 | (40 | ) | 756 | |||||||||||||||
Operating Income (Loss) | (2 | ) | 116 | (2 | ) | — | 112 | ||||||||||||||
Equity Earnings (Losses) of Subsidiaries | 117 | (7 | ) | 5 | (110 | ) | 5 | ||||||||||||||
Net Gains (Losses) on Trust Investments | — | 45 | (1 | ) | — | 44 | |||||||||||||||
Other Income (Deductions) | 40 | 45 | — | (71 | ) | 14 | |||||||||||||||
Non-Operating Pension and OPEB Credits (Costs) | — | 4 | — | — | 4 | ||||||||||||||||
Interest Expense | (65 | ) | (28 | ) | (7 | ) | 71 | (29 | ) | ||||||||||||
Income Tax Benefit (Expense) | 35 | (64 | ) | 4 | — | (25 | ) | ||||||||||||||
Net Income (Loss) | $ | 125 | $ | 111 | $ | (1 | ) | $ | (110 | ) | $ | 125 | |||||||||
Comprehensive Income (Loss) | $ | 128 | $ | 107 | $ | (1 | ) | $ | (106 | ) | $ | 128 | |||||||||
Nine Months Ended September 30, 2018 | |||||||||||||||||||||
Operating Revenues | $ | — | $ | 2,982 | $ | 161 | $ | (105 | ) | $ | 3,038 | ||||||||||
Operating Expenses | 5 | 2,493 | 162 | (105 | ) | 2,555 | |||||||||||||||
Operating Income (Loss) | (5 | ) | 489 | (1 | ) | — | 483 | ||||||||||||||
Equity Earnings (Losses) of Subsidiaries | 406 | (14 | ) | 12 | (392 | ) | 12 | ||||||||||||||
Net Gains (Losses) on Trust Investments | — | 31 | (1 | ) | — | 30 | |||||||||||||||
Other Income (Deductions) | 116 | 118 | — | (196 | ) | 38 | |||||||||||||||
Non-Operating Pension and OPEB Credits (Costs) | — | 10 | 1 | — | 11 | ||||||||||||||||
Interest Expense | (161 | ) | (64 | ) | (18 | ) | 196 | (47 | ) | ||||||||||||
Income Tax Benefit (Expense) | 44 | (179 | ) | 8 | — | (127 | ) | ||||||||||||||
Net Income (Loss) | $ | 400 | $ | 391 | $ | 1 | $ | (392 | ) | $ | 400 | ||||||||||
Comprehensive Income (Loss) | $ | 400 | $ | 374 | $ | 1 | $ | (375 | ) | $ | 400 | ||||||||||
Nine Months Ended September 30, 2018 | |||||||||||||||||||||
Net Cash Provided By (Used In) Operating Activities | $ | (255 | ) | $ | 1,169 | $ | (26 | ) | $ | 117 | $ | 1,005 | |||||||||
Net Cash Provided By (Used In) Investing Activities | $ | (417 | ) | $ | (1,132 | ) | $ | (290 | ) | $ | 829 | $ | (1,010 | ) | |||||||
Net Cash Provided By (Used In) Financing Activities | $ | 672 | $ | (32 | ) | $ | 320 | $ | (946 | ) | $ | 14 | |||||||||
Power | Guarantor Subsidiaries | Other Subsidiaries | Consolidating Adjustments | Total | |||||||||||||||||
Millions | |||||||||||||||||||||
Three Months Ended June 30, 2017 | |||||||||||||||||||||
Operating Revenues | $ | — | $ | 899 | $ | 47 | $ | (28 | ) | $ | 918 | ||||||||||
Operating Expenses | (2 | ) | 1,094 | 43 | (28 | ) | 1,107 | ||||||||||||||
Operating Income (Loss) | 2 | (195 | ) | 4 | — | (189 | ) | ||||||||||||||
Equity Earnings (Losses) of Subsidiaries | (93 | ) | (4 | ) | 5 | 97 | 5 | ||||||||||||||
Net Gains (Losses) on Trust Investments | (1 | ) | 25 | — | — | 24 | |||||||||||||||
Other Income (Deductions) | 23 | 21 | 2 | (34 | ) | 12 | |||||||||||||||
Non-Operating Pension and OPEB Credits (Costs) | — | 2 | — | — | 2 | ||||||||||||||||
Interest Expense | (34 | ) | (9 | ) | (4 | ) | 34 | (13 | ) | ||||||||||||
Income Tax Benefit (Expense) | 6 | 60 | (4 | ) | — | 62 | |||||||||||||||
Net Income (Loss) | $ | (97 | ) | $ | (100 | ) | $ | 3 | $ | 97 | $ | (97 | ) | ||||||||
Comprehensive Income (Loss) | $ | (82 | ) | $ | (91 | ) | $ | 3 | $ | 88 | $ | (82 | ) | ||||||||
