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Available-for-Sale Securities | 9 Months Ended
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Sep. 30, 2015
Schedule of Available-for-sale Securities [Line Items] |
Available-for-Sale Securities | Available-for-Sale Securities Nuclear Decommissioning Trust (NDT) Fund Power maintains an external master nuclear decommissioning trust to fund its share of decommissioning for its five nuclear facilities upon termination of operation. The trust contains 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 trust funds are managed by third party investment advisers who operate under investment guidelines developed by Power. Power classifies investments in the NDT Fund as available-for-sale. 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, 2015 |
|  | Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value |
|  | Millions |
| Equity Securities | $ | 667 |  |  | $ | 176 |  |  | $ | (18 | ) |  | $ | 825 |  |
| Debt Securities |  |  |  |  |  |  |  |
| Government Obligations | 445 |  |  | 10 |  |  | (1 | ) |  | 454 |  |
| Other Debt Securities | 402 |  |  | 6 |  |  | (7 | ) |  | 401 |  |
| Total Debt Securities | 847 |  |  | 16 |  |  | (8 | ) |  | 855 |  |
| Other Securities | 35 |  |  | — |  |  | — |  |  | 35 |  |
| Total NDT Available-for-Sale Securities | $ | 1,549 |  |  | $ | 192 |  |  | $ | (26 | ) |  | $ | 1,715 |  |
|  | As of December 31, 2014 |
|  | Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value |
|  | Millions |
| Equity Securities | $ | 685 |  |  | $ | 220 |  |  | $ | (8 | ) |  | $ | 897 |  |
| Debt Securities |  |  |  |  |  |  |  |
| Government Obligations | 430 |  |  | 9 |  |  | (1 | ) |  | 438 |  |
| Other Debt Securities | 333 |  |  | 9 |  |  | (3 | ) |  | 339 |  |
| Total Debt Securities | 763 |  |  | 18 |  |  | (4 | ) |  | 777 |  |
| Other Securities | 106 |  |  | — |  |  | — |  |  | 106 |  |
| Total NDT Available-for-Sale Securities | $ | 1,554 |  |  | $ | 238 |  |  | $ | (12 | ) |  | $ | 1,780 |  |
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, 2015 |  | December 31, 2014 |
|  | Millions |
| Accounts Receivable | $ | 10 |  |  | $ | 10 |  |
| Accounts Payable | $ | 4 |  |  | $ | 2 |  |
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, 2015 |  | As of December 31, 2014 |
|  | 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) | $ | 143 |  |  | $ | (18 | ) |  | $ | 1 |  |  | $ | — |  |  | $ | 162 |  |  | $ | (8 | ) |  | $ | 1 |  |  | $ | — |  |
| Debt Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Government Obligations (B) | 90 |  |  | (1 | ) |  | 15 |  |  | — |  |  | 95 |  |  | — |  |  | 28 |  |  | (1 | ) |
| Other Debt Securities (C) | 164 |  |  | (5 | ) |  | 29 |  |  | (2 | ) |  | 99 |  |  | (1 | ) |  | 30 |  |  | (2 | ) |
| Total Debt Securities | 254 |  |  | (6 | ) |  | 44 |  |  | (2 | ) |  | 194 |  |  | (1 | ) |  | 58 |  |  | (3 | ) |
| NDT Available-for-Sale Securities | $ | 397 |  |  | $ | (24 | ) |  | $ | 45 |  |  | $ | (2 | ) |  | $ | 356 |  |  | $ | (9 | ) |  | $ | 59 |  |  | $ | (3 | ) |
(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. The unrealized losses are distributed over a broad range of securities with limited impairment durations. Power does not consider these securities to be other-than-temporarily impaired as of September 30, 2015.
(B) | Debt Securities (Government)—Unrealized losses on Power’s NDT investments in United States Treasury obligations and Federal Agency mortgage-backed securities were caused by interest rate changes. Since these investments are guaranteed by the United States government or an agency of the United States government, it is not expected that these securities will settle for less than their amortized cost basis, since Power does not intend to sell nor will it be more-likely-than-not required to sell. Power does not consider these securities to be other-than-temporarily impaired as of September 30, 2015.
(C) | Debt Securities (Other)—Power’s investments in corporate bonds, collateralized mortgage obligations, asset-backed securities and municipal government obligations are limited to investment grade securities. It is not expected that these securities would settle for less than their amortized cost. Since Power does not intend to sell these securities nor will it be more-likely-than-not required to sell, Power does not consider these debt securities to be other-than-temporarily impaired as of September 30, 2015.
