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Pension and OPEB | 3 Months Ended
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Mar. 31, 2021
Defined Benefit Plan Disclosure [Line Items] |
Pension and Other Postretirement Benefits (OPEB) | Pension and Other Postretirement Benefits (OPEB) PSEG sponsors qualified and nonqualified pension plans and OPEB plans covering PSEG’s and its participating affiliates’ current and former employees who meet certain eligibility criteria. PSEG, PSE&G and PSEG Power are required to record the under or over funded positions of their defined benefit pension and OPEB plans on their respective balance sheets. Such funding positions of each PSEG company are required to be measured as of the date of their respective year-end Consolidated Balance Sheets. The following table provides the components of net periodic benefit costs relating to all qualified and nonqualified pension and OPEB plans on an aggregate basis for PSEG, excluding Servco. Amounts shown do not reflect the impacts of capitalization and co-owner allocations. Only the service cost component is eligible for capitalization, when applicable.
|  |  |  |  |  | Pension Benefits |  | OPEB |
|  |  |  |  |  | Three Months Ended |  | Three Months Ended |
|  |  |  |  |  | March 31, |  | March 31, |
|  |  |  |  |  |  |  |  |  | 2021 |  | 2020 |  | 2021 |  | 2020 |
|  |  |  |  |  |  |  |  | Millions |
| Components of Net Periodic Benefit (Credits) Costs |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Service Cost (included in O&M Expense) |  |  |  |  |  |  |  |  | $ | 38 |  |  | $ | 35 |  |  | $ | 2 |  |  | $ | 2 |  |
| Non-Service Components of Pension and OPEB (Credits) Costs |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Interest Cost |  |  |  |  |  |  |  |  | 35 |  |  | 48 |  |  | 5 |  |  | 9 |  |
| Expected Return on Plan Assets |  |  |  |  |  |  |  |  | (119) |  |  | (111) |  |  | (10) |  |  | (10) |  |
| Amortization of Net |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Prior Service Credit |  |  |  |  |  |  |  |  | — |  |  | (2) |  |  | (32) |  |  | (32) |  |
| Actuarial Loss |  |  |  |  |  |  |  |  | 26 |  |  | 23 |  |  | 11 |  |  | 12 |  |
| Non-Service Components of Pension and OPEB (Credits) Costs |  |  |  |  |  |  |  |  | (58) |  |  | (42) |  |  | (26) |  |  | (21) |  |
| Total Benefit (Credits) Costs |  |  |  |  |  |  |  |  | $ | (20) |  |  | $ | (7) |  |  | $ | (24) |  |  | $ | (19) |  |
Pension and OPEB (credits) costs for PSE&G, PSEG Power and PSEG’s other subsidiaries, excluding Servco, are detailed as follows:
|  |  |  |  |  | Pension Benefits |  | OPEB |
|  |  |  |  |  | Three Months Ended |  | Three Months Ended |
|  |  |  |  |  | March 31, |  | March 31, |
|  |  |  |  |  |  |  |  |  | 2021 |  | 2020 |  | 2021 |  | 2020 |
|  |  |  |  |  |  |  |  | Millions |
| PSE&G |  |  |  |  |  |  |  |  | $ | (16) |  |  | $ | (7) |  |  | $ | (23) |  |  | $ | (19) |  |
| PSEG Power |  |  |  |  |  |  |  |  | (4) |  |  | (1) |  |  | (1) |  |  | — |  |
| Other |  |  |  |  |  |  |  |  | — |  |  | 1 |  |  | — |  |  | — |  |
| Total Benefit (Credits) Costs |  |  |  |  |  |  |  |  | $ | (20) |  |  | $ | (7) |  |  | $ | (24) |  |  | $ | (19) |  |
PSEG does not plan to contribute to its pension and OPEB plans in 2021. Servco Pension and OPEB At the direction of LIPA, Servco sponsors benefit plans that cover its current and former employees who meet certain eligibility criteria. Under the OSA, all of these and any future employee benefit costs are to be funded by LIPA. See Note 5. Variable Interest Entity. These obligations, as well as the offsetting long-term receivable, are separately presented on the Condensed Consolidated Balance Sheet of PSEG. Servco amounts are not included in any of the preceding pension and OPEB cost disclosures. Pension and OPEB costs of Servco are accounted for according to the OSA. Servco recognizes expenses for contributions to its pension plan trusts and for OPEB payments made to retirees. Operating Revenues are recognized for the reimbursement of these costs. Servco plans to contribute $37 million into its pension plan during 2021. Servco’s pension-related revenues and costs were $9 million and $8 million for the three months ended March 31, 2021 and 2020, respectively. The OPEB-related revenues earned and costs incurred were $3 million and $2 million for the three months ended March 31, 2021 and 2020, respectively.
