Trust Investments

Nuclear Decommissioning Trust (NDT) Fund

PSEG Power maintains an external master NDT to fund its share of decommissioning costs for its five nuclear facilities upon their respective termination of operation. The trust contains two separate funds: a qualified fund and a non-qualified fund. Section 468A of the Internal Revenue Code limits the amount of money that can be contributed into a qualified fund. The funds are managed by third-party investment managers who operate under investment guidelines developed by PSEG Power.

The following tables show the fair values and gross unrealized gains and losses for the securities held in the NDT Fund.




	As of September 30, 2019
	Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
	Millions
Equity Securities
Domestic	$	444	$	195	$	(7	)	$	632
International	387		71		(18		)	440
Total Equity Securities	831		266		(25		)	1,072
Available-for Sale Debt Securities
Government	544		22		—			566
Corporate	480		18		(2		)	496
Total Available-for-Sale Debt Securities	1,024		40		(2		)	1,062
Total NDT Fund Investments (A)	$	1,855	$	306	$	(27	)	$	2,134


(A)	The NDT Fund Investments table excludes foreign currency of $1 million as of September 30, 2019, which is part of the NDT Fund.




	As of December 31, 2018
	Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
	Millions
Equity Securities
Domestic	$	447	$	153	$	(29	)	$	571
International	323		36		(30		)	329
Total Equity Securities	770		189		(59		)	900
Available-for Sale Debt Securities
Government	498		2		(9		)	491
Corporate	501		1		(15		)	487
Total Available-for-Sale Debt Securities	999		3		(24		)	978
Total NDT Fund Investments	$	1,769	$	192	$	(83	)	$	1,878

Net unrealized gains (losses) on debt securities of $22 million (after-tax) were included in Accumulated Other Comprehensive Loss on PSEG’s and PSEG Power’s Condensed Consolidated Balance Sheets as of September 30, 2019. The portion of net unrealized gains (losses) recognized during the third quarter and first nine months of 2019 related to equity securities still held as of September 30, 2019 was $(9) million and $102 million, respectively.

The amounts in the preceding tables do not include receivables and payables for NDT Fund transactions which have not settled at the end of each period. Such amounts are included in Accounts Receivable and Accounts Payable on the Condensed Consolidated Balance Sheets as shown in the following table.




	As of		As of
	September 30, 2019		December 31, 2018
	Millions
Accounts Receivable	$	14	$	17
Accounts Payable	$	13	$	5

The following table shows the value of securities in the NDT Fund that have been in an unrealized loss position for less than and greater than 12 months.




	As of September 30, 2019										As of December 31, 2018
	Less Than 12 Months					Greater Than 12 Months					Less Than 12 Months					Greater Than 12 Months
	Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses
	Millions
Equity Securities (A)
Domestic	$	69	$	(5	)	$	6	$	(2	)	$	147	$	(26	)	$	5	$	(3	)
International	45		(4		)	39		(14		)	131		(28		)	5		(2		)
Total Equity Securities	114		(9		)	45		(16		)	278		(54		)	10		(5		)
Available-for Sale Debt Securities
Government (B)	36		—			43		—			51		—			317		(9		)
Corporate (C)	36		—			19		(2		)	150		(5		)	222		(10		)
Total Available-for-Sale Debt Securities	72		—			62		(2		)	201		(5		)	539		(19		)
NDT Trust Investments	$	186	$	(9	)	$	107	$	(18	)	$	479	$	(59	)	$	549	$	(24	)


(A)	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.

(B)

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. These investments are guaranteed by the U.S. government or an agency of the U.S. government. PSEG Power also has investments in municipal bonds that are primarily in investment grade securities. It is not expected that these securities will settle for less than their amortized cost. Since PSEG Power does not intend to sell these securities nor will it be more-likely-than-not required to sell, PSEG Power does not consider these debt securities to be other-than-temporarily impaired as of September 30, 2019.

(C)

Debt Securities (Corporate)—Unrealized gains and losses on these securities are recorded in Accumulated Other Comprehensive Income (Loss). PSEG Power’s investments in corporate bonds are primarily in investment grade securities. It is not expected that these securities would settle for less than their amortized cost. Since PSEG Power does not intend to sell these securities nor will it be more-likely-than-not required to sell, PSEG Power does not consider these debt securities to be other-than-temporarily impaired as of September 30, 2019.

