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Pension, OPEB and Savings Plans (Tables)
 12 Months Ended
Dec. 31, 2013
Text Block [Abstract]  
Schedule of Defined Benefit Plans Disclosures
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Pension Benefits
 
Other Benefits
 
 
 
 
2013
 
2012
 
2013
 
2012
 
 
 
 
Millions
 
 
Change in Benefit Obligation
 
 
 
 
 
 
 
 
 
 
Benefit Obligation at Beginning of Year (A)
 
$
5,235

 
$
4,572

 
$
1,538

 
$
1,338

 
 
Service Cost
 
116

 
101

 
21

 
17

 
 
Interest Cost
 
215

 
223

 
63

 
65

 
 
Actuarial (Gain) Loss
 
(501
)
 
586

 
(144
)
 
182

 
 
Gross Benefits Paid
 
(253
)
 
(248
)
 
(64
)
 
(69
)
 
 
Medicare Subsidy Receipts
 
—

 
—

 
—

 
5

 
 
Special Termination Benefits
 
—

 
1

 
—

 
—

 
 
Benefit Obligation at End of Year (A)
 
$
4,812

 
$
5,235

 
$
1,414

 
$
1,538

 
 
Change in Plan Assets
 
 
 
 
 
 
 
 
 
 
Fair Value of Assets at Beginning of Year
 
$
4,357

 
$
3,831

 
$
253

 
$
211

 
 
Actual Return on Plan Assets
 
857

 
541

 
52

 
31

 
 
Employer Contributions
 
155

 
233

 
78

 
75

 
 
Gross Benefits Paid
 
(253
)
 
(248
)
 
(64
)
 
(69
)
 
 
Medicare Subsidy Receipts
 
—

 
—

 
—

 
5

 
 
Fair Value of Assets at End of Year
 
$
5,116

 
$
4,357

 
$
319

 
$
253

 
 
Funded Status
 
 
 
 
 
 
 
 
 
 
Funded Status (Plan Assets less Benefit Obligation)
 
$
304

 
$
(878
)
 
$
(1,095
)
 
$
(1,285
)
 
 
Additional Amounts Recognized in the Consolidated Balance Sheets
 
 
 
 
 
 
 
 
 
 
Noncurrent Assets
 
$
434

 
$
6

 
$
—

 
$
—

 
 
Current Accrued Benefit Cost
 
(9
)
 
(8
)
 
—

 
—

 
 
Noncurrent Accrued Benefit Cost
 
(121
)
 
(876
)
 
(1,095
)
 
(1,285
)
 
 
Amounts Recognized
 
$
304

 
$
(878
)
 
$
(1,095
)
 
$
(1,285
)
 
 
Additional Amounts Recognized in Accumulated Other Comprehensive Income (Loss), Regulated Assets and Deferred Assets (B)
 
 
 
 
Prior Service Cost
 
$
(120
)
 
$
(139
)
 
$
(53
)
 
$
(67
)
 
 
Net Actuarial Loss
 
977

 
2,174

 
310

 
527

 
 
Total
 
$
857

 
$
2,035

 
$
257

 
$
460

 
 
 
 
 
 
 
 
 
 
 
 
(A)
Represents projected benefit obligation for pension benefits and the accumulated postretirement benefit obligation for Other benefits.
(B)
Includes $408 million ($238 million, after-tax) and $827 million ($485 million, after-tax) in Accumulated Other Comprehensive Loss related to Pension and OPEB as of December 31, 2013 and 2012, respectively.
Components Of Net Periodic Benefit Cost
The following table provides the components of net periodic benefit cost for the years ended December 31, 2013, 2012 and 2011.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Pension Benefits Years Ended December 31,
 
Other Benefits Years Ended December 31,
 
 
 
 
2013
 
2012
 
2011
 
2013
 
2012
 
2011
 
 
 
 
Millions
 
 
Components of Net Periodic Benefit Cost
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Service Cost
 
$
116

 
$
101

 
$
92

 
$
21

 
$
17

 
$
14

 
 