The proceeds from the sales of and the net realized gains on securities in the NDT Fund were:
|  | Three Months Ended |  | Nine Months Ended |
|  | September 30, |  | September 30, |
|  | 2015 |  | 2014 |  | 2015 |  | 2014 |
|  | Millions |
| Proceeds from NDT Fund Sales (A) | $ | 215 |  |  | $ | 221 |  |  | $ | 1,037 |  |  | $ | 779 |  |
| Net Realized Gains (Losses) on NDT Fund: |  |  |  |  |  |  |  |
| Gross Realized Gains | 14 |  |  | 45 |  |  | 47 |  |  | 101 |  |
| Gross Realized Losses | (11 | ) |  | (3 | ) |  | (24 | ) |  | (12 | ) |
| Net Realized Gains (Losses) on NDT Fund | $ | 3 |  |  | $ | 42 |  |  | $ | 23 |  |  | $ | 89 |  |
(A) | Includes activity in accounts related to the liquidation of funds being transitioned to new managers.
Gross realized gains and gross realized losses disclosed in the preceding table were recognized in Other Income and Other Deductions, respectively, in PSEG’s and Power’s Condensed Consolidated Statements of Operations. Net unrealized gains of $82 million (after-tax) were a component of Accumulated Other Comprehensive Loss on PSEG's and Power’s Condensed Consolidated Balance Sheets as of September 30, 2015. The NDT available-for-sale debt securities held as of September 30, 2015 had the following maturities:
| Time Frame |  | Fair Value |
|  |  | Millions |
| Less than one year |  | $ | 8 |  |
| 1 - 5 years |  | 236 |  |
| 6 - 10 years |  | 201 |  |
| 11 - 15 years |  | 51 |  |
| 16 - 20 years |  | 51 |  |
| Over 20 years |  | 308 |  |
| Total NDT Available-for-Sale Debt Securities | $ | 855 |  |
The cost of these securities was determined on the basis of specific identification. Power periodically assesses individual securities whose fair value is less than amortized cost to determine whether the investments are considered to be other-than-temporarily impaired. For equity securities, management considers the ability and intent to hold for a reasonable time to permit recovery in addition to the severity and duration of the loss. For fixed income 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). For the nine months ended September 30, 2015, other-than-temporary impairments of $45 million were recognized on securities in the NDT Fund. 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.” PSEG classifies investments in the Rabbi Trust as available-for-sale. 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, 2015 |
|  | Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value |
|  | Millions |
| Equity Securities | $ | 11 |  |  | $ | 9 |  |  | $ | — |  |  | $ | 20 |  |
| Debt Securities |  |  |  |  |  |  |  |
| Government Obligations | 106 |  |  | 1 |  |  | (1 | ) |  | 106 |  |
| Other Debt Securities | 86 |  |  | — |  |  | (2 | ) |  | 84 |  |
| Total Debt Securities | 192 |  |  | 1 |  |  | (3 | ) |  | 190 |  |
| Other Securities | 1 |  |  | — |  |  | — |  |  | 1 |  |
| Total Rabbi Trust Available-for-Sale Securities | $ | 204 |  |  | $ | 10 |  |  | $ | (3 | ) |  | $ | 211 |  |
|  | As of December 31, 2014 |
|  | Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value |
|  | Millions |
| Equity Securities | $ | 12 |  |  | $ | 11 |  |  | $ | — |  |  | $ | 23 |  |
| Debt Securities |  |  |  |  |  |  |  |
| Government Obligations | 89 |  |  | 2 |  |  | — |  |  | 91 |  |
| Other Debt Securities | 74 |  |  | 1 |  |  | — |  |  | 75 |  |
| Total Debt Securities | 163 |  |  | 3 |  |  | — |  |  | 166 |  |
| Other Securities | 2 |  |  | — |  |  | — |  |  | 2 |  |
| Total Rabbi Trust Available-for-Sale Securities | $ | 177 |  |  | $ | 14 |  |  | $ | — |  |  | $ | 191 |  |
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, 2015 |  | December 31, 2014 |
|  | Millions |
| Accounts Receivable | $ | 1 |  |  | $ | 1 |  |
| Accounts Payable | $ | 1 |  |  | $ | — |  |
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 September 30, 2015 |  | As of December 31, 2014 |
|  | 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) | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |
| Debt Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Government Obligations (B) | 47 |  |  | (2 | ) |  | 2 |  |  | — |  |  | 2 |  |  | — |  |  | — |  |  | — |  |
| Other Debt Securities (C) | 41 |  |  | (1 | ) |  | 9 |  |  | — |  |  | 24 |  |  | — |  |  | — |  |  | — |  |
| Total Debt Securities | 88 |  |  | (3 | ) |  | 11 |  |  | — |  |  | 26 |  |  | — |  |  | — |  |  | — |  |
| Rabbi Trust Available-for-Sale Securities | $ | 88 |  |  | $ | (3 | ) |  | $ | 11 |  |  | $ | — |  |  | $ | 26 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |
(A) | Equity Securities—Investments in marketable equity securities within the Rabbi Trust Fund are through a mutual fund which invests primarily in common stocks within a broad range of industries and sectors.
