XML 71 R50.htm IDEA: XBRL DOCUMENT v3.25.0.1
Pension, Other Postretirement Benefits (OPEB) and Savings Plans (Tables)
 12 Months Ended
Dec. 31, 2024
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]  
Changes in Benefit Obligation and Fair Value of Plan Assets

The following table provides a roll-forward of the changes in the benefit obligation and the fair value of plan assets during each of the two years in the periods ended December 31, 2024 and 2023. It also provides the funded status of the plans and the amounts recognized and amounts not recognized on the Consolidated Balance Sheets at the end of both years.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pension Benefits

 

 

Other Benefits

 

 

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

 

 

 

 

Millions

 

 

 

Change in Benefit Obligation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Benefit Obligation at Beginning of Year (A)

 

$

4,758

 

 

$

5,628

 

 

$

802

 

 

$

851

 

 

 

Service Cost

 

 

94

 

 

 

90

 

 

 

3

 

 

 

3

 

 

 

Interest Cost

 

 

225

 

 

 

259

 

 

 

37

 

 

 

41

 

 

 

Actuarial (Gain) Loss (B)

 

 

(291

)

 

 

103

 

 

 

(39

)

 

 

(30

)

 

 

Gross Benefits Paid

 

 

(309

)

 

 

(352

)

 

 

(76

)

 

 

(68

)

 

 

Settlements

 

 

—

 

 

 

(970

)

 

 

—

 

 

 

—

 

 

 

Other

 

 

—

 

 

 

—

 

 

 

—

 

 

 

5

 

 

 

Benefit Obligation at End of Year (A)

 

$

4,477

 

 

$

4,758

 

 

$

727

 

 

$

802

 

 

 

Change in Plan Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair Value of Assets at Beginning of Year

 

$

4,140

 

 

$

4,911

 

 

$

440

 

 

$

429

 

 

 

Actual Return on Plan Assets

 

 

134

 

 

 

539

 

 

 

18

 

 

 

51

 

 

 

Employer Contributions

 

 

13

 

 

 

12

 

 

 

41

 

 

 

28

 

 

 

Gross Benefits Paid

 

 

(309

)

 

 

(352

)

 

 

(76

)

 

 

(68

)

 

 

Settlements

 

 

—

 

 

 

(970

)

 

 

—

 

 

 

—

 

 

 

Fair Value of Assets at End of Year

 

$

3,978

 

 

$

4,140

 

 

$

423

 

 

$

440

 

 

 

Funded Status

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Funded Status (Plan Assets less Benefit Obligation)

 

$

(499

)

 

$

(618

)

 

$

(304

)

 

$

(362

)

 

 

Additional Amounts Recognized in the Consolidated Balance Sheets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current Accrued Benefit Cost

 

$

(11

)

 

$

(12

)

 

$

(12

)

 

$

(13

)

 

 

Noncurrent Accrued Benefit Cost

 

 

(488

)

 

 

(606

)

 

 

(292

)

 

 

(349

)

 

 

Amounts Recognized

 

$

(499

)

 

$

(618

)

 

$

(304

)

 

$

(362

)

 

 

Additional Amounts Recognized in Accumulated Other Comprehensive Income (Loss), Regulated Assets, Deferred Assets and Deferred Liabilities (C)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Prior Service Cost (Credit)

 

$

—

 

 

$

—

 

 

$

4

 

 

$

6

 

 

 

Net Actuarial Loss (Gain)

 

 

1,481

 

 

 

1,656

 

 

 

(26

)

 

 

(6

)

 

 

Total

 

$

1,481

 

 

$

1,656

 

 

$

(22

)

