Pension, OPEB and Savings Plans (Tables)

12 Months Ended

Dec. 31, 2015

Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract]

Schedule of Defined Benefit Plans Disclosures

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, 2015 and 2014. 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
	2015			2014			2015			2014
	Millions
Change in Benefit Obligation
Benefit Obligation at Beginning of Year (A)	$	5,722		$	4,812		$	1,638		$	1,414
Service Cost	123			104			22			18
Interest Cost	234			234			67			69
Actuarial (Gain) Loss (B)	(289		)	838			(45		)	210
Gross Benefits Paid	(268		)	(266		)	(70		)	(73		)
Benefit Obligation at End of Year (A) (B)	$	5,522		$	5,722		$	1,612		$	1,638
Change in Plan Assets
Fair Value of Assets at Beginning of Year	$	5,293		$	5,116		$	361		$	319
Actual Return on Plan Assets	(11		)	433			(1		)	28
Employer Contributions	25			10			84			87
Gross Benefits Paid	(268		)	(266		)	(70		)	(73		)
Fair Value of Assets at End of Year	$	5,039		$	5,293		$	374		$	361
Funded Status
Funded Status (Plan Assets less Benefit Obligation)	$	(483	)	$	(429	)	$	(1,238	)	$	(1,277	)
Additional Amounts Recognized in the Consolidated Balance Sheets
Noncurrent Assets (included in Other Special Funds)	$	14		$	21		$	—		$	—
Current Accrued Benefit Cost	(10		)	(10		)	(10		)	—
Noncurrent Accrued Benefit Cost	(487		)	(440		)	(1,228		)	(1,277		)
Amounts Recognized	$	(483	)	$	(429	)	$	(1,238	)	$	(1,277	)
Additional Amounts Recognized in Accumulated Other Comprehensive Income (Loss), Regulated Assets and Deferred Assets (C)
Prior Service Cost	$	(83	)	$	(102	)	$	(25	)	$	(39	)
Net Actuarial Loss	1,710			1,724			438			495
Total	$	1,627		$	1,622		$	413		$	456

(A) Represents projected benefit obligation for pension benefits and the accumulated postretirement benefit obligation for other benefits.

(B) In October 2014, the Society of Actuaries’ Retirement Plans Experience Committee issued its final report on mortality tables (RP-2014 Mortality Tables Report). As of December 31, 2014, PSEG updated its mortality assumptions based on the information contained in this report. The impact of this change is reflected in Actuarial (Gain) Loss in 2014 and added $314 million and $79 million to the Benefit Obligations for Pension and OPEB, respectively, since December 31, 2013.

(C) Includes $658 million ($386 million, after-tax) and $702 million ($411 million, after-tax) in Accumulated Other Comprehensive Loss related to Pension and OPEB as of December 31, 2015 and 2014, respectively.

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, 2015 and 2014. 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
	2015			2014			2015			2014
				Millions
Change in Benefit Obligation
Benefit Obligation at Beginning of Year	$	195		$	—		$	452		$	—
Service Cost	26			20			17			13
Interest Cost	9			7			21			17
Actuarial (Gain) Loss	(20		)	42			(114		)	107
Gross Benefits Paid	—			—			(1		)	—
Plan Amendments	1			126			—			315
Benefit Obligation at End of Year (A)	$	211		$	195		$	375		$	452
Change in Plan Assets
Fair Value of Assets at Beginning of Year	$	69		$	—		$	—		$	—
Actual Return on Plan Assets	(2		)	2			—			—
Employer Contributions	30			67			1			—
Gross Benefits Paid	—			—			(1		)	—
Fair Value of Assets at End of Year	$	97		$	69		$	—		$	—
Funded Status
Funded Status (Plan Assets less Benefit Obligation)	$	(114	)	$	(126	)	$	(375	)	$	(452	)
Additional Amounts Recognized in the Consolidated Balance Sheets
Accrued Pension Costs of Servco	$	(114	)	$	(126	)	N/A			N/A
OPEB Costs of Servco	N/A			N/A			(375		)	(452		)
Amounts Recognized (B)	$	(114	)	$	(126	)	$	(375	)	$	(452	)

(A) Represents projected benefit obligation for pension benefits and the accumulated postretirement benefit obligation for other benefits.

(B) Amounts equal to the accrued pension and OPEB costs of Servco are offset in Long-Term Receivable of VIE on PSEG's Consolidated Balance Sheet.

Components Of Net Periodic Benefit Cost

The following table provides the components of net periodic benefit cost for the years ended December 31, 2015, 2014 and 2013.