Six Months Ended June 30, 2017 | |||||||||||||||||||||
Operating Revenues | $ | — | $ | 2,154 | $ | 99 | $ | (66 | ) | $ | 2,187 | ||||||||||
Operating Expenses | 2 | 2,650 | 95 | (66 | ) | 2,681 | |||||||||||||||
Operating Income (Loss) | (2 | ) | (496 | ) | 4 | — | (494 | ) | |||||||||||||
Equity Earnings (Losses) of Subsidiaries | (254 | ) | (5 | ) | 8 | 259 | 8 | ||||||||||||||
Net Gains (Losses) on Trust Investments | 3 | 40 | — | — | 43 | ||||||||||||||||
Other Income (Deductions) | 43 | 40 | 2 | (62 | ) | 23 | |||||||||||||||
Non-Operating Pension and OPEB Credits (Costs) | — | 4 | — | — | 4 | ||||||||||||||||
Interest Expense | (64 | ) | (18 | ) | (9 | ) | 62 | (29 | ) | ||||||||||||
Income Tax Benefit (Expense) | 7 | 171 | — | — | 178 | ||||||||||||||||
Net Income (Loss) | $ | (267 | ) | $ | (264 | ) | $ | 5 | $ | 259 | $ | (267 | ) | ||||||||
Comprehensive Income (Loss) | $ | (228 | ) | $ | (234 | ) | $ | 5 | $ | 229 | $ | (228 | ) | ||||||||
Three Months Ended June 30, 2017 | |||||||||||||||||||||
Net Cash Provided By (Used In) Operating Activities | $ | (32 | ) | $ | 802 | $ | 111 | $ | 51 | $ | 932 | ||||||||||
Net Cash Provided By (Used In) Investing Activities | $ | 683 | $ | 178 | $ | (241 | ) | $ | (1,355 | ) | $ | (735 | ) | ||||||||
Net Cash Provided By (Used In) Financing Activities | $ | (651 | ) | $ | (978 | ) | $ | 146 | $ | 1,304 | $ | (179 | ) | ||||||||
Power | Guarantor Subsidiaries | Other Subsidiaries | Consolidating Adjustments | Total | |||||||||||||||||
Millions | |||||||||||||||||||||
Three Months Ended September 30, 2017 | |||||||||||||||||||||
Operating Revenues | $ | — | $ | 829 | $ | 46 | $ | (29 | ) | $ | 846 | ||||||||||
Operating Expenses | 2 | 618 | 44 | (29 | ) | 635 | |||||||||||||||
Operating Income (Loss) | (2 | ) | 211 | 2 | — | 211 | |||||||||||||||
Equity Earnings (Losses) of Subsidiaries | 143 | (3 | ) | 3 | (140 | ) | 3 | ||||||||||||||
Net Gains (Losses) on Trust Investments | — | 19 | — | — | 19 | ||||||||||||||||
Other Income (Deductions) | 24 | 26 | (2 | ) | (37 | ) | 11 | ||||||||||||||
Non-Operating Pension and OPEB Credits (Costs) | — | 2 | — | — | 2 | ||||||||||||||||
Interest Expense | (32 | ) | (12 | ) | (5 | ) | 37 | (12 | ) | ||||||||||||
Income Tax Benefit (Expense) | 3 | (103 | ) | 2 | — | (98 | ) | ||||||||||||||
Net Income (Loss) | $ | 136 | $ | 140 | $ | — | $ | (140 | ) | $ | 136 | ||||||||||
Comprehensive Income (Loss) | $ | 156 | $ | 154 | $ | — | $ | (154 | ) | $ | 156 | ||||||||||
Nine Months Ended September 30, 2017 | |||||||||||||||||||||
Operating Revenues | $ | — | $ | 2,983 | $ | 145 | $ | (95 | ) | $ | 3,033 | ||||||||||
Operating Expenses | 4 | 3,268 | 139 | (95 | ) | 3,316 | |||||||||||||||
Operating Income (Loss) | (4 | ) | (285 | ) | 6 | — | (283 | ) | |||||||||||||
Equity Earnings (Losses) of Subsidiaries | (111 | ) | (8 | ) | 11 | 119 | 11 | ||||||||||||||
Net Gains (Losses) on Trust Investments | 3 | 59 | — | — | 62 | ||||||||||||||||
Other Income (Deductions) | 67 | 66 | — | (99 | ) | 34 | |||||||||||||||
Non-Operating Pension and OPEB Credits (Costs) | — | 6 | — | — | 6 | ||||||||||||||||
Interest Expense | (96 | ) | (30 | ) | (14 | ) | 99 | (41 | ) | ||||||||||||
Income Tax Benefit (Expense) | 10 | 68 | 2 | — | 80 | ||||||||||||||||
Net Income (Loss) | $ | (131 | ) | $ | (124 | ) | $ | 5 | $ | 119 | $ | (131 | ) | ||||||||
