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Pension, OPEB and Savings Plans (Tables)

12 Months Ended

Dec. 31, 2023

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, 2023 and 2022. 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
	2023		2022		2023		2022
	Millions
Change in Benefit Obligation
Benefit Obligation at Beginning of Year (A)	$	5,628	$	7,240	$	851	$	1,197
Service Cost	90		142		3		6
Interest Cost	259		167		41		26
Actuarial (Gain) Loss (B)	103		(1,517)		(30)		(314)
Gross Benefits Paid	(352)		(382)		(68)		(61)
Settlements	(970)		—		—		—
Other	—		(22)		5		(3)
Benefit Obligation at End of Year (A)	$	4,758	$	5,628	$	802	$	851
Change in Plan Assets
Fair Value of Assets at Beginning of Year	$	4,911	$	6,906	$	429	$	606
Actual Return on Plan Assets	539		(1,606)		51		(139)
Employer Contributions	12		11		28		23
Gross Benefits Paid	(352)		(382)		(68)		(61)
Settlements	(970)		—		—		—
Other	—		(18)		—		—
Fair Value of Assets at End of Year	$	4,140	$	4,911	$	440	$	429
Funded Status
Funded Status (Plan Assets less Benefit Obligation)	$	(618)	$	(717)	$	(362)	$	(422)
Additional Amounts Recognized in the Consolidated Balance Sheets
Current Accrued Benefit Cost	$	(12)	$	(12)	$	(13)	$	(12)
Noncurrent Accrued Benefit Cost	(606)		(705)		(349)		(410)
Amounts Recognized	$	(618)	$	(717)	$	(362)	$	(422)
Additional Amounts Recognized in Accumulated Other Comprehensive Income (Loss), Regulated Assets and Deferred Assets (C)
Prior Service Cost (Credit)	$	—	$	—	$	6	$	(52)
Net Actuarial Loss (Gain)	1,656		2,151		(6)		41
Total	$	1,656	$	2,151	$	—	$	(11)

(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 loss in 2023 was due primarily to a decrease in the discount rate. The net actuarial gain in 2022 was due primarily to an increase in the discount rate. For OPEB, the net actuarial gain in 2023 was due primarily to assumption updates. The net actuarial gain in 2022 was due primarily to an increase in the discount rate and other assumption updates.

(C)Includes $143 million ($102 million, after-tax) and $594 million ($426 million, after-tax) in Accumulated Other Comprehensive Loss related to Pension and OPEB as of December 31, 2023 and 2022, respectively. Also includes Regulatory Assets of $1,427 million and Deferred Assets of $141 million as of December 31, 2023 and Regulatory Assets of $1,405 million and Deferred Assets of $141 million as of December 31, 2022. This amount does not include $55 million as a result of modifying the method for calculating pension expense for ratemaking purposes, approved by the BPU effective January 1, 2023.

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, 2023 and 2022. 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
	2023		2022		2023		2022
	Millions
Change in Benefit Obligation
Benefit Obligation at Beginning of Year (A)	$	452	$	596	$	455	$	640
Service Cost	24		38		12		21
Interest Cost	23		17		24		19
Actuarial (Gain) Loss (B)	31		(189)		35		(215)
Plan Amendment	16		—		—		—
Gross Benefits Paid	(11)		(10)		(12)		(10)
Benefit Obligation at End of Year (A)	$	535	$	452	$	514	$	455
Change in Plan Assets
Fair Value of Assets at Beginning of Year	$	370	$	422	$	—	$	—
Actual Return on Plan Assets	56		(72)		—		—
Employer Contributions	18		30		12		10
Gross Benefits Paid	(11)		(10)		(12)		(10)
Fair Value of Assets at End of Year	$	433	$	370	$	—	$	—
Funded Status
Funded Status (Plan Assets less Benefit Obligation)	$	(102)	$	(82)	$	(514)	$	(455)
Additional Amounts Recognized in the Consolidated Balance Sheets
Accrued Pension Costs of Servco	$	(102)	$	(82)	N/A		N/A
OPEB Costs of Servco	N/A		N/A		(514)		(455)
Amounts Recognized (C)	$	(102)	$	(82)	$	(514)	$	(455)

(B)For pension and OPEB benefits, the net actuarial losses in 2023 were due primarily to a decrease in the discount rate and other assumption updates. For pension benefits and OPEB, the net actuarial gains in 2022 were due primarily to an increase in the discount rate.

(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 relating to all qualified and nonqualified pension and OPEB plans on an aggregate basis for PSEG, excluding Servco for the years ended December 31, 2023, 2022 and 2021. Amounts shown do not reflect the impacts of capitalization, co-owner allocations and the 2023 BPU accounting order. Only the service cost component is eligible for capitalization, when applicable.



