Commission File Number | Registrants, State of Incorporation, Address, and Telephone Number | I.R.S. Employer Identification No. | ||
001-09120 | PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED (A New Jersey Corporation) 80 Park Plaza Newark, New Jersey 07102 973 430-7000 http://www.pseg.com | 22-2625848 | ||
001-00973 | PUBLIC SERVICE ELECTRIC AND GAS COMPANY (A New Jersey Corporation) 80 Park Plaza Newark, New Jersey 07102 973 430-7000 http://www.pseg.com | 22-1212800 | ||
001-34232 | PSEG POWER LLC (A Delaware Limited Liability Company) 80 Park Plaza Newark, New Jersey 07102 973 430-7000 http://www.pseg.com | 22-3663480 |
Public Service Enterprise Group Incorporated | Large accelerated filer x | Accelerated filer o | Non-accelerated filer o | Smaller reporting company o | Emerging growth company o |
Public Service Electric and Gas Company | Large accelerated filer o | Accelerated filer o | Non-accelerated filer x | Smaller reporting company o | Emerging growth company o |
PSEG Power LLC | Large accelerated filer o | Accelerated filer o | Non-accelerated filer x | Smaller reporting company o | Emerging growth company o |
Page | ||
FILING FORMAT | ||
PART I. FINANCIAL INFORMATION | ||
Item 1. | Financial Statements | |
Notes to Condensed Consolidated Financial Statements | ||
Note 1. Organization | ||
Note 2. Recent Accounting Standards | ||
Note 3. | ||
Note 4. | ||
Note 5. | ||
Note 6. Rate Filings | ||
Note 7. Financing Receivables | ||
Note 8. Trust Investments | ||
Note 9. Pension and Other Postretirement Benefits (OPEB) | ||
Note 10. | ||
Note 11. | ||
Note 12. | ||
Note 13. Fair Value Measurements | ||
Note 14. Other Income | ||
Note | ||
Note | ||
Note | ||
Note 18. Financial Information by Business Segment | ||
Note | ||
Note | ||
Item 2. | ||
Executive Overview of | ||
Item 3. | ||
Item 4. | ||
PART II. OTHER INFORMATION | ||
Item 1. | ||
Item 1A. | ||
Item 2. | ||
Item 5. | ||
Item 6. | ||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||||
OPERATING REVENUES | $ | 2,263 | $ | 2,450 | $ | 6,988 | $ | 6,971 | |||||||||
OPERATING EXPENSES | |||||||||||||||||
Energy Costs | 638 | 866 | 2,100 | 2,326 | |||||||||||||
Operation and Maintenance | 680 | 776 | 2,100 | 2,215 | |||||||||||||
Depreciation and Amortization | 252 | 231 | 1,721 | 679 | |||||||||||||
Total Operating Expenses | 1,570 | 1,873 | 5,921 | 5,220 | |||||||||||||
OPERATING INCOME | 693 | 577 | 1,067 | 1,751 | |||||||||||||
Income from Equity Method Investments | 3 | 3 | 11 | 9 | |||||||||||||
Other Income | 66 | 47 | 208 | 139 | |||||||||||||
Other Deductions | (10 | ) | (8 | ) | (30 | ) | (39 | ) | |||||||||
Other-Than-Temporary Impairments | (5 | ) | (5 | ) | (9 | ) | (25 | ) | |||||||||
Interest Expense | (100 | ) | (99 | ) | (289 | ) | (288 | ) | |||||||||
INCOME BEFORE INCOME TAXES | 647 | 515 | 958 | 1,547 | |||||||||||||
Income Tax Expense | (252 | ) | (188 | ) | (340 | ) | (562 | ) | |||||||||
NET INCOME | $ | 395 | $ | 327 | $ | 618 | $ | 985 | |||||||||
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING: | |||||||||||||||||
BASIC | 505 | 505 | 505 | 505 | |||||||||||||
DILUTED | 507 | 508 | 507 | 508 | |||||||||||||
NET INCOME PER SHARE: | |||||||||||||||||
BASIC | $ | 0.78 | $ | 0.65 | $ | 1.22 | $ | 1.95 | |||||||||
DILUTED | $ | 0.78 | $ | 0.64 | $ | 1.22 | $ | 1.94 | |||||||||
DIVIDENDS PAID PER SHARE OF COMMON STOCK | $ | 0.43 | $ | 0.41 | $ | 1.29 | $ | 1.23 | |||||||||
Three Months Ended | ||||||||||
March 31, | ||||||||||
2018 | 2017 | |||||||||
OPERATING REVENUES | $ | 2,818 | $ | 2,591 | ||||||
OPERATING EXPENSES | ||||||||||
Energy Costs | 952 | 868 | ||||||||
Operation and Maintenance | 754 | 717 | ||||||||
Depreciation and Amortization | 280 | 828 | ||||||||
Total Operating Expenses | 1,986 | 2,413 | ||||||||
OPERATING INCOME | 832 | 178 | ||||||||
Income from Equity Method Investments | 2 | 3 | ||||||||
Net Gains (Losses) on Trust Investments | (22 | ) | 28 | |||||||
Other Income (Deductions) | 32 | 32 | ||||||||
Non-Operating Pension and OPEB Credits (Costs) | 19 | — | ||||||||
Interest Expense | (103 | ) | (98 | ) | ||||||
INCOME BEFORE INCOME TAXES | 760 | 143 | ||||||||
Income Tax Expense | (202 | ) | (29 | ) | ||||||
NET INCOME | $ | 558 | $ | 114 | ||||||
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING: | ||||||||||
BASIC | 504 | 505 | ||||||||
DILUTED | 507 | 508 | ||||||||
NET INCOME PER SHARE: | ||||||||||
BASIC | $ | 1.11 | $ | 0.23 | ||||||
DILUTED | $ | 1.10 | $ | 0.22 | ||||||
DIVIDENDS PAID PER SHARE OF COMMON STOCK | $ | 0.45 | $ | 0.43 | ||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||||
NET INCOME | $ | 395 | $ | 327 | $ | 618 | $ | 985 | |||||||||
Other Comprehensive Income (Loss), net of tax | |||||||||||||||||
Unrealized Gains (Losses) on Available-for-Sale Securities, net of tax (expense) benefit of $(15), $(24), $(40) and $(50) for the three and nine months ended 2017 and 2016, respectively | 17 | 24 | 42 | 50 | |||||||||||||
Unrealized Gains (Losses) on Cash Flow Hedges, net of tax (expense) benefit of $0, $0, $0 and $(1) for the three and nine months ended 2017 and 2016, respectively | (1 | ) | 1 | (1 | ) | 2 | |||||||||||
Pension/Other Postretirement Benefit Costs (OPEB) adjustment, net of tax (expense) benefit of $(4), $(5), $(12) and $(17) for the three and nine months ended 2017 and 2016, respectively | 6 | 9 | 18 | 25 | |||||||||||||
Other Comprehensive Income (Loss), net of tax | 22 | 34 | 59 | 77 | |||||||||||||
COMPREHENSIVE INCOME | $ | 417 | $ | 361 | $ | 677 | $ | 1,062 | |||||||||
Three Months Ended | ||||||||||
March 31, | ||||||||||
2018 | 2017 | |||||||||
NET INCOME | $ | 558 | $ | 114 | ||||||
Other Comprehensive Income (Loss), net of tax | ||||||||||
Unrealized Gains (Losses) on Available-for-Sale Securities, net of tax (expense) benefit of $9 and $(16) for 2018 and 2017, respectively | (14 | ) | 15 | |||||||
Pension/Other Postretirement Benefit Costs (OPEB) adjustment, net of tax (expense) benefit of $(3) and $(4) for 2018 and 2017, respectively | 8 | 6 | ||||||||
Other Comprehensive Income (Loss), net of tax | (6 | ) | 21 | |||||||
COMPREHENSIVE INCOME | $ | 552 | $ | 135 | ||||||
September 30, 2017 | December 31, 2016 | ||||||||
ASSETS | |||||||||
CURRENT ASSETS | |||||||||
Cash and Cash Equivalents | $ | 278 | $ | 423 | |||||
Accounts Receivable, net of allowances of $59 in 2017 and $68 in 2016 | 1,022 | 1,161 | |||||||
Tax Receivable | 127 | 78 | |||||||
Unbilled Revenues | 176 | 260 | |||||||
Fuel | 348 | 326 | |||||||
Materials and Supplies, net | 588 | 561 | |||||||
Prepayments | 200 | 76 | |||||||
Derivative Contracts | 84 | 163 | |||||||
Regulatory Assets | 239 | 199 | |||||||
Other | 19 | 7 | |||||||
Total Current Assets | 3,081 | 3,254 | |||||||
PROPERTY, PLANT AND EQUIPMENT | 39,916 | 39,337 | |||||||
Less: Accumulated Depreciation and Amortization | (9,383 | ) | (10,051 | ) | |||||
Net Property, Plant and Equipment | 30,533 | 29,286 | |||||||
NONCURRENT ASSETS | |||||||||
Regulatory Assets | 3,336 | 3,319 | |||||||
Long-Term Investments | 936 | 1,050 | |||||||
Nuclear Decommissioning Trust (NDT) Fund | 2,012 | 1,859 | |||||||
Long-Term Tax Receivable | — | 104 | |||||||
Long-Term Receivable of Variable Interest Entity (VIE) | 599 | 589 | |||||||
Other Special Funds | 229 | 217 | |||||||
Goodwill | 16 | 16 | |||||||
Other Intangibles | 88 | 98 | |||||||
Derivative Contracts | 62 | 24 | |||||||
Other | 265 | 254 | |||||||
Total Noncurrent Assets | 7,543 | 7,530 | |||||||
TOTAL ASSETS | $ | 41,157 | $ | 40,070 | |||||
March 31, 2018 | December 31, 2017 | ||||||||
ASSETS | |||||||||
CURRENT ASSETS | |||||||||
Cash and Cash Equivalents | $ | 118 | $ | 313 | |||||
Accounts Receivable, net of allowances of $62 in 2018 and $59 in 2017 | 1,320 | 1,348 | |||||||
Tax Receivable | 121 | 127 | |||||||
Unbilled Revenues | 196 | 296 | |||||||
Fuel | 162 | 289 | |||||||
Materials and Supplies, net | 574 | 577 | |||||||
Prepayments | 114 | 118 | |||||||
Derivative Contracts | 43 | 29 | |||||||
Regulatory Assets | 139 | 211 | |||||||
Other | 19 | 4 | |||||||
Total Current Assets | 2,806 | 3,312 | |||||||
PROPERTY, PLANT AND EQUIPMENT | 42,033 | 41,231 | |||||||
Less: Accumulated Depreciation and Amortization | (9,628 | ) | (9,434 | ) | |||||
Net Property, Plant and Equipment | 32,405 | 31,797 | |||||||
NONCURRENT ASSETS | |||||||||
Regulatory Assets | 3,208 | 3,222 | |||||||
Long-Term Investments | 938 | 932 | |||||||
Nuclear Decommissioning Trust (NDT) Fund | 2,051 | 2,133 | |||||||
Long-Term Receivable of Variable Interest Entity (VIE) | 690 | 686 | |||||||
Rabbi Trust Fund | 225 | 231 | |||||||
Goodwill | 16 | 16 | |||||||
Other Intangibles | 131 | 114 | |||||||
Derivative Contracts | 48 | 7 | |||||||
Other | 272 | 266 | |||||||
Total Noncurrent Assets | 7,579 | 7,607 | |||||||
TOTAL ASSETS | $ | 42,790 | $ | 42,716 | |||||
September 30, 2017 | December 31, 2016 | ||||||||
LIABILITIES AND CAPITALIZATION | |||||||||
CURRENT LIABILITIES | |||||||||
Long-Term Debt Due Within One Year | $ | 1,250 | $ | 500 | |||||
Commercial Paper and Loans | 202 | 388 | |||||||
Accounts Payable | 1,305 | 1,459 | |||||||
Derivative Contracts | 7 | 13 | |||||||
Accrued Interest | 136 | 97 | |||||||
Accrued Taxes | 146 | 31 | |||||||
Clean Energy Program | 184 | 142 | |||||||
Obligation to Return Cash Collateral | 132 | 132 | |||||||
Regulatory Liabilities | 44 | 88 | |||||||
Other | 425 | 426 | |||||||
Total Current Liabilities | 3,831 | 3,276 | |||||||
NONCURRENT LIABILITIES | |||||||||
Deferred Income Taxes and Investment Tax Credits (ITC) | 8,931 | 8,658 | |||||||
Regulatory Liabilities | 89 | 118 | |||||||
Asset Retirement Obligations | 748 | 726 | |||||||
OPEB Costs | 1,301 | 1,324 | |||||||
OPEB Costs of Servco | 474 | 452 | |||||||
Accrued Pension Costs | 504 | 568 | |||||||
Accrued Pension Costs of Servco | 113 | 128 | |||||||
Environmental Costs | 399 | 401 | |||||||
Derivative Contracts | 1 | 3 | |||||||
Long-Term Accrued Taxes | 173 | 180 | |||||||
Other | 195 | 211 | |||||||
Total Noncurrent Liabilities | 12,928 | 12,769 | |||||||
COMMITMENTS AND CONTINGENT LIABILITIES (See Note 9) | |||||||||
CAPITALIZATION | |||||||||
LONG-TERM DEBT | 11,274 | 10,895 | |||||||
STOCKHOLDERS’ EQUITY | |||||||||
Common Stock, no par, authorized 1,000 shares; issued, 2017 and 2016—534 shares | 4,938 | 4,936 | |||||||
Treasury Stock, at cost, 2017 and 2016—29 shares | (750 | ) | (717 | ) | |||||
Retained Earnings | 9,140 | 9,174 | |||||||
Accumulated Other Comprehensive Loss | (204 | ) | (263 | ) | |||||
Total Stockholders’ Equity | 13,124 | 13,130 | |||||||
Total Capitalization | 24,398 | 24,025 | |||||||
TOTAL LIABILITIES AND CAPITALIZATION | $ | 41,157 | $ | 40,070 | |||||
March 31, 2018 | December 31, 2017 | ||||||||
LIABILITIES AND CAPITALIZATION | |||||||||
CURRENT LIABILITIES | |||||||||
Long-Term Debt Due Within One Year | $ | 1,000 | $ | 1,000 | |||||
Commercial Paper and Loans | 594 | 542 | |||||||
Accounts Payable | 1,295 | 1,694 | |||||||
Derivative Contracts | 10 | 16 | |||||||
Accrued Interest | 147 | 103 | |||||||
Accrued Taxes | 173 | 48 | |||||||
Clean Energy Program | 85 | 128 | |||||||
Obligation to Return Cash Collateral | 136 | 129 | |||||||
Regulatory Liabilities | 34 | 47 | |||||||
Other | 474 | 461 | |||||||
Total Current Liabilities | 3,948 | 4,168 | |||||||
NONCURRENT LIABILITIES | |||||||||
Deferred Income Taxes and Investment Tax Credits (ITC) | 5,329 | 5,240 | |||||||
Regulatory Liabilities | 2,942 | 2,948 | |||||||
Asset Retirement Obligations | 1,037 | 1,024 | |||||||
OPEB Costs | 1,432 | 1,455 | |||||||
OPEB Costs of Servco | 550 | 542 | |||||||
Accrued Pension Costs | 508 | 537 | |||||||
Accrued Pension Costs of Servco | 126 | 129 | |||||||
Environmental Costs | 342 | 357 | |||||||
Derivative Contracts | 2 | 5 | |||||||
Long-Term Accrued Taxes | 176 | 175 | |||||||
Other | 222 | 221 | |||||||
Total Noncurrent Liabilities | 12,666 | 12,633 | |||||||
COMMITMENTS AND CONTINGENT LIABILITIES (See Note 10) | |||||||||
CAPITALIZATION | |||||||||
LONG-TERM DEBT | 12,072 | 12,068 | |||||||
STOCKHOLDERS’ EQUITY | |||||||||
Common Stock, no par, authorized 1,000 shares; issued, 2018 and 2017—534 shares | 4,946 | 4,961 | |||||||
Treasury Stock, at cost, 2018—30 shares; 2017—29 shares | (816 | ) | (763 | ) | |||||
Retained Earnings | 10,385 | 9,878 | |||||||
Accumulated Other Comprehensive Loss | (411 | ) | (229 | ) | |||||
Total Stockholders’ Equity | 14,104 | 13,847 | |||||||
Total Capitalization | 26,176 | 25,915 | |||||||
TOTAL LIABILITIES AND CAPITALIZATION | $ | 42,790 | $ | 42,716 | |||||
Nine Months Ended | |||||||||
September 30, | |||||||||
2017 | 2016 | ||||||||
CASH FLOWS FROM OPERATING ACTIVITIES | |||||||||
Net Income | $ | 618 | $ | 985 | |||||
Adjustments to Reconcile Net Income to Net Cash Flows from Operating Activities: | |||||||||
Depreciation and Amortization | 1,721 | 679 | |||||||
Amortization of Nuclear Fuel | 152 | 154 | |||||||
Renewable Energy Credit (REC) Compliance Accrual | 79 | 87 | |||||||
Impairment Costs for Early Plant Retirements | — | 102 | |||||||
Provision for Deferred Income Taxes (Other than Leases) and ITC | 227 | 445 | |||||||
Non-Cash Employee Benefit Plan Costs | 67 | 95 | |||||||
Leveraged Lease (Income) Loss, Adjusted for Rents Received and Deferred Taxes | (7 | ) | (12 | ) | |||||
Net (Gain) Loss on Lease Investments | 48 | 86 | |||||||
Net Realized and Unrealized (Gains) Losses on Energy Contracts and Other Derivatives | 8 | 96 | |||||||
Net Change in Regulatory Assets and Liabilities | (121 | ) | (72 | ) | |||||
Cost of Removal | (72 | ) | (109 | ) | |||||
Net Realized (Gains) Losses and (Income) Expense from NDT Fund | (86 | ) | (12 | ) | |||||
Net Change in Certain Current Assets and Liabilities: | |||||||||
Tax Receivable | 64 | 282 | |||||||
Accrued Taxes | 115 | 202 | |||||||
Margin Deposit | 64 | (4 | ) | ||||||
Other Current Assets and Liabilities | (69 | ) | (229 | ) | |||||
Employee Benefit Plan Funding and Related Payments | (64 | ) | (81 | ) | |||||
Other | (10 | ) | 67 | ||||||
Net Cash Provided By (Used In) Operating Activities | 2,734 | 2,761 | |||||||
CASH FLOWS FROM INVESTING ACTIVITIES | |||||||||
Additions to Property, Plant and Equipment | (3,046 | ) | (2,985 | ) | |||||
Purchase of Emissions Allowances and RECs | (90 | ) | (77 | ) | |||||
Proceeds from Sales of Available-for-Sale Securities | 1,013 | 551 | |||||||
Investments in Available-for-Sale Securities | (1,029 | ) | (576 | ) | |||||
Other | 48 | 33 | |||||||
Net Cash Provided By (Used In) Investing Activities | (3,104 | ) | (3,054 | ) | |||||
CASH FLOWS FROM FINANCING ACTIVITIES | |||||||||
Net Change in Commercial Paper and Loans | (186 | ) | (109 | ) | |||||
Issuance of Long-Term Debt | 1,125 | 1,975 | |||||||
Redemption of Long-Term Debt | — | (824 | ) | ||||||
Cash Dividends Paid on Common Stock | (652 | ) | (622 | ) | |||||
Other | (62 | ) | (71 | ) | |||||
Net Cash Provided By (Used In) Financing Activities | 225 | 349 | |||||||
Net Increase (Decrease) in Cash and Cash Equivalents | (145 | ) | 56 | ||||||
Cash and Cash Equivalents at Beginning of Period | 423 | 394 | |||||||
Cash and Cash Equivalents at End of Period | $ | 278 | $ | 450 | |||||
Supplemental Disclosure of Cash Flow Information: | |||||||||
Income Taxes Paid (Received) | $ | (16 | ) | $ | (274 | ) | |||
Interest Paid, Net of Amounts Capitalized | $ | 261 | $ | 252 | |||||
Accrued Property, Plant and Equipment Expenditures | $ | 604 | $ | 579 | |||||
Three Months Ended | |||||||||
March 31, | |||||||||
2018 | 2017 | ||||||||
CASH FLOWS FROM OPERATING ACTIVITIES | |||||||||
Net Income | $ | 558 | $ | 114 | |||||
Adjustments to Reconcile Net Income to Net Cash Flows from Operating Activities: | |||||||||
Depreciation and Amortization | 280 | 828 | |||||||
Amortization of Nuclear Fuel | 50 | 54 | |||||||
Emission Allowances and Renewable Energy Credit (REC) Compliance Accrual | 24 | 26 | |||||||
Provision for Deferred Income Taxes (Other than Leases) and ITC | 76 | (85 | ) | ||||||
Non-Cash Employee Benefit Plan Costs | 17 | 23 | |||||||
Leveraged Lease (Income) Loss, Adjusted for Rents Received and Deferred Taxes | 4 | (15 | ) | ||||||
Net (Gain) Loss on Lease Investments | — | 32 | |||||||
Net Realized and Unrealized (Gains) Losses on Energy Contracts and Other Derivatives | (119 | ) | (5 | ) | |||||
Net Change in Regulatory Assets and Liabilities | (6 | ) | (60 | ) | |||||
Cost of Removal | (38 | ) | (24 | ) | |||||
Net (Gains) Losses and (Income) Expense from NDT Fund | 12 | (23 | ) | ||||||
Net Change in Certain Current Assets and Liabilities: | |||||||||
Tax Receivable | 6 | 69 | |||||||
Accrued Taxes | 125 | 143 | |||||||
Margin Deposit | 25 | (4 | ) | ||||||
Other Current Assets and Liabilities | 160 | 163 | |||||||
Employee Benefit Plan Funding and Related Payments | (36 | ) | (28 | ) | |||||
Other | 2 | (11 | ) | ||||||
Net Cash Provided By (Used In) Operating Activities | 1,140 | 1,197 | |||||||
CASH FLOWS FROM INVESTING ACTIVITIES | |||||||||
Additions to Property, Plant and Equipment | (1,053 | ) | (1,062 | ) | |||||
Purchase of Emissions Allowances and RECs | (17 | ) | (15 | ) | |||||
Proceeds from Sales of Trust Investments | 397 | 298 | |||||||
Purchases of Trust Investments | (407 | ) | (307 | ) | |||||
Other | 7 | 7 | |||||||
Net Cash Provided By (Used In) Investing Activities | (1,073 | ) | (1,079 | ) | |||||
CASH FLOWS FROM FINANCING ACTIVITIES | |||||||||
Net Change in Commercial Paper and Loans | 52 | (73 | ) | ||||||
Cash Dividends Paid on Common Stock | (227 | ) | (218 | ) | |||||
Other | (73 | ) | (56 | ) | |||||
Net Cash Provided By (Used In) Financing Activities | (248 | ) | (347 | ) | |||||
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash | (181 | ) | (229 | ) | |||||
Cash, Cash Equivalents and Restricted Cash at Beginning of Period | 315 | 426 | |||||||
Cash, Cash Equivalents and Restricted Cash at End of Period | $ | 134 | $ | 197 | |||||
Supplemental Disclosure of Cash Flow Information: | |||||||||
Income Taxes Paid (Received) | $ | (4 | ) | $ | (80 | ) | |||
Interest Paid, Net of Amounts Capitalized | $ | 73 | $ | 77 | |||||
Accrued Property, Plant and Equipment Expenditures | $ | 544 | $ | 492 | |||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||||
OPERATING REVENUES | $ | 1,509 | $ | 1,684 | $ | 4,689 | $ | 4,746 | |||||||||
OPERATING EXPENSES | |||||||||||||||||
Energy Costs | 535 | 721 | 1,760 | 1,979 | |||||||||||||
Operation and Maintenance | 346 | 376 | 1,064 | 1,110 | |||||||||||||
Depreciation and Amortization | 169 | 137 | 506 | 412 | |||||||||||||
Total Operating Expenses | 1,050 | 1,234 | 3,330 | 3,501 | |||||||||||||
OPERATING INCOME | 459 | 450 | 1,359 | 1,245 | |||||||||||||
Other Income | 23 | 22 | 70 | 61 | |||||||||||||
Other Deductions | (1 | ) | (1 | ) | (3 | ) | (3 | ) | |||||||||
Interest Expense | (79 | ) | (72 | ) | (223 | ) | (214 | ) | |||||||||
INCOME BEFORE INCOME TAXES | 402 | 399 | 1,203 | 1,089 | |||||||||||||
Income Tax Expense | (156 | ) | (144 | ) | (450 | ) | (393 | ) | |||||||||
NET INCOME | $ | 246 | $ | 255 | $ | 753 | $ | 696 | |||||||||
Three Months Ended | ||||||||||
March 31, | ||||||||||
2018 | 2017 | |||||||||
OPERATING REVENUES | $ | 1,845 | $ | 1,826 | ||||||
OPERATING EXPENSES | ||||||||||
Energy Costs | 782 | 762 | ||||||||
Operation and Maintenance | 391 | 370 | ||||||||
Depreciation and Amortization | 190 | 171 | ||||||||
Total Operating Expenses | 1,363 | 1,303 | ||||||||
OPERATING INCOME | 482 | 523 | ||||||||
Net Gains (Losses) on Trust Investments | — | 2 | ||||||||
Other Income (Deductions) | 20 | 22 | ||||||||
Non-Operating Pension and OPEB Credits (Costs) | 15 | (2 | ) | |||||||
Interest Expense | (81 | ) | (75 | ) | ||||||
INCOME BEFORE INCOME TAXES | 436 | 470 | ||||||||
Income Tax Expense | (117 | ) | (171 | ) | ||||||
NET INCOME | $ | 319 | $ | 299 | ||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||||
NET INCOME | $ | 246 | $ | 255 | $ | 753 | $ | 696 | |||||||||
Unrealized Gains (Losses) on Available-for-Sale Securities, net of tax (expense) benefit of $0, $0, $1 and $0 for the three and nine months ended 2017 and 2016, respectively | — | — | (1 | ) | 1 | ||||||||||||
COMPREHENSIVE INCOME | $ | 246 | $ | 255 | $ | 752 | $ | 697 | |||||||||
Three Months Ended | ||||||||||
March 31, | ||||||||||
2018 | 2017 | |||||||||
NET INCOME | $ | 319 | $ | 299 | ||||||
Unrealized Gains (Losses) on Available-for-Sale Securities, net of tax (expense) benefit of $0 and $1 for 2018 and 2017, respectively | (1 | ) | (1 | ) | ||||||
COMPREHENSIVE INCOME | $ | 318 | $ | 298 | ||||||
September 30, 2017 | December 31, 2016 | ||||||||
ASSETS | |||||||||
CURRENT ASSETS | |||||||||
Cash and Cash Equivalents | $ | 239 | $ | 390 | |||||
Accounts Receivable, net of allowances of $59 in 2017 and $68 in 2016 | 762 | 810 | |||||||
Accounts Receivable—Affiliated Companies | — | 76 | |||||||
Unbilled Revenues | 176 | 260 | |||||||
Materials and Supplies | 196 | 180 | |||||||
Prepayments | 115 | 9 | |||||||
Regulatory Assets | 239 | 199 | |||||||
Other | 18 | 6 | |||||||