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(A)
Represents projected benefit obligation for pension benefits and the accumulated postretirement benefit obligation for other benefits. The vested benefit obligation is the actuarial present value of the vested benefits to which the employee is currently entitled but based on the employee’s expected date of separation or retirement.
(B)
For pension benefits and OPEB, the net actuarial gains in 2024 were due primarily to an increase in the discount rate, partially offset by actuarial losses driven by a lower than expected return on assets. For pension benefits, the net actuarial loss in 2023 was due primarily to a decrease in the discount rate. For OPEB, the net actuarial gain in 2023 was primarily due to assumption updates.
(C)
Includes $107 million ($76 million, after-tax) and $143 million ($102 million, after-tax) in AOCL related to Pension and OPEB as of December 31, 2024 and 2023, respectively. Also includes Regulatory Assets of $1,227 million, Deferred Assets of $134 million and Deferred Liabilities of $9 million as of December 31, 2024 and Regulatory Assets of $1,427 million and Deferred Assets of $141 million as of December 31, 2023. The Regulatory Asset amounts do not include $103 million and $55 million as of December 31, 2024 and 2023, respectively, as a result of modifying the method for calculating pension expense for ratemaking purposes, approved by the BPU effective January 1, 2023.

The following table provides a roll-forward of the changes in Servco’s benefit obligation and the fair value of its plan assets during the years ended December 31, 2024 and 2023. It also provides the funded status of the plans and the amounts recognized and amounts not recognized on the Consolidated Balance Sheets at the end of both years.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pension Benefits

 

 

Other Benefits

 

 

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

 

 

 

 

Millions

 

 

 

Change in Benefit Obligation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Benefit Obligation at Beginning of Year (A)

 

$

535

 

 

$

452

 

 

$

514

 

 

$

455

 

 

 

Service Cost

 

 

28

 

 

 

24

 

 

 

14

 

 

 

12

 

 

 

Interest Cost

 

 

26

 

 

 

23

 

 

 

25

 

 

 

24

 

 

 

Actuarial (Gain) Loss (B)

 

 

(54

)

 

 

31

 

 

 

(29

)

 

 

35

 

 

 

Plan Amendment

 

 

—

 

 

 

16

 

 

 

—

 

 

 

—

 

 

 

Gross Benefits Paid

 

 

(14

)

 

 

(11

)

 

 

(14

)

 

 

(12

)

 

 

Benefit Obligation at End of Year (A)

 

$

521

 

 

$

535

 

 

$

510

 

 

$

514

 

 

 

Change in Plan Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair Value of Assets at Beginning of Year

 

$

433

 

 

$

370

 

 

$

—

 

 

$

—

 

 

 

Actual Return on Plan Assets

 

 

46

 

 

 

56

 

 

 

—

 

 

 

—

 

 

 

Employer Contributions

 

 

25

 

 

 

18

 

 

 

14

 

 

 

12

 

 

 

Gross Benefits Paid

 

 

(14

)

 

 

(11

)

 

 

(14

)

 

 

(12

)

 

 

Fair Value of Assets at End of Year

 

$

490

 

 

$

433

 

 

$

—

 

 

$

—

 

 

 

Funded Status

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Funded Status (Plan Assets less Benefit Obligation)

 

$

(31

)

 

$

(102

)

 

$

(510

)

 

$

(514

)

 

 

Additional Amounts Recognized in the Consolidated Balance Sheets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accrued Pension Costs of Servco

 

$

(31

)

 

$

(102

)

 

N/A

 

 

N/A

 

 

 

OPEB Costs of Servco

 

N/A

 

 

N/A

 

 

 

(510

)

 

 

(514

)

 

 

Amounts Recognized (C)

 

$

(31

)

 

$

(102

)

 

$

(510

)

 

