Pension and OPEB

9 Months Ended

Sep. 30, 2013

Pension and Other Postretirement Benefits (OPEB)

PSEG sponsors several qualified and nonqualified pension plans and OPEB plans covering PSEG’s and its participating affiliates’ current and former employees who meet certain eligibility criteria. The following table provides the components of net periodic benefit costs relating to all qualified and nonqualified pension and OPEB plans on an aggregate basis.

Pension and OPEB costs for PSEG are detailed as follows:




	Pension Benefits						OPEB						Pension Benefits						OPEB
	Three Months Ended						Three Months Ended						Nine Months Ended						Nine Months Ended
	September 30,						September 30,						September 30,						September 30,
	2013			2012			2013			2012			2013			2012			2013			2012
	Millions
Components of Net Periodic Benefit Cost
Service Cost	$	29		$	26		$	6		$	5		$	87		$	76		$	16		$	13
Interest Cost	54			56			15			17			161			167			47			49
Expected Return on Plan Assets	(87		)	(76		)	(6		)	(4		)	(261		)	(229		)	(16		)	(13		)
Amortization of Net
Transition Obligation	—			—			—			1			—			—			—			2
Prior Service Cost (Credit)	(5		)	(5		)	(4		)	(4		)	(14		)	(14		)	(11		)	(11		)
Actuarial Loss	47			41			11			7			141			125			32			23
Net Periodic Benefit Cost	$	38		$	42		$	22		$	22		$	114		$	125		$	68		$	63
Special Termination Benefits	—			1			—			—			—			1			—			—
Effect of Regulatory Asset	—			—			—			4			—			—			—			14
Total Benefit Costs, Including Effect of Regulatory Asset	$	38		$	43		$	22		$	26		$	114		$	126		$	68		$	77

Pension and OPEB costs for Power, PSE&G and PSEG’s other subsidiaries are detailed as follows:




	Pension Benefits				OPEB				Pension Benefits				OPEB
	Three Months Ended				Three Months Ended				Nine Months Ended				Nine Months Ended
	September 30,				September 30,				September 30,				September 30,
	2013		2012		2013		2012		2013		2012		2013		2012
	Millions
Power	$	11	$	14	$	6	$	5	$	33	$	39	$	17	$	14
PSE&G	23		24		16		21		68		73		49		61
Other	4		5		—		—		13		14		2		2
Total Benefit Costs	$	38	$	43	$	22	$	26	$	114	$	126	$	68	$	77

During the three months ended March 31, 2013, PSEG contributed its entire planned contributions for the year 2013 of $145 million and $14 million into its pension and postretirement healthcare plans, respectively.

Power [Member]

Pension and OPEB

Pension and Other Postretirement Benefits (OPEB)

Pension and OPEB costs for PSEG are detailed as follows:




	Pension Benefits						OPEB						Pension Benefits						OPEB
	Three Months Ended						Three Months Ended						Nine Months Ended						Nine Months Ended
	September 30,						September 30,						September 30,						September 30,
	2013			2012			2013			2012			2013			2012			2013			2012
	Millions
Components of Net Periodic Benefit Cost
Service Cost	$	29		$	26		$	6		$	5		$	87		$	76		$	16		$	13
Interest Cost	54			56			15			17			161			167			47			49
Expected Return on Plan Assets	(87		)	(76		)	(6		)	(4		)	(261		)	(229		)	(16		)	(13		)
Amortization of Net
Transition Obligation	—			—			—			1			—			—			—			2
Prior Service Cost (Credit)	(5		)	(5		)	(4		)	(4		)	(14		)	(14		)	(11		)	(11		)
Actuarial Loss	47			41			11			7			141			125			32			23
Net Periodic Benefit Cost	$	38		$	42		$	22		$	22		$	114		$	125		$	68		$	63
Special Termination Benefits	—			1			—			—			—			1			—			—
Effect of Regulatory Asset	—			—			—			4			—			—			—			14
Total Benefit Costs, Including Effect of Regulatory Asset	$	38		$	43		$	22		$	26		$	114		$	126		$	68		$	77