Interest Cost
 
215

 
223

 
228

 
63

 
65

 
61

 
 
Expected Return on Plan Assets
 
(348
)
 
(306
)
 
(334
)
 
(21
)
 
(17
)
 
(18
)
 
 
Amortization of Net
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Transition Obligation
 
—

 
—

 
—

 
—

 
2

 
4

 
 
Prior Service Cost
 
(19
)
 
(18
)
 
(11
)
 
(14
)
 
(14
)
 
(13
)
 
 
Actuarial Loss
 
188

 
167

 
119

 
42

 
31

 
14

 
 
Net Periodic Benefit Cost
 
$
152

 
$
167

 
$
94

 
$
91

 
$
84

 
$
62

 
 
Special Termination Benefits
 
—

 
1

 
—

 
—

 
—

 
—

 
 
Effect of Regulatory Asset
 
—

 
—

 
—

 
—

 
19

 
19

 
 
Total Benefit Costs, Including Effect of Regulatory Asset

$
152

 
$
168

 
$
94

 
$
91

 
$
103

 
$
81

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Schedule Of Pension And OPEB Costs
Pension costs and OPEB costs for PSEG, Power and PSE&G are detailed as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Pension Benefits
Years Ended December 31,
 
Other Benefits
Years Ended December 31,
 
 
 
 
2013
 
2012
 
2011
 
2013
 
2012
 
2011
 
 
 
 
Millions
 
 
Power
 
$
43

 
$
52

 
$
29

 
$
23

 
$
18

 
$
12

 
 
PSE&G
 
91

 
97

 
51

 
65

 
82

 
67

 
 
Other
 
18

 
19

 
14

 
3

 
3

 
2

 
 
Total Benefit Costs
 
$
152

 
$
168

 
$
94

 
$
91

 
$
103

 
$
81

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Schedule of Amounts Recognized in Other Comprehensive Income (Loss)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Pension
 
OPEB
 
 
 
 
2013
 
2012
 
2013
 
2012
 
 
 
 
Millions
 
 
Net Actuarial (Gain) Loss in Current Period
 
$
(1,009
)
 
$
350

 
$
(175
)
 
$
169

 
 
Amortization of Net Actuarial Gain (Loss)
 
(188
)
 
(167
)
 
(42
)
 
(32
)
 
 
Amortization of Prior Service Credit
 
19

 
19

 
14

 
14

 
 
Amortization of Transition Asset
 
—

 
—

 
—

 
(2
)
 
 
Total
 
$
(1,178
)
 
$
202

 
$
(203
)
 
$
149

 
 
 
 
 
 
 
 
 
 
 
 
Schedule of Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized over Next Fiscal Year
 
 
 
 
 
 
 
 
 
 
Pension
Benefits
 
Other
Benefits
 
 
 
 
2014
 
2014
 
 
 
 
Millions
 
 
Actuarial (Gain) Loss
 
$
56

 
$
23

 
 
Prior Service Cost
 
$
(19
)
 
$
(14
)
 
 
 
 
 
 
 
 
Schedule of Assumptions Used
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Pension Benefits
 
Other Benefits
 
 
 
 
2013
 
2012
 
2011
 
2013
 
2012
 
2011
 
 
Weighted-Average Assumptions Used to Determine Benefit Obligations as of December 31
 
 
 
 
Discount Rate
 
5.00
%
 
4.20
%
 
5.00
%
 
5.01
%
 
4.20
%
 
5.00
%
 
 
Rate of Compensation Increase
 
4.61
%
 
4.61
%
 
4.61
%
 
4.61
%
 
4.61
%
 
4.61
%
 
 
Weighted-Average Assumptions Used to Determine Net Periodic Benefit Cost for Years Ended December 31
 
 
 
 
Discount Rate
 
4.20
%
 
5.00
%
 
5.40
%
 
4.20
%
 
5.00
%
 
5.38
%
 
 
Expected Return on Plan Assets
 
8.00
%
 
8.00
%
 
8.50
%
 
8.00
%
 
8.00
%
 
8.50
%
 
 
Rate of Compensation Increase
 
4.61
%
 
4.61
%
 
4.61
%
 
4.61
%
 
4.61
%
 
4.61
%
 
 
Assumed Health Care Cost Trend Rates as of December 31
 
 
 