$

(514

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(A)
Represents projected benefit obligation for pension benefits and the accumulated postretirement benefit obligation for other benefits. The vested benefit obligation is the actuarial present value of the vested benefits to which the employee is currently entitled but based on the employee’s expected date of separation or retirement.
(B)
For pension benefits, the net actuarial gain in 2024 was due primarily to an increase in the discount rate. For OPEB, the net actuarial gain in 2024 was due primarily to an increase in the discount rate partially offset by other assumption updates. For pension benefits and OPEB, the net actuarial losses in 2023 were due primarily to a decrease in the discount rate and other assumption updates.
(C)
Amounts equal to the accrued pension and OPEB costs of Servco are offset in Long-Term Receivable of VIE on PSEG’s Consolidated Balance Sheets.
Schedule of Components of Net Periodic Benefit Cost

The following table provides the components of net periodic benefit relating to all qualified and nonqualified pension and OPEB plans on an aggregate basis for PSEG, excluding Servco for the years ended December 31, 2024, 2023 and 2022. Amounts shown do not reflect the impacts of capitalization, co-owner allocations and the 2023 BPU accounting order. Only the service cost component is eligible for capitalization, when applicable.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pension Benefits Years Ended December 31,

 

 

Other Benefits Years Ended December 31,

 

 

 

 

 

2024

 

 

2023

 

 

2022

 

 

2024

 

 

2023

 

 

2022

 

 

 

 

 

Millions

 

 

 

Components of Net Periodic Benefit (Credits) Costs

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Service Cost (included in O&M Expense)

 

$

94

 

 

$

90

 

 

$

142

 

 

$

3

 

 

$

3

 

 

$

6

 

 

 

Non-Service Components of Pension and OPEB (Credits) Costs

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest Cost

 

 

225

 

 

 

259

 

 

 

167

 

 

 

37

 

 

 

41

 

 

 

26

 

 

 

Expected Return on Plan Assets

 

 

(321

)

 

 

(361

)

 

 

(484

)

 

 

(34

)

 

 

(33

)

 

 

(42

)

 

 

Amortization of Net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Prior Service Credit

 

 

—

 

 

 

—

 

 

 

—

 

 

 

2

 

 

 

(52

)

 

 

(129

)

 

 

Actuarial Loss

 

 

71

 

 

 

83

 

 

 

60

 

 

 

(2

)

 

 

(2

)

 

 

15

 

 

 

Settlement Charge Resulting from Pension Lift-Out

 

 

—

 

 

 

338

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

Non-Service Components of Pension and OPEB (Credits) Costs

 

 

(25

)

 

 

319

 

 

 

(257

)

 

 

3

 

 

 

(46

)

 

 

(130

)

 

 

Total Net Benefit (Credits) Costs

 

$

69

 

 

$

409

 

 

$

(115

)

 

$

6

 

 

$

(43

)

 

$

(124

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
Schedule of Pension and OPEB Costs

Pension and OPEB (credits) costs for PSEG and PSE&G are detailed as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pension Benefits
Years Ended December 31,

 

 

Other Benefits
Years Ended December 31,

 

 

 

 

 

2024

 

 

2023

 

 

2022

 

 

2024

 

 

2023

 

 

2022

 

 

 

 

 

Millions

 

 

 

PSE&G

 

$

43

 

 

$

50

 

 

$

(70

)

 

$

(2

)

 

$

(42

)

 

$

(109

)

 

 

PSEG Power & Other

 

 

26

 

 

 

359

 

 

 

(45

)

 

 

8

 

 

 

(1

)

 

 

(15

)

 

 

Total Net Benefit (Credits) Costs

 

$

69

 

 

$

409

 

 

$

(115

)

 

$

6

 

 

$

(43

)

 

$

(124

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
Schedule of Amounts Recognized in Other Comprehensive Income (Loss)

The following table provides the pre-tax changes recognized in Accumulated Other Comprehensive Income (Loss), Regulatory Assets, Deferred Assets and Deferred Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pension

 

 

Other Benefits

 

 

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

 

 

 

 

Millions

 

 

 

Net Actuarial (Gain) Loss in Current Period due to Plan Experience and Assumption Changes

 

$

(104

)

 

$

(35

)

 

$

(22

)

 

$

(49

)

 