Comprehensive Income (Loss) | $ | (72 | ) | $ | (80 | ) | $ | 5 | $ | 75 | $ | (72 | ) | ||||||||
Nine Months Ended September 30, 2017 | |||||||||||||||||||||
Net Cash Provided By (Used In) Operating Activities | $ | (55 | ) | $ | 1,159 | $ | 142 | $ | 3 | $ | 1,249 | ||||||||||
Net Cash Provided By (Used In) Investing Activities | $ | 738 | $ | (289 | ) | $ | (343 | ) | $ | (990 | ) | $ | (884 | ) | |||||||
Net Cash Provided By (Used In) Financing Activities | $ | (683 | ) | $ | (869 | ) | $ | 211 | $ | 987 | $ | (354 | ) | ||||||||
Power | Guarantor Subsidiaries | Other Subsidiaries | Consolidating Adjustments | Total | |||||||||||||||||
Millions | |||||||||||||||||||||
As of June 30, 2018 | |||||||||||||||||||||
Current Assets | $ | 4,806 | $ | 1,411 | $ | 216 | $ | (4,868 | ) | $ | 1,565 | ||||||||||
Property, Plant and Equipment, net | 52 | 5,048 | 3,679 | — | 8,779 | ||||||||||||||||
Investment in Subsidiaries | 4,977 | 1,129 | — | (6,106 | ) | — | |||||||||||||||
Noncurrent Assets | 243 | 2,258 | 110 | (183 | ) | 2,428 | |||||||||||||||
Total Assets | $ | 10,078 | $ | 9,846 | $ | 4,005 | $ | (11,157 | ) | $ | 12,772 | ||||||||||
Current Liabilities | $ | 690 | $ | 3,164 | $ | 1,987 | $ | (4,868 | ) | $ | 973 | ||||||||||
Noncurrent Liabilities | 516 | 2,097 | 497 | (183 | ) | 2,927 | |||||||||||||||
Long-Term Debt | 2,833 | — | — | — | 2,833 | ||||||||||||||||
Member’s Equity | 6,039 | 4,585 | 1,521 | (6,106 | ) | 6,039 | |||||||||||||||
Total Liabilities and Member’s Equity | $ | 10,078 | $ | 9,846 | $ | 4,005 | $ | (11,157 | ) | $ | 12,772 | ||||||||||
As of December 31, 2017 | |||||||||||||||||||||
Current Assets | $ | 4,327 | $ | 1,500 | $ | 200 | $ | (4,686 | ) | $ | 1,341 | ||||||||||
Property, Plant and Equipment, net | 54 | 5,778 | 2,764 | — | 8,596 | ||||||||||||||||
Investment in Subsidiaries | 4,844 | 404 | — | (5,248 | ) | — | |||||||||||||||
Noncurrent Assets | 100 | 2,349 | 110 | (78 | ) | 2,481 | |||||||||||||||
Total Assets | $ | 9,325 | $ | 10,031 | $ | 3,074 | $ | (10,012 | ) | $ | 12,418 | ||||||||||
Current Liabilities | $ | 689 | $ | 3,586 | $ | 1,846 | $ | (4,686 | ) | $ | 1,435 | ||||||||||
Noncurrent Liabilities | 533 | 1,966 | 459 | (78 | ) | 2,880 | |||||||||||||||
Long-Term Debt | 2,136 | — | — | — | 2,136 | ||||||||||||||||
Member’s Equity | 5,967 | 4,479 | 769 | (5,248 | ) | 5,967 | |||||||||||||||
Total Liabilities and Member’s Equity | $ | 9,325 | $ | 10,031 | $ | 3,074 | $ | (10,012 | ) | $ | 12,418 | ||||||||||
Power | Guarantor Subsidiaries | Other Subsidiaries | Consolidating Adjustments | Total | |||||||||||||||||
Millions | |||||||||||||||||||||
As of September 30, 2018 | |||||||||||||||||||||
Current Assets | $ | 4,497 | $ | 1,353 | $ | 302 | $ | (4,776 | ) | $ | 1,376 | ||||||||||
Property, Plant and Equipment, net | 55 | 5,074 | 3,740 | — | 8,869 | ||||||||||||||||
Investment in Subsidiaries | 5,086 | 1,124 | — | (6,210 | ) | — | |||||||||||||||
Noncurrent Assets | 245 | 2,302 | 106 | (217 | ) | 2,436 | |||||||||||||||
Total Assets | $ | 9,883 | $ | 9,853 | $ | 4,148 | $ | (11,203 | ) | $ | 12,681 | ||||||||||
Current Liabilities | $ | 616 | $ | 3,030 | $ | 1,999 | $ | (4,776 | ) | $ | 869 | ||||||||||
Noncurrent Liabilities | 466 | 2,129 | 633 | (217 | ) | 3,011 | |||||||||||||||