	Pension Benefits Years Ended December 31,									Other Benefits Years Ended December 31,
	2015			2014			2013			2015			2014			2013
	Millions
Components of Net Periodic Benefit Cost (Credit)
Service Cost	$	123		$	104		$	116		$	22		$	18		21
Interest Cost	234			234			215			67			69			63
Expected Return on Plan Assets	(414		)	(399		)	(348		)	(31		)	(26		)	(21		)
Amortization of Net
Prior Service Cost	(19		)	(18		)	(19		)	(14		)	(14		)	(14		)
Actuarial Loss	150			56			188			43			23			42
Net Periodic Benefit Cost (Credit)	$	74		$	(23	)	$	152		$	87		$	70		$	91

Schedule Of Pension And OPEB Costs

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

	Pension Benefits Years Ended December 31,							Other Benefits Years Ended December 31,
	2015		2014			2013		2015		2014		2013
	Millions
PSE&G	$	40	$	(19	)	$	91	$	55	$	46	$	65
Power	21		(7		)	43		27		20		23
Other	13		3			18		5		4		3
Total Benefit Cost (Credit)	$	74	$	(23	)	$	152	$	87	$	70	$	91

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 and Deferred Assets:

	Pension						OPEB
	2015			2014			2015			2014
	Millions
Net Actuarial (Gain) Loss in Current Period	$	136		$	803		$	(14	)	$	208
Amortization of Net Actuarial Gain (Loss)	(150		)	(56		)	(43		)	(23		)
Amortization of Prior Service Credit	19			18			14			14
Total	$	5		$	765		$	(43	)	$	199

Schedule of Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized over Next Fiscal Year

Amounts that are expected to be amortized from Accumulated Other Comprehensive Loss, Regulatory Assets and Deferred Assets into Net Periodic Benefit Cost in 2016 are as follows:

	Pension Benefits			Other Benefits
	2016			2016
	Millions
Actuarial (Gain) Loss	$	158		$	40
Prior Service Cost	$	(18	)	$	(14	)

Schedule of Assumptions Used

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

	Pension Benefits				Other Benefits
	2015		2014		2015			2014
Weighted-Average Assumptions Used to Determine Benefit Obligations as of December 31
Discount Rate	4.92	%	4.50	%	4.97		%	4.60		%
Rate of Compensation Increase	3.25	%	3.25	%	3.25		%	3.25		%
Assumed Health Care Cost Trend Rates as of December 31
Administrative Expense					5.00		%	5.00		%
Health Care Costs
Immediate Rate					7.55		%	7.33		%
Ultimate Rate					4.75		%	5.00		%
Year Ultimate Rate Reached					2025			2021
					Millions
Effect of a 1% Increase in the Assumed Rate of Increase in Health Care Benefit Costs
Postretirement Benefit Obligation					$	75		$	160
Effect of a 1% Decrease in the Assumed Rate of Increase in Health Care Benefit Costs
Postretirement Benefit Obligation					$	(60	)	$	(106	)

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

	Pension Benefits						Other Benefits
	2015		2014		2013		2015			2014			2013
Weighted-Average Assumptions Used to Determine Benefit Obligations as of December 31
Discount Rate	4.54	%	4.20	%	5.00	%	4.58		%	4.21		%	5.01		%
Rate of Compensation Increase	3.61	%	3.61	%	4.61	%	3.61		%	3.61		%	4.61		%
Weighted-Average Assumptions Used to Determine Net Periodic Benefit Cost for Years Ended December 31
Discount Rate	4.20	%	5.00	%	4.20	%	4.21		%	5.01		%	4.20		%
Expected Return on Plan Assets	8.00	%	8.00	%	8.00	%	8.00		%	8.00		%	8.00		%
Rate of Compensation Increase	3.61	%	4.61	%	4.61	%	3.61		%	4.61		%	4.61		%
Assumed Health Care Cost Trend Rates as of December 31
Administrative Expense							3.00		%	3.00		%	3.00		%
Health Care Costs
Immediate Rate							7.75		%	7.40		%	7.83		%
Ultimate Rate							4.75		%	5.00		%	5.00		%
Year Ultimate Rate Reached							2025			2022			2021
							Millions
Effect of a 1% Increase in the Assumed Rate of Increase in Health Care Benefit Costs
Total of Service Cost and Interest Cost							$	12		$	13		$	12
Postretirement Benefit Obligation							$	194		$	201		$	161
Effect of a 1% Decrease in the Assumed Rate of Increase in Health Care Benefit Costs
Total of Service Cost and Interest Cost							$	(10	)	$	(10	)	$	(9	)
Postretirement Benefit Obligation							$	(160	)	$	(165	)	$	(134	)

Schedule of Allocation of Plan Assets

The following tables present information about Servco's investments measured at fair value on a recurring basis as of December 31, 2015 and 2014, including the fair value measurements and the levels of inputs used in determining those fair values.