 

Net Actuarial (Gain) Loss due to Settlements/Curtailments

 

 

—

 

 

 

(39

)

 

 

—

 

 

 

—

 

 

 

Amortization of Net Actuarial Gain (Loss)

 

 

(71

)

 

 

(83

)

 

 

2

 

 

 

2

 

 

 

Recognition of Net Actuarial (Gain) Loss due to Settlements/Curtailments

 

 

—

 

 

 

(338

)

 

 

—

 

 

 

—

 

 

 

Prior Service Cost (Credit) in Current Period

 

 

—

 

 

 

—

 

 

 

—

 

 

 

6

 

 

 

Amortization of Prior Service Credit

 

 

—

 

 

 

—

 

 

 

(2

)

 

 

52

 

 

 

Total

 

$

(175

)

 

$

(495

)

 

$

(22

)

 

$

11

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
Schedule of Assumptions Used to Determine Benefit Obligations and Net Periodic Benefit Costs

The following assumptions were used to determine the benefit obligations and net periodic benefit costs:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pension Benefits

 

 

Other Benefits

 

 

 

 

 

2024

 

 

2023

 

 

2022

 

 

2024

 

 

2023

 

 

2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-Average Assumptions Used to Determine Benefit Obligations as of December 31

 

 

 

 

Discount Rate

 

 

5.68

%

 

 

5.02

%

 

 

5.20

%

 

 

5.59

%

 

 

4.96

%

 

 

5.16

%

 

 

Rate of Compensation Increase

 

 

4.60

%

 

 

4.60

%

 

 

4.40

%

 

 

4.60

%

 

 

4.60

%

 

 

4.40

%

 

 

Cash Balance Interest Crediting Rate

 

 

6.00

%

 

 

6.00

%

 

 

6.00

%

 

N/A

 

 

N/A

 

 

N/A

 

 

 

Weighted-Average Assumptions Used to Determine Net Periodic Benefit Cost for Years Ended December 31

 

 

 

Discount Rate

 

 

5.02

%

 

 

5.20

%

 

 

2.94

%

 

 

4.96

%

 

 

5.16

%

 

 

2.82

%

 

 

Service Cost Interest Rate

 

 

5.14

%

 

 

5.31

%

 

 

3.19

%

 

 

5.03

%

 

 

5.23

%

 

 

3.06

%

 

 

Interest Cost Interest Rate

 

 

4.91

%

 

 

5.09

%

 

 

2.37

%

 

 

4.88

%

 

 

5.07

%

 

 

2.21

%

 

 

Expected Return on Plan Assets

 

 

8.10

%

 

 

8.10

%

 

 

7.20

%

 

 

8.10

%

 

 

8.10

%

 

 

7.20

%

 

 

Rate of Compensation Increase

 

 

4.60

%

 

 

4.40

%

 

 

4.40

%

 

 

4.60

%

 

 

4.40

%

 

 

4.40

%

 

 

Cash Balance Interest Crediting Rate

 

 

6.00

%

 

 

6.00

%

 

 

6.00

%

 

N/A

 

 

N/A

 

 

N/A

 

 

 

Assumed Health Care Cost Trend Rates as of December 31

 

 

 

Health Care Costs

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Immediate Rate

 

 

 

 

 

 

 

 

 

 

 

9.08

%

 

 

8.89

%

 

 

6.98

%

 

 

Ultimate Rate

 

 

 

 

 

 

 

 

 

 

 

4.75

%

 

 

4.75

%

 

 

4.75

%

 

 

Year Ultimate Rate Reached

 

 

 

 

 

 

 

 

 

 

2034

 

 

2033

 

 

2032

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The following assumptions were used to determine the benefit obligations of Servco:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pension Benefits

 

 

Other Benefits

 

 

 

 

 

2024

 

 

2023

 

 

2022

 

 

2024

 

 

2023

 

 

2022

 

 

 

