PUBLIC SERVICE ENTERPRISE GROUP INC
For the period ended Sep 30, 2024. Filed Nov 4, 2024.
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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$75.03+3.3%Stored close · as of Nov 9, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Public Service Enterprise Group Incorporated
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Millions, except per share data
| Three Months Ended · Nine Months Ended | ||||
|---|---|---|---|---|
| September 30, · September 30, | ||||
| 2024 · 2023 · 2024 · 2023 | ||||
| OPERATING REVENUES | $2,642 | $2,456 | $7,825 | $8,632 |
| OPERATING EXPENSES | ||||
| Energy Costs | 899 | 831 | 2,628 | 2,517 |
| Operation and Maintenance | 808 | 792 | 2,415 | 2,279 |
| Depreciation and Amortization | 294 | 282 | 874 | 843 |
| Total Operating Expenses | 2,001 | 1,905 | 5,917 | 5,639 |
| OPERATING INCOME | 641 | 551 | 1,908 | 2,993 |
| Income from Equity Method Investments | 1 | — | 2 | 1 |
| Net Gains (Losses) on Trust Investments | 89 | (40) | 191 | 63 |
| Net Other Income (Deductions) | 37 | 41 | 119 | 132 |
| Net Non-Operating Pension and Other Postretirement Benefit (OPEB) Credits (Costs) | 18 | (302) | 55 | (245) |
| Interest Expense | (227) | (185) | (650) | (550) |
| INCOME BEFORE INCOME TAXES | 559 | 65 | 1,625 | 2,394 |
| Income Tax Benefit (Expense) | (39) | 74 | (139) | (377) |
| NET INCOME | $520 | $139 | $1,486 | $2,017 |
| WEIGHTED AVERAGE COMMON SHARES OUTSTANDING: | ||||
| BASIC | 498 | 498 | 498 | 497 |
| DILUTED | 500 | 500 | 500 | 500 |
| NET INCOME PER SHARE: | ||||
| BASIC | $1.04 | $0.28 | $2.98 | $4.06 |
| DILUTED | $1.04 | $0.27 | $2.97 | $4.03 |
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
| Three Months Ended · Nine Months Ended | ||||
|---|---|---|---|---|
| September 30, · September 30, | ||||
| 2024 · 2023 · 2024 · 2023 | ||||
| NET INCOME | $520 | $139 | $1,486 | $2,017 |
| Other Comprehensive Income (Loss), net of tax | ||||
| Unrealized Gains (Losses) on Available-for-Sale Securities, net of tax (expense) benefit of $(24), $19, $(14) and $8 for the three and nine months ended 2024 and 2023, respectively | 37 | (31) | 22 | (13) |
| Unrealized Gains (Losses) on Cash Flow Hedges, net of tax (expense) benefit of $3, $(4), $(4) and $(8) for the three and nine months ended 2024 and 2023, respectively | (8) | 11 | 9 | 21 |
| Pension/OPEB adjustment, net of tax (expense) benefit of $(1), $(126), $(2) and $(129) for the three and nine months ended 2024 and 2023, respectively | 2 | 322 | 6 | 329 |
| Other Comprehensive Income (Loss), net of tax | 31 | 302 | 37 | 337 |
| COMPREHENSIVE INCOME | $551 | $441 | $1,523 | $2,354 |
| September 30,2024 · December 31,2023 | ||
|---|---|---|
| ASSETS | ||
| CURRENT ASSETS | ||
| Cash and Cash Equivalents | $203 | $54 |
| Accounts Receivable, net of allowance of $235 in 2024 and $279 in 2023 | 1,451 | 1,482 |
| Tax Receivable | 148 | 10 |
| Unbilled Revenues, net of allowance of $3 in 2024 and $4 in 2023 | 183 | 244 |
| Fuel | 271 | 264 |
| Materials and Supplies, net | 907 | 759 |
| Prepayments | 278 | 144 |
| Derivative Contracts | 35 | 112 |
| Regulatory Assets | 489 | 273 |
| Other | 27 | 31 |
| Total Current Assets | 3,992 | 3,373 |
| PROPERTY, PLANT AND EQUIPMENT | 50,615 | 48,603 |
| Less: Accumulated Depreciation and Amortization | (11,014) | (10,572) |
| Net Property, Plant and Equipment | 39,601 | 38,031 |
| NONCURRENT ASSETS | ||
| Regulatory Assets | 6,034 | 5,157 |
| Operating Lease Right-of-Use Assets | 167 | 179 |
| Long-Term Investments | 265 | 295 |
| Nuclear Decommissioning Trust (NDT) Fund | 2,799 | 2,524 |
