Trust Investments

12 Months Ended

Dec. 31, 2023

Schedule of Trust Investments [Line Items]

Trust Investments [Text Block]

Trust Investments

NDT Fund

In accordance with NRC regulations, entities owning an interest in nuclear generating facilities are required to determine the costs and funding methods necessary to decommission such facilities upon termination of operation. As a general practice, each nuclear owner places funds in independent external trust accounts it maintains to provide for decommissioning. PSEG Power is required to file periodic reports with the NRC demonstrating that its NDT Fund meets the formula-based minimum NRC funding requirements. 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. PSEG Power’s share of decommissioning costs related to its five nuclear units was estimated to be between $3.0 billion and $3.4 billion, including contingencies. The liability for decommissioning recorded on a discounted basis as of December 31, 2023 was approximately $1.1 billion and is included in the ARO. 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 December 31, 2023
	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	Millions
Equity Securities
Domestic	$	482	$	300	$	(2)	$	780
International	423		118		(11)		530
Total Equity Securities	905		418		(13)		1,310
Available-for-Sale Debt Securities
Government	759		4		(72)		691
Corporate	555		6		(39)		522
Total Available-for-Sale Debt Securities	1,314		10		(111)		1,213
Total NDT Fund Investments (A)	$	2,219	$	428	$	(124)	$	2,523

    (A)    The NDT Fund Investments table excludes cash and foreign currency of $1 million as of December 31, 2023,

        which is part of the NDT Fund.

	As of December 31, 2022
	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	Millions
Equity Securities
Domestic	$	476	$	232	$	(12)	$	696
International	336		68		(28)		376
Total Equity Securities	812		300		(40)		1,072
Available-for-Sale Debt Securities
Government	721		—		(94)		627
Corporate	597		1		(69)		529
Total Available-for-Sale Debt Securities	1,318		1		(163)		1,156
Total NDT Fund Investments (A)	$	2,130	$	301	$	(203)	$	2,228

(A)    The NDT Fund Investments table excludes cash and foreign currency of $2 million as of December 31, 2022, which is part of the NDT Fund.

Net unrealized gains (losses) on debt securities of $(59) million (after-tax) were included in Accumulated Other Comprehensive Loss on PSEG’s Consolidated Balance Sheet as of December 31, 2023. The portion of net unrealized gains (losses) recognized

during 2023 related to equity securities still held at the end of December 31, 2023 was $166 million.

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 Consolidated Balance Sheets as shown in the following table.

	As of December 31,
	2023		2022
	Millions
Accounts Receivable	$	19	$	14
Accounts Payable	$	6	$	6

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 December 31, 2023								As of December 31, 2022
	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	$	44	$	(1)	$	4	$	—	$	90	$	(10)	$	9	$	(2)
International	35		(4)		28		(8)		88		(12)		38		(16)
Total Equity Securities	79		(5)		32		(8)		178		(22)		47		(18)
Available-for-Sale Debt Securities
Government (B)	90		(1)		432		(71)		301		(27)		292		(67)
Corporate (C)	19		—		329		(39)		221		(21)		249		(48)
Total Available-for-Sale Debt Securities	109		(1)		761		(110)		522		(48)		541		(115)
NDT Trust Investments	$	188	$	(6)	$	793	$	(118)	$	700	$	(70)	$	588	$	(133)

(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. PSEG Power did not recognize credit losses for corporate bonds because they are primarily investment grade securities.

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

	Years Ended December 31,
	2023		2022		2021
	Millions
Proceeds from Sales (A)	$	1,685	$	1,521	$	1,930
Net Realized Gains (Losses):
Gross Realized Gains	$	142	$	86	$	236
Gross Realized Losses	(100)		(136)		(70)
Net Realized Gains (Losses) on NDT Fund (B)	42		(50)		166
Net Unrealized Gains (Losses) on Equity Securities	146		(205)		19
Net Gains (Losses) on NDT Fund Investments	$	188	$	(255)	$	185

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

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

The NDT Fund debt securities held as of December 31, 2023 had the following maturities:

Time Frame	Fair Value
	Millions
Less than one year	$	17
1 - 5 years	314
6 - 10 years	214
11 - 15 years	62
16 - 20 years	101
Over 20 years	505
Total NDT Available-for-Sale Debt Securities	$	1,213

PSEG Power periodically assesses individual debt securities whose fair value is less than amortized cost to determine whether the investments are 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 of the noncredit loss component of the impairment would be recorded through Accumulated Other Comprehensive Income (Loss). Any subsequent recoveries of the credit loss component would be recognized through earnings. 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 December 31, 2023
	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	Millions
Domestic Equity Securities	$	10	$	8	$	—	$	18
Available-for-Sale Debt Securities
Government	110		—		(19)		91
Corporate	80		—		(10)		70
Total Available-for-Sale Debt Securities	190		—		(29)		161
Total Rabbi Trust Investments	$	200	$	8	$	(29)	$	179

	As of December 31, 2022
	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	Millions
Domestic Equity Securities	$	14	$	6	$	—	$	20
Available-for-Sale Debt Securities
Government	110		—		(21)		89
Corporate	89		—		(15)		74
Total Available-for-Sale Debt Securities	199		—		(36)		163
Total Rabbi Trust Investments	$	213	$	6	$	(36)	$	183

Net unrealized gains (losses) on debt securities of $(21) million (after-tax) were included in Accumulated Other Comprehensive Loss on PSEG’s Consolidated Balance Sheet as of December 31, 2023. The portion of net unrealized gains (losses) recognized during 2023 related to equity securities still held at the end of December 31, 2023 was $2 million.