(B) | Debt Securities (Government)—Unrealized losses on PSEG’s Rabbi Trust investments in United States Treasury obligations and Federal Agency mortgage-backed securities were caused by interest rate changes. Since these investments are guaranteed by the United States government or an agency of the United States government, it is not expected that these securities will settle for less than their amortized cost basis, since PSEG does not intend to sell nor will it be more-likely-than-not required to sell. PSEG does not consider these securities to be other-than-temporarily impaired as of September 30, 2015.
(C) | Debt Securities (Other)—PSEG’s investments in corporate bonds, collateralized mortgage obligations, asset-backed securities and municipal government obligations are limited to 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, 2015.
The proceeds from the sales of and the net realized gains (losses) on securities in the Rabbi Trust Fund were:
|  | Three Months Ended |  | Nine Months Ended |
|  | September 30, |  | September 30, |
|  | 2015 |  | 2014 |  | 2015 |  | 2014 |
|  | Millions |
| Proceeds from Rabbi Trust Sales (A) | $ | 20 |  |  | $ | 419 |  |  | $ | 83 |  |  | $ | 445 |  |
| Net Realized Gains (Losses) on Rabbi Trust: |  |  |  |  |  |  |  |
| Gross Realized Gains | $ | — |  |  | $ | 2 |  |  | $ | 2 |  |  | $ | 4 |  |
| Gross Realized Losses | (1 | ) |  | (2 | ) |  | (1 | ) |  | (3 | ) |
| Net Realized Gains (Losses) on Rabbi Trust | $ | (1 | ) |  | $ | — |  |  | $ | 1 |  |  | $ | 1 |  |
(A) | Includes activity in accounts related to the liquidation of funds being transitioned to new managers.
Gross realized gains disclosed in the preceding table were recognized in Other Income in the Condensed Consolidated Statements of Operations. Net unrealized gains of $4 million (after-tax) were a component of Accumulated Other Comprehensive Loss on the Condensed Consolidated Balance Sheets as of September 30, 2015. The Rabbi Trust available-for-sale debt securities held as of September 30, 2015 had the following maturities:
| Time Frame |  | Fair Value |
|  |  | Millions |
| Less than one year |  | $ | 5 |  |
| 1 - 5 years |  | 49 |  |
| 6 - 10 years |  | 39 |  |
| 11 - 15 years |  | 8 |  |
| 16 - 20 years |  | 9 |  |
| Over 20 years |  | 80 |  |
| Total Rabbi Trust Available-for-Sale Debt Securities | $ | 190 |  |
The cost of these securities was determined on the basis of specific identification. PSEG periodically assesses individual securities whose fair value is less than amortized cost to determine whether the investments are considered to be other-than-temporarily impaired. For equity securities, the Rabbi Trust is invested in a commingled indexed mutual fund. Due to the commingled nature of this fund, PSEG does not have the ability to hold these securities until expected recovery. As a result, any declines in fair market value below cost are recorded as a charge to earnings. For fixed income 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 assets in the Rabbi Trust related to PSEG, PSE&G and Power are detailed as follows:
|  | As of |  | As of |
|  | September 30, 2015 |  | December 31, 2014 |
|  | Millions |
| PSE&G | $ | 42 |  |  | $ | 41 |  |
| Power | 52 |  |  | 45 |  |
| Other | 117 |  |  | 105 |  |
| Total Rabbi Trust Available-for-Sale Securities | $ | 211 |  |  | $ | 191 |  |
PSE And G [Member] |
Schedule of Available-for-sale Securities [Line Items] |
Available-for-Sale Securities | Available-for-Sale Securities Nuclear Decommissioning Trust (NDT) Fund Power maintains an external master nuclear decommissioning trust to fund its share of decommissioning for its five nuclear facilities upon termination of operation. The trust contains 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 trust funds are managed by third party investment advisers who operate under investment guidelines developed by Power. Power classifies investments in the NDT Fund as available-for-sale. 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, 2015 |
|  | Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value |
|  | Millions |
| Equity Securities | $ | 667 |  |  | $ | 176 |  |  | $ | (18 | ) |  | $ | 825 |  |