Public Service Electric and Gas Company [Member] |
Defined Benefit Plan Disclosure [Line Items] |
Pension and Other Postretirement Benefits (OPEB) | Pension and Other Postretirement Benefits (OPEB) PSEG sponsors qualified and nonqualified pension plans and OPEB plans covering PSEG’s and its participating affiliates’ current and former employees who meet certain eligibility criteria. PSEG, PSE&G and PSEG Power are required to record the under or over funded positions of their defined benefit pension and OPEB plans on their respective balance sheets. Such funding positions of each PSEG company are required to be measured as of the date of their respective year-end Consolidated Balance Sheets. The following table provides the components of net periodic benefit costs relating to all qualified and nonqualified pension and OPEB plans on an aggregate basis for PSEG, excluding Servco. Amounts shown do not reflect the impacts of capitalization and co-owner allocations. Only the service cost component is eligible for capitalization, when applicable.
|  |  |  |  |  | Pension Benefits |  | OPEB |
|  |  |  |  |  | Three Months Ended |  | Three Months Ended |
|  |  |  |  |  | March 31, |  | March 31, |
|  |  |  |  |  |  |  |  |  | 2021 |  | 2020 |  | 2021 |  | 2020 |
|  |  |  |  |  |  |  |  | Millions |
| Components of Net Periodic Benefit (Credits) Costs |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Service Cost (included in O&M Expense) |  |  |  |  |  |  |  |  | $ | 38 |  |  | $ | 35 |  |  | $ | 2 |  |  | $ | 2 |  |
| Non-Service Components of Pension and OPEB (Credits) Costs |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Interest Cost |  |  |  |  |  |  |  |  | 35 |  |  | 48 |  |  | 5 |  |  | 9 |  |
| Expected Return on Plan Assets |  |  |  |  |  |  |  |  | (119) |  |  | (111) |  |  | (10) |  |  | (10) |  |
| Amortization of Net |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Prior Service Credit |  |  |  |  |  |  |  |  | — |  |  | (2) |  |  | (32) |  |  | (32) |  |
| Actuarial Loss |  |  |  |  |  |  |  |  | 26 |  |  | 23 |  |  | 11 |  |  | 12 |  |
| Non-Service Components of Pension and OPEB (Credits) Costs |  |  |  |  |  |  |  |  | (58) |  |  | (42) |  |  | (26) |  |  | (21) |  |
| Total Benefit (Credits) Costs |  |  |  |  |  |  |  |  | $ | (20) |  |  | $ | (7) |  |  | $ | (24) |  |  | $ | (19) |  |
Pension and OPEB (credits) costs for PSE&G, PSEG Power and PSEG’s other subsidiaries, excluding Servco, are detailed as follows:
|  |  |  |  |  | Pension Benefits |  | OPEB |
|  |  |  |  |  | Three Months Ended |  | Three Months Ended |
|  |  |  |  |  | March 31, |  | March 31, |
|  |  |  |  |  |  |  |  |  | 2021 |  | 2020 |  | 2021 |  | 2020 |
|  |  |  |  |  |  |  |  | Millions |
| PSE&G |  |  |  |  |  |  |  |  | $ | (16) |  |  | $ | (7) |  |  | $ | (23) |  |  | $ | (19) |  |
| PSEG Power |  |  |  |  |  |  |  |  | (4) |  |  | (1) |  |  | (1) |  |  | — |  |
| Other |  |  |  |  |  |  |  |  | — |  |  | 1 |  |  | — |  |  | — |  |
| Total Benefit (Credits) Costs |  |  |  |  |  |  |  |  | $ | (20) |  |  | $ | (7) |  |  | $ | (24) |  |  | $ | (19) |  |
PSEG does not plan to contribute to its pension and OPEB plans in 2021. Servco Pension and OPEB At the direction of LIPA, Servco sponsors benefit plans that cover its current and former employees who meet certain eligibility criteria. Under the OSA, all of these and any future employee benefit costs are to be funded by LIPA. See Note 5. Variable Interest Entity. These obligations, as well as the offsetting long-term receivable, are separately presented on the Condensed Consolidated Balance Sheet of PSEG. Servco amounts are not included in any of the preceding pension and OPEB cost disclosures. Pension and OPEB costs of Servco are accounted for according to the OSA. Servco recognizes expenses for contributions to its pension plan trusts and for OPEB payments made to retirees. Operating Revenues are recognized for the reimbursement of these costs. Servco plans to contribute $37 million into its pension plan during 2021. Servco’s pension-related revenues and costs were $9 million and $8 million for the three months ended March 31, 2021 and 2020, respectively. The OPEB-related revenues earned and costs incurred were $3 million and $2 million for the three months ended March 31, 2021 and 2020, respectively.
