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Trust Investments - Value Of Securities That Have Been In An Unrealized Loss Position For Less Than And Greater Than 12 Months (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Nuclear Decommissioning Trust (NDT) Fund [Member]    
Schedule of Trust Investments [Line Items]    
Fair Value of Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months $ 117 $ 188
Gross Unrealized Losses on Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months (7) (6)
Fair Value of Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer 684 793
Gross Unrealized Losses on Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, (92) (118)
Rabbi Trust [Member]    
Schedule of Trust Investments [Line Items]    
Fair Value of Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months 2 6
Gross Unrealized Losses on Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months 0 0
Fair Value of Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer 130 143
Gross Unrealized Losses on Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, (25) (29)
Equity Securities [Member] | Nuclear Decommissioning Trust (NDT) Fund [Member]    
Schedule of Trust Investments [Line Items]    
Fair Value of Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months [1] 73 79
Gross Unrealized Losses on Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months [1] (7) (5)
Fair Value of Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer [1] 20 32
Gross Unrealized Losses on Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, [1] (6) (8)
Total Debt Securities [Member] | Nuclear Decommissioning Trust (NDT) Fund [Member]    
Schedule of Trust Investments [Line Items]    
Fair Value of Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months 44 109
Gross Unrealized Losses on Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months 0 (1)
Fair Value of Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer 664 761
Gross Unrealized Losses on Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, (86) (110)
Total Debt Securities [Member] | Rabbi Trust [Member]    
Schedule of Trust Investments [Line Items]    
Fair Value of Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months 2 6
Gross Unrealized Losses on Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months 0 0
Fair Value of Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer 130 143
Gross Unrealized Losses on Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, (25) (29)
Domestic Equity Securities [Member] | Nuclear Decommissioning Trust (NDT) Fund [Member]    
Schedule of Trust Investments [Line Items]    
Fair Value of Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months [1] 16 44
Gross Unrealized Losses on Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months [1] (1) (1)
Fair Value of Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer [1] 4 4
Gross Unrealized Losses on Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, [1] (1) 0
International Equity Securities [Member] | Nuclear Decommissioning Trust (NDT) Fund [Member]    
Schedule of Trust Investments [Line Items]    
Fair Value of Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months [1] 57 35
Gross Unrealized Losses on Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months [1] (6) (4)
Fair Value of Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer [1] 16 28
Gross Unrealized Losses on Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, [1] (5) (8)
Government Debt Securities [Member] | Nuclear Decommissioning Trust (NDT) Fund [Member]    
Schedule of Trust Investments [Line Items]    
Fair Value of Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months [2] 33 90
Gross Unrealized Losses on Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months [2] 0 (1)
Fair Value of Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer [2] 409 432
Gross Unrealized Losses on Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, [2] (61) (71)
Government Debt Securities [Member] | Rabbi Trust [Member]    
Schedule of Trust Investments [Line Items]    
Fair Value of Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months [3] 1 3
Gross Unrealized Losses on Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months [3] 0 0
Fair Value of Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer [3] 77 83
Gross Unrealized Losses on Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, [3] (17) (19)
Corporate Debt Obligations [Member] | Nuclear Decommissioning Trust (NDT) Fund [Member]    
Schedule of Trust Investments [Line Items]    
Fair Value of Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months [4] 11 19
Gross Unrealized Losses on Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months [4] 0 0
Fair Value of Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer [4] 255 329
Gross Unrealized Losses on Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, [4] (25) (39)
Corporate Debt Obligations [Member] | Rabbi Trust [Member]    
Schedule of Trust Investments [Line Items]    
Fair Value of Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months [5] 1 3
Gross Unrealized Losses on Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months [5] 0 0
Fair Value of Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer [5] 53 60
Gross Unrealized Losses on Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, [5] $ (8) $ (10)
[1] Equity Securities—Investments in marketable equity securities within the NDT Fund are primarily in common stocks within a broad range of industries and sectors. Unrealized gains and losses on these securities are recorded in Net Income.
[2] Debt Securities (Government)—Unrealized gains and losses on these securities are recorded in Accumulated Other Comprehensive Income (Loss). The unrealized losses on PSEG Power’s NDT investments in U.S. Treasury obligations and Federal Agency mortgage-backed securities were caused by interest rate changes. PSEG Power also has investments in municipal bonds. It is not expected that these securities will settle for less than their amortized cost. PSEG Power does not intend to sell these securities, nor will it be more-likely-than-not required to sell before recovery of their amortized cost. PSEG Power did not recognize credit losses for U.S. Treasury obligations and Federal Agency mortgage-backed securities because these investments are guaranteed by the U.S. government or an agency of the U.S. government. PSEG Power did not recognize credit losses for municipal bonds because they are primarily investment grade securities.
[3] Debt Securities (Government)—Unrealized gains and losses on these securities are recorded in Accumulated Other Comprehensive Income (Loss). The unrealized losses on PSEG’s Rabbi Trust investments in U.S. Treasury obligations and Federal Agency mortgage-backed securities were caused by interest rate changes. PSEG also has investments in municipal bonds. It is not expected that these securities will settle for less than their amortized cost. PSEG does not intend to sell these securities, nor will it be more-likely-than-not required to sell before recovery of their amortized cost. PSEG did not recognize credit losses for U.S. Treasury obligations and Federal Agency mortgage-backed securities because these investments are guaranteed by the U.S. government or an agency of the U.S. government. PSEG did not recognize credit losses for municipal bonds because they are primarily investment grade securities.
[4] Debt Securities (Corporate)—Unrealized gains and losses on these securities are recorded in Accumulated Other Comprehensive Income (Loss). Unrealized losses were due to market declines. It is not expected that these securities would settle for less than their amortized cost. PSEG Power does not intend to sell these securities, nor
will it be more-likely-than-not required to sell before recovery of their amortized cost. PSEG Power did not recognize credit losses for corporate bonds because they are primarily investment grade securities.

