Commission File Number | Name of Registrant, Address, and Telephone Number | State or other jurisdiction of Incorporation or Organization | I.R.S. Employer Identification Number | |||||
001-09120 | Public Service Enterprise Group Incorporated | New Jersey | 22-2625848 | |||||
80 Park Plaza | ||||||||
Newark, | New Jersey | 07102 | ||||||
973 | 430-7000 | |||||||
001-00973 | Public Service Electric and Gas Company | New Jersey | 22-1212800 | |||||
80 Park Plaza | ||||||||
Newark, | New Jersey | 07102 | ||||||
973 | 430-7000 | |||||||
001-34232 | PSEG Power LLC | Delaware | 22-3663480 | |||||
80 Park Plaza | ||||||||
Newark, | New Jersey | 07102 | ||||||
973 | 430-7000 |
Title of Each Class | Trading Symbol(s) | Name of Each Exchange On Which Registered | ||
Public Service Enterprise Group Incorporated | ||||
Common Stock without par value | PEG | New York Stock Exchange | ||
Public Service Electric and Gas Company | ||||
9.25% First and Refunding Mortgage Bonds, Series CC, due 2021 | PEG21 | New York Stock Exchange | ||
8.00% First and Refunding Mortgage Bonds, due 2037 | PEG37D | New York Stock Exchange | ||
5.00% First and Refunding Mortgage Bonds, due 2037 | PEG37J | New York Stock Exchange | ||
PSEG Power LLC | ||||
8.625% Senior Notes, due 2031 | PEG31 | New York Stock Exchange |
Public Service Enterprise Group Incorporated | Large accelerated filer | ☒ | Accelerated filer | ☐ | Non-accelerated filer | ☐ | Smaller reporting company | ☐ | Emerging growth company | ☐ |
Public Service Electric and Gas Company | Large accelerated filer | ☐ | Accelerated filer | ☐ | Non-accelerated filer | ☒ | Smaller reporting company | ☐ | Emerging growth company | ☐ |
PSEG Power LLC | Large accelerated filer | ☐ | Accelerated filer | ☐ | Non-accelerated filer | ☒ | Smaller reporting company | ☐ | Emerging growth company | ☐ |
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/Asset Dispositions | ||
Note 5. Variable Interest Entity (VIE) | ||
Note 6. Rate Filings | ||
Note 7. Leases | ||
Note 8. Financing Receivables | ||
Note 9. Trust Investments | ||
Note 10. Pension and Other Postretirement Benefits (OPEB) | ||
Note 11. Commitments and Contingent Liabilities | ||
Note 12. Debt and Credit Facilities | ||
Note 13. Financial Risk Management Activities | ||
Note 14. Fair Value Measurements | ||
Note 15. Other Income (Deductions) | ||
Note 16. Income Taxes | ||
Note 17. Accumulated Other Comprehensive Income (Loss), Net of Tax | ||
Note 18. Earnings Per Share (EPS) and Dividends | ||
Note 19. Financial Information by Business Segment | ||
Note 20. Related-Party Transactions | ||
Item 2. | ||
Executive Overview of | ||
Item 3. | ||
Item 4. | ||
PART II. OTHER INFORMATION | ||
Item 1. | ||
Item 1A. | ||
Item 2. | ||
Item 5. | ||
Item 6. | ||
• | the impact on our New Jersey nuclear plants if such plants are not awarded Zero Emission Certificates (ZEC) in future periods, there is an adverse change in the amount of future ZEC payments, the ZEC program is overturned or modified through legal proceedings or if adverse changes are made to the capacity market construct; |
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||||
OPERATING REVENUES | $ | 2,316 | $ | 2,016 | $ | 5,296 | $ | 4,834 | |||||||||
OPERATING EXPENSES | |||||||||||||||||
Energy Costs | 704 | 600 | 1,828 | 1,552 | |||||||||||||
Operation and Maintenance | 750 | 725 | 1,506 | 1,479 | |||||||||||||
Depreciation and Amortization | 307 | 280 | 621 | 560 | |||||||||||||
Loss on Asset Dispositions | 395 | — | 395 | — | |||||||||||||
Total Operating Expenses | 2,156 | 1,605 | 4,350 | 3,591 | |||||||||||||
OPERATING INCOME | 160 | 411 | 946 | 1,243 | |||||||||||||
Income from Equity Method Investments | 5 | 5 | 7 | 7 | |||||||||||||
Net Gains (Losses) on Trust Investments | 39 | 8 | 167 | (14 | ) | ||||||||||||
Other Income (Deductions) | 33 | 34 | 66 | 66 | |||||||||||||
Non-Operating Pension and OPEB Credits (Costs) | 33 | 19 | 66 | 38 | |||||||||||||
Interest Expense | (137 | ) | (111 | ) | (270 | ) | (214 | ) | |||||||||
INCOME BEFORE INCOME TAXES | 133 | 366 | 982 | 1,126 | |||||||||||||
Income Tax Benefit (Expense) | 20 | (97 | ) | (129 | ) | (299 | ) | ||||||||||
NET INCOME | $ | 153 | $ | 269 | $ | 853 | $ | 827 | |||||||||
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING: | |||||||||||||||||
BASIC | 504 | 504 | 504 | 504 | |||||||||||||
DILUTED | 507 | 507 | 507 | 507 | |||||||||||||
NET INCOME PER SHARE: | |||||||||||||||||
BASIC | $ | 0.30 | $ | 0.53 | $ | 1.69 | $ | 1.64 | |||||||||
DILUTED | $ | 0.30 | $ | 0.53 | $ | 1.68 | $ | 1.63 | |||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||
OPERATING REVENUES | $ | 2,050 | $ | 2,316 | $ | 4,831 | $ | 5,296 | |||||||||
OPERATING EXPENSES | |||||||||||||||||
Energy Costs | 595 | 704 | 1,501 | 1,828 | |||||||||||||
Operation and Maintenance | 733 | 750 | 1,487 | 1,506 | |||||||||||||
Depreciation and Amortization | 315 | 307 | 639 | 621 | |||||||||||||
Loss on Asset Dispositions | — | 395 | — | 395 | |||||||||||||
Total Operating Expenses | 1,643 | 2,156 | 3,627 | 4,350 | |||||||||||||
OPERATING INCOME | 407 | 160 | 1,204 | 946 | |||||||||||||
Income from Equity Method Investments | 3 | 5 | 6 | 7 | |||||||||||||
Net Gains (Losses) on Trust Investments | 201 | 39 | (20 | ) | 167 | ||||||||||||
Other Income (Deductions) | 38 | 33 | 42 | 66 | |||||||||||||
Net Non-Operating Pension and Other Postretirement Benefit (OPEB) Credits (Costs) | 62 | 33 | 124 | 66 | |||||||||||||
Interest Expense | (151 | ) | (137 | ) | (304 | ) | (270 | ) | |||||||||
INCOME BEFORE INCOME TAXES | 560 | 133 | 1,052 | 982 | |||||||||||||
Income Tax Benefit (Expense) | (109 | ) | 20 | (153 | ) | (129 | ) | ||||||||||
NET INCOME | $ | 451 | $ | 153 | $ | 899 | $ | 853 | |||||||||
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING: | |||||||||||||||||
BASIC | 504 | 504 | 504 | 504 | |||||||||||||
DILUTED | 507 | 507 | 507 | 507 | |||||||||||||
NET INCOME PER SHARE: | |||||||||||||||||
BASIC | $ | 0.89 | $ | 0.30 | $ | 1.78 | $ | 1.69 | |||||||||
DILUTED | $ | 0.89 | $ | 0.30 | $ | 1.77 | $ | 1.68 | |||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||||
NET INCOME | $ | 153 | $ | 269 | $ | 853 | $ | 827 | |||||||||
Other Comprehensive Income (Loss), net of tax | |||||||||||||||||
Unrealized Gains (Losses) on Available-for-Sale Securities, net of tax (expense) benefit of $(12), $4, $(25) and $13 for the three and six months ended 2019 and 2018, respectively | 18 | (5 | ) | 39 | (19 | ) | |||||||||||
Unrealized Gains (Losses) on Cash Flow Hedges, net of tax (expense) benefit of $5, $1, $6 and $1 for the three and six months ended 2019 and 2018, respectively | (13 | ) | (1 | ) | (17 | ) | (1 | ) | |||||||||
Pension/Other Postretirement Benefit Costs (OPEB) adjustment, net of tax (expense) benefit of $(2), $(3), $(6) and $(6) for the three and six months ended 2019 and 2018, respectively | 4 | 7 | 4 | 15 | |||||||||||||
Other Comprehensive Income (Loss), net of tax | 9 | 1 | 26 | (5 | ) | ||||||||||||
COMPREHENSIVE INCOME | $ | 162 | $ | 270 | $ | 879 | $ | 822 | |||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||
NET INCOME | $ | 451 | $ | 153 | $ | 899 | $ | 853 | |||||||||
Other Comprehensive Income (Loss), net of tax | |||||||||||||||||
Unrealized Gains (Losses) on Available-for-Sale Securities, net of tax (expense) benefit of $(12), $(12), $(18) and $(25) for the three and six months ended 2020 and 2019, respectively | 20 | 18 | 28 | 39 | |||||||||||||
Unrealized Gains (Losses) on Cash Flow Hedges, net of tax (expense) benefit of $(1), $5, $0 and $6 for the three and six months ended 2020 and 2019, respectively | 3 | (13 | ) | — | (17 | ) | |||||||||||
Pension/OPEB adjustment, net of tax (expense) benefit of $(1), $(2), $(2) and $(6) for the three and six months ended 2020 and 2019, respectively | 3 | 4 | 6 | 4 | |||||||||||||
Other Comprehensive Income (Loss), net of tax | 26 | 9 | 34 | 26 | |||||||||||||
COMPREHENSIVE INCOME | $ | 477 | $ | 162 | $ | 933 | $ | 879 | |||||||||
June 30, 2019 | December 31, 2018 | ||||||||
ASSETS | |||||||||
CURRENT ASSETS | |||||||||
Cash and Cash Equivalents | $ | 82 | $ | 177 | |||||
Accounts Receivable, net of allowances of $68 in 2019 and $63 in 2018 | 1,118 | 1,435 | |||||||
Tax Receivable | — | 242 | |||||||
Unbilled Revenues | 193 | 240 | |||||||
Fuel | 235 | 331 | |||||||
Materials and Supplies, net | 574 | 571 | |||||||
Prepayments | 348 | 94 | |||||||
Derivative Contracts | 83 | 11 | |||||||
Regulatory Assets | 419 | 389 | |||||||
Assets Held for Sale | 74 | — | |||||||
Other | 30 | 17 | |||||||
Total Current Assets | 3,156 | 3,507 | |||||||
PROPERTY, PLANT AND EQUIPMENT | 44,719 | 44,201 | |||||||
Less: Accumulated Depreciation and Amortization | (9,842 | ) | (9,838 | ) | |||||
Net Property, Plant and Equipment | 34,877 | 34,363 | |||||||
NONCURRENT ASSETS | |||||||||
Regulatory Assets | 3,465 | 3,399 | |||||||
Operating Lease Right-of-Use Assets | 282 | — | |||||||
Long-Term Investments | 845 | 896 | |||||||
Nuclear Decommissioning Trust (NDT) Fund | 2,118 | 1,878 | |||||||
Long-Term Tax Receivable | 150 | — | |||||||
Long-Term Receivable of Variable Interest Entity (VIE) | 637 | 624 | |||||||
Rabbi Trust Fund | 240 | 224 | |||||||
Goodwill | 16 | 16 | |||||||
Other Intangibles | 162 | 143 | |||||||
Derivative Contracts | 79 | 1 | |||||||
Other | 253 | 275 | |||||||
Total Noncurrent Assets | 8,247 | 7,456 | |||||||
TOTAL ASSETS | $ | 46,280 | $ | 45,326 | |||||
June 30, 2020 | December 31, 2019 | ||||||||
ASSETS | |||||||||
CURRENT ASSETS | |||||||||
Cash and Cash Equivalents | $ | 431 | $ | 147 | |||||
Accounts Receivable, net of allowance of $117 in 2020 and $60 in 2019 | 1,239 | 1,313 | |||||||
Tax Receivable | 154 | 21 | |||||||
Unbilled Revenues, net of allowance of $4 in 2020 | 192 | 239 | |||||||
Fuel | 219 | 310 | |||||||
Materials and Supplies, net | 597 | 587 | |||||||
Prepayments | 268 | 79 | |||||||
Derivative Contracts | 112 | 113 | |||||||
Regulatory Assets | 466 | 351 | |||||||
Assets Held for Sale | 29 | 30 | |||||||
Other | 35 | 41 | |||||||
Total Current Assets | 3,742 | 3,231 | |||||||
PROPERTY, PLANT AND EQUIPMENT | 47,157 | 45,944 | |||||||
Less: Accumulated Depreciation and Amortization | (10,606 | ) | (10,100 | ) | |||||
Net Property, Plant and Equipment | 36,551 | 35,844 | |||||||
NONCURRENT ASSETS | |||||||||
Regulatory Assets | 3,606 | 3,677 | |||||||
Operating Lease Right-of-Use Assets | 273 | 282 | |||||||
Long-Term Investments | 779 | 812 | |||||||
Nuclear Decommissioning Trust (NDT) Fund | 2,251 | 2,216 | |||||||
Long-Term Tax Receivable | — | 150 | |||||||
Long-Term Receivable of Variable Interest Entity (VIE) | 829 | 813 | |||||||
Rabbi Trust Fund | 259 | 246 | |||||||
Other Intangibles | 185 | 149 | |||||||
Derivative Contracts | 30 | 24 | |||||||
Other | 275 | 286 | |||||||
Total Noncurrent Assets | 8,487 | 8,655 | |||||||
TOTAL ASSETS | $ | 48,780 | $ | 47,730 | |||||
June 30, 2019 | December 31, 2018 | ||||||||
LIABILITIES AND CAPITALIZATION | |||||||||
CURRENT LIABILITIES | |||||||||
Long-Term Debt Due Within One Year | $ | 1,056 | $ | 1,294 | |||||
Commercial Paper and Loans | 365 | 1,016 | |||||||
Accounts Payable | 1,153 | 1,451 | |||||||
Derivative Contracts | 29 | 11 | |||||||
Accrued Interest | 115 | 110 | |||||||
Accrued Taxes | 39 | 26 | |||||||
Clean Energy Program | 231 | 143 | |||||||
Obligation to Return Cash Collateral | 126 | 136 | |||||||
Regulatory Liabilities | 319 | 311 | |||||||
Liabilities Held for Sale | 26 | — | |||||||
Other | 523 | 437 | |||||||
Total Current Liabilities | 3,982 | 4,935 | |||||||
NONCURRENT LIABILITIES | |||||||||
Deferred Income Taxes and Investment Tax Credits (ITC) | 6,030 | 5,713 | |||||||
Regulatory Liabilities | 3,056 | 3,221 | |||||||
Operating Leases | 273 | — | |||||||
Asset Retirement Obligations | 1,065 | 1,063 | |||||||
OPEB Costs | 696 | 704 | |||||||
OPEB Costs of Servco | 517 | 501 | |||||||
Accrued Pension Costs | 765 | 791 | |||||||
Accrued Pension Costs of Servco | 106 | 109 | |||||||
Environmental Costs | 344 | 327 | |||||||
Derivative Contracts | 8 | 4 | |||||||
Long-Term Accrued Taxes | 170 | 181 | |||||||
Other | 213 | 232 | |||||||
Total Noncurrent Liabilities | 13,243 | 12,846 | |||||||
COMMITMENTS AND CONTINGENT LIABILITIES (See Note 11) | |||||||||
CAPITALIZATION | |||||||||
LONG-TERM DEBT | 14,301 | 13,168 | |||||||
STOCKHOLDERS’ EQUITY | |||||||||
Common Stock, no par, authorized 1,000 shares; issued, 2019 and 2018—534 shares | 4,980 | 4,980 | |||||||
Treasury Stock, at cost, 2019 and 2018—30 shares | (835 | ) | (808 | ) | |||||
Retained Earnings | 11,041 | 10,582 | |||||||
Accumulated Other Comprehensive Loss | (432 | ) | (377 | ) | |||||
Total Stockholders’ Equity | 14,754 | 14,377 | |||||||
Total Capitalization | 29,055 | 27,545 | |||||||
TOTAL LIABILITIES AND CAPITALIZATION | $ | 46,280 | $ | 45,326 | |||||
June 30, 2020 | December 31, 2019 | ||||||||
LIABILITIES AND CAPITALIZATION | |||||||||
CURRENT LIABILITIES | |||||||||
Long-Term Debt Due Within One Year | $ | 2,093 | $ | 1,365 | |||||
Commercial Paper and Loans | 1,165 | 1,115 | |||||||
Accounts Payable | 1,135 | 1,358 | |||||||
Derivative Contracts | 24 | 36 | |||||||
Accrued Interest | 122 | 116 | |||||||
Accrued Taxes | 127 | 41 | |||||||
Clean Energy Program | 231 | 143 | |||||||
Obligation to Return Cash Collateral | 107 | 119 | |||||||
Regulatory Liabilities | 194 | 234 | |||||||
Other | 585 | 520 | |||||||
Total Current Liabilities | 5,783 | 5,047 | |||||||
NONCURRENT LIABILITIES | |||||||||
Deferred Income Taxes and Investment Tax Credits (ITC) | 6,481 | 6,256 | |||||||
Regulatory Liabilities | 2,906 | 3,002 | |||||||
Operating Leases | 263 | 273 | |||||||
Asset Retirement Obligations | 1,185 | 1,087 | |||||||
OPEB Costs | 736 | 734 | |||||||
OPEB Costs of Servco | 641 | 626 | |||||||
Accrued Pension Costs | 893 | 952 | |||||||
Accrued Pension Costs of Servco | 168 | 171 | |||||||
Environmental Costs | 323 | 349 | |||||||
Derivative Contracts | 2 | 1 | |||||||
Long-Term Accrued Taxes | 86 | 182 | |||||||
Other | 242 | 218 | |||||||
Total Noncurrent Liabilities | 13,926 | 13,851 | |||||||
COMMITMENTS AND CONTINGENT LIABILITIES (See Note 11) | |||||||||
CAPITALIZATION | |||||||||
LONG-TERM DEBT | 13,580 | 13,743 | |||||||
STOCKHOLDERS’ EQUITY | |||||||||
Common Stock, no par, authorized 1,000 shares; issued, 2020 and 2019—534 shares | 5,003 | 5,003 | |||||||
Treasury Stock, at cost, 2020 and 2019—30 shares | (865 | ) | (831 | ) | |||||
Retained Earnings | 11,808 | 11,406 | |||||||
Accumulated Other Comprehensive Loss | (455 | ) | (489 | ) | |||||
Total Stockholders’ Equity | 15,491 | 15,089 | |||||||
Total Capitalization | 29,071 | 28,832 | |||||||
TOTAL LIABILITIES AND CAPITALIZATION | $ | 48,780 | $ | 47,730 | |||||
Six Months Ended | |||||||||
June 30, | |||||||||
2020 | 2019 | ||||||||
CASH FLOWS FROM OPERATING ACTIVITIES | |||||||||
Net Income | $ | 899 | $ | 853 | |||||
Adjustments to Reconcile Net Income to Net Cash Flows from Operating Activities: | |||||||||
Depreciation and Amortization | 639 | 621 | |||||||
Amortization of Nuclear Fuel | 93 | 89 | |||||||
Loss on Asset Dispositions | — | 395 | |||||||
Emission Allowances and Renewable Energy Credit (REC) Compliance Accrual | 65 | 46 | |||||||
Provision for Deferred Income Taxes (Other than Leases) and ITC | 104 | 123 | |||||||
Non-Cash Employee Benefit Plan (Credits) Costs | (52 | ) | (5 | ) | |||||
Leveraged Lease (Income) Loss, Adjusted for Rents Received and Deferred Taxes | 11 | (3 | ) | ||||||
Net (Gain) Loss on Lease Investments | (2 | ) | 32 | ||||||
Net Realized and Unrealized (Gains) Losses on Energy Contracts and Other Derivatives | (1 | ) | (320 | ) | |||||
Cost of Removal | (44 | ) | (61 | ) | |||||
Net Change in Regulatory Assets and Liabilities | (70 | ) | 84 | ||||||
Net (Gains) Losses and (Income) Expense from NDT Fund | 5 | (189 | ) | ||||||
Net Change in Certain Current Assets and Liabilities: | |||||||||
Tax Receivable | 16 | 77 | |||||||
Accrued Taxes | 115 | (10 | ) | ||||||
Cash Collateral | 32 | 392 | |||||||
Other Current Assets and Liabilities | (60 | ) | (299 | ) | |||||
Employee Benefit Plan Funding and Related Payments | (6 | ) | (24 | ) | |||||
Other | (80 | ) | 23 | ||||||
Net Cash Provided By (Used In) Operating Activities | 1,664 | 1,824 | |||||||
CASH FLOWS FROM INVESTING ACTIVITIES | |||||||||
Additions to Property, Plant and Equipment | (1,414 | ) | (1,604 | ) | |||||
Purchase of Emission Allowances and RECs | (50 | ) | (29 | ) | |||||
Proceeds from Sales of Trust Investments | 1,163 | 966 | |||||||
Purchases of Trust Investments | (1,184 | ) | (984 | ) | |||||
Other | 52 | 29 | |||||||
Net Cash Provided By (Used In) Investing Activities | (1,433 | ) | (1,622 | ) | |||||
CASH FLOWS FROM FINANCING ACTIVITIES | |||||||||
Net Change in Commercial Paper | (750 | ) | (651 | ) | |||||
Proceeds from Short-Term Loans | 800 | — | |||||||
Issuance of Long-Term Debt | 975 | 1,500 | |||||||
Redemption of Long-Term Debt | (406 | ) | (600 | ) | |||||
Cash Dividends Paid on Common Stock | (495 | ) | (475 | ) | |||||
Other | (64 | ) | (60 | ) | |||||
Net Cash Provided By (Used In) Financing Activities | 60 | (286 | ) | ||||||
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash | 291 | (84 | ) | ||||||
Cash, Cash Equivalents and Restricted Cash at Beginning of Period | 176 | 199 | |||||||
Cash, Cash Equivalents and Restricted Cash at End of Period | $ | 467 | $ | 115 | |||||
Supplemental Disclosure of Cash Flow Information: | |||||||||
Income Taxes Paid (Received) | $ | 41 | $ | 25 | |||||
Interest Paid, Net of Amounts Capitalized | $ | 288 | $ | 256 | |||||
Accrued Property, Plant and Equipment Expenditures | $ | 331 | $ | 456 | |||||
Six Months Ended | |||||||||
June 30, | |||||||||
2019 | 2018 | ||||||||
CASH FLOWS FROM OPERATING ACTIVITIES | |||||||||
Net Income | $ | 853 | $ | 827 | |||||
Adjustments to Reconcile Net Income to Net Cash Flows from Operating Activities: | |||||||||
Depreciation and Amortization | 621 | 560 | |||||||
Amortization of Nuclear Fuel | 89 | 95 | |||||||
Loss on Asset Dispositions | 395 | — | |||||||
Emission Allowances and Renewable Energy Credit (REC) Compliance Accrual | 46 | 46 | |||||||
Provision for Deferred Income Taxes (Other than Leases) and ITC | 123 | 213 | |||||||
Non-Cash Employee Benefit Plan (Credits) Costs | (5 | ) | 35 | ||||||
Leveraged Lease (Income) Loss, Adjusted for Rents Received and Deferred Taxes | (3 | ) | 8 | ||||||
Net (Gain) Loss on Lease Investments | 32 | 14 | |||||||
Net Realized and Unrealized (Gains) Losses on Energy Contracts and Other Derivatives | (320 | ) | (54 | ) | |||||
Cost of Removal | (61 | ) | (84 | ) | |||||
Net Change in Regulatory Assets and Liabilities | 84 | (58 | ) | ||||||
Net (Gains) Losses and (Income) Expense from NDT Fund | (189 | ) | (8 | ) | |||||
Net Change in Certain Current Assets and Liabilities: | |||||||||
Tax Receivable | 77 | 16 | |||||||
Accrued Taxes | (10 | ) | 57 | ||||||
Margin Deposit | 392 | 24 | |||||||
Other Current Assets and Liabilities | (299 | ) | 2 | ||||||
Employee Benefit Plan Funding and Related Payments | (24 | ) | (58 | ) | |||||
Other | 23 | (2 | ) | ||||||
Net Cash Provided By (Used In) Operating Activities | 1,824 | 1,633 | |||||||
CASH FLOWS FROM INVESTING ACTIVITIES | |||||||||
Additions to Property, Plant and Equipment | (1,604 | ) | (2,005 | ) | |||||
Purchase of Emission Allowances and RECs | (29 | ) | (44 | ) | |||||
Proceeds from Sales of Trust Investments | 966 | 821 | |||||||
Purchases of Trust Investments | (984 | ) | (829 | ) | |||||
Other | 29 | 30 | |||||||
Net Cash Provided By (Used In) Investing Activities | (1,622 | ) | (2,027 | ) | |||||
CASH FLOWS FROM FINANCING ACTIVITIES | |||||||||
Net Change in Commercial Paper and Loans | (651 | ) | (272 | ) | |||||
Issuance of Long-Term Debt | 1,500 | 1,400 | |||||||
Redemption of Long-Term Debt | (600 | ) | (400 | ) | |||||
Cash Dividends Paid on Common Stock | (475 | ) | (455 | ) | |||||
Other | (60 | ) | (83 | ) | |||||
Net Cash Provided By (Used In) Financing Activities | (286 | ) | 190 | ||||||
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash | (84 | ) | (204 | ) | |||||
Cash, Cash Equivalents and Restricted Cash at Beginning of Period | 199 | 315 | |||||||
Cash, Cash Equivalents and Restricted Cash at End of Period | $ | 115 | $ | 111 | |||||
Supplemental Disclosure of Cash Flow Information: | |||||||||
Income Taxes Paid (Received) | $ | 25 | $ | 52 | |||||
Interest Paid, Net of Amounts Capitalized | $ | 256 | $ | 205 | |||||
Accrued Property, Plant and Equipment Expenditures | $ | 456 | $ | 625 | |||||
Common Stock | Treasury Stock | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | |||||||||||||||||||||||||
Shs. | Amount | Shs. | Amount | Total | ||||||||||||||||||||||||
Balance as of March 31, 2019 | 534 | $ | 4,969 | (30 | ) | $ | (839 | ) | $ | 11,125 | $ | (441 | ) | $ | 14,814 | |||||||||||||
Net Income | — | — | — | — | 153 | — | 153 | |||||||||||||||||||||
Other Comprehensive Income (Loss), net of tax (expense) benefit of $(9) | — | — | — | — | — | 9 | 9 | |||||||||||||||||||||
Comprehensive Income | 162 | |||||||||||||||||||||||||||
Cash Dividends at $0.47 per share on Common Stock | — | — | — | — | (237 | ) | — | (237 | ) | |||||||||||||||||||
Other | — | 11 | — | 4 | — | — | 15 | |||||||||||||||||||||
Balance as of June 30, 2019 | 534 | $ | 4,980 | (30 | ) | $ | (835 | ) | $ | 11,041 | $ | (432 | ) | $ | 14,754 | |||||||||||||
Balance as of March 31, 2018 | 534 | $ | 4,946 | (30 | ) | $ | (816 | ) | $ | 10,385 | $ | (411 | ) | $ | 14,104 | |||||||||||||
Net Income | — | — | — | — | 269 | — | 269 | |||||||||||||||||||||
Other Comprehensive Income (Loss), net of tax (expense) benefit of $2 | — | — | — | — | — | 1 | 1 | |||||||||||||||||||||
Comprehensive Income | 270 | |||||||||||||||||||||||||||
Cash Dividends at $0.45 per share on Common Stock | — | — | — | — | (228 | ) | — | (228 | ) | |||||||||||||||||||
Other | — | 9 | — | 3 | — | — | 12 | |||||||||||||||||||||
Balance as of June 30, 2018 | 534 | $ | 4,955 | (30 | ) | $ | (813 | ) | $ | 10,426 | $ | (410 | ) | $ | 14,158 | |||||||||||||
Common Stock | Treasury Stock | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | |||||||||||||||||||||||||
Shs. | Amount | Shs. | Amount | Total | ||||||||||||||||||||||||
Balance as of March 31, 2020 | 534 | $ | 4,994 | (30 | ) | $ | (868 | ) | $ | 11,604 | $ | (481 | ) | $ | 15,249 | |||||||||||||
Net Income | — | — | — | — | 451 | — | 451 | |||||||||||||||||||||
Other Comprehensive Income (Loss), net of tax (expense) benefit of $(14) | — | — | — | — | — | 26 | 26 | |||||||||||||||||||||
Comprehensive Income | 477 | |||||||||||||||||||||||||||
Cash Dividends at $0.49 per share on Common Stock | — | — | — | — | (247 | ) | — | (247 | ) | |||||||||||||||||||
Other | — | 9 | — | 3 | — | — | 12 | |||||||||||||||||||||
Balance as of June 30, 2020 | 534 | $ | 5,003 | (30 | ) | $ | (865 | ) | $ | 11,808 | $ | (455 | ) | $ | 15,491 | |||||||||||||
Balance as of March 31, 2019 | 534 | $ | 4,969 | (30 | ) | $ | (839 | ) | $ | 11,125 | $ | (441 | ) | $ | 14,814 | |||||||||||||
Net Income | — | — | — | — | 153 | — | 153 | |||||||||||||||||||||
Other Comprehensive Income (Loss), net of tax (expense) benefit of $(9) | — | — | — | — | — | 9 | 9 | |||||||||||||||||||||
Comprehensive Income | 162 | |||||||||||||||||||||||||||
Cash Dividends at $0.47 per share on Common Stock | — | — | — | — | (237 | ) | — | (237 | ) | |||||||||||||||||||
Other | — | 11 | — | 4 | — | — | 15 | |||||||||||||||||||||
Balance as of June 30, 2019 | 534 | $ | 4,980 | (30 | ) | $ | (835 | ) | $ | 11,041 | $ | (432 | ) | $ | 14,754 | |||||||||||||
Common Stock | Treasury Stock | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | |||||||||||||||||||||||||
Shs. | Amount | Shs. | Amount | Total | ||||||||||||||||||||||||
Balance as of December 31, 2018 | 534 | $ | 4,980 | (30 | ) | $ | (808 | ) | $ | 10,582 | $ | (377 | ) | $ | 14,377 | |||||||||||||
Net Income | — | — | — | — | 853 | — | 853 | |||||||||||||||||||||
Cumulative Effect Adjustment to Reclassify Stranded Tax Effects Resulting from the Change in the Federal Corporate Income Tax Rate | — | — | — | — | 81 | (81 | ) | — | ||||||||||||||||||||
