Skip to main content
Midas Edge

PUBLIC SERVICE ENTERPRISE GROUP INC

For the period ended Sep 30, 2024. Filed Nov 4, 2024.

View on SEC.gov

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Sep 30, 2024 · Filed Nov 4, 2024

PEG$74.68-0.5%Stored close · as of Nov 10, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

See the whole filing, with its images and exhibits
Contents

Public Service Electric and Gas Company

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

Three Months Ended · Nine Months Ended
September 30, · September 30,
2024 · 2023 · 2024 · 2023
OPERATING REVENUES$2,139$1,999$6,335$5,954
OPERATING EXPENSES
Energy Costs8397652,4502,300
Operation and Maintenance4644591,3951,348
Depreciation and Amortization254244758728
Total Operating Expenses1,5571,4684,6034,376
OPERATING INCOME5825311,7321,578
Net Other Income (Deductions)18215065
Net Non-Operating Pension and OPEB Credits (Costs)20305886
Interest Expense(151)(128)(430)(364)
INCOME BEFORE INCOME TAXES4694541,4101,365
Income Tax Expense(90)(53)(241)(141)
NET INCOME$379$401$1,169$1,224

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

Three Months Ended · Nine Months Ended
September 30, · September 30,
2024 · 2023 · 2024 · 2023
NET INCOME$379$401$1,169$1,224
Unrealized Gains (Losses) on Available-for-Sale Securities, net of tax (expense) benefit of $0 for the three and nine months ended 2024 and 20231(1)1—
COMPREHENSIVE INCOME$380$400$1,170$1,224
September 30,2024 · December 31,2023
ASSETS
CURRENT ASSETS
Cash and Cash Equivalents$185$30
Accounts Receivable, net of allowance of $235 in 2024 and $279 in 20231,1011,076
Unbilled Revenues, net of allowance of $3 in 2024 and $4 in 2023183244
Materials and Supplies, net643519
Prepayments13957
Regulatory Assets489273
Other2431
Total Current Assets2,7642,230
PROPERTY, PLANT AND EQUIPMENT45,54643,753
Less: Accumulated Depreciation and Amortization(8,999)(8,711)
Net Property, Plant and Equipment36,54735,042
NONCURRENT ASSETS
Regulatory Assets6,0345,157
Operating Lease Right-of-Use Assets9699
Long-Term Investments95117
Rabbi Trust Fund3232
Other216196
Total Noncurrent Assets6,4735,601
TOTAL ASSETS$45,784$42,873
September 30,2024 · December 31,2023
LIABILITIES AND CAPITALIZATION
CURRENT LIABILITIES
Long-Term Debt Due Within One Year$600$750
Commercial Paper and Loans—425
Accounts Payable712780
Accounts Payable—Affiliated Companies221504
Accrued Interest136139
Clean Energy Program185145
Obligation to Return Cash Collateral9389
Regulatory Liabilities603349
Other360434
Total Current Liabilities2,9103,615
NONCURRENT LIABILITIES
Deferred Income Taxes and ITC6,3265,813
Regulatory Liabilities2,3092,075
Operating Leases8589
Asset Retirement Obligations404401
OPEB Costs185210
Accrued Pension Costs384396
Environmental Costs162151
Long-Term Accrued Taxes—2
Other156160
Total Noncurrent Liabilities10,0119,297
COMMITMENTS AND CONTINGENT LIABILITIES (See Note 9)
CAPITALIZATION
LONG-TERM DEBT14,64512,913
STOCKHOLDER’S EQUITY
Common Stock; 150 shares authorized; issued and outstanding, 2024 and 2023—132 shares892892
Contributed Capital2,1562,156
Retained Earnings15,17314,004
Accumulated Other Comprehensive Loss(3)(4)
Total Stockholder’s Equity18,21817,048
Total Capitalization32,86329,961
TOTAL LIABILITIES AND CAPITALIZATION$45,784$42,873

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

Nine Months Ended
September 30,
2024 · 2023
CASH FLOWS FROM OPERATING ACTIVITIES
Net Income$1,169$1,224
Adjustments to Reconcile Net Income to Net Cash Flows from Operating Activities:
Depreciation and Amortization758728
Provision for Deferred Income Taxes and ITC297129
Non-Cash Employee Benefit Plan (Credits) Costs316
Cost of Removal(137)(121)
Energy Efficiency Programs Regulatory Investment Expenditures(393)(335)
Amortization of Energy Efficiency Programs Regulatory Investment Expenditures9058
Net Change in Other Regulatory Assets and Liabilities(81)32
Net Change in Certain Current Assets and Liabilities:
Accounts Receivable and Unbilled Revenues31177
Materials and Supplies(124)(130)
Prepayments(82)(154)
Accounts Payable(51)(20)
Accounts Receivable/Payable—Affiliated Companies, net(231)(334)
Obligation to Return Cash Collateral4(197)
Other Current Assets and Liabilities(90)(42)
Employee Benefit Plan Funding and Related Payments(26)(17)
Other(46)(52)
Net Cash Provided By (Used In) Operating Activities1,119952
CASH FLOWS FROM INVESTING ACTIVITIES
Additions to Property, Plant and Equipment(2,157)(2,149)
Proceeds from Sales of Trust Investments44
Purchases of Trust Investments(3)(3)
Other2216
Net Cash Provided By (Used In) Investing Activities(2,134)(2,132)
CASH FLOWS FROM FINANCING ACTIVITIES
Net Change in Commercial Paper and Loans(425)100
Issuance of Long-Term Debt2,1001,800
Redemption of Long-Term Debt(500)(825)
Cash Dividends Paid—(75)
Other(25)(17)
Net Cash Provided By (Used In) Financing Activities1,150983
Net Increase (Decrease) In Cash, Cash Equivalents and Restricted Cash135(197)
Cash, Cash Equivalents and Restricted Cash at Beginning of Period75266
Cash, Cash Equivalents and Restricted Cash at End of Period$210$69
Supplemental Disclosure of Cash Flow Information:
Income Taxes Paid (Received)$39$111
Interest Paid, Net of Amounts Capitalized$413$339
Accrued Property, Plant and Equipment Expenditures$378$369

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDER’S EQUITY

CommonStock · ContributedCapital · RetainedEarnings · AccumulatedOtherComprehensiveIncome (Loss) · Total
Balance as of June 30, 2024$892$2,156$14,794$(4)$17,838
Net Income——379—379
Other Comprehensive Income (Loss), net of tax (expense) benefit of $0———11
Comprehensive Income380
Balance as of September 30, 2024$892$2,156$15,173$(3)$18,218
Balance as of June 30, 2023$892$2,156$13,462$(4)$16,506
Net Income——401—401
Other Comprehensive Income (Loss), net of tax (expense) benefit of $0———(1)(1)
Comprehensive Income400
Cash Dividends Paid——(75)—(75)
Balance as of September 30, 2023$892$2,156$13,788$(5)$16,831
CommonStock · ContributedCapital · RetainedEarnings · AccumulatedOtherComprehensiveIncome (Loss) · Total
Balance as of December 31, 2023$892$2,156$14,004$(4)$17,048
Net Income——1,1691,169
Other Comprehensive Income (Loss), net of tax (expense) benefit of $0———11
Comprehensive Income1,170
Balance as of September 30, 2024$892$2,156$15,173$(3)$18,218
Balance as of December 31, 2022$892$2,156$12,639$(5)$15,682
Net Income——1,224—1,224
Comprehensive Income1,224
Cash Dividends Paid——(75)—(75)
Balance as of September 30, 2023$892$2,156$13,788$(5)$16,831
ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.