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Pension, OPEB and Savings Plans (Tables)

12 Months Ended

Dec. 31, 2021

Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [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, 2021 and 2020. 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
	2021		2020		2021		2020
	Millions
Change in Benefit Obligation
Benefit Obligation at Beginning of Year (A)	$	7,507	$	6,892	$	1,306	$	1,285
Service Cost	151		141		9		9
Interest Cost	140		192		22		34
Actuarial (Gain) Loss (B)	(199)		615		(90)		32
Gross Benefits Paid	(359)		(333)		(50)		(50)
Plan Amendments	—		—		—		(4)

Benefit Obligation at End of Year (A)	$	7,240	$	7,507	$	1,197	$	1,306
Change in Plan Assets
Fair Value of Assets at Beginning of Year	$	6,368	$	5,929	$	564	$	540
Actual Return on Plan Assets	886		761		79		70
Employer Contributions	11		11		13		4
Gross Benefits Paid	(359)		(333)		(50)		(50)

Fair Value of Assets at End of Year	$	6,906	$	6,368	$	606	$	564
Funded Status
Funded Status (Plan Assets less Benefit Obligation)	$	(334)	$	(1,139)	$	(591)	$	(742)
Additional Amounts Recognized in the Consolidated Balance Sheets
Current Accrued Benefit Cost (C)	$	(16)	$	(11)	$	(19)	$	(12)
Noncurrent Accrued Benefit Cost	(318)		(1,128)		(572)		(730)
Amounts Recognized	$	(334)	$	(1,139)	$	(591)	$	(742)
Additional Amounts Recognized in Accumulated Other Comprehensive Income (Loss), Regulated Assets and Deferred Assets (D)
Prior Service Credit	$	—	$	—	$	(181)	$	(310)
Net Actuarial Loss	1,643		2,354		193		364
Total	$	1,643	$	2,354	$	12	$	54

(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 2021 was due primarily to an increase in the discount rate. For OPEB, the net actuarial gain in 2021 was due primarily to an increase in the discount rate coupled with lower than expected claims experience. For pension benefits, the net actuarial loss in 2020 was due primarily to a decrease in the discount rate. For OPEB, the net actuarial loss in 2020 was due primarily to a decrease in the discount rate, partially offset by actuarial gains driven by lower than expected claims experience.

(C)Includes ($5) million and ($7) million for pension benefits and other benefits, respectively, as of December 31, 2021 classified as Held for Sale. For additional information, see Note 4. Early Plant Retirements/Asset Dispositions and Impairments.

(D)Includes $495 million ($355 million, after-tax) and $760 million ($545 million, after-tax) in Accumulated Other Comprehensive Loss related to Pension and OPEB as of December 31, 2021 and 2020, respectively. Also includes Regulatory Assets of $1,043 million and Deferred Assets of $117 million as of December 31, 2021 and Regulatory Assets of $1,489 million and Deferred Assets of $159 million as of December 31, 2020.

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, 2021 and 2020. 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
	2021		2020		2021		2020
	Millions
Change in Benefit Obligation
Benefit Obligation at Beginning of Year (A)	$	569	$	453	$	699	$	626
Service Cost	38		33		23		20
Interest Cost	14		14		18		20
Actuarial (Gain) Loss (B)	(18)		74		(89)		42
Gross Benefits Paid	(7)		(5)		(11)		(9)
Plan Amendments	—		—		—		—
Benefit Obligation at End of Year (A)	$	596	$	569	$	640	$	699
Change in Plan Assets
Fair Value of Assets at Beginning of Year	$	343	$	282	$	—	$	—
Actual Return on Plan Assets	49		36		—		—
Employer Contributions	37		30		11		9
Gross Benefits Paid	(7)		(5)		(11)		(9)
Fair Value of Assets at End of Year	$	422	$	343	$	—	$	—
Funded Status
Funded Status (Plan Assets less Benefit Obligation)	$	(174)	$	(226)	$	(640)	$	(699)
Additional Amounts Recognized in the Consolidated Balance Sheets
Accrued Pension Costs of Servco	$	(174)	$	(226)	N/A		N/A
OPEB Costs of Servco	N/A		N/A		(640)		(699)
Amounts Recognized (C)	$	(174)	$	(226)	$	(640)	$	(699)

(B)For pension benefits, the net actuarial gain in 2021 was due primarily to an increase in the discount rate. For OPEB, the net actuarial gain in 2021 was due primarily to updated assumptions. For pension benefits, the net actuarial loss in 2020 was due primarily to a decrease in the discount rate. For OPEB, the net actuarial loss in 2020 was due primarily to a decrease in the discount rate, partially offset by actuarial gains driven by lower than expected participation experience.

(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.

Components Of Net Periodic Benefit Cost

The following table provides the components of net periodic benefit cost relating to all qualified and nonqualified pension and OPEB plans on an aggregate basis for PSEG, excluding Servco for the years ended December 31, 2021, 2020 and 2019. Amounts shown do not reflect the impacts of capitalization and co-owner allocations. Only the service cost component is eligible for capitalization, when applicable.