Long-Term Debt | 2,834 | — | — | — | 2,834 | ||||||||||||||||
Member’s Equity | 5,967 | 4,694 | 1,516 | (6,210 | ) | 5,967 | |||||||||||||||
Total Liabilities and Member’s Equity | $ | 9,883 | $ | 9,853 | $ | 4,148 | $ | (11,203 | ) | $ | 12,681 | ||||||||||
As of December 31, 2017 | |||||||||||||||||||||
Current Assets | $ | 4,327 | $ | 1,500 | $ | 200 | $ | (4,686 | ) | $ | 1,341 | ||||||||||
Property, Plant and Equipment, net | 54 | 5,778 | 2,764 | — | 8,596 | ||||||||||||||||
Investment in Subsidiaries | 4,844 | 404 | — | (5,248 | ) | — | |||||||||||||||
Noncurrent Assets | 100 | 2,349 | 110 | (78 | ) | 2,481 | |||||||||||||||
Total Assets | $ | 9,325 | $ | 10,031 | $ | 3,074 | $ | (10,012 | ) | $ | 12,418 | ||||||||||
Current Liabilities | $ | 689 | $ | 3,586 | $ | 1,846 | $ | (4,686 | ) | $ | 1,435 | ||||||||||
Noncurrent Liabilities | 533 | 1,966 | 459 | (78 | ) | 2,880 | |||||||||||||||
Long-Term Debt | 2,136 | — | — | — | 2,136 | ||||||||||||||||
Member’s Equity | 5,967 | 4,479 | 769 | (5,248 | ) | 5,967 | |||||||||||||||
Total Liabilities and Member’s Equity | $ | 9,325 | $ | 10,031 | $ | 3,074 | $ | (10,012 | ) | $ | 12,418 | ||||||||||
ITEM 2. | MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (MD&A) |
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
Earnings (Losses) | 2018 | 2017 | 2018 | 2017 | |||||||||||||
Millions | |||||||||||||||||
PSE&G | $ | 231 | $ | 208 | $ | 550 | $ | 507 | |||||||||
Power (A) | 41 | (97 | ) | 275 | (267 | ) | |||||||||||
Other (B) | (3 | ) | (2 | ) | 2 | (17 | ) | ||||||||||
PSEG Net Income | $ | 269 | $ | 109 | $ | 827 | $ | 223 | |||||||||
PSEG Net Income Per Share (Diluted) | $ | 0.53 | $ | 0.22 | $ | 1.63 | $ | 0.44 | |||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||||
Millions, after tax | |||||||||||||||||
NDT Fund Income (Expense) (A) (B) | $ | 5 | $ | 14 | $ | (11 | ) | $ | 22 | ||||||||
Non-Trading MTM Gains (Losses) (C) | $ | (48 | ) | $ | 21 | $ | 37 | $ | 27 | ||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
Earnings (Losses) | 2018 | 2017 | 2018 | 2017 | |||||||||||||
Millions | |||||||||||||||||
PSE&G | $ | 278 | $ | 246 | $ | 828 | $ | 753 | |||||||||
Power (A) | 125 | 136 | 400 | (131 | ) | ||||||||||||
Other (B) | 9 | 13 | 11 | (4 | ) | ||||||||||||
PSEG Net Income | $ | 412 | $ | 395 | $ | 1,239 | $ | 618 | |||||||||
PSEG Net Income Per Share (Diluted) | $ | 0.81 | $ | 0.78 | $ | 2.44 | $ | 1.22 | |||||||||
(A) | Includes after-tax expenses of $5 million and $568 million in the three months and nine months ended September 30, 2017, respectively, related to the early retirement of Power’s Hudson and Mercer coal/gas generation plants. See Item 1. Note 4. Early Plant Retirements for additional information. |
(B) | Other includes after-tax activities at the parent company, PSEG LI, and Energy Holdings as well as intercompany eliminations. Energy Holdings recorded after-tax charges related to its investments in NRG REMA, LLC’s (REMA) leveraged leases of $14 million and $45 million in the nine months ended September 30, 2018 and 2017, respectively. See Item 1. Note 7. Financing Receivables for additional information. |
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||||
Millions, after tax | |||||||||||||||||
NDT Fund Income (Expense) (A) (B) | $ | 27 | $ | 10 | $ | 16 | $ | 32 | |||||||||