| Debt Securities |  |  |  |  |  |  |  |
| Government Obligations | 445 |  |  | 10 |  |  | (1 | ) |  | 454 |  |
| Other Debt Securities | 402 |  |  | 6 |  |  | (7 | ) |  | 401 |  |
| Total Debt Securities | 847 |  |  | 16 |  |  | (8 | ) |  | 855 |  |
| Other Securities | 35 |  |  | — |  |  | — |  |  | 35 |  |
| Total NDT Available-for-Sale Securities | $ | 1,549 |  |  | $ | 192 |  |  | $ | (26 | ) |  | $ | 1,715 |  |
|  | As of December 31, 2014 |
|  | Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value |
|  | Millions |
| Equity Securities | $ | 685 |  |  | $ | 220 |  |  | $ | (8 | ) |  | $ | 897 |  |
| Debt Securities |  |  |  |  |  |  |  |
| Government Obligations | 430 |  |  | 9 |  |  | (1 | ) |  | 438 |  |
| Other Debt Securities | 333 |  |  | 9 |  |  | (3 | ) |  | 339 |  |
| Total Debt Securities | 763 |  |  | 18 |  |  | (4 | ) |  | 777 |  |
| Other Securities | 106 |  |  | — |  |  | — |  |  | 106 |  |
| Total NDT Available-for-Sale Securities | $ | 1,554 |  |  | $ | 238 |  |  | $ | (12 | ) |  | $ | 1,780 |  |
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, 2015 |  | December 31, 2014 |
|  | Millions |
| Accounts Receivable | $ | 10 |  |  | $ | 10 |  |
| Accounts Payable | $ | 4 |  |  | $ | 2 |  |
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, 2015 |  | As of December 31, 2014 |
|  | 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) | $ | 143 |  |  | $ | (18 | ) |  | $ | 1 |  |  | $ | — |  |  | $ | 162 |  |  | $ | (8 | ) |  | $ | 1 |  |  | $ | — |  |
| Debt Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Government Obligations (B) | 90 |  |  | (1 | ) |  | 15 |  |  | — |  |  | 95 |  |  | — |  |  | 28 |  |  | (1 | ) |
| Other Debt Securities (C) | 164 |  |  | (5 | ) |  | 29 |  |  | (2 | ) |  | 99 |  |  | (1 | ) |  | 30 |  |  | (2 | ) |
| Total Debt Securities | 254 |  |  | (6 | ) |  | 44 |  |  | (2 | ) |  | 194 |  |  | (1 | ) |  | 58 |  |  | (3 | ) |
| NDT Available-for-Sale Securities | $ | 397 |  |  | $ | (24 | ) |  | $ | 45 |  |  | $ | (2 | ) |  | $ | 356 |  |  | $ | (9 | ) |  | $ | 59 |  |  | $ | (3 | ) |
(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. The unrealized losses are distributed over a broad range of securities with limited impairment durations. Power does not consider these securities to be other-than-temporarily impaired as of September 30, 2015.
(B) | Debt Securities (Government)—Unrealized losses on Power’s NDT investments in United States Treasury obligations and Federal Agency mortgage-backed securities were caused by interest rate changes. Since these investments are guaranteed by the United States government or an agency of the United States government, it is not expected that these securities will settle for less than their amortized cost basis, since Power does not intend to sell nor will it be more-likely-than-not required to sell. Power does not consider these securities to be other-than-temporarily impaired as of September 30, 2015.
(C) | Debt Securities (Other)—Power’s investments in corporate bonds, collateralized mortgage obligations, asset-backed securities and municipal government obligations are limited to investment grade securities. It is not expected that these securities would settle for less than their amortized cost. Since Power does not intend to sell these securities nor will it be more-likely-than-not required to sell, Power does not consider these debt securities to be other-than-temporarily impaired as of September 30, 2015.
The proceeds from the sales of and the net realized gains on securities in the NDT Fund were:
|  | Three Months Ended |  | Nine Months Ended |
|  | September 30, |  | September 30, |
|  | 2015 |  | 2014 |  | 2015 |  | 2014 |
|  | Millions |
| Proceeds from NDT Fund Sales (A) | $ | 215 |  |  | $ | 221 |  |  | $ | 1,037 |  |  | $ | 779 |  |
| Net Realized Gains (Losses) on NDT Fund: |  |  |  |  |  |  |  |
| Gross Realized Gains | 14 |  |  | 45 |  |  | 47 |  |  | 101 |  |
| Gross Realized Losses | (11 | ) |  | (3 | ) |  | (24 | ) |  | (12 | ) |
| Net Realized Gains (Losses) on NDT Fund | $ | 3 |  |  | $ | 42 |  |  | $ | 23 |  |  | $ | 89 |  |
(A) | Includes activity in accounts related to the liquidation of funds being transitioned to new managers.