PSEG Power [Member] |
Defined Benefit Plan Disclosure [Line Items] |
Pension and Other Postretirement Benefits (OPEB) | Pension and Other Postretirement Benefits (OPEB) PSEG sponsors qualified and nonqualified pension plans and OPEB plans covering PSEG’s and its participating affiliates’ current and former employees who meet certain eligibility criteria. PSEG, PSE&G and PSEG Power are required to record the under or over funded positions of their defined benefit pension and OPEB plans on their respective balance sheets. Such funding positions of each PSEG company are required to be measured as of the date of their respective year-end Consolidated Balance Sheets. The following table provides the components of net periodic benefit costs relating to all qualified and nonqualified pension and OPEB plans on an aggregate basis for PSEG, excluding Servco. Amounts shown do not reflect the impacts of capitalization and co-owner allocations. Only the service cost component is eligible for capitalization, when applicable.
|  |  |  |  |  | Pension Benefits |  | OPEB |
|  |  |  |  |  | Three Months Ended |  | Three Months Ended |
|  |  |  |  |  | March 31, |  | March 31, |
|  |  |  |  |  |  |  |  |  | 2021 |  | 2020 |  | 2021 |  | 2020 |
|  |  |  |  |  |  |  |  | Millions |
| Components of Net Periodic Benefit (Credits) Costs |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Service Cost (included in O&M Expense) |  |  |  |  |  |  |  |  | $ | 38 |  |  | $ | 35 |  |  | $ | 2 |  |  | $ | 2 |  |
| Non-Service Components of Pension and OPEB (Credits) Costs |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Interest Cost |  |  |  |  |  |  |  |  | 35 |  |  | 48 |  |  | 5 |  |  | 9 |  |
| Expected Return on Plan Assets |  |  |  |  |  |  |  |  | (119) |  |  | (111) |  |  | (10) |  |  | (10) |  |
| Amortization of Net |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Prior Service Credit |  |  |  |  |  |  |  |  | — |  |  | (2) |  |  | (32) |  |  | (32) |  |
| Actuarial Loss |  |  |  |  |  |  |  |  | 26 |  |  | 23 |  |  | 11 |  |  | 12 |  |
| Non-Service Components of Pension and OPEB (Credits) Costs |  |  |  |  |  |  |  |  | (58) |  |  | (42) |  |  | (26) |  |  | (21) |  |
| Total Benefit (Credits) Costs |  |  |  |  |  |  |  |  | $ | (20) |  |  | $ | (7) |  |  | $ | (24) |  |  | $ | (19) |  |
Pension and OPEB (credits) costs for PSE&G, PSEG Power and PSEG’s other subsidiaries, excluding Servco, are detailed as follows:
|  |  |  |  |  | Pension Benefits |  | OPEB |
|  |  |  |  |  | Three Months Ended |  | Three Months Ended |
|  |  |  |  |  | March 31, |  | March 31, |
|  |  |  |  |  |  |  |  |  | 2021 |  | 2020 |  | 2021 |  | 2020 |
|  |  |  |  |  |  |  |  | Millions |
| PSE&G |  |  |  |  |  |  |  |  | $ | (16) |  |  | $ | (7) |  |  | $ | (23) |  |  | $ | (19) |  |
| PSEG Power |  |  |  |  |  |  |  |  | (4) |  |  | (1) |  |  | (1) |  |  | — |  |
| Other |  |  |  |  |  |  |  |  | — |  |  | 1 |  |  | — |  |  | — |  |
| Total Benefit (Credits) Costs |  |  |  |  |  |  |  |  | $ | (20) |  |  | $ | (7) |  |  | $ | (24) |  |  | $ | (19) |  |
PSEG does not plan to contribute to its pension and OPEB plans in 2021. Servco Pension and OPEB At the direction of LIPA, Servco sponsors benefit plans that cover its current and former employees who meet certain eligibility criteria. Under the OSA, all of these and any future employee benefit costs are to be funded by LIPA. See Note 5. Variable Interest Entity. These obligations, as well as the offsetting long-term receivable, are separately presented on the Condensed Consolidated Balance Sheet of PSEG. Servco amounts are not included in any of the preceding pension and OPEB cost disclosures. Pension and OPEB costs of Servco are accounted for according to the OSA. Servco recognizes expenses for contributions to its pension plan trusts and for OPEB payments made to retirees. Operating Revenues are recognized for the reimbursement of these costs. Servco plans to contribute $37 million into its pension plan during 2021. Servco’s pension-related revenues and costs were $9 million and $8 million for the three months ended March 31, 2021 and 2020, respectively. The OPEB-related revenues earned and costs incurred were $3 million and $2 million for the three months ended March 31, 2021 and 2020, respectively.

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