	Pension Benefits Years Ended December 31,						Other Benefits Years Ended December 31,
	2021		2020		2019		2021		2020		2019
	Millions
Components of Net Periodic Benefit (Credits) Costs
Service Cost (included in O&M Expense)	$	151	$	141	$	123	$	9	$	9	$	10
Non-Service Components of Pension and OPEB (Credits) Costs
Interest Cost	140		192		218		22		34		45
Expected Return on Plan Assets	(476)		(443)		(408)		(42)		(39)		(36)
Amortization of Net
Prior Service Credit	—		(10)		(18)		(129)		(128)		(128)
Actuarial Loss	103		92		96		44		47		50
Non-Service Components of Pension and OPEB (Credits) Costs	(233)		(169)		(112)		(105)		(86)		(69)
Total Benefit (Credits) Costs	$	(82)	$	(28)	$	11	$	(96)	$	(77)	$	(59)

Schedule Of Pension And OPEB Costs

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



	Pension Benefits Years Ended December 31,						Other Benefits Years Ended December 31,
	2021		2020		2019		2021		2020		2019
	Millions
PSE&G	$	(64)	$	(27)	$	—	$	(92)	$	(76)	$	(62)
Other	(18)		(1)		11		(4)		(1)		3
Total Benefit (Credits) Costs	$	(82)	$	(28)	$	11	$	(96)	$	(77)	$	(59)

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
	2021		2020		2021		2020
	Millions
Net Actuarial (Gain) Loss in Current Period	$	(608)	$	296	$	(127)	$	2
Amortization of Net Actuarial Gain (Loss)	(103)		(92)		(44)		(47)
Prior Service Cost (Credit) in Current Period	—		—		—		(5)
Amortization of Prior Service Credit	—		10		129		128
Total	$	(711)	$	214	$	(42)	$	78

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

Schedule of Assumptions Used

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



	Pension Benefits						Other Benefits
	2021		2020		2019		2021		2020		2019
Weighted-Average Assumptions Used to Determine Benefit Obligations as of December 31
Discount Rate	2.94	%	2.61	%	3.30	%	2.82	%	2.46	%	3.20	%
Rate of Compensation Increase	4.40	%	4.40	%	3.90	%	4.40	%	4.40	%	3.90	%
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	2.61	%	3.30	%	4.41	%	2.46	%	3.20	%	4.31	%
Service Cost Interest Rate	2.94	%	3.49	%	4.58	%	2.76	%	3.50	%	4.48	%
Interest Cost Interest Rate	1.91	%	2.87	%	4.03	%	1.70	%	2.87	%	3.91	%
Expected Return on Plan Assets	7.70	%	7.70	%	7.80	%	7.69	%	7.70	%	7.79	%
Rate of Compensation Increase	4.40	%	3.90	%	3.90	%	4.40	%	3.90	%	3.90	%
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							6.14	%	6.37	%	6.68	%
Ultimate Rate							4.75	%	4.75	%	4.75	%
Year Ultimate Rate Reached							2029		2029		2029

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



	Pension Benefits						Other Benefits
	2021		2020		2019		2021		2020		2019
Weighted-Average Assumptions Used to Determine Benefit Obligations as of December 31
Discount Rate	3.21	%	2.98	%	3.52	%	3.28	%	3.08	%	3.60	%
Rate of Compensation Increase	3.95	%	3.95	%	3.25	%	3.95	%	3.95	%	3.25	%
Cash Balance Interest Crediting Rate	3.75	%	3.75	%	3.75	%	N/A		N/A		N/A
Assumed Health Care Cost Trend Rates as of December 31
Health Care Costs
Immediate Rate							6.48	%	6.70	%	6.94	%
Ultimate Rate							4.75	%	4.75	%	4.75	%
Year Ultimate Rate Reached							2029		2029		2029

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, 2021 and 2020, including the fair value measurements and the levels of inputs used in determining those fair values.



	Recurring Fair Value Measurements as of December 31, 2021
			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)	$	45	$	45	$	—	$	—
Equity Securities
Common Stock (B)	1,959		1,959		—		—
Commingled (C)	1,948		1,085		863		—
Preferred Stock (B)	2		2		—		—
Other (D)	2		2		—		—
Debt Securities (E)
U.S. Treasury	1,761		—		1,761		—


Commingled	4		4		—		—
Subtotal Fair Value	$	5,721	$	3,097	$	2,624	$	—
Measured at net asset value practical expedient
Commingled—Equities (F)	1,403
Real Estate Investment (G)	372
Private Equity (H)	3
Total Fair Value (I)	$	7,499



	Recurring Fair Value Measurements as of December 31, 2020
			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)	$	85	$	85	$	—	$	—
Equity Securities
Common Stock (B)	1,763		1,763		—		—
Commingled (C)	1,964		1,025		939		—
Preferred Stock (B)	10		10		—		—
Other (D)	1		1		—		—
Debt Securities (E)
U.S. Treasury	419		—		419		—
Government—Other	258		—		258		—
Corporate	823		—		823		—
Commingled	4		4		—		—
Subtotal Fair Value	$	5,327	$	2,888	$	2,439	$	—
Measured at net asset value practical expedient
Commingled—Equities (F)	1,283
Real Estate Investment (G)	306
Private Equity (H)	5
Total Fair Value (I)	$	6,921

(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 and preferred stocks are measured using observable data in active markets and considered Level 1.