Other Comprehensive Income (Loss), net of tax (expense) benefit of $(25) | — | — | — | — | — | 26 | 26 | |||||||||||||||||||||
Comprehensive Income | 879 | |||||||||||||||||||||||||||
Cash Dividends at $0.94 per share on Common Stock | — | — | — | — | (475 | ) | — | (475 | ) | |||||||||||||||||||
Other | — | — | — | (27 | ) | — | — | (27 | ) | |||||||||||||||||||
Balance as of June 30, 2019 | 534 | $ | 4,980 | (30 | ) | $ | (835 | ) | $ | 11,041 | $ | (432 | ) | $ | 14,754 | |||||||||||||
Balance as of December 31, 2017 | 534 | $ | 4,961 | (29 | ) | $ | (763 | ) | $ | 9,878 | $ | (229 | ) | $ | 13,847 | |||||||||||||
Net Income | — | — | — | — | 827 | — | 827 | |||||||||||||||||||||
Cumulative Effect Adjustment to Reclassify Unrealized Net Gains on Equity Investments | — | — | — | — | 176 | (176 | ) | — | ||||||||||||||||||||
Other Comprehensive Income (Loss), net of tax (expense) benefit of $8 | — | — | — | — | — | (5 | ) | (5 | ) | |||||||||||||||||||
Comprehensive Income | 822 | |||||||||||||||||||||||||||
Cash Dividends at $0.90 per share on Common Stock | — | — | — | — | (455 | ) | — | (455 | ) | |||||||||||||||||||
Other | — | (6 | ) | (1 | ) | (50 | ) | — | — | (56 | ) | |||||||||||||||||
Balance as of June 30, 2018 | 534 | $ | 4,955 | (30 | ) | $ | (813 | ) | $ | 10,426 | $ | (410 | ) | $ | 14,158 | |||||||||||||
Common Stock | Treasury Stock | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | |||||||||||||||||||||||||
Shs. | Amount | Shs. | Amount | Total | ||||||||||||||||||||||||
Balance as of December 31, 2019 | 534 | $ | 5,003 | (30 | ) | $ | (831 | ) | $ | 11,406 | $ | (489 | ) | $ | 15,089 | |||||||||||||
Net Income | — | — | — | — | 899 | — | 899 | |||||||||||||||||||||
Other Comprehensive Income (Loss), net of tax (expense) benefit of $(20) | — | — | — | — | — | 34 | 34 | |||||||||||||||||||||
Comprehensive Income | 933 | |||||||||||||||||||||||||||
Cumulative Effect Adjustment for Current Expected Credit Losses (CECL) | — | — | — | — | (2 | ) | — | (2 | ) | |||||||||||||||||||
Cash Dividends at $0.98 per share on Common Stock | — | — | — | — | (495 | ) | — | (495 | ) | |||||||||||||||||||
Other | — | — | — | (34 | ) | — | — | (34 | ) | |||||||||||||||||||
Balance as of June 30, 2020 | 534 | $ | 5,003 | (30 | ) | $ | (865 | ) | $ | 11,808 | $ | (455 | ) | $ | 15,491 | |||||||||||||
Balance as of December 31, 2018 | 534 | $ | 4,980 | (30 | ) | $ | (808 | ) | $ | 10,582 | $ | (377 | ) | $ | 14,377 | |||||||||||||
Net Income | — | — | — | — | 853 | — | 853 | |||||||||||||||||||||
Cumulative Effect Adjustment to Reclassify Stranded Tax Effects Resulting from the Change in the Federal Corporate Income Tax Rate | — | — | — | — | 81 | (81 | ) | — | ||||||||||||||||||||
Other Comprehensive Income (Loss), net of tax (expense) benefit of $(25) | — | — | — | — | — | 26 | 26 | |||||||||||||||||||||
Comprehensive Income | 879 | |||||||||||||||||||||||||||
Cash Dividends at $0.94 per share on Common Stock | — | — | — | — | (475 | ) | — | (475 | ) | |||||||||||||||||||
Other | — | — | — | (27 | ) | — | — | (27 | ) | |||||||||||||||||||
Balance as of June 30, 2019 | 534 | $ | 4,980 | (30 | ) | $ | (835 | ) | $ | 11,041 | $ | (432 | ) | $ | 14,754 | |||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||||
OPERATING REVENUES | $ | 1,382 | $ | 1,386 | $ | 3,414 | $ | 3,231 | |||||||||
OPERATING EXPENSES | |||||||||||||||||
Energy Costs | 529 | 488 | 1,476 | 1,270 | |||||||||||||
Operation and Maintenance | 369 | 353 | 777 | 744 | |||||||||||||
Depreciation and Amortization | 202 | 187 | 414 | 377 | |||||||||||||
Total Operating Expenses | 1,100 | 1,028 | 2,667 | 2,391 | |||||||||||||
OPERATING INCOME | 282 | 358 | 747 | 840 | |||||||||||||
Net Gains (Losses) on Trust Investments | — | — | 1 | — | |||||||||||||
Other Income (Deductions) | 19 | 20 | 38 | 40 | |||||||||||||
Non-Operating Pension and OPEB Credits (Costs) | 29 | 15 | 59 | 30 | |||||||||||||
Interest Expense | (89 | ) | (82 | ) | (176 | ) | (163 | ) | |||||||||
INCOME BEFORE INCOME TAXES | 241 | 311 | 669 | 747 | |||||||||||||
Income Tax Benefit (Expense) | (14 | ) | (80 | ) | (39 | ) | (197 | ) | |||||||||
NET INCOME | $ | 227 | $ | 231 | $ | 630 | $ | 550 | |||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||
OPERATING REVENUES | $ | 1,456 | $ | 1,382 | $ | 3,339 | $ | 3,414 | |||||||||
OPERATING EXPENSES | |||||||||||||||||
Energy Costs | 510 | 529 | 1,218 | 1,476 | |||||||||||||
Operation and Maintenance | 380 | 369 | 766 | 777 | |||||||||||||
Depreciation and Amortization | 217 | 202 | 439 | 414 | |||||||||||||
Total Operating Expenses | 1,107 | 1,100 | 2,423 | 2,667 | |||||||||||||
OPERATING INCOME | 349 | 282 | 916 | 747 | |||||||||||||
Net Gains (Losses) on Trust Investments | 1 | — | 1 | 1 | |||||||||||||
Other Income (Deductions) | 26 | 19 | 53 | 38 | |||||||||||||
Net Non-Operating Pension and OPEB Credits (Costs) | 52 | 29 | 103 | 59 | |||||||||||||
Interest Expense | (98 | ) | (89 | ) | (194 | ) | (176 | ) | |||||||||
INCOME BEFORE INCOME TAXES | 330 | 241 | 879 | 669 | |||||||||||||
Income Tax Benefit (Expense) | (47 | ) | (14 | ) | (156 | ) | (39 | ) | |||||||||
NET INCOME | $ | 283 | $ | 227 | $ | 723 | $ | 630 | |||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||||
NET INCOME | $ | 227 | $ | 231 | $ | 630 | $ | 550 | |||||||||
Unrealized Gains (Losses) on Available-for-Sale Securities, net of tax (expense) benefit of $(1), $0, $(1) and $0 for the three and six months ended 2019 and 2018, respectively | 1 | 1 | 2 | — | |||||||||||||
COMPREHENSIVE INCOME | $ | 228 | $ | 232 | $ | 632 | $ | 550 | |||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||
NET INCOME | $ | 283 | $ | 227 | $ | 723 | $ | 630 | |||||||||
Unrealized Gains (Losses) on Available-for-Sale Securities, net of tax (expense) benefit of $(1), $(1), $(1) and $(1) for three and six months ended 2020 and 2019, respectively | 1 | 1 | 1 | 2 | |||||||||||||
COMPREHENSIVE INCOME | $ | 284 | $ | 228 | $ | 724 | $ | 632 | |||||||||
June 30, 2019 | December 31, 2018 | ||||||||
ASSETS | |||||||||
CURRENT ASSETS | |||||||||
Cash and Cash Equivalents | $ | 23 | $ | 39 | |||||
Accounts Receivable, net of allowances of $68 in 2019 and $63 in 2018 | 850 | 879 | |||||||
Tax Receivable | — | 20 | |||||||
Accounts Receivable—Affiliated Companies | 4 | 123 | |||||||
Unbilled Revenues | 193 | 240 | |||||||
Materials and Supplies, net | 215 | 196 | |||||||
Prepayments | 220 | 10 | |||||||
Regulatory Assets | 419 | 389 | |||||||
Other | 21 | 11 | |||||||
Total Current Assets | 1,945 | 1,907 | |||||||
PROPERTY, PLANT AND EQUIPMENT | 32,688 | 31,633 | |||||||
Less: Accumulated Depreciation and Amortization | (6,431 | ) | (6,277 | ) | |||||
Net Property, Plant and Equipment | 26,257 | 25,356 | |||||||
NONCURRENT ASSETS | |||||||||
Regulatory Assets | 3,465 | 3,399 | |||||||
Operating Lease Right-of-Use Assets | 88 | — | |||||||
Long-Term Investments | 265 | 270 | |||||||
Rabbi Trust Fund | 48 | 45 | |||||||
Other | 117 | 132 | |||||||
Total Noncurrent Assets | 3,983 | 3,846 | |||||||
TOTAL ASSETS | $ | 32,185 | $ | 31,109 | |||||
June 30, 2020 | December 31, 2019 | ||||||||
ASSETS | |||||||||
CURRENT ASSETS | |||||||||
Cash and Cash Equivalents | $ | 258 | $ | 21 | |||||
Accounts Receivable, net of allowance of $117 in 2020 and $60 in 2019 | 872 | 901 | |||||||
Accounts Receivable—Affiliated Companies | — | 1 | |||||||
Unbilled Revenues, net of allowance of $4 in 2020 | 192 | 239 | |||||||
Materials and Supplies, net | 212 | 213 | |||||||
Prepayments | 190 | 35 | |||||||
Regulatory Assets | 466 | 351 | |||||||
Other | 24 | 28 | |||||||
Total Current Assets | 2,214 | 1,789 | |||||||
PROPERTY, PLANT AND EQUIPMENT | 34,992 | 33,900 | |||||||
Less: Accumulated Depreciation and Amortization | (6,886 | ) | (6,623 | ) | |||||
Net Property, Plant and Equipment | 28,106 | 27,277 | |||||||
NONCURRENT ASSETS | |||||||||
Regulatory Assets | 3,606 | 3,677 | |||||||
Operating Lease Right-of-Use Assets | 100 | 98 | |||||||
Long-Term Investments | 236 | 248 | |||||||
Rabbi Trust Fund | 50 | 48 | |||||||
Other | 133 | 129 | |||||||
Total Noncurrent Assets | 4,125 | 4,200 | |||||||
TOTAL ASSETS | $ | 34,445 | $ | 33,266 | |||||
June 30, 2019 | December 31, 2018 | ||||||||
LIABILITIES AND CAPITALIZATION | |||||||||
CURRENT LIABILITIES | |||||||||
Long-Term Debt Due Within One Year | $ | 250 | $ | 500 | |||||
Commercial Paper and Loans | 190 | 272 | |||||||
Accounts Payable | 554 | 713 | |||||||
Accounts Payable—Affiliated Companies | 184 | 321 | |||||||
Accrued Interest | 88 | 84 | |||||||
Clean Energy Program | 231 | 143 | |||||||
Obligation to Return Cash Collateral | 126 | 136 | |||||||
Regulatory Liabilities | 319 | 311 | |||||||
Other | 431 | 345 | |||||||
Total Current Liabilities | 2,373 | 2,825 | |||||||
NONCURRENT LIABILITIES | |||||||||
Deferred Income Taxes and ITC | 4,032 | 3,830 | |||||||
Regulatory Liabilities | 3,056 | 3,221 | |||||||
Operating Leases | 78 | — | |||||||
Asset Retirement Obligations | 302 | 302 | |||||||
OPEB Costs | 477 | 486 | |||||||
Accrued Pension Costs | 383 | 400 | |||||||
Environmental Costs | 284 | 268 | |||||||
Long-Term Accrued Taxes | 102 | 69 | |||||||
Other | 136 | 124 | |||||||
Total Noncurrent Liabilities | 8,850 | 8,700 | |||||||
COMMITMENTS AND CONTINGENT LIABILITIES (See Note 11) | |||||||||
CAPITALIZATION | |||||||||
LONG-TERM DEBT | 9,430 | 8,684 | |||||||
STOCKHOLDER’S EQUITY | |||||||||
Common Stock; 150 shares authorized; issued and outstanding, 2019 and 2018—132 shares | 892 | 892 | |||||||
Contributed Capital | 1,095 | 1,095 | |||||||
Basis Adjustment | 986 | 986 | |||||||
Retained Earnings | 8,558 | 7,928 | |||||||
Accumulated Other Comprehensive Income (Loss) | 1 | (1 | ) | ||||||
Total Stockholder’s Equity | 11,532 | 10,900 | |||||||
Total Capitalization | 20,962 | 19,584 | |||||||
TOTAL LIABILITIES AND CAPITALIZATION | $ | 32,185 | $ | 31,109 | |||||
June 30, 2020 | December 31, 2019 | ||||||||
LIABILITIES AND CAPITALIZATION | |||||||||
CURRENT LIABILITIES | |||||||||
Long-Term Debt Due Within One Year | $ | 693 | $ | 259 | |||||
Commercial Paper and Loans | — | 362 | |||||||
Accounts Payable | 624 | 639 | |||||||
Accounts Payable—Affiliated Companies | 373 | 390 | |||||||
Accrued Interest | 101 | 91 | |||||||
Clean Energy Program | 231 | 143 | |||||||
Obligation to Return Cash Collateral | 107 | 119 | |||||||
Regulatory Liabilities | 194 | 234 | |||||||
Other | 490 | 436 | |||||||
Total Current Liabilities | 2,813 | 2,673 | |||||||
NONCURRENT LIABILITIES | |||||||||
Deferred Income Taxes and ITC | 4,369 | 4,189 | |||||||
Regulatory Liabilities | 2,906 | 3,002 | |||||||
Operating Leases | 88 | 87 | |||||||
Asset Retirement Obligations | 308 | 303 | |||||||
OPEB Costs | 495 | 495 | |||||||
Accrued Pension Costs | 461 | 501 | |||||||
Environmental Costs | 273 | 294 | |||||||
Long-Term Accrued Taxes | 19 | 115 | |||||||
Other | 161 | 136 | |||||||
Total Noncurrent Liabilities | 9,080 | 9,122 | |||||||
COMMITMENTS AND CONTINGENT LIABILITIES (See Note 11) | |||||||||
CAPITALIZATION | |||||||||
LONG-TERM DEBT | 10,102 | 9,568 | |||||||
STOCKHOLDER’S EQUITY | |||||||||
Common Stock; 150 shares authorized; issued and outstanding, 2020 and 2019—132 shares | 892 | 892 | |||||||
Contributed Capital | 1,095 | 1,095 | |||||||
Basis Adjustment | 986 | 986 | |||||||
Retained Earnings | 9,474 | 8,928 | |||||||
Accumulated Other Comprehensive Income | 3 | 2 | |||||||
Total Stockholder’s Equity | 12,450 | 11,903 | |||||||
Total Capitalization | 22,552 | 21,471 | |||||||
TOTAL LIABILITIES AND CAPITALIZATION | $ | 34,445 | $ | 33,266 | |||||
Six Months Ended | |||||||||
June 30, | |||||||||
2019 | 2018 | ||||||||
CASH FLOWS FROM OPERATING ACTIVITIES | |||||||||
Net Income | $ | 630 | $ | 550 | |||||
Adjustments to Reconcile Net Income to Net Cash Flows from Operating Activities: | |||||||||
Depreciation and Amortization | 414 | 377 | |||||||
Provision for Deferred Income Taxes and ITC | 10 | 160 | |||||||
Non-Cash Employee Benefit Plan (Credits) Costs | (19 | ) | 19 | ||||||
Cost of Removal | (61 | ) | (84 | ) | |||||
Net Change in Regulatory Assets and Liabilities | 84 | (58 | ) | ||||||
Net Change in Certain Current Assets and Liabilities: | |||||||||
Accounts Receivable and Unbilled Revenues | 75 | 195 | |||||||
Materials and Supplies | (21 | ) | 2 | ||||||
Prepayments | (194 | ) | (161 | ) | |||||
Accounts Payable | (97 | ) | (30 | ) | |||||
Accounts Receivable/Payable—Affiliated Companies, net | — | (204 | ) | ||||||
Other Current Assets and Liabilities | 27 | 66 | |||||||
Employee Benefit Plan Funding and Related Payments | (15 | ) | (50 | ) | |||||
Other | 5 | (20 | ) | ||||||
Net Cash Provided By (Used In) Operating Activities | 838 | 762 | |||||||
CASH FLOWS FROM INVESTING ACTIVITIES | |||||||||
Additions to Property, Plant and Equipment | (1,258 | ) | (1,447 | ) | |||||
Proceeds from Sales of Trust Investments | 19 | 9 | |||||||
Purchases of Trust Investments | (17 | ) | (10 | ) | |||||
Solar Loan Investments | (1 | ) | (11 | ) | |||||
Other | 4 | 3 | |||||||
Net Cash Provided By (Used In) Investing Activities | (1,253 | ) | (1,456 | ) | |||||
CASH FLOWS FROM FINANCING ACTIVITIES | |||||||||
Net Change in Commercial Paper and Loans | (82 | ) | 195 | ||||||
Issuance of Long-Term Debt | 750 | 700 | |||||||
Redemption of Long-Term Debt | (250 | ) | (400 | ) | |||||
Other | (8 | ) | (9 | ) | |||||
Net Cash Provided By (Used In) Financing Activities | 410 | 486 | |||||||
Net Increase (Decrease) In Cash, Cash Equivalents and Restricted Cash | (5 | ) | (208 | ) | |||||
Cash, Cash Equivalents and Restricted Cash at Beginning of Period | 61 | 244 | |||||||
Cash, Cash Equivalents and Restricted Cash at End of Period | $ | 56 | $ | 36 | |||||
Supplemental Disclosure of Cash Flow Information: | |||||||||
Income Taxes Paid (Received) | $ | (107 | ) | $ | 97 | ||||
Interest Paid, Net of Amounts Capitalized | $ | 168 | $ | 157 | |||||
Accrued Property, Plant and Equipment Expenditures | $ | 289 | $ | 436 | |||||
Six Months Ended | |||||||||
June 30, | |||||||||
2020 | 2019 | ||||||||
CASH FLOWS FROM OPERATING ACTIVITIES | |||||||||
Net Income | $ | 723 | $ | 630 | |||||
Adjustments to Reconcile Net Income to Net Cash Flows from Operating Activities: | |||||||||
Depreciation and Amortization | 439 | 414 | |||||||
Provision for Deferred Income Taxes and ITC | 74 | 10 | |||||||
Non-Cash Employee Benefit Plan (Credits) Costs | (51 | ) | (19 | ) | |||||
Cost of Removal | (44 | ) | (61 | ) | |||||
Net Change in Regulatory Assets and Liabilities | (70 | ) | 84 | ||||||
Net Change in Certain Current Assets and Liabilities: | |||||||||
Accounts Receivable and Unbilled Revenues | 69 | 75 | |||||||
Materials and Supplies | 1 | (21 | ) | ||||||
Prepayments | (155 | ) | (194 | ) | |||||
Accounts Payable | 39 | (97 | ) | ||||||
Accounts Receivable/Payable—Affiliated Companies, net | (5 | ) | — | ||||||
Other Current Assets and Liabilities | 40 | 27 | |||||||
Employee Benefit Plan Funding and Related Payments | — | (15 | ) | ||||||
Other | (61 | ) | 5 | ||||||
Net Cash Provided By (Used In) Operating Activities | 999 | 838 | |||||||
CASH FLOWS FROM INVESTING ACTIVITIES | |||||||||
Additions to Property, Plant and Equipment | (1,190 | ) | (1,258 | ) | |||||
Proceeds from Sales of Trust Investments | 23 | 19 | |||||||
Purchases of Trust Investments | (22 | ) | (17 | ) | |||||
Solar Loan Investments | — | (1 | ) | ||||||
Other | 7 | 4 | |||||||
Net Cash Provided By (Used In) Investing Activities | (1,182 | ) | (1,253 | ) | |||||
CASH FLOWS FROM FINANCING ACTIVITIES | |||||||||
Net Change in Commercial Paper and Loans | (362 | ) | (82 | ) | |||||
Issuance of Long-Term Debt | 975 | 750 | |||||||
Redemption of Long-Term Debt | — | (250 | ) | ||||||
Cash Dividend Paid | (175 | ) | — | ||||||
Other | (11 | ) | (8 | ) | |||||
Net Cash Provided By (Used In) Financing Activities | 427 | 410 | |||||||
Net Increase (Decrease) In Cash, Cash Equivalents and Restricted Cash | 244 | (5 | ) | ||||||
Cash, Cash Equivalents and Restricted Cash at Beginning of Period | 50 | 61 | |||||||
Cash, Cash Equivalents and Restricted Cash at End of Period | $ | 294 | $ | 56 | |||||
Supplemental Disclosure of Cash Flow Information: | |||||||||
Income Taxes Paid (Received) | $ | 51 | $ | (107 | ) | ||||
Interest Paid, Net of Amounts Capitalized | $ | 179 | $ | 168 | |||||
Accrued Property, Plant and Equipment Expenditures | $ | 282 | $ | 289 | |||||
Common Stock | Contributed Capital | Basis Adjustment | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | ||||||||||||||||||||||
Total | ||||||||||||||||||||||||||
Balance as of March 31, 2019 | $ | 892 | $ | 1,095 | $ | 986 | $ | 8,331 | $ | — | $ | 11,304 | ||||||||||||||
Net Income | — | — | — | 227 | — | 227 | ||||||||||||||||||||
Other Comprehensive Income (Loss), net of tax (expense) benefit of $(1) | — | — | — | — | 1 | 1 | ||||||||||||||||||||
Comprehensive Income | 228 | |||||||||||||||||||||||||
Balance as of June 30, 2019 | $ | 892 | $ | 1,095 | $ | 986 | $ | 8,558 | $ | 1 | $ | 11,532 | ||||||||||||||
Balance as of March 31, 2018 | $ | 892 | $ | 1,095 | $ | 986 | $ | 7,180 | $ | (1 | ) | $ | 10,152 | |||||||||||||
Net Income | — | — | — | 231 | — | 231 | ||||||||||||||||||||
Other Comprehensive Income (Loss), net of tax (expense) benefit of $0 | — | — | — | — | 1 | 1 | ||||||||||||||||||||
Comprehensive Income | 232 | |||||||||||||||||||||||||
Balance as of June 30, 2018 | $ | 892 | $ | 1,095 | $ | 986 | $ | 7,411 | $ | — | $ | 10,384 | ||||||||||||||
Common Stock | Contributed Capital | Basis Adjustment | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | ||||||||||||||||||||||
Total | ||||||||||||||||||||||||||
Balance as of March 31, 2020 | $ | 892 | $ | 1,095 | $ | 986 | $ | 9,191 | $ | 2 | $ | 12,166 | ||||||||||||||
Net Income | — | — | — | 283 | — | 283 | ||||||||||||||||||||
Other Comprehensive Income (Loss), net of tax (expense) benefit of $(1) | — | — | — | — | 1 | 1 | ||||||||||||||||||||
Comprehensive Income | 284 | |||||||||||||||||||||||||
Balance as of June 30, 2020 | $ | 892 | $ | 1,095 | $ | 986 | $ | 9,474 | $ | 3 | $ | 12,450 | ||||||||||||||
Balance as of March 31, 2019 | $ | 892 | $ | 1,095 | $ | 986 | $ | 8,331 | $ | — | $ | 11,304 | ||||||||||||||
Net Income | — | — | — | 227 | — | 227 | ||||||||||||||||||||
Other Comprehensive Income (Loss), net of tax (expense) benefit of $(1) | — | — | — | — | 1 | 1 | ||||||||||||||||||||
Comprehensive Income | 228 | |||||||||||||||||||||||||
Balance as of June 30, 2019 | $ | 892 | $ | 1,095 | $ | 986 | $ | 8,558 | $ | 1 | $ | 11,532 | ||||||||||||||
Common Stock | Contributed Capital | Basis Adjustment | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | ||||||||||||||||||||||
Total | ||||||||||||||||||||||||||
Balance as of December 31, 2018 | $ | 892 | $ | 1,095 | $ | 986 | $ | 7,928 | $ | (1 | ) | $ | 10,900 | |||||||||||||
Net Income | — | — | — | 630 | — | 630 | ||||||||||||||||||||
Other Comprehensive Income (Loss), net of tax (expense) benefit of $(1) | — | — | — | — | 2 | 2 | ||||||||||||||||||||
Comprehensive Income | 632 | |||||||||||||||||||||||||
Balance as of June 30, 2019 | $ | 892 | $ | 1,095 | $ | 986 | $ | 8,558 | $ | 1 | $ | 11,532 | ||||||||||||||
Balance as of December 31, 2017 | $ | 892 | $ | 1,095 | $ | 986 | $ | 6,861 | $ | — | $ | 9,834 | ||||||||||||||
Net Income | — | — | — | 550 | — | 550 | ||||||||||||||||||||
Other Comprehensive Income (Loss), net of tax (expense) benefit of $0 | — | — | — | — | — | — | ||||||||||||||||||||
Comprehensive Income | 550 | |||||||||||||||||||||||||
Balance as of June 30, 2018 | $ | 892 | $ | 1,095 | $ | 986 | $ | 7,411 | $ | — | $ | 10,384 | ||||||||||||||
Common Stock | Contributed Capital | Basis Adjustment | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | ||||||||||||||||||||||
Total | ||||||||||||||||||||||||||
Balance as of December 31, 2019 | $ | 892 | $ | 1,095 | $ | 986 | $ | 8,928 | $ | 2 | $ | 11,903 | ||||||||||||||
Net Income | — | — | — | 723 | — | 723 | ||||||||||||||||||||
Other Comprehensive Income (Loss), net of tax (expense) benefit of $(1) | — | — | — | — | 1 | 1 | ||||||||||||||||||||
Comprehensive Income | 724 | |||||||||||||||||||||||||
Cumulative Effect Adjustment for CECL | — | — | — | (2 | ) | — | (2 | ) | ||||||||||||||||||
Cash Dividend Paid | — | — | — | (175 | ) | — | (175 | ) | ||||||||||||||||||
Balance as of June 30, 2020 | $ | 892 | $ | 1,095 | $ | 986 | $ | 9,474 | $ | 3 | $ | 12,450 | ||||||||||||||
Balance as of December 31, 2018 | $ | 892 | $ | 1,095 | $ | 986 | $ | 7,928 | $ | (1 | ) | $ | 10,900 | |||||||||||||
Net Income | — | — | — | 630 | — | 630 | ||||||||||||||||||||
Other Comprehensive Income (Loss), net of tax (expense) benefit of $(1) | — | — | — | — | 2 | 2 | ||||||||||||||||||||
Comprehensive Income | 632 | |||||||||||||||||||||||||
Balance as of June 30, 2019 | $ | 892 | $ | 1,095 | $ | 986 | $ | 8,558 | $ | 1 | $ | 11,532 | ||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||||
OPERATING REVENUES | $ | 1,083 | $ | 767 | $ | 2,499 | $ | 2,170 | |||||||||
OPERATING EXPENSES | |||||||||||||||||
Energy Costs | 411 | 373 | 1,197 | 1,119 | |||||||||||||
Operation and Maintenance | 268 | 268 | 503 | 514 | |||||||||||||
Depreciation and Amortization | 95 | 84 | 189 | 166 | |||||||||||||
Loss on Asset Dispositions | 395 | — | 395 | — | |||||||||||||
Total Operating Expenses | 1,169 | 725 | 2,284 | 1,799 | |||||||||||||
OPERATING INCOME (LOSS) | (86 | ) | 42 | 215 | 371 | ||||||||||||
Income from Equity Method Investments | 5 | 5 | 7 | 7 | |||||||||||||
Net Gains (Losses) on Trust Investments | 38 | 8 | 164 | (14 | ) | ||||||||||||
Other Income (Deductions) | 15 | 13 | 28 | 24 | |||||||||||||
Non-Operating Pension and OPEB Credits (Costs) | 3 | 3 | 6 | 7 | |||||||||||||
Interest Expense | (26 | ) | (11 | ) | (51 | ) | (18 | ) | |||||||||
INCOME (LOSS) BEFORE INCOME TAXES | (51 | ) | 60 | 369 | 377 | ||||||||||||
Income Tax Benefit (Expense) | 11 | (19 | ) | (113 | ) | (102 | ) | ||||||||||
NET INCOME (LOSS) | $ | (40 | ) | $ | 41 | $ | 256 | $ | 275 | ||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||
OPERATING REVENUES | $ | 683 | $ | 1,083 | $ | 1,903 | $ | 2,499 | |||||||||
OPERATING EXPENSES | |||||||||||||||||
Energy Costs | 323 | 411 | 999 | 1,197 | |||||||||||||
Operation and Maintenance | 225 | 268 | 466 | 503 | |||||||||||||
Depreciation and Amortization | 91 | 95 | 185 | 189 | |||||||||||||
Loss on Asset Dispositions | — | 395 | — | 395 | |||||||||||||
Total Operating Expenses | 639 | 1,169 | 1,650 | 2,284 | |||||||||||||
OPERATING INCOME (LOSS) | 44 | (86 | ) | 253 | 215 | ||||||||||||
Income from Equity Method Investments | 3 | 5 | 6 | 7 | |||||||||||||
Net Gains (Losses) on Trust Investments | 196 | 38 | (24 | ) | 164 | ||||||||||||
Other Income (Deductions) | 12 | 15 | (11 | ) | 28 | ||||||||||||
Net Non-Operating Pension and OPEB Credits (Costs) | 9 | 3 | 17 | 6 | |||||||||||||
Interest Expense | (30 | ) | (26 | ) | (64 | ) | (51 | ) | |||||||||
INCOME (LOSS) BEFORE INCOME TAXES | 234 | (51 | ) | 177 | 369 | ||||||||||||
Income Tax Benefit (Expense) | (64 | ) | 11 | 6 | (113 | ) | |||||||||||
NET INCOME (LOSS) | $ | 170 | $ | (40 | ) | $ | 183 | $ | 256 | ||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||||
NET INCOME (LOSS) | $ | (40 | ) | $ | 41 | $ | 256 | $ | 275 | ||||||||
Other Comprehensive Income (Loss), net of tax | |||||||||||||||||
Unrealized Gains (Losses) on Available-for-Sale Securities, net of tax (expense) benefit of $(11), $3, $(22) and $11 for the three and six months ended 2019 and 2018, respectively | 15 | (4 | ) | 31 | (15 | ) | |||||||||||
Pension/OPEB adjustment, net of tax (expense) benefit of $(1), $(2), $(5) and $(5) for the three and six months ended 2019 and 2018, respectively | 3 | 6 | 3 | 12 | |||||||||||||
Other Comprehensive Income (Loss), net of tax | 18 | 2 | 34 | (3 | ) | ||||||||||||
COMPREHENSIVE INCOME (LOSS) | $ | (22 | ) | $ | 43 | $ | 290 | $ | 272 | ||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||
NET INCOME (LOSS) | $ | 170 | $ | (40 | ) | $ | 183 | $ | 256 | ||||||||
Other Comprehensive Income (Loss), net of tax | |||||||||||||||||
