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Midas Edge

PUBLIC SERVICE ENTERPRISE GROUP INC

For the period ended Mar 31, 2025. Filed Apr 30, 2025.

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.

Mar 31, 2025 · Filed Apr 30, 2025

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
March 31,
2025 · 2024
OPERATING REVENUES$2,664$2,333
OPERATING EXPENSES
Energy Costs1,094928
Operation and Maintenance576465
Depreciation and Amortization280257
Total Operating Expenses1,9501,650
OPERATING INCOME714683
Net Other Income (Deductions)1616
Net Non-Operating Pension and OPEB Credits (Costs)1719
Interest Expense(157)(138)
INCOME BEFORE INCOME TAXES590580
Income Tax Expense(44)(92)
NET INCOME$546$488

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

Three Months Ended
March 31,
2025 · 2024
NET INCOME$546$488
Unrealized Gains (Losses) on Available-for-Sale Securities, net of tax (expense) benefit of $0 for 2025 and 2024——
COMPREHENSIVE INCOME$546$488
March 31,2025 · December 31,2024
ASSETS
CURRENT ASSETS
Cash and Cash Equivalents$559$79
Accounts Receivable, net of allowance of $230 in 2025 and $210 in 20241,3781,189
Unbilled Revenues, net of allowance of $4 in 2025 and $5 in 2024230313
Materials and Supplies, net638642
Prepayments3828
Regulatory Assets419516
Other1615
Total Current Assets3,2782,782
PROPERTY, PLANT AND EQUIPMENT46,76946,198
Less: Accumulated Depreciation and Amortization(9,335)(9,160)
Net Property, Plant and Equipment37,43437,038
NONCURRENT ASSETS
Regulatory Assets6,2636,125
Operating Lease Right-of-Use Assets9493
Long-Term Investments8390
Rabbi Trust Fund3030
Long-Term Accrued Taxes—2
Other218204
Total Noncurrent Assets6,6886,544
TOTAL ASSETS$47,400$46,364
March 31,2025 · December 31,2024
LIABILITIES AND CAPITALIZATION
CURRENT LIABILITIES
Long-Term Debt Due Within One Year$800$350
Commercial Paper and Loans—444
Accounts Payable640704
Accounts Payable—Affiliated Companies449362
Accrued Interest137174
Clean Energy Program86145
Obligation to Return Cash Collateral11993
Regulatory Liabilities523555
Other419371
Total Current Liabilities3,1733,198
NONCURRENT LIABILITIES
Deferred Income Taxes and ITC6,6086,477
Regulatory Liabilities2,2302,271
Operating Leases8383
Asset Retirement Obligations460457
OPEB Costs152164
Accrued Pension Costs304305
Environmental Costs153159
Long-Term Accrued Taxes5—
Other153157
Total Noncurrent Liabilities10,14810,073
COMMITMENTS AND CONTINGENT LIABILITIES (See Note 8)
CAPITALIZATION
LONG-TERM DEBT15,08814,648
STOCKHOLDER’S EQUITY
Common Stock; 150 shares authorized; issued and outstanding, 2025 and 2024—132 shares892892
Contributed Capital2,1562,156
Retained Earnings15,94715,401
Accumulated Other Comprehensive Loss(4)(4)
Total Stockholder’s Equity18,99118,445
Total Capitalization34,07933,093
TOTAL LIABILITIES AND CAPITALIZATION$47,400$46,364

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

Three Months Ended
March 31,
2025 · 2024
CASH FLOWS FROM OPERATING ACTIVITIES
Net Income$546$488
Adjustments to Reconcile Net Income to Net Cash Flows from Operating Activities:
Depreciation and Amortization280257
Provision for Deferred Income Taxes and ITC(21)53
Non-Cash Employee Benefit Plan (Credits) Costs1111
Cost of Removal(34)(45)
Energy Efficiency Programs Regulatory Investment Expenditures(165)(118)
Amortization of Energy Efficiency Programs Regulatory Investment Expenditures3827
Net Change in Other Regulatory Assets and Liabilities37(47)
Net Change in Certain Current Assets and Liabilities:
Accounts Receivable and Unbilled Revenues(107)(83)
Materials and Supplies4(60)
Prepayments(10)6
Accounts Payable(67)(87)
Accounts Receivable/Payable—Affiliated Companies, net11530
Obligation to Return Cash Collateral264
Other Current Assets and Liabilities146
Employee Benefit Plan Funding and Related Payments(12)(14)
Other(23)(20)
Net Cash Provided By (Used In) Operating Activities632408
CASH FLOWS FROM INVESTING ACTIVITIES
Additions to Property, Plant and Equipment(605)(739)
Proceeds from Sales of Trust Investments11
Purchases of Trust Investments(1)(1)
Other86
Net Cash Provided By (Used In) Investing Activities(597)(733)
CASH FLOWS FROM FINANCING ACTIVITIES
Net Change in Commercial Paper and Loans(444)(400)
Issuance of Long-Term Debt9001,000
Redemption of Long-Term Debt—(250)
Other(12)(12)
Net Cash Provided By (Used In) Financing Activities444338
Net Increase (Decrease) In Cash, Cash Equivalents and Restricted Cash47913
Cash, Cash Equivalents and Restricted Cash at Beginning of Period10875
Cash, Cash Equivalents and Restricted Cash at End of Period$587$88
Supplemental Disclosure of Cash Flow Information:
Net Income Taxes Paid (Received)$—$(1)
Interest Paid, Net of Amounts Capitalized$189$142
Accrued Property, Plant and Equipment Expenditures$289$322

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDER’S EQUITY

CommonStock · ContributedCapital · RetainedEarnings · AccumulatedOtherComprehensiveIncome (Loss) · Total
Balance as of December 31, 2024$892$2,156$15,401$(4)$18,445
Net Income——546—546
Comprehensive Income546
Balance as of March 31, 2025$892$2,156$15,947$(4)$18,991
Balance as of December 31, 2023$892$2,156$14,004$(4)$17,048
Net Income——488—488
Comprehensive Income488
Balance as of March 31, 2024$892$2,156$14,492$(4)$17,536
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.