Total Current Assets | 1,745 | 1,930 | |||||||
PROPERTY, PLANT AND EQUIPMENT | 28,301 | 26,347 | |||||||
Less: Accumulated Depreciation and Amortization | (6,019 | ) | (5,760 | ) | |||||
Net Property, Plant and Equipment | 22,282 | 20,587 | |||||||
NONCURRENT ASSETS | |||||||||
Regulatory Assets | 3,336 | 3,319 | |||||||
Long-Term Investments | 283 | 299 | |||||||
Other Special Funds | 46 | 43 | |||||||
Other | 110 | 110 | |||||||
Total Noncurrent Assets | 3,775 | 3,771 | |||||||
TOTAL ASSETS | $ | 27,802 | $ | 26,288 | |||||
March 31, 2018 | December 31, 2017 | ||||||||
ASSETS | |||||||||
CURRENT ASSETS | |||||||||
Cash and Cash Equivalents | $ | 48 | $ | 242 | |||||
Accounts Receivable, net of allowances of $62 in 2018 and $59 in 2017 | 961 | 882 | |||||||
Unbilled Revenues | 196 | 296 | |||||||
Materials and Supplies | 199 | 197 | |||||||
Prepayments | 22 | 44 | |||||||
Regulatory Assets | 139 | 211 | |||||||
Other | 17 | 4 | |||||||
Total Current Assets | 1,582 | 1,876 | |||||||
PROPERTY, PLANT AND EQUIPMENT | 29,689 | 29,117 | |||||||
Less: Accumulated Depreciation and Amortization | (6,154 | ) | (6,101 | ) | |||||
Net Property, Plant and Equipment | 23,535 | 23,016 | |||||||
NONCURRENT ASSETS | |||||||||
Regulatory Assets | 3,208 | 3,222 | |||||||
Long-Term Investments | 284 | 280 | |||||||
Rabbi Trust Fund | 45 | 46 | |||||||
Other | 120 | 114 | |||||||
Total Noncurrent Assets | 3,657 | 3,662 | |||||||
TOTAL ASSETS | $ | 28,774 | $ | 28,554 | |||||
September 30, 2017 | December 31, 2016 | ||||||||
LIABILITIES AND CAPITALIZATION | |||||||||
CURRENT LIABILITIES | |||||||||
Long-Term Debt Due Within One Year | $ | 750 | $ | — | |||||
Accounts Payable | 624 | 718 | |||||||
Accounts Payable—Affiliated Companies | 178 | 260 | |||||||
Accrued Interest | 89 | 76 | |||||||
Clean Energy Program | 184 | 142 | |||||||
Derivative Contracts | — | 5 | |||||||
Obligation to Return Cash Collateral | 132 | 132 | |||||||
Regulatory Liabilities | 44 | 88 | |||||||
Other | 278 | 296 | |||||||
Total Current Liabilities | 2,279 | 1,717 | |||||||
NONCURRENT LIABILITIES | |||||||||
Deferred Income Taxes and ITC | 6,408 | 5,873 | |||||||
OPEB Costs | 977 | 1,009 | |||||||
Accrued Pension Costs | 209 | 250 | |||||||
�� | Regulatory Liabilities | 89 | 118 | ||||||
Environmental Costs | 325 | 332 | |||||||
Asset Retirement Obligations | 216 | 213 | |||||||
Long-Term Accrued Taxes | 83 | 130 | |||||||
Other | 109 | 116 | |||||||
Total Noncurrent Liabilities | 8,416 | 8,041 | |||||||
COMMITMENTS AND CONTINGENT LIABILITIES (See Note 9) | |||||||||
CAPITALIZATION | |||||||||
LONG-TERM DEBT | 7,493 | 7,818 | |||||||
STOCKHOLDER’S EQUITY | |||||||||
Common Stock; 150 shares authorized; issued and outstanding, 2017 and 2016—132 shares | 892 | 892 | |||||||
Contributed Capital | 1,095 | 945 | |||||||
Basis Adjustment | 986 | 986 | |||||||
Retained Earnings | 6,641 | 5,888 | |||||||
Accumulated Other Comprehensive Income | — | 1 | |||||||
Total Stockholder’s Equity | 9,614 | 8,712 | |||||||
Total Capitalization | 17,107 | 16,530 | |||||||
TOTAL LIABILITIES AND CAPITALIZATION | $ | 27,802 | $ | 26,288 | |||||
March 31, 2018 | December 31, 2017 | ||||||||
LIABILITIES AND CAPITALIZATION | |||||||||
CURRENT LIABILITIES | |||||||||
Long-Term Debt Due Within One Year | $ | 750 | $ | 750 | |||||
Accounts Payable | 613 | 728 | |||||||
Accounts Payable—Affiliated Companies | 385 | 340 | |||||||
Accrued Interest | 92 | 78 | |||||||
Clean Energy Program | 85 | 128 | |||||||
Obligation to Return Cash Collateral | 136 | 129 | |||||||
Regulatory Liabilities | 34 | 47 | |||||||
Other | 327 | 311 | |||||||
Total Current Liabilities | 2,422 | 2,511 | |||||||
NONCURRENT LIABILITIES | |||||||||
Deferred Income Taxes and ITC | 3,443 | 3,391 | |||||||
OPEB Costs | 1,078 | 1,103 | |||||||
Accrued Pension Costs | 207 | 226 | |||||||
Regulatory Liabilities | 2,942 | 2,948 | |||||||
Environmental Costs | 268 | 283 | |||||||
Asset Retirement Obligations | 214 | 212 | |||||||
Long-Term Accrued Taxes | 93 | 91 | |||||||
Other | 112 | 114 | |||||||
Total Noncurrent Liabilities | 8,357 | 8,368 | |||||||
COMMITMENTS AND CONTINGENT LIABILITIES (See Note 10) | |||||||||
CAPITALIZATION | |||||||||
LONG-TERM DEBT | 7,843 | 7,841 | |||||||
STOCKHOLDER’S EQUITY | |||||||||
Common Stock; 150 shares authorized; issued and outstanding, 2018 and 2017—132 shares | 892 | 892 | |||||||
Contributed Capital | 1,095 | 1,095 | |||||||
Basis Adjustment | 986 | 986 | |||||||
Retained Earnings | 7,180 | 6,861 | |||||||
Accumulated Other Comprehensive Income | (1 | ) | — | ||||||
Total Stockholder’s Equity | 10,152 | 9,834 | |||||||
Total Capitalization | 17,995 | 17,675 | |||||||
TOTAL LIABILITIES AND CAPITALIZATION | $ | 28,774 | $ | 28,554 | |||||
Nine Months Ended | |||||||||
September 30, | |||||||||
2017 | 2016 | ||||||||
CASH FLOWS FROM OPERATING ACTIVITIES | |||||||||
Net Income | $ | 753 | $ | 696 | |||||
Adjustments to Reconcile Net Income to Net Cash Flows from Operating Activities: | |||||||||
Depreciation and Amortization | 506 | 412 | |||||||
Provision for Deferred Income Taxes and ITC | 497 | 482 | |||||||
Non-Cash Employee Benefit Plan Costs | 37 | 55 | |||||||
Cost of Removal | (72 | ) | (109 | ) | |||||
Net Change in Other Regulatory Assets and Liabilities | (121 | ) | (72 | ) | |||||
Net Change in Certain Current Assets and Liabilities: | |||||||||
Accounts Receivable and Unbilled Revenues | 136 | 2 | |||||||
Materials and Supplies | (13 | ) | (42 | ) | |||||
Prepayments | (106 | ) | (63 | ) | |||||
Accounts Payable | (37 | ) | (30 | ) | |||||
Accounts Receivable/Payable—Affiliated Companies, net | (61 | ) | 154 | ||||||
Other Current Assets and Liabilities | (12 | ) | (6 | ) | |||||
Employee Benefit Plan Funding and Related Payments | (55 | ) | (64 | ) | |||||
Other | (59 | ) | (14 | ) | |||||
Net Cash Provided By (Used In) Operating Activities | 1,393 | 1,401 | |||||||
CASH FLOWS FROM INVESTING ACTIVITIES | |||||||||
Additions to Property, Plant and Equipment | (2,118 | ) | (2,035 | ) | |||||
Proceeds from Sales of Available-for-Sale Securities | 33 | 16 | |||||||
Investments in Available-for-Sale Securities | (34 | ) | (17 | ) | |||||
Solar Loan Investments | (2 | ) | — | ||||||
Other | 7 | 6 | |||||||
Net Cash Provided By (Used In) Investing Activities | (2,114 | ) | (2,030 | ) | |||||
CASH FLOWS FROM FINANCING ACTIVITIES | |||||||||
Net Change in Short-Term Debt | — | (153 | ) | ||||||
Issuance of Long-Term Debt | 425 | 1,275 | |||||||
Redemption of Long-Term Debt | — | (271 | ) | ||||||
Contributed Capital | 150 | — | |||||||
Other | (5 | ) | (14 | ) | |||||
Net Cash Provided By (Used In) Financing Activities | 570 | 837 | |||||||
Net Increase (Decrease) In Cash and Cash Equivalents | (151 | ) | 208 | ||||||
Cash and Cash Equivalents at Beginning of Period | 390 | 198 | |||||||
Cash and Cash Equivalents at End of Period | $ | 239 | $ | 406 | |||||
Supplemental Disclosure of Cash Flow Information: | |||||||||
Income Taxes Paid (Received) | $ | (107 | ) | $ | (279 | ) | |||
Interest Paid, Net of Amounts Capitalized | $ | 208 | $ | 194 | |||||
Accrued Property, Plant and Equipment Expenditures | $ | 363 | $ | 404 | |||||
Three Months Ended | |||||||||
March 31, | |||||||||
2018 | 2017 | ||||||||
CASH FLOWS FROM OPERATING ACTIVITIES | |||||||||
Net Income | $ | 319 | $ | 299 | |||||
Adjustments to Reconcile Net Income to Net Cash Flows from Operating Activities: | |||||||||
Depreciation and Amortization | 190 | 171 | |||||||
Provision for Deferred Income Taxes and ITC | 40 | 160 | |||||||
Non-Cash Employee Benefit Plan Costs | 9 | 13 | |||||||
Cost of Removal | (38 | ) | (24 | ) | |||||
Net Change in Regulatory Assets and Liabilities | (6 | ) | (60 | ) | |||||
Net Change in Certain Current Assets and Liabilities: | |||||||||
Accounts Receivable and Unbilled Revenues | 24 | (34 | ) | ||||||
Materials and Supplies | (2 | ) | (7 | ) | |||||
Prepayments | 22 | 3 | |||||||
Accounts Payable | (12 | ) | (12 | ) | |||||
Accounts Receivable/Payable—Affiliated Companies, net | 40 | 15 | |||||||
Other Current Assets and Liabilities | 39 | 40 | |||||||
Employee Benefit Plan Funding and Related Payments | (33 | ) | (25 | ) | |||||
Other | (15 | ) | (24 | ) | |||||
Net Cash Provided By (Used In) Operating Activities | 577 | 515 | |||||||
CASH FLOWS FROM INVESTING ACTIVITIES | |||||||||
Additions to Property, Plant and Equipment | (750 | ) | (748 | ) | |||||
Proceeds from Sales of Trust Investments | 5 | 10 | |||||||
Purchases of Trust Investments | (5 | ) | (10 | ) | |||||
Solar Loan Investments | (9 | ) | (4 | ) | |||||
Other | 2 | 2 | |||||||
Net Cash Provided By (Used In) Investing Activities | (757 | ) | (750 | ) | |||||
CASH FLOWS FROM FINANCING ACTIVITIES | |||||||||
Other | — | (1 | ) | ||||||
Net Cash Provided By (Used In) Financing Activities | — | (1 | ) | ||||||
Net Increase (Decrease) In Cash, Cash Equivalents and Restricted Cash | (180 | ) | (236 | ) | |||||
Cash, Cash Equivalents and Restricted Cash at Beginning of Period | 244 | 393 | |||||||
Cash, Cash Equivalents and Restricted Cash at End of Period | $ | 64 | $ | 157 | |||||
Supplemental Disclosure of Cash Flow Information: | |||||||||
Income Taxes Paid (Received) | $ | — | $ | (26 | ) | ||||
Interest Paid, Net of Amounts Capitalized | $ | 65 | $ | 65 | |||||
Accrued Property, Plant and Equipment Expenditures | $ | 326 | $ | 287 | |||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||||
OPERATING REVENUES | $ | 873 | $ | 1,075 | $ | 3,086 | $ | 3,102 | |||||||||
OPERATING EXPENSES | |||||||||||||||||
Energy Costs | 357 | 462 | 1,461 | 1,481 | |||||||||||||
Operation and Maintenance | 227 | 289 | 711 | 807 | |||||||||||||
Depreciation and Amortization | 76 | 86 | 1,191 | 245 | |||||||||||||
Total Operating Expenses | 660 | 837 | 3,363 | 2,533 | |||||||||||||
OPERATING INCOME (LOSS) | 213 | 238 | (277 | ) | 569 | ||||||||||||
Income from Equity Method Investments | 3 | 3 | 11 | 9 | |||||||||||||
Other Income | 43 | 23 | 127 | 74 | |||||||||||||
Other Deductions | (8 | ) | (6 | ) | (22 | ) | (33 | ) | |||||||||
Other-Than-Temporary Impairments | (5 | ) | (5 | ) | (9 | ) | (25 | ) | |||||||||
Interest Expense | (12 | ) | (24 | ) | (41 | ) | (66 | ) | |||||||||
INCOME (LOSS) BEFORE INCOME TAXES | 234 | 229 | (211 | ) | 528 | ||||||||||||
Income Tax Benefit (Expense) | (98 | ) | (90 | ) | 80 | (208 | ) | ||||||||||
NET INCOME (LOSS) | $ | 136 | $ | 139 | $ | (131 | ) | $ | 320 | ||||||||
Three Months Ended | ||||||||||
March 31, | ||||||||||
2018 | 2017 | |||||||||
OPERATING REVENUES | $ | 1,403 | $ | 1,269 | ||||||
OPERATING EXPENSES | ||||||||||
Energy Costs | 746 | 692 | ||||||||
Operation and Maintenance | 246 | 232 | ||||||||
Depreciation and Amortization | 82 | 650 | ||||||||
Total Operating Expenses | 1,074 | 1,574 | ||||||||
OPERATING INCOME (LOSS) | 329 | (305 | ) | |||||||
Income from Equity Method Investments | 2 | 3 | ||||||||
Net Gains (Losses) on Trust Investments | (22 | ) | 19 | |||||||
Other Income (Deductions) | 11 | 11 | ||||||||
Non-Operating Pension and OPEB Credits (Costs) | 4 | 2 | ||||||||
Interest Expense | (7 | ) | (16 | ) | ||||||
INCOME (LOSS) BEFORE INCOME TAXES | 317 | (286 | ) | |||||||
Income Tax Benefit (Expense) | (83 | ) | 116 | |||||||
NET INCOME (LOSS) | $ | 234 | $ | (170 | ) | |||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||||
NET INCOME (LOSS) | $ | 136 | $ | 139 | $ | (131 | ) | $ | 320 | ||||||||
Other Comprehensive Income (Loss), net of tax | |||||||||||||||||
Unrealized Gains (Losses) on Available-for-Sale Securities, net of tax (expense) benefit of $(14), $(23), $(41) and $(48) for the three and nine months ended 2017 and 2016, respectively | 15 | 22 | 44 | 47 | |||||||||||||
Pension/OPEB adjustment, net of tax (expense) benefit of $(4), $(5), $(11) and $(15) for the three and nine months ended 2017 and 2016, respectively | 5 | 7 | 15 | 21 | |||||||||||||
Other Comprehensive Income (Loss), net of tax | 20 | 29 | 59 | 68 | |||||||||||||
COMPREHENSIVE INCOME (LOSS) | $ | 156 | $ | 168 | $ | (72 | ) | $ | 388 | ||||||||
Three Months Ended | ||||||||||
March 31, | ||||||||||
2018 | 2017 | |||||||||
NET INCOME (LOSS) | $ | 234 | $ | (170 | ) | |||||
Other Comprehensive Income (Loss), net of tax | ||||||||||
Unrealized Gains (Losses) on Available-for-Sale Securities, net of tax (expense) benefit of $8 and $(18) for 2018 and 2017, respectively | (11 | ) | 19 | |||||||
Pension/OPEB adjustment, net of tax (expense) benefit of $(3) and $(4) for 2018 and 2017, respectively | 6 | 5 | ||||||||
Other Comprehensive Income (Loss), net of tax | (5 | ) | 24 | |||||||
COMPREHENSIVE INCOME (LOSS) | $ | 229 | $ | (146 | ) | |||||
September 30, 2017 | December 31, 2016 | ||||||||
ASSETS | |||||||||
CURRENT ASSETS | |||||||||
Cash and Cash Equivalents | $ | 22 | $ | 11 | |||||
Accounts Receivable | 206 | 276 | |||||||
Accounts Receivable—Affiliated Companies | 86 | 205 | |||||||
Short-Term Loan to Affiliate | 1 | 87 | |||||||
Fuel | 348 | 326 | |||||||
Materials and Supplies, net | 391 | 381 | |||||||
Derivative Contracts | 84 | 162 | |||||||
Prepayments | 20 | 10 | |||||||
Other | 4 | 2 | |||||||
Total Current Assets | 1,162 | 1,460 | |||||||
PROPERTY, PLANT AND EQUIPMENT | 11,256 | 12,655 | |||||||
Less: Accumulated Depreciation and Amortization | (3,184 | ) | (4,135 | ) | |||||
Net Property, Plant and Equipment | 8,072 | 8,520 | |||||||
NONCURRENT ASSETS | |||||||||
NDT Fund | 2,012 | 1,859 | |||||||
Long-Term Investments | 90 | 102 | |||||||
Goodwill | 16 | 16 | |||||||
Other Intangibles | 88 | 98 | |||||||
Other Special Funds | 57 | 53 | |||||||
Derivative Contracts | 62 | 24 | |||||||
Other | 72 | 61 | |||||||
Total Noncurrent Assets | 2,397 | 2,213 | |||||||
TOTAL ASSETS | $ | 11,631 | $ | 12,193 | |||||
March 31, 2018 | December 31, 2017 | ||||||||
ASSETS | |||||||||
CURRENT ASSETS | |||||||||
Cash and Cash Equivalents | $ | 11 | $ | 32 | |||||
Accounts Receivable | 301 | 380 | |||||||
Accounts Receivable—Affiliated Companies | 215 | 221 | |||||||
Fuel | 162 | 289 | |||||||
Materials and Supplies, net | 370 | 376 | |||||||
Derivative Contracts | 43 | 29 | |||||||
Prepayments | 12 | 11 | |||||||
Other | 4 | 3 | |||||||
Total Current Assets | 1,118 | 1,341 | |||||||
PROPERTY, PLANT AND EQUIPMENT | 11,980 | 11,755 | |||||||
Less: Accumulated Depreciation and Amortization | (3,291 | ) | (3,159 | ) | |||||
Net Property, Plant and Equipment | 8,689 | 8,596 | |||||||
NONCURRENT ASSETS | |||||||||
NDT Fund | 2,051 | 2,133 | |||||||
Long-Term Investments | 86 | 87 | |||||||
Goodwill | 16 | 16 | |||||||
Other Intangibles | 131 | 114 | |||||||
Rabbi Trust Fund | 56 | 57 | |||||||
Derivative Contracts | 48 | 7 | |||||||
Other | 68 | 67 | |||||||
Total Noncurrent Assets | 2,456 | 2,481 | |||||||
TOTAL ASSETS | $ | 12,263 | $ | 12,418 | |||||
September 30, 2017 | December 31, 2016 | ||||||||
LIABILITIES AND MEMBER’S EQUITY | |||||||||
CURRENT LIABILITIES | |||||||||
Accounts Payable | $ | 499 | $ | 539 | |||||
Accounts Payable—Affiliated Companies | 128 | 25 | |||||||
Derivative Contracts | 7 | 8 | |||||||
Accrued Interest | 43 | 20 | |||||||
Other | 87 | 88 | |||||||
Total Current Liabilities | 764 | 680 | |||||||
NONCURRENT LIABILITIES | |||||||||
Deferred Income Taxes and ITC | 1,962 | 2,170 | |||||||
Asset Retirement Obligations | 530 | 511 | |||||||
OPEB Costs | 258 | 251 | |||||||
Derivative Contracts | 1 | 3 | |||||||
Accrued Pension Costs | 174 | 191 | |||||||
Long-Term Accrued Taxes | 57 | 77 | |||||||
Other | 123 | 129 | |||||||
Total Noncurrent Liabilities | 3,105 | 3,332 | |||||||
COMMITMENTS AND CONTINGENT LIABILITIES (See Note 9) | |||||||||
LONG-TERM DEBT | 2,385 | 2,382 | |||||||
MEMBER’S EQUITY | |||||||||
Contributed Capital | 2,214 | 2,214 | |||||||
Basis Adjustment | (986 | ) | (986 | ) | |||||
Retained Earnings | 4,301 | 4,782 | |||||||
Accumulated Other Comprehensive Loss | (152 | ) | (211 | ) | |||||
Total Member’s Equity | 5,377 | 5,799 | |||||||
TOTAL LIABILITIES AND MEMBER’S EQUITY | $ | 11,631 | $ | 12,193 | |||||
March 31, 2018 | December 31, 2017 | ||||||||
LIABILITIES AND MEMBER’S EQUITY | |||||||||
CURRENT LIABILITIES | |||||||||
Long-Term Debt Due Within One Year | $ | 250 | $ | 250 | |||||
Accounts Payable | 510 | 712 | |||||||
Accounts Payable—Affiliated Companies | 69 | 57 | |||||||
Short-Term Loan from Affiliate | 35 | 281 | |||||||
Derivative Contracts | 10 | 16 | |||||||
Accrued Interest | 43 | 20 | |||||||
Other | 108 | 99 | |||||||
Total Current Liabilities | 1,025 | 1,435 | |||||||
NONCURRENT LIABILITIES | |||||||||
Deferred Income Taxes and ITC | 1,434 | 1,406 | |||||||
Asset Retirement Obligations | 821 | 810 | |||||||
OPEB Costs | 285 | 283 | |||||||
Derivative Contracts | 2 | 5 | |||||||
Accrued Pension Costs | 176 | 184 | |||||||
Long-Term Accrued Taxes | 46 | 52 | |||||||
Other | 141 | 140 | |||||||
Total Noncurrent Liabilities | 2,905 | 2,880 | |||||||
COMMITMENTS AND CONTINGENT LIABILITIES (See Note 10) | |||||||||
LONG-TERM DEBT | 2,137 | 2,136 | |||||||
MEMBER’S EQUITY | |||||||||
Contributed Capital | 2,214 | 2,214 | |||||||
Basis Adjustment | (986 | ) | (986 | ) | |||||
Retained Earnings | 5,320 | 4,911 | |||||||
Accumulated Other Comprehensive Loss | (352 | ) | (172 | ) | |||||
Total Member’s Equity | 6,196 | 5,967 | |||||||
TOTAL LIABILITIES AND MEMBER’S EQUITY | $ | 12,263 | $ | 12,418 | |||||
Nine Months Ended | |||||||||
September 30, | |||||||||
2017 | 2016 | ||||||||
CASH FLOWS FROM OPERATING ACTIVITIES | |||||||||
Net Income (Loss) | $ | (131 | ) | $ | 320 | ||||
Adjustments to Reconcile Net Income (Loss) to Net Cash Flows from Operating Activities: | |||||||||
Depreciation and Amortization | 1,191 | 245 | |||||||
Amortization of Nuclear Fuel | 152 | 154 | |||||||
Provision for Deferred Income Taxes and ITC | (259 | ) | (34 | ) | |||||
Interest Accretion on Asset Retirement Obligation | 23 | 20 | |||||||
Net Realized and Unrealized (Gains) Losses on Energy Contracts and Other Derivatives | 8 | 96 | |||||||
Impairment Costs for Early Plant Retirements | — | 102 | |||||||
Renewable Energy Credit (REC) Compliance Accrual | 79 | 87 | |||||||
Non-Cash Employee Benefit Plan Costs | 21 | 28 | |||||||
Net Realized (Gains) Losses and (Income) Expense from NDT Fund | (86 | ) | (12 | ) | |||||
Net Change in Certain Current Assets and Liabilities: | |||||||||
Fuel, Materials and Supplies | (32 | ) | (27 | ) | |||||
Margin Deposit | 64 | (4 | ) | ||||||
Accounts Receivable | 19 | (11 | ) | ||||||
Accounts Payable | (32 | ) | (29 | ) | |||||
Accounts Receivable/Payable—Affiliated Companies, net | 205 | 235 | |||||||
Other Current Assets and Liabilities | 11 | 20 | |||||||
Employee Benefit Plan Funding and Related Payments | (5 | ) | (10 | ) | |||||
Other | 21 | 80 | |||||||
Net Cash Provided By (Used In) Operating Activities | 1,249 | 1,260 | |||||||
CASH FLOWS FROM INVESTING ACTIVITIES | |||||||||
Additions to Property, Plant and Equipment | (903 | ) | (923 | ) | |||||
Purchase of Emissions Allowances and RECs | (90 | ) | (77 | ) | |||||
Proceeds from Sales of Available-for-Sale Securities | 886 | 490 | |||||||
Investments in Available-for-Sale Securities | (900 | ) | (512 | ) | |||||
Short-Term Loan—Affiliated Company, net | 86 | (151 | ) | ||||||
Other | 37 | 22 | |||||||
Net Cash Provided By (Used In) Investing Activities | (884 | ) | (1,151 | ) | |||||
CASH FLOWS FROM FINANCING ACTIVITIES | |||||||||
Issuance of Long-Term Debt | — | 700 | |||||||
Cash Dividend Paid | (350 | ) | (250 | ) | |||||
Redemption of Long-Term Debt | — | (553 | ) | ||||||
Other | (4 | ) | (6 | ) | |||||
Net Cash Provided By (Used In) Financing Activities | (354 | ) | (109 | ) | |||||
Net Increase (Decrease) in Cash and Cash Equivalents | 11 | — | |||||||
Cash and Cash Equivalents at Beginning of Period | 11 | 12 | |||||||
Cash and Cash Equivalents at End of Period | $ | 22 | $ | 12 | |||||
Supplemental Disclosure of Cash Flow Information: | |||||||||
Income Taxes Paid (Received) | $ | 75 | $ | (7 | ) | ||||
Interest Paid, Net of Amounts Capitalized | $ | 30 | $ | 51 | |||||
Accrued Property, Plant and Equipment Expenditures | $ | 241 | $ | 175 | |||||
Three Months Ended | |||||||||
March 31, | |||||||||
2018 | 2017 | ||||||||
CASH FLOWS FROM OPERATING ACTIVITIES | |||||||||
Net Income (Loss) | $ | 234 | $ | (170 | ) | ||||
Adjustments to Reconcile Net Income (Loss) to Net Cash Flows from Operating Activities: | |||||||||
Depreciation and Amortization | 82 | 650 | |||||||
Amortization of Nuclear Fuel | 50 | 54 | |||||||
Provision for Deferred Income Taxes and ITC | 33 | (226 | ) | ||||||
Interest Accretion on Asset Retirement Obligation | 10 | 8 | |||||||
Net Realized and Unrealized (Gains) Losses on Energy Contracts and Other Derivatives | (119 | ) | (5 | ) | |||||
Emission Allowances and Renewable Energy Credit (REC) Compliance Accrual | 24 | 26 | |||||||
Non-Cash Employee Benefit Plan Costs | 6 | 7 | |||||||
Net (Gains) Losses and (Income) Expense from NDT Fund | 12 | (23 | ) | ||||||
Net Change in Certain Current Assets and Liabilities: | |||||||||
