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Midas Edge

PUBLIC SERVICE ENTERPRISE GROUP INC

For the period ended Mar 31, 2024. Filed Apr 30, 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.

Mar 31, 2024 · Filed Apr 30, 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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Contents

Public Service Enterprise Group Incorporated

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

Millions, except per share data

Three Months Ended
March 31,
2024 · 2023
OPERATING REVENUES$2,760$3,755
OPERATING EXPENSES
Energy Costs9971,082
Operation and Maintenance783743
Depreciation and Amortization295282
Total Operating Expenses2,0752,107
OPERATING INCOME6851,648
Income from Equity Method Investments—1
Net Gains (Losses) on Trust Investments9546
Net Other Income (Deductions)3542
Net Non-Operating Pension and Other Postretirement Benefit (OPEB) Credits (Costs)1928
Interest Expense(205)(180)
INCOME BEFORE INCOME TAXES6291,585
Income Tax Expense(97)(298)
NET INCOME$532$1,287
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:
BASIC499497
DILUTED500500
NET INCOME PER SHARE:
BASIC$1.07$2.59
DILUTED$1.06$2.58

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

Three Months Ended
March 31,
2024 · 2023
NET INCOME$532$1,287
Other Comprehensive Income (Loss), net of tax
Unrealized Gains (Losses) on Available-for-Sale Securities, net of tax (expense) benefit of $6 and $(17) for 2024 and 2023, respectively(10)26
Unrealized Gains (Losses) on Cash Flow Hedges, net of tax (expense) benefit of $(7) and $1 for 2024 and 2023, respectively18(1)
Pension/OPEB adjustment, net of tax (expense) benefit of $(1) and $(2) for 2024 and 2023, respectively23
Other Comprehensive Income (Loss), net of tax1028
COMPREHENSIVE INCOME$542$1,315
March 31,2024 · December 31,2023
ASSETS
CURRENT ASSETS
Cash and Cash Equivalents$1,186$54
Accounts Receivable, net of allowance of $269 in 2024 and $279 in 20231,5231,482
Tax Receivable510
Unbilled Revenues, net of allowance of $4 in 2024 and 2023214244
Fuel96264
Materials and Supplies, net825759
Prepayments119144
Derivative Contracts74112
Regulatory Assets167273
Other7331
Total Current Assets4,2823,373
PROPERTY, PLANT AND EQUIPMENT49,29548,603
Less: Accumulated Depreciation and Amortization(10,801)(10,572)
Net Property, Plant and Equipment38,49438,031
NONCURRENT ASSETS
Regulatory Assets5,3745,157
Operating Lease Right-of-Use Assets175179
Long-Term Investments271295
Nuclear Decommissioning Trust (NDT) Fund2,6282,524
Long-Term Receivable of Variable Interest Entity (VIE)637632
Rabbi Trust Fund173179
Derivative Contracts229
Other352342
Total Noncurrent Assets9,6129,337
TOTAL ASSETS$52,388$50,741
March 31,2024 · December 31,2023
LIABILITIES AND CAPITALIZATION
CURRENT LIABILITIES
Long-Term Debt Due Within One Year$2,500$1,500
Commercial Paper and Loans525949
Accounts Payable9801,214
Derivative Contracts4386
Accrued Interest193170
Accrued Taxes378
Clean Energy Program86145
Obligation to Return Cash Collateral9389
Regulatory Liabilities362349
Other569547
Total Current Liabilities5,3885,057
NONCURRENT LIABILITIES
Deferred Income Taxes and Investment Tax Credits (ITC)6,8026,671
Regulatory Liabilities2,0432,075
Operating Leases168173
Asset Retirement Obligations1,4801,468
OPEB Costs335349
OPEB Costs of Servco520514
Accrued Pension Costs602606
Accrued Pension Costs of Servco100102
Environmental Costs217213
Derivative Contracts166
Long-Term Accrued Taxes3745
Other198201
Total Noncurrent Liabilities12,51812,423
COMMITMENTS AND CONTINGENT LIABILITIES (See Note 9)
CAPITALIZATION
LONG-TERM DEBT18,76417,784
STOCKHOLDERS’ EQUITY
Common Stock, no par, authorized 1,000 shares; issued, 2024 and 2023—534 shares5,0035,018
Treasury Stock, at cost, 2024 and 2023—35 and 36 shares, respectively(1,366)(1,379)
Retained Earnings12,25012,017
Accumulated Other Comprehensive Loss(169)(179)
Total Stockholders’ Equity15,71815,477
Total Capitalization34,48233,261
TOTAL LIABILITIES AND CAPITALIZATION$52,388$50,741