(C)Commingled Funds that allow daily redemption at their daily published NAV without restrictions are classified as Level 1. 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)Investment in a publicly traded limited partnership.

(E)Debt securities include mainly investment grade corporate and municipal bonds, U.S. Treasury obligations and Federal Agency asset-backed securities with a wide range of maturities. 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.

(F)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.

(G)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.

(H)Private equity investments primarily include various limited partnerships that invest in either operating companies through acquisitions or developing a portfolio of non-U.S. distressed investments to maximize total return on capital. These investments are valued at NAV (or its equivalent) on a quarterly basis and have significant redemption restrictions preventing redemption until fund liquidation and limited ability to sell these investments. Fund liquidation is not expected to occur for several more years. These investments are not included in the fair value hierarchy in accordance with the guidance on NAV practical expedient.

(I)Excludes net receivables of $11 million and $10 million as of December 31, 2021 and 2020, 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 $2 million and $1 million as of December 31, 2021 and 2020, respectively.

The following tables present information about Servco’s investments measured at fair value on a recurring basis as of December 31, 2021 and 2020, including the fair value measurements and the levels of inputs used in determining those fair values.



	Recurring Fair Value Measurements as of December 31, 2021
			Quoted Market Prices for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
Description	Total		(Level 1)		(Level 2)		(Level 3)
	Millions
Cash Equivalents	$	1	$	1	$	—	$	—
Equity Securities
Common Stock (A)	34		34		—		—
Commingled (B)	285		—		285		—
Commingled Bonds (B)	102		—		102		—
Total	$	422	$	35	$	387	$	—



	Recurring Fair Value Measurements as of December 31, 2020
			Quoted Market Prices for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
Description	Total		(Level 1)		(Level 2)		(Level 3)
	Millions
Cash Equivalents	$	1	$	1	$	—	$	—
Commingled Equities (B)	259		—		259		—
Commingled Bonds (B)	83		—		83		—
Total	$	343	$	1	$	342	$	—

(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 Effect of Significant Unobservable Inputs, Changes in Plan Assets



	Recurring Fair Value Measurements as of December 31, 2021
			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)	$	45	$	45	$	—	$	—
Equity Securities
Common Stock (B)	1,959		1,959		—		—
Commingled (C)	1,948		1,085		863		—
Preferred Stock (B)	2		2		—		—
Other (D)	2		2		—		—
Debt Securities (E)
U.S. Treasury	1,761		—		1,761		—


Commingled	4		4		—		—
Subtotal Fair Value	$	5,721	$	3,097	$	2,624	$	—
Measured at net asset value practical expedient
Commingled—Equities (F)	1,403
Real Estate Investment (G)	372
Private Equity (H)	3
Total Fair Value (I)	$	7,499



	Recurring Fair Value Measurements as of December 31, 2020
			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)	$	85	$	85	$	—	$	—
Equity Securities
Common Stock (B)	1,763		1,763		—		—
Commingled (C)	1,964		1,025		939		—
Preferred Stock (B)	10		10		—		—
Other (D)	1		1		—		—
Debt Securities (E)
U.S. Treasury	419		—		419		—
Government—Other	258		—		258		—
Corporate	823		—		823		—
Commingled	4		4		—		—
Subtotal Fair Value	$	5,327	$	2,888	$	2,439	$	—
Measured at net asset value practical expedient
Commingled—Equities (F)	1,283
Real Estate Investment (G)	306
Private Equity (H)	5
Total Fair Value (I)	$	6,921

(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 and preferred stocks are measured using observable data in active markets and considered Level 1.

(D)Investment in a publicly traded limited partnership.

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	2021		2020
Equity Securities	71	%	72	%
Debt Securities	23		22
Other Investments	6		6
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	2021		2020
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
2022	$	402	$	82
2023	386		82
2024	397		82
2025	405		81
2026	414		80
2027-2031	2,154		368
Total	$	4,158	$	775

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



Year	Pension Benefits		Other Benefits
	Millions
2022	$	10	$	9
2023	12		11
2024	14		13
2025	17		14
2026	19		16
2027-2031	136		104
Total	$	208	$	167

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,
	2021		2020		2019
	Millions
PSE&G	$	28	$	27	$	25
Other	16		16		15
Total Employer Matching Contributions	$	44	$	43	$	40