Fuel, Materials and Supplies | 133 | 155 | |||||||
Margin Deposit | 25 | (4 | ) | ||||||
Accounts Receivable | 93 | 24 | |||||||
Accounts Payable | (89 | ) | (18 | ) | |||||
Accounts Receivable/Payable—Affiliated Companies, net | 25 | 71 | |||||||
Other Current Assets and Liabilities | 30 | 33 | |||||||
Employee Benefit Plan Funding and Related Payments | (2 | ) | (2 | ) | |||||
Other | (5 | ) | — | ||||||
Net Cash Provided By (Used In) Operating Activities | 542 | 580 | |||||||
CASH FLOWS FROM INVESTING ACTIVITIES | |||||||||
Additions to Property, Plant and Equipment | (299 | ) | (307 | ) | |||||
Purchase of Emissions Allowances and RECs | (17 | ) | (15 | ) | |||||
Proceeds from Sales of Trust Investments | 377 | 259 | |||||||
Purchases of Trust Investments | (389 | ) | (268 | ) | |||||
Short-Term Loan—Affiliated Company | — | (70 | ) | ||||||
Other | 11 | 7 | |||||||
Net Cash Provided By (Used In) Investing Activities | (317 | ) | (394 | ) | |||||
CASH FLOWS FROM FINANCING ACTIVITIES | |||||||||
Cash Dividend Paid | — | (175 | ) | ||||||
Short-Term Loan—Affiliated Company | (246 | ) | — | ||||||
Other | — | (4 | ) | ||||||
Net Cash Provided By (Used In) Financing Activities | (246 | ) | (179 | ) | |||||
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash | (21 | ) | 7 | ||||||
Cash, Cash Equivalents and Restricted Cash at Beginning of Period | 32 | 11 | |||||||
Cash, Cash Equivalents and Restricted Cash at End of Period | $ | 11 | $ | 18 | |||||
Supplemental Disclosure of Cash Flow Information: | |||||||||
Income Taxes Paid (Received) | $ | 2 | $ | 19 | |||||
Interest Paid, Net of Amounts Capitalized | $ | 2 | $ | 5 | |||||
Accrued Property, Plant and Equipment Expenditures | $ | 218 | $ | 205 | |||||
PSE&G | Power | Other (A) | Consolidated | ||||||||||||||
Millions | |||||||||||||||||
As of December 31, 2017 | |||||||||||||||||
Cash and Cash Equivalents | $ | 242 | $ | 32 | $ | 39 | $ | 313 | |||||||||
Restricted Cash in Other Current Assets | — | — | — | — | |||||||||||||
Restricted Cash in Other Noncurrent Assets | 2 | — | — | 2 | |||||||||||||
Cash, Cash Equivalents and Restricted Cash | $ | 244 | $ | 32 | $ | 39 | $ | 315 | |||||||||
As of March 31, 2018 | |||||||||||||||||
Cash and Cash Equivalents | $ | 48 | $ | 11 | $ | 59 | $ | 118 | |||||||||
Restricted Cash in Other Current Assets | 14 | — | — | 14 | |||||||||||||
Restricted Cash in Other Noncurrent Assets | 2 | — | — | 2 | |||||||||||||
Cash, Cash Equivalents and Restricted Cash | $ | 64 | $ | 11 | $ | 59 | $ | 134 | |||||||||
(A) | Includes amounts applicable to PSEG (parent corporation), Energy Holdings and Services. |
PSE&G | Power | Other | Eliminations | Consolidated | |||||||||||||||||
Millions | |||||||||||||||||||||
Three Months Ended March 31, 2018 | |||||||||||||||||||||
Revenues from Contracts with Customers | |||||||||||||||||||||
Electric Distribution | $ | 690 | $ | — | $ | — | $ | — | $ | 690 | |||||||||||
Gas Distribution | 759 | — | — | (3 | ) | 756 | |||||||||||||||
Transmission | 312 | — | — | — | 312 | ||||||||||||||||
Electricity and Related Product Sales | |||||||||||||||||||||
PJM | |||||||||||||||||||||
Third Party Sales | — | 498 | — | — | 498 | ||||||||||||||||
Sales to Affiliates | — | 176 | — | (176 | ) | — | |||||||||||||||
New York ISO | — | 59 | — | — | 59 | ||||||||||||||||
ISO New England | — | 47 | — | — | 47 | ||||||||||||||||
Gas Sales | |||||||||||||||||||||
Third Party Sales | — | 64 | — | — | 64 | ||||||||||||||||
Sales to Affiliates | — | 397 | — | (397 | ) | — | |||||||||||||||
Other Revenues from Contracts with Customers (A) | 72 | 10 | 137 | (1 | ) | 218 | |||||||||||||||
Total Revenues from Contracts with Customers | 1,833 | 1,251 | 137 | (577 | ) | 2,644 | |||||||||||||||
Revenues Unrelated to Contracts with Customers (B) | 12 | 152 | 10 | — | 174 | ||||||||||||||||
Total Operating Revenues | $ | 1,845 | $ | 1,403 | $ | 147 | $ | (577 | ) | $ | 2,818 | ||||||||||
PSE&G | Power | Other | Eliminations | Consolidated | |||||||||||||||||
Millions | |||||||||||||||||||||
Three Months Ended March 31, 2017 | |||||||||||||||||||||
Revenues from Contracts with Customers | |||||||||||||||||||||
Electric Distribution | $ | 701 | $ | — | $ | — | $ | — | $ | 701 | |||||||||||
Gas Distribution | 755 | — | — | (1 | ) | 754 | |||||||||||||||
Transmission | 299 | — | — | — | 299 | ||||||||||||||||
Electricity and Related Product Sales | |||||||||||||||||||||
PJM | |||||||||||||||||||||
Third Party Sales | — | 314 | — | — | 314 | ||||||||||||||||
Sales to Affiliates | — | 184 | — | (184 | ) | — | |||||||||||||||
New York ISO | — | 36 | — | — | 36 | ||||||||||||||||
ISO New England | — | 11 | — | — | 11 | ||||||||||||||||
Gas Sales | |||||||||||||||||||||
Third Party Sales | — | 52 | — | — | 52 | ||||||||||||||||
Sales to Affiliates | — | 401 | — | (401 | ) | — | |||||||||||||||
Other Revenues from Contracts with Customers (A) | 62 | 10 | 128 | (1 | ) | 199 | |||||||||||||||
Total Revenues from Contracts with Customers | 1,817 | 1,008 | 128 | (587 | ) | 2,366 | |||||||||||||||
Revenues Unrelated to Contracts with Customers (B) | 9 | 261 | (45 | ) | — | 225 | |||||||||||||||
Total Operating Revenues | $ | 1,826 | $ | 1,269 | $ | 83 | $ | (587 | ) | $ | 2,591 | ||||||||||
(A) | Includes primarily revenues from appliance repair services at PSE&G, solar power projects and energy management and fuel service contracts with LIPA at Power, and PSEG LI’s OSA with LIPA in Other. |
(B) | Includes primarily alternative revenues at PSE&G, derivative contracts at Power, and lease contracts in Other. In 2017, Other includes a $55 million loss related to Energy Holdings’ investments in leases. |
Delivery Year | $ per MW-Day | MW Cleared | |||||
June 2017 to May 2018 | $171 | 9,700 | |||||
June 2018 to May 2019 | $205 | 9,200 | |||||
June 2019 to May 2020 | $116 | 8,900 | |||||
June 2020 to May 2021 | $174 | 7,800 | |||||
Delivery Year | $ per MW-Day | MW Cleared | |||||
June 2017 to May 2018 | $231 | 850 | |||||
June 2018 to May 2019 | $314 | 830 | |||||
June 2019 to May 2020 | $231 | 850 | |||||
June 2020 to May 2021 | $174 | 850 | |||||
June 2021 to May 2022 | $152 | 460 | |||||
As of September 30, 2017 | ||||||||||||||||||
Hope Creek | Salem | Support Facilities and Other (A) | Peach Bottom | |||||||||||||||
Millions | ||||||||||||||||||
Assets | ||||||||||||||||||
Materials and Supplies Inventory | $ | 85 | $ | 81 | $ | — | $ | 41 | ||||||||||
Nuclear Production, net of Accumulated Depreciation | 452 | 557 | 204 | 753 | ||||||||||||||
Nuclear Fuel In-Service, net of Accumulated Depreciation | 120 | 94 | — | 109 | ||||||||||||||
Construction Work in Progress (including nuclear fuel) | 216 | 130 | 9 | 92 | ||||||||||||||
Total Assets | $ | 873 | $ | 862 | $ | 213 | $ | 995 | ||||||||||
Liability | ||||||||||||||||||
Asset Retirement Obligation | $ | 148 | $ | 162 | $ | — | $ | 164 | ||||||||||
Total Liabilities | $ | 148 | $ | 162 | $ | — | $ | 164 | ||||||||||
Net Assets | $ | 725 | $ | 700 | $ | 213 | $ | 831 | ||||||||||
NRC License Renewal Term | 2046 | 2036/2040 | — | 2033/2034 | ||||||||||||||
% Owned | 100 | % | 57 | % | — | 50 | % | |||||||||||
As of March 31, 2018 | ||||||||||||||||||
Hope Creek | Salem | Support Facilities and Other (A) | Peach Bottom | |||||||||||||||
Millions | ||||||||||||||||||
Assets | ||||||||||||||||||
Materials and Supplies Inventory | $ | 84 | $ | 83 | $ | — | $ | 41 | ||||||||||
Nuclear Production, net of Accumulated Depreciation | 602 | 653 | 207 | 797 | ||||||||||||||
Nuclear Fuel In-Service, net of Accumulated Depreciation | 88 | 107 | — | 136 | ||||||||||||||
Construction Work in Progress (including nuclear fuel) | 296 | 97 | 1 | 20 | ||||||||||||||
Total Assets | $ | 1,070 | $ | 940 | $ | 208 | $ | 994 | ||||||||||
Liability | ||||||||||||||||||
Asset Retirement Obligation | $ | 305 | $ | 252 | $ | — | $ | 207 | ||||||||||
Total Liabilities | $ | 305 | $ | 252 | $ | — | $ | 207 | ||||||||||
Net Assets | $ | 765 | $ | 688 | $ | 208 | $ | 787 | ||||||||||
NRC License Renewal Term | 2046 | 2036/2040 | N/A | 2033/2034 | ||||||||||||||
% Owned | 100 | % | 57 | % | Various | 50 | % | |||||||||||
(A) | Includes Hope Creek’s and Salem’s shared support facilities and other nuclear development capital. |
Outstanding Loans by Class of Customer | ||||||||||
As of | As of | |||||||||
Consumer Loans | September 30, 2017 | December 31, 2016 | ||||||||
Millions | ||||||||||
Commercial/Industrial | $ | 160 | $ | 164 | ||||||
Residential | 10 | 11 | ||||||||
Total | $ | 170 | $ | 175 | ||||||
Outstanding Loans by Class of Customer | ||||||||||
As of | As of | |||||||||
Consumer Loans | March 31, 2018 | December 31, 2017 | ||||||||
Millions | ||||||||||
Commercial/Industrial | $ | 168 | $ | 158 | ||||||
Residential | 10 | 10 | ||||||||
Total | $ | 178 | $ | 168 | ||||||
As of | As of | ||||||||
September 30, 2017 | December 31, 2016 | ||||||||
Millions | |||||||||
Lease Receivables (net of Non-Recourse Debt) | $ | 546 | $ | 629 | |||||
Estimated Residual Value of Leased Assets | 326 | 346 | |||||||
Total Investment in Rental Receivables | 872 | 975 | |||||||
Unearned and Deferred Income | (309 | ) | (326 | ) | |||||
Gross Investment in Leases | 563 | 649 | |||||||
Deferred Tax Liabilities | (631 | ) | (674 | ) | |||||
Net Investment in Leases | $ | (68 | ) | $ | (25 | ) | |||
As of | As of | ||||||||
March 31, 2018 | December 31, 2017 | ||||||||
Millions | |||||||||
Lease Receivables (net of Non-Recourse Debt) | $ | 545 | $ | 546 | |||||
Estimated Residual Value of Leased Assets | 326 | 326 | |||||||
Total Investment in Rental Receivables | 871 | 872 | |||||||
Unearned and Deferred Income | (303 | ) | (307 | ) | |||||
Gross Investment in Leases | 568 | 565 | |||||||
Deferred Tax Liabilities | (498 | ) | (480 | ) | |||||
Net Investment in Leases | $ | 70 | $ | 85 | |||||
Lease Receivables, Net of Non-Recourse Debt | ||||||
Counterparties’ Credit Rating Standard & Poor’s (S&P) as of September 30, 2017 | ||||||
As of September 30, 2017 | ||||||
Millions | ||||||
AA | $ | 15 | ||||
BBB+ — BBB- | 316 | |||||
BB- | 133 | |||||
CCC- | 82 | |||||
Total | $ | 546 | ||||
Lease Receivables, Net of Non-Recourse Debt | ||||||
Counterparties’ Credit Rating Standard & Poor’s (S&P) as of March 31, 2018 | ||||||
As of March 31, 2018 | ||||||
Millions | ||||||
AA | $ | 14 | ||||
BBB+ — BBB- | 316 | |||||
BB- | 133 | |||||
CCC- | 82 | |||||
Total | $ | 545 | ||||
Asset | Location | Gross Investment | % Owned | Total MW | Fuel Type | Counterparties’ S&P Credit Ratings | Counterparty | |||||||||||||
Millions | ||||||||||||||||||||
Powerton Station Units 5 and 6 | IL | $ | 133 | 64 | % | 1,538 | Coal | BB- | NRG Energy, Inc. | |||||||||||
Joliet Station Units 7 and 8 | IL | $ | 84 | 64 | % | 1,036 | Gas | BB- | NRG Energy, Inc. | |||||||||||
Keystone Station Units 1 and 2 | PA | $ | 20 | 17 | % | 1,711 | Coal | CCC- | REMA (A) | |||||||||||
Conemaugh Station Units 1 and 2 | PA | $ | 20 | 17 | % | 1,711 | Coal | CCC- | REMA (A) | |||||||||||
Shawville Station Units 1, 2, 3 and 4 | PA | $ | 80 | 100 | % | 596 | Gas | CCC- | REMA (A) | |||||||||||
Asset | Location | Gross Investment | % Owned | Total MW | Fuel Type | Counterparties’ S&P Credit Ratings | Counterparty | |||||||||||||
Millions | ||||||||||||||||||||
Powerton Station Units 5 and 6 | IL | $ | 132 | 64 | % | 1,538 | Coal | BB- | NRG Energy, Inc. | |||||||||||
Joliet Station Units 7 and 8 | IL | $ | 85 | 64 | % | 1,036 | Gas | BB- | NRG Energy, Inc. | |||||||||||
Keystone Station Units 1 and 2 | PA | $ | 20 | 17 | % | 1,711 | Coal | CCC- | REMA (A) | |||||||||||
Conemaugh Station Units 1 and 2 | PA | $ | 20 | 17 | % | 1,711 | Coal | CCC- | REMA (A) | |||||||||||
Shawville Station Units 1, 2, 3 and 4 | PA | $ | 78 | 100 | % | 596 | Gas | CCC- | REMA (A) | |||||||||||
(A) |
As of September 30, 2017 | |||||||||||||||||
Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||||||
Millions | |||||||||||||||||
Equity Securities | $ | 706 | $ | 331 | $ | (5 | ) | $ | 1,032 | ||||||||
Debt Securities | |||||||||||||||||
Government | 561 | 10 | (4 | ) | 567 | ||||||||||||
Corporate | 352 | 7 | (1 | ) | 358 | ||||||||||||
Total Debt Securities | 913 | 17 | (5 | ) | 925 | ||||||||||||
Other Securities | 55 | — | — | 55 | |||||||||||||
Total NDT Available-for-Sale Securities | $ | 1,674 | $ | 348 | $ | (10 | ) | $ | 2,012 | ||||||||
As of March 31, 2018 | |||||||||||||||||
Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||||||
Millions | |||||||||||||||||
Equity Securities | |||||||||||||||||
Domestic | $ | 463 | $ | 226 | $ | (7 | ) | $ | 682 | ||||||||
International | 318 | 93 | (7 | ) | 404 | ||||||||||||
Total Equity Securities | 781 | 319 | (14 | ) | 1,086 | ||||||||||||
Available-for Sale Debt Securities | |||||||||||||||||
Government | 518 | 1 | (11 | ) | 508 | ||||||||||||
Corporate | 464 | 1 | (9 | ) | 456 | ||||||||||||
Total Available-for-Sale Debt Securities | 982 | 2 | (20 | ) | 964 | ||||||||||||
Other | 1 | — | — | 1 | |||||||||||||
Total NDT Fund Investments (A) | $ | 1,764 | $ | 321 | $ | (34 | ) | $ | 2,051 | ||||||||
As of December 31, 2017 | |||||||||||||||||
Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||||||
Millions | |||||||||||||||||
Equity Securities | |||||||||||||||||
Domestic | $ | 497 | $ | 245 | $ | (2 | ) | $ | 740 | ||||||||
International | 311 | 99 | (3 | ) | 407 | ||||||||||||
Total Equity Securities | 808 | 344 | (5 | ) | 1,147 | ||||||||||||
Available-for Sale Debt Securities | |||||||||||||||||
Government | 586 | 2 | (4 | ) | 584 | ||||||||||||
Corporate | 400 | 4 | (2 | ) | 402 | ||||||||||||
Total Available-for-Sale Debt Securities | 986 | 6 | (6 | ) | 986 | ||||||||||||
Total NDT Fund Investments | $ | 1,794 | $ | 350 | $ | (11 | ) | $ | 2,133 | ||||||||
As of December 31, 2016 | |||||||||||||||||
Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||||||
Millions | |||||||||||||||||
Equity Securities | $ | 705 | $ | 263 | $ | (11 | ) | $ | 957 | ||||||||
Debt Securities | |||||||||||||||||
Government | 518 | 8 | (6 | ) | 520 | ||||||||||||
Corporate | 337 | 4 | (4 | ) | 337 | ||||||||||||
Total Debt Securities | 855 | 12 | (10 | ) | 857 | ||||||||||||
Other Securities | 44 | — | — | 44 | |||||||||||||
Total NDT Available-for-Sale Securities (A) | $ | 1,604 | $ | 275 | $ | (21 | ) | $ | 1,858 | ||||||||
As of | As of | ||||||||
September 30, 2017 | December 31, 2016 | ||||||||
Millions | |||||||||
Accounts Receivable | $ | 11 | $ | 8 | |||||
Accounts Payable | $ | 5 | $ | 5 | |||||
As of | As of | ||||||||
March 31, 2018 | December 31, 2017 | ||||||||
Millions | |||||||||
Accounts Receivable | $ | 13 | $ | 24 | |||||
Accounts Payable | $ | 9 | $ | 74 | |||||
As of September 30, 2017 | As of December 31, 2016 | ||||||||||||||||||||||||||||||||
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) | $ | 67 | $ | (5 | ) | $ | — | $ | — | $ | 120 | $ | (10 | ) | $ | 8 | $ | (1 | ) | ||||||||||||||
Debt Securities | |||||||||||||||||||||||||||||||||
Government (B) | 237 | (2 | ) | 62 | (2 | ) | 276 | (6 | ) | 4 | — | ||||||||||||||||||||||
Corporate (C) | 60 | — | 36 | (1 | ) | 139 | (3 | ) | 15 | (1 | ) | ||||||||||||||||||||||
Total Debt Securities | 297 | (2 | ) | 98 | (3 | ) | 415 | (9 | ) | 19 | (1 | ) | |||||||||||||||||||||
Other Securities | 3 | — | — | — | — | — | — | — | |||||||||||||||||||||||||
NDT Available-for-Sale Securities | $ | 367 | $ | (7 | ) | $ | 98 | $ | (3 | ) | $ | 535 | $ | (19 | ) | $ | 27 | $ | (2 | ) | |||||||||||||
As of March 31, 2018 | As of December 31, 2017 | ||||||||||||||||||||||||||||||||
Less Than 12 Months | Greater Than 12 Months | Less Than 12 Months | Greater Than 12 Months | ||||||||||||||||||||||||||||||
Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | ||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||||
Equity Securities (A) | |||||||||||||||||||||||||||||||||
Domestic | $ | 117 | $ | (7 | ) | $ | — | $ | — | $ | 40 | $ | (2 | ) | $ | — | $ | — | |||||||||||||||
International | 65 | (7 | ) | 1 | — | 29 | (3 | ) | 2 | — | |||||||||||||||||||||||
Total Equity Securities | 182 | (14 | ) | 1 | — | 69 | (5 | ) | 2 | — | |||||||||||||||||||||||
Available-for Sale Debt Securities | |||||||||||||||||||||||||||||||||
Government (B) | 364 | (7 | ) | 80 | (4 | ) | 343 | (2 | ) | 91 | (2 | ) | |||||||||||||||||||||
Corporate (C) | 339 | (8 | ) | 25 | (1 | ) | 191 | (1 | ) | 27 | (1 | ) | |||||||||||||||||||||
Total Available-for-Sale Debt Securities | 703 | (15 | ) | 105 | (5 | ) | 534 | (3 | ) | 118 | (3 | ) | |||||||||||||||||||||
NDT Trust Investments | $ | 885 | $ | (29 | ) | $ | 106 | $ | (5 | ) | $ | 603 | $ | (8 | ) | $ | 120 | $ | (3 | ) | |||||||||||||
(A) | Equity Securities—Investments in marketable equity securities within the NDT Fund are primarily in common stocks within a broad range of industries and sectors. |
(B) | Debt Securities (Government)—Unrealized gains and losses on these securities are recorded in Accumulated Other Comprehensive Income (Loss). The unrealized losses on Power’s NDT investments in U.S. Treasury obligations and Federal Agency mortgage-backed securities were caused by interest rate changes. These investments are guaranteed by the U.S. government or an agency of the U.S. government. Power also has investments in municipal bonds that are primarily in investment grade securities. It is not expected that these securities will settle for less than their amortized cost. Since Power does not intend to sell these securities nor will it be more-likely-than-not required to sell, Power does not consider these debt securities to be other-than-temporarily impaired as of |
(C) | Debt Securities (Corporate)—Unrealized gains and losses on these securities are recorded in Accumulated Other Comprehensive Income (Loss). Power’s investments in corporate bonds are primarily in investment grade securities. It is not expected that these securities would settle for less than their amortized cost. Since Power does not intend to sell these securities nor will it be more-likely-than-not required to sell, Power does not consider these debt securities to be other-than-temporarily impaired as of |
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||||
Millions | |||||||||||||||||
Proceeds from NDT Fund Sales (A) | $ | 278 | $ | 139 | $ | 845 | $ | 470 | |||||||||
Net Realized Gains (Losses) on NDT Fund: | |||||||||||||||||
Gross Realized Gains | $ | 29 | $ | 11 | $ | 82 | $ | 36 | |||||||||
Gross Realized Losses | (5 | ) | (3 | ) | (14 | ) | (25 | ) | |||||||||
Net Realized Gains (Losses) on NDT Fund | $ | 24 | $ | 8 | $ | 68 | $ | 11 | |||||||||
Three Months Ended | ||||||||||
March 31, | ||||||||||
2018 | 2017 | |||||||||
Millions | ||||||||||
Proceeds from NDT Fund Sales (A) | $ | 372 | $ | 247 | ||||||
Net Realized Gains (Losses) on NDT Fund | ||||||||||
Gross Realized Gains | $ | 24 | $ | 21 | ||||||
Gross Realized Losses | (12 | ) | (4 | ) | ||||||
Net Realized Gains (Losses) on NDT Fund (B) | 12 | 17 | ||||||||
Unrealized Gains (Losses) on Equity Securities in NDT Fund (C) | (34 | ) | N/A | |||||||
Other-Than-Temporary-Impairments | — | (1 | ) | |||||||
Net Gains (Losses) on NDT Fund Investments | $ | (22 | ) | $ | 16 | |||||
(C) | Effective January 1, 2018, unrealized gains (losses) on equity securities are recorded in Net Income instead of Other Comprehensive Income (Loss). |
Time Frame | Fair Value | |||||
Millions | ||||||
Less than one year | $ | 37 | ||||
1 - 5 years | 236 | |||||
6 - 10 years | 230 | |||||
11 - 15 years | 62 | |||||
16 - 20 years | 67 | |||||
Over 20 years | 293 | |||||
Total NDT Available-for-Sale Debt Securities | $ | 925 | ||||
Time Frame | Fair Value | |||||
Millions | ||||||
Less than one year | $ | 15 | ||||
1 - 5 years | 300 | |||||
6 - 10 years | 201 | |||||
11 - 15 years | 40 | |||||
16 - 20 years | 73 | |||||
Over 20 years | 335 | |||||
Total NDT Available-for-Sale Debt Securities | $ | 964 | ||||
As of September 30, 2017 | |||||||||||||||||
Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||||||
Millions | |||||||||||||||||
Equity Securities | $ | 22 | $ | 1 | $ | — | $ | 23 | |||||||||
Debt Securities | |||||||||||||||||
Government | 82 | 2 | — | 84 | |||||||||||||
Corporate | 118 | 3 | (1 | ) | 120 | ||||||||||||
Total Debt Securities | 200 | 5 | (1 | ) | 204 | ||||||||||||
Other Securities | 2 | — | — | 2 | |||||||||||||
Total Rabbi Trust Available-for-Sale Securities | $ | 224 | $ | 6 | $ | (1 | ) | $ | 229 | ||||||||
As of March 31, 2018 | |||||||||||||||||
Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||||||
Millions | |||||||||||||||||
Equity Securities | |||||||||||||||||
Domestic | $ | 21 | $ | 2 | $ | — | $ | 23 | |||||||||
International | — | — | — | — | |||||||||||||
Total Equity Securities | 21 | 2 | — | 23 | |||||||||||||
Available-for-Sale Debt Securities | |||||||||||||||||
Government | 91 | — | (2 | ) | 89 | ||||||||||||
Corporate | 114 | 1 | (2 | ) | 113 | ||||||||||||
Total Available-for-Sale Debt Securities | 205 | 1 | (4 | ) | 202 | ||||||||||||
Total Rabbi Trust Investments | $ | 226 | $ | 3 | $ | (4 | ) | $ | 225 | ||||||||