Unrealized Gains (Losses) on Available-for-Sale Securities, net of tax (expense) benefit of $(12), $(11), $(16) and $(22) for the three and six months ended 2020 and 2019, respectively | 15 | 15 | 22 | 31 | |||||||||||||
Pension/OPEB adjustment, net of tax (expense) benefit of $0, $(1), $(1) and $(5) for the three and six months ended 2020 and 2019, respectively | 3 | 3 | 5 | 3 | |||||||||||||
Other Comprehensive Income (Loss), net of tax | 18 | 18 | 27 | 34 | |||||||||||||
COMPREHENSIVE INCOME (LOSS) | $ | 188 | $ | (22 | ) | $ | 210 | $ | 290 | ||||||||
June 30, 2019 | December 31, 2018 | ||||||||
ASSETS | |||||||||
CURRENT ASSETS | |||||||||
Cash and Cash Equivalents | $ | 14 | $ | 22 | |||||
Accounts Receivable | 216 | 477 | |||||||
Accounts Receivable—Affiliated Companies | 217 | 274 | |||||||
Short-Term Loan to Affiliate | 348 | — | |||||||
Fuel | 235 | 331 | |||||||
Materials and Supplies, net | 357 | 373 | |||||||
Prepayments | 13 | 14 | |||||||
Derivative Contracts | 83 | 11 | |||||||
Assets Held for Sale | 74 | — | |||||||
Other | 10 | 5 | |||||||
Total Current Assets | 1,567 | 1,507 | |||||||
PROPERTY, PLANT AND EQUIPMENT | 11,684 | 12,224 | |||||||
Less: Accumulated Depreciation and Amortization | (3,215 | ) | (3,382 | ) | |||||
Net Property, Plant and Equipment | 8,469 | 8,842 | |||||||
NONCURRENT ASSETS | |||||||||
Operating Lease Right-of-Use Assets | 75 | — | |||||||
Long-Term Investments | 88 | 86 | |||||||
NDT Fund | 2,118 | 1,878 | |||||||
Rabbi Trust Fund | 61 | 56 | |||||||
Goodwill | 16 | 16 | |||||||
Other Intangibles | 162 | 143 | |||||||
Derivative Contracts | 79 | 1 | |||||||
Other | 69 | 65 | |||||||
Total Noncurrent Assets | 2,668 | 2,245 | |||||||
TOTAL ASSETS | $ | 12,704 | $ | 12,594 | |||||
June 30, 2020 | December 31, 2019 | ||||||||
ASSETS | |||||||||
CURRENT ASSETS | |||||||||
Cash and Cash Equivalents | $ | 17 | $ | 21 | |||||
Accounts Receivable | 313 | 309 | |||||||
Accounts Receivable—Affiliated Companies | 281 | 408 | |||||||
Short-Term Loan to Affiliate | 104 | 149 | |||||||
Fuel | 219 | 310 | |||||||
Materials and Supplies, net | 382 | 372 | |||||||
Prepayments | 12 | 11 | |||||||
Derivative Contracts | 112 | 113 | |||||||
Assets Held for Sale | 29 | 28 | |||||||
Other | — | 5 | |||||||
Total Current Assets | 1,469 | 1,726 | |||||||
PROPERTY, PLANT AND EQUIPMENT | 11,825 | 11,699 | |||||||
Less: Accumulated Depreciation and Amortization | (3,502 | ) | (3,273 | ) | |||||
Net Property, Plant and Equipment | 8,323 | 8,426 | |||||||
NONCURRENT ASSETS | |||||||||
Operating Lease Right-of-Use Assets | 67 | 71 | |||||||
Long-Term Investments | 67 | 66 | |||||||
NDT Fund | 2,251 | 2,216 | |||||||
Rabbi Trust Fund | 65 | 62 | |||||||
Other Intangibles | 185 | 149 | |||||||
Derivative Contracts | 30 | 24 | |||||||
Other | 51 | 65 | |||||||
Total Noncurrent Assets | 2,716 | 2,653 | |||||||
TOTAL ASSETS | $ | 12,508 | $ | 12,805 | |||||
June 30, 2019 | December 31, 2018 | ||||||||
LIABILITIES AND MEMBER’S EQUITY | |||||||||
CURRENT LIABILITIES | |||||||||
Long-Term Debt Due Within One Year | $ | 406 | $ | 44 | |||||
Accounts Payable | 450 | 498 | |||||||
Accounts Payable—Affiliated Companies | 22 | 16 | |||||||
Short-Term Loan from Affiliate | — | 193 | |||||||
Derivative Contracts | 24 | 11 | |||||||
Accrued Interest | 21 | 21 | |||||||
Liabilities Held for Sale | 26 | — | |||||||
Other | 76 | 59 | |||||||
Total Current Liabilities | 1,025 | 842 | |||||||
NONCURRENT LIABILITIES | |||||||||
Deferred Income Taxes and ITC | 1,776 | 1,619 | |||||||
Operating Leases | 65 | — | |||||||
Asset Retirement Obligations | 761 | 758 | |||||||
OPEB Costs | 177 | 176 | |||||||
Accrued Pension Costs | 240 | 246 | |||||||
Derivative Contracts | 5 | 4 | |||||||
Long-Term Accrued Taxes | 103 | 76 | |||||||
Other | 121 | 122 | |||||||
Total Noncurrent Liabilities | 3,248 | 3,001 | |||||||
COMMITMENTS AND CONTINGENT LIABILITIES (See Note 11) | |||||||||
LONG-TERM DEBT | 2,431 | 2,791 | |||||||
MEMBER’S EQUITY | |||||||||
Contributed Capital | 2,214 | 2,214 | |||||||
Basis Adjustment | (986 | ) | (986 | ) | |||||
Retained Earnings | 5,126 | 5,051 | |||||||
Accumulated Other Comprehensive Loss | (354 | ) | (319 | ) | |||||
Total Member’s Equity | 6,000 | 5,960 | |||||||
TOTAL LIABILITIES AND MEMBER’S EQUITY | $ | 12,704 | $ | 12,594 | |||||
June 30, 2020 | December 31, 2019 | ||||||||
LIABILITIES AND MEMBER’S EQUITY | |||||||||
CURRENT LIABILITIES | |||||||||
Long-Term Debt Due Within One Year | $ | 700 | $ | 406 | |||||
Accounts Payable | 363 | 505 | |||||||
Accounts Payable—Affiliated Companies | 20 | 5 | |||||||
Derivative Contracts | 18 | 31 | |||||||
Accrued Interest | 17 | 21 | |||||||
Other | 101 | 91 | |||||||
Total Current Liabilities | 1,219 | 1,059 | |||||||
NONCURRENT LIABILITIES | |||||||||
Deferred Income Taxes and ITC | 1,901 | 1,876 | |||||||
Operating Leases | 57 | 62 | |||||||
Asset Retirement Obligations | 874 | 781 | |||||||
OPEB Costs | 194 | 192 | |||||||
Accrued Pension Costs | 270 | 284 | |||||||
Derivative Contracts | 2 | 1 | |||||||
Long-Term Accrued Taxes | 53 | 115 | |||||||
Other | 102 | 111 | |||||||
Total Noncurrent Liabilities | 3,453 | 3,422 | |||||||
COMMITMENTS AND CONTINGENT LIABILITIES (See Note 11) | |||||||||
LONG-TERM DEBT | 1,736 | 2,434 | |||||||
MEMBER’S EQUITY | |||||||||
Contributed Capital | 2,214 | 2,214 | |||||||
Basis Adjustment | (986 | ) | (986 | ) | |||||
Retained Earnings | 5,246 | 5,063 | |||||||
Accumulated Other Comprehensive Loss | (374 | ) | (401 | ) | |||||
Total Member’s Equity | 6,100 | 5,890 | |||||||
TOTAL LIABILITIES AND MEMBER’S EQUITY | $ | 12,508 | $ | 12,805 | |||||
Six Months Ended | |||||||||
June 30, | |||||||||
2019 | 2018 | ||||||||
CASH FLOWS FROM OPERATING ACTIVITIES | |||||||||
Net Income | $ | 256 | $ | 275 | |||||
Adjustments to Reconcile Net Income (Loss) to Net Cash Flows from Operating Activities: | |||||||||
Depreciation and Amortization | 189 | 166 | |||||||
Amortization of Nuclear Fuel | 89 | 95 | |||||||
Loss on Asset Dispositions | 395 | — | |||||||
Emission Allowances and REC Compliance Accrual | 46 | 46 | |||||||
Provision for Deferred Income Taxes and ITC | 131 | 51 | |||||||
Non-Cash Employee Benefit Plan (Credits) Costs | 9 | 11 | |||||||
Interest Accretion on Asset Retirement Obligation | 20 | 20 | |||||||
Net Realized and Unrealized (Gains) Losses on Energy Contracts and Other Derivatives | (320 | ) | (54 | ) | |||||
Net (Gains) Losses and (Income) Expense from NDT Fund | (189 | ) | (8 | ) | |||||
Net Change in Certain Current Assets and Liabilities: | |||||||||
Fuel, Materials and Supplies | 90 | 71 | |||||||
Margin Deposit | 392 | 24 | |||||||
Accounts Receivable | 49 | 84 | |||||||
Accounts Payable | (88 | ) | (90 | ) | |||||
Accounts Receivable/Payable—Affiliated Companies, net | 90 | 227 | |||||||
Other Current Assets and Liabilities | 3 | (35 | ) | ||||||
Employee Benefit Plan Funding and Related Payments | (6 | ) | (5 | ) | |||||
Other | (6 | ) | (9 | ) | |||||
Net Cash Provided By (Used In) Operating Activities | 1,150 | 869 | |||||||
CASH FLOWS FROM INVESTING ACTIVITIES | |||||||||
Additions to Property, Plant and Equipment | (339 | ) | (547 | ) | |||||
Purchase of Emission Allowances and RECs | (29 | ) | (44 | ) | |||||
Proceeds from Sales of Trust Investments | 901 | 785 | |||||||
Purchases of Trust Investments | (921 | ) | (793 | ) | |||||
Short-Term Loan—Affiliated Company | (348 | ) | (519 | ) | |||||
Other | 22 | 23 | |||||||
Net Cash Provided By (Used In) Investing Activities | (714 | ) | (1,095 | ) | |||||
CASH FLOWS FROM FINANCING ACTIVITIES | |||||||||
Issuance of Long-Term Debt | — | 700 | |||||||
Cash Dividend Paid | (250 | ) | (200 | ) | |||||
Short-Term Loan—Affiliated Company | (193 | ) | (281 | ) | |||||
Other | (1 | ) | (5 | ) | |||||
Net Cash Provided By (Used In) Financing Activities | (444 | ) | 214 | ||||||
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash | (8 | ) | (12 | ) | |||||
Cash, Cash Equivalents and Restricted Cash at Beginning of Period | 22 | 32 | |||||||
Cash, Cash Equivalents and Restricted Cash at End of Period | $ | 14 | $ | 20 | |||||
Supplemental Disclosure of Cash Flow Information: | |||||||||
Income Taxes Paid (Received) | $ | (10 | ) | $ | (72 | ) | |||
Interest Paid, Net of Amounts Capitalized | $ | 50 | $ | 18 | |||||
Accrued Property, Plant and Equipment Expenditures | $ | 167 | $ | 189 | |||||
Six Months Ended | |||||||||
June 30, | |||||||||
2020 | 2019 | ||||||||
CASH FLOWS FROM OPERATING ACTIVITIES | |||||||||
Net Income | $ | 183 | $ | 256 | |||||
Adjustments to Reconcile Net Income to Net Cash Flows from Operating Activities: | |||||||||
Depreciation and Amortization | 185 | 189 | |||||||
Amortization of Nuclear Fuel | 93 | 89 | |||||||
Loss on Asset Dispositions | — | 395 | |||||||
Emission Allowances and REC Compliance Accrual | 65 | 46 | |||||||
Provision for Deferred Income Taxes and ITC | 7 | 131 | |||||||
Non-Cash Employee Benefit Plan (Credits) Costs | (3 | ) | 9 | ||||||
Interest Accretion on Asset Retirement Obligation | 21 | 20 | |||||||
Net Realized and Unrealized (Gains) Losses on Energy Contracts and Other Derivatives | (1 | ) | (320 | ) | |||||
Net (Gains) Losses and (Income) Expense from NDT Fund | 5 | (189 | ) | ||||||
Net Change in Certain Current Assets and Liabilities: | |||||||||
Fuel, Materials and Supplies | 70 | 90 | |||||||
Cash Collateral | 32 | 392 | |||||||
Accounts Receivable | (14 | ) | 49 | ||||||
Accounts Payable | (92 | ) | (88 | ) | |||||
Accounts Receivable/Payable—Affiliated Companies, net | 131 | 90 | |||||||
Other Current Assets and Liabilities | 4 | 3 | |||||||
Employee Benefit Plan Funding and Related Payments | (3 | ) | (6 | ) | |||||
Other | (57 | ) | (6 | ) | |||||
Net Cash Provided By (Used In) Operating Activities | 626 | 1,150 | |||||||
CASH FLOWS FROM INVESTING ACTIVITIES | |||||||||
Additions to Property, Plant and Equipment | (218 | ) | (339 | ) | |||||
Purchase of Emission Allowances and RECs | (50 | ) | (29 | ) | |||||
Proceeds from Sales of Trust Investments | 1,077 | 901 | |||||||
Purchases of Trust Investments | (1,100 | ) | (921 | ) | |||||
Short-Term Loan to Affiliate | 45 | (348 | ) | ||||||
Other | 23 | 22 | |||||||
Net Cash Provided By (Used In) Investing Activities | (223 | ) | (714 | ) | |||||
CASH FLOWS FROM FINANCING ACTIVITIES | |||||||||
Cash Dividend Paid | — | (250 | ) | ||||||
Redemption of Long-Term Debt | (406 | ) | — | ||||||
Short-Term Loan from Affiliate | — | (193 | ) | ||||||
Other | (1 | ) | (1 | ) | |||||
Net Cash Provided By (Used In) Financing Activities | (407 | ) | (444 | ) | |||||
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash | (4 | ) | (8 | ) | |||||
Cash, Cash Equivalents and Restricted Cash at Beginning of Period | 21 | 22 | |||||||
Cash, Cash Equivalents and Restricted Cash at End of Period | $ | 17 | $ | 14 | |||||
Supplemental Disclosure of Cash Flow Information: | |||||||||
Income Taxes Paid (Received) | $ | 3 | $ | (10 | ) | ||||
Interest Paid, Net of Amounts Capitalized | $ | 65 | $ | 50 | |||||
Accrued Property, Plant and Equipment Expenditures | $ | 49 | $ | 167 | |||||
Contributed Capital | Basis Adjustment | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | |||||||||||||||||||
Total | ||||||||||||||||||||||
Balance as of March 31, 2019 | $ | 2,214 | $ | (986 | ) | $ | 5,166 | $ | (372 | ) | $ | 6,022 | ||||||||||
Net Loss | — | — | (40 | ) | — | (40 | ) | |||||||||||||||
Other Comprehensive Income (Loss), net of tax (expense) benefit of $(12) | — | — | — | 18 | 18 | |||||||||||||||||
Comprehensive Loss | (22 | ) | ||||||||||||||||||||
Cash Dividends Paid | — | — | — | — | — | |||||||||||||||||
Balance as of June 30, 2019 | $ | 2,214 | $ | (986 | ) | $ | 5,126 | $ | (354 | ) | $ | 6,000 | ||||||||||
Balance as of March 31, 2018 | $ | 2,214 | $ | (986 | ) | $ | 5,320 | $ | (352 | ) | $ | 6,196 | ||||||||||
Net Income | — | — | 41 | — | 41 | |||||||||||||||||
Other Comprehensive Income (Loss), net of tax (expense) benefit of $1 | — | — | — | 2 | 2 | |||||||||||||||||
Comprehensive Income | 43 | |||||||||||||||||||||
Cash Dividends Paid | — | — | (200 | ) | — | (200 | ) | |||||||||||||||
Balance as of June 30, 2018 | $ | 2,214 | $ | (986 | ) | $ | 5,161 | $ | (350 | ) | $ | 6,039 | ||||||||||
Contributed Capital | Basis Adjustment | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | |||||||||||||||||||
Total | ||||||||||||||||||||||
Balance as of December 31, 2018 | $ | 2,214 | $ | (986 | ) | $ | 5,051 | $ | (319 | ) | $ | 5,960 | ||||||||||
Net Income | — | — | 256 | — | 256 | |||||||||||||||||
Cumulative Effect Adjustment to Reclassify Stranded Tax Effects Resulting from the Change in the Federal Corporate Income Tax Rate | — | — | 69 | (69 | ) | — | ||||||||||||||||
Other Comprehensive Income (Loss), net of tax (expense) benefit of $(27) | — | — | — | 34 | 34 | |||||||||||||||||
Comprehensive Income | 290 | |||||||||||||||||||||
Cash Dividends Paid | — | — | (250 | ) | — | (250 | ) | |||||||||||||||
Balance as of June 30, 2019 | $ | 2,214 | $ | (986 | ) | $ | 5,126 | $ | (354 | ) | $ | 6,000 | ||||||||||
Balance as of December 31, 2017 | $ | 2,214 | $ | (986 | ) | $ | 4,911 | $ | (172 | ) | $ | 5,967 | ||||||||||
Net Income | — | — | 275 | — | 275 | |||||||||||||||||
Cumulative Effect Adjustment to Reclassify Unrealized Net Gains on Equity Investments | — | — | 175 | (175 | ) | — | ||||||||||||||||
Other Comprehensive Income (Loss), net of tax (expense) benefit of $6 | — | — | — | (3 | ) | (3 | ) | |||||||||||||||
Comprehensive Income | 272 | |||||||||||||||||||||
Cash Dividends Paid | — | — | (200 | ) | — | (200 | ) | |||||||||||||||
Balance as of June 30, 2018 | $ | 2,214 | $ | (986 | ) | $ | 5,161 | $ | (350 | ) | $ | 6,039 | ||||||||||
Contributed Capital | Basis Adjustment | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | |||||||||||||||||||
Total | ||||||||||||||||||||||
Balance as of March 31, 2020 | $ | 2,214 | $ | (986 | ) | $ | 5,076 | $ | (392 | ) | $ | 5,912 | ||||||||||
Net Income | — | — | 170 | — | 170 | |||||||||||||||||
Other Comprehensive Income (Loss), net of tax (expense) benefit of $(12) | — | — | — | 18 | 18 | |||||||||||||||||
Comprehensive Income | 188 | |||||||||||||||||||||
Balance as of June 30, 2020 | $ | 2,214 | $ | (986 | ) | $ | 5,246 | $ | (374 | ) | $ | 6,100 | ||||||||||
Balance as of March 31, 2019 | $ | 2,214 | $ | (986 | ) | $ | 5,166 | $ | (372 | ) | $ | 6,022 | ||||||||||
Net Loss | — | — | (40 | ) | — | (40 | ) | |||||||||||||||
Other Comprehensive Income (Loss), net of tax (expense) benefit of $(12) | — | — | — | 18 | 18 | |||||||||||||||||
Comprehensive Loss | (22 | ) | ||||||||||||||||||||
Balance as of June 30, 2019 | $ | 2,214 | $ | (986 | ) | $ | 5,126 | $ | (354 | ) | $ | 6,000 | ||||||||||
Contributed Capital | Basis Adjustment | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | |||||||||||||||||||
Total | ||||||||||||||||||||||
Balance as of December 31, 2019 | $ | 2,214 | $ | (986 | ) | $ | 5,063 | $ | (401 | ) | $ | 5,890 | ||||||||||
Net Income | — | — | 183 | — | 183 | |||||||||||||||||
Other Comprehensive Income (Loss), net of tax (expense) benefit of $(17) | — | — | — | 27 | 27 | |||||||||||||||||
Comprehensive Income | 210 | |||||||||||||||||||||
Balance as of June 30, 2020 | $ | 2,214 | $ | (986 | ) | $ | 5,246 | $ | (374 | ) | $ | 6,100 | ||||||||||
Balance as of December 31, 2018 | $ | 2,214 | $ | (986 | ) | $ | 5,051 | $ | (319 | ) | $ | 5,960 | ||||||||||
Net Income | — | — | 256 | — | 256 | |||||||||||||||||
Cumulative Effect Adjustment to Reclassify Stranded Tax Effects Resulting from the Change in the Federal Corporate Income Tax Rate | — | — | 69 | (69 | ) | — | ||||||||||||||||
Other Comprehensive Income (Loss), net of tax (expense) benefit of $(27) | — | — | — | 34 | 34 | |||||||||||||||||
Comprehensive Income | 290 | |||||||||||||||||||||
Cash Dividends Paid | — | — | (250 | ) | — | (250 | ) | |||||||||||||||
Balance as of June 30, 2019 | $ | 2,214 | $ | (986 | ) | $ | 5,126 | $ | (354 | ) | $ | 6,000 | ||||||||||
• | Public Service Electric and Gas Company (PSE&G)—which is a public utility engaged principally in the transmission of electricity and distribution of electricity and natural gas in certain areas of New Jersey. PSE&G is subject to regulation by the New Jersey Board of Public Utilities (BPU) and the Federal Energy Regulatory Commission (FERC). PSE&G also invests in regulated solar generation projects and energy efficiency and related programs in New Jersey, which are regulated by the BPU. |
• | PSEG Power LLC (PSEG Power)—which is a multi-regional energy supply company that integrates the operations of its merchant nuclear and fossil generating assets with its power marketing businesses and fuel supply functions through competitive energy sales in well-developed energy markets primarily in the Northeast and Mid-Atlantic United States through its principal direct wholly owned subsidiaries. In addition, PSEG Power owns and operates solar generation in various states. PSEG Power’s subsidiaries are subject to regulation by FERC, the Nuclear Regulatory Commission (NRC), the Environmental Protection Agency (EPA) and the states in which they operate. |
PSE&G | PSEG Power | Other (A) | Consolidated | ||||||||||||||
Millions | |||||||||||||||||
As of December 31, 2018 | |||||||||||||||||
Cash and Cash Equivalents | $ | 39 | $ | 22 | $ | 116 | $ | 177 | |||||||||
Restricted Cash in Other Current Assets | 8 | — | — | 8 | |||||||||||||
Restricted Cash in Other Noncurrent Assets | 14 | — | — | 14 | |||||||||||||
Cash, Cash Equivalents and Restricted Cash | $ | 61 | $ | 22 | $ | 116 | $ | 199 | |||||||||
As of June 30, 2019 | |||||||||||||||||
Cash and Cash Equivalents | $ | 23 | $ | 14 | $ | 45 | $ | 82 | |||||||||
Restricted Cash in Other Current Assets | 16 | — | — | 16 | |||||||||||||
Restricted Cash in Other Noncurrent Assets | 17 | — | — | 17 | |||||||||||||
Cash, Cash Equivalents and Restricted Cash | $ | 56 | $ | 14 | $ | 45 | $ | 115 | |||||||||
PSE&G | PSEG Power | Other (A) | Consolidated | ||||||||||||||
Millions | |||||||||||||||||
As of December 31, 2019 | |||||||||||||||||
Cash and Cash Equivalents | $ | 21 | $ | 21 | $ | 105 | $ | 147 | |||||||||
Restricted Cash in Other Current Assets | 11 | — | — | 11 | |||||||||||||
Restricted Cash in Other Noncurrent Assets | 18 | — | — | 18 | |||||||||||||
Cash, Cash Equivalents and Restricted Cash | $ | 50 | $ | 21 | $ | 105 | $ | 176 | |||||||||
As of June 30, 2020 | |||||||||||||||||
Cash and Cash Equivalents | $ | 258 | $ | 17 | $ | 156 | $ | 431 | |||||||||
Restricted Cash in Other Current Assets | 15 | — | — | 15 | |||||||||||||
Restricted Cash in Other Noncurrent Assets | 21 | — | — | 21 | |||||||||||||
Cash, Cash Equivalents and Restricted Cash | $ | 294 | $ | 17 | $ | 156 | $ | 467 | |||||||||
(A) | Includes amounts applicable to PSEG (parent |
PSE&G | PSEG Power | Other | Eliminations | Consolidated | |||||||||||||||||
Millions | |||||||||||||||||||||
Three Months Ended June 30, 2020 | |||||||||||||||||||||
Revenues from Contracts with Customers | |||||||||||||||||||||
Electric Distribution | $ | 723 | $ | — | $ | — | $ | — | $ | 723 | |||||||||||
Gas Distribution | 278 | — | — | (2 | ) | 276 | |||||||||||||||
Transmission | 378 | — | — | — | 378 | ||||||||||||||||
Electricity and Related Product Sales | |||||||||||||||||||||
PJM | |||||||||||||||||||||
Third-Party Sales | — | 346 | — | — | 346 | ||||||||||||||||
Sales to Affiliates | — | 111 | — | (111 | ) | — | |||||||||||||||
New York ISO | — | 24 | — | — | 24 | ||||||||||||||||
ISO New England | — | 25 | — | — | 25 | ||||||||||||||||
Gas Sales | |||||||||||||||||||||
Third-Party Sales | — | 15 | — | — | 15 | ||||||||||||||||
Sales to Affiliates | — | 124 | — | (124 | ) | — | |||||||||||||||
Other Revenues from Contracts with Customers (A) | 83 | 14 | 141 | — | 238 | ||||||||||||||||
Total Revenues from Contracts with Customers | 1,462 | 659 | 141 | (237 | ) | 2,025 | |||||||||||||||
Revenues Unrelated to Contracts with Customers (B) | (6 | ) | 24 | 7 | — | 25 | |||||||||||||||
Total Operating Revenues | $ | 1,456 | $ | 683 | $ | 148 | $ | (237 | ) | $ | 2,050 | ||||||||||
PSE&G | PSEG Power | Other | Eliminations | Consolidated | |||||||||||||||||
Millions | |||||||||||||||||||||
Three Months Ended June 30, 2019 | |||||||||||||||||||||
Revenues from Contracts with Customers | |||||||||||||||||||||
Electric Distribution | $ | 775 | $ | — | $ | — | $ | — | $ | 775 | |||||||||||
Gas Distribution | 211 | — | — | (3 | ) | 208 | |||||||||||||||
Transmission | 304 | — | — | — | 304 | ||||||||||||||||
Electricity and Related Product Sales | |||||||||||||||||||||
PJM | |||||||||||||||||||||
Third Party Sales | — | 423 | — | — | 423 | ||||||||||||||||
Sales to Affiliates | — | 130 | — | (130 | ) | — | |||||||||||||||
New York ISO | — | 29 | — | — | 29 | ||||||||||||||||
ISO New England | — | 27 | — | — | 27 | ||||||||||||||||
Gas Sales | |||||||||||||||||||||
Third Party Sales | — | 11 | — | — | 11 | ||||||||||||||||
Sales to Affiliates | — | 102 | — | (102 | ) | — | |||||||||||||||
Other Revenues from Contracts with Customers (A) | 68 | 14 | 134 | (1 | ) | 215 | |||||||||||||||
Total Revenues from Contracts with Customers | 1,358 | 736 | 134 | (236 | ) | 1,992 | |||||||||||||||
Revenues Unrelated to Contracts with Customers (B) | 24 | 347 | (47 | ) | — | 324 | |||||||||||||||
Total Operating Revenues | $ | 1,382 | $ | 1,083 | $ | 87 | $ | (236 | ) | $ | 2,316 | ||||||||||
PSE&G | PSEG Power | Other | Eliminations | Consolidated | |||||||||||||||||
Millions | |||||||||||||||||||||
Six Months Ended June 30, 2020 | |||||||||||||||||||||
Revenues from Contracts with Customers | |||||||||||||||||||||
Electric Distribution | $ | 1,372 | $ | — | $ | — | $ | — | $ | 1,372 | |||||||||||
Gas Distribution | 1,009 | — | — | (4 | ) | 1,005 | |||||||||||||||
Transmission | 744 | — | — | — | 744 | ||||||||||||||||
Electricity and Related Product Sales | |||||||||||||||||||||
PJM | |||||||||||||||||||||
Third-Party Sales | — | 714 | — | — | 714 | ||||||||||||||||
Sales to Affiliates | — | 232 | — | (232 | ) | — | |||||||||||||||
New York ISO | — | 49 | — | — | 49 | ||||||||||||||||
ISO New England | — | 73 | — | — | 73 | ||||||||||||||||
Gas Sales | |||||||||||||||||||||
Third-Party Sales | — | 44 | — | — | 44 | ||||||||||||||||
Sales to Affiliates | — | 478 | — | (478 | ) | — | |||||||||||||||
Other Revenues from Contracts with Customers (A) | 165 | 24 | 285 | (1 | ) | 473 | |||||||||||||||
Total Revenues from Contracts with Customers | 3,290 | 1,614 | 285 | (715 | ) | 4,474 | |||||||||||||||
Revenues Unrelated to Contracts with Customers (B) | 49 | 289 | 19 | — | 357 | ||||||||||||||||
Total Operating Revenues | $ | 3,339 | $ | 1,903 | $ | 304 | $ | (715 | ) | $ | 4,831 | ||||||||||
PSE&G | PSEG Power | Other | Eliminations | Consolidated | |||||||||||||||||
Millions | |||||||||||||||||||||
Six Months Ended June 30, 2019 | |||||||||||||||||||||
Revenues from Contracts with Customers | |||||||||||||||||||||
Electric Distribution | $ | 1,517 | $ | — | $ | — | $ | — | $ | 1,517 | |||||||||||
Gas Distribution | 1,142 | — | — | (6 | ) | 1,136 | |||||||||||||||
Transmission | 592 | — | — | — | 592 | ||||||||||||||||
Electricity and Related Product Sales | |||||||||||||||||||||
PJM | |||||||||||||||||||||
Third Party Sales | — | 938 | — | — | 938 | ||||||||||||||||
Sales to Affiliates | — | 256 | — | (256 | ) | — | |||||||||||||||
New York ISO | — | 70 | — | — | 70 | ||||||||||||||||
ISO New England | — | 48 | — | — | 48 | ||||||||||||||||
Gas Sales | |||||||||||||||||||||
Third Party Sales | — | 58 | — | — | 58 | ||||||||||||||||
Sales to Affiliates | — | 581 | — | (581 | ) | — | |||||||||||||||
Other Revenues from Contracts with Customers (A) | 132 | 24 | 265 | (2 | ) | 419 | |||||||||||||||
Total Revenues from Contracts with Customers | 3,383 | 1,975 | 265 | (845 | ) | 4,778 | |||||||||||||||
Revenues Unrelated to Contracts with Customers (B) | 31 | 524 | (37 | ) | — | 518 | |||||||||||||||
Total Operating Revenues | $ | 3,414 | $ | 2,499 | $ | 228 | $ | (845 | ) | $ | 5,296 | ||||||||||
PSE&G | PSEG Power | Other | Eliminations | Consolidated | |||||||||||||||||
Millions | |||||||||||||||||||||