Weighted-Average Assumptions Used to Determine Benefit Obligations as of December 31

 

 

 

Discount Rate

 

 

5.84

%

 

 

5.13

%

 

 

5.30

%

 

 

5.87

%

 

 

5.16

%

 

 

5.34

%

 

 

Rate of Compensation Increase

 

 

5.50

%

 

 

5.54

%

 

 

3.95

%

 

 

5.50

%

 

 

5.54

%

 

 

3.95

%

 

 

Cash Balance Interest Crediting Rate

 

 

4.84

%

 

 

4.13

%

 

 

4.30

%

 

N/A

 

 

N/A

 

 

N/A

 

 

 

Assumed Health Care Cost Trend Rates as of December 31

 

 

 

Health Care Costs

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Immediate Rate

 

 

 

 

 

 

 

 

 

 

 

7.46

%

 

 

6.84

%

 

 

6.71

%

 

 

Ultimate Rate

 

 

 

 

 

 

 

 

 

 

 

4.75

%

 

 

4.75

%

 

 

4.75

%

 

 

Year Ultimate Rate Reached

 

 

 

 

 

 

 

 

 

 

2036

 

 

2033

 

 

2032

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
Schedule of Allocation of Plan Assets

The following tables present information about the investments measured at fair value on a recurring basis as of December 31, 2024 and 2023, including the fair value measurements and the levels of inputs used in determining those fair values.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Recurring Fair Value Measurements as of December 31, 2024

 

 

 

 

 

 

 

 

Quoted
Market Prices
for Identical
Assets

 

 

Significant
Other
Observable
Inputs

 

 

 

Description

 

Total

 

 

(Level 1)

 

 

(Level 2)

 

 

 

 

 

Millions

 

 

 

Cash Equivalents (A)

 

$

21

 

 

$

13

 

 

$

8

 

 

 

Equity Securities

 

 

 

 

 

 

 

 

 

 

 

Common Stock (B)

 

 

661

 

 

 

661

 

 

 

—

 

 

 

Commingled (C)

 

 

1,916

 

 

 

—

 

 

 

1,916

 

 

 

Debt Securities (D)

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury

 

 

1,099

 

 

 

—

 

 

 

1,099

 

 

 

Commingled

 

 

6

 

 

 

6

 

 

 

—

 

 

 

Subtotal Fair Value

 

$

3,703

 

 

$

680

 

 

$

3,023

 

 

 

Measured at net asset value practical expedient

 

 

 

 

 

 

 

 

 

 

 

Commingled—Equities (E)

 

 

382

 

 

 

 

 

 

 

 

 

Real Estate Investment (F)

 

 

308

 

 

 

 

 

 

 

 

 

Other

 

 

1

 

 

 

 

 

 

 

 

 

Total Fair Value (G)

 

$

4,394

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Recurring Fair Value Measurements as of December 31, 2023

 

 

 

 

 

 

 

 

Quoted
Market Prices
for Identical
Assets

 

 

Significant
Other
Observable
Inputs

 

 

 

Description

 

Total

 

 

(Level 1)

 

 

(Level 2)

 

 

 

 

 

Millions

 

 

 

Cash Equivalents (A)

 

$

39

 

 

$

39

 

 

$

—

 

 

 

Equity Securities

 

 

 

 

 

 

 

 

 

 

 

Common Stock (B)

 

 

748

 

 

 

748

 

 

 

—

 

 

 

Commingled (C)

 

 

1,376

 

 

 

—

 

 

 

1,376

 

 

 

Debt Securities (D)

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury

 

 

1,299

 

 

 

—

 

 

 

1,299

 

 

 

Commingled

 

 

4

 

 

 

4

 

 

 

—

 

 

 

Subtotal Fair Value

 

$

3,466

 

 

$

791

 

 

$

2,675

 

 

 

Measured at net asset value practical expedient

 

 

 

 

 

 