| Long-Term Receivable of Variable Interest Entity (VIE) | 641 | 632 |
| Rabbi Trust Fund | 175 | 179 |
| Derivative Contracts | 36 | 29 |
| Other | 370 | 342 |
| Total Noncurrent Assets | 10,487 | 9,337 |
| TOTAL ASSETS | $54,080 | $50,741 |
| September 30,2024 · December 31,2023 | ||
|---|---|---|
| LIABILITIES AND CAPITALIZATION | ||
| CURRENT LIABILITIES | ||
| Long-Term Debt Due Within One Year | $2,400 | $1,500 |
| Commercial Paper and Loans | 547 | 949 |
| Accounts Payable | 1,121 | 1,214 |
| Derivative Contracts | 18 | 86 |
| Accrued Interest | 225 | 170 |
| Accrued Taxes | 15 | 8 |
| Clean Energy Program | 185 | 145 |
| Obligation to Return Cash Collateral | 93 | 89 |
| Regulatory Liabilities | 603 | 349 |
| Other | 651 | 547 |
| Total Current Liabilities | 5,858 | 5,057 |
| NONCURRENT LIABILITIES | ||
| Deferred Income Taxes and Investment Tax Credits (ITC) | 7,190 | 6,671 |
| Regulatory Liabilities | 2,309 | 2,075 |
| Operating Leases | 159 | 173 |
| Asset Retirement Obligations | 1,497 | 1,468 |
| OPEB Costs | 321 | 349 |
| OPEB Costs of Servco | 533 | 514 |
| Accrued Pension Costs | 595 | 606 |
| Accrued Pension Costs of Servco | 91 | 102 |
| Environmental Costs | 229 | 213 |
| Derivative Contracts | 6 | 6 |
| Long-Term Accrued Taxes | 41 | 45 |
| Other | 196 | 201 |
| Total Noncurrent Liabilities | 13,167 | 12,423 |
| COMMITMENTS AND CONTINGENT LIABILITIES (See Note 9) | ||
| CAPITALIZATION | ||
| LONG-TERM DEBT | 18,960 | 17,784 |
| STOCKHOLDERS’ EQUITY | ||
| Common Stock, no par, authorized 1,000 shares; issued, 2024 and 2023—534 shares | 5,036 | 5,018 |
| Treasury Stock, at cost, 2024 and 2023—36 shares | (1,405) | (1,379) |
| Retained Earnings | 12,606 | 12,017 |
| Accumulated Other Comprehensive Loss | (142) | (179) |
| Total Stockholders’ Equity | 16,095 | 15,477 |
| Total Capitalization | 35,055 | 33,261 |
| TOTAL LIABILITIES AND CAPITALIZATION | $54,080 | $50,741 |
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
| Nine Months Ended | ||
|---|---|---|
| September 30, | ||
| 2024 · 2023 | ||
| CASH FLOWS FROM OPERATING ACTIVITIES | ||
| Net Income | $1,486 | $2,017 |
| Adjustments to Reconcile Net Income to Net Cash Flows from Operating Activities: | ||
| Depreciation and Amortization | 874 | 843 |
| Amortization of Nuclear Fuel | 145 | 144 |
| Provision for Deferred Income Taxes and ITC | 283 | 293 |
| Non-Cash Employee Benefit Plan (Credits) Costs | 56 | 357 |
| Net Realized and Unrealized (Gains) Losses on Energy Contracts and Other Derivatives | 76 | (1,041) |
| Cost of Removal | (137) | (121) |
| Energy Efficiency Programs Regulatory Investment Expenditures | (393) | (335) |
| Amortization of Energy Efficiency Programs Regulatory Investment Expenditures | 90 | 58 |
| Net Change in Other Regulatory Assets and Liabilities | (81) | 32 |
| Net (Gains) Losses and (Income) Expense from NDT Fund | (242) | (107) |
| Net Change in Certain Current Assets and Liabilities: | ||
| Tax Receivable | (138) | 71 |
| Prepayments | (134) | (204) |
| Cash Collateral | (3) | 1,175 |
| Obligation to Return Cash Collateral | 4 | (197) |
| Other Current Assets and Liabilities | (96) | 137 |
| Employee Benefit Plan Funding and Related Payments | (41) | (31) |
| Other | 17 | 5 |
| Net Cash Provided By (Used In) Operating Activities | 1,766 | 3,096 |
| CASH FLOWS FROM INVESTING ACTIVITIES | ||
| Additions to Property, Plant and Equipment | (2,402) | (2,360) |
| Proceeds from Sales of Trust Investments | 1,256 | 998 |
| Purchases of Trust Investments | (1,294) | (1,025) |
| Proceeds from Sales of Equity Method Investments | — | 291 |
| Proceeds from Sales of Long-Lived Assets | — | 20 |
| Other | 77 | 46 |