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,
	2019			2018			2019			2018
	Millions
Proceeds from NDT Fund Sales (A)	$	365		$	231		$	1,245		$	1,005
Net Realized Gains (Losses) on NDT Fund
Gross Realized Gains	$	27		$	17		$	90		$	75
Gross Realized Losses	(11		)	(7		)	(43		)	(29		)
Net Realized Gains (Losses) on NDT Fund (B)	$	16		$	10		$	47		$	46
Unrealized Gains (Losses) on Equity Securities in NDT Fund	(21		)	$	34		111			(16		)
Net Gains (Losses) on NDT Fund Investments	$	(5	)	$	44		$	158		$	30

(A)Includes activity in accounts related to the liquidation of funds being transitioned to new managers.

(B)The cost of these securities was determined on the basis of specific identification.

The NDT Fund debt securities held as of September 30, 2019 had the following maturities:




Time Frame	Fair Value
	Millions
Less than one year	$	26
1 - 5 years	267
6 - 10 years	192
11 - 15 years	55
16 - 20 years	74
Over 20 years	448
Total NDT Available-for-Sale Debt Securities	$	1,062

PSEG Power periodically assesses individual debt securities whose fair value is less than amortized cost to determine whether the investments are considered to be other-than-temporarily 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 in the value of these securities would be recognized in Accumulated Other Comprehensive Income (Loss) unless the securities are sold, in which case, any gain would be recognized in income. 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.”

The following tables show the fair values, gross unrealized gains and losses and amortized cost basis for the securities held in the Rabbi Trust.




	As of September 30, 2019
	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	Millions
Domestic Equity Securities	$	20	$	5	$	—	$	25
Available-for-Sale Debt Securities
Government	101		8		—		109
Corporate	105		7		—		112
Total Available-for-Sale Debt Securities	206		15		—		221
Total Rabbi Trust Investments	$	226	$	20	$	—	$	246




	As of December 31, 2018
	Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
	Millions
Domestic Equity Securities	$	22	$	1	$	—		$	23
Available-for-Sale Debt Securities
Government	110		1		(2		)	109
Corporate	96		—		(4		)	92
Total Available-for-Sale Debt Securities	206		1		(6		)	201
Total Rabbi Trust Investments	$	228	$	2	$	(6	)	$	224

Net unrealized gains (losses) on debt securities of $11 million (after-tax) were included in Accumulated Other Comprehensive Loss on PSEG’s Condensed Consolidated Balance Sheet as of September 30, 2019. The portion of net unrealized gains (losses) recognized during the third quarter and first nine months of 2019 related to equity securities still held as of September 30, 2019 was less than $1 million and $4 million, respectively.

The amounts in the preceding tables do not include receivables and payables for Rabbi Trust Fund transactions which have not settled at the end of each period. Such amounts are included in Accounts Receivable and Accounts Payable on the Condensed Consolidated Balance Sheets as shown in the following table.




	As of		As of
	September 30, 2019		December 31, 2018
	Millions
Accounts Receivable	$	2	$	2
Accounts Payable	$	—	$	—

The following table shows the value of securities in the Rabbi Trust Fund that have been in an unrealized loss position for less than 12 months and greater than 12 months.




	As of September 30, 2019								As of December 31, 2018
	Less Than 12 Months				Greater Than 12 Months				Less Than 12 Months					Greater Than 12 Months
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses
	Millions
Available-for-Sale Debt Securities
Government (A)	$	10	$	—	$	5	$	—	$	18	$	—		$	59	$	(2	)
Corporate (B)	9		—		4		—		50		(3		)	29		(1		)
Total Available-for-Sale Debt Securities	19		—		9		—		68		(3		)	88		(3		)
Rabbi Trust Investments	$	19	$	—	$	9	$	—	$	68	$	(3	)	$	88	$	(3	)

(A)

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. These investments are guaranteed by the U.S. government or an agency of the U.S. government. PSEG also has investments in municipal bonds that are primarily in investment grade securities. It is not expected that these securities will settle

for less than their amortized cost. Since PSEG does not intend to sell these securities nor will it be more-likely-than-not required to sell, PSEG does not consider these debt securities to be other-than-temporarily impaired as of September 30, 2019.