 

 

 

 

 

Commingled—Equities (E)

 

 

745

 

 

 

 

 

 

 

 

 

Real Estate Investment (F)

 

 

365

 

 

 

 

 

 

 

 

 

Other

 

 

2

 

 

 

 

 

 

 

 

 

Total Fair Value (G)

 

$

4,578

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(A)
The Collective Investment Fund publishes a daily net asset value (NAV) which participants may use for daily redemptions without restrictions (Level 1).
(B)
Common stocks are measured using observable data in active markets and considered Level 1.
(C)
Commingled Funds that publish daily NAV but with certain near-term redemption restrictions which prevent redemption at the published daily NAV are classified as Level 2.
(D)
Debt securities include mainly U.S. Treasury obligations. These investments are valued using an evaluated pricing approach that varies by asset class and reflects observable market information such as the most recent exchange price or quoted bid for similar securities. Market-based standard inputs typically include benchmark yields, reported trades, broker/dealer quotes and issuer spreads or the most recent quotes for similar securities which are a Level 2 measure.
(E)
Certain commingled equity funds are not included in the fair value hierarchy as they are measured at fair value using the NAV per share (or its equivalent) practical expedient. These funds do not meet the definition of readily determinable fair value due to the frequency of publishing NAV (monthly). The objectives of these funds are mainly tracking the S&P Index or achieving long-term growth through investment in foreign equity securities and the Morgan Stanley Capital International Index.
(F)
The unlisted real estate fund invests in office, apartment, industrial and retail space. The fund is valued using the NAV per unit of funds. The investment value of the real estate properties is determined on a quarterly basis by independent market appraisers engaged by the board of directors of the fund. The ability to redeem funds is subject to the availability of cash arising from net investment income, allocations and the sale of investments in the normal course of business. The fund’s NAV is published quarterly. In addition, redemptions require one quarter advance notice prior to redemption and are fulfilled quarterly. The fund, therefore, does not meet the definition of readily determinable fair value. The purpose of the fund is to acquire, own, hold for investment and ultimately dispose of investments in real estate and real estate-related assets with the intention of achieving current income, capital appreciation or both.
(G)
Excludes net receivables of $6 million and $2 million as of December 31, 2024 and 2023, respectively, which consist of interest, dividends and receivables and payables related to pending securities sales and purchases. In addition, the table excludes cash and foreign currency of $1 million as of December 31, 2024.

The following tables present information about Servco’s investments measured at fair value on a recurring basis as of December 31, 2024 and 2023, including the fair value measurements and the levels of inputs used in determining those fair values.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Recurring Fair Value Measurements as of December 31, 2024

 

 

 

 

 

 

 

 

Quoted
Market Prices
for Identical
Assets

 

 

Significant
Other
Observable
Inputs

 

 

 

Description

 

Total

 

 

(Level 1)

 

 

(Level 2)

 

 

 

 

 

Millions

 

 

 

Cash Equivalents

 

$

2

 

 

$

2

 

 

$

—

 

 

 

Equity Securities

 

 

 

 

 

 

 

 

 

 

 

Common Stock (A)

 

 

35

 

 

 

35

 

 

 

—

 

 

 

Commingled (B)

 

 

334

 

 

 

—

 

 

 

334

 

 

 

Commingled Bonds (B)

 

 

119

 

 

 

—

 

 

 

119

 

 

 

Total Fair Value

 

$

490

 

 

$

37

 

 

$

453

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Recurring Fair Value Measurements as of December 31, 2023

 

 

 

 

 

 

 

 

Quoted
Market Prices
for Identical
Assets

 

 

Significant
Other
Observable
Inputs

 

 

 

Description

 

Total

 

 

(Level 1)

 

 

(Level 2)

 

 

 

 

 

Millions

 

 

 

Cash Equivalents

 

$

2

 

 

$

2

 

 

$

—

 

 

 

Equity Securities

 