Three Months Ended June 30, 2019 | |||||||||||||||||||||
Revenues from Contracts with Customers | |||||||||||||||||||||
Electric Distribution | $ | 775 | $ | — | $ | — | $ | — | $ | 775 | |||||||||||
Gas Distribution | 211 | — | — | (3 | ) | 208 | |||||||||||||||
Transmission | 304 | — | — | — | 304 | ||||||||||||||||
Electricity and Related Product Sales | |||||||||||||||||||||
PJM | |||||||||||||||||||||
Third-Party Sales | — | 423 | — | — | 423 | ||||||||||||||||
Sales to Affiliates | — | 130 | — | (130 | ) | — | |||||||||||||||
New York ISO | — | 29 | — | — | 29 | ||||||||||||||||
ISO New England | — | 27 | — | — | 27 | ||||||||||||||||
Gas Sales | |||||||||||||||||||||
Third-Party Sales | — | 11 | — | — | 11 | ||||||||||||||||
Sales to Affiliates | — | 102 | — | (102 | ) | — | |||||||||||||||
Other Revenues from Contracts with Customers (A) | 68 | 14 | 134 | (1 | ) | 215 | |||||||||||||||
Total Revenues from Contracts with Customers | 1,358 | 736 | 134 | (236 | ) | 1,992 | |||||||||||||||
Revenues Unrelated to Contracts with Customers (B) | 24 | 347 | (47 | ) | — | 324 | |||||||||||||||
Total Operating Revenues | $ | 1,382 | $ | 1,083 | $ | 87 | $ | (236 | ) | $ | 2,316 | ||||||||||
PSE&G | PSEG 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 | PSEG 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 | PSEG Power | Other | Eliminations | Consolidated | |||||||||||||||||
Millions | |||||||||||||||||||||
Six Months Ended June 30, 2019 | |||||||||||||||||||||
Revenues from Contracts with Customers | |||||||||||||||||||||
Electric Distribution | $ | 1,517 | $ | — | $ | — | $ | — | $ | 1,517 | |||||||||||
Gas Distribution | 1,142 | — | — | (6 | ) | 1,136 | |||||||||||||||
Transmission | 592 | — | — | — | 592 | ||||||||||||||||
Electricity and Related Product Sales | |||||||||||||||||||||
PJM | |||||||||||||||||||||
Third-Party Sales | — | 938 | — | — | 938 | ||||||||||||||||
Sales to Affiliates | — | 256 | — | (256 | ) | — | |||||||||||||||
New York ISO | — | 70 | — | — | 70 | ||||||||||||||||
ISO New England | — | 48 | — | — | 48 | ||||||||||||||||
Gas Sales | |||||||||||||||||||||
Third-Party Sales | — | 58 | — | — | 58 | ||||||||||||||||
Sales to Affiliates | — | 581 | — | (581 | ) | — | |||||||||||||||
Other Revenues from Contracts with Customers (A) | 132 | 24 | 265 | (2 | ) | 419 | |||||||||||||||
Total Revenues from Contracts with Customers | 3,383 | 1,975 | 265 | (845 | ) | 4,778 | |||||||||||||||
Revenues Unrelated to Contracts with Customers (B) | 31 | 524 | (37 | ) | — | 518 | |||||||||||||||
Total Operating Revenues | $ | 3,414 | $ | 2,499 | $ | 228 | $ | (845 | ) | $ | 5,296 | ||||||||||
(A) | Includes primarily revenues from appliance repair services at PSE&G, solar power projects and energy management and fuel service contracts with LIPA at PSEG Power, and PSEG LI’s OSA with LIPA in Other. |
(B) | Includes primarily alternative revenues at PSE&G, derivative contracts and lease contracts at PSEG Power, and lease contracts in Other. |
Three Months Ended June 30, 2020 | |||||
Millions | |||||
Balance as of March 31, 2020 | $ | 80 | |||
Utility Customer Accounts | |||||
Provision | 45 | ||||
Write-offs, net of Recoveries of $1 Million | (4 | ) | |||
Balance as of June 30, 2020 | $ | 121 | |||
Six Months Ended June 30, 2020 | |||||
Millions | |||||
Balance as of January 1, 2020 (A) | $ | 68 | |||
Utility Customer Accounts | |||||
Provision | 77 | ||||
Write-offs, net of Recoveries of $3 Million | (24 | ) | |||
Balance as of June 30, 2020 | $ | 121 | |||
Delivery Year | $ per MW-Day | MW Cleared | |||||
June 2019 to May 2020 | $115 | 9,000 | |||||
June 2020 to May 2021 | $170 | 8,100 | |||||
June 2021 to May 2022 | $178 | 7,700 | |||||
Delivery Year | $ per MW-Day | MW Cleared | |||||
June 2020 to May 2021 | $168 | 7,900 | |||||
June 2021 to May 2022 | $180 | 7,100 | |||||
Delivery Year | $ per MW-Day (A) | MW Cleared | |||||
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 | $179 | 950 | |||||
June 2023 to May 2024 | $231 | 480 | |||||
June 2024 to May 2025 | $231 | 480 | |||||
June 2025 to May 2026 | $231 | 480 | |||||
Delivery Year | $ per MW-Day (A) | MW Cleared | |||||
June 2020 to May 2021 | $195 | 1,330 | |||||
June 2021 to May 2022 | $192 | 950 | |||||
June 2022 to May 2023 | $179 | 950 | |||||
June 2023 to May 2024 | $152 | 930 | |||||
June 2024 to May 2025 | $231 | 480 | |||||
June 2025 to May 2026 | $231 | 480 | |||||
(A) | Capacity cleared prices for BH5 through 2026 will be escalated based upon the Handy-Whitman Index. These adjustments are not included above. |
PSE&G | PSEG Power | Other | Total | ||||||||||||||
Millions | |||||||||||||||||
Operating Lease Costs | |||||||||||||||||
Three Months Ended June 30, 2019 | |||||||||||||||||
Long-term Lease Costs | $ | 5 | $ | 3 | $ | 4 | $ | 12 | |||||||||
Short-term Lease Costs | 4 | 3 | — | 7 | |||||||||||||
Variable Lease Costs | 1 | 2 | 2 | 5 | |||||||||||||
Total Operating Lease Costs | $ | 10 | $ | 8 | $ | 6 | $ | 24 | |||||||||
Six Months Ended June 30, 2019 | |||||||||||||||||
Long-term Lease Costs | $ | 9 | $ | 5 | $ | 8 | $ | 22 | |||||||||
Short-term Lease Costs | 9 | 5 | — | 14 | |||||||||||||
Variable Lease Costs | 1 | 2 | 5 | 8 | |||||||||||||
Total Operating Lease Costs | $ | 19 | $ | 12 | $ | 13 | $ | 44 | |||||||||
Three Months Ended June 30, 2019 | |||||||||||||||||
Cash Paid for Amounts Included in the Measurement of Operating Lease Liabilities | $ | 3 | $ | 2 | $ | 4 | $ | 9 | |||||||||
Six Months Ended June 30, 2019 | |||||||||||||||||
Cash Paid for Amounts Included in the Measurement of Operating Lease Liabilities | $ | 7 | $ | 4 | $ | 8 | $ | 19 | |||||||||
Weighted Average Remaining Lease Term in Years | 12 | 13 | 11 | 12 | |||||||||||||
Weighted Average Discount Rate | 3.7 | % | 4.4 | % | 4.2 | % | 4.1 | % | |||||||||
PSE&G | PSEG Power | Other | Total | |||||||||||||||
Millions | ||||||||||||||||||
2019 | $ | 15 | $ | 11 | $ | 15 | $ | 41 | ||||||||||
2020 | 11 | 13 | 16 | 40 | ||||||||||||||
2021 | 10 | 13 | 16 | 39 | ||||||||||||||
2022 | 8 | 14 | 16 | 38 | ||||||||||||||
2023 | 8 | 8 | 15 | 31 | ||||||||||||||
Thereafter | 66 | 51 | 105 | 222 | ||||||||||||||
Total Minimum Lease Payments | $ | 118 | $ | 110 | $ | 183 | $ | 411 | ||||||||||
PSE&G | PSEG Power | Other | Total | |||||||||||||||
Millions | ||||||||||||||||||
2019 | $ | 7 | $ | 7 | $ | 8 | $ | 22 | ||||||||||
2020 | 13 | 13 | 16 | 42 | ||||||||||||||
2021 | 10 | 13 | 16 | 39 | ||||||||||||||
2022 | 8 | 14 | 16 | 38 | ||||||||||||||
2023 | 8 | 8 | 15 | 31 | ||||||||||||||
2024 | 7 | 3 | 14 | 24 | ||||||||||||||
Thereafter | 60 | 48 | 90 | 198 | ||||||||||||||
Total Minimum Lease Payments | $ | 113 | $ | 106 | $ | 175 | $ | 394 | ||||||||||
As of June 30, 2019 | ||||||||||||||||||
PSE&G | PSEG Power | Other | Total | |||||||||||||||
Millions | ||||||||||||||||||
Undiscounted Cash Flows | $ | 113 | $ | 106 | $ | 175 | $ | 394 | ||||||||||
Reconciling Amount due to Discount Rate | (24 | ) | (30 | ) | (35 | ) | (89 | ) | ||||||||||
Total Discounted Operating Lease Liabilities | $ | 89 | $ | 76 | $ | 140 | $ | 305 | ||||||||||
PSEG Power | Energy Holdings | Total | |||||||||||
Millions | |||||||||||||
Operating Lease Income | |||||||||||||
Three Months Ended June 30, 2019 | |||||||||||||
Fixed Lease Income | $ | — | $ | 6 | $ | 6 | |||||||
Variable Lease Income | 8 | — | 8 | ||||||||||
Total Operating Lease Income | $ | 8 | $ | 6 | $ | 14 | |||||||
Six Months Ended June 30, 2019 | |||||||||||||
Fixed Lease Income | $ | — | $ | 11 | $ | 11 | |||||||
Variable Lease Income | 12 | — | 12 | ||||||||||
Total Operating Lease Income | $ | 12 | $ | 11 | $ | 23 | |||||||
Millions | |||||||
2019 | $ | 10 | |||||
2020 | 20 | ||||||
2021 | 18 | ||||||
2022 | 17 | ||||||
2023 | 17 | ||||||
2024 | 16 | ||||||
Thereafter | 165 | ||||||
Total Minimum Future Lease Receipts | $ | 263 | |||||
PSEG Power | Energy Holdings | Total | |||||||||||
Millions | |||||||||||||
Operating Lease Income | |||||||||||||
Three Months Ended June 30, 2020 | |||||||||||||
Fixed Lease Income | $ | — | $ | 3 | $ | 3 | |||||||
Variable Lease Income | 8 | — | 8 | ||||||||||
Total Operating Lease Income | $ | 8 | $ | 3 | $ | 11 | |||||||
Six Months Ended June 30, 2020 | |||||||||||||
Fixed Lease Income | $ | — | $ | 8 | $ | 8 | |||||||
Variable Lease Income | 13 | — | 13 | ||||||||||
Total Operating Lease Income | $ | 13 | $ | 8 | $ | 21 | |||||||
Three Months Ended June 30, 2019 | |||||||||||||
Fixed Lease Income | $ | — | $ | 6 | $ | 6 | |||||||
Variable Lease Income | 8 | — | 8 | ||||||||||
Total Operating Lease Income | $ | 8 | $ | 6 | $ | 14 | |||||||
Six Months Ended June 30, 2019 | |||||||||||||
Fixed Lease Income | $ | — | $ | 11 | $ | 11 | |||||||
Variable Lease Income | 12 | — | 12 | ||||||||||
Total Operating Lease Income | $ | 12 | $ | 11 | $ | 23 | |||||||
Outstanding Loans by Class of Customer | ||||||||||
As of | As of | |||||||||
Consumer Loans | June 30, 2019 | December 31, 2018 | ||||||||
Millions | ||||||||||
Commercial/Industrial | $ | 163 | $ | 164 | ||||||
Residential | 9 | 9 | ||||||||
Total | $ | 172 | $ | 173 | ||||||
Current Portion (included in Other Current Assets) | (23 | ) | (24 | ) | ||||||
Noncurrent Portion (included in Long-Term Investments) | $ | 149 | $ | 149 | ||||||
Outstanding Loans by Class of Customer | ||||||||||
As of | As of | |||||||||
Consumer Loans | June 30, 2020 | December 31, 2019 | ||||||||
Millions | ||||||||||
Commercial/Industrial | $ | 154 | $ | 156 | ||||||
Residential | 7 | 8 | ||||||||
Total | $ | 161 | $ | 164 | ||||||
Current Portion (included in Accounts Receivable) | (29 | ) | (28 | ) | ||||||
Noncurrent Portion (included in Long-Term Investments) | $ | 132 | $ | 136 | ||||||
Programs | Balance as of June 30, 2020 | Funding Provided | Residential Loan Term | Non-Residential Loan Term | ||||||||
Millions | ||||||||||||
Solar Loan I | $ | 24 | prior to 2013 | 10 years | 15 years | |||||||
Solar Loan II | 77 | prior to 2015 | 10 years | 15 years | ||||||||
Solar Loan III | 60 | largely funded as of December 31, 2019 | 10 years | 10 years | ||||||||
Total | $ | 161 | ||||||||||
As of | As of | ||||||||
June 30, 2019 | December 31, 2018 | ||||||||
Millions | |||||||||
Lease Receivables (net of Non-Recourse Debt) | $ | 502 | $ | 504 | |||||
Estimated Residual Value of Leased Assets | 201 | 326 | |||||||
Total Investment in Rental Receivables | 703 | 830 | |||||||
Unearned and Deferred Income | (213 | ) | (290 | ) | |||||
Gross Investments in Leases | 490 | 540 | |||||||
Deferred Tax Liabilities | (333 | ) | (354 | ) | |||||
Net Investments in Leases | $ | 157 | $ | 186 | |||||
As of | As of | ||||||||
June 30, 2020 | December 31, 2019 | ||||||||
Millions | |||||||||
Lease Receivables (net of Non-Recourse Debt) | $ | 470 | $ | 498 | |||||
Estimated Residual Value of Leased Assets | 198 | 202 | |||||||
Total Investment in Rental Receivables | 668 | 700 | |||||||
Unearned and Deferred Income | (192 | ) | (203 | ) | |||||
Gross Investments in Leases | 476 | 497 | |||||||
Deferred Tax Liabilities | (323 | ) | (328 | ) | |||||
Net Investments in Leases | $ | 153 | $ | 169 | |||||
Lease Receivables, Net of Non-Recourse Debt | ||||||
Counterparties’ Credit Rating Standard & Poor’s (S&P) as of June 30, 2019 | ||||||
As of June 30, 2019 | ||||||
Millions | ||||||
AA | $ | 13 | ||||
A- | 58 | |||||
BBB+ — BBB- | 258 | |||||
BB | 133 | |||||
NR | 40 | |||||
Total | $ | 502 | ||||
Lease Receivables, Net of Non-Recourse Debt | ||||||
Counterparties' Standard & Poor's (S&P) Credit Rating as of June 30, 2020 | ||||||
As of June 30, 2020 | ||||||
Millions | ||||||
AA | $ | 9 | ||||
A- | 54 | |||||
BBB+ to BBB | 237 | |||||
BB | 132 | |||||
NR | 38 | |||||
Total | $ | 470 | ||||
Asset | Location | Gross Investment | % Owned | Total MW | Fuel Type | Counterparties’ S&P Credit Ratings | Counterparty | |||||||||||||
Millions | ||||||||||||||||||||
Powerton Station Units 5 and 6 | IL | $ | 75 | 64 | % | 1,538 | Coal | BB | NRG Energy, Inc. | |||||||||||
Joliet Station Units 7 and 8 | IL | $ | 85 | 64 | % | 1,036 | Gas | BB | NRG Energy, Inc. | |||||||||||
Shawville Station Units 1, 2, 3 and 4 | PA | $ | 77 | 100 | % | 596 | Gas | NR | REMA | |||||||||||
Asset | Location | Gross Investment | % Owned | Total MW | Fuel Type | Counterparties’ S&P Credit Ratings | Counterparty | |||||||||||||
Millions | ||||||||||||||||||||
Powerton Station Units 5 and 6 | IL | $ | 75 | 64 | % | 1,538 | Coal | BB | NRG Energy, Inc. | |||||||||||
Joliet Station Units 7 and 8 | IL | $ | 85 | 64 | % | 1,036 | Gas | BB | NRG Energy, Inc. | |||||||||||
Shawville Station Units 1, 2, 3 and 4 | PA | $ | 75 | 100 | % | 596 | Gas | NR | Shawville Power, LLC | |||||||||||
As of June 30, 2019 | |||||||||||||||||
Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||||||
Millions | |||||||||||||||||
Equity Securities | |||||||||||||||||
Domestic | $ | 417 | $ | 201 | $ | (5 | ) | $ | 613 | ||||||||
International | 384 | 82 | (16 | ) | 450 | ||||||||||||
Total Equity Securities | 801 | 283 | (21 | ) | 1,063 | ||||||||||||
Available-for Sale Debt Securities | |||||||||||||||||
Government | 548 | 16 | (1 | ) | 563 | ||||||||||||
Corporate | 477 | 15 | (2 | ) | 490 | ||||||||||||
Total Available-for-Sale Debt Securities | 1,025 | 31 | (3 | ) | 1,053 | ||||||||||||
Total NDT Fund Investments (A) | $ | 1,826 | $ | 314 | $ | (24 | ) | $ | 2,116 | ||||||||
As of June 30, 2020 | |||||||||||||||||
Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||||||
Millions | |||||||||||||||||
Equity Securities | |||||||||||||||||
Domestic | $ | 436 | $ | 244 | $ | (11 | ) | $ | 669 | ||||||||
International | 395 | 79 | (26 | ) | 448 | ||||||||||||
Total Equity Securities | 831 | 323 | (37 | ) | 1,117 | ||||||||||||
Available-for-Sale Debt Securities | |||||||||||||||||
Government | 513 | 33 | — | 546 | |||||||||||||
Corporate | 554 | 35 | (2 | ) | 587 | ||||||||||||
Total Available-for-Sale Debt Securities | 1,067 | 68 | (2 | ) | 1,133 | ||||||||||||
Total NDT Fund Investments (A) | $ | 1,898 | $ | 391 | $ | (39 | ) | $ | 2,250 | ||||||||
(A) | The NDT Fund Investments table excludes |
As of December 31, 2018 | |||||||||||||||||
Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||||||
Millions | |||||||||||||||||
Equity Securities | |||||||||||||||||
Domestic | $ | 447 | $ | 153 | $ | (29 | ) | $ | 571 | ||||||||
International | 323 | 36 | (30 | ) | 329 | ||||||||||||
Total Equity Securities | 770 | 189 | (59 | ) | 900 | ||||||||||||
Available-for Sale Debt Securities | |||||||||||||||||
Government | 498 | 2 | (9 | ) | 491 | ||||||||||||
Corporate | 501 | 1 | (15 | ) | 487 | ||||||||||||
Total Available-for-Sale Debt Securities | 999 | 3 | (24 | ) | 978 | ||||||||||||
Total NDT Fund Investments | $ | 1,769 | $ | 192 | $ | (83 | ) | $ | 1,878 | ||||||||
As of December 31, 2019 | |||||||||||||||||
Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||||||
Millions | |||||||||||||||||
Equity Securities | |||||||||||||||||
Domestic | $ | 425 | $ | 238 | $ | (4 | ) | $ | 659 | ||||||||
International | 400 | 103 | (11 | ) | 492 | ||||||||||||
Total Equity Securities | 825 | 341 | (15 | ) | 1,151 | ||||||||||||
Available-for-Sale Debt Securities | |||||||||||||||||
Government | 563 | 16 | (2 | ) | 577 | ||||||||||||
Corporate | 470 | 17 | (1 | ) | 486 | ||||||||||||
Total Available-for-Sale Debt Securities | 1,033 | 33 | (3 | ) | 1,063 | ||||||||||||
Total NDT Fund Investments (A) | $ | 1,858 | $ | 374 | $ | (18 | ) | $ | 2,214 | ||||||||
(A) | The NDT Fund Investments table excludes foreign currency of $2 million as of December 31, 2019, which is part of the NDT Fund. |
As of | As of | ||||||||
June 30, 2019 | December 31, 2018 | ||||||||
Millions | |||||||||
Accounts Receivable | $ | 30 | $ | 17 | |||||
Accounts Payable | $ | 27 | $ | 5 | |||||
As of | As of | ||||||||
June 30, 2020 | December 31, 2019 | ||||||||
Millions | |||||||||
Accounts Receivable | $ | 13 | $ | 11 | |||||
Accounts Payable | $ | 17 | $ | 11 | |||||
As of June 30, 2019 | As of December 31, 2018 | ||||||||||||||||||||||||||||||||
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 | $ | 55 | $ | (4 | ) | $ | 3 | $ | (1 | ) | $ | 147 | $ | (26 | ) | $ | 5 | $ | (3 | ) | |||||||||||||
International | 49 | (6 | ) | 30 | (10 | ) | 131 | (28 | ) | 5 | (2 | ) | |||||||||||||||||||||
Total Equity Securities | 104 | (10 | ) | 33 | (11 | ) | 278 | (54 | ) | 10 | (5 | ) | |||||||||||||||||||||
Available-for Sale Debt Securities | |||||||||||||||||||||||||||||||||
Government (B) | 16 | — | 92 | (1 | ) | 51 | — | 317 | (9 | ) | |||||||||||||||||||||||
Corporate (C) | 7 | — | 49 | (2 | ) | 150 | (5 | ) | 222 | (10 | ) | ||||||||||||||||||||||
Total Available-for-Sale Debt Securities | 23 | — | 141 | (3 | ) | 201 | (5 | ) | 539 | (19 | ) | ||||||||||||||||||||||
NDT Trust Investments | $ | 127 | $ | (10 | ) | $ | 174 | $ | (14 | ) | $ | 479 | $ | (59 | ) | $ | 549 | $ | (24 | ) | |||||||||||||
As of June 30, 2020 | As of December 31, 2019 | ||||||||||||||||||||||||||||||||
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 | $ | 53 | $ | (7 | ) | $ | 5 | $ | (4 | ) | $ | 21 | $ | (1 | ) | $ | 6 | $ | (3 | ) | |||||||||||||
International | 77 | (15 | ) | 23 | (11 | ) | 28 | (2 | ) | 34 | (9 | ) | |||||||||||||||||||||
Total Equity Securities | 130 | (22 | ) | 28 | (15 | ) | 49 | (3 | ) | 40 | (12 | ) | |||||||||||||||||||||
Available-for-Sale Debt Securities | |||||||||||||||||||||||||||||||||
Government (B) | 19 | — | 1 | — | 99 | (2 | ) | 30 | — | ||||||||||||||||||||||||
Corporate (C) | 46 | (2 | ) | 9 | — | 49 | — | 12 | (1 | ) | |||||||||||||||||||||||
Total Available-for-Sale Debt Securities | 65 | (2 | ) | 10 | — | 148 | (2 | ) | 42 | (1 | ) | ||||||||||||||||||||||
NDT Trust Investments | $ | 195 | $ | (24 | ) | $ | 38 | $ | (15 | ) | $ | 197 | $ | (5 | ) | $ | 82 | $ | (13 | ) | |||||||||||||
(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. 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 PSEG Power’s NDT investments in U.S. Treasury obligations and Federal Agency mortgage-backed securities were caused by interest rate changes. |
(C) | Debt Securities (Corporate)—Unrealized gains and losses on these securities are recorded in Accumulated Other Comprehensive Income (Loss). |
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||||
Millions | |||||||||||||||||
Proceeds from NDT Fund Sales (A) | $ | 427 | $ | 402 | $ | 880 | $ | 774 | |||||||||
Net Realized Gains (Losses) on NDT Fund | |||||||||||||||||
Gross Realized Gains | $ | 18 | $ | 34 | $ | 63 | $ | 58 | |||||||||
Gross Realized Losses | (13 | ) | (10 | ) | (32 | ) | (22 | ) | |||||||||
Net Realized Gains (Losses) on NDT Fund (B) | $ | 5 | $ | 24 | $ | 31 | $ | 36 | |||||||||
Unrealized Gains (Losses) on Equity Securities in NDT Fund | 33 | $ | (16 | ) | 132 | (50 | ) | ||||||||||
Net Gains (Losses) on NDT Fund Investments | $ | 38 | $ | 8 | $ | 163 | $ | (14 | ) | ||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||
Millions | |||||||||||||||||
Proceeds from NDT Fund Sales (A) | $ | 493 | $ | 427 | $ | 1,048 | $ | 880 | |||||||||
Net Realized Gains (Losses) on NDT Fund | |||||||||||||||||
Gross Realized Gains | $ | 32 | $ | 18 | $ | 70 | $ | 63 | |||||||||
Gross Realized Losses | (20 | ) | (13 | ) | (54 | ) | (32 | ) | |||||||||
Net Realized Gains (Losses) on NDT Fund (B) | $ | 12 | $ | 5 | $ | 16 | $ | 31 | |||||||||
Unrealized Gains (Losses) on Equity Securities | 182 | 33 | (39 | ) | 132 | ||||||||||||
Impairment of Available-for-Sale Debt Securities (C) | — | — | (3 | ) | — | ||||||||||||
Net Gains (Losses) on NDT Fund Investments | $ | 194 | $ | 38 | $ | (26 | ) | $ | 163 | ||||||||
(C) | PSEG Power recognized an impairment of available-for-sale debt securities that it intends to sell. PSEG Power’s policy is to sell all such securities that are rated below investment grade. |
Time Frame | Fair Value | |||||
Millions | ||||||
Less than one year | $ | 23 | ||||
1 - 5 years | 272 | |||||
6 - 10 years | 208 | |||||
11 - 15 years | 47 | |||||
16 - 20 years | 76 | |||||
Over 20 years | 427 | |||||
Total NDT Available-for-Sale Debt Securities | $ | 1,053 | ||||
Time Frame | Fair Value | |||||
Millions | ||||||
Less than one year | $ | 23 | ||||
1 - 5 years | 257 | |||||
6 - 10 years | 220 | |||||
11 - 15 years | 75 | |||||
16 - 20 years | 71 | |||||
Over 20 years | 487 | |||||
Total NDT Available-for-Sale Debt Securities | $ | 1,133 | ||||
As of June 30, 2019 | |||||||||||||||||
Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||||||
Millions | |||||||||||||||||
Domestic Equity Securities | $ | 22 | $ | 4 | $ | — | $ | 26 | |||||||||
Available-for-Sale Debt Securities | |||||||||||||||||
Government | 101 | 5 | — | 106 | |||||||||||||
Corporate | 103 | 5 | — | 108 | |||||||||||||
Total Available-for-Sale Debt Securities | 204 | 10 | — | 214 | |||||||||||||
Total Rabbi Trust Investments | $ | 226 | $ | 14 | $ | — | $ | 240 | |||||||||
As of June 30, 2020 | |||||||||||||||||
Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||||||
Millions | |||||||||||||||||
Domestic Equity Securities | $ | 21 | $ | 5 | $ | — | $ | 26 | |||||||||
Available-for-Sale Debt Securities | |||||||||||||||||
Government | 87 | 10 | — | 97 | |||||||||||||
Corporate | 125 | 11 | — | 136 | |||||||||||||
Total Available-for-Sale Debt Securities | 212 | 21 | — | 233 | |||||||||||||
Total Rabbi Trust Investments | $ | 233 | $ | 26 | $ | — | $ | 259 | |||||||||
As of December 31, 2018 | |||||||||||||||||
Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||||||
Millions | |||||||||||||||||
Domestic Equity Securities | $ | 22 | $ | 1 | $ | — | $ | 23 | |||||||||
Available-for-Sale Debt Securities | |||||||||||||||||
Government | 110 | 1 | (2 | ) | 109 | ||||||||||||
Corporate | 96 | — | (4 | ) | 92 | ||||||||||||
Total Available-for-Sale Debt Securities | 206 | 1 | (6 | ) | 201 | ||||||||||||
Total Rabbi Trust Investments | $ | 228 | $ | 2 | $ | (6 | ) | $ | 224 | ||||||||
As of December 31, 2019 | |||||||||||||||||
Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||||||
Millions | |||||||||||||||||
Domestic Equity Securities | $ | 21 | $ | 7 | $ | — | $ | 28 | |||||||||
Available-for-Sale Debt Securities | |||||||||||||||||
Government | 100 | 4 | — | 104 | |||||||||||||
Corporate | 107 | 7 | — | 114 | |||||||||||||
Total Available-for-Sale Debt Securities | 207 | 11 | — | 218 | |||||||||||||
Total Rabbi Trust Investments | $ | 228 | $ | 18 | $ | — | $ | 246 | |||||||||
As of | As of | ||||||||
June 30, 2019 | December 31, 2018 | ||||||||
Millions | |||||||||
Accounts Receivable | $ | 2 | $ | 2 | |||||
Accounts Payable | $ | — | $ | — | |||||
As of | As of | ||||||||
June 30, 2020 | December 31, 2019 | ||||||||
Millions | |||||||||
Accounts Receivable | $ | 1 | $ | 2 | |||||
Accounts Payable | $ | — | $ | — | |||||
As of June 30, 2019 | As of December 31, 2018 | ||||||||||||||||||||||||||||||||
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) | $ | — | $ | — | $ | 13 | $ | — | $ | 18 | $ | — | $ | 59 | $ | (2 | ) | ||||||||||||||||
Corporate (B) | 3 | — | 12 | — | 50 | (3 | ) | 29 | (1 | ) | |||||||||||||||||||||||
Total Available-for-Sale Debt Securities | 3 | — | 25 | — | 68 | (3 | ) | 88 | (3 | ) | |||||||||||||||||||||||
Rabbi Trust Investments | $ | 3 | $ | — | $ | 25 | $ | — | $ | 68 | $ | (3 | ) | $ | 88 | $ | (3 | ) | |||||||||||||||
As of June 30, 2020 | As of December 31, 2019 | ||||||||||||||||||||||||||||||||
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) | $ | 6 | $ | — | $ | 1 | $ | — | $ | 26 | $ | — | $ | 3 | $ | — | |||||||||||||||||
Corporate (B) | 9 | — | 1 | — | 11 | — | 2 | — | |||||||||||||||||||||||||
Total Available-for-Sale Debt Securities | 15 | — | 2 | — | 37 | — | 5 | — | |||||||||||||||||||||||||
Rabbi Trust Investments | $ | 15 | $ | — | $ | 2 | $ | — | $ | 37 | $ | — | $ | 5 | $ | — | |||||||||||||||||
(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. |
(B) | Debt Securities (Corporate)—Unrealized gains and losses on these securities are recorded in Accumulated Other Comprehensive Income (Loss). |
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||||
Millions | |||||||||||||||||
Proceeds from Rabbi Trust Sales (A) | $ | 42 | $ | 22 | $ | 86 | $ | 47 | |||||||||