Non-Trading MTM Gains (Losses) (C) | $ | (96 | ) | $ | (27 | ) | $ | (59 | ) | $ | — | ||||||
(A) | NDT Fund Income (Expense) includes gains and losses on NDT securities which are recorded in Net Gains (Losses) on Trust Investments. See Item 1. Note 8. Trust Investments for additional information. NDT Fund Income (Expense) also includes interest and dividend income and other costs related to the NDT Fund recorded in Other Income (Deductions), interest accretion expense on Power’s nuclear Asset Retirement Obligation (ARO) recorded in Operation and Maintenance (O&M) Expense and the depreciation related to the ARO asset recorded in Depreciation and Amortization (D&A) Expense. |
(B) | Net of tax (expense) benefit of $(16) million and $(12) million for the three months and $(12) million and $(37) million for the nine months ended September 30, 2018 and 2017, respectively. |
(C) | Net of tax (expense) benefit of $37 million and $19 million for the three months and $23 million and $0 million for the nine months ended September 30, 2018 and 2017, respectively. |
Three Months Ended | Increase/ (Decrease) | Six Months Ended | Increase/ (Decrease) | ||||||||||||||||||||||||||||
June 30, | June 30, | ||||||||||||||||||||||||||||||
2018 | 2017 | 2018 vs. 2017 | 2018 | 2017 | 2018 vs. 2017 | ||||||||||||||||||||||||||
Millions | Millions | % | Millions | Millions | % | ||||||||||||||||||||||||||
Operating Revenues | $ | 2,016 | $ | 2,142 | $ | (126 | ) | (6 | ) | $ | 4,834 | $ | 4,733 | $ | 101 | 2 | |||||||||||||||
Energy Costs | 600 | 588 | 12 | 2 | 1,552 | 1,456 | 96 | 7 | |||||||||||||||||||||||
Operation and Maintenance | 725 | 718 | 7 | 1 | 1,479 | 1,435 | 44 | 3 | |||||||||||||||||||||||
Depreciation and Amortization | 280 | 641 | (361 | ) | (56 | ) | 560 | 1,469 | (909 | ) | (62 | ) | |||||||||||||||||||
Income from Equity Method Investments | 5 | 5 | — | — | 7 | 8 | (1 | ) | (13 | ) | |||||||||||||||||||||
Net Gains (Losses) on Trust Investments | 8 | 25 | (17 | ) | (68 | ) | (14 | ) | 53 | (67 | ) | (79 | ) | ||||||||||||||||||
Other Income (Deductions) | 34 | 33 | 1 | 3 | 66 | 65 | 1 | 2 | |||||||||||||||||||||||
Non-Operating Pension and OPEB Credits (Costs) | 19 | 1 | 18 | N/A | 38 | 1 | 37 | N/A | |||||||||||||||||||||||
Interest Expense | 111 | 91 | 20 | 22 | 214 | 189 | 25 | 13 | |||||||||||||||||||||||
Income Tax Expense | 97 | 59 | 38 | 64 | 299 | 88 | 211 | 240 | |||||||||||||||||||||||
Three Months Ended | Increase/ (Decrease) | Nine Months Ended | Increase/ (Decrease) | ||||||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||||||||
2018 | 2017 | 2018 vs. 2017 | 2018 | 2017 | 2018 vs. 2017 | ||||||||||||||||||||||||||
Millions | Millions | % | Millions | Millions | % | ||||||||||||||||||||||||||
Operating Revenues | $ | 2,394 | $ | 2,254 | $ | 140 | 6 | $ | 7,228 | $ | 6,987 | $ | 241 | 3 | |||||||||||||||||
Energy Costs | 804 | 616 | 188 | 31 | 2,356 | 2,072 | 284 | 14 | |||||||||||||||||||||||
Operation and Maintenance | 742 | 693 | 49 | 7 | 2,221 | 2,128 | 93 | 4 | |||||||||||||||||||||||
Depreciation and Amortization | 294 | 252 | 42 | 17 | 854 | 1,721 | (867 | ) | (50 | ) | |||||||||||||||||||||
Income from Equity Method Investments | 5 | 3 | 2 | 67 | 12 | 11 | 1 | 9 | |||||||||||||||||||||||