 

 

 

 

 

 

 

 

 

 

Common Stock (A)

 

 

32

 

 

 

32

 

 

 

—

 

 

 

Commingled (B)

 

 

294

 

 

 

—

 

 

 

294

 

 

 

Commingled Bonds (B)

 

 

105

 

 

 

—

 

 

 

105

 

 

 

Total Fair Value

 

$

433

 

 

$

34

 

 

$

399

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(A)
Common stocks are measured using observable data in active markets and considered Level 1.
(B)
Investments in commingled equity and bond funds have a readily determinable fair value as they publish a daily NAV available to investors which is the basis for current transactions and contain certain redemption restrictions requiring advance notice of one to two days for withdrawals (Level 2).
Schedule of Percentage of Fair Value of Total Plan Assets

The following table provides the percentage of fair value of total plan assets for each major category of plan assets held for the qualified pension and OPEB plans as of the measurement date, December 31:

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31,

 

 

 

Investments

 

2024

 

 

2023

 

 

 

Equity Securities

 

 

67

%

 

 

63

%

 

 

Debt Securities

 

 

25

%

 

 

28

%

 

 

Other Investments

 

 

8

%

 

 

9

%

 

 

Total Percentage

 

 

100

%

 

 

100

%

 

 

 

 

 

 

 

 

 

 

The following table provides the percentage of fair value of total plan assets for each major category of plan assets held for the qualified pension and OPEB plans of Servco as of the measurement date, December 31:

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31,

 

 

 

Investments

 

2024

 

 

2023

 

 

 

Equity Securities

 

 

76

%

 

 

76

%

 

 

Debt Securities

 

 

24

%

 

 

24

%

 

 

Total Percentage

 

 

100

%

 

 

100

%

 

 

 

 

 

 

 

 

 

 
Schedule of Expected Benefit Payments

The following pension benefit and postretirement benefit payments are expected to be paid to plan participants.

 

 

 

 

 

 

 

 

 

 

 

Year

 

Pension
Benefits

 

 

Other
Benefits

 

 

 

 

 

Millions

 

 

 

2025

 

$

372

 

 

$

73

 

 

 

2026

 

 

333

 

 

 

71

 

 

 

2027

 

 

340

 

 

 

69

 

 

 

2028

 

 

346

 

 

 

67

 

 

 

2029

 

 

353

 

 

 

64

 

 

 

2030-2034

 

 

1,792

 

 

 

272

 

 

 

Total

 

$

3,536

 

 

$

616

 

 

 

 

 

 

 

 

 

 

 

The following pension benefit and postretirement benefit payments are expected to be paid to Servco’s plan participants:

 

 

 

 

 

 

 

 

 

 

 

Year

 

Pension
Benefits

 

 

Other
Benefits

 

 

 

 

 

Millions

 

 

 

2025

 

$

17

 

 

$

14

 

 

 

2026

 

 

20

 

 

 

16

 

 

 

2027

 

 

23

 

 

 

18

 

 

 

2028

 

 

25

 

 

 

20

 

 

 

2029

 

 

28

 

 

 

22

 

 

 

2030-2034

 

 

181

 

 

 

140

 

 

 

Total

 

$

294

 

 

$

230

 

 

 

 

 

 

 

 

 

 

 
Schedule of Amount Paid for Employer Matching Contributions The amounts paid for employer matching contributions to the plans for PSEG and PSE&G are detailed as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Thrift Plan and Savings Plan

 

 

 

 

 

Years Ended December 31,

 

 

 

 

 

2024

 

 

2023

 

 

2022

 

 

 

 

 

Millions

 

 

 

PSE&G

 

$

31

 

 

$

29

 

 

$

28

 

 

 

PSEG Power & Other

 

 

14

 

 

 

14

 

 

 

14

 

 

 

Total Employer Matching Contributions

 

$

45

 

 

$

43

 

 

$

42