Net Realized Gains (Losses) on Rabbi Trust: | |||||||||||||||||
Gross Realized Gains | $ | 1 | $ | — | $ | 2 | $ | 2 | |||||||||
Gross Realized Losses | — | — | (1 | ) | (2 | ) | |||||||||||
Net Realized Gains (Losses) on Rabbi Trust (B) | 1 | — | 1 | — | |||||||||||||
Unrealized Gains (Losses) on Equity Securities in Rabbi Trust | — | $ | — | 3 | — | ||||||||||||
Net Gains (Losses) on Rabbi Trust Investments | $ | 1 | $ | — | $ | 4 | $ | — | |||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||
Millions | |||||||||||||||||
Proceeds from Rabbi Trust Sales (A) | $ | 61 | $ | 42 | $ | 115 | $ | 86 | |||||||||
Net Realized Gains (Losses) on Rabbi Trust: | |||||||||||||||||
Gross Realized Gains | $ | 5 | $ | 1 | $ | 10 | $ | 2 | |||||||||
Gross Realized Losses | (2 | ) | — | (3 | ) | (1 | ) | ||||||||||
Net Realized Gains (Losses) on Rabbi Trust (B) | 3 | 1 | 7 | 1 | |||||||||||||
Unrealized Gains (Losses) on Equity Securities | 4 | — | (1 | ) | 3 | ||||||||||||
Net Gains (Losses) on Rabbi Trust Investments | $ | 7 | $ | 1 | $ | 6 | $ | 4 | |||||||||
Time Frame | Fair Value | |||||
Millions | ||||||
Less than one year | $ | 1 | ||||
1 - 5 years | 33 | |||||
6 - 10 years | 29 | |||||
11 - 15 years | 11 | |||||
16 - 20 years | 27 | |||||
Over 20 years | 113 | |||||
Total Rabbi Trust Available-for-Sale Debt Securities | $ | 214 | ||||
Time Frame | Fair Value | |||||
Millions | ||||||
Less than one year | $ | 1 | ||||
1 - 5 years | 32 | |||||
6 - 10 years | 32 | |||||
11 - 15 years | 16 | |||||
16 - 20 years | 32 | |||||
Over 20 years | 120 | |||||
Total Rabbi Trust Available-for-Sale Debt Securities | $ | 233 | ||||
As of | As of | ||||||||
June 30, 2019 | December 31, 2018 | ||||||||
Millions | |||||||||
PSE&G | $ | 48 | $ | 45 | |||||
PSEG Power | 61 | 56 | |||||||
Other | 131 | 123 | |||||||
Total Rabbi Trust Investments | $ | 240 | $ | 224 | |||||
As of | As of | ||||||||
June 30, 2020 | December 31, 2019 | ||||||||
Millions | |||||||||
PSE&G | $ | 50 | $ | 48 | |||||
PSEG Power | 65 | 62 | |||||||
Other | 144 | 136 | |||||||
Total Rabbi Trust Investments | $ | 259 | $ | 246 | |||||
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, | ||||||||||||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | 2019 | 2018 | 2019 | 2018 | ||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||||
Components of Net Periodic Benefit (Credits) Costs | |||||||||||||||||||||||||||||||||
Service Cost (included in O&M Expense) | $ | 28 | $ | 33 | $ | 3 | $ | 5 | $ | 57 | $ | 65 | $ | 5 | $ | 9 | |||||||||||||||||
Non-Service Components of Pension and OPEB (Credits) Costs | |||||||||||||||||||||||||||||||||
Interest Cost | 58 | 52 | 11 | 17 | 116 | 104 | 22 | 33 | |||||||||||||||||||||||||
Expected Return on Plan Assets | (96 | ) | (110 | ) | (9 | ) | (11 | ) | (193 | ) | (220 | ) | (18 | ) | (21 | ) | |||||||||||||||||
Amortization of Net | |||||||||||||||||||||||||||||||||
Prior Service Credit | (4 | ) | (5 | ) | (32 | ) | — | (9 | ) | (9 | ) | (64 | ) | — | |||||||||||||||||||
Actuarial Loss | 27 | 21 | 12 | 16 | 54 | 42 | 25 | 32 | |||||||||||||||||||||||||
Non-Service Components of Pension and OPEB (Credits) Costs | (15 | ) | (42 | ) | (18 | ) | 22 | (32 | ) | (83 | ) | (35 | ) | 44 | |||||||||||||||||||
Total Benefit (Credits) Costs | $ | 13 | $ | (9 | ) | $ | (15 | ) | $ | 27 | $ | 25 | $ | (18 | ) | $ | (30 | ) | $ | 53 | |||||||||||||
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, | ||||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||||
Components of Net Periodic Benefit (Credits) Costs | |||||||||||||||||||||||||||||||||
Service Cost (included in O&M Expense) | $ | 35 | $ | 28 | $ | 3 | $ | 3 | $ | 70 | $ | 57 | $ | 5 | $ | 5 | |||||||||||||||||
Non-Service Components of Pension and OPEB (Credits) Costs | |||||||||||||||||||||||||||||||||
Interest Cost | 48 | 58 | 8 | 11 | 96 | 116 | 17 | 22 | |||||||||||||||||||||||||
Expected Return on Plan Assets | (110 | ) | (96 | ) | (9 | ) | (9 | ) | (221 | ) | (193 | ) | (19 | ) | (18 | ) | |||||||||||||||||
Amortization of Net | |||||||||||||||||||||||||||||||||
Prior Service Credit | (3 | ) | (4 | ) | (32 | ) | (32 | ) | (5 | ) | (9 | ) | (64 | ) | (64 | ) | |||||||||||||||||
Actuarial Loss | 23 | 27 | 11 | 12 | 46 | 54 | 23 | 25 | |||||||||||||||||||||||||
Non-Service Components of Pension and OPEB (Credits) Costs | (42 | ) | (15 | ) | (22 | ) | (18 | ) | (84 | ) | (32 | ) | (43 | ) | (35 | ) | |||||||||||||||||
Total Benefit (Credits) Costs | $ | (7 | ) | $ | 13 | $ | (19 | ) | $ | (15 | ) | $ | (14 | ) | $ | 25 | $ | (38 | ) | $ | (30 | ) | |||||||||||
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, | ||||||||||||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | 2019 | 2018 | 2019 | 2018 | ||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||||
PSE&G | $ | 6 | $ | (7 | ) | $ | (16 | ) | $ | 17 | $ | 13 | $ | (15 | ) | $ | (32 | ) | $ | 34 | |||||||||||||
PSEG Power | 4 | (3 | ) | 1 | 8 | 7 | (5 | ) | 2 | 16 | |||||||||||||||||||||||
Other | 3 | 1 | — | 2 | 5 | 2 | — | 3 | |||||||||||||||||||||||||
Total Benefit (Credits) Costs | $ | 13 | $ | (9 | ) | $ | (15 | ) | $ | 27 | $ | 25 | $ | (18 | ) | $ | (30 | ) | $ | 53 | |||||||||||||
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, | ||||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||||
PSE&G | $ | (6 | ) | $ | 6 | $ | (19 | ) | $ | (16 | ) | $ | (13 | ) | $ | 13 | $ | (38 | ) | $ | (32 | ) | |||||||||||
PSEG Power | (2 | ) | 4 | — | 1 | (3 | ) | 7 | — | 2 | |||||||||||||||||||||||
Other | 1 | 3 | — | — | 2 | 5 | — | — | |||||||||||||||||||||||||
Total Benefit (Credits) Costs | $ | (7 | ) | $ | 13 | $ | (19 | ) | $ | (15 | ) | $ | (14 | ) | $ | 25 | $ | (38 | ) | $ | (30 | ) | |||||||||||
As of | As of | ||||||||
June 30, 2019 | December 31, 2018 | ||||||||
Millions | |||||||||
Face Value of Outstanding Guarantees | $ | 1,805 | $ | 1,772 | |||||
Exposure under Current Guarantees | $ | 151 | $ | 198 | |||||
Letters of Credit Margin Posted | $ | 130 | $ | 115 | |||||
Letters of Credit Margin Received | $ | 32 | $ | 26 | |||||
Cash Deposited and Received: | |||||||||
Counterparty Cash Margin Deposited | $ | — | $ | — | |||||
Counterparty Cash Margin Received | $ | (3 | ) | $ | (10 | ) | |||
Net Broker Balance Deposited (Received) | $ | 4 | $ | 403 | |||||
Additional Amounts Posted: | |||||||||
Other Letters of Credit | $ | 53 | $ | 52 | |||||
As of | As of | ||||||||
June 30, 2020 | December 31, 2019 | ||||||||
Millions | |||||||||
Face Value of Outstanding Guarantees | $ | 1,828 | $ | 1,854 | |||||
Exposure under Current Guarantees | $ | 113 | $ | 171 | |||||
Letters of Credit Margin Posted | $ | 95 | $ | 121 | |||||
Letters of Credit Margin Received | $ | 75 | $ | 29 | |||||
Cash Deposited and Received: | |||||||||
Counterparty Cash Collateral Deposited | $ | — | $ | — | |||||
Counterparty Cash Collateral Received | $ | (4 | ) | $ | (4 | ) | |||
Net Broker Balance Deposited (Received) | $ | 16 | $ | 48 | |||||
Additional Amounts Posted: | |||||||||
Other Letters of Credit | $ | 83 | $ | 82 | |||||
Auction Year | ||||||||||
2016 | 2017 | 2018 | 2019 | |||||||
36-Month Terms Ending | May 2019 | May 2020 | May 2021 | May 2022 | (A) | |||||
Load (MW) | 2,800 | 2,800 | 2,900 | 2,800 | ||||||
$ per MWh | $96.38 | $90.78 | $91.77 | $98.04 | ||||||
Auction Year | ||||||||||
2017 | 2018 | 2019 | 2020 | |||||||
36-Month Terms Ending | May 2020 | May 2021 | May 2022 | May 2023 | (A) | |||||
Load (MW) | 2,800 | 2,900 | 2,800 | 2,800 | ||||||
$ per MWh | $90.78 | $91.77 | $98.04 | $102.16 | ||||||
(A) | Prices set in the |
Fuel Type | PSEG Power's Share of Commitments through 2023 | |||||
Millions | ||||||
Nuclear Fuel | ||||||
Uranium | $ | 220 | ||||
Enrichment | $ | 334 | ||||
Fabrication | $ | 147 | ||||
Natural Gas | $ | 1,204 | ||||
Coal | $ | 373 | ||||
Fuel Type | PSEG Power’s Share of Commitments through 2024 | |||||
Millions | ||||||
Nuclear Fuel | ||||||
Uranium | $ | 173 | ||||
Enrichment | $ | 333 | ||||
Fabrication | $ | 170 | ||||
Natural Gas | $ | 1,244 | ||||
• | issued $ |
• | retired $406 million of 5.13% Senior Notes at maturity. |
As of June 30, 2019 | ||||||||||||||||||
Company/Facility | Total Facility | Usage (D) | Available Liquidity | Expiration Date | Primary Purpose | |||||||||||||
Millions | ||||||||||||||||||
PSEG | ||||||||||||||||||
5-year Credit Facilities (A) | $ | 1,500 | $ | 188 | $ | 1,312 | Mar 2023 | Commercial Paper Support/Funding/Letters of Credit | ||||||||||
Total PSEG | $ | 1,500 | $ | 188 | $ | 1,312 | ||||||||||||
PSE&G | ||||||||||||||||||
5-year Credit Facility (B) | $ | 600 | $ | 206 | $ | 394 | Mar 2023 | Commercial Paper Support/Funding/Letters of Credit | ||||||||||
Total PSE&G | $ | 600 | $ | 206 | $ | 394 | ||||||||||||
PSEG Power | ||||||||||||||||||
3-year Letter of Credit Facilities | $ | 200 | $ | 129 | $ | 71 | Sept 2021 | Letters of Credit | ||||||||||
5-year Credit Facilities (C) | 1,900 | 40 | 1,860 | Mar 2023 | Funding/Letters of Credit | |||||||||||||
Total PSEG Power | $ | 2,100 | $ | 169 | $ | 1,931 | ||||||||||||
Total | $ | 4,200 | $ | 563 | $ | 3,637 | ||||||||||||
As of June 30, 2020 | ||||||||||||||||||
Company/Facility | Total Facility | Usage (D) | Available Liquidity | Expiration Date | Primary Purpose | |||||||||||||
Millions | ||||||||||||||||||
PSEG | ||||||||||||||||||
5-year Credit Facilities (A) | $ | 1,500 | $ | 408 | $ | 1,092 | Mar 2024 | Commercial Paper Support/Funding/Letters of Credit | ||||||||||
Total PSEG | $ | 1,500 | $ | 408 | $ | 1,092 | ||||||||||||
PSE&G | ||||||||||||||||||
5-year Credit Facility (B) | $ | 600 | $ | 17 | $ | 583 | Mar 2024 | Commercial Paper Support/Funding/Letters of Credit | ||||||||||
Total PSE&G | $ | 600 | $ | 17 | $ | 583 | ||||||||||||
PSEG Power | ||||||||||||||||||
3-year Letter of Credit Facilities | $ | 200 | $ | 96 | $ | 104 | Sept 2021 | Letters of Credit | ||||||||||
5-year Credit Facilities (C) | 1,900 | 40 | 1,860 | Mar 2024 | Funding/Letters of Credit | |||||||||||||
Total PSEG Power | $ | 2,100 | $ | 136 | $ | 1,964 | ||||||||||||
Total | $ | 4,200 | $ | 561 | $ | 3,639 | ||||||||||||
(A) | PSEG facilities will be reduced by $9 million in March 2022. |
(B) | PSE&G facility will be reduced by $4 million in March 2022. |
(C) | PSEG Power facilities will be reduced by $12 million in March 2022. |
(D) | The primary use of PSEG’s and PSE&G’s credit facilities is to support their respective Commercial Paper Programs, under which as of June 30, |
As of June 30, 2020 | ||||||||||||||||||||||
PSEG Power (A) | PSEG (A) | Consolidated | ||||||||||||||||||||
Not Designated | Cash Flow Hedges | |||||||||||||||||||||
Balance Sheet Location | Energy- Related Contracts | Netting (B) | Total PSEG Power | Interest Rate Swaps | Total Derivatives | |||||||||||||||||
Millions | ||||||||||||||||||||||
Derivative Contracts | ||||||||||||||||||||||
Current Assets | $ | 595 | $ | (483 | ) | $ | 112 | $ | — | $ | 112 | |||||||||||
Noncurrent Assets | 202 | (172 | ) | 30 | — | 30 | ||||||||||||||||
Total Mark-to-Market Derivative Assets | $ | 797 | $ | (655 | ) | $ | 142 | $ | — | $ | 142 | |||||||||||
Derivative Contracts | ||||||||||||||||||||||
Current Liabilities | $ | (501 | ) | $ | 483 | $ | (18 | ) | $ | (6 | ) | $ | (24 | ) | ||||||||
Noncurrent Liabilities | (172 | ) | 170 | (2 | ) | — | (2 | ) | ||||||||||||||
Total Mark-to-Market Derivative (Liabilities) | $ | (673 | ) | $ | 653 | $ | (20 | ) | $ | (6 | ) | $ | (26 | ) | ||||||||
Total Net Mark-to-Market Derivative Assets (Liabilities) | $ | 124 | $ | (2 | ) | $ | 122 | $ | (6 | ) | $ | 116 | ||||||||||
As of June 30, 2019 | ||||||||||||||||||||||
PSEG Power (A) | PSEG (A) | Consolidated | ||||||||||||||||||||
Not Designated | Cash Flow Hedges | |||||||||||||||||||||
Balance Sheet Location | Energy- Related Contracts | Netting (B) | Total PSEG Power | Interest Rate Swaps | Total Derivatives | |||||||||||||||||
Millions | ||||||||||||||||||||||
Derivative Contracts | ||||||||||||||||||||||
Current Assets | $ | 562 | $ | (479 | ) | $ | 83 | $ | — | $ | 83 | |||||||||||
Noncurrent Assets | 333 | (254 | ) | 79 | — | 79 | ||||||||||||||||
Total Mark-to-Market Derivative Assets | $ | 895 | $ | (733 | ) | $ | 162 | $ | — | $ | 162 | |||||||||||
Derivative Contracts | ||||||||||||||||||||||
Current Liabilities | $ | (496 | ) | $ | 472 | $ | (24 | ) | $ | (5 | ) | $ | (29 | ) | ||||||||
Noncurrent Liabilities | (252 | ) | 247 | (5 | ) | (3 | ) | (8 | ) | |||||||||||||
Total Mark-to-Market Derivative (Liabilities) | $ | (748 | ) | $ | 719 | $ | (29 | ) | $ | (8 | ) | $ | (37 | ) | ||||||||
Total Net Mark-to-Market Derivative Assets (Liabilities) | $ | 147 | $ | (14 | ) | $ | 133 | $ | (8 | ) | $ | 125 | ||||||||||
As of December 31, 2018 | ||||||||||||||||||
PSEG Power (A) | Consolidated | |||||||||||||||||
Not Designated | ||||||||||||||||||
Balance Sheet Location | Energy- Related Contracts | Netting (B) | Total PSEG Power | Total Derivatives | ||||||||||||||
Millions | ||||||||||||||||||
Derivative Contracts | ||||||||||||||||||
Current Assets | $ | 426 | $ | (415 | ) | $ | 11 | $ | 11 | |||||||||
Noncurrent Assets | 137 | (136 | ) | 1 | 1 | |||||||||||||
Total Mark-to-Market Derivative Assets | $ | 563 | $ | (551 | ) | $ | 12 | $ | 12 | |||||||||
Derivative Contracts | ||||||||||||||||||
Current Liabilities | $ | (521 | ) | $ | 510 | $ | (11 | ) | $ | (11 | ) | |||||||
Noncurrent Liabilities | (198 | ) | 194 | (4 | ) | (4 | ) | |||||||||||
Total Mark-to-Market Derivative (Liabilities) | $ | (719 | ) | $ | 704 | $ | (15 | ) | $ | (15 | ) | |||||||
Total Net Mark-to-Market Derivative Assets (Liabilities) | $ | (156 | ) | $ | 153 | $ | (3 | ) | $ | (3 | ) | |||||||
As of December 31, 2019 | ||||||||||||||||||||||
PSEG Power (A) | PSEG (A) | Consolidated | ||||||||||||||||||||
Not Designated | Cash Flow Hedges | |||||||||||||||||||||
Balance Sheet Location | Energy- Related Contracts | Netting (B) | Total PSEG Power | Interest Rate Swaps | Total Derivatives | |||||||||||||||||
Millions | ||||||||||||||||||||||
Derivative Contracts | ||||||||||||||||||||||
Current Assets | $ | 636 | $ | (523 | ) | $ | 113 | $ | — | $ | 113 | |||||||||||
Noncurrent Assets | 163 | (139 | ) | 24 | — | 24 | ||||||||||||||||
Total Mark-to-Market Derivative Assets | $ | 799 | $ | (662 | ) | $ | 137 | $ | — | $ | 137 | |||||||||||
Derivative Contracts | ||||||||||||||||||||||
Current Liabilities | $ | (553 | ) | $ | 522 | $ | (31 | ) | $ | (5 | ) | $ | (36 | ) | ||||||||
Noncurrent Liabilities | (139 | ) | 138 | (1 | ) | — | (1 | ) | ||||||||||||||
Total Mark-to-Market Derivative (Liabilities) | $ | (692 | ) | $ | 660 | $ | (32 | ) | $ | (5 | ) | $ | (37 | ) | ||||||||
Total Net Mark-to-Market Derivative Assets (Liabilities) | $ | 107 | $ | (2 | ) | $ | 105 | $ | (5 | ) | $ | 100 | ||||||||||
(A) | Substantially all of PSEG Power’s and PSEG’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 June 30, |
(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 |
Derivatives in Cash Flow Hedging Relationships | Amount of Pre-Tax Gain (Loss) Recognized in AOCI on Derivatives | Location of Pre-Tax Gain (Loss) Reclassified from AOCI into Income | Amount of Pre-Tax Gain (Loss) Reclassified from AOCI into Income | |||||||||||||||||
Three Months Ended | Three Months Ended | |||||||||||||||||||
June 30, | June 30, | |||||||||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||||||
Millions | Millions | |||||||||||||||||||
PSEG | ||||||||||||||||||||
Interest Rate Swaps | $ | (19 | ) | $ | — | Interest Expense | $ | (1 | ) | $ | — | |||||||||
Total PSEG | $ | (19 | ) | $ | — | $ | (1 | ) | $ | — | ||||||||||
Derivatives in Cash Flow Hedging Relationships | Amount of Pre-Tax Gain (Loss) Recognized in AOCI on Derivatives | Location of Pre-Tax Gain (Loss) Reclassified from AOCI into Income | Amount of Pre-Tax Gain (Loss) Reclassified from AOCI into Income | |||||||||||||||||
Six Months Ended | Six Months Ended | |||||||||||||||||||
June 30, | June 30, | |||||||||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||||||
Millions | Millions | |||||||||||||||||||
PSEG | ||||||||||||||||||||
Interest Rate Swaps | $ | (24 | ) | $ | — | Interest Expense | $ | (1 | ) | $ | — | |||||||||
Total PSEG | $ | (24 | ) | $ | — | $ | (1 | ) | $ | — | ||||||||||
Derivatives in Cash Flow Hedging Relationships | Amount of Pre-Tax Gain (Loss) Recognized in AOCI on Derivatives | Location of Pre-Tax Gain (Loss) Reclassified from AOCI into Income | Amount of Pre-Tax Gain (Loss) Reclassified from AOCI into Income | |||||||||||||||||
Three Months Ended | Three Months Ended | |||||||||||||||||||
June 30, | June 30, | |||||||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||||||
Millions | Millions | |||||||||||||||||||
PSEG | ||||||||||||||||||||
Interest Rate Swaps | $ | — | $ | (19 | ) | Interest Expense | $ | (4 | ) | $ | (1 | ) | ||||||||
Total PSEG | $ | — | $ | (19 | ) | $ | (4 | ) | $ | (1 | ) | |||||||||
Derivatives in Cash Flow Hedging Relationships | Amount of Pre-Tax Gain (Loss) Recognized in AOCI on Derivatives | Location of Pre-Tax Gain (Loss) Reclassified from AOCI into Income | Amount of Pre-Tax Gain (Loss) Reclassified from AOCI into Income | |||||||||||||||||
Six Months Ended | Six Months Ended | |||||||||||||||||||
June 30, | June 30, | |||||||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||||||
Millions | Millions | |||||||||||||||||||
PSEG | ||||||||||||||||||||
Interest Rate Swaps | $ | (6 | ) | $ | (24 | ) | Interest Expense | $ | (6 | ) | $ | (1 | ) | |||||||
Total PSEG | $ | (6 | ) | $ | (24 | ) | $ | (6 | ) | $ | (1 | ) | ||||||||
Accumulated Other Comprehensive Income (Loss) | Pre-Tax | After-Tax | ||||||||
Millions | ||||||||||
Balance as of December 31, 2018 | $ | (2 | ) | $ | (1 | ) | ||||
Loss Recognized in AOCI | (23 | ) | (17 | ) | ||||||
Less: Loss Reclassified into Income | 4 | 3 | ||||||||
Balance as of December 31, 2019 | $ | (21 | ) | $ | (15 | ) | ||||
Loss Recognized in AOCI | (6 | ) | (4 | ) | ||||||
Less: Loss Reclassified into Income | 6 | 4 | ||||||||
Balance as of June 30, 2020 | $ | (21 | ) | $ | (15 | ) | ||||
Accumulated Other Comprehensive Income (Loss) | Pre-Tax | After-Tax | ||||||||
Millions | ||||||||||
Balance as of December 31, 2017 | $ | — | $ | — | ||||||
Loss Recognized in AOCI | (2 | ) | (1 | ) | ||||||
Less: Loss Reclassified into Income | — | — | ||||||||
Balance as of December 31, 2018 | $ | (2 | ) | $ | (1 | ) | ||||
Loss Recognized in AOCI | (24 | ) | (17 | ) | ||||||
Less: Loss Reclassified into Income | 1 | — | ||||||||
Balance as of June 30, 2019 | $ | (25 | ) | $ | (18 | ) | ||||
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 | ||||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||||
June 30, | June 30, | |||||||||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||||||
Millions | ||||||||||||||||||||
PSEG and PSEG Power | ||||||||||||||||||||
Energy-Related Contracts | Operating Revenues | $ | 322 | $ | (64 | ) | $ | 461 | $ | (24 | ) | |||||||||
Energy-Related Contracts | Energy Costs | (61 | ) | 15 | (74 | ) | 7 | |||||||||||||
Total PSEG and PSEG Power | $ | 261 | $ | (49 | ) | $ | 387 | $ | (17 | ) | ||||||||||
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 | ||||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||||
June 30, | June 30, | |||||||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||||||
Millions | ||||||||||||||||||||
PSEG and PSEG Power | ||||||||||||||||||||
Energy-Related Contracts | Operating Revenues | $ | (27 | ) | $ | 322 | $ | 204 | $ | 461 | ||||||||||
Energy-Related Contracts | Energy Costs | 2 | (61 | ) | (66 | ) | (74 | ) | ||||||||||||
Total PSEG and PSEG Power | $ | (25 | ) | $ | 261 | $ | 138 | $ | 387 | |||||||||||
Type | Notional | Total | PSEG | PSEG Power | PSE&G | |||||||||||
Millions | ||||||||||||||||
As of June 30, 2019 | ||||||||||||||||
Natural Gas | Dekatherm (Dth) | 423 | — | 423 | — | |||||||||||
Electricity | MWh | (55 | ) | — | (55 | ) | — | |||||||||
Financial Transmission Rights (FTRs) | MWh | 18 | — | 18 | — | |||||||||||
Interest Rate Swaps | U.S. Dollars | 700 | 700 | — | — | |||||||||||
As of December 31, 2018 | ||||||||||||||||
Natural Gas | Dth | 358 | — | 358 | — | |||||||||||
Electricity | MWh | (74 | ) | — | (74 | ) | — | |||||||||
FTRs | MWh | 18 | — | 18 | — | |||||||||||
Type | Notional | Total | PSEG | PSEG Power | PSE&G | |||||||||||
Millions | ||||||||||||||||
As of June 30, 2020 | ||||||||||||||||
Natural Gas | Dekatherm (Dth) | 371 | — | 371 | — | |||||||||||
Electricity | MWh | (58 | ) | — | (58 | ) | — | |||||||||
Financial Transmission Rights (FTRs) | MWh | 30 | — | 30 | — | |||||||||||
Interest Rate Swaps | U.S. Dollars | 700 | 700 | — | — | |||||||||||
As of December 31, 2019 | ||||||||||||||||
Natural Gas | Dth | 341 | — | 341 | — | |||||||||||
Electricity | MWh | (62 | ) | — | (62 | ) | — | |||||||||
FTRs | MWh | 13 | — | 13 | — | |||||||||||
Interest Rate Swaps | U.S. Dollars | 700 | 700 | — | — | |||||||||||
Rating | Current Exposure | Securities held as Collateral | Net Exposure | Number of Counterparties >10% | Net Exposure of Counterparties >10% | |||||||||||||||||
Millions | Millions | |||||||||||||||||||||
Investment Grade | $ | 326 | $ | 20 | $ | 306 | 3 | $ | 176 | (A) | ||||||||||||
Non-Investment Grade | 4 | 1 | 3 | — | — | |||||||||||||||||
Total | $ | 330 | $ | 21 | $ | 309 | 3 | $ | 176 | |||||||||||||
Rating | Current Exposure | Securities Held as Collateral | Net Exposure | Number of Counterparties >10% | Net Exposure of Counterparties >10% | |||||||||||||||||
Millions | Millions | |||||||||||||||||||||
Investment Grade | $ | 335 | $ | 70 | $ | 265 | 3 | $ | 136 | (A) | ||||||||||||
Non-Investment Grade | 2 | — | 2 | — | — | |||||||||||||||||
Total | $ | 337 | $ | 70 | $ | 267 | 3 | $ | 136 | |||||||||||||
(A) | Represents net exposure of |
Recurring Fair Value Measurements as of June 30, 2019 | ||||||||||||||||||||||
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: | ||||||||||||||||||||||
Derivative Contracts: | ||||||||||||||||||||||
Energy-Related Contracts (A) | $ | 162 | $ | (733 | ) | $ | 7 | $ | 881 | $ | 7 | |||||||||||
NDT Fund (B) | ||||||||||||||||||||||
Equity Securities | $ | 1,063 | $ | — | $ | 1,062 | $ | 1 | $ | — | ||||||||||||
Debt Securities—U.S. Treasury | $ | 213 | $ | — | $ | — | $ | 213 | $ | — | ||||||||||||
Debt Securities—Govt Other | $ | 350 | $ | — | $ | — | $ | 350 | $ | — | ||||||||||||
Debt Securities—Corporate | $ | 490 | $ | — | $ | — | $ | 490 | $ | — | ||||||||||||
Rabbi Trust (B) | ||||||||||||||||||||||
Equity Securities | $ | 26 | $ | — | $ | 26 | $ | — | $ | — | ||||||||||||
Debt Securities—U.S. Treasury | $ | 64 | $ | — | $ | — | $ | 64 | $ | — | ||||||||||||
Debt Securities—Govt Other | $ | 42 | $ | — | $ | — | $ | 42 | $ | — | ||||||||||||
Debt Securities—Corporate | $ | 108 | $ | — | $ | — | $ | 108 | $ | — | ||||||||||||
Liabilities: | ||||||||||||||||||||||
Derivative Contracts: | ||||||||||||||||||||||
Energy-Related Contracts (A) | $ | (29 | ) | $ | 719 | $ | (43 | ) | $ | (702 | ) | $ | (3 | ) | ||||||||
Interest Rate Swaps (C) | $ | (8 | ) | $ | — | $ | — | $ | (8 | ) | $ | — | ||||||||||
PSE&G | ||||||||||||||||||||||
Assets: | ||||||||||||||||||||||
Rabbi Trust (B) | ||||||||||||||||||||||
Equity Securities | $ | 5 | $ | — | $ | 5 | $ | — | $ | — | ||||||||||||
Debt Securities—U.S. Treasury | $ | 13 | $ | — | $ | — | $ | 13 | $ | — | ||||||||||||
Debt Securities—Govt Other | $ | 8 | $ | — | $ | — | $ | 8 | $ | — | ||||||||||||
Debt Securities—Corporate | $ | 22 | $ | — | $ | — | $ | 22 | $ | — | ||||||||||||
PSEG Power | ||||||||||||||||||||||
Assets: | ||||||||||||||||||||||
Derivative Contracts: | ||||||||||||||||||||||
Energy-Related Contracts (A) | $ | 162 | $ | (733 | ) | $ | 7 | $ | 881 | $ | 7 | |||||||||||
NDT Fund (B) | ||||||||||||||||||||||
Equity Securities | $ | 1,063 | $ | — | $ | 1,062 | $ | 1 | $ | — | ||||||||||||
Debt Securities—U.S. Treasury | $ | 213 | $ | — | $ | — | $ | 213 | $ | — | ||||||||||||
Debt Securities—Govt Other | $ | 350 | $ | — | $ | — | $ | 350 | $ | — | ||||||||||||
Debt Securities—Corporate | $ | 490 | $ | — | $ | — | $ | 490 | $ | — | ||||||||||||
Rabbi Trust (B) | ||||||||||||||||||||||