Gross realized gains and gross realized losses disclosed in the preceding table were recognized in Other Income and Other Deductions, respectively, in PSEG’s and Power’s Condensed Consolidated Statements of Operations. Net unrealized gains of $82 million (after-tax) were a component of Accumulated Other Comprehensive Loss on PSEG's and Power’s Condensed Consolidated Balance Sheets as of September 30, 2015. The NDT available-for-sale debt securities held as of September 30, 2015 had the following maturities:
| Time Frame |  | Fair Value |
|  |  | Millions |
| Less than one year |  | $ | 8 |  |
| 1 - 5 years |  | 236 |  |
| 6 - 10 years |  | 201 |  |
| 11 - 15 years |  | 51 |  |
| 16 - 20 years |  | 51 |  |
| Over 20 years |  | 308 |  |
| Total NDT Available-for-Sale Debt Securities | $ | 855 |  |
The cost of these securities was determined on the basis of specific identification. Power periodically assesses individual securities whose fair value is less than amortized cost to determine whether the investments are considered to be other-than-temporarily impaired. For equity securities, management considers the ability and intent to hold for a reasonable time to permit recovery in addition to the severity and duration of the loss. For fixed income 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). For the nine months ended September 30, 2015, other-than-temporary impairments of $45 million were recognized on securities in the NDT Fund. 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.” PSEG classifies investments in the Rabbi Trust as available-for-sale. 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, 2015 |
|  | Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value |
|  | Millions |
| Equity Securities | $ | 11 |  |  | $ | 9 |  |  | $ | — |  |  | $ | 20 |  |
| Debt Securities |  |  |  |  |  |  |  |
| Government Obligations | 106 |  |  | 1 |  |  | (1 | ) |  | 106 |  |
| Other Debt Securities | 86 |  |  | — |  |  | (2 | ) |  | 84 |  |
| Total Debt Securities | 192 |  |  | 1 |  |  | (3 | ) |  | 190 |  |
| Other Securities | 1 |  |  | — |  |  | — |  |  | 1 |  |
| Total Rabbi Trust Available-for-Sale Securities | $ | 204 |  |  | $ | 10 |  |  | $ | (3 | ) |  | $ | 211 |  |
|  | As of December 31, 2014 |
|  | Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value |
|  | Millions |
| Equity Securities | $ | 12 |  |  | $ | 11 |  |  | $ | — |  |  | $ | 23 |  |
| Debt Securities |  |  |  |  |  |  |  |
| Government Obligations | 89 |  |  | 2 |  |  | — |  |  | 91 |  |
| Other Debt Securities | 74 |  |  | 1 |  |  | — |  |  | 75 |  |
| Total Debt Securities | 163 |  |  | 3 |  |  | — |  |  | 166 |  |
| Other Securities | 2 |  |  | — |  |  | — |  |  | 2 |  |
| Total Rabbi Trust Available-for-Sale Securities | $ | 177 |  |  | $ | 14 |  |  | $ | — |  |  | $ | 191 |  |
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, 2015 |  | December 31, 2014 |
|  | Millions |
| Accounts Receivable | $ | 1 |  |  | $ | 1 |  |
| Accounts Payable | $ | 1 |  |  | $ | — |  |
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 September 30, 2015 |  | As of December 31, 2014 |
|  | 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) | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |
| Debt Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Government Obligations (B) | 47 |  |  | (2 | ) |  | 2 |  |  | — |  |  | 2 |  |  | — |  |  | — |  |  | — |  |
| Other Debt Securities (C) | 41 |  |  | (1 | ) |  | 9 |  |  | — |  |  | 24 |  |  | — |  |  | — |  |  | — |  |
| Total Debt Securities | 88 |  |  | (3 | ) |  | 11 |  |  | — |  |  | 26 |  |  | — |  |  | — |  |  | — |  |
| Rabbi Trust Available-for-Sale Securities | $ | 88 |  |  | $ | (3 | ) |  | $ | 11 |  |  | $ | — |  |  | $ | 26 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |
(A) | Equity Securities—Investments in marketable equity securities within the Rabbi Trust Fund are through a mutual fund which invests primarily in common stocks within a broad range of industries and sectors.
(B) | Debt Securities (Government)—Unrealized losses on PSEG’s Rabbi Trust investments in United States Treasury obligations and Federal Agency mortgage-backed securities were caused by interest rate changes. Since these investments are guaranteed by the United States government or an agency of the United States government, it is not expected that these securities will settle for less than their amortized cost basis, since PSEG does not intend to sell nor will it be more-likely-than-not required to sell. PSEG does not consider these securities to be other-than-temporarily impaired as of September 30, 2015.
(C) | Debt Securities (Other)—PSEG’s investments in corporate bonds, collateralized mortgage obligations, asset-backed securities and municipal government obligations are limited to 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, 2015.
The proceeds from the sales of and the net realized gains (losses) on securities in the Rabbi Trust Fund were:
|  | Three Months Ended |  | Nine Months Ended |
|  | September 30, |  | September 30, |
|  | 2015 |  | 2014 |  | 2015 |  | 2014 |
|  | Millions |
| Proceeds from Rabbi Trust Sales (A) | $ | 20 |  |  | $ | 419 |  |  | $ | 83 |  |  | $ | 445 |  |
| Net Realized Gains (Losses) on Rabbi Trust: |  |  |  |  |  |  |  |
| Gross Realized Gains | $ | — |  |  | $ | 2 |  |  | $ | 2 |  |  | $ | 4 |  |
| Gross Realized Losses | (1 | ) |  | (2 | ) |  | (1 | ) |  | (3 | ) |
| Net Realized Gains (Losses) on Rabbi Trust | $ | (1 | ) |  | $ | — |  |  | $ | 1 |  |  | $ | 1 |  |
(A) | Includes activity in accounts related to the liquidation of funds being transitioned to new managers.
