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v3.23.1

Pension and OPEB (Tables) | 3 Months Ended
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Mar. 31, 2023
Retirement Benefits [Abstract] |
Components Of Net Periodic Benefit Cost | The following table provides the components of net periodic benefit costs (credits) relating to all qualified and nonqualified pension and OPEB plans on an aggregate basis for PSEG, excluding Servco. Net periodic benefit costs are reduced in 2023 as a result of an accounting order from the BPU authorizing PSE&G to modify its method for calculating the amortization of the net actuarial gain or loss component of pension expense for rate making purposes. See Note 5. Rate Filings. 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 |  | OPEB |
|  |  |  |  |  | Three Months Ended |  | Three Months Ended |
|  |  |  |  |  | March 31, |  | March 31, |
|  |  |  |  |  |  |  |  |  | 2023 |  | 2022 |  | 2023 |  | 2022 |
|  |  |  |  |  |  |  |  |  | Millions |
| Components of Net Periodic Benefit (Credits) Costs |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Service Cost (included in O&M Expense) |  |  |  |  |  |  |  |  | $ | 22 |  |  | $ | 35 |  |  | $ | 1 |  |  | $ | 2 |  |
| Non-Service Components of Pension and OPEB (Credits) Costs |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Interest Cost |  |  |  |  |  |  |  |  | 69 |  |  | 42 |  |  | 10 |  |  | 6 |  |
| Expected Return on Plan Assets |  |  |  |  |  |  |  |  | (95) |  |  | (121) |  |  | (8) |  |  | (11) |  |
| Amortization of Net |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Prior Service Credit |  |  |  |  |  |  |  |  | — |  |  | — |  |  | (13) |  |  | (32) |  |
| Actuarial Loss |  |  |  |  |  |  |  |  | 24 |  |  | 15 |  |  | (1) |  |  | 4 |  |
| Non-Service Components of Pension and OPEB (Credits) Costs |  |  |  |  |  |  |  |  | (2) |  |  | (64) |  |  | (12) |  |  | (33) |  |
| Total Benefit (Credits) Costs |  |  |  |  |  |  |  |  | $ | 20 |  |  | $ | (29) |  |  | $ | (11) |  |  | $ | (31) |  |
Schedule Of Pension And OPEB Costs | Pension and OPEB (credits) costs for PSE&G and PSEG Power & Other are detailed as follows:
|  |  |  |  |  | Pension Benefits |  | OPEB |
|  |  |  |  |  | Three Months Ended |  | Three Months Ended |
|  |  |  |  |  | March 31, |  | March 31, |
|  |  |  |  |  |  |  |  |  | 2023 |  | 2022 |  | 2023 |  | 2022 |
|  |  |  |  |  |  |  |  |  | Millions |
| PSE&G |  |  |  |  |  |  |  |  | $ | 13 |  |  | $ | (18) |  |  | $ | (10) |  |  | $ | (27) |  |
| PSEG Power & Other |  |  |  |  |  |  |  |  | 7 |  |  | (11) |  |  | (1) |  |  | (4) |  |
| Total Benefit (Credits) Costs |  |  |  |  |  |  |  |  | $ | 20 |  |  | $ | (29) |  |  | $ | (11) |  |  | $ | (31) |  |

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- Definition Tabular disclosure of the components of net benefit costs for pension plans and/or other employee benefit plans including service cost, interest cost, expected return on plan assets, gain (loss), prior service cost or credit, transition asset or obligation, and gain (loss) recognized due to settlements or curtailments. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (h) -URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 + Details
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