Net Gains (Losses) on Trust Investments | 45 | 18 | 27 | N/A | 31 | 71 | (40 | ) | (56 | ) | |||||||||||||||||||||
Other Income (Deductions) | 33 | 33 | — | — | 99 | 98 | 1 | 1 | |||||||||||||||||||||||
Non-Operating Pension and OPEB Credits (Costs) | 19 | — | 19 | N/A | 57 | 1 | 56 | N/A | |||||||||||||||||||||||
Interest Expense | 127 | 100 | 27 | 27 | 341 | 289 | 52 | 18 | |||||||||||||||||||||||
Income Tax Expense | 117 | 252 | (135 | ) | (54 | ) | 416 | 340 | 76 | 22 | |||||||||||||||||||||
Three Months Ended | Increase/ (Decrease) | Six Months Ended | Increase/ (Decrease) | ||||||||||||||||||||||||||||
June 30, | June 30, | ||||||||||||||||||||||||||||||
2018 | 2017 | 2018 vs. 2017 | 2018 | 2017 | 2018 vs. 2017 | ||||||||||||||||||||||||||
Millions | Millions | % | Millions | Millions | % | ||||||||||||||||||||||||||
Operating Revenues | $ | 1,386 | $ | 1,393 | $ | (7 | ) | (1 | ) | $ | 3,231 | $ | 3,219 | $ | 12 | — | |||||||||||||||
Energy Costs | 488 | 488 | — | — | 1,270 | 1,250 | 20 | 2 | |||||||||||||||||||||||
Operation and Maintenance | 353 | 359 | (6 | ) | (2 | ) | 744 | 729 | 15 | 2 | |||||||||||||||||||||
Depreciation and Amortization | 187 | 166 | 21 | 13 | 377 | 337 | 40 | 12 | |||||||||||||||||||||||
Net Gains (Losses) on Trust Investments | — | — | — | — | — | 2 | (2 | ) | (100 | ) | |||||||||||||||||||||
Other Income (Deductions) | 20 | 21 | (1 | ) | (5 | ) | 40 | 43 | (3 | ) | (7 | ) | |||||||||||||||||||
Non-Operating Pension and OPEB Credits (Costs) | 15 | (1 | ) | 16 | N/A | 30 | (3 | ) | 33 | N/A | |||||||||||||||||||||
Interest Expense | 82 | 69 | 13 | 19 | 163 | 144 | 19 | 13 | |||||||||||||||||||||||
Income Tax Expense | 80 | 123 | (43 | ) | (35 | ) | 197 | 294 | (97 | ) | (33 | ) | |||||||||||||||||||
Three Months Ended | Increase/ (Decrease) | Nine Months Ended | Increase/ (Decrease) | ||||||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||||||||
2018 | 2017 | 2018 vs. 2017 | 2018 | 2017 | 2018 vs. 2017 | ||||||||||||||||||||||||||
Millions | Millions | % | Millions | Millions | % | ||||||||||||||||||||||||||
Operating Revenues | $ | 1,595 | $ | 1,530 | $ | 65 | 4 | $ | 4,826 | $ | 4,749 | $ | 77 | 2 | |||||||||||||||||
Energy Costs | 593 | 543 | 50 | 9 | 1,863 | 1,793 | 70 | 4 | |||||||||||||||||||||||
Operation and Maintenance | 389 | 357 | 32 | 9 | 1,133 | 1,086 | 47 | 4 | |||||||||||||||||||||||
Depreciation and Amortization | 192 | 169 | 23 | 14 | 569 | 506 | 63 | 12 | |||||||||||||||||||||||
Net Gains (Losses) on Trust Investments | — | — | — | N/A | — | 2 | (2 | ) | N/A | ||||||||||||||||||||||
Other Income (Deductions) | 21 | 22 | (1 | ) | (5 | ) | 61 | 65 | (4 | ) | (6 | ) | |||||||||||||||||||
Non-Operating Pension and OPEB Credits (Costs) | 14 | (2 | ) | 16 | N/A | 44 | (5 | ) | 49 | N/A | |||||||||||||||||||||
Interest Expense | 83 | 79 | 4 | 5 | 246 | 223 | 23 | 10 | |||||||||||||||||||||||
Income Tax Expense | 95 | 156 | (61 | ) | (39 | ) | 292 | 450 | (158 | ) | (35 | ) | |||||||||||||||||||
Three Months Ended | Increase/ (Decrease) | Six Months Ended | Increase/ (Decrease) | ||||||||||||||||||||||||||||
June 30, | June 30, | ||||||||||||||||||||||||||||||
2018 | 2017 | 2018 vs. 2017 | 2018 | 2017 | 2018 vs. 2017 | ||||||||||||||||||||||||||
Millions | Millions | % | Millions | Millions | % | ||||||||||||||||||||||||||