Equity Securities | $ | 7 | $ | — | $ | 7 | $ | — | $ | — | ||||||||||||
Debt Securities—U.S. Treasury | $ | 16 | $ | — | $ | — | $ | 16 | $ | — | ||||||||||||
Debt Securities—Govt Other | $ | 11 | $ | — | $ | — | $ | 11 | $ | — | ||||||||||||
Debt Securities—Corporate | $ | 27 | $ | — | $ | — | $ | 27 | $ | — | ||||||||||||
Liabilities: | ||||||||||||||||||||||
Derivative Contracts: | ||||||||||||||||||||||
Energy-Related Contracts (A) | $ | (29 | ) | $ | 719 | $ | (43 | ) | $ | (702 | ) | $ | (3 | ) | ||||||||
Recurring Fair Value Measurements as of December 31, 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: | ||||||||||||||||||||||
Cash Equivalents (E) | $ | 100 | $ | — | $ | 100 | $ | — | $ | — | ||||||||||||
Derivative Contracts: | ||||||||||||||||||||||
Energy-Related Contracts (A) | $ | 12 | $ | (551 | ) | $ | 29 | $ | 527 | $ | 7 | |||||||||||
NDT Fund (B) | ||||||||||||||||||||||
Equity Securities | $ | 900 | $ | — | $ | 898 | $ | 2 | $ | — | ||||||||||||
Debt Securities—U.S. Treasury | $ | 171 | $ | — | $ | — | $ | 171 | $ | — | ||||||||||||
Debt Securities—Govt Other | $ | 320 | $ | — | $ | — | $ | 320 | $ | — | ||||||||||||
Debt Securities—Corporate | $ | 487 | $ | — | $ | — | $ | 487 | $ | — | ||||||||||||
Rabbi Trust (B) | ||||||||||||||||||||||
Equity Securities | $ | 23 | $ | — | $ | 23 | $ | — | $ | — | ||||||||||||
Debt Securities—U.S. Treasury | $ | 69 | $ | — | $ | — | $ | 69 | $ | — | ||||||||||||
Debt Securities—Govt Other | $ | 40 | $ | — | $ | — | $ | 40 | $ | — | ||||||||||||
Debt Securities—Corporate | $ | 92 | $ | — | $ | — | $ | 92 | $ | — | ||||||||||||
Liabilities: | ||||||||||||||||||||||
Derivative Contracts: | ||||||||||||||||||||||
Energy-Related Contracts (A) | $ | (15 | ) | $ | 704 | $ | (36 | ) | $ | (677 | ) | $ | (6 | ) | ||||||||
PSE&G | ||||||||||||||||||||||
Assets: | ||||||||||||||||||||||
Rabbi Trust (B) | ||||||||||||||||||||||
Equity Securities | $ | 5 | $ | — | $ | 5 | $ | — | $ | — | ||||||||||||
Debt Securities—U.S. Treasury | $ | 14 | $ | — | $ | — | $ | 14 | $ | — | ||||||||||||
Debt Securities—Govt Other | $ | 8 | $ | — | $ | — | $ | 8 | $ | — | ||||||||||||
Debt Securities—Corporate | $ | 18 | $ | — | $ | — | $ | 18 | $ | — | ||||||||||||
PSEG Power | ||||||||||||||||||||||
Assets: | ||||||||||||||||||||||
Derivative Contracts: | ||||||||||||||||||||||
Energy-Related Contracts (A) | $ | 12 | $ | (551 | ) | $ | 29 | $ | 527 | $ | 7 | |||||||||||
NDT Fund (B) | ||||||||||||||||||||||
Equity Securities | $ | 900 | $ | — | $ | 898 | $ | 2 | $ | — | ||||||||||||
Debt Securities—U.S. Treasury | $ | 171 | $ | — | $ | — | $ | 171 | $ | — | ||||||||||||
Debt Securities—Govt Other | $ | 320 | $ | — | $ | — | $ | 320 | $ | — | ||||||||||||
Debt Securities—Corporate | $ | 487 | $ | — | $ | — | $ | 487 | $ | — | ||||||||||||
Rabbi Trust (B) | ||||||||||||||||||||||
Equity Securities | $ | 6 | $ | — | $ | 6 | $ | — | $ | — | ||||||||||||
Debt Securities—U.S. Treasury | $ | 17 | $ | — | $ | — | $ | 17 | $ | — | ||||||||||||
Debt Securities—Govt Other | $ | 10 | $ | — | $ | — | $ | 10 | $ | — | ||||||||||||
Debt Securities—Corporate | $ | 23 | $ | — | $ | — | $ | 23 | $ | — | ||||||||||||
Liabilities: | ||||||||||||||||||||||
Derivative Contracts: | ||||||||||||||||||||||
Energy-Related Contracts (A) | $ | (15 | ) | $ | 704 | $ | (36 | ) | $ | (677 | ) | $ | (6 | ) | ||||||||
Recurring Fair Value Measurements as of June 30, 2020 | ||||||||||||||||||||||
Description | Total | Netting (E) | 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) | $ | 280 | $ | — | $ | 280 | $ | — | $ | — | ||||||||||||
Derivative Contracts: | ||||||||||||||||||||||
Energy-Related Contracts (B) | $ | 142 | $ | (655 | ) | $ | 27 | $ | 758 | $ | 12 | |||||||||||
NDT Fund (C) | ||||||||||||||||||||||
Equity Securities | $ | 1,117 | $ | — | $ | 1,117 | $ | — | $ | — | ||||||||||||
Debt Securities—U.S. Treasury | $ | 178 | $ | — | $ | — | $ | 178 | $ | — | ||||||||||||
Debt Securities—Govt Other | $ | 368 | $ | — | $ | — | $ | 368 | $ | — | ||||||||||||
Debt Securities—Corporate | $ | 587 | $ | — | $ | — | $ | 587 | $ | — | ||||||||||||
Rabbi Trust (C) | ||||||||||||||||||||||
Equity Securities | $ | 26 | $ | — | $ | 26 | $ | — | $ | — | ||||||||||||
Debt Securities—U.S. Treasury | $ | 53 | $ | — | $ | — | $ | 53 | $ | — | ||||||||||||
Debt Securities—Govt Other | $ | 44 | $ | — | $ | — | $ | 44 | $ | — | ||||||||||||
Debt Securities—Corporate | $ | 136 | $ | — | $ | — | $ | 136 | $ | — | ||||||||||||
Liabilities: | ||||||||||||||||||||||
Derivative Contracts: | ||||||||||||||||||||||
Energy-Related Contracts (B) | $ | (20 | ) | $ | 653 | $ | (59 | ) | $ | (612 | ) | $ | (2 | ) | ||||||||
Interest Rate Swaps (D) | $ | (6 | ) | $ | — | $ | — | $ | (6 | ) | $ | — | ||||||||||
PSE&G | ||||||||||||||||||||||
Assets: | ||||||||||||||||||||||
Cash Equivalents (A) | $ | 180 | $ | — | $ | 180 | $ | — | $ | — | ||||||||||||
Rabbi Trust (C) | ||||||||||||||||||||||
Equity Securities | $ | 5 | $ | — | $ | 5 | $ | — | $ | — | ||||||||||||
Debt Securities—U.S. Treasury | $ | 10 | $ | — | $ | — | $ | 10 | $ | — | ||||||||||||
Debt Securities—Govt Other | $ | 8 | $ | — | $ | — | $ | 8 | $ | — | ||||||||||||
Debt Securities—Corporate | $ | 27 | $ | — | $ | — | $ | 27 | $ | — | ||||||||||||
PSEG Power | ||||||||||||||||||||||
Assets: | ||||||||||||||||||||||
Derivative Contracts: | ||||||||||||||||||||||
Energy-Related Contracts (B) | $ | 142 | $ | (655 | ) | $ | 27 | $ | 758 | $ | 12 | |||||||||||
NDT Fund (C) | ||||||||||||||||||||||
Equity Securities | $ | 1,117 | $ | — | $ | 1,117 | $ | — | $ | — | ||||||||||||
Debt Securities—U.S. Treasury | $ | 178 | $ | — | $ | — | $ | 178 | $ | — | ||||||||||||
Debt Securities—Govt Other | $ | 368 | $ | — | $ | — | $ | 368 | $ | — | ||||||||||||
Debt Securities—Corporate | $ | 587 | $ | — | $ | — | $ | 587 | $ | — | ||||||||||||
Rabbi Trust (C) | ||||||||||||||||||||||
Equity Securities | $ | 7 | $ | — | $ | 7 | $ | — | $ | — | ||||||||||||
Debt Securities—U.S. Treasury | $ | 13 | $ | — | $ | — | $ | 13 | $ | — | ||||||||||||
Debt Securities—Govt Other | $ | 11 | $ | — | $ | — | $ | 11 | $ | — | ||||||||||||
Debt Securities—Corporate | $ | 34 | $ | — | $ | — | $ | 34 | $ | — | ||||||||||||
Liabilities: | ||||||||||||||||||||||
Derivative Contracts: | ||||||||||||||||||||||
Energy-Related Contracts (B) | $ | (20 | ) | $ | 653 | $ | (59 | ) | $ | (612 | ) | $ | (2 | ) | ||||||||
Recurring Fair Value Measurements as of December 31, 2019 | ||||||||||||||||||||||
Description | Total | Netting (E) | 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) | $ | 50 | $ | — | $ | 50 | $ | — | $ | — | ||||||||||||
Derivative Contracts: | ||||||||||||||||||||||
Energy-Related Contracts (B) | $ | 137 | $ | (662 | ) | $ | 19 | $ | 770 | $ | 10 | |||||||||||
NDT Fund (C) | ||||||||||||||||||||||
Equity Securities | $ | 1,151 | $ | — | $ | 1,150 | $ | 1 | $ | — | ||||||||||||
Debt Securities—U.S. Treasury | $ | 225 | $ | — | $ | — | $ | 225 | $ | — | ||||||||||||
Debt Securities—Govt Other | $ | 352 | $ | — | $ | — | $ | 352 | $ | — | ||||||||||||
Debt Securities—Corporate | $ | 486 | $ | — | $ | — | $ | 486 | $ | — | ||||||||||||
Rabbi Trust (C) | ||||||||||||||||||||||
Equity Securities | $ | 28 | $ | — | $ | 28 | $ | — | $ | — | ||||||||||||
Debt Securities—U.S. Treasury | $ | 57 | $ | — | $ | — | $ | 57 | $ | — | ||||||||||||
Debt Securities—Govt Other | $ | 47 | $ | — | $ | — | $ | 47 | $ | — | ||||||||||||
Debt Securities—Corporate | $ | 114 | $ | — | $ | — | $ | 114 | $ | — | ||||||||||||
Liabilities: | ||||||||||||||||||||||
Derivative Contracts: | ||||||||||||||||||||||
Energy-Related Contracts (B) | $ | (32 | ) | $ | 660 | $ | (43 | ) | $ | (646 | ) | $ | (3 | ) | ||||||||
Interest Rate Swaps (D) | $ | (5 | ) | $ | — | $ | — | $ | (5 | ) | $ | — | ||||||||||
PSE&G | ||||||||||||||||||||||
Assets: | ||||||||||||||||||||||
Rabbi Trust (C) | ||||||||||||||||||||||
Equity Securities | $ | 5 | $ | — | $ | 5 | $ | — | $ | — | ||||||||||||
Debt Securities—U.S. Treasury | $ | 11 | $ | — | $ | — | $ | 11 | $ | — | ||||||||||||
Debt Securities—Govt Other | $ | 9 | $ | — | $ | — | $ | 9 | $ | — | ||||||||||||
Debt Securities—Corporate | $ | 23 | $ | — | $ | — | $ | 23 | $ | — | ||||||||||||
PSEG Power | ||||||||||||||||||||||
Assets: | ||||||||||||||||||||||
Derivative Contracts: | ||||||||||||||||||||||
Energy-Related Contracts (B) | $ | 137 | $ | (662 | ) | $ | 19 | $ | 770 | $ | 10 | |||||||||||
NDT Fund (C) | ||||||||||||||||||||||
Equity Securities | $ | 1,151 | $ | — | $ | 1,150 | $ | 1 | $ | — | ||||||||||||
Debt Securities—U.S. Treasury | $ | 225 | $ | — | $ | — | $ | 225 | $ | — | ||||||||||||
Debt Securities—Govt Other | $ | 352 | $ | — | $ | — | $ | 352 | $ | — | ||||||||||||
Debt Securities—Corporate | $ | 486 | $ | — | $ | — | $ | 486 | $ | — | ||||||||||||
Rabbi Trust (C) | ||||||||||||||||||||||
Equity Securities | $ | 8 | $ | — | $ | 8 | $ | — | $ | — | ||||||||||||
Debt Securities—U.S. Treasury | $ | 14 | $ | — | $ | — | $ | 14 | $ | — | ||||||||||||
Debt Securities—Govt Other | $ | 12 | $ | — | $ | — | $ | 12 | $ | — | ||||||||||||
Debt Securities—Corporate | $ | 28 | $ | — | $ | — | $ | 28 | $ | — | ||||||||||||
Liabilities: | ||||||||||||||||||||||
Derivative Contracts: | ||||||||||||||||||||||
Energy-Related Contracts (B) | $ | (32 | ) | $ | 660 | $ | (43 | ) | $ | (646 | ) | $ | (3 | ) | ||||||||
(A) | Represents money market mutual funds. |
(B) | 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. |
The fair value measurement table excludes |
Interest rate swaps are valued using quoted prices on commonly quoted intervals, which are interpolated for periods different than the quoted intervals, as inputs to a market valuation model. Market inputs can generally be verified and model selection does not involve significant management judgment. |
Represents the netting of fair value balances with the same counterparty (where the right of offset exists) and the application of collateral. See Note 13. Financial Risk Management Activities for additional detail. |
Quantitative Information About Level 3 Fair Value Measurements | ||||||||||||||||||
Significant | ||||||||||||||||||
Fair Value as of | Valuation | Unobservable | ||||||||||||||||
Commodity | Level 3 Position | June 30, 2019 | Technique(s) | Input | Range | |||||||||||||
Assets | (Liabilities) | |||||||||||||||||
Millions | ||||||||||||||||||
PSEG Power | ||||||||||||||||||
Electricity | Electric Load Contracts | $ | 7 | $ | — | Discounted Cash flow | Historic Load Variability | 0% to 15% | ||||||||||
Gas | Gas Physical Contracts | — | (3 | ) | Discounted Cash flow | Average Historical Basis | -40% to 0% | |||||||||||
Total PSEG Power | $ | 7 | $ | (3 | ) | |||||||||||||
Total PSEG | $ | 7 | $ | (3 | ) | |||||||||||||
Quantitative Information About Level 3 Fair Value Measurements | ||||||||||||||||||||
Significant | ||||||||||||||||||||
Level 3 | Fair Value as of | Valuation | Unobservable | Arithmetic | ||||||||||||||||
Commodity | Position | June 30, 2020 | Technique(s) | Input | Range | Average | ||||||||||||||
Assets | (Liabilities) | |||||||||||||||||||
Millions | ||||||||||||||||||||
PSEG Power | ||||||||||||||||||||
Electricity | Electric Load Contracts | $ | 12 | $ | — | Discounted Cash flow | Load Shaping Cost | 0% to 11% | 4% | |||||||||||
Gas | Gas Physical Contracts | — | (2 | ) | Discounted Cash flow | Historical Basis Adjustment | -50% to 0% | -27% | ||||||||||||
Total PSEG Power | $ | 12 | $ | (2 | ) | |||||||||||||||
Total PSEG | $ | 12 | $ | (2 | ) | |||||||||||||||
Quantitative Information About Level 3 Fair Value Measurements | ||||||||||||||||||
Significant | ||||||||||||||||||
Fair Value as of | Valuation | Unobservable | ||||||||||||||||
Commodity | Level 3 Position | December 31, 2018 | Technique(s) | Input | Range | |||||||||||||
Assets | (Liabilities) | |||||||||||||||||
Millions | ||||||||||||||||||
PSEG Power | ||||||||||||||||||
Electricity | Electric Load Contracts | $ | 2 | $ | (5 | ) | Discounted Cash flow | Historic Load Variability | 0% to 15% | |||||||||
Gas | Gas Physical Contracts | 5 | (1 | ) | Discounted Cash flow | Average Historical Basis | -40% to 0% | |||||||||||
Total PSEG Power | $ | 7 | $ | (6 | ) | |||||||||||||
Total PSEG | $ | 7 | $ | (6 | ) | |||||||||||||
Quantitative Information About Level 3 Fair Value Measurements | ||||||||||||||||||
Significant | ||||||||||||||||||
Fair Value as of | Valuation | Unobservable | ||||||||||||||||
Commodity | Level 3 Position | December 31, 2019 | Technique(s) | Input | Range | |||||||||||||
Assets | (Liabilities) | |||||||||||||||||
Millions | ||||||||||||||||||
PSEG Power | ||||||||||||||||||
Electricity | Electric Load Contracts | $ | 10 | $ | — | Discounted Cash flow | Historic Load Variability | 0% to 10% | ||||||||||
Gas | Gas Physical Contracts | — | (3 | ) | Discounted Cash flow | Average Historical Basis | -50% to 0% | |||||||||||
Total PSEG Power | $ | 10 | $ | (3 | ) | |||||||||||||
Total PSEG | $ | 10 | $ | (3 | ) | |||||||||||||
Three Months Ended June 30, 2019 | ||||||||||||||||||||||||||
Description | Balance as of March 31, 2019 | Total Gains or (Losses) Realized/Unrealized Included in Income (A) | Purchases (Sales) | Issuances/ Settlements (B) | Transfers In/Out (C) | Balance as of June 30, 2019 | ||||||||||||||||||||
Millions | ||||||||||||||||||||||||||
PSEG and PSEG Power | ||||||||||||||||||||||||||
Net Derivative Assets (Liabilities) | $ | (2 | ) | $ | 8 | $ | — | $ | (2 | ) | $ | — | $ | 4 | ||||||||||||
Six Months Ended June 30, 2019 | ||||||||||||||||||||||||||
Description | Balance as of December 31, 2018 | Total Gains or (Losses) Realized/Unrealized Included in Income (A) | Purchases (Sales) | Issuances/ Settlements (B) | Transfers In/Out (C) | Balance as of June 30, 2019 | ||||||||||||||||||||
Millions | ||||||||||||||||||||||||||
PSEG and PSEG Power | ||||||||||||||||||||||||||
Net Derivative Assets (Liabilities) | $ | 1 | $ | 9 | $ | — | $ | (6 | ) | $ | — | $ | 4 | |||||||||||||
Three Months Ended June 30, 2018 | ||||||||||||||||||||||||||
Description | Balance as of March 31, 2018 | Total Gains or (Losses) Realized/Unrealized Included in Income (A) | Purchases (Sales) | Issuances/ Settlements (B) | Transfers In/Out (C) | Balance as of June 30, 2018 | ||||||||||||||||||||
Millions | ||||||||||||||||||||||||||
PSEG and PSEG Power | ||||||||||||||||||||||||||
Net Derivative Assets (Liabilities) | $ | 7 | $ | (3 | ) | $ | — | $ | — | $ | — | $ | 4 | |||||||||||||
Six Months Ended June 30, 2018 | ||||||||||||||||||||||||||
Description | Balance as of December 31, 2017 | Total Gains or (Losses) Realized/Unrealized Included in Income (A) | Purchases (Sales) | Issuances/ Settlements (B) | Transfers In/Out (C) | Balance as of June 30, 2018 | ||||||||||||||||||||
Millions | ||||||||||||||||||||||||||
PSEG and PSEG Power | ||||||||||||||||||||||||||
Net Derivative Assets (Liabilities) | $ | 7 | $ | (4 | ) | $ | — | $ | 1 | $ | — | $ | 4 | |||||||||||||
Three Months Ended June 30, 2020 | ||||||||||||||||||||||||||
Description | Balance as of March 31, 2020 | Total Gains or (Losses) Realized/Unrealized Included in Income (A) | Purchases (Sales) | Issuances/ Settlements (B) | Transfers In/Out (C) | Balance as of June 30, 2020 | ||||||||||||||||||||
Millions | ||||||||||||||||||||||||||
PSEG and PSEG Power | ||||||||||||||||||||||||||
Net Derivative Assets (Liabilities) | $ | 19 | $ | (4 | ) | $ | — | $ | (5 | ) | $ | — | $ | 10 | ||||||||||||
Six Months Ended June 30, 2020 | ||||||||||||||||||||||||||
Description | Balance as of December 31, 2019 | Total Gains or (Losses) Realized/Unrealized Included in Income (A) | Purchases (Sales) | Issuances/ Settlements (B) | Transfers In/Out (C) | Balance as of June 30, 2020 | ||||||||||||||||||||
Millions | ||||||||||||||||||||||||||
PSEG and PSEG Power | ||||||||||||||||||||||||||
Net Derivative Assets (Liabilities) | $ | 7 | $ | 9 | $ | — | $ | (6 | ) | $ | — | $ | 10 | |||||||||||||
Three Months Ended June 30, 2019 | ||||||||||||||||||||||||||
Description | Balance as of March 31, 2019 | Total Gains or (Losses) Realized/Unrealized Included in Income (A) | Purchases (Sales) | Issuances/ Settlements (B) | Transfers In/Out (C) | Balance as of June 30, 2019 | ||||||||||||||||||||
Millions | ||||||||||||||||||||||||||
PSEG and PSEG Power | ||||||||||||||||||||||||||
Net Derivative Assets (Liabilities) | $ | (2 | ) | $ | 8 | $ | — | $ | (2 | ) | $ | — | $ | 4 | ||||||||||||
Six Months Ended June 30, 2019 | ||||||||||||||||||||||||||
Description | Balance as of December 31, 2018 | Total Gains or (Losses) Realized/Unrealized Included in Income (A) | Purchases (Sales) | Issuances/ Settlements (B) | Transfers In/Out (C) | Balance as of June 30, 2019 | ||||||||||||||||||||
Millions | ||||||||||||||||||||||||||
PSEG and PSEG Power | ||||||||||||||||||||||||||
Net Derivative Assets (Liabilities) | $ | 1 | $ | 9 | $ | — | $ | (6 | ) | $ | — | $ | 4 | |||||||||||||
(A) | Unrealized gains (losses) in the following table represent the change in derivative assets and liabilities still held as of June 30, |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||||||||||||||||||||
Total Gains (Losses) | Unrealized Gains (Losses) | Total Gains (Losses) | Unrealized Gains (Losses) | Total Gains (Losses) | Unrealized Gains (Losses) | Total Gains (Losses) | Unrealized Gains (Losses) | |||||||||||||||||||||||||||
Millions | ||||||||||||||||||||||||||||||||||
PSEG and PSEG Power | ||||||||||||||||||||||||||||||||||
Operating Revenues | $ | 11 | $ | 9 | $ | (7 | ) | $ | (7 | ) | $ | 17 | $ | 9 | $ | 1 | $ | 1 | ||||||||||||||||
Energy Costs | (3 | ) | (3 | ) | 4 | 3 | (8 | ) | (6 | ) | (5 | ) | (6 | ) | ||||||||||||||||||||
Total | $ | 8 | $ | 6 | $ | (3 | ) | $ | (4 | ) | $ | 9 | $ | 3 | $ | (4 | ) | $ | (5 | ) | ||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||||||||
Total Gains (Losses) | Unrealized Gains (Losses) | Total Gains (Losses) | Unrealized Gains (Losses) | Total Gains (Losses) | Unrealized Gains (Losses) | Total Gains (Losses) | Unrealized Gains (Losses) | |||||||||||||||||||||||||||
Millions | ||||||||||||||||||||||||||||||||||
PSEG and PSEG Power | ||||||||||||||||||||||||||||||||||
Operating Revenues | $ | (4 | ) | $ | (9 | ) | $ | 11 | $ | 9 | $ | 14 | $ | 2 | $ | 17 | $ | 9 | ||||||||||||||||
Energy Costs | — | — | (3 | ) | (3 | ) | (5 | ) | 1 | (8 | ) | (6 | ) | |||||||||||||||||||||
Total | $ | (4 | ) | $ | (9 | ) | $ | 8 | $ | 6 | $ | 9 | $ | 3 | $ | 9 | $ | 3 | ||||||||||||||||
(B) |
(C) | There were no transfers into or out of Level 3 during the three months and six months ended June 30, |
As of | As of | ||||||||||||||||
June 30, 2019 | December 31, 2018 | ||||||||||||||||
Carrying Amount | Fair Value | Carrying Amount | Fair Value | ||||||||||||||
Millions | |||||||||||||||||
Long-Term Debt: | |||||||||||||||||
PSEG (A) (B) | $ | 2,840 | $ | 2,855 | $ | 2,443 | $ | 2,397 | |||||||||
PSE&G (B) | 9,680 | 10,697 | 9,184 | 9,374 | |||||||||||||
PSEG Power (B) | 2,837 | 3,133 | 2,835 | 2,996 | |||||||||||||
Total Long-Term Debt | $ | 15,357 | $ | 16,685 | $ | 14,462 | $ | 14,767 | |||||||||
As of | As of | ||||||||||||||||
June 30, 2020 | December 31, 2019 | ||||||||||||||||
Carrying Amount | Fair Value | Carrying Amount | Fair Value | ||||||||||||||
Millions | |||||||||||||||||
Long-Term Debt: | |||||||||||||||||
PSEG (A) (B) | $ | 2,442 | $ | 2,537 | $ | 2,441 | $ | 2,479 | |||||||||
PSE&G (B) | 10,795 | 13,152 | 9,827 | 11,107 | |||||||||||||
PSEG Power (B) | 2,436 | 2,840 | 2,840 | 3,137 | |||||||||||||
Total Long-Term Debt | $ | 15,673 | $ | 18,529 | $ | 15,108 | $ | 16,723 | |||||||||
(A) |
(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 |
PSE&G | PSEG Power | Other (A) | Consolidated | ||||||||||||||
Millions | |||||||||||||||||
Three Months Ended June 30, 2019 | |||||||||||||||||
NDT Fund Interest and Dividends | $ | — | $ | 16 | $ | — | $ | 16 | |||||||||
Allowance for Funds Used During Construction | 14 | — | — | 14 | |||||||||||||
Solar Loan Interest | 4 | — | — | 4 | |||||||||||||
Other | 1 | (1 | ) | (1 | ) | (1 | ) | ||||||||||
Total Other Income (Deductions) | $ | 19 | $ | 15 | $ | (1 | ) | $ | 33 | ||||||||
Six Months Ended June 30, 2019 | |||||||||||||||||
NDT Fund Interest and Dividends | $ | — | $ | 30 | $ | — | $ | 30 | |||||||||
Allowance for Funds Used During Construction | 27 | — | — | 27 | |||||||||||||
Solar Loan Interest | 8 | — | — | 8 | |||||||||||||
Other | 3 | (2 | ) | — | 1 | ||||||||||||
Total Other Income (Deductions) | $ | 38 | $ | 28 | $ | — | $ | 66 | |||||||||
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 | |||||||||
PSE&G | PSEG Power | Other (A) | Consolidated | ||||||||||||||
Millions | |||||||||||||||||
Three Months Ended June 30, 2020 | |||||||||||||||||
NDT Fund Interest and Dividends | $ | — | $ | 14 | $ | — | $ | 14 | |||||||||
Allowance for Funds Used During Construction | 20 | — | — | 20 | |||||||||||||
Solar Loan Interest | 4 | — | — | 4 | |||||||||||||
Purchases of Tax Losses under New Jersey Technology Tax Benefit Transfer Program | — | (1 | ) | — | (1 | ) | |||||||||||
Other | 2 | (1 | ) | — | 1 | ||||||||||||
Total Other Income (Deductions) | $ | 26 | $ | 12 | $ | — | $ | 38 | |||||||||
Six Months Ended June 30, 2020 | |||||||||||||||||
NDT Fund Interest and Dividends | $ | — | $ | 27 | $ | — | $ | 27 | |||||||||
Allowance for Funds Used During Construction | 41 | — | — | 41 | |||||||||||||
Solar Loan Interest | 8 | — | — | 8 | |||||||||||||
Purchases of Tax Losses under New Jersey Technology Tax Benefit Transfer Program | — | (36 | ) | — | (36 | ) | |||||||||||
Other | 4 | (2 | ) | — | 2 | ||||||||||||
Total Other Income (Deductions) | $ | 53 | $ | (11 | ) | $ | — | $ | 42 | ||||||||
Three Months Ended June 30, 2019 | |||||||||||||||||
NDT Fund Interest and Dividends | $ | — | $ | 16 | $ | — | $ | 16 | |||||||||
Allowance for Funds Used During Construction | 14 | — | — | 14 | |||||||||||||
Solar Loan Interest | 4 | — | — | 4 | |||||||||||||
Other | 1 | (1 | ) | (1 | ) | (1 | ) | ||||||||||
Total Other Income (Deductions) | $ | 19 | $ | 15 | $ | (1 | ) | $ | 33 | ||||||||
Six Months Ended June 30, 2019 | |||||||||||||||||
NDT Fund Interest and Dividends | $ | — | $ | 30 | $ | — | $ | 30 | |||||||||
Allowance for Funds Used During Construction | 27 | — | — | 27 | |||||||||||||
Solar Loan Interest | 8 | — | — | 8 | |||||||||||||
Other | 3 | (2 | ) | — | 1 | ||||||||||||
Total Other Income (Deductions) | $ | 38 | $ | 28 | $ | — | $ | 66 | |||||||||
(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, | ||||||||
2019 | 2018 | 2019 | 2018 | ||||||
PSEG | (15.0)% | 26.5% | 13.1% | 26.6% | |||||
PSE&G | 5.8% | 25.7% | 5.8% | 26.4% | |||||
PSEG Power | 21.6% | 31.7% | 30.6% | 27.1% | |||||
Three Months Ended | Six Months Ended | ||||||||
June 30, | June 30, | ||||||||
2020 | 2019 | 2020 | 2019 | ||||||
PSEG | 19.5% | (15.0)% | 14.5% | 13.1% | |||||
PSE&G | 14.2% | 5.8% | 17.7% | 5.8% | |||||
PSEG Power | 27.4% | 21.6% | (3.4)% | 30.6% | |||||
PSEG | Three Months Ended June 30, 2019 | |||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | Cash Flow Hedges | Pension and OPEB Plans | Available-for-Sale Securities | Total | ||||||||||||||
Millions | ||||||||||||||||||
Balance as of March 31, 2019 | $ | (5 | ) | $ | (441 | ) | $ | 5 | $ | (441 | ) | |||||||
Other Comprehensive Income before Reclassifications | (13 | ) | — | 21 | 8 | |||||||||||||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | — | 4 | (3 | ) | 1 | |||||||||||||
Net Current Period Other Comprehensive Income (Loss) | (13 | ) | 4 | 18 | 9 | |||||||||||||
Balance as of June 30, 2019 | $ | (18 | ) | $ | (437 | ) | $ | 23 | $ | (432 | ) | |||||||
PSEG | 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 | Six Months Ended June 30, 2019 | |||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | Cash Flow Hedges | Pension and OPEB Plans | Available-for-Sale Securities | Total | ||||||||||||||
Millions | ||||||||||||||||||
Balance as of December 31, 2018 | $ | (1 | ) | $ | (360 | ) | $ | (16 | ) | $ | (377 | ) | ||||||
Cumulative Effect Adjustment to Reclassify Stranded Tax Effects Resulting from the Change in the Federal Corporate Income Tax Rate to Retained Earnings | — | (81 | ) | — | (81 | ) | ||||||||||||