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

Three Months Ended
March 31,
2024 · 2023
CASH FLOWS FROM OPERATING ACTIVITIES
Net Income$532$1,287
Adjustments to Reconcile Net Income to Net Cash Flows from Operating Activities:
Depreciation and Amortization295282
Amortization of Nuclear Fuel5148
Provision for Deferred Income Taxes and ITC40213
Non-Cash Employee Benefit Plan (Credits) Costs189
Net Realized and Unrealized (Gains) Losses on Energy Contracts and Other Derivatives258(771)
Cost of Removal(45)(41)
Energy Efficiency Programs Regulatory Investment Expenditures(118)(87)
Amortization of Energy Efficiency Programs Regulatory Investment Expenditures2717
Net Change in Other Regulatory Assets and Liabilities(47)5
Net (Gains) Losses and (Income) Expense from NDT Fund(109)(58)
Net Change in Certain Current Assets and Liabilities:
Tax Receivable570
Accrued Taxes1185
Cash Collateral(168)794
Obligation to Return Cash Collateral4(186)
Other Current Assets and Liabilities(97)169
Employee Benefit Plan Funding and Related Payments(19)(12)
Other2313
Net Cash Provided By (Used In) Operating Activities6611,837
CASH FLOWS FROM INVESTING ACTIVITIES
Additions to Property, Plant and Equipment(797)(739)
Proceeds from Sales of Trust Investments369402
Purchases of Trust Investments(380)(415)
Proceeds from Sales of Long-Lived Assets—20
Other2318
Net Cash Provided By (Used In) Investing Activities(785)(714)
CASH FLOWS FROM FINANCING ACTIVITIES
Net Change in Commercial Paper and Loans(425)(200)
Payment of Short-Term Loans—(750)
Issuance of Long-Term Debt2,250900
Payment of Long-Term Debt(250)—
Cash Dividends Paid on Common Stock(299)(284)
Other(27)(46)
Net Cash Provided By (Used In) Financing Activities1,249(380)
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash1,125743
Cash, Cash Equivalents and Restricted Cash at Beginning of Period99511
Cash, Cash Equivalents and Restricted Cash at End of Period$1,224$1,254
Supplemental Disclosure of Cash Flow Information:
Income Taxes Paid (Received)$(4)$(72)
Interest Paid, Net of Amounts Capitalized$172$148
Accrued Property, Plant and Equipment Expenditures$408$333

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

CommonStock · TreasuryStock · RetainedEarnings · AccumulatedOtherComprehensiveIncome (Loss)
Shs. · Amount · Shs. · Amount · Total
Balance as of December 31, 2023534$5,018(36)$(1,379)$12,017$(179)$15,477
Net Income————532—532
Other Comprehensive Income (Loss), net of tax (expense) benefit of $(2)—————1010
Comprehensive Income542
Cash Dividends at $0.60 per share on Common Stock————(299)—(299)
Other—(15)113——(2)
Balance as of March 31, 2024534$5,003(35)$(1,366)$12,250$(169)$15,718
Balance as of December 31, 2022534$5,065(37)$(1,377)$10,591$(550)$13,729
Net Income————1,287—1,287
Other Comprehensive Income (Loss), net of tax (expense) benefit of $(18)—————2828
Comprehensive Income1,315
Cash Dividends at $0.57 per share on Common Stock————(284)—(284)
Other—(20)—(14)——(34)
Balance as of March 31, 2023534$5,045(37)$(1,391)$11,594$(522)$14,726
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.