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 Consolidated Balance Sheets as shown in the following table.

	As of December 31,
	2023		2022
	Millions
Accounts Receivable	$	1	$	1
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 and greater than 12 months:

	As of December 31, 2023								As of December 31, 2022
	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)	$	3	$	—	$	83	$	(19)	$	32	$	(5)	$	57	$	(16)
Corporate (B)	3		—		60		(10)		35		(5)		39		(10)
Total Available-for-Sale Debt Securities	6		—		143		(29)		67		(10)		96		(26)
Rabbi Trust Investments	$	6	$	—	$	143	$	(29)	$	67	$	(10)	$	96	$	(26)

(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 corporate bonds because they are primarily investment grade.

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

	Years Ended December 31,
	2023		2022		2021
	Millions
Proceeds from Rabbi Trust Sales	$	29	$	65	$	170
Net Realized Gains (Losses):
Gross Realized Gains	$	5	$	5	$	16
Gross Realized Losses	(6)		(9)		(8)
Net Realized Gains (Losses) on Rabbi Trust (A)	(1)		(4)		8
Net Unrealized Gains (Losses) on Equity Securities	2		(6)		1
Net Gains (Losses) on Rabbi Trust Investments	$	1	$	(10)	$	9

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

The Rabbi Trust debt securities held as of December 31, 2023 had the following maturities:

Time Frame	Fair Value
	Millions
Less than one year	$	8
1 - 5 years	27
6 - 10 years	16
11 - 15 years	10
16 - 20 years	20
Over 20 years	80
Total Rabbi Trust Available-for-Sale Debt Securities	$	161

PSEG periodically assesses individual debt securities whose fair value is less than amortized cost to determine whether the investments are considered to be 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 of the noncredit loss component of the impairment would be recorded through Accumulated Other Comprehensive Income (Loss). Any subsequent recoveries of the credit loss component would be recognized through earnings. 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 and PSE&G are detailed as follows:

	As of December 31,		As of December 31,
	2023		2022
	Millions
PSE&G	$	32	$	32
PSEG Power & Other	147		151
Total Rabbi Trust Investments	$	179	$	183

Public Service Electric and Gas Company

Schedule of Trust Investments [Line Items]

Trust Investments [Text Block]

Trust Investments

NDT Fund

In accordance with NRC regulations, entities owning an interest in nuclear generating facilities are required to determine the costs and funding methods necessary to decommission such facilities upon termination of operation. As a general practice, each nuclear owner places funds in independent external trust accounts it maintains to provide for decommissioning. PSEG Power is required to file periodic reports with the NRC demonstrating that its NDT Fund meets the formula-based minimum NRC funding requirements. 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. PSEG Power’s share of decommissioning costs related to its five nuclear units was estimated to be between $3.0 billion and $3.4 billion, including contingencies. The liability for decommissioning recorded on a discounted basis as of December 31, 2023 was approximately $1.1 billion and is included in the ARO. 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 December 31, 2023
	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	Millions
Equity Securities
Domestic	$	482	$	300	$	(2)	$	780
International	423		118		(11)		530
Total Equity Securities	905		418		(13)		1,310
Available-for-Sale Debt Securities
Government	759		4		(72)		691
Corporate	555		6		(39)		522
Total Available-for-Sale Debt Securities	1,314		10		(111)		1,213
Total NDT Fund Investments (A)	$	2,219	$	428	$	(124)	$	2,523

    (A)    The NDT Fund Investments table excludes cash and foreign currency of $1 million as of December 31, 2023,

        which is part of the NDT Fund.

	As of December 31, 2022
	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	Millions
Equity Securities
Domestic	$	476	$	232	$	(12)	$	696
International	336		68		(28)		376
Total Equity Securities	812		300		(40)		1,072
Available-for-Sale Debt Securities
Government	721		—		(94)		627
Corporate	597		1		(69)		529
Total Available-for-Sale Debt Securities	1,318		1		(163)		1,156
Total NDT Fund Investments (A)	$	2,130	$	301	$	(203)	$	2,228

(A)    The NDT Fund Investments table excludes cash and foreign currency of $2 million as of December 31, 2022, which is part of the NDT Fund.

Net unrealized gains (losses) on debt securities of $(59) million (after-tax) were included in Accumulated Other Comprehensive Loss on PSEG’s Consolidated Balance Sheet as of December 31, 2023. The portion of net unrealized gains (losses) recognized

during 2023 related to equity securities still held at the end of December 31, 2023 was $166 million.

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 Consolidated Balance Sheets as shown in the following table.