The proceeds from the sales of and the net gains (losses) on securities in the NDT Fund were:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

 

 

September 30,

 

 

September 30,

 

 

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

 

 

 

 

Millions

 

 

 

Proceeds from NDT Fund Sales (A)

 

$

432

 

 

$

268

 

 

$

1,231

 

 

$

972

 

 

 

Net Realized Gains (Losses) on NDT Fund

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross Realized Gains

 

$

30

 

 

$

19

 

 

$

107

 

 

$

65

 

 

 

Gross Realized Losses

 

 

(12

)

 

 

(16

)

 

 

(43

)

 

 

(71

)

 

 

Net Realized Gains (Losses) on NDT Fund (B)

 

 

18

 

 

 

3

 

 

 

64

 

 

 

(6

)

 

 

Net Unrealized Gains (Losses) on Equity Securities

 

 

70

 

 

 

(42

)

 

 

125

 

 

 

69

 

 

 

Net Gains (Losses) on NDT Fund Investments

 

$

88

 

 

$

(39

)

 

$

189

 

 

$

63

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(A)
Includes activity in accounts related to the liquidation of funds being transitioned within the trust.
(B)
The cost of these securities was determined on the basis of specific identification.

The NDT Fund debt securities held as of September 30, 2024 had the following maturities:

 

 

 

 

 

 

 

 

Time Frame

 

Fair Value

 

 

 

 

 

Millions

 

 

 

Less than one year

 

$

21

 

 

 

1 - 5 years

 

 

335

 

 

 

6 - 10 years

 

 

233

 

 

 

11 - 15 years

 

 

71

 

 

 

16 - 20 years

 

 

115

 

 

 

Over 20 years

 

 

537

 

 

 

Total NDT Available-for-Sale Debt Securities

 

$

1,312

 

 

 

 

 

 

 

 

 

PSEG Power periodically assesses individual debt securities whose fair value is less than amortized cost to determine whether the investments are impaired. For these securities, management considers its intent to sell or requirement to sell a security prior to expected recovery. In those cases where a sale is expected, any impairment would be recorded through earnings. For fixed income securities where there is no intent to sell or likely requirement to sell, management evaluates whether credit loss is a component of the impairment. If so, that portion is recorded through earnings while the noncredit loss component is recorded through Accumulated Other Comprehensive Income (Loss). Any subsequent recoveries of the noncredit loss component of the impairment would be recorded through Accumulated Other Comprehensive Income (Loss). Any subsequent recoveries of the credit loss component would be recognized through earnings. The assessment of fair market value compared to cost is applied on a weighted average basis taking into account various purchase dates and initial cost of the securities.

Rabbi Trust

PSEG maintains certain unfunded nonqualified benefit plans to provide supplemental retirement and deferred compensation benefits to certain key employees. Certain assets related to these plans have been set aside in a grantor trust commonly known as a “Rabbi Trust.”

[5] Debt Securities (Corporate)—Unrealized gains and losses on these securities are recorded in Accumulated Other Comprehensive Income (Loss). Unrealized losses were due to market declines. It is not expected that these securities would settle for less than their amortized cost. PSEG does not intend to sell these securities, nor will it be more-likely-than-not required to sell before recovery of their amortized cost. PSEG did not recognize credit losses for corporate bonds because they are primarily investment grade.