(B)

Debt Securities (Corporate)—Unrealized gains and losses on these securities are recorded in Accumulated Other Comprehensive Income (Loss). PSEG’s investments in corporate bonds are primarily in investment grade securities. It is not expected that these securities would settle for less than their amortized cost. Since PSEG does not intend to sell these securities nor will it be more-likely-than-not required to sell, PSEG does not consider these debt securities to be other-than-temporarily impaired as of September 30, 2019.

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




	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2019			2018			2019			2018
	Millions
Proceeds from Rabbi Trust Sales (A)	$	43		$	33		$	129		$	80
Net Realized Gains (Losses) on Rabbi Trust:
Gross Realized Gains	$	3		$	—		$	5		$	2
Gross Realized Losses	(2		)	(1		)	(3		)	(3		)
Net Realized Gains (Losses) on Rabbi Trust (B)	1			(1		)	2			(1		)
Unrealized Gains (Losses) on Equity Securities in Rabbi Trust	1			2			4			2
Net Gains (Losses) on Rabbi Trust Investments	$	2		$	1		$	6		$	1

(A)Includes activity in accounts related to the liquidation of funds being transitioned to new managers.

(B)The cost of these securities was determined on the basis of specific identification.

The Rabbi Trust debt securities held as of September 30, 2019 had the following maturities:




Time Frame	Fair Value
	Millions
Less than one year	$	4
1 - 5 years	30
6 - 10 years	33
11 - 15 years	12
16 - 20 years	27
Over 20 years	115
Total Rabbi Trust Available-for-Sale Debt Securities	$	221

PSEG periodically assesses individual debt securities whose fair value is less than amortized cost to determine whether the investments are considered to be other-than-temporarily 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). 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.

The fair value of the Rabbi Trust related to PSEG, PSE&G and PSEG Power are detailed as follows:




	As of		As of
	September 30, 2019		December 31, 2018
	Millions
PSE&G	$	48	$	45
PSEG Power	62		56
Other	136		123
Total Rabbi Trust Investments	$	246	$	224

Schedule of Trust Investments [Line Items]

Trust Investments

Nuclear Decommissioning Trust (NDT) Fund

PSEG Power maintains an external master NDT to fund its share of decommissioning costs for its five nuclear facilities upon their respective termination of operation. The trust contains two separate funds: a qualified fund and a non-qualified fund. Section 468A of the Internal Revenue Code limits the amount of money that can be contributed into a qualified fund. The funds are managed by third-party investment managers who operate under investment guidelines developed by PSEG Power.

The following tables show the fair values and gross unrealized gains and losses for the securities held in the NDT Fund.




	As of September 30, 2019
	Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
	Millions
Equity Securities
Domestic	$	444	$	195	$	(7	)	$	632
International	387		71		(18		)	440
Total Equity Securities	831		266		(25		)	1,072
Available-for Sale Debt Securities
Government	544		22		—			566
Corporate	480		18		(2		)	496
Total Available-for-Sale Debt Securities	1,024		40		(2		)	1,062
Total NDT Fund Investments (A)	$	1,855	$	306	$	(27	)	$	2,134


(A)	The NDT Fund Investments table excludes foreign currency of $1 million as of September 30, 2019, which is part of the NDT Fund.




	As of December 31, 2018
	Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
	Millions
Equity Securities
Domestic	$	447	$	153	$	(29	)	$	571
International	323		36		(30		)	329
Total Equity Securities	770		189		(59		)	900
Available-for Sale Debt Securities
Government	498		2		(9		)	491
Corporate	501		1		(15		)	487
Total Available-for-Sale Debt Securities	999		3		(24		)	978
Total NDT Fund Investments	$	1,769	$	192	$	(83	)	$	1,878

Net unrealized gains (losses) on debt securities of $22 million (after-tax) were included in Accumulated Other Comprehensive Loss on PSEG’s and PSEG Power’s Condensed Consolidated Balance Sheets as of September 30, 2019. The portion of net unrealized gains (losses) recognized during the third quarter and first nine months of 2019 related to equity securities still held as of September 30, 2019 was $(9) million and $102 million, respectively.