As of December 31, 2016 | |||||||||||||||||
Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||||||
Millions | |||||||||||||||||
Equity Securities | $ | 11 | $ | 11 | $ | — | $ | 22 | |||||||||
Debt Securities | |||||||||||||||||
Government | 105 | — | (2 | ) | 103 | ||||||||||||
Corporate | 92 | 1 | (2 | ) | 91 | ||||||||||||
Total Debt Securities | 197 | 1 | (4 | ) | 194 | ||||||||||||
Other Securities | 1 | — | — | 1 | |||||||||||||
Total Rabbi Trust Available-for-Sale Securities | $ | 209 | $ | 12 | $ | (4 | ) | $ | 217 | ||||||||
As of December 31, 2017 | |||||||||||||||||
Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||||||
Millions | |||||||||||||||||
Equity Securities | |||||||||||||||||
Domestic | $ | 24 | $ | 3 | $ | — | $ | 27 | |||||||||
International | — | — | — | — | |||||||||||||
Total Equity Securities | 24 | 3 | — | 27 | |||||||||||||
Available-for-Sale Debt Securities | |||||||||||||||||
Government | 85 | 1 | (1 | ) | 85 | ||||||||||||
Corporate | 118 | 2 | (1 | ) | 119 | ||||||||||||
Total Available-for-Sale Debt Securities | 203 | 3 | (2 | ) | 204 | ||||||||||||
Total Rabbi Trust Investments | $ | 227 | $ | 6 | $ | (2 | ) | $ | 231 | ||||||||
As of | As of | ||||||||
September 30, 2017 | December 31, 2016 | ||||||||
Millions | |||||||||
Accounts Receivable | $ | 2 | $ | 5 | |||||
Accounts Payable | $ | — | $ | 3 | |||||
As of | As of | ||||||||
March 31, 2018 | December 31, 2017 | ||||||||
Millions | |||||||||
Accounts Receivable | $ | 2 | $ | 2 | |||||
Accounts Payable | $ | — | $ | 1 | |||||
As of September 30, 2017 | As of December 31, 2016 | ||||||||||||||||||||||||||||||||
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) | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||
Debt Securities | |||||||||||||||||||||||||||||||||
Government (B) | 25 | — | 3 | — | 60 | (2 | ) | 1 | — | ||||||||||||||||||||||||
Corporate (C) | 14 | (1 | ) | 4 | — | 46 | (2 | ) | 3 | — | |||||||||||||||||||||||
Total Debt Securities | 39 | (1 | ) | 7 | — | 106 | (4 | ) | 4 | — | |||||||||||||||||||||||
Rabbi Trust Available-for-Sale Securities | $ | 39 | $ | (1 | ) | $ | 7 | $ | — | $ | 106 | $ | (4 | ) | $ | 4 | $ | — | |||||||||||||||
As of March 31, 2018 | As of December 31, 2017 | ||||||||||||||||||||||||||||||||
Less Than 12 Months | Greater Than 12 Months | Less Than 12 Months | Greater Than 12 Months | ||||||||||||||||||||||||||||||
Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | ||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||||
Equity Securities (A) | |||||||||||||||||||||||||||||||||
Domestic | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||
International | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||
�� | Total Equity Securities | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Available-for-Sale Debt Securities | |||||||||||||||||||||||||||||||||
Government (B) | 48 | (1 | ) | 23 | (1 | ) | 28 | — | 25 | (1 | ) | ||||||||||||||||||||||
Corporate (C) | 73 | (2 | ) | 8 | — | 39 | (1 | ) | 9 | — | |||||||||||||||||||||||
Total Available-for-Sale Debt Securities | 121 | (3 | ) | 31 | (1 | ) | 67 | (1 | ) | 34 | (1 | ) | |||||||||||||||||||||
Rabbi Trust Investments | $ | 121 | $ | (3 | ) | $ | 31 | $ | (1 | ) | $ | 67 | $ | (1 | ) | $ | 34 | $ | (1 | ) | |||||||||||||
(A) | Equity Securities—Investments in marketable equity securities within the Rabbi Trust Fund are through a mutual fund which invests primarily in common stocks within a broad range of industries and sectors. Effective January 1, 2018, unrealized gains and losses on these securities are recorded in Net Income. |
(B) | Debt Securities (Government)—Unrealized gains and losses on these securities are recorded in Accumulated Other Comprehensive Income (Loss). The unrealized losses on PSEG’s Rabbi Trust investments in U.S. Treasury obligations and Federal Agency mortgage-backed securities were caused by interest rate changes. These investments are guaranteed by the U.S. government or an agency of the U.S. government. PSEG also has investments in municipal bonds that are primarily in investment grade securities. It is not expected that these securities will settle for less than their amortized cost. Since PSEG does not intend to sell these securities nor will it be more-likely-than-not required to sell, PSEG does not consider these debt securities to be other-than-temporarily impaired as of |
(C) | Debt Securities (Corporate)—Unrealized gains and losses on these securities are recorded in Accumulated Other Comprehensive Income (Loss). PSEG’s investments in corporate bonds are primarily in investment grade securities. It is not expected that these securities would settle for less than their amortized cost. Since PSEG does not intend to sell these securities nor will it be more-likely-than-not required to sell, PSEG does not consider these debt securities to be other-than-temporarily impaired as of |
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||||
Millions | |||||||||||||||||
Proceeds from Rabbi Trust Sales (A) | $ | 24 | $ | 20 | $ | 168 | $ | 81 | |||||||||
Net Realized Gains (Losses) on Rabbi Trust: | |||||||||||||||||
Gross Realized Gains | $ | — | $ | 2 | $ | 17 | $ | 5 | |||||||||
Gross Realized Losses | (1 | ) | (2 | ) | (5 | ) | (4 | ) | |||||||||
Net Realized Gains (Losses) on Rabbi Trust | $ | (1 | ) | $ | — | $ | 12 | $ | 1 | ||||||||
Three Months Ended | ||||||||||
March 31, | ||||||||||
2018 | 2017 | |||||||||
Millions | ||||||||||
Proceeds from Rabbi Trust Sales (A) | $ | 25 | $ | 51 | ||||||
Net Realized Gains (Losses) on Rabbi Trust: | ||||||||||
Gross Realized Gains | $ | 2 | $ | 15 | ||||||
Gross Realized Losses | (2 | ) | (3 | ) | ||||||
Net Realized Gains (Losses) on Rabbi Trust (B) | — | 12 | ||||||||
Unrealized Gains (Losses) on Equity Securities in Rabbi Trust (C) | — | N/A | ||||||||
Other-Than-Temporary-Impairments | — | — | ||||||||
Net Gains (Losses) on Rabbi Trust Investments | $ | — | $ | 12 | ||||||
(C) | Effective January 1, 2018, unrealized gains (losses) on equity securities are recorded in Net Income instead of Other Comprehensive Income (Loss). |
Time Frame | Fair Value | |||||
Millions | ||||||
Less than one year | $ | — | ||||
1 - 5 years | 40 | |||||
6 - 10 years | 27 | |||||
11 - 15 years | 6 | |||||
16 - 20 years | 19 | |||||
Over 20 years | 112 | |||||
Total Rabbi Trust Available-for-Sale Debt Securities | $ | 204 | ||||
Time Frame | Fair Value | |||||
Millions | ||||||
Less than one year | $ | 1 | ||||
1 - 5 years | 36 | |||||
6 - 10 years | 29 | |||||
11 - 15 years | 6 | |||||
16 - 20 years | 17 | |||||
Over 20 years | 113 | |||||
Total Rabbi Trust Available-for-Sale Debt Securities | $ | 202 | ||||
As of | As of | ||||||||
September 30, 2017 | December 31, 2016 | ||||||||
Millions | |||||||||
PSE&G | $ | 46 | $ | 43 | |||||
Power | 57 | 53 | |||||||
Other | 126 | 121 | |||||||
Total Rabbi Trust Available-for-Sale Securities | $ | 229 | $ | 217 | |||||
As of | As of | ||||||||
March 31, 2018 | December 31, 2017 | ||||||||
Millions | |||||||||
PSE&G | $ | 45 | $ | 46 | |||||
Power | 56 | 57 | |||||||
Other | 124 | 128 | |||||||
Total Rabbi Trust Investments | $ | 225 | $ | 231 | |||||
Pension Benefits | OPEB | Pension Benefits | OPEB | ||||||||||||||||||||||||||||||
Three Months Ended | Three Months Ended | Nine Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||||
September 30, | September 30, | September 30, | September 30, | ||||||||||||||||||||||||||||||
2017 | 2016 | 2017 | 2016 | 2017 | 2016 | 2017 | 2016 | ||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||||
Components of Net Periodic Benefit Costs | |||||||||||||||||||||||||||||||||
Service Cost | $ | 29 | $ | 28 | $ | 4 | $ | 5 | $ | 86 | $ | 82 | $ | 12 | $ | 13 | |||||||||||||||||
Interest Cost | 51 | 50 | 15 | 15 | 153 | 151 | 47 | 44 | |||||||||||||||||||||||||
Expected Return on Plan Assets | (98 | ) | (98 | ) | (8 | ) | (8 | ) | (295 | ) | (295 | ) | (25 | ) | (23 | ) | |||||||||||||||||
Amortization of Net | |||||||||||||||||||||||||||||||||
Prior Service Cost (Credit) | (5 | ) | (5 | ) | (3 | ) | (4 | ) | (14 | ) | (14 | ) | (8 | ) | (11 | ) | |||||||||||||||||
Actuarial Loss | 24 | 39 | 13 | 10 | 73 | 118 | 38 | 30 | |||||||||||||||||||||||||
Total Benefit Costs | $ | 1 | $ | 14 | $ | 21 | $ | 18 | $ | 3 | $ | 42 | $ | 64 | $ | 53 | |||||||||||||||||
Pension Benefits | OPEB | |||||||||||||||||
Three Months Ended | Three Months Ended | |||||||||||||||||
March 31, | March 31, | |||||||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||||
Millions | ||||||||||||||||||
Components of Net Periodic Benefit (Credits) Costs | ||||||||||||||||||
Service Cost (included in O&M Expense) | $ | 32 | $ | 29 | $ | 4 | $ | 4 | ||||||||||
Non-Operating Pension and OPEB (Credits) Costs | ||||||||||||||||||
Interest Cost | 52 | 51 | 16 | 16 | ||||||||||||||
Expected Return on Plan Assets | (110 | ) | (98 | ) | (10 | ) | (8 | ) | ||||||||||
Amortization of Net | ||||||||||||||||||
Prior Service Cost | (4 | ) | (5 | ) | — | (3 | ) | |||||||||||
Actuarial Loss | 21 | 24 | 16 | 13 | ||||||||||||||
Non-Operating Pension and OPEB (Credits) Costs | (41 | ) | (28 | ) | 22 | 18 | ||||||||||||
Total Benefit (Credits) Costs | $ | (9 | ) | $ | 1 | $ | 26 | $ | 22 | |||||||||
Pension Benefits | OPEB | Pension Benefits | OPEB | ||||||||||||||||||||||||||||||
Three Months Ended | Three Months Ended | Nine Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||||
September 30, | September 30, | September 30, | September 30, | ||||||||||||||||||||||||||||||
2017 | 2016 | 2017 | 2016 | 2017 | 2016 | 2017 | 2016 | ||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||||
PSE&G | $ | (1 | ) | $ | 8 | $ | 13 | $ | 11 | $ | (3 | ) | $ | 22 | $ | 40 | $ | 33 | |||||||||||||||
Power | — | 3 | 7 | 6 | 1 | 11 | 20 | 17 | |||||||||||||||||||||||||
Other | 2 | 3 | 1 | 1 | 5 | 9 | 4 | 3 | |||||||||||||||||||||||||
Total Benefit Costs | $ | 1 | $ | 14 | $ | 21 | $ | 18 | $ | 3 | $ | 42 | $ | 64 | $ | 53 | |||||||||||||||||
Pension Benefits | OPEB | |||||||||||||||||
Three Months Ended | Three Months Ended | |||||||||||||||||
March 31, | March 31, | |||||||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||||
Millions | ||||||||||||||||||
PSE&G | $ | (8 | ) | $ | (1 | ) | $ | 17 | $ | 14 | ||||||||
Power | (2 | ) | — | 8 | 7 | |||||||||||||
Other | 1 | 2 | 1 | 1 | ||||||||||||||
Total Benefit (Credits) Costs | $ | (9 | ) | $ | 1 | $ | 26 | $ | 22 | |||||||||
As of | As of | ||||||||
September 30, 2017 | December 31, 2016 | ||||||||
Millions | |||||||||
Face Value of Outstanding Guarantees | $ | 1,846 | $ | 1,806 | |||||
Exposure under Current Guarantees | $ | 108 | $ | 139 | |||||
Letters of Credit Margin Posted | $ | 134 | $ | 157 | |||||
Letters of Credit Margin Received | $ | 59 | $ | 99 | |||||
Cash Deposited and Received: | |||||||||
Counterparty Cash Margin Deposited | $ | — | $ | — | |||||
Counterparty Cash Margin Received | $ | (2 | ) | $ | (1 | ) | |||
Net Broker Balance Deposited (Received) | $ | (6 | ) | $ | 57 | ||||
Additional Amounts Posted: | |||||||||
Other Letters of Credit | $ | 61 | $ | 51 | |||||
As of | As of | ||||||||
March 31, 2018 | December 31, 2017 | ||||||||
Millions | |||||||||
Face Value of Outstanding Guarantees | $ | 1,755 | $ | 1,701 | |||||
Exposure under Current Guarantees | $ | 161 | $ | 153 | |||||
Letters of Credit Margin Posted | $ | 109 | $ | 103 | |||||
Letters of Credit Margin Received | $ | 18 | $ | 32 | |||||
Cash Deposited and Received: | |||||||||
Counterparty Cash Margin Deposited | $ | — | $ | — | |||||
Counterparty Cash Margin Received | $ | (1 | ) | $ | (1 | ) | |||
Net Broker Balance Deposited (Received) | $ | 122 | $ | 147 | |||||
Additional Amounts Posted: | |||||||||
Other Letters of Credit | $ | 61 | $ | 61 | |||||
Auction Year | ||||||||||||||
2014 | 2015 | 2016 | 2017 | |||||||||||
36-Month Terms Ending | May 2017 | May 2018 | May 2019 | May 2020 | (A) | |||||||||
Load (MW) | 2,800 | 2,900 | 2,800 | 2,800 | ||||||||||
$ per MWh | $97.39 | $99.54 | $96.38 | $90.78 | ||||||||||
Auction Year | ||||||||||||||
2015 | 2016 | 2017 | 2018 | |||||||||||
36-Month Terms Ending | May 2018 | May 2019 | May 2020 | May 2021 | (A) | |||||||||
Load (MW) | 2,900 | 2,800 | 2,800 | 2,900 | ||||||||||
$ per MWh | $99.54 | $96.38 | $90.78 | $91.77 | ||||||||||
(A) | Prices set in the |
Fuel Type | Power's Share of Commitments through 2021 | |||||
Millions | ||||||
Nuclear Fuel | ||||||
Uranium | $ | 257 | ||||
Enrichment | $ | 328 | ||||
Fabrication | $ | 178 | ||||
Natural Gas | $ | 963 | ||||
Coal | $ | 308 | ||||
Fuel Type | Power's Share of Commitments through 2022 | |||||
Millions | ||||||
Nuclear Fuel | ||||||
Uranium | $ | 242 | ||||
Enrichment | $ | 346 | ||||
Fabrication | $ | 170 | ||||
Natural Gas | $ | 1,024 | ||||
Coal | $ | 286 | ||||
As of September 30, 2017 | ||||||||||||||||||
Company/Facility | Total Facility | Usage | Available Liquidity | Expiration Date | Primary Purpose | |||||||||||||
Millions | ||||||||||||||||||
PSEG | ||||||||||||||||||
5-year Credit Facilities (A) | $ | 1,500 | $ | 215 | $ | 1,285 | Mar 2022 | Commercial Paper Support/Funding/Letters of Credit | ||||||||||
Total PSEG | $ | 1,500 | $ | 215 | $ | 1,285 | ||||||||||||
PSE&G | ||||||||||||||||||
5-year Credit Facility (A) | $ | 600 | $ | 15 | $ | 585 | Mar 2022 | Commercial Paper Support/Funding/Letters of Credit | ||||||||||
Total PSE&G | $ | 600 | $ | 15 | $ | 585 | ||||||||||||
Power | ||||||||||||||||||
3-year LC Facilities | $ | 200 | $ | 112 | $ | 88 | Mar 2020 | Letters of Credit | ||||||||||
5-year Credit Facilities | 1,900 | 70 | 1,830 | Mar 2022 | Funding/Letters of Credit | |||||||||||||
Total Power | $ | 2,100 | $ | 182 | $ | 1,918 | ||||||||||||
Total | $ | 4,200 | $ | 412 | $ | 3,788 | ||||||||||||
As of March 31, 2018 | ||||||||||||||||||
Company/Facility | Total Facility | Usage | Available Liquidity | Expiration Date | Primary Purpose | |||||||||||||
Millions | ||||||||||||||||||
PSEG | ||||||||||||||||||
5-year Credit Facilities (A) | $ | 1,500 | $ | 609 | $ | 891 | Mar 2022 | Commercial Paper Support/Funding/Letters of Credit | ||||||||||
Total PSEG | $ | 1,500 | $ | 609 | $ | 891 | ||||||||||||
PSE&G | ||||||||||||||||||
5-year Credit Facility (A) | $ | 600 | $ | 16 | $ | 584 | Mar 2022 | Commercial Paper Support/Funding/Letters of Credit | ||||||||||
Total PSE&G | $ | 600 | $ | 16 | $ | 584 | ||||||||||||
Power | ||||||||||||||||||
3-year Letter of Credit Facilities | $ | 200 | $ | 112 | $ | 88 | Mar 2020 | Letters of Credit | ||||||||||
5-year Credit Facilities | 1,900 | 46 | 1,854 | Mar 2022 | Funding/Letters of Credit | |||||||||||||
Total Power | $ | 2,100 | $ | 158 | $ | 1,942 | ||||||||||||
Total | $ | 4,200 | $ | 783 | $ | 3,417 | ||||||||||||
(A) | The primary use of PSEG’s and PSE&G’s credit facilities is to support their respective Commercial Paper Programs, under which as of |
As of September 30, 2017 | ||||||||||||||||||||||
Power (A) | PSEG (A) | Consolidated | ||||||||||||||||||||
Not Designated | Designated as Hedges | |||||||||||||||||||||
Balance Sheet Location | Energy- Related Contracts | Netting (B) | Total Power | Interest Rate Swaps | Total Derivatives | |||||||||||||||||
Millions | ||||||||||||||||||||||
Derivative Contracts | ||||||||||||||||||||||
Current Assets | $ | 352 | $ | (268 | ) | $ | 84 | $ | — | $ | 84 | |||||||||||
Noncurrent Assets | 178 | (116 | ) | 62 | — | 62 | ||||||||||||||||
Total Mark-to-Market Derivative Assets | $ | 530 | $ | (384 | ) | $ | 146 | $ | — | $ | 146 | |||||||||||
Derivative Contracts | ||||||||||||||||||||||
Current Liabilities | $ | (268 | ) | $ | 261 | $ | (7 | ) | $ | — | $ | (7 | ) | |||||||||
Noncurrent Liabilities | (110 | ) | 109 | (1 | ) | — | (1 | ) | ||||||||||||||
Total Mark-to-Market Derivative (Liabilities) | $ | (378 | ) | $ | 370 | $ | (8 | ) | $ | — | $ | (8 | ) | |||||||||
Total Net Mark-to-Market Derivative Assets (Liabilities) | $ | 152 | $ | (14 | ) | $ | 138 | $ | — | $ | 138 | |||||||||||
As of December 31, 2016 | ||||||||||||||||||||||||||
Power (A) | PSE&G (A) | PSEG (A) | Consolidated | |||||||||||||||||||||||
Not Designated | Not Designated | Designated as Hedges | ||||||||||||||||||||||||
Balance Sheet Location | Energy- Related Contracts | Netting (B) | Total Power | Energy- Related Contracts | Interest Rate Swaps | Total Derivatives | ||||||||||||||||||||
Millions | ||||||||||||||||||||||||||
Derivative Contracts | ||||||||||||||||||||||||||
Current Assets | $ | 435 | $ | (273 | ) | $ | 162 | $ | — | $ | 1 | $ | 163 | |||||||||||||
Noncurrent Assets | 122 | (98 | ) | 24 | — | — | 24 | |||||||||||||||||||
Total Mark-to-Market Derivative Assets | $ | 557 | $ | (371 | ) | $ | 186 | $ | — | $ | 1 | $ | 187 | |||||||||||||
Derivative Contracts | ||||||||||||||||||||||||||
Current Liabilities | $ | (285 | ) | $ | 277 | $ | (8 | ) | $ | (5 | ) | $ | — | $ | (13 | ) | ||||||||||
Noncurrent Liabilities | (98 | ) | 95 | (3 | ) | — | — | (3 | ) | |||||||||||||||||
Total Mark-to-Market Derivative (Liabilities) | $ | (383 | ) | $ | 372 | $ | (11 | ) | $ | (5 | ) | $ | — | $ | (16 | ) | ||||||||||
Total Net Mark-to-Market Derivative Assets (Liabilities) | $ | 174 | $ | 1 | $ | 175 | $ | (5 | ) | $ | 1 | $ | 171 | |||||||||||||
As of March 31, 2018 | ||||||||||||||||||
Power (A) | Consolidated | |||||||||||||||||
Not Designated | ||||||||||||||||||
Balance Sheet Location | Energy- Related Contracts | Netting (B) | Total Power | Total Derivatives | ||||||||||||||
Millions | ||||||||||||||||||
Derivative Contracts | ||||||||||||||||||
Current Assets | $ | 366 | $ | (323 | ) | $ | 43 | $ | 43 | |||||||||
Noncurrent Assets | 156 | (108 | ) | 48 | 48 | |||||||||||||
Total Mark-to-Market Derivative Assets | $ | 522 | $ | (431 | ) | $ | 91 | $ | 91 | |||||||||
Derivative Contracts | ||||||||||||||||||
Current Liabilities | $ | (332 | ) | $ | 322 | $ | (10 | ) | $ | (10 | ) | |||||||
Noncurrent Liabilities | (109 | ) | 107 | (2 | ) | (2 | ) | |||||||||||
Total Mark-to-Market Derivative (Liabilities) | $ | (441 | ) | $ | 429 | $ | (12 | ) | $ | (12 | ) | |||||||
Total Net Mark-to-Market Derivative Assets (Liabilities) | $ | 81 | $ | (2 | ) | $ | 79 | $ | 79 | |||||||||
As of December 31, 2017 | ||||||||||||||||||
Power (A) | Consolidated | |||||||||||||||||
Not Designated | ||||||||||||||||||
Balance Sheet Location | Energy- Related Contracts | Netting (B) | Total Power | Total Derivatives | ||||||||||||||
Millions | ||||||||||||||||||
Derivative Contracts | ||||||||||||||||||
Current Assets | $ | 391 | $ | (362 | ) | $ | 29 | $ | 29 | |||||||||
Noncurrent Assets | 78 | (71 | ) | 7 | 7 | |||||||||||||
Total Mark-to-Market Derivative Assets | $ | 469 | $ | (433 | ) | $ | 36 | $ | 36 | |||||||||
Derivative Contracts | ||||||||||||||||||
Current Liabilities | $ | (403 | ) | $ | 387 | $ | (16 | ) | $ | (16 | ) | |||||||
Noncurrent Liabilities | (95 | ) | 90 | (5 | ) | (5 | ) | |||||||||||
Total Mark-to-Market Derivative (Liabilities) | $ | (498 | ) | $ | 477 | $ | (21 | ) | $ | (21 | ) | |||||||
Total Net Mark-to-Market Derivative Assets (Liabilities) | $ | (29 | ) | $ | 44 | $ | 15 | $ | 15 | |||||||||
(A) | Substantially all of Power’s |
(B) | Represents the netting of fair value balances with the same counterparty (where the right of offset exists) and the application of collateral. All cash collateral received or posted that has been allocated to derivative positions, where the right of offset exists, has been offset on the Condensed Consolidated Balance Sheets. As of |
Derivatives in Cash Flow Hedging Relationships | Amount of Pre-Tax Gain (Loss) Recognized in AOCI on Derivatives (Effective Portion) | Location of Pre-Tax Gain (Loss) Reclassified from AOCI into Income | Amount of Pre-Tax Gain (Loss) Reclassified from AOCI into Income (Effective Portion) | |||||||||||||||||
Three Months Ended | Three Months Ended | |||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||||||
Millions | Millions | |||||||||||||||||||
PSEG | ||||||||||||||||||||
Interest Rate Swaps | $ | 1 | $ | 1 | Interest Expense | $ | 2 | $ | — | |||||||||||
Total PSEG | $ | 1 | $ | 1 | $ | 2 | $ | — | ||||||||||||
Derivatives in Cash Flow Hedging Relationships | Amount of Pre-Tax Gain (Loss) Recognized in AOCI on Derivatives (Effective Portion) | Location of Pre-Tax Gain (Loss) Reclassified from AOCI into Income | Amount of Pre-Tax Gain (Loss) Reclassified from AOCI into Income (Effective Portion) | |||||||||||||||||
Nine Months Ended | Nine Months Ended | |||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||||||
Millions | Millions | |||||||||||||||||||
PSEG | ||||||||||||||||||||
Interest Rate Swaps | $ | 1 | $ | 3 | Interest Expense | $ | 2 | $ | — | |||||||||||
Total PSEG | $ | 1 | $ | 3 | $ | 2 | $ | — | ||||||||||||
Accumulated Other Comprehensive Income | Pre-Tax | After-Tax | ||||||||
Millions | ||||||||||
Balance as of December 31, 2015 | $ | — | $ | — | ||||||
Gain Recognized in AOCI | 3 | 2 | ||||||||
Less: Gain Reclassified into Income | — | — | ||||||||
Balance as of December 31, 2016 | $ | 3 | $ | 2 | ||||||
