PUBLIC SERVICE ENTERPRISE GROUP INC Segments Disclosure
Note 22. Financial Information by Business Segment
Basis of Organization
PSEG’s and PSE&G’s operating segments were determined by management in accordance with GAAP. These segments were determined based on how the Chief Operating Decision Maker (CODM) (the Chief Executive Officer (CEO) for PSEG and PSE&G), measures performance based on segment Net Income. The CODM uses Net Income for each segment in the annual budget and forecasting process. The CODM considers budget-to-actual variances on a monthly basis when making decisions about the allocation of operating and capital resources to each segment.
Based on management’s analysis, PSE&G and PSEG Power were determined to be the operating segments of PSEG. The operating segments were determined based on the nature of regulated and unregulated operations and services provided by the respective segments. As discussed below, PSEG’s two reportable segments are PSE&G and PSEG Power & Other, which includes amounts related to the PSEG Power operating segment as well as amounts applicable to Energy Holdings, PSEG LI, PSEG (parent corporation) and Services, which do not meet the definition of operating segments individually or in the aggregate and are immaterial to PSEG’s consolidated assets and results.
PSE&G
The PSE&G reportable segment earns revenues from its tariffs, under which it provides electric transmission and electric and gas distribution services to residential, commercial and industrial customers in New Jersey. The rates charged for electric transmission are regulated by FERC while the rates charged for electric and gas distribution are regulated by the BPU. Revenues are also earned from several other activities such as investments in EE equipment on customers’ premises, solar investments, the appliance service business and other miscellaneous services.
PSEG Power & Other
This reportable segment is comprised primarily of PSEG Power which earns revenues primarily by selling energy and capacity from our nuclear generation units and from the sale of wholesale natural gas through a full-requirements BGSS contract with PSE&G. PSEG Power also enters into bilateral contracts for energy, gas and other energy-related contracts to optimize the value of its portfolio of generating assets and its gas supply obligations.
This reportable segment also includes amounts applicable to PSEG LI, which generates revenues under its contract with LIPA, primarily for the recovery of costs when Servco is a principal in the transaction (see Note 3. Variable Interest Entity for additional information) as well as fixed and variable fee components under the contract, and Energy Holdings which holds an immaterial portfolio of remaining lease investments. Other also includes amounts applicable to PSEG (parent corporation) and Services.
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PSE&G |
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PSEG Power & Other (A) |
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Eliminations (B) |
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Consolidated |
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Millions |
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Year Ended December 31, 2025 |
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Operating Revenues |
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$ |
9,558 |
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$ |
3,722 |
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$ |
(1,112 |
) |
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$ |
12,168 |
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Energy Costs |
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3,782 |
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1,489 |
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(1,112 |
) |
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4,159 |
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Controllable Operation and Maintenance (C) |
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1,431 |
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832 |
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— |
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2,263 |
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Depreciation and Amortization |
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1,116 |
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141 |
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— |
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1,257 |
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Interest Income |
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16 |
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19 |
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(3 |
) |
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32 |
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Interest Expense |
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644 |
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364 |
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(3 |
) |
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1,005 |
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Income Tax Expense (Benefit) |
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152 |
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111 |
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— |
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263 |
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Other Segment Items (D) |
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704 |
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438 |
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— |
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1,142 |
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Net Income |
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$ |
1,745 |
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$ |
366 |
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$ |
— |
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$ |
2,111 |
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Gross Additions to Long-Lived Assets |
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$ |
2,731 |
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$ |
572 |
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$ |
(31 |
) |
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$ |
3,272 |
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As of December 31, 2025 |
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Total Assets |
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$ |
49,024 |
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$ |
9,067 |
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$ |
(515 |
) |
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$ |
57,576 |
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Investments in Equity Method Subsidiaries |
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$ |
— |
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$ |
26 |
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$ |
— |
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$ |
26 |
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PSE&G |
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PSEG Power & Other (A) |
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Eliminations (B) |
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Consolidated |
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Millions |
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Year Ended December 31, 2024 |
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Operating Revenues |
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$ |
8,449 |
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$ |
2,807 |
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$ |
(966 |
) |
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$ |
10,290 |
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Energy Costs |
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3,189 |
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1,170 |
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(966 |
) |
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3,393 |
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Controllable Operation and Maintenance (C) |
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1,317 |
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771 |
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— |
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2,088 |
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Depreciation and Amortization |
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1,025 |
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157 |
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— |
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1,182 |
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Interest Income |
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14 |
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23 |
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(5 |
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32 |
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Interest Expense |
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582 |
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305 |
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(5 |
) |
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882 |
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Income Tax Expense (Benefit) |
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298 |
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(245 |
) |
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— |
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53 |
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Other Segment Items (D) |
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505 |
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447 |
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— |
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952 |
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Net Income |
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$ |
1,547 |
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$ |
225 |
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$ |
— |
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$ |
1,772 |
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Gross Additions to Long-Lived Assets |
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$ |
2,921 |
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$ |
459 |
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$ |
— |
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$ |
3,380 |
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As of December 31, 2024 |
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Total Assets |
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$ |
46,364 |
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$ |
8,673 |
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$ |
(397 |
) |
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$ |
54,640 |
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Investments in Equity Method Subsidiaries |
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$ |
— |
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$ |
21 |
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$ |
— |
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$ |
21 |
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PSE&G |
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PSEG Power & Other (A) |
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Eliminations (B) |
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Consolidated |
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Millions |
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Year Ended December 31, 2023 |
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Operating Revenues |
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$ |
7,807 |
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$ |
4,533 |
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$ |
(1,103 |
) |
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$ |
11,237 |
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Energy Costs |
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3,010 |
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1,353 |
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(1,103 |
) |
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3,260 |
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Controllable Operation and Maintenance (C) |
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1,193 |
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713 |
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— |
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1,906 |
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Depreciation and Amortization |
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980 |
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155 |
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— |
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1,135 |
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Interest Income |
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19 |
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38 |
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(4 |
) |
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53 |
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Interest Expense |
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493 |
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259 |
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(4 |
) |
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748 |
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Income Tax Expense (Benefit) |
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160 |
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358 |
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— |
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518 |
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Other Segment Items (D) |
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475 |
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685 |
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— |
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1,160 |
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Net Income |
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$ |
1,515 |
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$ |
1,048 |
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$ |
— |
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$ |
2,563 |
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Gross Additions to Long-Lived Assets |
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$ |
2,998 |
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$ |
327 |
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$ |
— |
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$ |
3,325 |
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As of December 31, 2023 |
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Total Assets |
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$ |
42,873 |
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$ |
8,407 |
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$ |
(539 |
) |
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$ |
50,741 |
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Investments in Equity Method Subsidiaries |
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$ |
— |
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$ |
17 |
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$ |
— |
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$ |
17 |
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Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 26, 2026 | Showing above |
| 2024 | Feb 25, 2025 | |
| 2023 | Feb 26, 2024 | |
| 2022 | Feb 22, 2023 | |
| 2021 | Feb 24, 2022 | |
| 2020 | Mar 1, 2021 | |
| 2019 | Feb 26, 2020 | |
| 2018 | Feb 28, 2019 | |
| 2017 | Feb 26, 2018 | |
| 2016 | Feb 27, 2017 | |
| 2015 | Feb 26, 2016 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.