The amounts in the preceding tables do not include receivables and payables for NDT Fund transactions which have not settled at the end of each period. Such amounts are included in Accounts Receivable and Accounts Payable on the Condensed Consolidated Balance Sheets as shown in the following table.




	As of		As of
	September 30, 2019		December 31, 2018
	Millions
Accounts Receivable	$	14	$	17
Accounts Payable	$	13	$	5

The following table shows the value of securities in the NDT Fund that have been in an unrealized loss position for less than and greater than 12 months.




	As of September 30, 2019										As of December 31, 2018
	Less Than 12 Months					Greater Than 12 Months					Less Than 12 Months					Greater Than 12 Months
	Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses
	Millions
Equity Securities (A)
Domestic	$	69	$	(5	)	$	6	$	(2	)	$	147	$	(26	)	$	5	$	(3	)
International	45		(4		)	39		(14		)	131		(28		)	5		(2		)
Total Equity Securities	114		(9		)	45		(16		)	278		(54		)	10		(5		)
Available-for Sale Debt Securities
Government (B)	36		—			43		—			51		—			317		(9		)
Corporate (C)	36		—			19		(2		)	150		(5		)	222		(10		)
Total Available-for-Sale Debt Securities	72		—			62		(2		)	201		(5		)	539		(19		)
NDT Trust Investments	$	186	$	(9	)	$	107	$	(18	)	$	479	$	(59	)	$	549	$	(24	)


(A)	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.

(B)

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. These investments are guaranteed by the U.S. government or an agency of the U.S. government. PSEG Power also has investments in municipal bonds that are primarily in investment grade securities. It is not expected that these securities will settle for less than their amortized cost. Since PSEG Power does not intend to sell these securities nor will it be more-likely-than-not required to sell, PSEG Power does not consider these debt securities to be other-than-temporarily impaired as of September 30, 2019.

(C)

Debt Securities (Corporate)—Unrealized gains and losses on these securities are recorded in Accumulated Other Comprehensive Income (Loss). PSEG Power’s investments in corporate bonds are primarily in investment grade securities. It is not expected that these securities would settle for less than their amortized cost. Since PSEG Power does not intend to sell these securities nor will it be more-likely-than-not required to sell, PSEG Power does not consider these debt securities to be other-than-temporarily impaired as of September 30, 2019.

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,
	2019			2018			2019			2018
	Millions
Proceeds from NDT Fund Sales (A)	$	365		$	231		$	1,245		$	1,005
Net Realized Gains (Losses) on NDT Fund
Gross Realized Gains	$	27		$	17		$	90		$	75
Gross Realized Losses	(11		)	(7		)	(43		)	(29		)
Net Realized Gains (Losses) on NDT Fund (B)	$	16		$	10		$	47		$	46
Unrealized Gains (Losses) on Equity Securities in NDT Fund	(21		)	$	34		111			(16		)
Net Gains (Losses) on NDT Fund Investments	$	(5	)	$	44		$	158		$	30

(A)Includes activity in accounts related to the liquidation of funds being transitioned to new managers.

(B)The cost of these securities was determined on the basis of specific identification.

The NDT Fund debt securities held as of September 30, 2019 had the following maturities:




Time Frame	Fair Value
	Millions
Less than one year	$	26
1 - 5 years	267
6 - 10 years	192
11 - 15 years	55
16 - 20 years	74
Over 20 years	448
Total NDT Available-for-Sale Debt Securities	$	1,062

PSEG Power periodically assesses individual debt securities whose fair value is less than amortized cost to determine whether the investments are considered to be other-than-temporarily 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 in the value of these securities would be recognized in Accumulated Other Comprehensive Income (Loss) unless the securities are sold, in which case, any gain would be recognized in income. 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.”

The following tables show the fair values, gross unrealized gains and losses and amortized cost basis for the securities held in the Rabbi Trust.