	Pension Benefits Years Ended December 31,						Other Benefits Years Ended December 31,
	2023		2022		2021		2023		2022		2021
	Millions
Components of Net Periodic Benefit (Credits) Costs
Service Cost (included in O&M Expense)	$	90	$	142	$	151	$	3	$	6	$	9
Non-Service Components of Pension and OPEB (Credits) Costs
Interest Cost	259		167		140		41		26		22
Expected Return on Plan Assets	(361)		(484)		(476)		(33)		(42)		(42)
Amortization of Net
Prior Service Credit	—		—		—		(52)		(129)		(129)
Actuarial Loss	83		60		103		(2)		15		44
Settlement Charge Resulting from Pension Lift-Out	338		—		—		—		—		—
Non-Service Components of Pension and OPEB (Credits) Costs	319		(257)		(233)		(46)		(130)		(105)
Total Net Benefit (Credits) Costs	$	409	$	(115)	$	(82)	$	(43)	$	(124)	$	(96)

Schedule Of Pension And OPEB Costs

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



	Pension Benefits Years Ended December 31,						Other Benefits Years Ended December 31,
	2023		2022		2021		2023		2022		2021
	Millions
PSE&G	$	50	$	(70)	$	(64)	$	(42)	$	(109)	$	(92)
PSEG Power & Other	359		(45)		(18)		(1)		(15)		(4)
Total Net Benefit (Credits) Costs	$	409	$	(115)	$	(82)	$	(43)	$	(124)	$	(96)

PSEG completed the above mentioned “lift-out” transaction in August 2023. As a result of the transaction, PSEG recognized a settlement charge of $332 million ($239 million, net of tax) in the third quarter of 2023 related to the immediate recognition of unamortized net actuarial loss associated with the portion of the pension involved in the transaction. Additionally, a settlement charge of $6 million ($4 million, net of tax) related to lump sum payments to participants was recognized in the fourth quarter of 2023.

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				Other Benefits
	2023		2022		2023		2022
	Millions
Net Actuarial (Gain) Loss in Current Period due to Plan Experience and Assumption Changes	$	(35)	$	568	$	(49)	$	(138)
Net Actuarial (Gain) Loss due to Settlements/Curtailments	(39)		—		—		—
Amortization of Net Actuarial Gain (Loss)	(83)		(60)		2		(14)
Recognition of Net Actuarial (Gain) Loss due to Settlements/Curtailments	(338)		—		—		—
Prior Service Cost (Credit) in Current Period	—		—		6		—
Amortization of Prior Service Credit	—		—		52		129
Total	$	(495)	$	508	$	11	$	(23)

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
	2023		2022		2021		2023		2022		2021

Weighted-Average Assumptions Used to Determine Benefit Obligations as of December 31
Discount Rate	5.02	%	5.20	%	2.94	%	4.96	%	5.16	%	2.82	%
Rate of Compensation Increase	4.60	%	4.40	%	4.40	%	4.60	%	4.40	%	4.40	%
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	5.20	%	2.94	%	2.61	%	5.16	%	2.82	%	2.46	%
Service Cost Interest Rate	5.31	%	3.19	%	2.94	%	5.23	%	3.06	%	2.76	%
Interest Cost Interest Rate	5.09	%	2.37	%	1.91	%	5.07	%	2.21	%	1.70	%
Expected Return on Plan Assets	8.10	%	7.20	%	7.70	%	8.10	%	7.20	%	7.69	%
Rate of Compensation Increase	4.40	%	4.40	%	4.40	%	4.40	%	4.40	%	4.40	%
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							8.89	%	6.98	%	6.14	%
Ultimate Rate							4.75	%	4.75	%	4.75	%
Year Ultimate Rate Reached							2033		2032		2029

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



	Pension Benefits						Other Benefits
	2023		2022		2021		2023		2022		2021
Weighted-Average Assumptions Used to Determine Benefit Obligations as of December 31
Discount Rate	5.13	%	5.30	%	3.21	%	5.16	%	5.34	%	3.28	%
Rate of Compensation Increase	5.54	%	3.95	%	3.95	%	5.54	%	3.95	%	3.95	%
Cash Balance Interest Crediting Rate	4.13	%	4.30	%	3.75	%	N/A		N/A		N/A
Assumed Health Care Cost Trend Rates as of December 31
Health Care Costs
Immediate Rate							6.84	%	6.71	%	6.48	%
Ultimate Rate							4.75	%	4.75	%	4.75	%
Year Ultimate Rate Reached							2033		2032		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, 2023 and 2022, including the fair value measurements and the levels of inputs used in determining those fair values.



