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Trust Investments (Tables)
 6 Months Ended
Jun. 30, 2020
Schedule of Trust Investments [Line Items]  
Fair Values And Gross Unrealized Gains And Losses For The Securities Held In The NDT Fund
The following tables show the fair values and gross unrealized gains and losses for the securities held in the NDT Fund.
 
 
 
 
 
 
 
 
 
 
 
 
As of June 30, 2020
 
 
 
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair
Value
 
 
 
Millions
 
 
Equity Securities
 
 
 
 
 
 
 
 
 
Domestic
$
436

 
$
244

 
$
(11
)
 
$
669

 
 
International
395

 
79

 
(26
)
 
448

 
 
Total Equity Securities
831

 
323

 
(37
)
 
1,117

 
 
Available-for-Sale Debt Securities
 
 
 
 
 
 
 
 
 
Government
513

 
33

 
—

 
546

 
 
Corporate
554

 
35

 
(2
)
 
587

 
 
Total Available-for-Sale Debt Securities
1,067

 
68

 
(2
)
 
1,133

 
 
Total NDT Fund Investments (A)
$
1,898

 
$
391

 
$
(39
)
 
$
2,250

 
 
 
 
 
 
 
 
 
 
 
(A)
The NDT Fund Investments table excludes foreign currency of $1 million as of June 30, 2020, which is part of the NDT Fund.
 
 
 
 
 
 
 
 
 
 
 
 
As of December 31, 2019
 
 
 
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair
Value
 
 
 
Millions
 
 
Equity Securities
 
 
 
 
 
 
 
 
 
Domestic
$
425

 
$
238

 
$
(4
)
 
$
659

 
 
International
400

 
103

 
(11
)
 
492

 
 
Total Equity Securities
825

 
341

 
(15
)
 
1,151

 
 
Available-for-Sale Debt Securities
 
 
 
 
 
 
 
 
 
Government
563

 
16

 
(2
)
 
577

 
 
Corporate
470

 
17

 
(1
)
 
486

 
 
Total Available-for-Sale Debt Securities
1,033

 
33

 
(3
)
 
1,063

 
 
Total NDT Fund Investments (A)
$
1,858

 
$
374

 
$
(18
)
 
$
2,214

 
 
 
 
 
 
 
 
 
 
 
Schedule Of Accounts Receivable And Accounts Payable in the NDT Funds
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
 
 
 
June 30,
2020
 
December 31,
2019
 
 
 
Millions
 
 
Accounts Receivable
$
13

 
$
11

 
 
Accounts Payable
$
17

 
$
11

 
 
 
 
 
 
 
Value Of Securities That Have Been In An Unrealized Loss Position For Less Than And Greater Than 12 Months
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 June 30, 2020
 
As of December 31, 2019
 
 
 
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
$
53

 
$
(7
)
 
$
5

 
$
(4
)
 
$
21

 
$
(1
)
 
$
6

 
$
(3
)
 
 
International
77

 
(15
)
 
23

 
(11
)
 
28

 
(2
)
 
34

 
(9
)
 
 
Total Equity Securities
130

 
(22
)
 
28

 
(15
)
 
49

 
(3
)
 
40

 
(12
)
 
 
Available-for-Sale Debt Securities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Government (B)
19

 
—

 
1

 
—

 
99

 
(2
)
 
30

 
—

 
 
Corporate (C)
46

 
(2
)
 
9

 
—

 
49

 
—

 
12

 
(1
)
 
 
Total Available-for-Sale Debt Securities
65

 
(2
)
 
10

 
—

 
148

 
(2
)
 
42

 
(1
)
 
 
NDT Trust Investments
$
195

 
$
(24
)
 
$
38

 
$
(15
)
 
$
197

 
$
(5
)
 
$
82

 
$
(13
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(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. 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.
(C)
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.
Proceeds From The Sales Of And The Net Realized Gains On Securities In The NDT Funds And Rabbi Trusts
The proceeds from the sales of and the net gains (losses) on securities in the NDT Fund were:
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended
 
Six Months Ended
 
 
 
June 30,
 
June 30,
 
 
 
2020
 
2019
 
2020
 
2019
 
 
 
Millions
 
 
Proceeds from NDT Fund Sales (A)
$
493

 
$
427

 
$
1,048

 
$
880

 
 
Net Realized Gains (Losses) on NDT Fund
 
 
 
 
 
 
 
 
 
Gross Realized Gains
$
32

 
$
18

 
$
70

 
$
63

 
 
Gross Realized Losses
(20
)
 
(13
)
 
(54
)
 
(32
)
 
 
Net Realized Gains (Losses) on NDT Fund (B)
$
12

 
$
5

 
$
16

 
$
31

 
 
Unrealized Gains (Losses) on Equity Securities
182

 
33

 
(39
)
 
132

 
 
Impairment of Available-for-Sale Debt Securities (C)
—

 
—

 
(3
)
 
—

 
 
Net Gains (Losses) on NDT Fund Investments
$
194

 
$
38

 
$
(26
)
 
$
163

 
 
 
 
 
 
 
 
 
 
 
(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.
Amount Of Available-For-Sale Debt Securities By Maturity Periods
The NDT Fund debt securities held as of June 30, 2020 had the following maturities:
 