 
 
 
 
 
 
 
Administrative Expense
 
 
 
 
 
 
 
3.00
%
 
3.00
%
 
5.00
%
 
 
Dental Costs
 
 
 
 
 
 
 
5.00
%
 
6.00
%
 
6.00
%
 
 
Pre-65 Medical Costs
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Immediate Rate
 
 
 
 
 
 
 
8.00
%
 
8.88
%
 
8.00
%
 
 
Ultimate Rate
 
 
 
 
 
 
 
5.00
%
 
5.00
%
 
5.00
%
 
 
Year Ultimate Rate Reached
 
 
 
 
 
 
 
2021

 
2023

 
2016

 
 
Post-65 Medical Costs
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Immediate Rate
 
 
 
 
 
 
 
7.88
%
 
7.98
%
 
8.25
%
 
 
Ultimate Rate
 
 
 
 
 
 
 
5.00
%
 
5.00
%
 
5.00
%
 
 
Year Ultimate Rate Reached
 
 
 
 
 
 
 
2021

 
2019

 
2017

 
 
Effect of a 1% Increase in the Assumed Rate of Increase in Health Care Benefit Costs
 
 
 
 
 
 
 
 
 
 
 
 
Millions
 
 
Total of Service Cost and Interest Cost
 
 
 
 
 
 
 
$
12

 
$
12

 
$
11

 
 
Postretirement Benefit Obligation
 
 
 
 
 
 
 
$
161

 
$
180

 
$
155

 
 
Effect of a 1% Decrease in the Assumed Rate of Increase in Health Care Benefit Costs
 
 
 
 
Total of Service Cost and Interest Cost
 
 
 
 
 
 
 
$
(9
)
 
$
(9
)
 
$
(9
)
 
 
Postretirement Benefit Obligation
 
 
 
 
 
 
 
$
(134
)
 
$
(149
)
 
$
(128
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Schedule of Allocation of Plan Assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Recurring Fair Value Measurements as of December 31, 2013
 
 
 
 
 
 
Quoted Market Prices
for Identical Assets
 
Significant Other
Observable Inputs
 
Significant
Unobservable Inputs
 
 
Description
 
Total
 
(Level 1)
 
(Level 2)
 
(Level 3)
 
 
 
 
Millions
 
 
Temporary Investment Funds (A)
 
$
93

 
$
52

 
$
41

 
$
—

 
 
Common Stocks (B)
 

 
 
 
 
 
 
 
 
Commingled—United States
 
2,264

 
2,264

 
—

 
—

 
 
Commingled—International
 
1,016

 
1,016

 
—

 
—

 
 
Other
 
704

 
704

 
—

 
—

 
 
Bonds (C)
 

 
 
 
 
 
 
 
 
Government (United States & Foreign)
 
596

 
—

 
596

 
—

 
 
Other
 
737

 
—

 
737

 
—

 
 
Private Equity (D)
 
25

 
—

 
—

 
25

 
 
Total
 
$
5,435

 
$
4,036

 
$
1,374

 
$
25

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Recurring Fair Value Measurements as of December 31, 2012
 
 
 
 
 
 
Quoted Market Prices
for Identical Assets
 
Significant Other
Observable Inputs
 
Significant
Unobservable Inputs
 
 
Description
 
Total
 
(Level 1)
 
(Level 2)
 
(Level 3)
 
 
 
 
Millions
 
 
Temporary Investment Funds (A)
 
$
67

 
$
—

 
$
67

 
$
—

 
 
Common Stocks (B)
 
 
 
 
 
 
 
 
 
 
Commingled—United States
 
1,928

 
1,928

 
—

 
—

 
 
Commingled—International
 
839

 
839

 
—

 
—

 
 
Other
 
431

 
431

 
—

 
—

 
 