Gross realized gains disclosed in the preceding table were recognized in Other Income in the Condensed Consolidated Statements of Operations. Net unrealized gains of $4 million (after-tax) were a component of Accumulated Other Comprehensive Loss on the Condensed Consolidated Balance Sheets as of September 30, 2015. The Rabbi Trust available-for-sale debt securities held as of September 30, 2015 had the following maturities:
| Time Frame |  | Fair Value |
|  |  | Millions |
| Less than one year |  | $ | 5 |  |
| 1 - 5 years |  | 49 |  |
| 6 - 10 years |  | 39 |  |
| 11 - 15 years |  | 8 |  |
| 16 - 20 years |  | 9 |  |
| Over 20 years |  | 80 |  |
| Total Rabbi Trust Available-for-Sale Debt Securities | $ | 190 |  |
The cost of these securities was determined on the basis of specific identification. PSEG periodically assesses individual securities whose fair value is less than amortized cost to determine whether the investments are considered to be other-than-temporarily impaired. For equity securities, the Rabbi Trust is invested in a commingled indexed mutual fund. Due to the commingled nature of this fund, PSEG does not have the ability to hold these securities until expected recovery. As a result, any declines in fair market value below cost are recorded as a charge to earnings. For fixed income 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 assets in the Rabbi Trust related to PSEG, PSE&G and Power are detailed as follows:
|  | As of |  | As of |
|  | September 30, 2015 |  | December 31, 2014 |
|  | Millions |
| PSE&G | $ | 42 |  |  | $ | 41 |  |
| Power | 52 |  |  | 45 |  |
| Other | 117 |  |  | 105 |  |
| Total Rabbi Trust Available-for-Sale Securities | $ | 211 |  |  | $ | 191 |  |
Power [Member] |
Schedule of Available-for-sale Securities [Line Items] |
Available-for-Sale Securities | Available-for-Sale Securities Nuclear Decommissioning Trust (NDT) Fund Power maintains an external master nuclear decommissioning trust to fund its share of decommissioning for its five nuclear facilities upon termination of operation. The trust contains 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 trust funds are managed by third party investment advisers who operate under investment guidelines developed by Power. Power classifies investments in the NDT Fund as available-for-sale. 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, 2015 |
|  | Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value |
|  | Millions |
| Equity Securities | $ | 667 |  |  | $ | 176 |  |  | $ | (18 | ) |  | $ | 825 |  |
| Debt Securities |  |  |  |  |  |  |  |
| Government Obligations | 445 |  |  | 10 |  |  | (1 | ) |  | 454 |  |
| Other Debt Securities | 402 |  |  | 6 |  |  | (7 | ) |  | 401 |  |
| Total Debt Securities | 847 |  |  | 16 |  |  | (8 | ) |  | 855 |  |
| Other Securities | 35 |  |  | — |  |  | — |  |  | 35 |  |
| Total NDT Available-for-Sale Securities | $ | 1,549 |  |  | $ | 192 |  |  | $ | (26 | ) |  | $ | 1,715 |  |
|  | As of December 31, 2014 |
|  | Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value |
|  | Millions |
| Equity Securities | $ | 685 |  |  | $ | 220 |  |  | $ | (8 | ) |  | $ | 897 |  |
| Debt Securities |  |  |  |  |  |  |  |
| Government Obligations | 430 |  |  | 9 |  |  | (1 | ) |  | 438 |  |
| Other Debt Securities | 333 |  |  | 9 |  |  | (3 | ) |  | 339 |  |
| Total Debt Securities | 763 |  |  | 18 |  |  | (4 | ) |  | 777 |  |
| Other Securities | 106 |  |  | — |  |  | — |  |  | 106 |  |
| Total NDT Available-for-Sale Securities | $ | 1,554 |  |  | $ | 238 |  |  | $ | (12 | ) |  | $ | 1,780 |  |
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, 2015 |  | December 31, 2014 |
|  | Millions |
| Accounts Receivable | $ | 10 |  |  | $ | 10 |  |
| Accounts Payable | $ | 4 |  |  | $ | 2 |  |
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, 2015 |  | As of December 31, 2014 |
|  | 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) | $ | 143 |  |  | $ | (18 | ) |  | $ | 1 |  |  | $ | — |  |  | $ | 162 |  |  | $ | (8 | ) |  | $ | 1 |  |  | $ | — |  |
| Debt Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Government Obligations (B) | 90 |  |  | (1 | ) |  | 15 |  |  | — |  |  | 95 |  |  | — |  |  | 28 |  |  | (1 | ) |
| Other Debt Securities (C) | 164 |  |  | (5 | ) |  | 29 |  |  | (2 | ) |  | 99 |  |  | (1 | ) |  | 30 |  |  | (2 | ) |
| Total Debt Securities | 254 |  |  | (6 | ) |  | 44 |  |  | (2 | ) |  | 194 |  |  | (1 | ) |  | 58 |  |  | (3 | ) |
| NDT Available-for-Sale Securities | $ | 397 |  |  | $ | (24 | ) |  | $ | 45 |  |  | $ | (2 | ) |  | $ | 356 |  |  | $ | (9 | ) |  | $ | 59 |  |  | $ | (3 | ) |
(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. The unrealized losses are distributed over a broad range of securities with limited impairment durations. Power does not consider these securities to be other-than-temporarily impaired as of September 30, 2015.