 
 
 
 
 
Time Frame
 
Fair Value
 
 
 
 
Millions
 
 
Less than one year
 
$
23

 
 
1 - 5 years
 
257

 
 
6 - 10 years
 
220

 
 
11 - 15 years
 
75

 
 
16 - 20 years
 
71

 
 
Over 20 years
 
487

 
 
Total NDT Available-for-Sale Debt Securities
$
1,133

 
 
 
 
 
 
Rabbi Trust [Member]  
Schedule of Trust Investments [Line Items]  
Value Of Securities That Have Been In An Unrealized Loss Position For Less Than And Greater Than 12 Months
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 June 30, 2020
 
As of December 31, 2019
 
 
 
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)
$
6

 
$
—

 
$
1

 
$
—

 
$
26

 
$
—

 
$
3

 
$
—

 
 
Corporate (B)
9

 
—

 
1

 
—

 
11

 
—

 
2

 
—

 
 
Total Available-for-Sale Debt Securities
15

 
—

 
2

 
—

 
37

 
—

 
5

 
—

 
 
Rabbi Trust Investments
$
15

 
$
—

 
$
2

 
$
—

 
$
37

 
$
—

 
$
5

 
$
—

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

(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. 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.
(B)
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 these corporate bonds because they are primarily investment grade.
Securities Held In The Rabbi Trusts
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 June 30, 2020
 
 
 
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair
Value
 
 
 
Millions
 
 
Domestic Equity Securities
$
21

 
$
5

 
$
—

 
$
26

 
 
Available-for-Sale Debt Securities
 
 
 
 
 
 
 
 
 
Government
87

 
10

 
—

 
97

 
 
Corporate
125

 
11

 
—

 
136

 
 
Total Available-for-Sale Debt Securities
212

 
21

 
—

 
233

 
 
Total Rabbi Trust Investments
$
233

 
$
26

 
$
—

 
$
259

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
As of December 31, 2019
 
 
 
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair
Value
 
 
 
Millions
 
 
Domestic Equity Securities
$
21

 
$
7

 
$
—

 
$
28

 
 
Available-for-Sale Debt Securities
 
 
 
 
 
 
 
 
 
Government
100

 
4

 
—

 
104

 
 
Corporate
107

 
7

 
—

 
114

 
 
Total Available-for-Sale Debt Securities
207

 
11

 
—

 
218

 
 
Total Rabbi Trust Investments
$
228

 
$
18

 
$
—

 
$
246

 
 
 
 
 
 
 
 
 
 
 
Schedule of Accounts Receivable and Accounts Payable in the Rabbi Trust Funds [Table Text Block]
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
 
 
 
June 30,
2020
 
December 31,
2019
 
 
 
Millions
 
 
Accounts Receivable
$
1

 
$
2

 
 
Accounts Payable
$
—

 
$
—

 
 
 
 
 
 
 
Proceeds From The Sales Of And The Net Realized Gains On Securities In The NDT Funds And Rabbi Trusts
The proceeds from the sales of and the net gains (losses) on securities in the Rabbi Trust Fund were:
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended
 
Six Months Ended
 
 
 
June 30,
 
June 30,
 
 
 
2020
 
2019
 
2020
 
2019
 
 
 
Millions
 
 
Proceeds from Rabbi Trust Sales (A)
$
61

 
$
42

 
$
115

 
$
86

 
 
Net Realized Gains (Losses) on Rabbi Trust:
 
 
 
 
 
 
 
 
 
Gross Realized Gains
$
5

 
$
1

 
$
10

 
$
2

 
 
Gross Realized Losses
(2
)
 
—

 
(3
)
 
(1
)
 
 
Net Realized Gains (Losses) on Rabbi Trust (B)
3

 
1

 
7

 
1

 
 
Unrealized Gains (Losses) on Equity Securities
4

 
—

 
(1
)
 
3

 
 
Net Gains (Losses) on Rabbi Trust Investments
$
7

 
$
1

 
$
6

 
$
4

 
 
 
 
 
 
 
 
 
 
 

(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.
Amount Of Available-For-Sale Debt Securities By Maturity Periods
The Rabbi Trust debt securities held as of June 30, 2020 had the following maturities:
 
 
 
 
 
 
Time Frame
 
Fair Value
 
 
 
 
Millions
 
 
Less than one year
 
$
1

 
 
1 - 5 years
 
32

 
 
6 - 10 years
 
32

 
 
11 - 15 years
 
16

 
 
16 - 20 years
 
32

 
 
Over 20 years
 
120

 
 
Total Rabbi Trust Available-for-Sale Debt Securities
$
233

 
 
 
 
 
 
Fair Value Of The Rabbi Trusts
The fair value of the Rabbi Trust related to PSEG, PSE&G and PSEG Power are detailed as follows:
 
 
 
 
 
 
 
 
As of
 
As of
 
 
 
June 30,
2020
 
December 31,
2019
 
 
 
Millions
 
 
PSE&G
$
50

 
$
48

 
 
PSEG Power
65

 
62

 
 
Other
144

 
136

 
 
Total Rabbi Trust Investments
$
259

 
$
246