| Net Cash Provided By (Used In) Investing Activities | (2,363) | (2,030) |
| CASH FLOWS FROM FINANCING ACTIVITIES | ||
| Net Change in Commercial Paper and Loans | 98 | (5) |
| Proceeds from Short-Term Loans | — | 750 |
| Payment of Short-Term Loans | (500) | (2,250) |
| Issuance of Long-Term Debt | 3,350 | 1,800 |
| Payment of Long-Term Debt | (1,250) | (825) |
| Cash Dividends Paid on Common Stock | (897) | (853) |
| Other | (75) | (94) |
| Net Cash Provided By (Used In) Financing Activities | 726 | (1,477) |
| Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash | 129 | (411) |
| Cash, Cash Equivalents and Restricted Cash at Beginning of Period | 99 | 511 |
| Cash, Cash Equivalents and Restricted Cash at End of Period | $228 | $100 |
| Supplemental Disclosure of Cash Flow Information: | ||
| Income Taxes Paid (Received) | $27 | $97 |
| Interest Paid, Net of Amounts Capitalized | $565 | $501 |
| Accrued Property, Plant and Equipment Expenditures | $508 | $425 |
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
| Common Stock · Treasury Stock · Retained · AccumulatedOtherComprehensive | ||||||||
|---|---|---|---|---|---|---|---|---|
| Shares · Amount · Shares · Amount · Earnings · Income (Loss) · Total | ||||||||
| Balance as of June 30, 2024 | 534 | $5,020 | (36) | $(1,408) | $12,385 | $(173) | $15,824 | |
| Net Income | — | — | — | — | 520 | — | 520 | |
| Other Comprehensive Income (Loss), net of tax (expense) benefit of $(22) | — | — | — | — | — | 31 | 31 | |
| Comprehensive Income | 551 | |||||||
| Cash Dividends at $0.60 per share on Common Stock | — | — | — | — | (299) | — | (299) | |
| Other | — | 16 | — | 3 | — | — | 19 | |
| Balance as of September 30, 2024 | 534 | $5,036 | (36) | $(1,405) | $12,606 | $(142) | $16,095 | |
| Balance as of June 30, 2023 | 534 | $5,054 | (37) | $(1,386) | $11,900 | $(515) | $15,053 | |
| Net Income | — | — | — | — | 139 | — | 139 | |
| Other Comprehensive Income (Loss), net of tax (expense) benefit of $(111) | — | — | — | — | — | 302 | 302 | |
| Comprehensive Income | 441 | |||||||
| Cash Dividends at $0.57 per share on Common Stock | — | — | — | — | (284) | — | (284) | |
| Other | — | (46) | 1 | 2 | — | — | (44) | |
| Balance as of September 30, 2023 | 534 | $5,008 | (36) | $(1,384) | $11,755 | $(213) | $15,166 | |
| Common Stock · Treasury Stock · Retained · AccumulatedOtherComprehensive | ||||||||
|---|---|---|---|---|---|---|---|---|
| Shares · Amount · Shares · Amount · Earnings · Income (Loss) · Total | ||||||||
| Balance as of December 31, 2023 | 534 | $5,018 | (36) | $(1,379) | $12,017 | $(179) | $15,477 | |
| Net Income | — | — | — | — | 1,486 | — | 1,486 | |
| Other Comprehensive Income (Loss), net of tax (expense) benefit of $(20) | — | — | — | — | — | 37 | 37 | |
| Comprehensive Income | 1,523 | |||||||
| Cash Dividends at $1.80 per share on Common Stock | — | — | — | — | (897) | — | (897) | |
| Other | — | 18 | — | (26) | — | — | (8) | |
| Balance as of September 30, 2024 | 534 | $5,036 | (36) | $(1,405) | $12,606 | $(142) | $16,095 | |
| Balance as of December 31, 2022 | 534 | $5,065 | (37) | $(1,377) | $10,591 | $(550) | $13,729 | |
| Net Income | — | — | — | — | 2,017 | — | 2,017 | |
| Other Comprehensive Income (Loss), net of tax (expense) benefit of $(129) | — | — | — | — | — | 337 | 337 | |
| Comprehensive Income | 2,354 | |||||||
| Cash Dividends at $1.71 per share on Common Stock | — | — | — | — | (853) | — | (853) | |
| Other | — | (57) | 1 | (7) | — | — | (64) | |
| Balance as of September 30, 2023 | 534 | $5,008 | (36) | $(1,384) | $11,755 | $(213) | $15,166 | |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.