Operating Revenues | $ | 767 | $ | 918 | $ | (151 | ) | (16 | ) | $ | 2,170 | $ | 2,187 | $ | (17 | ) | (1 | ) | |||||||||||||
Energy Costs | 373 | 386 | (13 | ) | (3 | ) | 1,119 | 1,078 | 41 | 4 | |||||||||||||||||||||
Operation and Maintenance | 268 | 256 | 12 | 5 | 514 | 488 | 26 | 5 | |||||||||||||||||||||||
Depreciation and Amortization | 84 | 465 | (381 | ) | (82 | ) | 166 | 1,115 | (949 | ) | (85 | ) | |||||||||||||||||||
Income from Equity Method Investments | 5 | 5 | — | — | 7 | 8 | (1 | ) | (13 | ) | |||||||||||||||||||||
Net Gains (Losses) on Trust Investments | 8 | 24 | (16 | ) | (67 | ) | (14 | ) | 43 | (57 | ) | N/A | |||||||||||||||||||
Other Income (Deductions) | 13 | 12 | 1 | 8 | 24 | 23 | 1 | 4 | |||||||||||||||||||||||
Non-Operating Pension and OPEB Credits (Costs) | 3 | 2 | 1 | 50 | 7 | 4 | 3 | 75 | |||||||||||||||||||||||
Interest Expense | 11 | 13 | (2 | ) | (15 | ) | 18 | 29 | (11 | ) | (38 | ) | |||||||||||||||||||
Income Tax Expense (Benefit) | 19 | (62 | ) | 81 | N/A | 102 | (178 | ) | 280 | N/A | |||||||||||||||||||||
Three Months Ended | Increase/ (Decrease) | Nine Months Ended | Increase/ (Decrease) | ||||||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||||||||
2018 | 2017 | 2018 vs. 2017 | 2018 | 2017 | 2018 vs. 2017 | ||||||||||||||||||||||||||
Millions | Millions | % | Millions | Millions | % | ||||||||||||||||||||||||||
Operating Revenues | $ | 868 | $ | 846 | $ | 22 | 3 | $ | 3,038 | $ | 3,033 | $ | 5 | — | |||||||||||||||||
Energy Costs | 431 | 330 | 101 | 31 | 1,550 | 1,408 | 142 | 10 | |||||||||||||||||||||||
Operation and Maintenance | 231 | 229 | 2 | 1 | 745 | 717 | 28 | 4 | |||||||||||||||||||||||
Depreciation and Amortization | 94 | 76 | 18 | 24 | 260 | 1,191 | (931 | ) | (78 | ) | |||||||||||||||||||||
Income from Equity Method Investments | 5 | 3 | 2 | 67 | 12 | 11 | 1 | 9 | |||||||||||||||||||||||
Net Gains (Losses) on Trust Investments | 44 | 19 | 25 | N/A | 30 | 62 | (32 | ) | (52 | ) | |||||||||||||||||||||
Other Income (Deductions) | 14 | 11 | 3 | 27 | 38 | 34 | 4 | 12 | |||||||||||||||||||||||
Non-Operating Pension and OPEB Credits (Costs) | 4 | 2 | 2 | 100 | 11 | 6 | 5 | 83 | |||||||||||||||||||||||
Interest Expense | 29 | 12 | 17 | N/A | 47 | 41 | 6 | 15 | |||||||||||||||||||||||
Income Tax Expense (Benefit) | 25 | 98 | (73 | ) | (74 | ) | 127 | (80 | ) | 207 | N/A | ||||||||||||||||||||
Company/Facility | As of June 30, 2018 | |||||||||||||
Total Facility | Usage | Available Liquidity | ||||||||||||
Millions | ||||||||||||||
PSEG | $ | 1,500 | $ | 88 | $ | 1,412 | ||||||||
PSE&G | 600 | 211 | 389 | |||||||||||
Power | 2,100 | 202 | 1,898 | |||||||||||
Total | $ | 4,200 | $ | 501 | $ | 3,699 | ||||||||
Company/Facility | As of September 30, 2018 | |||||||||||||
Total Facility | Usage | Available Liquidity | ||||||||||||
Millions | ||||||||||||||
PSEG | $ | 1,500 | $ | 393 | $ | 1,107 | ||||||||
PSE&G | 600 | 56 | 544 | |||||||||||
Power | 2,200 | 213 | 1,987 | |||||||||||
Total | $ | 4,300 | $ | 662 | $ | 3,638 | ||||||||
Moody’s (A) | S&P (B) | |||||
PSEG | ||||||
Outlook | Stable | Stable | ||||
Senior Notes | Baa1 | BBB | ||||
Commercial Paper | P2 | A2 | ||||
PSE&G | ||||||
Outlook | Stable | Stable | ||||
Mortgage Bonds | Aa3 | A | ||||
Commercial Paper | P1 | A2 | ||||
Power | ||||||
Outlook | Stable | Stable | ||||
Senior Notes | Baa1 | BBB+ | ||||