Gain Recognized in AOCI | 1 | — | ||||||||
Less: Gain Reclassified into Income | (2 | ) | (1 | ) | ||||||
Balance as of September 30, 2017 | $ | 2 | $ | 1 | ||||||
Accumulated Other Comprehensive Income | Pre-Tax | After-Tax | ||||||||
Millions | ||||||||||
Balance as of December 31, 2016 | $ | 3 | $ | 2 | ||||||
Gain Recognized in AOCI | — | — | ||||||||
Less: Gain Reclassified into Income | (3 | ) | (2 | ) | ||||||
Balance as of December 31, 2017 | $ | — | $ | — | ||||||
Gain Recognized in AOCI | — | — | ||||||||
Less: Gain Reclassified into Income | — | — | ||||||||
Balance as of March 31, 2018 | $ | — | $ | — | ||||||
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 | Nine Months Ended | |||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||||||
Millions | ||||||||||||||||||||
PSEG and Power | ||||||||||||||||||||
Energy-Related Contracts | Operating Revenues | $ | 25 | $ | 125 | $ | 221 | $ | 255 | |||||||||||
Energy-Related Contracts | Energy Costs | (3 | ) | (11 | ) | (19 | ) | (3 | ) | |||||||||||
Total PSEG and Power | $ | 22 | $ | 114 | $ | 202 | $ | 252 | ||||||||||||
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 | ||||||||||||
March 31, | ||||||||||||
2018 | 2017 | |||||||||||
Millions | ||||||||||||
PSEG and Power | ||||||||||||
Energy-Related Contracts | Operating Revenues | $ | 40 | $ | 78 | |||||||
Energy-Related Contracts | Energy Costs | (8 | ) | — | ||||||||
Total PSEG and Power | $ | 32 | $ | 78 | ||||||||
Type | Notional | Total | PSEG | Power | PSE&G | |||||||||||
Millions | ||||||||||||||||
As of September 30, 2017 | ||||||||||||||||
Natural Gas | Dekatherm (Dth) | 265 | — | 265 | — | |||||||||||
Electricity | MWh | 332 | — | 332 | — | |||||||||||
Financial Transmission Rights (FTRs) | MWh | 5 | — | 5 | — | |||||||||||
Interest Rate Swaps | U.S. Dollars | 500 | 500 | — | — | |||||||||||
As of December 31, 2016 | ||||||||||||||||
Natural Gas | Dth | 357 | — | 348 | 9 | |||||||||||
Electricity | MWh | 323 | — | 323 | — | |||||||||||
FTRs | MWh | 9 | — | 9 | — | |||||||||||
Interest Rate Swaps | U.S. Dollars | 500 | 500 | — | — | |||||||||||
Type | Notional | Total | PSEG | Power | PSE&G | |||||||||||
Millions | ||||||||||||||||
As of March 31, 2018 | ||||||||||||||||
Natural Gas | Dekatherm (Dth) | 237 | — | 237 | — | |||||||||||
Electricity | MWh | (74 | ) | — | (74 | ) | — | |||||||||
Financial Transmission Rights (FTRs) | MWh | 5 | — | 5 | — | |||||||||||
As of December 31, 2017 | ||||||||||||||||
Natural Gas | Dth | 154 | — | 154 | — | |||||||||||
Electricity | MWh | (63 | ) | — | (63 | ) | — | |||||||||
FTRs | MWh | 6 | — | 6 | — | |||||||||||
Rating | Current Exposure | Collateral Held | Net Exposure | Number of Counterparties >10% | Net Exposure of Counterparties >10% | |||||||||||||||||
Millions | Millions | |||||||||||||||||||||
Investment Grade | $ | 318 | $ | 55 | $ | 263 | 2 | $ | 128 | (A) | ||||||||||||
Non-Investment Grade | 5 | 1 | 4 | — | — | |||||||||||||||||
Total | $ | 323 | $ | 56 | $ | 267 | 2 | $ | 128 | |||||||||||||
Rating | Current Exposure | Securities held as Collateral | Net Exposure | Number of Counterparties >10% | Net Exposure of Counterparties >10% | |||||||||||||||||
Millions | Millions | |||||||||||||||||||||
Investment Grade | $ | 337 | $ | 12 | $ | 325 | 1 | $ | 191 | (A) | ||||||||||||
Non-Investment Grade | 3 | — | 3 | — | — | |||||||||||||||||
Total | $ | 340 | $ | 12 | $ | 328 | 1 | $ | 191 | |||||||||||||
(A) |
Recurring Fair Value Measurements as of March 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: | ||||||||||||||||||||||
Energy-Related Contracts (B) | $ | 91 | $ | (431 | ) | $ | 10 | $ | 505 | $ | 7 | |||||||||||
NDT Fund (C) | ||||||||||||||||||||||
Equity Securities | $ | 1,086 | $ | — | $ | 1,084 | $ | 2 | $ | — | ||||||||||||
Debt Securities—U.S. Treasury | $ | 223 | $ | — | $ | — | $ | 223 | $ | — | ||||||||||||
Debt Securities—Govt Other | $ | 285 | $ | — | $ | — | $ | 285 | $ | — | ||||||||||||
Debt Securities—Corporate | $ | 456 | $ | — | $ | — | $ | 456 | $ | — | ||||||||||||
Rabbi Trust (C) | ||||||||||||||||||||||
Equity Securities | $ | 23 | $ | — | $ | 23 | $ | — | $ | — | ||||||||||||
Debt Securities—U.S. Treasury | $ | 54 | $ | — | $ | — | $ | 54 | $ | — | ||||||||||||
Debt Securities—Govt Other | $ | 35 | $ | — | $ | — | $ | 35 | $ | — | ||||||||||||
Debt Securities—Corporate | $ | 113 | $ | — | $ | — | $ | 113 | $ | — | ||||||||||||
Liabilities: | ||||||||||||||||||||||
Derivative Contracts: | ||||||||||||||||||||||
Energy-Related Contracts (B) | $ | (12 | ) | $ | 429 | $ | (6 | ) | $ | (435 | ) | $ | — | |||||||||
PSE&G | ||||||||||||||||||||||
Assets: | ||||||||||||||||||||||
Rabbi Trust (C) | ||||||||||||||||||||||
Equity Securities | $ | 4 | $ | — | $ | 4 | $ | — | $ | — | ||||||||||||
Debt Securities—U.S. Treasury | $ | 11 | $ | — | $ | — | $ | 11 | $ | — | ||||||||||||
Debt Securities—Govt Other | $ | 7 | $ | — | $ | — | $ | 7 | $ | — | ||||||||||||
Debt Securities—Corporate | $ | 23 | $ | — | $ | — | $ | 23 | $ | — | ||||||||||||
Power | ||||||||||||||||||||||
Assets: | ||||||||||||||||||||||
Derivative Contracts: | ||||||||||||||||||||||
Energy-Related Contracts (B) | $ | 91 | $ | (431 | ) | $ | 10 | $ | 505 | $ | 7 | |||||||||||
NDT Fund (C) | ||||||||||||||||||||||
Equity Securities | $ | 1,086 | $ | — | $ | 1,084 | $ | 2 | $ | — | ||||||||||||
Debt Securities—U.S. Treasury | $ | 223 | $ | — | $ | — | $ | 223 | $ | — | ||||||||||||
Debt Securities—Govt Other | $ | 285 | $ | — | $ | — | $ | 285 | $ | — | ||||||||||||
Debt Securities—Corporate | $ | 456 | $ | — | $ | — | $ | 456 | $ | — | ||||||||||||
Rabbi Trust (C) | ||||||||||||||||||||||
Equity Securities | $ | 6 | $ | — | $ | 6 | $ | — | $ | — | ||||||||||||
Debt Securities—U.S. Treasury | $ | 13 | $ | — | $ | — | $ | 13 | $ | — | ||||||||||||
Debt Securities—Govt Other | $ | 9 | $ | — | $ | — | $ | 9 | $ | — | ||||||||||||
Debt Securities—Corporate | $ | 28 | $ | — | $ | — | $ | 28 | $ | — | ||||||||||||
Liabilities: | ||||||||||||||||||||||
Derivative Contracts: | ||||||||||||||||||||||
Energy-Related Contracts (B) | $ | (12 | ) | $ | 429 | $ | (6 | ) | $ | (435 | ) | $ | — | |||||||||
Recurring Fair Value Measurements as of September 30, 2017 | ||||||||||||||||||||||
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) | $ | 220 | $ | — | $ | 220 | $ | — | $ | — | ||||||||||||
Derivative Contracts: | ||||||||||||||||||||||
Energy-Related Contracts (B) | $ | 146 | $ | (384 | ) | $ | 11 | $ | 513 | $ | 6 | |||||||||||
NDT Fund (D) | ||||||||||||||||||||||
Equity Securities | $ | 1,032 | $ | — | $ | 1,030 | $ | 2 | $ | — | ||||||||||||
Debt Securities—U.S. Treasury | $ | 249 | $ | — | $ | — | $ | 249 | $ | — | ||||||||||||
Debt Securities—Govt Other | $ | 318 | $ | — | $ | — | $ | 318 | $ | — | ||||||||||||
Debt Securities—Corporate | $ | 358 | $ | — | $ | — | $ | 358 | $ | — | ||||||||||||
Other Securities | $ | 55 | $ | — | $ | 55 | $ | — | $ | — | ||||||||||||
Rabbi Trust (D) | ||||||||||||||||||||||
Equity Securities—Mutual Funds | $ | 23 | $ | — | $ | 23 | $ | — | $ | — | ||||||||||||
Debt Securities—U.S. Treasury | $ | 51 | $ | — | $ | — | $ | 51 | $ | — | ||||||||||||
Debt Securities—Govt Other | $ | 33 | $ | — | $ | — | $ | 33 | $ | — | ||||||||||||
Debt Securities—Corporate | $ | 120 | $ | — | $ | — | $ | 120 | $ | — | ||||||||||||
Other Securities | $ | 2 | $ | — | $ | 2 | $ | — | $ | — | ||||||||||||
Liabilities: | ||||||||||||||||||||||
Derivative Contracts: | ||||||||||||||||||||||
Energy-Related Contracts (B) | $ | (8 | ) | $ | 370 | $ | (6 | ) | $ | (372 | ) | $ | — | |||||||||
PSE&G | ||||||||||||||||||||||
Assets: | ||||||||||||||||||||||
Cash Equivalents (A) | $ | 220 | $ | — | $ | 220 | $ | — | $ | — | ||||||||||||
Rabbi Trust (D) | ||||||||||||||||||||||
Equity Securities—Mutual Funds | $ | 5 | $ | — | $ | 5 | $ | — | $ | — | ||||||||||||
Debt Securities—U.S. Treasury | $ | 10 | $ | — | $ | — | $ | 10 | $ | — | ||||||||||||
Debt Securities—Govt Other | $ | 7 | $ | — | $ | — | $ | 7 | $ | — | ||||||||||||
Debt Securities—Corporate | $ | 24 | $ | — | $ | — | $ | 24 | $ | — | ||||||||||||
Other Securities | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||
Power | ||||||||||||||||||||||
Assets: | ||||||||||||||||||||||
Derivative Contracts: | ||||||||||||||||||||||
Energy-Related Contracts (B) | $ | 146 | $ | (384 | ) | $ | 11 | $ | 513 | $ | 6 | |||||||||||
NDT Fund (D) | ||||||||||||||||||||||
Equity Securities | $ | 1,032 | $ | — | $ | 1,030 | $ | 2 | $ | — | ||||||||||||
Debt Securities—U.S. Treasury | $ | 249 | $ | — | $ | — | $ | 249 | $ | — | ||||||||||||
Debt Securities—Govt Other | $ | 318 | $ | — | $ | — | $ | 318 | $ | — | ||||||||||||
Debt Securities—Corporate | $ | 358 | $ | — | $ | — | $ | 358 | $ | — | ||||||||||||
Other Securities | $ | 55 | $ | — | $ | 55 | $ | — | $ | — | ||||||||||||
Rabbi Trust (D) | ||||||||||||||||||||||
Equity Securities—Mutual Funds | $ | 6 | $ | — | $ | 6 | $ | — | $ | — | ||||||||||||
Debt Securities—U.S. Treasury | $ | 13 | $ | — | $ | — | $ | 13 | $ | — | ||||||||||||
Debt Securities—Govt Other | $ | 8 | $ | — | $ | — | $ | 8 | $ | — | ||||||||||||
Debt Securities—Corporate | $ | 30 | $ | — | $ | — | $ | 30 | $ | — | ||||||||||||
Other Securities | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||
Liabilities: | ||||||||||||||||||||||
Derivative Contracts: | ||||||||||||||||||||||
Energy-Related Contracts (B) | $ | (8 | ) | $ | 370 | $ | (6 | ) | $ | (372 | ) | $ | — | |||||||||
Recurring Fair Value Measurements as of December 31, 2016 | ||||||||||||||||||||||
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) | $ | 365 | $ | — | $ | 365 | $ | — | $ | — | ||||||||||||
Derivative Contracts: | ||||||||||||||||||||||
Energy-Related Contracts (B) | $ | 186 | $ | (371 | ) | $ | 17 | $ | 533 | $ | 7 | |||||||||||
Interest Rate Swaps (C) | $ | 1 | $ | — | $ | — | $ | 1 | $ | — | ||||||||||||
NDT Fund (D) | ||||||||||||||||||||||
Equity Securities | $ | 957 | $ | — | $ | 954 | $ | 3 | $ | — | ||||||||||||
Debt Securities—U.S. Treasury | $ | 227 | $ | — | $ | — | $ | 227 | $ | — | ||||||||||||
Debt Securities—Govt Other | $ | 293 | $ | — | $ | — | $ | 293 | $ | — | ||||||||||||
Debt Securities—Corporate | $ | 337 | $ | — | $ | — | $ | 337 | $ | — | ||||||||||||
Other Securities | $ | 44 | $ | — | $ | 44 | $ | — | $ | — | ||||||||||||
Rabbi Trust (D) | ||||||||||||||||||||||
Equity Securities—Mutual Funds | $ | 22 | $ | — | $ | 22 | $ | — | $ | — | ||||||||||||
Debt Securities—U.S. Treasury | $ | 37 | $ | — | $ | — | $ | 37 | $ | — | ||||||||||||
Debt Securities—Govt Other | $ | 66 | $ | — | $ | — | $ | 66 | $ | — | ||||||||||||
Debt Securities—Corporate | $ | 91 | $ | — | $ | — | $ | 91 | $ | — | ||||||||||||
Other Securities | $ | 1 | $ | — | $ | 1 | $ | — | $ | — | ||||||||||||
Liabilities: | ||||||||||||||||||||||
Derivative Contracts: | ||||||||||||||||||||||
Energy-Related Contracts (B) | $ | (16 | ) | $ | 372 | $ | (18 | ) | $ | (364 | ) | $ | (6 | ) | ||||||||
PSE&G | ||||||||||||||||||||||
Assets: | ||||||||||||||||||||||
Cash Equivalents (A) | $ | 365 | $ | — | $ | 365 | $ | — | $ | — | ||||||||||||
Derivative Contracts: | ||||||||||||||||||||||
Energy Related Contracts (B) | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||
Rabbi Trust (D) | ||||||||||||||||||||||
Equity Securities—Mutual Funds | $ | 5 | $ | — | $ | 5 | $ | — | $ | — | ||||||||||||
Debt Securities—U.S. Treasury | $ | 7 | $ | — | $ | — | $ | 7 | $ | — | ||||||||||||
Debt Securities—Govt Other | $ | 13 | $ | — | $ | — | $ | 13 | $ | — | ||||||||||||
Debt Securities—Corporate | $ | 18 | $ | — | $ | — | $ | 18 | $ | — | ||||||||||||
Other Securities | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||
Liabilities: | ||||||||||||||||||||||
Derivative Contracts: | ||||||||||||||||||||||
Energy-Related Contracts (B) | $ | (5 | ) | $ | — | $ | — | $ | — | $ | (5 | ) | ||||||||||
Power | ||||||||||||||||||||||
Assets: | ||||||||||||||||||||||
Derivative Contracts: | ||||||||||||||||||||||
Energy-Related Contracts (B) | $ | 186 | $ | (371 | ) | $ | 17 | $ | 533 | $ | 7 | |||||||||||
NDT Fund (D) | ||||||||||||||||||||||
Equity Securities | $ | 957 | $ | — | $ | 954 | $ | 3 | $ | — | ||||||||||||
Debt Securities—U.S. Treasury | $ | 227 | $ | — | $ | — | $ | 227 | $ | — | ||||||||||||
Debt Securities—Govt Other | $ | 293 | $ | — | $ | — | $ | 293 | $ | — | ||||||||||||
Debt Securities—Corporate | $ | 337 | $ | — | $ | — | $ | 337 | $ | — | ||||||||||||
Other Securities | $ | 44 | $ | — | $ | 44 | $ | — | $ | — | ||||||||||||
Rabbi Trust (D) | ||||||||||||||||||||||
Equity Securities—Mutual Funds | $ | 5 | $ | — | $ | 5 | $ | — | $ | — | ||||||||||||
Debt Securities—U.S. Treasury | $ | 9 | $ | — | $ | — | $ | 9 | $ | — | ||||||||||||
Debt Securities—Govt Other | $ | 16 | $ | — | $ | — | $ | 16 | $ | — | ||||||||||||
Debt Securities—Corporate | $ | 23 | $ | — | $ | — | $ | 23 | $ | — | ||||||||||||
Other Securities | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||
Liabilities: | ||||||||||||||||||||||
Derivative Contracts: | ||||||||||||||||||||||
Energy-Related Contracts (B) | $ | (11 | ) | $ | 372 | $ | (18 | ) | $ | (364 | ) | $ | (1 | ) | ||||||||
Recurring Fair Value Measurements as of December 31, 2017 | ||||||||||||||||||||||
Description | Total | Netting (D) | Quoted Market Prices for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||||||||
Millions | ||||||||||||||||||||||
PSEG | ||||||||||||||||||||||
Assets: | ||||||||||||||||||||||
Cash Equivalents (A) | $ | 223 | $ | — | $ | 223 | $ | — | $ | — | ||||||||||||
Derivative Contracts: | ||||||||||||||||||||||
Energy-Related Contracts (B) | $ | 36 | $ | (433 | ) | $ | 15 | $ | 442 | $ | 12 | |||||||||||
NDT Fund (C) | ||||||||||||||||||||||
Equity Securities | $ | 1,147 | $ | — | $ | 1,145 | $ | 2 | $ | — | ||||||||||||
Debt Securities—U.S. Treasury | $ | 314 | $ | — | $ | — | $ | 314 | $ | — | ||||||||||||
Debt Securities—Govt Other | $ | 270 | $ | — | $ | — | $ | 270 | $ | — | ||||||||||||
Debt Securities—Corporate | $ | 402 | $ | — | $ | — | $ | 402 | $ | — | ||||||||||||
Rabbi Trust (C) | ||||||||||||||||||||||
Equity Securities | $ | 27 | $ | — | $ | 27 | $ | — | $ | — | ||||||||||||
Debt Securities—U.S. Treasury | $ | 51 | $ | — | $ | — | $ | 51 | $ | — | ||||||||||||
Debt Securities—Govt Other | $ | 34 | $ | — | $ | — | $ | 34 | $ | — | ||||||||||||
Debt Securities—Corporate | $ | 119 | $ | — | $ | — | $ | 119 | $ | — | ||||||||||||
Liabilities: | ||||||||||||||||||||||
Derivative Contracts: | ||||||||||||||||||||||
Energy-Related Contracts (B) | $ | (21 | ) | $ | 477 | $ | (8 | ) | $ | (485 | ) | $ | (5 | ) | ||||||||
PSE&G | ||||||||||||||||||||||
Assets: | ||||||||||||||||||||||
Cash Equivalents (A) | $ | 223 | $ | — | $ | 223 | $ | — | $ | — | ||||||||||||
Derivative Contracts: | ||||||||||||||||||||||
Energy Related Contracts (B) | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||
Rabbi Trust (C) | ||||||||||||||||||||||
Equity Securities | $ | 5 | $ | — | $ | 5 | $ | — | $ | — | ||||||||||||
Debt Securities—U.S. Treasury | $ | 10 | $ | — | $ | — | $ | 10 | $ | — | ||||||||||||
Debt Securities—Govt Other | $ | 7 | $ | — | $ | — | $ | 7 | $ | — | ||||||||||||
Debt Securities—Corporate | $ | 24 | $ | — | $ | — | $ | 24 | $ | — | ||||||||||||
Liabilities: | ||||||||||||||||||||||
Derivative Contracts: | ||||||||||||||||||||||
Energy-Related Contracts (B) | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||
Power | ||||||||||||||||||||||
Assets: | ||||||||||||||||||||||
Derivative Contracts: | ||||||||||||||||||||||
Energy-Related Contracts (B) | $ | 36 | $ | (433 | ) | $ | 15 | $ | 442 | $ | 12 | |||||||||||
NDT Fund (C) | ||||||||||||||||||||||
Equity Securities | $ | 1,147 | $ | — | $ | 1,145 | $ | 2 | $ | — | ||||||||||||
Debt Securities—U.S. Treasury | $ | 314 | $ | — | $ | — | $ | 314 | $ | — | ||||||||||||
Debt Securities—Govt Other | $ | 270 | $ | — | $ | — | $ | 270 | $ | — | ||||||||||||
Debt Securities—Corporate | $ | 402 | $ | — | $ | — | $ | 402 | $ | — | ||||||||||||
Rabbi Trust (C) | ||||||||||||||||||||||
Equity Securities | $ | 6 | $ | — | $ | 6 | $ | — | $ | — | ||||||||||||
Debt Securities—U.S. Treasury | $ | 13 | $ | — | $ | — | $ | 13 | $ | — | ||||||||||||
Debt Securities—Govt Other | $ | 8 | $ | — | $ | — | $ | 8 | $ | — | ||||||||||||
Debt Securities—Corporate | $ | 30 | $ | — | $ | — | $ | 30 | $ | — | ||||||||||||
Liabilities: | ||||||||||||||||||||||
Derivative Contracts: | ||||||||||||||||||||||
Energy-Related Contracts (B) | $ | (21 | ) | $ | 477 | $ | (8 | ) | $ | (485 | ) | $ | (5 | ) | ||||||||
(A) | Represents money market mutual funds. |
(B) | Level 1— |
(C) |
Represents the netting of fair value balances with the same counterparty (where the right of offset exists) and the application of collateral. All cash collateral received or posted that has been allocated to derivative positions, where the right of offset exists, has been offset in the Condensed Consolidated Balance Sheets. As of |
Quantitative Information About Level 3 Fair Value Measurements | ||||||||||||||||||
Significant | ||||||||||||||||||
Fair Value as of | Valuation | Unobservable | ||||||||||||||||
Commodity | Level 3 Position | September 30, 2017 | Technique(s) | Input | Range | |||||||||||||
Assets | (Liabilities) | |||||||||||||||||
Millions | ||||||||||||||||||
Power | ||||||||||||||||||
Electricity | Electric Load Contracts | $ | 5 | $ | — | Discounted Cash flow | Historic Load Variability | 0% to +10% | ||||||||||
Gas | Other | 1 | — | |||||||||||||||
Total Power | $ | 6 | $ | — | ||||||||||||||
Total PSEG | $ | 6 | $ | — | ||||||||||||||
Quantitative Information About Level 3 Fair Value Measurements | ||||||||||||||||||
Significant | ||||||||||||||||||
Fair Value as of | Valuation | Unobservable | ||||||||||||||||
Commodity | Level 3 Position | March 31, 2018 | Technique(s) | Input | Range | |||||||||||||
Assets | (Liabilities) | |||||||||||||||||
Millions | ||||||||||||||||||
Power | ||||||||||||||||||
Electricity | Electric Load Contracts | $ | 6 | $ | — | Discounted Cash flow | Historic Load Variability | 0% to 10% | ||||||||||
Gas | Gas Physical Contracts | 1 | — | Discounted Cash flow | Average Historical Basis | -40% to 0% | ||||||||||||
Total Power | $ | 7 | $ | — | ||||||||||||||
Total PSEG | $ | 7 | $ | — | ||||||||||||||
Quantitative Information About Level 3 Fair Value Measurements | ||||||||||||||||||
Significant | ||||||||||||||||||
Fair Value as of | Valuation | Unobservable | ||||||||||||||||
Commodity | Level 3 Position | December 31, 2016 | Technique(s) | Input | Range | |||||||||||||
Assets | (Liabilities) | |||||||||||||||||
Millions | ||||||||||||||||||
PSE&G | ||||||||||||||||||
Gas | Natural Gas Supply Contract | $ | — | $ | (5 | ) | Discounted Cash Flow | Transportation Costs | $0.60 to $0.80/Dth | |||||||||
Total PSE&G | $ | — | $ | (5 | ) | |||||||||||||
Power | ||||||||||||||||||
Electricity | Electric Load Contracts | $ | 7 | $ | (1 | ) | Discounted Cash Flow | Historic Load Variability | 0% to +10% | |||||||||
Gas (A) | Other | — | — | |||||||||||||||
Total Power | $ | 7 | $ | (1 | ) | |||||||||||||
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, 2017 | Technique(s) | Input | Range | |||||||||||||
Assets | (Liabilities) | |||||||||||||||||
Millions | ||||||||||||||||||
Power | ||||||||||||||||||
Electricity | Electric Load Contracts | $ | 1 | $ | (3 | ) | Discounted Cash flow | Historic Load Variability | 0% to 10% | |||||||||
Gas | Gas Physical Contracts | 11 | (2 | ) | Discounted Cash flow | Average Historical Basis | -40% to -10% | |||||||||||
Total Power | $ | 12 | $ | (5 | ) | |||||||||||||
Total PSEG | $ | 12 | $ | (5 | ) | |||||||||||||
Three Months Ended September 30, 2017 | ||||||||||||||||||||||||||||||
Total Gains or (Losses) Realized/Unrealized | ||||||||||||||||||||||||||||||
Description | Balance as of July 1, 2017 | Included in Income (A) | Included in Regulatory Assets/ Liabilities (B) | Purchases (Sales) | Issuances/ Settlements (C) | Transfers In/Out (D) | Balance as of September 30, 2017 | |||||||||||||||||||||||
Millions | ||||||||||||||||||||||||||||||
PSEG | ||||||||||||||||||||||||||||||
Net Derivative Assets (Liabilities) | $ | 6 | $ | 3 | $ | — | $ | — | $ | (3 | ) | $ | — | $ | 6 | |||||||||||||||
PSE&G | ||||||||||||||||||||||||||||||
Net Derivative Assets (Liabilities) | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
Power | ||||||||||||||||||||||||||||||
Net Derivative Assets (Liabilities) | $ | 6 | $ | 3 | $ | — | $ | — | $ | (3 | ) | $ | — | $ | 6 | |||||||||||||||
Nine Months Ended September 30, 2017 | ||||||||||||||||||||||||||||||
Total Gains or (Losses) Realized/Unrealized | ||||||||||||||||||||||||||||||
Description | Balance as of January 1, 2017 | Included in Income (A) | Included in Regulatory Assets/ Liabilities (B) | Purchases (Sales) | Issuances/ Settlements (C) | Transfers In/Out (D) | Balance as of September 30, 2017 | |||||||||||||||||||||||
Millions | ||||||||||||||||||||||||||||||
PSEG | ||||||||||||||||||||||||||||||