	As of December 31,
	2023		2022
	Millions
Accounts Receivable	$	19	$	14
Accounts Payable	$	6	$	6

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 December 31, 2023								As of December 31, 2022
	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	$	44	$	(1)	$	4	$	—	$	90	$	(10)	$	9	$	(2)
International	35		(4)		28		(8)		88		(12)		38		(16)
Total Equity Securities	79		(5)		32		(8)		178		(22)		47		(18)
Available-for-Sale Debt Securities
Government (B)	90		(1)		432		(71)		301		(27)		292		(67)
Corporate (C)	19		—		329		(39)		221		(21)		249		(48)
Total Available-for-Sale Debt Securities	109		(1)		761		(110)		522		(48)		541		(115)
NDT Trust Investments	$	188	$	(6)	$	793	$	(118)	$	700	$	(70)	$	588	$	(133)

(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. PSEG Power did not recognize credit losses for corporate bonds because they are primarily investment grade securities.

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

	Years Ended December 31,
	2023		2022		2021
	Millions
Proceeds from Sales (A)	$	1,685	$	1,521	$	1,930
Net Realized Gains (Losses):
Gross Realized Gains	$	142	$	86	$	236
Gross Realized Losses	(100)		(136)		(70)
Net Realized Gains (Losses) on NDT Fund (B)	42		(50)		166
Net Unrealized Gains (Losses) on Equity Securities	146		(205)		19
Net Gains (Losses) on NDT Fund Investments	$	188	$	(255)	$	185

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

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

The NDT Fund debt securities held as of December 31, 2023 had the following maturities:

Time Frame	Fair Value
	Millions
Less than one year	$	17
1 - 5 years	314
6 - 10 years	214
11 - 15 years	62
16 - 20 years	101
Over 20 years	505
Total NDT Available-for-Sale Debt Securities	$	1,213

PSEG Power periodically assesses individual debt securities whose fair value is less than amortized cost to determine whether the investments are 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 of the noncredit loss component of the impairment would be recorded through Accumulated Other Comprehensive Income (Loss). Any subsequent recoveries of the credit loss component would be recognized through earnings. 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 December 31, 2023
	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	Millions
Domestic Equity Securities	$	10	$	8	$	—	$	18
Available-for-Sale Debt Securities
Government	110		—		(19)		91
Corporate	80		—		(10)		70
Total Available-for-Sale Debt Securities	190		—		(29)		161
Total Rabbi Trust Investments	$	200	$	8	$	(29)	$	179

	As of December 31, 2022
	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	Millions
Domestic Equity Securities	$	14	$	6	$	—	$	20
Available-for-Sale Debt Securities
Government	110		—		(21)		89
Corporate	89		—		(15)		74
Total Available-for-Sale Debt Securities	199		—		(36)		163
Total Rabbi Trust Investments	$	213	$	6	$	(36)	$	183

Net unrealized gains (losses) on debt securities of $(21) million (after-tax) were included in Accumulated Other Comprehensive Loss on PSEG’s Consolidated Balance Sheet as of December 31, 2023. The portion of net unrealized gains (losses) recognized during 2023 related to equity securities still held at the end of December 31, 2023 was $2 million.

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 Consolidated Balance Sheets as shown in the following table.

	As of December 31,
	2023		2022
	Millions
Accounts Receivable	$	1	$	1
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 and greater than 12 months:

	As of December 31, 2023								As of December 31, 2022
	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)	$	3	$	—	$	83	$	(19)	$	32	$	(5)	$	57	$	(16)
Corporate (B)	3		—		60		(10)		35		(5)		39		(10)
Total Available-for-Sale Debt Securities	6		—		143		(29)		67		(10)		96		(26)
Rabbi Trust Investments	$	6	$	—	$	143	$	(29)	$	67	$	(10)	$	96	$	(26)

(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 corporate bonds because they are primarily investment grade.

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

	Years Ended December 31,
	2023		2022		2021
	Millions
Proceeds from Rabbi Trust Sales	$	29	$	65	$	170
Net Realized Gains (Losses):
Gross Realized Gains	$	5	$	5	$	16
Gross Realized Losses	(6)		(9)		(8)
Net Realized Gains (Losses) on Rabbi Trust (A)	(1)		(4)		8
Net Unrealized Gains (Losses) on Equity Securities	2		(6)		1
Net Gains (Losses) on Rabbi Trust Investments	$	1	$	(10)	$	9

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

The Rabbi Trust debt securities held as of December 31, 2023 had the following maturities:

Time Frame	Fair Value
	Millions
Less than one year	$	8
1 - 5 years	27
6 - 10 years	16
11 - 15 years	10
16 - 20 years	20
Over 20 years	80
Total Rabbi Trust Available-for-Sale Debt Securities	$	161

PSEG periodically assesses individual debt securities whose fair value is less than amortized cost to determine whether the investments are considered to be 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 of the noncredit loss component of the impairment would be recorded through Accumulated Other Comprehensive Income (Loss). Any subsequent recoveries of the credit loss component would be recognized through earnings. 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 and PSE&G are detailed as follows:

	As of December 31,		As of December 31,
	2023		2022
	Millions
PSE&G	$	32	$	32
PSEG Power & Other	147		151
Total Rabbi Trust Investments	$	179	$	183