(A) | Moody’s ratings range from Aaa (highest) to C (lowest) for long-term securities and P1 (highest) to NP (lowest) for short-term securities. |
(B) | S&P ratings range from AAA (highest) to D (lowest) for long-term securities and A1 (highest) to D (lowest) for short-term securities. |
ITEM 3. | QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK |
MTM VaR | ||||||||||
Three Months Ended June 30, 2018 | Year Ended December 31, 2017 | |||||||||
Millions | ||||||||||
95% Confidence Level, Loss could exceed VaR one day in 20 days | ||||||||||
Period End | $ | 8 | $ | 39 | ||||||
Average for the Period | $ | 8 | $ | 10 | ||||||
High | $ | 9 | $ | 39 | ||||||
Low | $ | 7 | $ | 5 | ||||||
99.5% Confidence Level, Loss could exceed VaR one day in 200 days | ||||||||||
Period End | $ | 13 | $ | 60 | ||||||
Average for the Period | $ | 12 | $ | 15 | ||||||
High | $ | 15 | $ | 60 | ||||||
Low | $ | 10 | $ | 8 | ||||||
MTM VaR | ||||||||||
Three Months Ended September 30, 2018 | Year Ended December 31, 2017 | |||||||||
Millions | ||||||||||
95% Confidence Level, Loss could exceed VaR one day in 20 days | ||||||||||
Period End | $ | 10 | $ | 39 | ||||||
Average for the Period | $ | 7 | $ | 10 | ||||||
High | $ | 11 | $ | 39 | ||||||
Low | $ | 6 | $ | 5 | ||||||
99.5% Confidence Level, Loss could exceed VaR one day in 200 days | ||||||||||
Period End | $ | 16 | $ | 60 | ||||||
Average for the Period | $ | 11 | $ | 15 | ||||||
High | $ | 17 | $ | 60 | ||||||
Low | $ | 9 | $ | 8 | ||||||
ITEM 4. | CONTROLS AND PROCEDURES |
ITEM 1. | LEGAL PROCEEDINGS |
ITEM 1A. | RISK FACTORS |
ITEM 2. | UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS |
ITEM 6. | EXHIBITS |
a. PSEG: | ||
Exhibit 101.INS: | XBRL Instance Document | |
Exhibit 101.SCH: | XBRL Taxonomy Extension Schema | |
Exhibit 101.CAL: | XBRL Taxonomy Extension Calculation Linkbase | |
Exhibit 101.LAB: | XBRL Taxonomy Extension Labels Linkbase | |
Exhibit 101.PRE: | XBRL Taxonomy Extension Presentation Linkbase | |
Exhibit 101.DEF: | XBRL Taxonomy Extension Definition Document | |
b. PSE&G: | ||
Exhibit 101.INS: | XBRL Instance Document | |
Exhibit 101.SCH: | XBRL Taxonomy Extension Schema | |
Exhibit 101.CAL: | XBRL Taxonomy Extension Calculation Linkbase | |
Exhibit 101.LAB: | XBRL Taxonomy Extension Labels Linkbase | |
Exhibit 101.PRE: | XBRL Taxonomy Extension Presentation Linkbase | |
Exhibit 101.DEF: | XBRL Taxonomy Extension Definition Document | |
c. Power: | ||
Exhibit 101.INS: | XBRL Instance Document | |
Exhibit 101.SCH: | XBRL Taxonomy Extension Schema | |
Exhibit 101.CAL: | XBRL Taxonomy Extension Calculation Linkbase | |
Exhibit 101.LAB: | XBRL Taxonomy Extension Labels Linkbase | |
Exhibit 101.PRE: | XBRL Taxonomy Extension Presentation Linkbase | |
Exhibit 101.DEF: | XBRL Taxonomy Extension Definition Document |
PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED | |
(Registrant) | |
By: | /S/ STUART J. BLACK |
Stuart J. Black Vice President and Controller (Principal Accounting Officer) |
PUBLIC SERVICE ELECTRIC AND GAS COMPANY | |
(Registrant) | |
By: | /S/ STUART J. BLACK |
Stuart J. Black Vice President and Controller (Principal Accounting Officer) |
PSEG POWER LLC | |
(Registrant) | |
By: | /S/ STUART J. BLACK |
Stuart J. Black Vice President and Controller (Principal Accounting Officer) |