Pension and OPEB costs for Power, PSE&G and PSEG’s other subsidiaries are detailed as follows:




	Pension Benefits				OPEB				Pension Benefits				OPEB
	Three Months Ended				Three Months Ended				Nine Months Ended				Nine Months Ended
	September 30,				September 30,				September 30,				September 30,
	2013		2012		2013		2012		2013		2012		2013		2012
	Millions
Power	$	11	$	14	$	6	$	5	$	33	$	39	$	17	$	14
PSE&G	23		24		16		21		68		73		49		61
Other	4		5		—		—		13		14		2		2
Total Benefit Costs	$	38	$	43	$	22	$	26	$	114	$	126	$	68	$	77

PSE And G [Member]

Pension and OPEB

Pension and Other Postretirement Benefits (OPEB)

Pension and OPEB costs for PSEG are detailed as follows:




	Pension Benefits						OPEB						Pension Benefits						OPEB
	Three Months Ended						Three Months Ended						Nine Months Ended						Nine Months Ended
	September 30,						September 30,						September 30,						September 30,
	2013			2012			2013			2012			2013			2012			2013			2012
	Millions
Components of Net Periodic Benefit Cost
Service Cost	$	29		$	26		$	6		$	5		$	87		$	76		$	16		$	13
Interest Cost	54			56			15			17			161			167			47			49
Expected Return on Plan Assets	(87		)	(76		)	(6		)	(4		)	(261		)	(229		)	(16		)	(13		)
Amortization of Net
Transition Obligation	—			—			—			1			—			—			—			2
Prior Service Cost (Credit)	(5		)	(5		)	(4		)	(4		)	(14		)	(14		)	(11		)	(11		)
Actuarial Loss	47			41			11			7			141			125			32			23
Net Periodic Benefit Cost	$	38		$	42		$	22		$	22		$	114		$	125		$	68		$	63
Special Termination Benefits	—			1			—			—			—			1			—			—
Effect of Regulatory Asset	—			—			—			4			—			—			—			14
Total Benefit Costs, Including Effect of Regulatory Asset	$	38		$	43		$	22		$	26		$	114		$	126		$	68		$	77

Pension and OPEB costs for Power, PSE&G and PSEG’s other subsidiaries are detailed as follows:




	Pension Benefits				OPEB				Pension Benefits				OPEB
	Three Months Ended				Three Months Ended				Nine Months Ended				Nine Months Ended
	September 30,				September 30,				September 30,				September 30,
	2013		2012		2013		2012		2013		2012		2013		2012
	Millions
Power	$	11	$	14	$	6	$	5	$	33	$	39	$	17	$	14
PSE&G	23		24		16		21		68		73		49		61
Other	4		5		—		—		13		14		2		2
Total Benefit Costs	$	38	$	43	$	22	$	26	$	114	$	126	$	68	$	77

- Definition

The entire disclosure for pension and other postretirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

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-Name Accounting Standards Codification

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-Name Implementation Guide (Q and A)

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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

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Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

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Reference 6: http://www.xbrl.org/2003/role/presentationRef

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-Name Statement of Financial Accounting Standard (FAS)

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Reference 7: http://www.xbrl.org/2003/role/presentationRef

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Reference 9: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 132R

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Reference 10: http://www.xbrl.org/2003/role/presentationRef

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-Name Statement of Financial Accounting Standard (FAS)

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Reference 11: http://www.xbrl.org/2003/role/presentationRef

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-Name Statement of Financial Accounting Standard (FAS)

-Number 132R

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Reference 12: http://www.xbrl.org/2003/role/presentationRef

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-Publisher AICPA

-Name Accounting Principles Board Opinion (APB)

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+ Details