	As of September 30, 2019
	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	Millions
Domestic Equity Securities	$	20	$	5	$	—	$	25
Available-for-Sale Debt Securities
Government	101		8		—		109
Corporate	105		7		—		112
Total Available-for-Sale Debt Securities	206		15		—		221
Total Rabbi Trust Investments	$	226	$	20	$	—	$	246




	As of December 31, 2018
	Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
	Millions
Domestic Equity Securities	$	22	$	1	$	—		$	23
Available-for-Sale Debt Securities
Government	110		1		(2		)	109
Corporate	96		—		(4		)	92
Total Available-for-Sale Debt Securities	206		1		(6		)	201
Total Rabbi Trust Investments	$	228	$	2	$	(6	)	$	224

Net unrealized gains (losses) on debt securities of $11 million (after-tax) were included in Accumulated Other Comprehensive Loss on PSEG’s Condensed Consolidated Balance Sheet as of September 30, 2019. The portion of net unrealized gains (losses) recognized during the third quarter and first nine months of 2019 related to equity securities still held as of September 30, 2019 was less than $1 million and $4 million, respectively.

The amounts in the preceding tables do not include receivables and payables for Rabbi Trust Fund transactions which have not settled at the end of each period. Such amounts are included in Accounts Receivable and Accounts Payable on the Condensed Consolidated Balance Sheets as shown in the following table.




	As of		As of
	September 30, 2019		December 31, 2018
	Millions
Accounts Receivable	$	2	$	2
Accounts Payable	$	—	$	—

The following table shows the value of securities in the Rabbi Trust Fund that have been in an unrealized loss position for less than 12 months and greater than 12 months.




	As of September 30, 2019								As of December 31, 2018
	Less Than 12 Months				Greater Than 12 Months				Less Than 12 Months					Greater Than 12 Months
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses
	Millions
Available-for-Sale Debt Securities
Government (A)	$	10	$	—	$	5	$	—	$	18	$	—		$	59	$	(2	)
Corporate (B)	9		—		4		—		50		(3		)	29		(1		)
Total Available-for-Sale Debt Securities	19		—		9		—		68		(3		)	88		(3		)
Rabbi Trust Investments	$	19	$	—	$	9	$	—	$	68	$	(3	)	$	88	$	(3	)

(A)

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. These investments are guaranteed by the U.S. government or an agency of the U.S. government. PSEG also has investments in municipal bonds that are primarily in investment grade securities. It is not expected that these securities will settle

for less than their amortized cost. Since PSEG does not intend to sell these securities nor will it be more-likely-than-not required to sell, PSEG does not consider these debt securities to be other-than-temporarily impaired as of September 30, 2019.

(B)

Debt Securities (Corporate)—Unrealized gains and losses on these securities are recorded in Accumulated Other Comprehensive Income (Loss). PSEG’s investments in corporate bonds are primarily in investment grade securities. It is not expected that these securities would settle for less than their amortized cost. Since PSEG does not intend to sell these securities nor will it be more-likely-than-not required to sell, PSEG does not consider these debt securities to be other-than-temporarily impaired as of September 30, 2019.

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




	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2019			2018			2019			2018
	Millions
Proceeds from Rabbi Trust Sales (A)	$	43		$	33		$	129		$	80
Net Realized Gains (Losses) on Rabbi Trust:
Gross Realized Gains	$	3		$	—		$	5		$	2
Gross Realized Losses	(2		)	(1		)	(3		)	(3		)
Net Realized Gains (Losses) on Rabbi Trust (B)	1			(1		)	2			(1		)
Unrealized Gains (Losses) on Equity Securities in Rabbi Trust	1			2			4			2
Net Gains (Losses) on Rabbi Trust Investments	$	2		$	1		$	6		$	1

(A)Includes activity in accounts related to the liquidation of funds being transitioned to new managers.

(B)The cost of these securities was determined on the basis of specific identification.

The Rabbi Trust debt securities held as of September 30, 2019 had the following maturities:




Time Frame	Fair Value
	Millions
Less than one year	$	4
1 - 5 years	30
6 - 10 years	33
11 - 15 years	12
16 - 20 years	27
Over 20 years	115
Total Rabbi Trust Available-for-Sale Debt Securities	$	221

PSEG periodically assesses individual debt securities whose fair value is less than amortized cost to determine whether the investments are considered to be other-than-temporarily 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). 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.

The fair value of the Rabbi Trust related to PSEG, PSE&G and PSEG Power are detailed as follows:




	As of		As of
	September 30, 2019		December 31, 2018
	Millions
PSE&G	$	48	$	45
PSEG Power	62		56
Other	136		123
Total Rabbi Trust Investments	$	246	$	224