Bonds (C)
 
 
 
 
 
 
 
 
 
 
Government (United States & Foreign)
 
623

 
—

 
623

 
—

 
 
Other
 
691

 
—

 
691

 
—

 
 
Private Equity (D)
 
31

 
—

 
—

 
31

 
 
Total
 
$
4,610

 
$
3,198

 
$
1,381

 
$
31

 
 
 
 
 
 
 
 
 
 
 
 
(A)
Certain open-ended mutual funds with mainly short-term investments are valued based on unadjusted quoted prices in active market (Level 1). Certain temporary investments are valued using inputs such as time-to-maturity, coupon rate, quality rating and current yield (Level 2).
(B)
Wherever possible, fair values of equity investments in stocks and in commingled funds are derived from quoted market prices as substantially all of these instruments have active markets (primarily Level 1). Most investments in stocks are priced utilizing the principal market close price or in some cases midpoint, bid or ask price.
(C)
Investments in fixed income securities including bond funds are priced using an evaluated pricing approach or the most recent exchange or quoted bid (primarily Level 2).
(D)
Limited partnership interests in private equity funds are valued using significant unobservable inputs as there is little, if any, market activity. In addition, there may be transfer restrictions on private equity securities. The process for determining the fair value of such securities relied on commonly accepted valuation techniques, including the use of earnings multiples based on comparable public securities, industry-specific non-earnings-based multiples and discounted cash flow models. These inputs require significant management judgment or estimation (primarily Level 3).
Schedule of Effect of Significant Unobservable Inputs, Changes in Plan Assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance as of
January 1, 2013
 
Purchases/
(Sales)
 
Transfer
In/ (Out)
 
Actual
Return on
Asset Sales
 
Actual
Return on
Assets Still
Held
 
Balance as of December 31, 2013
 
 
 
 
Millions
 
 
Private Equity
 
$
31

 
$
(11
)
 
$
—

 
$
11

 
$
(6
)
 
$
25

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance as of
January 1, 2012
 
Purchases/
(Sales)
 
Transfer
In/ (Out)
 
Actual
Return on
Asset Sales
 
Actual
Return on
Assets Still
Held
 
Balance as of December 31, 2012
 
 
 
 
Millions
 
 
Pooled Real Estate
 
$
36

 
$
(38
)
 
$
—

 
$
2

 
$
—

 
$
—

 
 
Private Equity
 
$
37

 
$
(6
)
 
$
—

 
$
5

 
$
(5
)
 
$
31

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Schedule Of Percentage Of Fair Value Of Total Plan Assets
 
 
 
 
 
 
 
 
 
 
As of December 31,
 
 
Investments
 
2013
 
2012
 
 
Equity Securities
 
73
%
 
69
%
 
 
Fixed Income Securities
 
25

 
29

 
 
Other Investments
 
2

 
2

 
 
Total Percentage
 
100
%
 
100
%
 
 
 
 
 
 
 
 
Schedule of Expected Benefit Payments
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Year
 
 
Pension
Benefits
 
Other Benefits
 
 
 
 
 
Millions
 
 
2014
 
 
$
256

 
$
77

 
 
2015
 
 
263

 
78

 
 
2016
 
 
272

 
80

 
 
2017
 
 
282

 
82

 
 
2018
 
 
293

 
84

 
 
2019-2023
 
 
1,647

 
458

 
 
Total
 
 
$
3,013

 
$
859

 
 
 
 
 
 
 
 
 
Schedule Of Amount Paid For Employer Matching Contributions
 
 
 
 
 
 
 
 
 
 
 
 
Thrift Plan and Savings Plan
 
 
 
 
Years Ended December 31,
 
 
 
 
2013
 
2012
 
2011
 
 
 
 
Millions
 
 
Power
 
$
10

 
$
10

 
$
8

 
 
PSE&G
 
19

 
18

 
14

 
 
Other
 
4

 
4

 
2

 
 
Total Employer Matching Contributions
 
$
33

 
$
32

 
$
24