	Recurring Fair Value Measurements as of December 31, 2015
			Quoted Market Prices for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
Description	Total		(Level 1)		(Level 2)		(Level 3)
	Millions
Cash Equivalents (A)	$	—	$	—	$	—	$	—
Common Stocks (B)
Commingled-United States	68		68		—		—
Bonds (C)
Other	29		—		29		—
Total	$	97	$	68	$	29	$	—

	Recurring Fair Value Measurements as of December 31, 2014
			Quoted Market Prices for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
Description	Total		(Level 1)		(Level 2)		(Level 3)
	Millions
Cash Equivalents (A)	$	1	$	—	$	1	$	—
Common Stocks (B)
Commingled-United States	48		48		—		—
Bonds (C)
Other	20		—		20		—
Total	$	69	$	48	$	21	$	—

(A) 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 commingled stock 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).

The following tables present information about the investments measured at fair value on a recurring basis as of December 31, 2015 and 2014, including the fair value measurements and the levels of inputs used in determining those fair values.

	Recurring Fair Value Measurements as of December 31, 2015
			Quoted Market Prices for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
Description	Total		(Level 1)		(Level 2)		(Level 3)
	Millions
Cash Equivalents (A)	$	103	$	102	$	1	$	—
Common Stocks (B)
Commingled-United States	1,980		1,980		—		—
Commingled-International	987		987		—		—
Other	816		816		—		—
Bonds (C)
Government (United States & Foreign)	602		—		602		—
Other	906		—		906		—
Private Equity (D)	19		—		—		19
Total	$	5,413	$	3,885	$	1,509	$	19

	Recurring Fair Value Measurements as of December 31, 2014
			Quoted Market Prices for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
Description	Total		(Level 1)		(Level 2)		(Level 3)
	Millions
Cash Equivalents (A)	$	153	$	92	$	61	$	—
Common Stocks (B)
Commingled-United States	2,292		2,292		—		—
Commingled-International	1,005		1,005		—		—
Other	727		727		—		—
Bonds (C)
Government (United States & Foreign)	509		—		509		—
Other	943		—		943		—
Private Equity (D)	25		—		—		25
Total	$	5,654	$	4,116	$	1,513	$	25

(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

Reconciliations of the beginning and ending balances of the Pension and OPEB Plans’ Level 3 assets for the years ended December 31, 2015 and 2014 are as follows:

	Balance as of January 1, 2015		Purchases/ (Sales)			Transfer In/ (Out)		Actual Return on Asset Sales		Actual Return on Assets Still Held		Balance as of December 31, 2015
	Millions
Private Equity	$	25	$	(10	)	$	—	$	1	$	3	$	19

	Balance as of January 1, 2014		Purchases/ (Sales)			Transfer In/ (Out)		Actual Return on Asset Sales		Actual Return on Assets Still Held		Balance as of December 31, 2014
	Millions
Private Equity	$	25	$	(5	)	$	—	$	3	$	2	$	25

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	2015		2014
Equity Securities	70	%	71	%
Fixed Income Securities	28		26
Other Investments	2		3
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	2015		2014
Equity Securities	71	%	70	%
Fixed Income Securities	29		29
Other Investments	—		1
Total Percentage	100	%	100	%

Schedule of Expected Benefit Payments

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

Year	Pension Benefits		Other Benefits
	Millions
2016	$	1	$	3
2017	2		5
2018	3		7
2019	4		8
2020	6		10
2021-2025	60		80
Total	$	76	$	113

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

Year	Pension Benefits		Other Benefits
	Millions
2016	$	285	$	81
2017	295		84
2018	305		87
2019	317		91
2020	329		95
2021-2025	1,818		518
Total	$	3,349	$	956

Schedule Of Amount Paid For Employer Matching Contributions

The amount paid for employer matching contributions to the plans for PSEG, PSE&G and Power are detailed as follows:

	Thrift Plan and Savings Plan
	Years Ended December 31,
	2015		2014		2013
	Millions
PSE&G	$	22	$	20	$	19
Power	12		11		10
Other	5		5		4
Total Employer Matching Contributions	$	39	$	36	$	33