Net Derivative Assets (Liabilities) | $ | 1 | $ | 29 | $ | 5 | $ | — | $ | (28 | ) | $ | (1 | ) | $ | 6 | ||||||||||||||
PSE&G | ||||||||||||||||||||||||||||||
Net Derivative Assets (Liabilities) | $ | (5 | ) | $ | — | $ | 5 | $ | — | $ | — | $ | — | $ | — | |||||||||||||||
Power | ||||||||||||||||||||||||||||||
Net Derivative Assets (Liabilities) | $ | 6 | $ | 29 | $ | — | $ | — | $ | (28 | ) | $ | (1 | ) | $ | 6 | ||||||||||||||
Three Months Ended March 31, 2018 | ||||||||||||||||||||||||||||||
Total Gains or (Losses) Realized/Unrealized | ||||||||||||||||||||||||||||||
Description | Balance as of January 1, 2018 | Included in Income (A) | Included in Regulatory Assets/ Liabilities (B) | Purchases (Sales) | Issuances/ Settlements (C) | Transfers In/Out (D) | Balance as of March 31, 2018 | |||||||||||||||||||||||
Millions | ||||||||||||||||||||||||||||||
PSEG | ||||||||||||||||||||||||||||||
Net Derivative Assets (Liabilities) | $ | 7 | $ | (1 | ) | $ | — | $ | — | $ | 1 | $ | — | $ | 7 | |||||||||||||||
Power | ||||||||||||||||||||||||||||||
Net Derivative Assets (Liabilities) | $ | 7 | $ | (1 | ) | $ | — | $ | — | $ | 1 | $ | — | $ | 7 | |||||||||||||||
Three Months Ended September 30, 2016 | ||||||||||||||||||||||||||||||
Total Gains or (Losses) Realized/Unrealized | ||||||||||||||||||||||||||||||
Description | Balance as of July 1, 2016 | Included in Income (E) | Included in Regulatory Assets/ Liabilities (B) | Purchases (Sales) | Issuances/ Settlements (C) | Transfers In/Out (D) | Balance as of September 30, 2016 | |||||||||||||||||||||||
Millions | ||||||||||||||||||||||||||||||
PSEG | ||||||||||||||||||||||||||||||
Net Derivative Assets (Liabilities) | $ | 5 | $ | 8 | $ | (2 | ) | $ | 4 | $ | (4 | ) | $ | — | $ | 11 | ||||||||||||||
PSE&G | ||||||||||||||||||||||||||||||
Net Derivative Assets (Liabilities) | $ | (2 | ) | $ | — | $ | (2 | ) | $ | — | $ | — | $ | — | $ | (4 | ) | |||||||||||||
Power | ||||||||||||||||||||||||||||||
Net Derivative Assets (Liabilities) | $ | 7 | $ | 8 | $ | — | $ | 4 | $ | (4 | ) | $ | — | $ | 15 | |||||||||||||||
Nine Months Ended September 30, 2016 | ||||||||||||||||||||||||||||||
Total Gains or (Losses) Realized/Unrealized | ||||||||||||||||||||||||||||||
Description | Balance as of January 1, 2016 | Included in Income (E) | Included in Regulatory Assets/ Liabilities (B) | Purchases (Sales) | Issuances/ Settlements (C) | Transfers In/Out (D) | Balance as of September 30, 2016 | |||||||||||||||||||||||
PSEG | ||||||||||||||||||||||||||||||
Net Derivative Assets (Liabilities) | $ | 13 | $ | 24 | $ | (6 | ) | $ | 4 | $ | (24 | ) | $ | — | $ | 11 | ||||||||||||||
PSE&G | ||||||||||||||||||||||||||||||
Net Derivative Assets (Liabilities) | $ | 2 | $ | — | $ | (6 | ) | $ | — | $ | — | $ | — | $ | (4 | ) | ||||||||||||||
Power | ||||||||||||||||||||||||||||||
Net Derivative Assets (Liabilities) | $ | 11 | $ | 24 | $ | — | $ | 4 | $ | (24 | ) | $ | — | $ | 15 | |||||||||||||||
Three Months Ended March 31, 2017 | ||||||||||||||||||||||||||||||
Total Gains or (Losses) Realized/Unrealized | ||||||||||||||||||||||||||||||
Description | Balance as of January 1, 2017 | Included in Income (A) | Included in Regulatory Assets/ Liabilities (B) | Purchases (Sales) | Issuances/ Settlements (C) | Transfers In/Out (D) | Balance as of March 31, 2017 | |||||||||||||||||||||||
Millions | ||||||||||||||||||||||||||||||
PSEG | ||||||||||||||||||||||||||||||
Net Derivative Assets (Liabilities) | $ | 1 | $ | 19 | $ | 6 | $ | — | $ | (22 | ) | $ | (1 | ) | $ | 3 | ||||||||||||||
PSE&G | ||||||||||||||||||||||||||||||
Net Derivative Assets (Liabilities) | $ | (5 | ) | $ | — | $ | 6 | $ | — | $ | — | $ | — | $ | 1 | |||||||||||||||
Power | ||||||||||||||||||||||||||||||
Net Derivative Assets (Liabilities) | $ | 6 | $ | 19 | $ | — | $ | — | $ | (22 | ) | $ | (1 | ) | $ | 2 | ||||||||||||||
(A) | PSEG’s and Power’s |
(B) | Mainly includes gains/losses on PSE&G’s derivative contracts that are not included in either earnings or Accumulated Other Comprehensive Income, as they are deferred as a Regulatory Asset/Liability and are expected to be recovered from/returned to PSE&G’s customers. |
(C) | Represents |
(D) | During the three months ended |
As of | As of | ||||||||||||||||
September 30, 2017 | December 31, 2016 | ||||||||||||||||
Carrying Amount | Fair Value | Carrying Amount | Fair Value | ||||||||||||||
Millions | |||||||||||||||||
Long-Term Debt: | |||||||||||||||||
PSEG (Parent) (A) (B) | $ | 1,896 | $ | 1,891 | $ | 1,195 | $ | 1,185 | |||||||||
PSE&G (B) | 8,243 | 8,857 | 7,818 | 8,240 | |||||||||||||
Power - Recourse Debt (B) | 2,385 | 2,657 | 2,382 | 2,578 | |||||||||||||
Total Long-Term Debt | $ | 12,524 | $ | 13,405 | $ | 11,395 | $ | 12,003 | |||||||||
As of | As of | ||||||||||||||||
March 31, 2018 | December 31, 2017 | ||||||||||||||||
Carrying Amount | Fair Value | Carrying Amount | Fair Value | ||||||||||||||
Millions | |||||||||||||||||
Long-Term Debt: | |||||||||||||||||
PSEG (A) (B) | $ | 2,092 | $ | 2,048 | $ | 2,091 | $ | 2,081 | |||||||||
PSE&G (B) | 8,593 | 8,908 | 8,591 | 9,322 | |||||||||||||
Power (B) | 2,387 | 2,566 | 2,386 | 2,659 | |||||||||||||
Total Long-Term Debt | $ | 13,072 | $ | 13,522 | $ | 13,068 | $ | 14,062 | |||||||||
(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 methodology and utilizes assumptions of current market pricing curves. In order to incorporate the credit risk into the discount rates, pricing is obtained (i.e. U.S. Treasury rate plus credit spread) based on expected new issue pricing across each of the companies’ respective debt maturity spectrum. The credit spreads of various tenors obtained from this information are added to the appropriate benchmark U.S. Treasury rates in order to determine the current market yields for the various tenors. The yields are then converted into discount rates of various tenors that are used for discounting the respective cash flows of the same tenor for each bond or note. |
Other Income | PSE&G | Power | Other (A) | Consolidated | |||||||||||||
Millions | |||||||||||||||||
Three Months Ended September 30, 2017 | |||||||||||||||||
NDT Fund Gains, Interest, Dividend and Other Income | $ | — | $ | 41 | $ | — | $ | 41 | |||||||||
Allowance for Funds Used During Construction | 14 | — | — | 14 | |||||||||||||
Rabbi Trust Realized Gains, Interest and Dividends | 1 | 1 | — | 2 | |||||||||||||
Solar Loan Interest | 6 | — | — | 6 | |||||||||||||
Other | 2 | 1 | — | 3 | |||||||||||||
Total Other Income | $ | 23 | $ | 43 | $ | — | $ | 66 | |||||||||
Nine Months Ended September 30, 2017 | |||||||||||||||||
NDT Fund Gains, Interest, Dividend and Other Income | $ | — | $ | 117 | $ | — | $ | 117 | |||||||||
Allowance for Funds Used During Construction | 42 | — | — | 42 | |||||||||||||
Rabbi Trust Realized Gains, Interest and Dividends | 5 | 6 | 11 | 22 | |||||||||||||
Solar Loan Interest | 16 | — | — | 16 | |||||||||||||
Other | 7 | 4 | — | 11 | |||||||||||||
Total Other Income | $ | 70 | $ | 127 | $ | 11 | $ | 208 | |||||||||
Three Months Ended September 30, 2016 | |||||||||||||||||
NDT Fund Gains, Interest, Dividend and Other Income | $ | — | $ | 21 | $ | — | $ | 21 | |||||||||
Allowance for Funds Used During Construction | 14 | — | — | 14 | |||||||||||||
Rabbi Trust Realized Gains, Interest and Dividends | 1 | — | 3 | 4 | |||||||||||||
Solar Loan Interest | 6 | — | — | 6 | |||||||||||||
Other | 1 | 2 | (1 | ) | 2 | ||||||||||||
Total Other Income | $ | 22 | $ | 23 | $ | 2 | $ | 47 | |||||||||
Nine Months Ended September 30, 2016 | |||||||||||||||||
NDT Fund Gains, Interest, Dividend and Other Income | $ | — | $ | 69 | $ | — | $ | 69 | |||||||||
Allowance for Funds Used During Construction | 35 | — | — | 35 | |||||||||||||
Rabbi Trust Realized Gains, Interest and Dividends | 2 | 2 | 6 | 10 | |||||||||||||
Solar Loan Interest | 17 | — | — | 17 | |||||||||||||
Other | 7 | 3 | (2 | ) | 8 | ||||||||||||
Total Other Income | $ | 61 | $ | 74 | $ | 4 | $ | 139 | |||||||||
Other Deductions | PSE&G | Power | Other (A) | Consolidated | |||||||||||||
Millions | |||||||||||||||||
Three Months Ended September 30, 2017 | |||||||||||||||||
NDT Fund Realized Losses and Expenses | $ | — | $ | 8 | $ | — | $ | 8 | |||||||||
Other | 1 | — | 1 | 2 | |||||||||||||
Total Other Deductions | $ | 1 | $ | 8 | $ | 1 | $ | 10 | |||||||||
Nine Months Ended September 30, 2017 | |||||||||||||||||
NDT Fund Realized Losses and Expenses | $ | — | $ | 21 | $ | — | $ | 21 | |||||||||
Other | 3 | 1 | 5 | 9 | |||||||||||||
Total Other Deductions | $ | 3 | $ | 22 | $ | 5 | $ | 30 | |||||||||
Three Months Ended September 30, 2016 | |||||||||||||||||
NDT Fund Realized Losses and Expenses | $ | — | $ | 5 | $ | — | $ | 5 | |||||||||
Other | 1 | 1 | 1 | 3 | |||||||||||||
Total Other Deductions | $ | 1 | $ | 6 | $ | 1 | $ | 8 | |||||||||
Nine Months Ended September 30, 2016 | |||||||||||||||||
NDT Fund Realized Losses and Expenses | $ | — | $ | 31 | $ | — | $ | 31 | |||||||||
Other | 3 | 2 | 3 | 8 | |||||||||||||
Total Other Deductions | $ | 3 | $ | 33 | $ | 3 | $ | 39 | |||||||||
PSE&G | Power | Other (A) | Consolidated | ||||||||||||||
Millions | |||||||||||||||||
Three Months Ended March 31, 2018 | |||||||||||||||||
NDT Fund Interest and Dividends | $ | — | $ | 12 | $ | — | $ | 12 | |||||||||
Allowance for Funds Used During Construction | 14 | — | — | 14 | |||||||||||||
Solar Loan Interest | 4 | — | — | 4 | |||||||||||||
Other | 2 | (1 | ) | 1 | 2 | ||||||||||||
Total Other Income (Deductions) | $ | 20 | $ | 11 | $ | 1 | $ | 32 | |||||||||
Three Months Ended March 31, 2017 | |||||||||||||||||
NDT Fund Interest and Dividends | $ | — | $ | 10 | $ | — | $ | 10 | |||||||||
Allowance for Funds Used During Construction | 14 | — | — | 14 | |||||||||||||
Solar Loan Interest | 5 | — | — | 5 | |||||||||||||
Other | 3 | 1 | (1 | ) | 3 | ||||||||||||
Total Other Income (Deductions) | $ | 22 | $ | 11 | $ | (1 | ) | $ | 32 | ||||||||
(A) | Other consists of activity at PSEG (as parent company), Energy Holdings, Services, PSEG LI and intercompany eliminations. |
Three Months Ended | Nine Months Ended | ||||||||
September 30, | September 30, | ||||||||
2017 | 2016 | 2017 | 2016 | ||||||
PSEG | 38.9% | 36.5% | 35.5% | 36.3% | |||||
PSE&G | 38.8% | 36.1% | 37.4% | 36.1% | |||||
Power | 41.9% | 39.3% | 37.9% | 39.4% | |||||
Three Months Ended | ||||||
March 31, | ||||||
2018 | 2017 | |||||
PSEG | 26.6% | 20.3% | ||||
PSE&G | 26.8% | 36.4% | ||||
Power | 26.2% | 40.6% | ||||
PSEG | Other Comprehensive Income (Loss) | |||||||||||||||||
Three Months Ended September 30, 2017 | ||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | Cash Flow Hedges | Pension and OPEB Plans | Available-for-Sale Securities | Total | ||||||||||||||
Millions | ||||||||||||||||||
Balance as of June 30, 2017 | $ | 2 | $ | (386 | ) | $ | 158 | $ | (226 | ) | ||||||||
Other Comprehensive Income before Reclassifications | — | — | 25 | 25 | ||||||||||||||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | (1 | ) | 6 | (8 | ) | (3 | ) | |||||||||||
Net Current Period Other Comprehensive Income (Loss) | (1 | ) | 6 | 17 | 22 | |||||||||||||
Balance as of September 30, 2017 | $ | 1 | $ | (380 | ) | $ | 175 | $ | (204 | ) | ||||||||
PSEG | Other Comprehensive Income (Loss) | |||||||||||||||||
Three Months Ended September 30, 2016 | ||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | Cash Flow Hedges | Pension and OPEB Plans | Available-for-Sale Securities | Total | ||||||||||||||
Millions | ||||||||||||||||||
Balance as of June 30, 2016 | $ | 1 | $ | (370 | ) | $ | 117 | $ | (252 | ) | ||||||||
Other Comprehensive Income before Reclassifications | 1 | — | 26 | 27 | ||||||||||||||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | — | 9 | (2 | ) | 7 | |||||||||||||
Net Current Period Other Comprehensive Income (Loss) | 1 | 9 | 24 | 34 | ||||||||||||||
Balance as of September 30, 2016 | $ | 2 | $ | (361 | ) | $ | 141 | $ | (218 | ) | ||||||||
PSEG | Other Comprehensive Income (Loss) | |||||||||||||||||
Nine Months Ended September 30, 2017 | ||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | Cash Flow Hedges | Pension and OPEB Plans | Available-for-Sale Securities | Total | ||||||||||||||
Millions | ||||||||||||||||||
Balance as of December 31, 2016 | $ | 2 | $ | (398 | ) | $ | 133 | $ | (263 | ) | ||||||||
Other Comprehensive Income before Reclassifications | — | — | 78 | 78 | ||||||||||||||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | (1 | ) | 18 | (36 | ) | (19 | ) | |||||||||||
Net Current Period Other Comprehensive Income (Loss) | (1 | ) | 18 | 42 | 59 | |||||||||||||
Balance as of September 30, 2017 | $ | 1 | $ | (380 | ) | $ | 175 | $ | (204 | ) | ||||||||
PSEG | Other Comprehensive Income (Loss) | |||||||||||||||||
Nine Months Ended September 30, 2016 | ||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | Cash Flow Hedges | Pension and OPEB Plans | Available-for-Sale Securities | Total | ||||||||||||||
Millions | ||||||||||||||||||
Balance as of December 31, 2015 | $ | — | $ | (386 | ) | $ | 91 | $ | (295 | ) | ||||||||
Other Comprehensive Income before Reclassifications | 2 | — | 44 | 46 | ||||||||||||||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | — | 25 | 6 | 31 | ||||||||||||||
Net Current Period Other Comprehensive Income (Loss) | 2 | 25 | 50 | 77 | ||||||||||||||
Balance as of September 30, 2016 | $ | 2 | $ | (361 | ) | $ | 141 | $ | (218 | ) | ||||||||
PSEG | Other Comprehensive Income (Loss) | |||||||||||||||||
Three Months Ended March 31, 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 | — | — | (16 | ) | (16 | ) | ||||||||||||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | — | 8 | 2 | 10 | ||||||||||||||
Net Current Period Other Comprehensive Income (Loss) | — | 8 | (14 | ) | (6 | ) | ||||||||||||
Net Change in Accumulative Other Comprehensive Income (Loss) | — | 8 | (190 | ) | (182 | ) | ||||||||||||
Balance as of March 31, 2018 | $ | — | $ | (398 | ) | $ | (13 | ) | $ | (411 | ) | |||||||
PSEG | Other Comprehensive Income (Loss) | |||||||||||||||||
Three Months Ended March 31, 2017 | ||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | Cash Flow Hedges | Pension and OPEB Plans | Available-for-Sale Securities | Total | ||||||||||||||
Millions | ||||||||||||||||||
Balance as of December 31, 2016 | $ | 2 | $ | (398 | ) | $ | 133 | $ | (263 | ) | ||||||||
Other Comprehensive Income before Reclassifications | — | — | 30 | 30 | ||||||||||||||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | — | 6 | (15 | ) | (9 | ) | ||||||||||||
Net Current Period Other Comprehensive Income (Loss) | — | 6 | 15 | 21 | ||||||||||||||
Balance as of March 31, 2017 | $ | 2 | $ | (392 | ) | $ | 148 | $ | (242 | ) | ||||||||
Power | Other Comprehensive Income (Loss) | |||||||||||||||||
Three Months Ended September 30, 2017 | ||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | Cash Flow Hedges | Pension and OPEB Plans | Available-for-Sale Securities | Total | ||||||||||||||
Millions | ||||||||||||||||||
Balance as of June 30, 2017 | $ | — | $ | (330 | ) | $ | 158 | $ | (172 | ) | ||||||||
Other Comprehensive Income before Reclassifications | — | — | 24 | 24 | ||||||||||||||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | — | 5 | (9 | ) | (4 | ) | ||||||||||||
Net Current Period Other Comprehensive Income (Loss) | — | 5 | 15 | 20 | ||||||||||||||
Balance as of September 30, 2017 | $ | — | $ | (325 | ) | $ | 173 | $ | (152 | ) | ||||||||
Power | Other Comprehensive Income (Loss) | |||||||||||||||||
Three Months Ended September 30, 2016 | ||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | Cash Flow Hedges | Pension and OPEB Plans | Available-for-Sale Securities | Total | ||||||||||||||
Millions | ||||||||||||||||||
Balance as of June 30, 2016 | $ | — | $ | (313 | ) | $ | 112 | $ | (201 | ) | ||||||||
Other Comprehensive Income before Reclassifications | — | — | 24 | 24 | ||||||||||||||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | — | 7 | (2 | ) | 5 | |||||||||||||
Net Current Period Other Comprehensive Income (Loss) | — | 7 | 22 | 29 | ||||||||||||||
Balance as of September 30, 2016 | $ | — | $ | (306 | ) | $ | 134 | $ | (172 | ) | ||||||||
Power | Other Comprehensive Income (Loss) | |||||||||||||||||
Nine Months Ended September 30, 2017 | ||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | Cash Flow Hedges | Pension and OPEB Plans | Available-for-Sale Securities | Total | ||||||||||||||
Millions | ||||||||||||||||||
Balance as of December 31, 2016 | $ | — | $ | (340 | ) | $ | 129 | $ | (211 | ) | ||||||||
Other Comprehensive Income before Reclassifications | — | — | 74 | 74 | ||||||||||||||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | — | 15 | (30 | ) | (15 | ) | ||||||||||||
Net Current Period Other Comprehensive Income (Loss) | — | 15 | 44 | 59 | ||||||||||||||
Balance as of September 30, 2017 | $ | — | $ | (325 | ) | $ | 173 | $ | (152 | ) | ||||||||
Power | Other Comprehensive Income (Loss) | |||||||||||||||||
Nine Months Ended September 30, 2016 | ||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | Cash Flow Hedges | Pension and OPEB Plans | Available-for-Sale Securities | Total | ||||||||||||||
Millions | ||||||||||||||||||
Balance as of December 31, 2015 | $ | — | $ | (327 | ) | $ | 87 | $ | (240 | ) | ||||||||
Other Comprehensive Income before Reclassifications | — | — | 40 | 40 | ||||||||||||||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | — | 21 | 7 | 28 | ||||||||||||||
Net Current Period Other Comprehensive Income (Loss) | — | 21 | 47 | 68 | ||||||||||||||
Balance as of September 30, 2016 | $ | — | $ | (306 | ) | $ | 134 | $ | (172 | ) | ||||||||
Power | Other Comprehensive Income (Loss) | |||||||||||||||||
Three Months Ended March 31, 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 | — | — | (13 | ) | (13 | ) | ||||||||||||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | — | 6 | 2 | 8 | ||||||||||||||
Net Current Period Other Comprehensive Income (Loss) | — | 6 | (11 | ) | (5 | ) | ||||||||||||
Net Change in Accumulative Other Comprehensive Income (Loss) | — | 6 | (186 | ) | (180 | ) | ||||||||||||
Balance as of March 31, 2018 | $ | — | $ | (341 | ) | $ | (11 | ) | $ | (352 | ) | |||||||
Power | Other Comprehensive Income (Loss) | |||||||||||||||||
Three Months Ended March 31, 2017 | ||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | Cash Flow Hedges | Pension and OPEB Plans | Available-for-Sale Securities | Total | ||||||||||||||
Millions | ||||||||||||||||||
Balance as of December 31, 2016 | $ | — | $ | (340 | ) | $ | 129 | $ | (211 | ) | ||||||||
Other Comprehensive Income before Reclassifications | — | — | 28 | 28 | ||||||||||||||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | — | 5 | (9 | ) | (4 | ) | ||||||||||||
Net Current Period Other Comprehensive Income (Loss) | — | 5 | 19 | 24 | ||||||||||||||
Balance as of March 31, 2017 | $ | — | $ | (335 | ) | $ | 148 | $ | (187 | ) | ||||||||
PSEG | Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) to Income Statement | |||||||||||||||
Three Months Ended | ||||||||||||||||
Description of Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | Location of Pre-Tax Amount In Statement of Operations | March 31, 2018 | ||||||||||||||
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 | |||||||||
Amortization of Actuarial Loss | Non-Operating Pension and OPEB Credits (Costs) | (12 | ) | 3 | (9 | ) | ||||||||||
Total Pension and OPEB Plans | (11 | ) | 3 | (8 | ) | |||||||||||
Available-for-Sale Debt Securities | ||||||||||||||||
Realized Gains (Losses) | Net Gains (Losses) on Trust Investments | (4 | ) | 2 | (2 | ) | ||||||||||
Total Available-for-Sale Debt Securities | (4 | ) | 2 | (2 | ) | |||||||||||
Total | $ | (15 | ) | $ | 5 | $ | (10 | ) | ||||||||
PSEG | Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) to Income Statement | ||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||
Description of Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | Location of Pre-Tax Amount In Statement of Operations | September 30, 2017 | September 30, 2017 | ||||||||||||||||||||||||
Pre-Tax Amount | Tax (Expense) Benefit | After-Tax Amount | Pre-Tax Amount | Tax (Expense) Benefit | After-Tax Amount | ||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||
Cash Flow Hedges | |||||||||||||||||||||||||||
Interest Rate Swaps | Interest Expense | $ | 2 | $ | (1 | ) | $ | 1 | $ | 2 | $ | (1 | ) | $ | 1 | ||||||||||||
Total Cash Flow Hedges | 2 | (1 | ) | 1 | 2 | (1 | ) | 1 | |||||||||||||||||||
Pension and OPEB Plans | |||||||||||||||||||||||||||
Amortization of Prior Service (Cost) Credit | O&M Expense | 3 | (1 | ) | 2 | 7 | (3 | ) | 4 | ||||||||||||||||||
Amortization of Actuarial Loss | O&M Expense | (13 | ) | 5 | (8 | ) | (37 | ) | 15 | (22 | ) | ||||||||||||||||
Total Pension and OPEB Plans | (10 | ) | 4 | (6 | ) | (30 | ) | 12 | (18 | ) | |||||||||||||||||
Available-for-Sale Securities | |||||||||||||||||||||||||||
Realized Gains | Other Income | 29 | (15 | ) | 14 | 99 | (49 | ) | 50 | ||||||||||||||||||