	Recurring Fair Value Measurements as of December 31, 2023
			Quoted Market Prices for Identical Assets		Significant Other Observable Inputs
Description	Total		(Level 1)		(Level 2)
	Millions
Cash Equivalents (A)	$	39	$	39	$	—
Equity Securities
Common Stock (B)	748		748		—
Commingled (C)	1,376		—		1,376
Debt Securities (D)
U.S. Treasury	1,299		—		1,299
Commingled	4		4		—
Subtotal Fair Value	$	3,466	$	791	$	2,675
Measured at net asset value practical expedient
Commingled—Equities (E)	745
Real Estate Investment (F)	365
Other	2
Total Fair Value (G)	$	4,578



	Recurring Fair Value Measurements as of December 31, 2022
			Quoted Market Prices for Identical Assets		Significant Other Observable Inputs
Description	Total		(Level 1)		(Level 2)
	Millions
Cash Equivalents (A)	$	36	$	36	$	—
Equity Securities
Common Stock (B)	1,231		1,231		—
Commingled (C)	1,346		—		1,346
Debt Securities (D)
U.S. Treasury	1,351		—		1,351
Commingled	4		4		—
Subtotal Fair Value	$	3,968	$	1,271	$	2,697
Measured at net asset value practical expedient
Commingled—Equities (E)	965
Real Estate Investment (F)	395
Other	3
Total Fair Value (G)	$	5,331

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

(C)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)Debt securities include mainly U.S. Treasury obligations. 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.

(E)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.

(F)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.

(G)Excludes net receivables of $2 million and $7 million as of December 31, 2023 and 2022, 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 as of December 31, 2022.

The following tables present information about Servco’s investments measured at fair value on a recurring basis as of December 31, 2023 and 2022, including the fair value measurements and the levels of inputs used in determining those fair values.



	Recurring Fair Value Measurements as of December 31, 2023
			Quoted Market Prices for Identical Assets		Significant Other Observable Inputs
Description	Total		(Level 1)		(Level 2)
	Millions
Cash Equivalents	$	2	$	2	$	—
Equity Securities
Common Stock (A)	32		32		—
Commingled (B)	294		—		294
Commingled Bonds (B)	105		—		105
Total Fair Value	$	433	$	34	$	399



	Recurring Fair Value Measurements as of December 31, 2022
			Quoted Market Prices for Identical Assets		Significant Other Observable Inputs
Description	Total		(Level 1)		(Level 2)
	Millions
Cash Equivalents	$	1	$	1	$	—
Equity Securities
Common Stock (A)	25		25		—
Commingled (B)	251		—		251
Commingled Bonds (B)	93		—		93
Total Fair Value	$	370	$	26	$	344

(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, 2023
			Quoted Market Prices for Identical Assets		Significant Other Observable Inputs
Description	Total		(Level 1)		(Level 2)
	Millions
Cash Equivalents (A)	$	39	$	39	$	—
Equity Securities
Common Stock (B)	748		748		—
Commingled (C)	1,376		—		1,376
Debt Securities (D)
U.S. Treasury	1,299		—		1,299
Commingled	4		4		—
Subtotal Fair Value	$	3,466	$	791	$	2,675
Measured at net asset value practical expedient
Commingled—Equities (E)	745
Real Estate Investment (F)	365
Other	2
Total Fair Value (G)	$	4,578



	Recurring Fair Value Measurements as of December 31, 2022
			Quoted Market Prices for Identical Assets		Significant Other Observable Inputs
Description	Total		(Level 1)		(Level 2)
	Millions
Cash Equivalents (A)	$	36	$	36	$	—
Equity Securities
Common Stock (B)	1,231		1,231		—
Commingled (C)	1,346		—		1,346
Debt Securities (D)
U.S. Treasury	1,351		—		1,351
Commingled	4		4		—
Subtotal Fair Value	$	3,968	$	1,271	$	2,697
Measured at net asset value practical expedient
Commingled—Equities (E)	965
Real Estate Investment (F)	395
Other	3
Total Fair Value (G)	$	5,331

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

(C)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.

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	2023		2022
Equity Securities	63	%	67	%
Debt Securities	28		25
Other Investments	9		8
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	2023		2022
Equity Securities	76	%	75	%
Debt Securities	24		25
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
2024	$	364	$	74
2025	325		73
2026	331		71
2027	338		69
2028	343		67
2029-2033	1,758		288
Total	$	3,459	$	642

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



Year	Pension Benefits		Other Benefits
	Millions
2024	$	15	$	12
2025	17		14
2026	20		16
2027	23		18
2028	25		20
2029-2033	167		125
Total	$	267	$	205

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,
	2023		2022		2021
	Millions
PSE&G	$	29	$	28	$	28
PSEG Power & Other	14		14		16
Total Employer Matching Contributions	$	43	$	42	$	44