(B) | Debt Securities (Government)—Unrealized losses on Power’s NDT investments in United States Treasury obligations and Federal Agency mortgage-backed securities were caused by interest rate changes. Since these investments are guaranteed by the United States government or an agency of the United States government, it is not expected that these securities will settle for less than their amortized cost basis, since Power does not intend to sell nor will it be more-likely-than-not required to sell. Power does not consider these securities to be other-than-temporarily impaired as of September 30, 2015.
(C) | Debt Securities (Other)—Power’s investments in corporate bonds, collateralized mortgage obligations, asset-backed securities and municipal government obligations are limited to investment grade securities. It is not expected that these securities would settle for less than their amortized cost. Since Power does not intend to sell these securities nor will it be more-likely-than-not required to sell, Power does not consider these debt securities to be other-than-temporarily impaired as of September 30, 2015.
The proceeds from the sales of and the net realized gains on securities in the NDT Fund were:
|  | Three Months Ended |  | Nine Months Ended |
|  | September 30, |  | September 30, |
|  | 2015 |  | 2014 |  | 2015 |  | 2014 |
|  | Millions |
| Proceeds from NDT Fund Sales (A) | $ | 215 |  |  | $ | 221 |  |  | $ | 1,037 |  |  | $ | 779 |  |
| Net Realized Gains (Losses) on NDT Fund: |  |  |  |  |  |  |  |
| Gross Realized Gains | 14 |  |  | 45 |  |  | 47 |  |  | 101 |  |
| Gross Realized Losses | (11 | ) |  | (3 | ) |  | (24 | ) |  | (12 | ) |
| Net Realized Gains (Losses) on NDT Fund | $ | 3 |  |  | $ | 42 |  |  | $ | 23 |  |  | $ | 89 |  |
(A) | Includes activity in accounts related to the liquidation of funds being transitioned to new managers.
Gross realized gains and gross realized losses disclosed in the preceding table were recognized in Other Income and Other Deductions, respectively, in PSEG’s and Power’s Condensed Consolidated Statements of Operations. Net unrealized gains of $82 million (after-tax) were a component of Accumulated Other Comprehensive Loss on PSEG's and Power’s Condensed Consolidated Balance Sheets as of September 30, 2015. The NDT available-for-sale debt securities held as of September 30, 2015 had the following maturities:
| Time Frame |  | Fair Value |
|  |  | Millions |
| Less than one year |  | $ | 8 |  |
| 1 - 5 years |  | 236 |  |
| 6 - 10 years |  | 201 |  |
| 11 - 15 years |  | 51 |  |
| 16 - 20 years |  | 51 |  |
| Over 20 years |  | 308 |  |
| Total NDT Available-for-Sale Debt Securities | $ | 855 |  |
The cost of these securities was determined on the basis of specific identification. Power periodically assesses individual securities whose fair value is less than amortized cost to determine whether the investments are considered to be other-than-temporarily impaired. For equity securities, management considers the ability and intent to hold for a reasonable time to permit recovery in addition to the severity and duration of the loss. For fixed income 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). For the nine months ended September 30, 2015, other-than-temporary impairments of $45 million were recognized on securities in the NDT Fund. 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.” PSEG classifies investments in the Rabbi Trust as available-for-sale. 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, 2015 |
|  | Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value |
|  | Millions |
| Equity Securities | $ | 11 |  |  | $ | 9 |  |  | $ | — |  |  | $ | 20 |  |
| Debt Securities |  |  |  |  |  |  |  |
| Government Obligations | 106 |  |  | 1 |  |  | (1 | ) |  | 106 |  |
| Other Debt Securities | 86 |  |  | — |  |  | (2 | ) |  | 84 |  |
| Total Debt Securities | 192 |  |  | 1 |  |  | (3 | ) |  | 190 |  |
| Other Securities | 1 |  |  | — |  |  | — |  |  | 1 |  |
| Total Rabbi Trust Available-for-Sale Securities | $ | 204 |  |  | $ | 10 |  |  | $ | (3 | ) |  | $ | 211 |  |
|  | As of December 31, 2014 |
|  | Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value |
|  | Millions |
| Equity Securities | $ | 12 |  |  | $ | 11 |  |  | $ | — |  |  | $ | 23 |  |
| Debt Securities |  |  |  |  |  |  |  |
| Government Obligations | 89 |  |  | 2 |  |  | — |  |  | 91 |  |
| Other Debt Securities | 74 |  |  | 1 |  |  | — |  |  | 75 |  |
| Total Debt Securities | 163 |  |  | 3 |  |  | — |  |  | 166 |  |
| Other Securities | 2 |  |  | — |  |  | — |  |  | 2 |  |
| Total Rabbi Trust Available-for-Sale Securities | $ | 177 |  |  | $ | 14 |  |  | $ | — |  |  | $ | 191 |  |
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, 2015 |  | December 31, 2014 |
|  | Millions |
| Accounts Receivable | $ | 1 |  |  | $ | 1 |  |
| Accounts Payable | $ | 1 |  |  | $ | — |  |
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 September 30, 2015 |  | As of December 31, 2014 |
|  | 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) | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |
| Debt Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Government Obligations (B) | 47 |  |  | (2 | ) |  | 2 |  |  | — |  |  | 2 |  |  | — |  |  | — |  |  | — |  |
| Other Debt Securities (C) | 41 |  |  | (1 | ) |  | 9 |  |  | — |  |  | 24 |  |  | — |  |  | — |  |  | — |  |
| Total Debt Securities | 88 |  |  | (3 | ) |  | 11 |  |  | — |  |  | 26 |  |  | — |  |  | — |  |  | — |  |
| Rabbi Trust Available-for-Sale Securities | $ | 88 |  |  | $ | (3 | ) |  | $ | 11 |  |  | $ | — |  |  | $ | 26 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |
(A) | Equity Securities—Investments in marketable equity securities within the Rabbi Trust Fund are through a mutual fund which invests primarily in common stocks within a broad range of industries and sectors.