Realized Losses | Other Deductions | (6 | ) | 2 | (4 | ) | (19 | ) | 9 | (10 | ) | ||||||||||||||||
OTTI | OTTI | (5 | ) | 3 | (2 | ) | (9 | ) | 5 | (4 | ) | ||||||||||||||||
Total Available-for-Sale Securities | 18 | (10 | ) | 8 | 71 | (35 | ) | 36 | |||||||||||||||||||
Total | $ | 10 | $ | (7 | ) | $ | 3 | $ | 43 | $ | (24 | ) | $ | 19 | |||||||||||||
PSEG | Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) to Income Statement | |||||||||||||||
Three Months Ended | ||||||||||||||||
Description of Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | Location of Pre-Tax Amount In Statement of Operations | March 31, 2017 | ||||||||||||||
Pre-Tax Amount | Tax (Expense) Benefit | After-Tax Amount | ||||||||||||||
Millions | ||||||||||||||||
Pension and OPEB Plans | ||||||||||||||||
Amortization of Prior Service (Cost) Credit | Non-Operating Pension and OPEB Credits (Costs) | $ | 2 | $ | (1 | ) | $ | 1 | ||||||||
Amortization of Actuarial Loss | Non-Operating Pension and OPEB Credits (Costs) | (12 | ) | 5 | (7 | ) | ||||||||||
Total Pension and OPEB Plans | (10 | ) | 4 | (6 | ) | |||||||||||
Available-for-Sale Securities | ||||||||||||||||
Realized Gains (Losses) and OTTI | Net Gains (Losses) on Trust Investments | 28 | (13 | ) | 15 | |||||||||||
Total Available-for-Sale Securities | 28 | (13 | ) | 15 | ||||||||||||
Total | $ | 18 | $ | (9 | ) | $ | 9 | |||||||||
PSEG | Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) to Income Statement | |||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||
Description of Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | Location of Pre-Tax Amount In Statement of Operations | September 30, 2016 | September 30, 2016 | |||||||||||||||||||||||||
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 | O&M Expense | $ | 3 | $ | (2 | ) | $ | 1 | $ | 9 | $ | (4 | ) | $ | 5 | |||||||||||||
Amortization of Actuarial Loss | O&M Expense | (17 | ) | 7 | (10 | ) | (51 | ) | 21 | (30 | ) | |||||||||||||||||
Total Pension and OPEB Plans | (14 | ) | 5 | (9 | ) | (42 | ) | 17 | (25 | ) | ||||||||||||||||||
Available-for-Sale Securities | ||||||||||||||||||||||||||||
Realized Gains | Other Income | 13 | (6 | ) | 7 | 41 | (20 | ) | 21 | |||||||||||||||||||
Realized Losses | Other Deductions | (5 | ) | 3 | (2 | ) | (29 | ) | 15 | (14 | ) | |||||||||||||||||
OTTI | OTTI | (5 | ) | 2 | (3 | ) | (25 | ) | 12 | (13 | ) | |||||||||||||||||
Total Available-for-Sale Securities | 3 | (1 | ) | 2 | (13 | ) | 7 | (6 | ) | |||||||||||||||||||
Total | $ | (11 | ) | $ | 4 | $ | (7 | ) | $ | (55 | ) | $ | 24 | $ | (31 | ) | ||||||||||||
Power | Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) to Income Statement | |||||||||||||||
Three Months Ended | ||||||||||||||||
Description of Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | Location of Pre-Tax Amount In Statement of Operations | March 31, 2018 | ||||||||||||||
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 | |||||||||
Amortization of Actuarial Loss | Non-Operating Pension and OPEB Credits (Costs) | (10 | ) | 3 | (7 | ) | ||||||||||
Total Pension and OPEB Plans | (9 | ) | 3 | (6 | ) | |||||||||||
Available-for-Sale Debt Securities | ||||||||||||||||
Realized Gains (Losses) | Net Gains (Losses) on Trust Investments | (4 | ) | 2 | (2 | ) | ||||||||||
Total Available-for-Sale Debt Securities | (4 | ) | 2 | (2 | ) | |||||||||||
Total | $ | (13 | ) | $ | 5 | $ | (8 | ) | ||||||||
Power | Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) to Income Statement | |||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||
Description of Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | Location of Pre-Tax Amount In Statement of Operations | September 30, 2017 | September 30, 2017 | |||||||||||||||||||||||||
Pre-Tax Amount | Tax (Expense) Benefit | After-Tax Amount | Pre-Tax Amount | Tax (Expense) Benefit | After-Tax Amount | |||||||||||||||||||||||
Millions | ||||||||||||||||||||||||||||
Pension and OPEB Plans | ||||||||||||||||||||||||||||
Amortization of Prior Service (Cost) Credit | O&M Expense | $ | 2 | $ | (1 | ) | $ | 1 | $ | 6 | $ | (3 | ) | $ | 3 | |||||||||||||
Amortization of Actuarial Loss | O&M Expense | (11 | ) | 5 | (6 | ) | (32 | ) | 14 | (18 | ) | |||||||||||||||||
Total Pension and OPEB Plans | (9 | ) | 4 | (5 | ) | (26 | ) | 11 | (15 | ) | ||||||||||||||||||
Available-for-Sale Securities | ||||||||||||||||||||||||||||
Realized Gains | Other Income | 29 | (15 | ) | 14 | 86 | (44 | ) | 42 | |||||||||||||||||||
Realized Losses | Other Deductions | (5 | ) | 2 | (3 | ) | (15 | ) | 7 | (8 | ) | |||||||||||||||||
OTTI | OTTI | (5 | ) | 3 | (2 | ) | (9 | ) | 5 | (4 | ) | |||||||||||||||||
Total Available-for-Sale Securities | 19 | (10 | ) | 9 | 62 | (32 | ) | 30 | ||||||||||||||||||||
Total | $ | 10 | $ | (6 | ) | $ | 4 | $ | 36 | $ | (21 | ) | $ | 15 | ||||||||||||||
Power | Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) to Income Statement | |||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||
Description of Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | Location of Pre-Tax Amount In Statement of Operations | September 30, 2016 | September 30, 2016 | |||||||||||||||||||||||||
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 | O&M Expense | $ | 3 | $ | (1 | ) | $ | 2 | $ | 8 | $ | (3 | ) | $ | 5 | |||||||||||||
Amortization of Actuarial Loss | O&M Expense | (15 | ) | 6 | (9 | ) | (44 | ) | 18 | (26 | ) | |||||||||||||||||
Total Pension and OPEB Plans | (12 | ) | 5 | (7 | ) | (36 | ) | 15 | (21 | ) | ||||||||||||||||||
Available-for-Sale Securities | ||||||||||||||||||||||||||||
Realized Gains | Other Income | 12 | (5 | ) | 7 | 37 | (18 | ) | 19 | |||||||||||||||||||
Realized Losses | Other Deductions | (4 | ) | 2 | (2 | ) | (26 | ) | 13 | (13 | ) | |||||||||||||||||
OTTI | OTTI | (5 | ) | 2 | (3 | ) | (25 | ) | 12 | (13 | ) | |||||||||||||||||
Total Available-for-Sale Securities | 3 | (1 | ) | 2 | (14 | ) | 7 | (7 | ) | |||||||||||||||||||
Total | $ | (9 | ) | $ | 4 | $ | (5 | ) | $ | (50 | ) | $ | 22 | $ | (28 | ) | ||||||||||||
Power | Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) to Income Statement | |||||||||||||||
Three Months Ended | ||||||||||||||||
Description of Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | Location of Pre-Tax Amount In Statement of Operations | March 31, 2017 | ||||||||||||||
Pre-Tax Amount | Tax (Expense) Benefit | After-Tax Amount | ||||||||||||||
Millions | ||||||||||||||||
Pension and OPEB Plans | ||||||||||||||||
Amortization of Prior Service (Cost) Credit | Non-Operating Pension and OPEB Credits (Costs) | $ | 2 | $ | (1 | ) | $ | 1 | ||||||||
Amortization of Actuarial Loss | Non-Operating Pension and OPEB Credits (Costs) | (11 | ) | 5 | (6 | ) | ||||||||||
Total Pension and OPEB Plans | (9 | ) | 4 | (5 | ) | |||||||||||
Available-for-Sale Securities | ||||||||||||||||
Realized Gains (Losses) and OTTI | Net Gains (Losses) on Trust Investments | 19 | (10 | ) | 9 | |||||||||||
Total Available-for-Sale Securities | 19 | (10 | ) | 9 | ||||||||||||
Total | $ | 10 | $ | (6 | ) | $ | 4 | |||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||||||||||||||||||||
Basic | Diluted | Basic | Diluted | Basic | Diluted | Basic | Diluted | ||||||||||||||||||||||||||
EPS Numerator (Millions): | |||||||||||||||||||||||||||||||||
Net Income | $ | 395 | $ | 395 | $ | 327 | $ | 327 | $ | 618 | $ | 618 | $ | 985 | $ | 985 | |||||||||||||||||
EPS Denominator (Millions): | |||||||||||||||||||||||||||||||||
Weighted Average Common Shares Outstanding | 505 | 505 | 505 | 505 | 505 | 505 | 505 | 505 | |||||||||||||||||||||||||
Effect of Stock Based Compensation Awards | — | 2 | — | 3 | — | 2 | — | 3 | |||||||||||||||||||||||||
Total Shares | 505 | 507 | 505 | 508 | 505 | 507 | 505 | 508 | |||||||||||||||||||||||||
EPS | |||||||||||||||||||||||||||||||||
Net Income | $ | 0.78 | $ | 0.78 | $ | 0.65 | $ | 0.64 | $ | 1.22 | $ | 1.22 | $ | 1.95 | $ | 1.94 | |||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||
2018 | 2017 | ||||||||||||||||
Basic | Diluted | Basic | Diluted | ||||||||||||||
EPS Numerator (Millions): | |||||||||||||||||
Net Income | $ | 558 | $ | 558 | $ | 114 | $ | 114 | |||||||||
EPS Denominator (Millions): | |||||||||||||||||
Weighted Average Common Shares Outstanding | 504 | 504 | 505 | 505 | |||||||||||||
Effect of Stock Based Compensation Awards | — | 3 | — | 3 | |||||||||||||
Total Shares | 504 | 507 | 505 | 508 | |||||||||||||
EPS | |||||||||||||||||
Net Income | $ | 1.11 | $ | 1.10 | $ | 0.23 | $ | 0.22 | |||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
Dividend Payments on Common Stock | 2017 | 2016 | 2017 | 2016 | |||||||||||||
Per Share | $ | 0.43 | $ | 0.41 | $ | 1.29 | $ | 1.23 | |||||||||
In Millions | $ | 217 | $ | 207 | $ | 652 | $ | 622 | |||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
Dividend Payments on Common Stock | 2018 | 2017 | |||||||
Per Share | $ | 0.45 | $ | 0.43 | |||||
In Millions | $ | 227 | $ | 218 | |||||
PSE&G | Power | Other (A) | Eliminations (B) | Consolidated Total | |||||||||||||||||
Millions | |||||||||||||||||||||
Three Months Ended September 30, 2017 | |||||||||||||||||||||
Total Operating Revenues | $ | 1,509 | $ | 873 | $ | 135 | $ | (254 | ) | $ | 2,263 | ||||||||||
Net Income (Loss) | 246 | 136 | 13 | — | 395 | ||||||||||||||||
Gross Additions to Long-Lived Assets | 729 | 327 | 9 | — | 1,065 | ||||||||||||||||
Nine Months Ended September 30, 2017 | |||||||||||||||||||||
Operating Revenues | $ | 4,689 | $ | 3,086 | $ | 334 | $ | (1,121 | ) | $ | 6,988 | ||||||||||
Net Income (Loss) | 753 | (131 | ) | (4 | ) | — | 618 | ||||||||||||||
Gross Additions to Long-Lived Assets | 2,118 | 903 | 25 | — | 3,046 | ||||||||||||||||
Three Months Ended September 30, 2016 | |||||||||||||||||||||
Total Operating Revenues | $ | 1,684 | $ | 1,075 | $ | 7 | $ | (316 | ) | $ | 2,450 | ||||||||||
Net Income (Loss) | 255 | 139 | (67 | ) | — | 327 | |||||||||||||||
Gross Additions to Long-Lived Assets | 680 | 325 | 9 | — | 1,014 | ||||||||||||||||
Nine Months Ended September 30, 2016 | |||||||||||||||||||||
Operating Revenues | $ | 4,746 | $ | 3,102 | $ | 256 | $ | (1,133 | ) | $ | 6,971 | ||||||||||
Net Income (Loss) | 696 | 320 | (31 | ) | — | 985 | |||||||||||||||
Gross Additions to Long-Lived Assets | 2,035 | 923 | 27 | — | 2,985 | ||||||||||||||||
As of September 30, 2017 | |||||||||||||||||||||
Total Assets | $ | 27,802 | $ | 11,631 | $ | 2,288 | $ | (564 | ) | $ | 41,157 | ||||||||||
Investments in Equity Method Subsidiaries | $ | — | $ | 90 | $ | — | $ | — | $ | 90 | |||||||||||
As of December 31, 2016 | |||||||||||||||||||||
Total Assets | $ | 26,288 | $ | 12,193 | $ | 2,373 | $ | (784 | ) | $ | 40,070 | ||||||||||
Investments in Equity Method Subsidiaries | $ | — | $ | 102 | $ | — | $ | — | $ | 102 | |||||||||||
PSE&G | Power | Other (A) | Eliminations (B) | Consolidated Total | |||||||||||||||||
Millions | |||||||||||||||||||||
Three Months Ended March 31, 2018 | |||||||||||||||||||||
Operating Revenues | $ | 1,845 | $ | 1,403 | $ | 147 | $ | (577 | ) | $ | 2,818 | ||||||||||
Net Income (Loss) | 319 | 234 | 5 | — | 558 | ||||||||||||||||
Gross Additions to Long-Lived Assets | 750 | 299 | 4 | — | 1,053 | ||||||||||||||||
Three Months Ended March 31, 2017 | |||||||||||||||||||||
Operating Revenues | $ | 1,826 | $ | 1,269 | $ | 83 | $ | (587 | ) | $ | 2,591 | ||||||||||
Net Income (Loss) | 299 | (170 | ) | (15 | ) | — | 114 | ||||||||||||||
Gross Additions to Long-Lived Assets | 748 | 307 | 7 | — | 1,062 | ||||||||||||||||
As of March 31, 2018 | |||||||||||||||||||||
Total Assets | $ | 28,774 | $ | 12,263 | $ | 2,481 | $ | (728 | ) | $ | 42,790 | ||||||||||
Investments in Equity Method Subsidiaries | $ | — | $ | 86 | $ | — | $ | — | $ | 86 | |||||||||||
As of December 31, 2017 | |||||||||||||||||||||
Total Assets | $ | 28,554 | $ | 12,418 | $ | 2,666 | $ | (922 | ) | $ | 42,716 | ||||||||||
Investments in Equity Method Subsidiaries | $ | — | $ | 87 | $ | — | $ | — | $ | 87 | |||||||||||
(A) | Includes amounts applicable to Energy Holdings and PSEG LI, which are below the quantitative threshold for separate disclosure as reportable segments. Other also includes amounts applicable to PSEG (parent corporation) and Services. |
(B) | Intercompany eliminations primarily relate |
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
Related-Party Transactions | 2017 | 2016 | 2017 | 2016 | |||||||||||||
Millions | |||||||||||||||||
Billings from Affiliates: | |||||||||||||||||
Net Billings from Power primarily through BGS and BGSS (A) | $ | 259 | $ | 320 | $ | 1,154 | $ | 1,162 | |||||||||
Administrative Billings from Services (B) | 82 | 73 | 226 | 224 | |||||||||||||
Total Billings from Affiliates | $ | 341 | $ | 393 | $ | 1,380 | $ | 1,386 | |||||||||
Three Months Ended | ||||||||||
March 31, | ||||||||||
Related-Party Transactions | 2018 | 2017 | ||||||||
Millions | ||||||||||
Billings from Affiliates: | ||||||||||
Net Billings from Power primarily through BGS and BGSS (A) | $ | 578 | $ | 599 | ||||||
Administrative Billings from Services (B) | 83 | 65 | ||||||||
Total Billings from Affiliates | $ | 661 | $ | 664 | ||||||
As of | As of | ||||||||
Related-Party Transactions | September 30, 2017 | December 31, 2016 | |||||||
Millions | |||||||||
Receivables from PSEG (C) | $ | — | $ | 76 | |||||
Payable to Power (A) | $ | 86 | $ | 193 | |||||
Payable to Services (B) | 46 | 67 | |||||||
Payable to PSEG (C) | 46 | — | |||||||
Accounts Payable—Affiliated Companies | $ | 178 | $ | 260 | |||||
Working Capital Advances to Services (D) | $ | 33 | $ | 33 | |||||
Long-Term Accrued Taxes Payable | $ | 83 | $ | 130 | |||||
As of | As of | ||||||||
Related-Party Transactions | March 31, 2018 | December 31, 2017 | |||||||
Millions | |||||||||
Payable to Power (A) | $ | 215 | $ | 221 | |||||
Payable to Services (B) | 65 | 78 | |||||||
Payable to PSEG (C) | 105 | 41 | |||||||
Accounts Payable—Affiliated Companies | $ | 385 | $ | 340 | |||||
Working Capital Advances to Services (D) | $ | 33 | $ | 33 | |||||
Long-Term Accrued Taxes Payable | $ | 93 | $ | 91 | |||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
Related-Party Transactions | 2017 | 2016 | 2017 | 2016 | |||||||||||||
Millions | |||||||||||||||||
Billings to Affiliates: | |||||||||||||||||
Net Billings to PSE&G primarily through BGS and BGSS (A) | $ | 259 | $ | 320 | $ | 1,154 | $ | 1,162 | |||||||||
Billings from Affiliates: | |||||||||||||||||
Administrative Billings from Services (B) | $ | 39 | $ | 44 | $ | 117 | $ | 134 | |||||||||
Three Months Ended | ||||||||||
March 31, | ||||||||||
Related-Party Transactions | 2018 | 2017 | ||||||||
Millions | ||||||||||
Billings to Affiliates: | ||||||||||
Net Billings to PSE&G primarily through BGS and BGSS (A) | $ | 578 | $ | 599 | ||||||
Billings from Affiliates: | ||||||||||
Administrative Billings from Services (B) | $ | 43 | $ | 36 | ||||||
As of | As of | ||||||||
Related-Party Transactions | March 31, 2018 | December 31, 2017 | |||||||
Millions | |||||||||
Receivables from PSE&G (A) | $ | 215 | $ | 221 | |||||
Accounts Receivable—Affiliated Companies | $ | 215 | $ | 221 | |||||
Payable to Services (B) | $ | 23 | $ | 28 | |||||
Payable to PSEG (C) | 46 | 29 | |||||||
Accounts Payable—Affiliated Companies | $ | 69 | $ | 57 | |||||
Short-Term Loan from Affiliate (E) | $ | 35 | $ | 281 | |||||
Working Capital Advances to Services (D) | $ | 17 | $ | 17 | |||||
Long-Term Accrued Taxes Payable | $ | 46 | $ | 52 | |||||
As of | As of | ||||||||
Related-Party Transactions | September 30, 2017 | December 31, 2016 | |||||||
Millions | |||||||||
Receivables from PSE&G (A) | $ | 86 | $ | 193 | |||||
Receivables from PSEG (C) | — | 12 | |||||||
Accounts Receivable—Affiliated Companies | $ | 86 | $ | 205 | |||||
Payable to Services (B) | $ | 17 | $ | 25 | |||||
Payable to PSEG (C) | 111 | — | |||||||
Accounts Payable—Affiliated Companies | $ | 128 | $ | 25 | |||||
Short-Term Loan Due (to) from Affiliate (E) | $ | 1 | $ | 87 | |||||
Working Capital Advances to Services (D) | $ | 17 | $ | 17 | |||||
Long-Term Accrued Taxes Payable | $ | 57 | $ | 77 | |||||
(A) | PSE&G has entered into a requirements contract with Power under which Power provides the gas supply services needed to meet PSE&G’s BGSS and other contractual requirements. Power has also entered into contracts to supply energy, capacity and ancillary services to PSE&G through the BGS auction process. The rates in the BGS and BGSS contracts are prescribed by the BPU. In addition, Power and PSE&G provide certain technical services for each other generally at cost in compliance with FERC and BPU affiliate rules. |
(B) | Services provides and bills administrative services to PSE&G and Power at cost. In addition, PSE&G and Power have other payables to Services, including amounts related to certain common costs, such as pension and OPEB costs, which Services pays on behalf of each of the operating companies. |
(C) | PSEG files a consolidated federal income tax return with its affiliated companies. A tax allocation agreement exists between PSEG and each of its affiliated companies. The general operation of these agreements is that the subsidiary company will compute its taxable income on a stand-alone basis. If the result is a net tax liability, such amount shall be paid to PSEG. If there are net operating losses and/or tax credits, the subsidiary shall receive payment for the tax savings from PSEG to the extent that PSEG is able to utilize those benefits. |
(D) | PSE&G and Power have advanced working capital to Services. The amounts are included in Other Noncurrent Assets on PSE&G’s and Power’s Condensed Consolidated Balance Sheets. |
(E) | Power’s short-term loans with PSEG are for working capital and other short-term needs. Interest Income and Interest Expense relating to these short-term funding activities were immaterial. |
Power | Guarantor Subsidiaries | Other Subsidiaries | Consolidating Adjustments | Total | |||||||||||||||||
Millions | |||||||||||||||||||||
Three Months Ended September 30, 2017 | |||||||||||||||||||||
Operating Revenues | $ | — | $ | 856 | $ | 46 | $ | (29 | ) | $ | 873 | ||||||||||
Operating Expenses | 2 | 643 | 44 | (29 | ) | 660 | |||||||||||||||
Operating Income (Loss) | (2 | ) | 213 | 2 | — | 213 | |||||||||||||||
Equity Earnings (Losses) of Subsidiaries | 143 | (3 | ) | 3 | (140 | ) | 3 | ||||||||||||||
Other Income | 24 | 58 | (2 | ) | (37 | ) | 43 | ||||||||||||||
Other Deductions | — | (8 | ) | — | — | (8 | ) | ||||||||||||||
Other-Than-Temporary Impairments | — | (5 | ) | — | — | (5 | ) | ||||||||||||||
Interest Expense | (32 | ) | (12 | ) | (5 | ) | 37 | (12 | ) | ||||||||||||
Income Tax Benefit (Expense) | 3 | (103 | ) | 2 | — | (98 | ) | ||||||||||||||
Net Income (Loss) | $ | 136 | $ | 140 | $ | — | $ | (140 | ) | $ | 136 | ||||||||||
Comprehensive Income (Loss) | $ | 156 | $ | 154 | $ | — | $ | (154 | ) | $ | 156 | ||||||||||
Nine Months Ended September 30, 2017 | |||||||||||||||||||||
Operating Revenues | $ | — | $ | 3,036 | $ | 145 | $ | (95 | ) | $ | 3,086 | ||||||||||
Operating Expenses | 4 | 3,315 | 139 | (95 | ) | 3,363 | |||||||||||||||
Operating Income (Loss) | (4 | ) | (279 | ) | 6 | — | (277 | ) | |||||||||||||
Equity Earnings (Losses) of Subsidiaries | (111 | ) | (8 | ) | 11 | 119 | 11 | ||||||||||||||
Other Income | 71 | 155 | — | (99 | ) | 127 | |||||||||||||||
Other Deductions | (1 | ) | (21 | ) | — | — | (22 | ) | |||||||||||||
Other-Than-Temporary Impairments | — | (9 | ) | — | — | (9 | ) | ||||||||||||||
Interest Expense | (96 | ) | (30 | ) | (14 | ) | 99 | (41 | ) | ||||||||||||
Income Tax Benefit (Expense) | 10 | 68 | 2 | — | 80 | ||||||||||||||||
Net Income (Loss) | $ | (131 | ) | $ | (124 | ) | $ | 5 | $ | 119 | $ | (131 | ) | ||||||||
Comprehensive Income (Loss) | $ | (72 | ) | $ | (80 | ) | $ | 5 | $ | 75 | $ | (72 | ) | ||||||||
Nine Months Ended September 30, 2017 | |||||||||||||||||||||
Net Cash Provided By (Used In) Operating Activities | $ | (55 | ) | $ | 1,159 | $ | 142 | $ | 3 | $ | 1,249 | ||||||||||
Net Cash Provided By (Used In) Investing Activities | $ | 738 | $ | (289 | ) | $ | (343 | ) | $ | (990 | ) | $ | (884 | ) | |||||||
Net Cash Provided By (Used In) Financing Activities | $ | (683 | ) | $ | (869 | ) | $ | 211 | $ | 987 | $ | (354 | ) | ||||||||
Power | Guarantor Subsidiaries | Other Subsidiaries | Consolidating Adjustments | Total | |||||||||||||||||
Millions | |||||||||||||||||||||
Three Months Ended March 31, 2018 | |||||||||||||||||||||
Operating Revenues | $ | — | $ | 1,386 | $ | 51 | $ | (34 | ) | $ | 1,403 | ||||||||||
Operating Expenses | — | 1,056 | 52 | (34 | ) | 1,074 | |||||||||||||||
Operating Income (Loss) | — | 330 | (1 | ) | — | 329 | |||||||||||||||
Equity Earnings (Losses) of Subsidiaries | 234 | (3 | ) | 2 | (231 | ) | 2 | ||||||||||||||
Net Gains (Losses) on Trust Investments | — | (22 | ) | — | — | (22 | ) | ||||||||||||||
Other Income (Deductions) | 35 | 33 | — | (57 | ) | 11 | |||||||||||||||
Non-Operating Pension and OPEB Credits (Costs) | — | 4 | — | — | 4 | ||||||||||||||||