Current Period Other Comprehensive Income (Loss) | ||||||||||||||||||
Other Comprehensive Income before Reclassifications | (17 | ) | (3 | ) | 41 | 21 | ||||||||||||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | — | 7 | (2 | ) | 5 | |||||||||||||
Net Current Period Other Comprehensive Income (Loss) | (17 | ) | 4 | 39 | 26 | |||||||||||||
Net Change in Accumulated Other Comprehensive Income (Loss) | (17 | ) | (77 | ) | 39 | (55 | ) | |||||||||||
Balance as of June 30, 2019 | $ | (18 | ) | $ | (437 | ) | $ | 23 | $ | (432 | ) | |||||||
PSEG | 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 Accumulated Other Comprehensive Income (Loss) | (1 | ) | 15 | (195 | ) | (181 | ) | |||||||||||
Balance as of June 30, 2018 | $ | (1 | ) | $ | (391 | ) | $ | (18 | ) | $ | (410 | ) | ||||||
PSEG | Three Months Ended June 30, 2020 | |||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | Cash Flow Hedges | Pension and OPEB Plans | Available-for-Sale Securities | Total | ||||||||||||||
Millions | ||||||||||||||||||
Balance as of March 31, 2020 | $ | (18 | ) | $ | (496 | ) | $ | 33 | $ | (481 | ) | |||||||
Other Comprehensive Income before Reclassifications | — | — | 30 | 30 | ||||||||||||||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | 3 | 3 | (10 | ) | (4 | ) | ||||||||||||
Net Current Period Other Comprehensive Income (Loss) | 3 | 3 | 20 | 26 | ||||||||||||||
Balance as of June 30, 2020 | $ | (15 | ) | $ | (493 | ) | $ | 53 | $ | (455 | ) | |||||||
PSEG | Three Months Ended June 30, 2019 | |||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | Cash Flow Hedges | Pension and OPEB Plans | Available-for-Sale Securities | Total | ||||||||||||||
Millions | ||||||||||||||||||
Balance as of March 31, 2019 | $ | (5 | ) | $ | (441 | ) | $ | 5 | $ | (441 | ) | |||||||
Other Comprehensive Income (Loss) before Reclassifications | (13 | ) | — | 21 | 8 | |||||||||||||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | — | 4 | (3 | ) | 1 | |||||||||||||
Net Current Period Other Comprehensive Income (Loss) | (13 | ) | 4 | 18 | 9 | |||||||||||||
Balance as of June 30, 2019 | $ | (18 | ) | $ | (437 | ) | $ | 23 | $ | (432 | ) | |||||||
PSEG | Six Months Ended June 30, 2020 | |||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | Cash Flow Hedges | Pension and OPEB Plans | Available-for-Sale Securities | Total | ||||||||||||||
Millions | ||||||||||||||||||
Balance as of December 31, 2019 | $ | (15 | ) | $ | (499 | ) | $ | 25 | $ | (489 | ) | |||||||
Other Comprehensive Income (Loss) before Reclassifications | (4 | ) | — | 44 | 40 | |||||||||||||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | 4 | 6 | (16 | ) | (6 | ) | ||||||||||||
Net Current Period Other Comprehensive Income (Loss) | — | 6 | 28 | 34 | ||||||||||||||
Balance as of June 30, 2020 | $ | (15 | ) | $ | (493 | ) | $ | 53 | $ | (455 | ) | |||||||
PSEG | Six Months Ended June 30, 2019 | |||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | Cash Flow Hedges | Pension and OPEB Plans | Available-for-Sale Securities | Total | ||||||||||||||
Millions | ||||||||||||||||||
Balance as of December 31, 2018 | $ | (1 | ) | $ | (360 | ) | $ | (16 | ) | $ | (377 | ) | ||||||
Cumulative Effect Adjustment to Reclassify Stranded Tax Effects Resulting in the Change in the Federal Corporate Income Tax to Retained Earnings | — | (81 | ) | — | (81 | ) | ||||||||||||
Current Period Other Comprehensive Income (Loss) | ||||||||||||||||||
Other Comprehensive Income (Loss) before Reclassifications | (17 | ) | (3 | ) | 41 | 21 | ||||||||||||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | — | 7 | (2 | ) | 5 | |||||||||||||
Net Current Period Other Comprehensive Income (Loss) | (17 | ) | 4 | 39 | 26 | |||||||||||||
Net Change in Accumulated Other Comprehensive Income (Loss) | (17 | ) | (77 | ) | 39 | (55 | ) | |||||||||||
Balance as of June 30, 2019 | $ | (18 | ) | $ | (437 | ) | $ | 23 | $ | (432 | ) | |||||||
PSEG Power | Three Months Ended June 30, 2019 | |||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | Cash Flow Hedges | Pension and OPEB Plans | Available-for-Sale Securities | Total | ||||||||||||||
Millions | ||||||||||||||||||
Balance as of March 31, 2019 | $ | — | $ | (375 | ) | $ | 3 | $ | (372 | ) | ||||||||
Other Comprehensive Income before Reclassifications | — | — | 17 | 17 | ||||||||||||||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | — | 3 | (2 | ) | 1 | |||||||||||||
Net Current Period Other Comprehensive Income (Loss) | — | 3 | 15 | 18 | ||||||||||||||
Balance as of June 30, 2019 | $ | — | $ | (372 | ) | $ | 18 | $ | (354 | ) | ||||||||
PSEG Power | 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 | ) | |||||||
PSEG Power | Six Months Ended June 30, 2019 | |||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | Cash Flow Hedges | Pension and OPEB Plans | Available-for-Sale Securities | Total | ||||||||||||||
Millions | ||||||||||||||||||
Balance as of December 31, 2018 | $ | — | $ | (306 | ) | $ | (13 | ) | $ | (319 | ) | |||||||
Cumulative Effect Adjustment to Reclassify Stranded Tax Effects Resulting from the Change in the Federal Corporate Income Tax Rate to Retained Earnings | — | (69 | ) | — | (69 | ) | ||||||||||||
Current Period Other Comprehensive Income (Loss) | ||||||||||||||||||
Other Comprehensive Income before Reclassifications | — | (3 | ) | 32 | 29 | |||||||||||||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | — | 6 | (1 | ) | 5 | |||||||||||||
Net Current Period Other Comprehensive Income (Loss) | — | 3 | 31 | 34 | ||||||||||||||
Net Change in Accumulated Other Comprehensive Income (Loss) | — | (66 | ) | 31 | (35 | ) | ||||||||||||
Balance as of June 30, 2019 | $ | — | $ | (372 | ) | $ | 18 | $ | (354 | ) | ||||||||
PSEG Power | 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 Accumulated Other Comprehensive Income (Loss) | — | 12 | (190 | ) | (178 | ) | ||||||||||||
Balance as of June 30, 2018 | $ | — | $ | (335 | ) | $ | (15 | ) | $ | (350 | ) | |||||||
PSEG Power | Three Months Ended June 30, 2020 | |||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | Cash Flow Hedges | Pension and OPEB Plans | Available-for-Sale Securities | Total | ||||||||||||||
Millions | ||||||||||||||||||
Balance as of March 31, 2020 | $ | — | $ | (418 | ) | $ | 26 | $ | (392 | ) | ||||||||
Other Comprehensive Income before Reclassifications | — | — | 24 | 24 | ||||||||||||||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | — | 3 | (9 | ) | (6 | ) | ||||||||||||
Net Current Period Other Comprehensive Income (Loss) | — | 3 | 15 | 18 | ||||||||||||||
Balance as of June 30, 2020 | $ | — | $ | (415 | ) | $ | 41 | $ | (374 | ) | ||||||||
PSEG Power | Three Months Ended June 30, 2019 | |||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | Cash Flow Hedges | Pension and OPEB Plans | Available-for-Sale Securities | Total | ||||||||||||||
Millions | ||||||||||||||||||
Balance as of March 31, 2019 | $ | — | $ | (375 | ) | $ | 3 | $ | (372 | ) | ||||||||
Other Comprehensive Income before Reclassifications | — | — | 17 | 17 | ||||||||||||||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | — | 3 | (2 | ) | 1 | |||||||||||||
Net Current Period Other Comprehensive Income (Loss) | — | 3 | 15 | 18 | ||||||||||||||
Balance as of June 30, 2019 | $ | — | $ | (372 | ) | $ | 18 | $ | (354 | ) | ||||||||
PSEG Power | Six Months Ended June 30, 2020 | |||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | Cash Flow Hedges | Pension and OPEB Plans | Available-for-Sale Securities | Total | ||||||||||||||
Millions | ||||||||||||||||||
Balance as of December 31, 2019 | $ | — | $ | (420 | ) | $ | 19 | $ | (401 | ) | ||||||||
Other Comprehensive Income before Reclassifications | — | — | 35 | 35 | ||||||||||||||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | — | 5 | (13 | ) | (8 | ) | ||||||||||||
Net Current Period Other Comprehensive Income (Loss) | — | 5 | 22 | 27 | ||||||||||||||
Balance as of June 30, 2020 | $ | — | $ | (415 | ) | $ | 41 | $ | (374 | ) | ||||||||
PSEG Power | Six Months Ended June 30, 2019 | |||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | Cash Flow Hedges | Pension and OPEB Plans | Available-for-Sale Securities | Total | ||||||||||||||
Millions | ||||||||||||||||||
Balance as of December 31, 2018 | $ | — | $ | (306 | ) | $ | (13 | ) | $ | (319 | ) | |||||||
Cumulative Effect Adjustment to Reclassify Stranded Tax Effects Resulting in the Change in the Federal Corporate Income Tax to Retained Earnings | — | (69 | ) | — | (69 | ) | ||||||||||||
Current Period Other Comprehensive Income (Loss) | ||||||||||||||||||
Other Comprehensive Income (Loss) before Reclassifications | — | (3 | ) | 32 | 29 | |||||||||||||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | — | 6 | (1 | ) | 5 | |||||||||||||
Net Current Period Other Comprehensive Income (Loss) | — | 3 | 31 | 34 | ||||||||||||||
Net Change in Accumulated Other Comprehensive Income (Loss) | — | (66 | ) | 31 | (35 | ) | ||||||||||||
Balance as of June 30, 2019 | $ | — | $ | (372 | ) | $ | 18 | $ | (354 | ) | ||||||||
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, 2019 | June 30, 2019 | ||||||||||||||||||||||||
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 | $ | (1 | ) | $ | 1 | $ | — | $ | (1 | ) | $ | 1 | $ | — | ||||||||||||
Total Cash Flow Hedges | (1 | ) | 1 | — | (1 | ) | 1 | — | |||||||||||||||||||
Pension and OPEB Plans | |||||||||||||||||||||||||||
Amortization of Prior Service (Cost) Credit | Non-Operating Pension and OPEB Credits (Costs) | $ | 6 | $ | (2 | ) | $ | 4 | $ | 13 | $ | (4 | ) | $ | 9 | ||||||||||||
Amortization of Actuarial Loss | Non-Operating Pension and OPEB Credits (Costs) | (11 | ) | 3 | (8 | ) | (23 | ) | 7 | (16 | ) | ||||||||||||||||
Total Pension and OPEB Plans | (5 | ) | 1 | (4 | ) | (10 | ) | 3 | (7 | ) | |||||||||||||||||
Available-for-Sale Debt Securities | |||||||||||||||||||||||||||
Realized Gains (Losses) | Net Gains (Losses) on Trust Investments | 4 | (1 | ) | 3 | 3 | (1 | ) | 2 | ||||||||||||||||||
Total Available-for-Sale Debt Securities | 4 | (1 | ) | 3 | 3 | (1 | ) | 2 | |||||||||||||||||||
Total | $ | (2 | ) | $ | 1 | $ | (1 | ) | $ | (8 | ) | $ | 3 | $ | (5 | ) | |||||||||||
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, 2020 | June 30, 2020 | ||||||||||||||||||||||||
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 | $ | (4 | ) | $ | 1 | $ | (3 | ) | $ | (6 | ) | $ | 2 | $ | (4 | ) | ||||||||||
Total Cash Flow Hedges | (4 | ) | 1 | (3 | ) | (6 | ) | 2 | (4 | ) | |||||||||||||||||
Pension and OPEB Plans | |||||||||||||||||||||||||||
Amortization of Prior Service (Cost) Credit | Non-Operating Pension and OPEB Credits (Costs) | 6 | (1 | ) | 5 | 12 | (3 | ) | 9 | ||||||||||||||||||
Amortization of Actuarial Loss | Non-Operating Pension and OPEB Credits (Costs) | (10 | ) | 2 | (8 | ) | (20 | ) | 5 | (15 | ) | ||||||||||||||||
Total Pension and OPEB Plans | (4 | ) | 1 | (3 | ) | (8 | ) | 2 | (6 | ) | |||||||||||||||||
Available-for-Sale Debt Securities | |||||||||||||||||||||||||||
Realized Gains (Losses) and Impairments | Net Gains (Losses) on Trust Investments | 17 | (7 | ) | 10 | 26 | (10 | ) | 16 | ||||||||||||||||||
Total Available-for-Sale Debt Securities | 17 | (7 | ) | 10 | 26 | (10 | ) | 16 | |||||||||||||||||||
Total | $ | 9 | $ | (5 | ) | $ | 4 | $ | 12 | $ | (6 | ) | $ | 6 | |||||||||||||
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) | 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 | Six Months Ended | ||||||||||||||||||||||||||
Description of Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | Location of Pre-Tax Amount In Statement of Operations | June 30, 2019 | June 30, 2019 | ||||||||||||||||||||||||
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 | $ | (1 | ) | $ | 1 | $ | — | $ | (1 | ) | $ | 1 | $ | — | ||||||||||||
Total Cash Flow Hedges | (1 | ) | 1 | — | (1 | ) | 1 | — | |||||||||||||||||||
Pension and OPEB Plans | |||||||||||||||||||||||||||
Amortization of Prior Service (Cost) Credit | Non-Operating Pension and OPEB Credits (Costs) | 6 | (2 | ) | 4 | 13 | (4 | ) | 9 | ||||||||||||||||||
Amortization of Actuarial Loss | Non-Operating Pension and OPEB Credits (Costs) | (11 | ) | 3 | (8 | ) | (23 | ) | 7 | (16 | ) | ||||||||||||||||
Total Pension and OPEB Plans | (5 | ) | 1 | (4 | ) | (10 | ) | 3 | (7 | ) | |||||||||||||||||
Available-for-Sale Debt Securities | |||||||||||||||||||||||||||
Realized Gains (Losses) | Net Gains (Losses) on Trust Investments | 4 | (1 | ) | 3 | 3 | (1 | ) | 2 | ||||||||||||||||||
Total Available-for-Sale Debt Securities | 4 | (1 | ) | 3 | 3 | (1 | ) | 2 | |||||||||||||||||||
Total | $ | (2 | ) | $ | 1 | $ | (1 | ) | $ | (8 | ) | $ | 3 | $ | (5 | ) | |||||||||||
PSEG 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, 2019 | June 30, 2019 | ||||||||||||||||||||||||
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) | $ | 5 | $ | (1 | ) | $ | 4 | $ | 11 | $ | (3 | ) | $ | 8 | ||||||||||||
Amortization of Actuarial Loss | Non-Operating Pension and OPEB Credits (Costs) | (9 | ) | 2 | (7 | ) | (19 | ) | 5 | (14 | ) | ||||||||||||||||
Total Pension and OPEB Plans | (4 | ) | 1 | (3 | ) | (8 | ) | 2 | (6 | ) | |||||||||||||||||
Available-for-Sale Debt Securities | |||||||||||||||||||||||||||
Realized Gains (Losses) | Net Gains (Losses) on Trust Investments | 3 | (1 | ) | 2 | 2 | (1 | ) | 1 | ||||||||||||||||||
Total Available-for-Sale Debt Securities | 3 | (1 | ) | 2 | 2 | (1 | ) | 1 | |||||||||||||||||||
Total | $ | (1 | ) | $ | — | $ | (1 | ) | $ | (6 | ) | $ | 1 | $ | (5 | ) | |||||||||||
PSEG 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, 2020 | June 30, 2020 | ||||||||||||||||||||||||
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) | $ | 6 | $ | (2 | ) | $ | 4 | $ | 11 | $ | (3 | ) | $ | 8 | ||||||||||||
Amortization of Actuarial Loss | Non-Operating Pension and OPEB Credits (Costs) | (9 | ) | 2 | (7 | ) | (17 | ) | 4 | (13 | ) | ||||||||||||||||
Total Pension and OPEB Plans | (3 | ) | — | (3 | ) | (6 | ) | 1 | (5 | ) | |||||||||||||||||
Available-for-Sale Debt Securities | |||||||||||||||||||||||||||
Realized Gains (Losses) and Impairments | Net Gains (Losses) on Trust Investments | 14 | (5 | ) | 9 | 21 | (8 | ) | 13 | ||||||||||||||||||
Total Available-for-Sale Debt Securities | 14 | (5 | ) | 9 | 21 | (8 | ) | 13 | |||||||||||||||||||
Total | $ | 11 | $ | (5 | ) | $ | 6 | $ | 15 | $ | (7 | ) | $ | 8 | |||||||||||||
PSEG 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) | 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 | ) | |||||||||||
PSEG 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, 2019 | June 30, 2019 | ||||||||||||||||||||||||
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) | $ | 5 | $ | (1 | ) | $ | 4 | $ | 11 | $ | (3 | ) | $ | 8 | ||||||||||||
Amortization of Actuarial Loss | Non-Operating Pension and OPEB Credits (Costs) | (9 | ) | 2 | (7 | ) | (19 | ) | 5 | (14 | ) | ||||||||||||||||
Total Pension and OPEB Plans | (4 | ) | 1 | (3 | ) | (8 | ) | 2 | (6 | ) | |||||||||||||||||
Available-for-Sale Debt Securities | |||||||||||||||||||||||||||
Realized Gains (Losses) | Net Gains (Losses) on Trust Investments | 3 | (1 | ) | 2 | 2 | (1 | ) | 1 | ||||||||||||||||||
Total Available-for-Sale Debt Securities | 3 | (1 | ) | 2 | 2 | (1 | ) | 1 | |||||||||||||||||||
Total | $ | (1 | ) | $ | — | $ | (1 | ) | $ | (6 | ) | $ | 1 | $ | (5 | ) | |||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||||||||||||||||||||
Basic | Diluted | Basic | Diluted | Basic | Diluted | Basic | Diluted | ||||||||||||||||||||||||||
EPS Numerator (Millions): | |||||||||||||||||||||||||||||||||
Net Income | $ | 153 | $ | 153 | $ | 269 | $ | 269 | $ | 853 | $ | 853 | $ | 827 | $ | 827 | |||||||||||||||||
EPS Denominator (Millions): | |||||||||||||||||||||||||||||||||
Weighted Average Common Shares Outstanding | 504 | 504 | 504 | 504 | 504 | 504 | 504 | 504 | |||||||||||||||||||||||||
Effect of Stock Based Compensation Awards | — | 3 | — | 3 | — | 3 | — | 3 | |||||||||||||||||||||||||
Total Shares | 504 | 507 | 504 | 507 | 504 | 507 | 504 | 507 | |||||||||||||||||||||||||
EPS | |||||||||||||||||||||||||||||||||
Net Income | $ | 0.30 | $ | 0.30 | $ | 0.53 | $ | 0.53 | $ | 1.69 | $ | 1.68 | $ | 1.64 | $ | 1.63 | |||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||||||||||
Basic | Diluted | Basic | Diluted | Basic | Diluted | Basic | Diluted | ||||||||||||||||||||||||||
EPS Numerator (Millions): | |||||||||||||||||||||||||||||||||
Net Income | $ | 451 | $ | 451 | $ | 153 | $ | 153 | $ | 899 | $ | 899 | $ | 853 | $ | 853 | |||||||||||||||||
EPS Denominator (Millions): | |||||||||||||||||||||||||||||||||
Weighted Average Common Shares Outstanding | 504 | 504 | 504 | 504 | 504 | 504 | 504 | 504 | |||||||||||||||||||||||||
Effect of Stock Based Compensation Awards | — | 3 | — | 3 | — | 3 | — | 3 | |||||||||||||||||||||||||
Total Shares | 504 | 507 | 504 | 507 | 504 | 507 | 504 | 507 | |||||||||||||||||||||||||
EPS | |||||||||||||||||||||||||||||||||
Net Income | $ | 0.89 | $ | 0.89 | $ | 0.30 | $ | 0.30 | $ | 1.78 | $ | 1.77 | $ | 1.69 | $ | 1.68 | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
Dividend Payments on Common Stock | 2019 | 2018 | 2019 | 2018 | |||||||||||||
Per Share | $ | 0.47 | $ | 0.45 | $ | 0.94 | $ | 0.90 | |||||||||
In Millions | $ | 237 | $ | 228 | $ | 475 | $ | 455 | |||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
Dividend Payments on Common Stock | 2020 | 2019 | 2020 | 2019 | |||||||||||||
Per Share | $ | 0.49 | $ | 0.47 | $ | 0.98 | $ | 0.94 | |||||||||
In Millions | $ | 247 | $ | 237 | $ | 495 | $ | 475 | |||||||||
PSE&G | PSEG Power | Other (A) | Eliminations (B) | Consolidated Total | |||||||||||||||||
Millions | |||||||||||||||||||||
Three Months Ended June 30, 2019 | |||||||||||||||||||||
Total Operating Revenues | $ | 1,382 | $ | 1,083 | $ | 87 | $ | (236 | ) | $ | 2,316 | ||||||||||
Net Income (Loss) (C) | 227 | (40 | ) | (34 | ) | — | 153 | ||||||||||||||
Gross Additions to Long-Lived Assets | 633 | 172 | 4 | — | 809 | ||||||||||||||||
Six Months Ended June 30, 2019 | |||||||||||||||||||||
Operating Revenues | $ | 3,414 | $ | 2,499 | $ | 228 | $ | (845 | ) | $ | 5,296 | ||||||||||
Net Income (Loss) (C) | 630 | 256 | (33 | ) | — | 853 | |||||||||||||||
Gross Additions to Long-Lived Assets | 1,258 | 339 | 7 | — | 1,604 | ||||||||||||||||
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 | ||||||||||||||||
As of June 30, 2019 | |||||||||||||||||||||
Total Assets | $ | 32,185 | $ | 12,704 | $ | 2,405 | $ | (1,014 | ) | $ | 46,280 | ||||||||||
Investments in Equity Method Subsidiaries | $ | — | $ | 88 | $ | — | $ | — | $ | 88 | |||||||||||
As of December 31, 2018 | |||||||||||||||||||||
Total Assets | $ | 31,109 | $ | 12,594 | $ | 2,604 | $ | (981 | ) | $ | 45,326 | ||||||||||
Investments in Equity Method Subsidiaries | $ | — | $ | 86 | $ | — | $ | — | $ | 86 | |||||||||||
PSE&G | PSEG Power | Other (A) | Eliminations (B) | Consolidated Total | |||||||||||||||||
Millions | |||||||||||||||||||||
Three Months Ended June 30, 2020 | |||||||||||||||||||||
Total Operating Revenues | $ | 1,456 | $ | 683 | $ | 148 | $ | (237 | ) | $ | 2,050 | ||||||||||
Net Income (Loss) | 283 | 170 | (2 | ) | — | 451 | |||||||||||||||
Gross Additions to Long-Lived Assets | 570 | 121 | 3 | — | 694 | ||||||||||||||||
Six Months Ended June 30, 2020 | |||||||||||||||||||||
Operating Revenues | $ | 3,339 | $ | 1,903 | $ | 304 | $ | (715 | ) | $ | 4,831 | ||||||||||
Net Income (Loss) | 723 | 183 | (7 | ) | — | 899 | |||||||||||||||
Gross Additions to Long-Lived Assets | 1,190 | 218 | 6 | — | 1,414 | ||||||||||||||||
Three Months Ended June 30, 2019 | |||||||||||||||||||||
Total Operating Revenues | $ | 1,382 | $ | 1,083 | $ | 87 | $ | (236 | ) | $ | 2,316 | ||||||||||
Net Income (Loss) | 227 | (40 | ) | (34 | ) | — | 153 | ||||||||||||||
Gross Additions to Long-Lived Assets | 633 | 172 | 4 | — | 809 | ||||||||||||||||
Six Months Ended June 30, 2019 | |||||||||||||||||||||
Operating Revenues | $ | 3,414 | $ | 2,499 | $ | 228 | $ | (845 | ) | $ | 5,296 | ||||||||||
Net Income (Loss) | 630 | 256 | (33 | ) | — | 853 | |||||||||||||||
Gross Additions to Long-Lived Assets | 1,258 | 339 | 7 | — | 1,604 | ||||||||||||||||
As of June 30, 2020 | |||||||||||||||||||||
Total Assets | $ | 34,445 | $ | 12,508 | $ | 2,618 | $ | (791 | ) | $ | 48,780 | ||||||||||
Investments in Equity Method Subsidiaries | $ | — | $ | 67 | $ | 1 | $ | — | $ | 68 | |||||||||||
As of December 31, 2019 | |||||||||||||||||||||
Total Assets | $ | 33,266 | $ | 12,805 | $ | 2,715 | $ | (1,056 | ) | $ | 47,730 | ||||||||||
Investments in Equity Method Subsidiaries | $ | — | $ | 66 | $ | 1 | $ | — | $ | 67 | |||||||||||
(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 |
(B) | Intercompany eliminations primarily relate to intercompany transactions between PSE&G and PSEG Power. For a further discussion of the intercompany transactions between PSE&G and PSEG Power, see Note 20. Related-Party Transactions. |
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
Related-Party Transactions | 2019 | 2018 | 2019 | 2018 | |||||||||||||
Millions | |||||||||||||||||
Billings from Affiliates: | |||||||||||||||||
Net Billings from PSEG Power (A) | $ | 246 | $ | 272 | $ | 879 | $ | 850 | |||||||||
Administrative Billings from Services (B) | 80 | 85 | 155 | 168 | |||||||||||||
Total Billings from Affiliates | $ | 326 | $ | 357 | $ | 1,034 | $ | 1,018 | |||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
Related-Party Transactions | 2020 | 2019 | 2020 | 2019 | |||||||||||||
Millions | |||||||||||||||||
Billings from Affiliates: | |||||||||||||||||
Net Billings from PSEG Power (A) | $ | 227 | $ | 246 | $ | 717 | $ | 879 | |||||||||
Administrative Billings from Services (B) | 78 | 80 | 156 | 155 | |||||||||||||
Total Billings from Affiliates | $ | 305 | $ | 326 | $ | 873 | $ | 1,034 | |||||||||
As of | As of | ||||||||
Related-Party Transactions | June 30, 2019 | December 31, 2018 | |||||||
Millions | |||||||||
Receivable from PSEG (C) | $ | 4 | $ | 123 | |||||
Payable to PSEG Power (A) | $ | 124 | $ | 245 | |||||
Payable to Services (B) | 60 | 76 | |||||||
Accounts Payable—Affiliated Companies | $ | 184 | $ | 321 | |||||
Noncurrent Payable to PSEG Power (A) | $ | 8 | $ | — | |||||
Working Capital Advances to Services (D) | $ | 33 | $ | 33 | |||||
Long-Term Accrued Taxes Payable | $ | 102 | $ | 69 | |||||
As of | As of | ||||||||
Related-Party Transactions | June 30, 2020 | December 31, 2019 | |||||||
Millions | |||||||||
Receivable from PSEG (C) | $ | — | $ | 1 | |||||
Payable to PSEG Power (A) | $ | 215 | $ | 307 | |||||
Payable to Services (B) | 71 | 83 | |||||||
Payable to PSEG (C) | 87 | — | |||||||
Accounts Payable—Affiliated Companies | $ | 373 | $ | 390 | |||||
Noncurrent Payable to PSEG Power (A) | $ | 11 | $ | — | |||||
Working Capital Advances to Services (D) | $ | 33 | $ | 33 | |||||
Long-Term Accrued Taxes Payable | $ | 19 | $ | 115 | |||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
Related-Party Transactions | 2019 | 2018 | 2019 | 2018 | |||||||||||||
Millions | |||||||||||||||||
Billings to Affiliates: | |||||||||||||||||
Net Billings to PSE&G (A) | $ | 246 | $ | 272 | $ | 879 | $ | 850 | |||||||||
Billings from Affiliates: | |||||||||||||||||
Administrative Billings from Services (B) | $ | 46 | $ | 32 | $ | 91 | $ | 75 | |||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
Related-Party Transactions | 2020 | 2019 | 2020 | 2019 | |||||||||||||
Millions | |||||||||||||||||
Billings to Affiliates: | |||||||||||||||||
Net Billings to PSE&G (A) | $ | 227 | $ | 246 | $ | 717 | $ | 879 | |||||||||
Billings from Affiliates: | |||||||||||||||||
Administrative Billings from Services (B) | $ | 42 | $ | 46 | $ | 87 | $ | 91 | |||||||||
As of | As of | ||||||||
Related-Party Transactions | June 30, 2020 | December 31, 2019 | |||||||
Millions | |||||||||
Receivable from PSE&G (A) | $ | 215 | $ | 307 | |||||
Receivable from PSEG (C) | 66 | 101 | |||||||
Accounts Receivable—Affiliated Companies | $ | 281 | $ | 408 | |||||
Payable to Services (B) | $ | 20 | $ | 5 | |||||
Accounts Payable—Affiliated Companies | $ | 20 | $ | 5 | |||||