(B) | Debt Securities (Government)—Unrealized losses on PSEG’s Rabbi Trust investments in United States Treasury obligations and Federal Agency mortgage-backed securities were caused by interest rate changes. Since these investments are guaranteed by the United States government or an agency of the United States government, it is not expected that these securities will settle for less than their amortized cost basis, since PSEG does not intend to sell nor will it be more-likely-than-not required to sell. PSEG does not consider these securities to be other-than-temporarily impaired as of September 30, 2015.
(C) | Debt Securities (Other)—PSEG’s investments in corporate bonds, collateralized mortgage obligations, asset-backed securities and municipal government obligations are limited to 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, 2015.
The proceeds from the sales of and the net realized gains (losses) on securities in the Rabbi Trust Fund were:
|  | Three Months Ended |  | Nine Months Ended |
|  | September 30, |  | September 30, |
|  | 2015 |  | 2014 |  | 2015 |  | 2014 |
|  | Millions |
| Proceeds from Rabbi Trust Sales (A) | $ | 20 |  |  | $ | 419 |  |  | $ | 83 |  |  | $ | 445 |  |
| Net Realized Gains (Losses) on Rabbi Trust: |  |  |  |  |  |  |  |
| Gross Realized Gains | $ | — |  |  | $ | 2 |  |  | $ | 2 |  |  | $ | 4 |  |
| Gross Realized Losses | (1 | ) |  | (2 | ) |  | (1 | ) |  | (3 | ) |
| Net Realized Gains (Losses) on Rabbi Trust | $ | (1 | ) |  | $ | — |  |  | $ | 1 |  |  | $ | 1 |  |
(A) | Includes activity in accounts related to the liquidation of funds being transitioned to new managers.
Gross realized gains disclosed in the preceding table were recognized in Other Income in the Condensed Consolidated Statements of Operations. Net unrealized gains of $4 million (after-tax) were a component of Accumulated Other Comprehensive Loss on the Condensed Consolidated Balance Sheets as of September 30, 2015. The Rabbi Trust available-for-sale debt securities held as of September 30, 2015 had the following maturities:
| Time Frame |  | Fair Value |
|  |  | Millions |
| Less than one year |  | $ | 5 |  |
| 1 - 5 years |  | 49 |  |
| 6 - 10 years |  | 39 |  |
| 11 - 15 years |  | 8 |  |
| 16 - 20 years |  | 9 |  |
| Over 20 years |  | 80 |  |
| Total Rabbi Trust Available-for-Sale Debt Securities | $ | 190 |  |
The cost of these securities was determined on the basis of specific identification. PSEG periodically assesses individual securities whose fair value is less than amortized cost to determine whether the investments are considered to be other-than-temporarily impaired. For equity securities, the Rabbi Trust is invested in a commingled indexed mutual fund. Due to the commingled nature of this fund, PSEG does not have the ability to hold these securities until expected recovery. As a result, any declines in fair market value below cost are recorded as a charge to earnings. For fixed income 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 assets in the Rabbi Trust related to PSEG, PSE&G and Power are detailed as follows:
|  | As of |  | As of |
|  | September 30, 2015 |  | December 31, 2014 |
|  | Millions |
| PSE&G | $ | 42 |  |  | $ | 41 |  |
| Power | 52 |  |  | 45 |  |
| Other | 117 |  |  | 105 |  |
| Total Rabbi Trust Available-for-Sale Securities | $ | 211 |  |  | $ | 191 |  |

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