Interest Expense | (42 | ) | (17 | ) | (5 | ) | 57 | (7 | ) | ||||||||||||
Income Tax Benefit (Expense) | 7 | (92 | ) | 2 | — | (83 | ) | ||||||||||||||
Net Income (Loss) | $ | 234 | $ | 233 | $ | (2 | ) | $ | (231 | ) | $ | 234 | |||||||||
Comprehensive Income (Loss) | $ | 229 | $ | 223 | $ | (2 | ) | $ | (221 | ) | $ | 229 | |||||||||
Three Months Ended March 31, 2018 | |||||||||||||||||||||
Net Cash Provided By (Used In) Operating Activities | $ | (5 | ) | $ | 525 | $ | (49 | ) | $ | 71 | $ | 542 | |||||||||
Net Cash Provided By (Used In) Investing Activities | $ | (215 | ) | $ | (625 | ) | $ | (82 | ) | $ | 605 | $ | (317 | ) | |||||||
Net Cash Provided By (Used In) Financing Activities | $ | 220 | $ | 100 | $ | 111 | $ | (677 | ) | $ | (246 | ) | |||||||||
Power | Guarantor Subsidiaries | Other Subsidiaries | Consolidating Adjustments | Total | |||||||||||||||||
Millions | |||||||||||||||||||||
Three Months Ended September 30, 2016 | |||||||||||||||||||||
Operating Revenues | $ | — | $ | 1,059 | $ | 43 | $ | (27 | ) | $ | 1,075 | ||||||||||
Operating Expenses | (2 | ) | 826 | 40 | (27 | ) | 837 | ||||||||||||||
Operating Income (Loss) | 2 | 233 | 3 | — | 238 | ||||||||||||||||
Equity Earnings (Losses) of Subsidiaries | 143 | (1 | ) | 3 | (142 | ) | 3 | ||||||||||||||
Other Income | 18 | 26 | — | (21 | ) | 23 | |||||||||||||||
Other Deductions | (2 | ) | (4 | ) | — | — | (6 | ) | |||||||||||||
Other-Than-Temporary Impairments | — | (5 | ) | — | — | (5 | ) | ||||||||||||||
Interest Expense | (30 | ) | (12 | ) | (3 | ) | 21 | (24 | ) | ||||||||||||
Income Tax Benefit (Expense) | 8 | (97 | ) | (1 | ) | — | (90 | ) | |||||||||||||
Net Income (Loss) | $ | 139 | $ | 140 | $ | 2 | $ | (142 | ) | $ | 139 | ||||||||||
Comprehensive Income (Loss) | $ | 168 | $ | 161 | $ | 2 | $ | (163 | ) | $ | 168 | ||||||||||
Nine Months Ended September 30, 2016 | |||||||||||||||||||||
Operating Revenues | $ | — | $ | 3,061 | $ | 131 | $ | (90 | ) | $ | 3,102 | ||||||||||
Operating Expenses | 10 | 2,494 | 119 | (90 | ) | 2,533 | |||||||||||||||
Operating Income (Loss) | (10 | ) | 567 | 12 | — | 569 | |||||||||||||||
Equity Earnings (Losses) of Subsidiaries | 347 | (1 | ) | 9 | (346 | ) | 9 | ||||||||||||||
Other Income | 52 | 88 | — | (66 | ) | 74 | |||||||||||||||
Other Deductions | (2 | ) | (31 | ) | — | — | (33 | ) | |||||||||||||
Other-Than-Temporary Impairments | — | (25 | ) | — | — | (25 | ) | ||||||||||||||
Interest Expense | (91 | ) | (29 | ) | (12 | ) | 66 | (66 | ) | ||||||||||||
Income Tax Benefit (Expense) | 24 | (234 | ) | 2 | — | (208 | ) | ||||||||||||||
Net Income (Loss) | $ | 320 | $ | 335 | $ | 11 | $ | (346 | ) | $ | 320 | ||||||||||
Comprehensive Income (Loss) | $ | 388 | $ | 381 | $ | 11 | $ | (392 | ) | $ | 388 | ||||||||||
Nine Months Ended September 30, 2016 | |||||||||||||||||||||
Net Cash Provided By (Used In) Operating Activities | $ | 175 | $ | 1,261 | $ | 234 | $ | (410 | ) | $ | 1,260 | ||||||||||
Net Cash Provided By (Used In) Investing Activities | $ | (588 | ) | $ | (1,166 | ) | $ | (549 | ) | $ | 1,152 | $ | (1,151 | ) | |||||||
Net Cash Provided By (Used In) Financing Activities | $ | 413 | $ | (95 | ) | $ | 315 | $ | (742 | ) | $ | (109 | ) | ||||||||
Power | Guarantor Subsidiaries | Other Subsidiaries | Consolidating Adjustments | Total | |||||||||||||||||
Millions | |||||||||||||||||||||
Three Months Ended March 31, 2017 | |||||||||||||||||||||
Operating Revenues | $ | — | $ | 1,255 | $ | 52 | $ | (38 | ) | $ | 1,269 | ||||||||||
Operating Expenses | 4 | 1,556 | 52 | (38 | ) | 1,574 | |||||||||||||||
Operating Income (Loss) | (4 | ) | (301 | ) | — | — | (305 | ) | |||||||||||||
Equity Earnings (Losses) of Subsidiaries | (161 | ) | (1 | ) | 3 | 162 | 3 | ||||||||||||||
Net Gains (Losses) on Trust Investments | 4 | 15 | — | — | 19 | ||||||||||||||||
Other Income (Deductions) | 20 | 19 | — | (28 | ) | 11 | |||||||||||||||
Non-Operating Pension and OPEB Credits (Costs) | — | 2 | — | — | 2 | ||||||||||||||||
Interest Expense | (30 | ) | (9 | ) | (5 | ) | 28 | (16 | ) | ||||||||||||
Income Tax Benefit (Expense) | 1 | 111 | 4 | — | 116 | ||||||||||||||||
Net Income (Loss) | $ | (170 | ) | $ | (164 | ) | $ | 2 | $ | 162 | $ | (170 | ) | ||||||||
Comprehensive Income (Loss) | $ | (146 | ) | $ | (143 | ) | $ | 2 | $ | 141 | $ | (146 | ) | ||||||||
Three Months Ended March 31, 2017 | |||||||||||||||||||||
Net Cash Provided By (Used In) Operating Activities | $ | 77 | $ | 377 | $ | 91 | $ | 35 | $ | 580 | |||||||||||
Net Cash Provided By (Used In) Investing Activities | $ | 251 | $ | 20 | $ | (154 | ) | $ | (511 | ) | $ | (394 | ) | ||||||||
Net Cash Provided By (Used In) Financing Activities | $ | (328 | ) | $ | (395 | ) | $ | 68 | $ | 476 | $ | (179 | ) | ||||||||
Power | Guarantor Subsidiaries | Other Subsidiaries | Consolidating Adjustments | Total | |||||||||||||||||
Millions | |||||||||||||||||||||
As of September 30, 2017 | |||||||||||||||||||||
Current Assets | $ | 4,089 | $ | 1,324 | $ | 182 | $ | (4,433 | ) | $ | 1,162 | ||||||||||
Property, Plant and Equipment, net | 57 | 5,408 | 2,607 | — | 8,072 | ||||||||||||||||
Investment in Subsidiaries | 4,168 | 338 | — | (4,506 | ) | — | |||||||||||||||
Noncurrent Assets | 184 | 2,211 | 116 | (114 | ) | 2,397 | |||||||||||||||
Total Assets | $ | 8,498 | $ | 9,281 | $ | 2,905 | $ | (9,053 | ) | $ | 11,631 | ||||||||||
Current Liabilities | $ | 233 | $ | 3,221 | $ | 1,743 | $ | (4,433 | ) | $ | 764 | ||||||||||
Noncurrent Liabilities | 503 | 2,192 | 524 | (114 | ) | 3,105 | |||||||||||||||
Long-Term Debt | 2,385 | — | — | — | 2,385 | ||||||||||||||||
Member’s Equity | 5,377 | 3,868 | 638 | (4,506 | ) | 5,377 | |||||||||||||||
Total Liabilities and Member’s Equity | $ | 8,498 | $ | 9,281 | $ | 2,905 | $ | (9,053 | ) | $ | 11,631 | ||||||||||
As of December 31, 2016 | |||||||||||||||||||||
Current Assets | $ | 4,412 | $ | 1,593 | $ | 152 | $ | (4,697 | ) | $ | 1,460 | ||||||||||
Property, Plant and Equipment, net | 55 | 6,145 | 2,320 | — | 8,520 | ||||||||||||||||
Investment in Subsidiaries | 4,249 | 344 | — | (4,593 | ) | — | |||||||||||||||
Noncurrent Assets | 168 | 2,016 | 129 | (100 | ) | 2,213 | |||||||||||||||
Total Assets | $ | 8,884 | $ | 10,098 | $ | 2,601 | $ | (9,390 | ) | $ | 12,193 | ||||||||||
Current Liabilities | $ | 171 | $ | 3,752 | $ | 1,454 | $ | (4,697 | ) | $ | 680 | ||||||||||
Noncurrent Liabilities | 532 | 2,398 | 502 | (100 | ) | 3,332 | |||||||||||||||
Long-Term Debt | 2,382 | — | — | — | 2,382 | ||||||||||||||||
Member’s Equity | 5,799 | 3,948 | 645 | (4,593 | ) | 5,799 | |||||||||||||||
Total Liabilities and Member’s Equity | $ | 8,884 | $ | 10,098 | $ | 2,601 | $ | (9,390 | ) | $ | 12,193 | ||||||||||
Power | Guarantor Subsidiaries | Other Subsidiaries | Consolidating Adjustments | Total | |||||||||||||||||
Millions | |||||||||||||||||||||
As of March 31, 2018 | |||||||||||||||||||||
Current Assets | $ | 4,168 | $ | 1,392 | $ | 189 | $ | (4,631 | ) | $ | 1,118 | ||||||||||
Property, Plant and Equipment, net | 55 | 5,094 | 3,540 | — | 8,689 | ||||||||||||||||
Investment in Subsidiaries | 5,089 | 1,115 | — | (6,204 | ) | — | |||||||||||||||
Noncurrent Assets | 90 | 2,295 | 109 | (38 | ) | 2,456 | |||||||||||||||
Total Assets | $ | 9,402 | $ | 9,896 | $ | 3,838 | $ | (10,873 | ) | $ | 12,263 | ||||||||||
Current Liabilities | $ | 548 | $ | 3,234 | $ | 1,874 | $ | (4,631 | ) | $ | 1,025 | ||||||||||
Noncurrent Liabilities | 521 | 1,961 | 461 | (38 | ) | 2,905 | |||||||||||||||
Long-Term Debt | 2,137 | — | — | — | 2,137 | ||||||||||||||||
Member’s Equity | 6,196 | 4,701 | 1,503 | (6,204 | ) | 6,196 | |||||||||||||||
Total Liabilities and Member’s Equity | $ | 9,402 | $ | 9,896 | $ | 3,838 | $ | (10,873 | ) | $ | 12,263 | ||||||||||
As of December 31, 2017 | |||||||||||||||||||||
Current Assets | $ | 4,327 | $ | 1,500 | $ | 200 | $ | (4,686 | ) | $ | 1,341 | ||||||||||
Property, Plant and Equipment, net | 54 | 5,778 | 2,764 | — | 8,596 | ||||||||||||||||
Investment in Subsidiaries | 4,844 | 404 | — | (5,248 | ) | — | |||||||||||||||
Noncurrent Assets | 100 | 2,349 | 110 | (78 | ) | 2,481 | |||||||||||||||
Total Assets | $ | 9,325 | $ | 10,031 | $ | 3,074 | $ | (10,012 | ) | $ | 12,418 | ||||||||||
Current Liabilities | $ | 689 | $ | 3,586 | $ | 1,846 | $ | (4,686 | ) | $ | 1,435 | ||||||||||
Noncurrent Liabilities | 533 | 1,966 | 459 | (78 | ) | 2,880 | |||||||||||||||
Long-Term Debt | 2,136 | — | — | — | 2,136 | ||||||||||||||||
Member’s Equity | 5,967 | 4,479 | 769 | (5,248 | ) | 5,967 | |||||||||||||||
Total Liabilities and Member’s Equity | $ | 9,325 | $ | 10,031 | $ | 3,074 | $ | (10,012 | ) | $ | 12,418 | ||||||||||
ITEM 2. | MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (MD&A) |
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
Earnings (Losses) | 2017 | 2016 | 2017 | 2016 | |||||||||||||
Millions | |||||||||||||||||
PSE&G | $ | 246 | $ | 255 | $ | 753 | $ | 696 | |||||||||
Power (A) | 136 | 139 | (131 | ) | 320 | ||||||||||||
Other (B) | 13 | (67 | ) | (4 | ) | (31 | ) | ||||||||||
PSEG Net Income | $ | 395 | $ | 327 | $ | 618 | $ | 985 | |||||||||
PSEG Net Income Per Share (Diluted) | $ | 0.78 | $ | 0.64 | $ | 1.22 | $ | 1.94 | |||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
Earnings (Losses) | 2018 | 2017 | |||||||
Millions | |||||||||
PSE&G | $ | 319 | $ | 299 | |||||
Power (A) | 234 | (170 | ) | ||||||
Other (B) | 5 | (15 | ) | ||||||
PSEG Net Income | $ | 558 | $ | 114 | |||||
PSEG Net Income Per Share (Diluted) | $ | 1.10 | $ | 0.22 | |||||
(A) | Includes after-tax expenses of |
(B) | Other includes after-tax activities at the parent company, PSEG LI, and Energy Holdings as well as intercompany eliminations. Energy Holdings recorded after-tax charges of |
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||||
Millions, after tax | |||||||||||||||||
NDT Fund Income (Expense) (A) (B) | $ | 10 | $ | 2 | $ | 32 | $ | (4 | ) | ||||||||
Non-Trading MTM Gains (Losses) (C) | $ | (27 | ) | $ | 34 | $ | — | $ | (54 | ) | |||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2018 | 2017 | ||||||||
Millions, after tax | |||||||||
NDT Fund Income (Expense) (A) (B) | $ | (16 | ) | $ | 8 | ||||
Non-Trading MTM Gains (Losses) (C) | $ | 85 | $ | 6 | |||||
(A) | NDT Fund Income (Expense) includes |
(B) | Net of tax (expense) benefit of |
(C) | Net of tax (expense) benefit of |
Three Months Ended | Increase/ (Decrease) | Nine Months Ended | Increase/ (Decrease) | ||||||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||||||||
2017 | 2016 | 2017 vs. 2016 | 2017 | 2016 | 2017 vs. 2016 | ||||||||||||||||||||||||||
Millions | Millions | % | Millions | Millions | % | ||||||||||||||||||||||||||
Operating Revenues | $ | 2,263 | $ | 2,450 | $ | (187 | ) | (8 | ) | $ | 6,988 | $ | 6,971 | $ | 17 | — | |||||||||||||||
Energy Costs | 638 | 866 | (228 | ) | (26 | ) | 2,100 | 2,326 | (226 | ) | (10 | ) | |||||||||||||||||||
Operation and Maintenance | 680 | 776 | (96 | ) | (12 | ) | 2,100 | 2,215 | (115 | ) | (5 | ) | |||||||||||||||||||
Depreciation and Amortization | 252 | 231 | 21 | 9 | 1,721 | 679 | 1,042 | N/A | |||||||||||||||||||||||
Income from Equity Method Investments | 3 | 3 | — | — | 11 | 9 | 2 | 22 | |||||||||||||||||||||||
Other Income (Deductions) | 56 | 39 | 17 | 44 | 178 | 100 | 78 | 78 | |||||||||||||||||||||||
Other-Than-Temporary Impairments | 5 | 5 | — | — | 9 | 25 | (16 | ) | (64 | ) | |||||||||||||||||||||
Interest Expense | 100 | 99 | 1 | 1 | 289 | 288 | 1 | — | |||||||||||||||||||||||
Income Tax Expense | 252 | 188 | 64 | 34 | 340 | 562 | (222 | ) | (40 | ) | |||||||||||||||||||||
Three Months Ended | Increase/ (Decrease) | ||||||||||||||||
March 31, | |||||||||||||||||
2018 | 2017 | 2018 vs. 2017 | |||||||||||||||
Millions | Millions | % | |||||||||||||||
Operating Revenues | $ | 2,818 | $ | 2,591 | $ | 227 | 9 | ||||||||||
Energy Costs | 952 | 868 | 84 | 10 | |||||||||||||
Operation and Maintenance | 754 | 717 | 37 | 5 | |||||||||||||
Depreciation and Amortization | 280 | 828 | (548 | ) | (66 | ) | |||||||||||
Income from Equity Method Investments | 2 | 3 | (1 | ) | (33 | ) | |||||||||||
Net Gains (Losses) on Trust Investments | (22 | ) | 28 | (50 | ) | N/A | |||||||||||
Other Income (Deductions) | 32 | 32 | — | — | |||||||||||||
Non-Operating Pension and OPEB Credits (Costs) | 19 | — | 19 | N/A | |||||||||||||
Interest Expense | 103 | 98 | 5 | 5 | |||||||||||||
Income Tax Expense | 202 | 29 | 173 | N/A | |||||||||||||
Three Months Ended | Increase/ (Decrease) | Nine Months Ended | Increase/ (Decrease) | ||||||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||||||||
2017 | 2016 | 2017 vs. 2016 | 2017 | 2016 | 2017 vs. 2016 | ||||||||||||||||||||||||||
Millions | Millions | % | Millions | Millions | % | ||||||||||||||||||||||||||
Operating Revenues | $ | 1,509 | $ | 1,684 | $ | (175 | ) | (10 | ) | $ | 4,689 | $ | 4,746 | $ | (57 | ) | (1 | ) | |||||||||||||
Energy Costs | 535 | 721 | (186 | ) | (26 | ) | 1,760 | 1,979 | (219 | ) | (11 | ) | |||||||||||||||||||
Operation and Maintenance | 346 | 376 | (30 | ) | (8 | ) | 1,064 | 1,110 | (46 | ) | (4 | ) | |||||||||||||||||||
Depreciation and Amortization | 169 | 137 | 32 | 23 | 506 | 412 | 94 | 23 | |||||||||||||||||||||||
Other Income (Deductions) | 22 | 21 | 1 | 5 | 67 | 58 | 9 | 16 | |||||||||||||||||||||||
Interest Expense | 79 | 72 | 7 | 10 | 223 | 214 | 9 | 4 | |||||||||||||||||||||||
Income Tax Expense | 156 | 144 | 12 | 8 | 450 | 393 | 57 | 15 | |||||||||||||||||||||||
Three Months Ended | Increase/ (Decrease) | |||||||||||||||
March 31, | ||||||||||||||||
2018 | 2017 | 2018 vs. 2017 | ||||||||||||||
Millions | Millions | % | ||||||||||||||
Operating Revenues | $ | 1,845 | $ | 1,826 | $ | 19 | 1 | |||||||||
Energy Costs | 782 | 762 | 20 | 3 | ||||||||||||
Operation and Maintenance | 391 | 370 | 21 | 6 | ||||||||||||
Depreciation and Amortization | 190 | 171 | 19 | 11 | ||||||||||||
Net Gains (Losses) on Trust Investments | — | 2 | (2 | ) | N/A | |||||||||||
Other Income (Deductions) | 20 | 22 | (2 | ) | (9 | ) | ||||||||||
Non-Operating Pension and OPEB Credits (Costs) | 15 | (2 | ) | 17 | N/A | |||||||||||
Interest Expense | 81 | 75 | 6 | 8 | ||||||||||||
Income Tax Expense | 117 | 171 | (54 | ) | (32 | ) | ||||||||||
Three Months Ended | Increase/ (Decrease) | Nine Months Ended | Increase/ (Decrease) | ||||||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||||||||
2017 | 2016 | 2017 vs. 2016 | 2017 | 2016 | 2017 vs. 2016 | ||||||||||||||||||||||||||
Millions | Millions | % | Millions | Millions | % | ||||||||||||||||||||||||||
Operating Revenues | $ | 873 | $ | 1,075 | $ | (202 | ) | (19 | ) | $ | 3,086 | $ | 3,102 | $ | (16 | ) | (1 | ) | |||||||||||||
Energy Costs | 357 | 462 | (105 | ) | (23 | ) | 1,461 | 1,481 | (20 | ) | (1 | ) | |||||||||||||||||||
Operation and Maintenance | 227 | 289 | (62 | ) | (21 | ) | 711 | 807 | (96 | ) | (12 | ) | |||||||||||||||||||
Depreciation and Amortization | 76 | 86 | (10 | ) | (12 | ) | 1,191 | 245 | 946 | N/A | |||||||||||||||||||||
Income from Equity Method Investments | 3 | 3 | — | — | 11 | 9 | 2 | 22 | |||||||||||||||||||||||
Other Income (Deductions) | 35 | 17 | 18 | N/A | 105 | 41 | 64 | N/A | |||||||||||||||||||||||
Other-Than-Temporary Impairments | 5 | 5 | — | — | 9 | 25 | (16 | ) | (64 | ) | |||||||||||||||||||||
Interest Expense | 12 | 24 | (12 | ) | (50 | ) | 41 | 66 | (25 | ) | (38 | ) | |||||||||||||||||||
Income Tax Expense (Benefit) | 98 | 90 | 8 | 9 | (80 | ) | 208 | (288 | ) | N/A | |||||||||||||||||||||
Three Months Ended | Increase/ (Decrease) | ||||||||||||||||
March 31, | |||||||||||||||||
2018 | 2017 | 2018 vs. 2017 | |||||||||||||||
Millions | Millions | % | |||||||||||||||
Operating Revenues | $ | 1,403 | $ | 1,269 | $ | 134 | 11 | ||||||||||
Energy Costs | 746 | 692 | 54 | 8 | |||||||||||||
Operation and Maintenance | 246 | 232 | 14 | 6 | |||||||||||||
Depreciation and Amortization | 82 | 650 | (568 | ) | (87 | ) | |||||||||||
Income from Equity Method Investments | 2 | 3 | (1 | ) | (33 | ) | |||||||||||
Net Gains (Losses) on Trust Investments | (22 | ) | 19 | (41 | ) | N/A | |||||||||||
Other Income (Deductions) | 11 | 11 | — | — | |||||||||||||
Non-Operating Pension and OPEB Credits (Costs) | 4 | 2 | 2 | 100 | |||||||||||||
Interest Expense | 7 | 16 | (9 | ) | (56 | ) | |||||||||||
Income Tax Expense (Benefit) | 83 | (116 | ) | 199 | N/A | ||||||||||||
Company/Facility | As of September 30, 2017 | |||||||||||||
Total Facility | Usage | Available Liquidity | ||||||||||||
Millions | ||||||||||||||
PSEG | $ | 1,500 | $ | 215 | $ | 1,285 | ||||||||
PSE&G | 600 | 15 | 585 | |||||||||||
Power | 2,100 | 182 | 1,918 | |||||||||||
Total | $ | 4,200 | $ | 412 | $ | 3,788 | ||||||||
Company/Facility | As of March 31, 2018 | |||||||||||||
Total Facility | Usage | Available Liquidity | ||||||||||||
Millions | ||||||||||||||
PSEG | $ | 1,500 | $ | 609 | $ | 891 | ||||||||
PSE&G | 600 | 16 | 584 | |||||||||||
Power | 2,100 | 158 | 1,942 | |||||||||||
Total | $ | 4,200 | $ | 783 | $ | 3,417 | ||||||||
Moody’s (A) | S&P (B) | |||||
PSEG | ||||||
Outlook | Stable | Stable | ||||
Senior Notes | Baa1 | BBB | ||||
Commercial Paper | P2 | A2 | ||||
PSE&G | ||||||
Outlook | Stable | Stable | ||||
Mortgage Bonds | Aa3 | A | ||||
Commercial Paper | P1 | A2 | ||||
Power | ||||||
Outlook | Stable | Stable | ||||
Senior Notes | Baa1 | BBB+ | ||||
(A) | Moody’s ratings range from Aaa (highest) to C (lowest) for long-term securities and P1 (highest) to NP (lowest) for short-term securities. |
(B) | S&P ratings range from AAA (highest) to D (lowest) for long-term securities and A1 (highest) to D (lowest) for short-term securities. |
ITEM 3. | QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK |
MTM VaR | ||||||||||
Three Months Ended September 30, 2017 | Year Ended December 31, 2016 | |||||||||
Millions | ||||||||||
95% Confidence Level, Loss could exceed VaR one day in 20 days | ||||||||||
Period End | $ | 8 | $ | 26 | ||||||
Average for the Period | $ | 7 | $ | 16 | ||||||
High | $ | 9 | $ | 32 | ||||||
Low | $ | 5 | $ | 10 | ||||||
99.5% Confidence Level, Loss could exceed VaR one day in 200 days | ||||||||||
Period End | $ | 13 | $ | 40 | ||||||
Average for the Period | $ | 11 | $ | 25 | ||||||
High | $ | 15 | $ | 51 | ||||||
Low | $ | 8 | $ | 16 | ||||||
MTM VaR | ||||||||||
Three Months Ended March 31, 2018 | Year Ended December 31, 2017 | |||||||||
Millions | ||||||||||
95% Confidence Level, Loss could exceed VaR one day in 20 days | ||||||||||
Period End | $ | 9 | $ | 39 | ||||||
Average for the Period | $ | 21 | $ | 10 | ||||||
High | $ | 38 | $ | 39 | ||||||
Low | $ | 8 | $ | 5 | ||||||
99.5% Confidence Level, Loss could exceed VaR one day in 200 days | ||||||||||
Period End | $ | 14 | $ | 60 | ||||||
Average for the Period | $ | 32 | $ | 15 | ||||||
High | $ | 60 | $ | 60 | ||||||
Low | $ | 13 | $ | 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 |
Three Months Ended September 30, 2017 | Total Number of Shares Purchased | Average Price Paid per Share | ||||||
July 1 - July 31 | — | $ | — | |||||
August 1 - August 31 | 135,277 | $ | 45.25 | |||||
September 1- September 30 | — | $ | — | |||||
Three Months Ended March 31, 2018 | Total Number of Shares Purchased | Average Price Paid per Share | ||||||
January 1 - January 31 | 1,300,000 | $ | 50.00 | |||||
February 1 - February 28 | — | $ | — | |||||
March 1- March 31 | — | $ | — | |||||
ITEM 6. | EXHIBITS |
a. PSEG: | ||
Exhibit 12: | ||
Exhibit 101.INS: | XBRL Instance Document | |
Exhibit 101.SCH: | XBRL Taxonomy Extension Schema | |
Exhibit 101.CAL: | XBRL Taxonomy Extension Calculation Linkbase | |
Exhibit 101.LAB: | XBRL Taxonomy Extension Labels Linkbase | |
Exhibit 101.PRE: | XBRL Taxonomy Extension Presentation Linkbase | |
Exhibit 101.DEF: | XBRL Taxonomy Extension Definition Document | |
b. PSE&G: | ||
Exhibit 101.INS: | XBRL Instance Document | |
Exhibit 101.SCH: | XBRL Taxonomy Extension Schema | |
Exhibit 101.CAL: | XBRL Taxonomy Extension Calculation Linkbase | |
Exhibit 101.LAB: | XBRL Taxonomy Extension Labels Linkbase | |
Exhibit 101.PRE: | XBRL Taxonomy Extension Presentation Linkbase | |
Exhibit 101.DEF: | XBRL Taxonomy Extension Definition Document | |
c. Power: | ||
Exhibit 12.2: | ||
Exhibit 101.INS: | XBRL Instance Document | |
Exhibit 101.SCH: | XBRL Taxonomy Extension Schema | |
Exhibit 101.CAL: | XBRL Taxonomy Extension Calculation Linkbase | |
Exhibit 101.LAB: | XBRL Taxonomy Extension Labels Linkbase | |
Exhibit 101.PRE: | XBRL Taxonomy Extension Presentation Linkbase | |
Exhibit 101.DEF: | XBRL Taxonomy Extension Definition Document |
PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED | |
(Registrant) | |
By: | /S/ STUART J. BLACK |
Stuart J. Black Vice President and Controller (Principal Accounting Officer) |
PUBLIC SERVICE ELECTRIC AND GAS COMPANY | |
(Registrant) | |
By: | /S/ STUART J. BLACK |
Stuart J. Black Vice President and Controller (Principal Accounting Officer) |
PSEG POWER LLC | |
(Registrant) | |
By: | /S/ STUART J. BLACK |
Stuart J. Black Vice President and Controller (Principal Accounting Officer) |