Short-Term Loan to (from) Affiliate (E) | $ | 104 | $ | 149 | |||||
Noncurrent Receivable from PSE&G (A) | $ | 11 | $ | — | |||||
Working Capital Advances to Services (D) | $ | 17 | $ | 17 | |||||
Long-Term Accrued Taxes Payable | $ | 53 | $ | 115 | |||||
As of | As of | ||||||||
Related-Party Transactions | June 30, 2019 | December 31, 2018 | |||||||
Millions | |||||||||
Receivable from PSE&G (A) | $ | 124 | $ | 245 | |||||
Receivable from PSEG (C) | 93 | 29 | |||||||
Accounts Receivable—Affiliated Companies | $ | 217 | $ | 274 | |||||
Payable to Services (B) | $ | 22 | $ | 16 | |||||
Accounts Payable—Affiliated Companies | $ | 22 | $ | 16 | |||||
Short-Term Loan to (from) Affiliate (E) | $ | 348 | $ | (193 | ) | ||||
Noncurrent Receivable from PSE&G (A) | $ | 8 | $ | — | |||||
Working Capital Advances to Services (D) | $ | 17 | $ | 17 | |||||
Long-Term Accrued Taxes Payable | $ | 103 | $ | 76 | |||||
(A) | PSE&G has entered into a requirements contract with PSEG Power under which PSEG Power provides the gas supply services needed to meet PSE&G’s BGSS and other contractual requirements. PSEG Power has also entered into contracts to supply energy, capacity and ancillary services to PSE&G through the BGS auction process and sells ZECs to PSE&G under the ZEC program. The rates in the BGS and BGSS contracts and for the ZEC sales are prescribed by the BPU. BGS and BGSS sales are billed and settled on a monthly basis. ZEC sales are billed on a monthly basis and settled annually following completion of each energy year. In addition, PSEG 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 PSEG Power at cost. In addition, PSE&G and PSEG Power have other payables to Services, including amounts related to certain common costs, |
(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 |
(D) | PSE&G and PSEG Power have advanced working capital to Services. The amounts are included in Other Noncurrent Assets on PSE&G’s and PSEG Power’s Condensed Consolidated Balance Sheets. |
(E) | PSEG 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. |
PSEG Power | Guarantor Subsidiaries | Other Subsidiaries | Consolidating Adjustments | Total | |||||||||||||||||
Millions | |||||||||||||||||||||
Three Months Ended June 30, 2019 | |||||||||||||||||||||
Operating Revenues | $ | — | $ | 1,063 | $ | 66 | $ | (46 | ) | $ | 1,083 | ||||||||||
Operating Expenses | 2 | 1,148 | 65 | (46 | ) | 1,169 | |||||||||||||||
Operating Income (Loss) | (2 | ) | (85 | ) | 1 | — | (86 | ) | |||||||||||||
Equity Earnings (Losses) of Subsidiaries | (15 | ) | (10 | ) | 5 | 25 | 5 | ||||||||||||||
Net Gains (Losses) on Trust Investments | — | 38 | — | — | 38 | ||||||||||||||||
Other Income (Deductions) | 45 | 58 | — | (88 | ) | 15 | |||||||||||||||
Non-Operating Pension and OPEB Credits (Costs) | — | 3 | — | — | 3 | ||||||||||||||||
Interest Expense | (78 | ) | (24 | ) | (12 | ) | 88 | (26 | ) | ||||||||||||
Income Tax Benefit (Expense) | 10 | (1 | ) | 2 | — | 11 | |||||||||||||||
Net Income (Loss) | $ | (40 | ) | $ | (21 | ) | $ | (4 | ) | $ | 25 | $ | (40 | ) | |||||||
Comprehensive Income (Loss) | $ | (22 | ) | $ | (8 | ) | $ | (4 | ) | $ | 12 | $ | (22 | ) | |||||||
Six Months Ended June 30, 2019 | |||||||||||||||||||||
Operating Revenues | $ | — | $ | 2,464 | $ | 122 | $ | (87 | ) | $ | 2,499 | ||||||||||
Operating Expenses | 3 | 2,242 | 126 | (87 | ) | 2,284 | |||||||||||||||
Operating Income (Loss) | (3 | ) | 222 | (4 | ) | — | 215 | ||||||||||||||
Equity Earnings (Losses) of Subsidiaries | 294 | (18 | ) | 7 | (276 | ) | 7 | ||||||||||||||
Net Gains (Losses) on Trust Investments | 1 | 163 | — | — | 164 | ||||||||||||||||
Other Income (Deductions) | 92 | 113 | — | (177 | ) | 28 | |||||||||||||||
Non-Operating Pension and OPEB Credits (Costs) | — | 6 | — | — | 6 | ||||||||||||||||
Interest Expense | (153 | ) | (55 | ) | (20 | ) | 177 | (51 | ) | ||||||||||||
Income Tax Benefit (Expense) | 25 | (145 | ) | 7 | — | (113 | ) | ||||||||||||||
Net Income (Loss) | $ | 256 | $ | 286 | $ | (10 | ) | $ | (276 | ) | $ | 256 | |||||||||
Comprehensive Income (Loss) | $ | 290 | $ | 314 | $ | (10 | ) | $ | (304 | ) | $ | 290 | |||||||||
Six Months Ended June 30, 2019 | |||||||||||||||||||||
Net Cash Provided By (Used In) Operating Activities | $ | (66 | ) | $ | 1,213 | $ | 81 | $ | (78 | ) | $ | 1,150 | |||||||||
Net Cash Provided By (Used In) Investing Activities | $ | (445 | ) | $ | (1,100 | ) | $ | (220 | ) | $ | 1,051 | $ | (714 | ) | |||||||
Net Cash Provided By (Used In) Financing Activities | $ | 511 | $ | (116 | ) | $ | 134 | $ | (973 | ) | $ | (444 | ) | ||||||||
PSEG 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 | ||||||||||
PSEG Power | Guarantor Subsidiaries | Other Subsidiaries | Consolidating Adjustments | Total | |||||||||||||||||
Millions | |||||||||||||||||||||
As of June 30, 2019 | |||||||||||||||||||||
Current Assets | $ | 4,804 | $ | 1,964 | $ | 315 | $ | (5,516 | ) | $ | 1,567 | ||||||||||
Property, Plant and Equipment, net | 46 | 4,452 | 3,971 | — | 8,469 | ||||||||||||||||
Investment in Subsidiaries | 5,279 | 1,090 | — | (6,369 | ) | — | |||||||||||||||
Noncurrent Assets | 281 | 2,510 | 138 | (261 | ) | 2,668 | |||||||||||||||
Total Assets | $ | 10,410 | $ | 10,016 | $ | 4,424 | $ | (12,146 | ) | $ | 12,704 | ||||||||||
Current Liabilities | $ | 1,438 | $ | 2,936 | $ | 2,167 | $ | (5,516 | ) | $ | 1,025 | ||||||||||
Noncurrent Liabilities | 539 | 2,143 | 827 | (261 | ) | 3,248 | |||||||||||||||
Long-Term Debt | 2,431 | — | — | — | 2,431 | ||||||||||||||||
Member’s Equity | 6,002 | 4,937 | 1,430 | (6,369 | ) | 6,000 | |||||||||||||||
Total Liabilities and Member’s Equity | $ | 10,410 | $ | 10,016 | $ | 4,424 | $ | (12,146 | ) | $ | 12,704 | ||||||||||
As of December 31, 2018 | |||||||||||||||||||||
Current Assets | $ | 4,317 | $ | 1,479 | $ | 304 | $ | (4,593 | ) | $ | 1,507 | ||||||||||
Property, Plant and Equipment, net | 49 | 4,971 | 3,822 | — | 8,842 | ||||||||||||||||
Investment in Subsidiaries | 5,062 | 1,107 | — | (6,169 | ) | — | |||||||||||||||
Noncurrent Assets | 273 | 2,109 | 101 | (238 | ) | 2,245 | |||||||||||||||
Total Assets | $ | 9,701 | $ | 9,666 | $ | 4,227 | $ | (11,000 | ) | $ | 12,594 | ||||||||||
Current Liabilities | $ | 437 | $ | 2,971 | $ | 2,027 | $ | (4,593 | ) | $ | 842 | ||||||||||
Noncurrent Liabilities | 513 | 1,996 | 730 | (238 | ) | 3,001 | |||||||||||||||
Long-Term Debt | 2,791 | — | — | — | 2,791 | ||||||||||||||||
Member’s Equity | 5,960 | 4,699 | 1,470 | (6,169 | ) | 5,960 | |||||||||||||||
Total Liabilities and Member’s Equity | $ | 9,701 | $ | 9,666 | $ | 4,227 | $ | (11,000 | ) | $ | 12,594 | ||||||||||
ITEM 2. | MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (MD&A) |
• | PSE&G—which is a public utility engaged principally in the transmission of electricity and distribution of electricity and natural gas in certain areas of New Jersey. PSE&G is subject to regulation by the New Jersey Board of Public Utilities (BPU) and the Federal Energy Regulatory Commission (FERC). PSE&G also invests in regulated solar generation projects and energy efficiency and related programs in New Jersey, which are regulated by the BPU, and |
• | PSEG Power—which is a multi-regional energy supply company that integrates the operations of its merchant nuclear and fossil generating assets with its power marketing businesses and fuel supply functions through competitive energy sales in well-developed energy markets primarily in the Northeast and Mid-Atlantic United States through its principal direct wholly owned subsidiaries. In addition, PSEG Power owns and operates solar generation in various states. PSEG Power’s subsidiaries are subject to regulation by FERC, the Nuclear Regulatory Commission (NRC), the Environmental Protection Agency (EPA) and the states in which they operate. |
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
Earnings (Losses) | 2019 | 2018 | 2019 | 2018 | |||||||||||||
Millions | |||||||||||||||||
PSE&G | $ | 227 | $ | 231 | $ | 630 | $ | 550 | |||||||||
PSEG Power (A) | (40 | ) | 41 | 256 | 275 | ||||||||||||
Other (B) | (34 | ) | (3 | ) | (33 | ) | 2 | ||||||||||
PSEG Net Income | $ | 153 | $ | 269 | $ | 853 | $ | 827 | |||||||||
PSEG Net Income Per Share (Diluted) | $ | 0.30 | $ | 0.53 | $ | 1.68 | $ | 1.63 | |||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
Earnings (Losses) | 2020 | 2019 | 2020 | 2019 | |||||||||||||
Millions | |||||||||||||||||
PSE&G | $ | 283 | $ | 227 | $ | 723 | $ | 630 | |||||||||
PSEG Power (A) | 170 | (40 | ) | 183 | 256 | ||||||||||||
Other (B) | (2 | ) | (34 | ) | (7 | ) | (33 | ) | |||||||||
PSEG Net Income | $ | 451 | $ | 153 | $ | 899 | $ | 853 | |||||||||
PSEG Net Income Per Share (Diluted) | $ | 0.89 | $ | 0.30 | $ | 1.77 | $ | 1.68 | |||||||||
(A) | Includes an after-tax impairment charge of $284 million in the three months and six months ended June 30, 2019 related to the |
(B) | Other includes after-tax activities at the parent company, PSEG LI, and Energy Holdings as well as intercompany eliminations. Energy Holdings recorded an after-tax |
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||||
Millions, after tax | |||||||||||||||||
NDT Fund Income (Expense) (A) (B) | $ | 25 | $ | 5 | $ | 101 | $ | (11 | ) | ||||||||
Non-Trading MTM Gains (Losses) (C) | $ | 152 | $ | (48 | ) | $ | 228 | $ | 37 | ||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||
Millions, after tax | |||||||||||||||||
NDT Fund Income (Expense) (A) (B) | $ | 118 | $ | 25 | $ | (17 | ) | $ | 101 | ||||||||
Non-Trading MTM Gains (Losses) (C) | $ | (77 | ) | $ | 152 | $ | — | $ | 228 | ||||||||
(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 9. 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 PSEG Power’s nuclear Asset Retirement Obligation (ARO) recorded in |
(B) | Net of tax (expense) benefit of |
(C) | Net of tax (expense) benefit of |
• | an |
Three Months Ended | Increase/ (Decrease) | Six Months Ended | Increase/ (Decrease) | ||||||||||||||||||||||||||||
June 30, | June 30, | ||||||||||||||||||||||||||||||
2019 | 2018 | 2019 vs. 2018 | 2019 | 2018 | 2019 vs. 2018 | ||||||||||||||||||||||||||
Millions | Millions | % | Millions | Millions | % | ||||||||||||||||||||||||||
Operating Revenues | $ | 2,316 | $ | 2,016 | $ | 300 | 15 | $ | 5,296 | $ | 4,834 | $ | 462 | 10 | |||||||||||||||||
Energy Costs | 704 | 600 | 104 | 17 | 1,828 | 1,552 | 276 | 18 | |||||||||||||||||||||||
Operation and Maintenance | 750 | 725 | 25 | 3 | 1,506 | 1,479 | 27 | 2 | |||||||||||||||||||||||
Depreciation and Amortization | 307 | 280 | 27 | 10 | 621 | 560 | 61 | 11 | |||||||||||||||||||||||
Loss on Asset Dispositions | 395 | — | 395 | N/A | 395 | — | 395 | N/A | |||||||||||||||||||||||
Income from Equity Method Investments | 5 | 5 | — | — | 7 | 7 | — | — | |||||||||||||||||||||||
Net Gains (Losses) on Trust Investments | 39 | 8 | 31 | N/A | 167 | (14 | ) | 181 | N/A | ||||||||||||||||||||||
Other Income (Deductions) | 33 | 34 | (1 | ) | (3 | ) | 66 | 66 | — | — | |||||||||||||||||||||
Non-Operating Pension and OPEB Credits (Costs) | 33 | 19 | 14 | 74 | 66 | 38 | 28 | 74 | |||||||||||||||||||||||
Interest Expense | 137 | 111 | 26 | 23 | 270 | 214 | 56 | 26 | |||||||||||||||||||||||
Income Tax (Benefit) Expense | (20 | ) | 97 | (117 | ) | N/A | 129 | 299 | (170 | ) | (57 | ) | |||||||||||||||||||
Three Months Ended | Increase/ (Decrease) | Six Months Ended | Increase/ (Decrease) | ||||||||||||||||||||||||||||
June 30, | June 30, | ||||||||||||||||||||||||||||||
2020 | 2019 | 2020 vs. 2019 | 2020 | 2019 | 2020 vs. 2019 | ||||||||||||||||||||||||||
Millions | Millions | % | Millions | Millions | % | ||||||||||||||||||||||||||
Operating Revenues | $ | 2,050 | $ | 2,316 | $ | (266 | ) | (11 | ) | $ | 4,831 | $ | 5,296 | $ | (465 | ) | (9 | ) | |||||||||||||
Energy Costs | 595 | 704 | (109 | ) | (15 | ) | 1,501 | 1,828 | (327 | ) | (18 | ) | |||||||||||||||||||
Operation and Maintenance | 733 | 750 | (17 | ) | (2 | ) | 1,487 | 1,506 | (19 | ) | (1 | ) | |||||||||||||||||||
Depreciation and Amortization | 315 | 307 | 8 | 3 | 639 | 621 | 18 | 3 | |||||||||||||||||||||||
Loss on Asset Dispositions | — | 395 | (395 | ) | N/A | — | 395 | (395 | ) | N/A | |||||||||||||||||||||
Income from Equity Method Investments | 3 | 5 | (2 | ) | (40 | ) | 6 | 7 | (1 | ) | (14 | ) | |||||||||||||||||||
Net Gains (Losses) on Trust Investments | 201 | 39 | 162 | N/A | (20 | ) | 167 | (187 | ) | N/A | |||||||||||||||||||||
Other Income (Deductions) | 38 | 33 | 5 | 15 | 42 | 66 | (24 | ) | (36 | ) | |||||||||||||||||||||
Net Non-Operating Pension and OPEB Credits (Costs) | 62 | 33 | 29 | 88 | 124 | 66 | 58 | 88 | |||||||||||||||||||||||
Interest Expense | 151 | 137 | 14 | 10 | 304 | 270 | 34 | 13 | |||||||||||||||||||||||
Income Tax (Benefit) Expense | 109 | (20 | ) | 129 | N/A | 153 | 129 | 24 | 19 | ||||||||||||||||||||||
Three Months Ended | Increase/ (Decrease) | Six Months Ended | Increase/ (Decrease) | ||||||||||||||||||||||||||||
June 30, | June 30, | ||||||||||||||||||||||||||||||
2019 | 2018 | 2019 vs. 2018 | 2019 | 2018 | 2019 vs. 2018 | ||||||||||||||||||||||||||
Millions | Millions | % | Millions | Millions | % | ||||||||||||||||||||||||||
Operating Revenues | $ | 1,382 | $ | 1,386 | $ | (4 | ) | — | $ | 3,414 | $ | 3,231 | $ | 183 | 6 | ||||||||||||||||
Energy Costs | 529 | 488 | 41 | 8 | 1,476 | 1,270 | 206 | 16 | |||||||||||||||||||||||
Operation and Maintenance | 369 | 353 | 16 | 5 | 777 | 744 | 33 | 4 | |||||||||||||||||||||||
Depreciation and Amortization | 202 | 187 | 15 | 8 | 414 | 377 | 37 | 10 | |||||||||||||||||||||||
Net Gains (Losses) on Trust Investments | — | — | — | N/A | 1 | — | 1 | N/A | |||||||||||||||||||||||
Other Income (Deductions) | 19 | 20 | (1 | ) | (5 | ) | 38 | 40 | (2 | ) | (5 | ) | |||||||||||||||||||
Non-Operating Pension and OPEB Credits (Costs) | 29 | 15 | 14 | 93 | 59 | 30 | 29 | 97 | |||||||||||||||||||||||
Interest Expense | 89 | 82 | 7 | 9 | 176 | 163 | 13 | 8 | |||||||||||||||||||||||
Income Tax Expense (Benefit) | 14 | 80 | (66 | ) | (83 | ) | 39 | 197 | (158 | ) | (80 | ) | |||||||||||||||||||
Three Months Ended | Increase/ (Decrease) | Six Months Ended | Increase/ (Decrease) | ||||||||||||||||||||||||||||
June 30, | June 30, | ||||||||||||||||||||||||||||||
2020 | 2019 | 2020 vs. 2019 | 2020 | 2019 | 2020 vs. 2019 | ||||||||||||||||||||||||||
Millions | Millions | % | Millions | Millions | % | ||||||||||||||||||||||||||
Operating Revenues | $ | 1,456 | $ | 1,382 | $ | 74 | 5 | $ | 3,339 | $ | 3,414 | $ | (75 | ) | (2 | ) | |||||||||||||||
Energy Costs | 510 | 529 | (19 | ) | (4 | ) | 1,218 | 1,476 | (258 | ) | (17 | ) | |||||||||||||||||||
Operation and Maintenance | 380 | 369 | 11 | 3 | 766 | 777 | (11 | ) | (1 | ) | |||||||||||||||||||||
Depreciation and Amortization | 217 | 202 | 15 | 7 | 439 | 414 | 25 | 6 | |||||||||||||||||||||||
Net Gains (Losses) on Trust Investments | 1 | — | 1 | N/A | 1 | 1 | — | — | |||||||||||||||||||||||
Other Income (Deductions) | 26 | 19 | 7 | 37 | 53 | 38 | 15 | 39 | |||||||||||||||||||||||
Net Non-Operating Pension and OPEB Credits (Costs) | 52 | 29 | 23 | 79 | 103 | 59 | 44 | 75 | |||||||||||||||||||||||
Interest Expense | 98 | 89 | 9 | 10 | 194 | 176 | 18 | 10 | |||||||||||||||||||||||
Income Tax Expense (Benefit) | 47 | 14 | 33 | N/A | 156 | 39 | 117 | N/A | |||||||||||||||||||||||
• | Gas |
Electric commodity revenues decreased $60 million due primarily to $67 million in lower BGS prices, partially offset by $5 million in higher BGS sales volumes. |
• | Gas commodity revenues |
• | Electric and Gas revenues further decreased by $2 million due to a net increase in the flowback to customers of excess deferred tax liabilities and tax repair-related accumulated deferred income tax benefits resulting from rate reductions,which is offset in Income Tax Expense. |
Three Months Ended | Increase/ (Decrease) | Six Months Ended | Increase/ (Decrease) | |||||||||||||||||||||||||||
June 30, | June 30, | |||||||||||||||||||||||||||||
2019 | 2018 | 2019 vs. 2018 | 2019 | 2018 | 2019 vs. 2018 | |||||||||||||||||||||||||
Millions | Millions | % | Millions | Millions | % | |||||||||||||||||||||||||
Operating Revenues | $ | 1,083 | $ | 767 | $ | 316 | 41 | $ | 2,499 | $ | 2,170 | $ | 329 | 15 | ||||||||||||||||
Energy Costs | 411 | 373 | 38 | 10 | 1,197 | 1,119 | 78 | 7 | ||||||||||||||||||||||
Operation and Maintenance | 268 | 268 | — | — | 503 | 514 | (11 | ) | (2 | ) | ||||||||||||||||||||
Depreciation and Amortization | 95 | 84 | 11 | 13 | 189 | 166 | 23 | 14 | ||||||||||||||||||||||
Loss on Asset Dispositions | 395 | — | 395 | N/A | 395 | — | 395 | N/A | ||||||||||||||||||||||
Income from Equity Method Investments | 5 | 5 | — | — | 7 | 7 | — | — | ||||||||||||||||||||||
Net Gains (Losses) on Trust Investments | 38 | 8 | 30 | N/A | 164 | (14 | ) | 178 | N/A | |||||||||||||||||||||
Other Income (Deductions) | 15 | 13 | 2 | 15 | 28 | 24 | 4 | 17 | ||||||||||||||||||||||
Non-Operating Pension and OPEB Credits (Costs) | 3 | 3 | — | — | 6 | 7 | (1 | ) | (14 | ) | ||||||||||||||||||||
Interest Expense | 26 | 11 | 15 | N/A | 51 | 18 | 33 | N/A | ||||||||||||||||||||||
Income Tax Expense (Benefit) | (11 | ) | 19 | (30 | ) | N/A | 113 | 102 | 11 | 11 | ||||||||||||||||||||
Three Months Ended | Increase/ (Decrease) | Six Months Ended | Increase/ (Decrease) | ||||||||||||||||||||||||||||
June 30, | June 30, | ||||||||||||||||||||||||||||||
2020 | 2019 | 2020 vs. 2019 | 2020 | 2019 | 2020 vs. 2019 | ||||||||||||||||||||||||||
Millions | Millions | % | Millions | Millions | % | ||||||||||||||||||||||||||
Operating Revenues | $ | 683 | $ | 1,083 | $ | (400 | ) | (37 | ) | $ | 1,903 | $ | 2,499 | $ | (596 | ) | (24 | ) | |||||||||||||
Energy Costs | 323 | 411 | (88 | ) | (21 | ) | 999 | 1,197 | (198 | ) | (17 | ) | |||||||||||||||||||
Operation and Maintenance | 225 | 268 | (43 | ) | (16 | ) | 466 | 503 | (37 | ) | (7 | ) | |||||||||||||||||||
Depreciation and Amortization | 91 | 95 | (4 | ) | (4 | ) | 185 | 189 | (4 | ) | (2 | ) | |||||||||||||||||||
Loss on Asset Dispositions | — | 395 | (395 | ) | N/A | — | 395 | (395 | ) | N/A | |||||||||||||||||||||
Income from Equity Method Investments | 3 | 5 | (2 | ) | (40 | ) | 6 | 7 | (1 | ) | (14 | ) | |||||||||||||||||||
Net Gains (Losses) on Trust Investments | 196 | 38 | 158 | N/A | (24 | ) | 164 | (188 | ) | N/A | |||||||||||||||||||||
Other Income (Deductions) | 12 | 15 | (3 | ) | (20 | ) | (11 | ) | 28 | (39 | ) | N/A | |||||||||||||||||||
Net Non-Operating Pension and OPEB Credits (Costs) | 9 | 3 | 6 | N/A | 17 | 6 | 11 | N/A | |||||||||||||||||||||||
Interest Expense | 30 | 26 | 4 | 15 | 64 | 51 | 13 | 25 | |||||||||||||||||||||||
Income Tax Expense (Benefit) | 64 | (11 | ) | 75 | N/A | (6 | ) | 113 | (119 | ) | N/A | ||||||||||||||||||||
Company/Facility | As of June 30, 2019 | |||||||||||||
Total Facility | Usage | Available Liquidity | ||||||||||||
Millions | ||||||||||||||
PSEG | $ | 1,500 | $ | 188 | $ | 1,312 | ||||||||
PSE&G | 600 | 206 | 394 | |||||||||||
PSEG Power | 2,100 | 169 | 1,931 | |||||||||||
Total | $ | 4,200 | $ | 563 | $ | 3,637 | ||||||||
Company/Facility | As of June 30, 2020 | |||||||||||||
Total Facility | Usage | Available Liquidity | ||||||||||||
Millions | ||||||||||||||
PSEG | $ | 1,500 | $ | 408 | $ | 1,092 | ||||||||
PSE&G | 600 | 17 | 583 | |||||||||||
PSEG Power | 2,100 | 136 | 1,964 | |||||||||||
Total | $ | 4,200 | $ | 561 | $ | 3,639 | ||||||||
• | PSE&G has $250 million of 3.50% Medium-Term Notes (MTN), Series G, maturing in August 2020, $9 million of 7.04% MTN, Series A, maturing in November 2020, $300 million of 1.90% MTN, Series K, maturing in March 2021 and $134 million of 9.25% Mortgage Bonds Series CC maturing in June 2021, and |
• | PSEG Power has a $700 million3.00% Senior Note maturing in June 2021. |
Six Months Ended | Year Ended | ||||||||
June 30, 2020 | December 31, 2019 | ||||||||
Millions | |||||||||
Operating Revenues (A) | $ | 1,867 | $ | 4,315 | |||||
Operating Income | $ | 250 | $ | 451 | |||||
Net Income | $ | 191 | $ | 484 | |||||
(A) | Operating Revenues include sales to affiliates of $710 million and $1,463 million, respectively for the six months ended June 30, 2020 and year ended December 31, 2019, respectively. |
As of | As of | |||||||||
June 30, 2020 | December 31, 2019 | |||||||||
Millions | ||||||||||
Current Receivables from Subsidiaries and Affiliates | $ | 2,274 | $ | 2,456 | ||||||
Total Current Assets | $ | 3,289 | $ | 3,559 | ||||||
Noncurrent Receivables from Affiliates | $ | 28 | $ | 17 | ||||||
Total Noncurrent Assets | $ | 7,056 | $ | 7,025 | ||||||
Current Payables to Subsidiaries and Affiliates | $ | 249 | $ | 218 | ||||||
Total Current Liabilities | $ | 1,373 | $ | 1,155 | ||||||
Noncurrent Payables to Affiliates | $ | 53 | $ | 115 | ||||||
Total Noncurrent Liabilities | $ | 4,274 | $ | 4,934 | ||||||
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 | ||||
PSEG 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, 2019 | Year Ended December 31, 2018 | |||||||||
Millions | ||||||||||
95% Confidence Level, Loss could exceed VaR one day in 20 days | ||||||||||
Period End | $ | 14 | $ | 21 | ||||||
Average for the Period | $ | 9 | $ | 14 | ||||||
High | $ | 14 | $ | 46 | ||||||
Low | $ | 5 | $ | 6 | ||||||
99.5% Confidence Level, Loss could exceed VaR one day in 200 days | ||||||||||
Period End | $ | 22 | $ | 32 | ||||||
Average for the Period | $ | 14 | $ | 22 | ||||||
High | $ | 22 | $ | 72 | ||||||
Low | $ | 8 | $ | 9 | ||||||
MTM VaR | ||||||||||
Three Months Ended June 30, 2020 | Year Ended December 31, 2019 | |||||||||
Millions | ||||||||||
95% Confidence Level, Loss could exceed VaR one day in 20 days | ||||||||||
Period End | $ | 9 | $ | 9 | ||||||
Average for the Period | $ | 11 | $ | 12 | ||||||
High | $ | 15 | $ | 35 | ||||||
Low | $ | 9 | $ | 5 | ||||||
99.5% Confidence Level, Loss could exceed VaR one day in 200 days | ||||||||||
Period End | $ | 14 | $ | 14 | ||||||
Average for the Period | $ | 18 | $ | 19 | ||||||
High | $ | 24 | $ | 54 | ||||||
Low | $ | 14 | $ | 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: | Inline XBRL Instance Document - The Instance Document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | |
Exhibit 101.SCH: | Inline XBRL Taxonomy Extension Schema | |
Exhibit 101.CAL: | Inline XBRL Taxonomy Extension Calculation Linkbase | |
Exhibit 101.LAB: | Inline XBRL Taxonomy Extension Labels Linkbase | |
Exhibit 101.PRE: | Inline XBRL Taxonomy Extension Presentation Linkbase | |
Exhibit 101.DEF: | Inline XBRL Taxonomy Extension Definition Document | |
Exhibit 104: | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) | |
b. PSE&G: | ||
Exhibit 101.INS: | Inline XBRL Instance Document - The instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | |
Exhibit 101.SCH: | Inline XBRL Taxonomy Extension Schema | |
Exhibit 101.CAL: | Inline XBRL Taxonomy Extension Calculation Linkbase | |
Exhibit 101.LAB: | Inline XBRL Taxonomy Extension Labels Linkbase | |
Exhibit 101.PRE: | Inline XBRL Taxonomy Extension Presentation Linkbase | |
Exhibit 101.DEF: | Inline XBRL Taxonomy Extension Definition Document | |
Exhibit 104: | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) | |
c. PSEG Power: | ||
Exhibit 101.INS: | Inline XBRL Instance Document - The instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | |
Exhibit 101.SCH: | Inline XBRL Taxonomy Extension Schema | |
Exhibit 101.CAL: | Inline XBRL Taxonomy Extension Calculation Linkbase | |
Exhibit 101.LAB: | Inline XBRL Taxonomy Extension Labels Linkbase | |
Exhibit 101.PRE: | Inline XBRL Taxonomy Extension Presentation Linkbase | |
Exhibit 101.DEF: | Inline XBRL Taxonomy Extension Definition Document | |
Exhibit 104: | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |
PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED | |
(Registrant) | |
By: | /S/ ROSE M. CHERNICK |
Rose M. Chernick Vice President and Controller (Principal Accounting Officer) |
PUBLIC SERVICE ELECTRIC AND GAS COMPANY | |
(Registrant) | |
By: | /S/ ROSE M. CHERNICK |
Rose M. Chernick Vice President and Controller (Principal Accounting Officer) |
PSEG POWER LLC | |
(Registrant) | |
By: | /S/ ROSE M. CHERNICK |
Rose M. Chernick Vice President and Controller (Principal Accounting Officer) |