v3.25.1
Trust Investments (Tables)
 3 Months Ended
Mar. 31, 2025
Schedule of Trust Investments [Line Items]  
Amortized Costs Basis, Gross Unrealized Gains And Fair Value Losses For The Securities Held In The NDT Fund

The following tables show the amortized costs basis, gross unrealized gains and losses and fair values for the securities held in the NDT Fund.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of March 31, 2025

 

 

 

 

 

Cost

 

 

Gross
Unrealized
Gains

 

 

Gross
Unrealized
Losses

 

 

Fair
Value

 

 

 

 

 

Millions

 

 

 

Equity Securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Domestic

 

$

510

 

 

$

356

 

 

$

(7

)

 

$

859

 

 

 

International

 

 

437

 

 

 

114

 

 

 

(20

)

 

 

531

 

 

 

Total Equity Securities

 

 

947

 

 

 

470

 

 

 

(27

)

 

 

1,390

 

 

 

Available-for-Sale Debt Securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Government

 

 

847

 

 

 

4

 

 

 

(76

)

 

 

775

 

 

 

Corporate

 

 

552

 

 

 

4

 

 

 

(26

)

 

 

530

 

 

 

Total Available-for-Sale Debt Securities

 

 

1,399

 

 

 

8

 

 

 

(102

)

 

 

1,305

 

 

 

Total NDT Fund Investments (A)

 

$

2,346

 

 

$

478

 

 

$

(129

)

 

$

2,695

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(A)
The NDT Fund Investments table excludes cash and foreign currency of $30 million as of March 31, 2025, which is part of the NDT Fund.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31, 2024

 

 

 

 

 

Cost

 

 

Gross
Unrealized
Gains

 

 

Gross
Unrealized
Losses

 

 

Fair
Value

 

 

 

 

 

Millions

 

 

 

Equity Securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Domestic

 

$

508

 

 

$

393

 

 

$

(9

)

 

$

892

 

 

 

International

 

 

419

 

 

 

98

 

 

 

(29

)

 

 

488

 

 

 

Total Equity Securities

 

 

927

 

 

 

491

 

 

 

(38

)

 

 

1,380

 

 

 

Available-for-Sale Debt Securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Government

 

 

853

 

 

 

1

 

 

 

(91

)

 

 

763

 

 

 

Corporate

 

 

531

 

 

 

3

 

 

 

(31

)

 

 

503

 

 

 

Total Available-for-Sale Debt Securities

 

 

1,384

 

 

 

4

 

 

 

(122

)

 

 

1,266

 

 

 

Total NDT Fund Investments (A)

 

$

2,311

 

 

$

495

 

 

$

(160

)

 

$

2,646

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(A)
The NDT Fund Investments table excludes cash and foreign currency of $24 million as of December 31, 2024, which is part of the NDT Fund.
Schedule Of Accounts Receivable And Accounts Payable in the NDT Funds

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

 

 

 

 

 

March 31,
2025

 

 

December 31,
2024

 

 

 

 

 

Millions

 

 

 

Accounts Receivable

 

$

21

 

 

$

18

 

 

 

Accounts Payable

 

$

12

 

 

$

5

 

 

 

 

 

 

 

 

 

 

 

 
Schedule of Value of Securities in an Unrealized Loss Position for Less Than and Greater Than 12 Months

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 March 31, 2025

 

 

As of December 31, 2024

 

 

 

 

 

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

 

$

36

 

 

$

(6

)

 

$

5

 

 

$

(2

)

 

$

73

 

 

$

(8

)

 

$

4

 

 

$

(1

)

 

 

International

 

 

96

 

 

 

(12

)

 

 

25

 

 

 

(7

)

 

 

126

 

 

 

(19

)

 

 

22

 

 

 

(10

)

 

 

Total Equity Securities

 

 

132

 

 

 

(18

)

 

 

30

 

 

 

(9

)

 

 

199

 

 

 

(27

)

 

 

26

 

 

 

(11

)

 

 

Available-for-Sale Debt Securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Government (B)

 

 

142

 

 

 

(2

)

 

 

387

 

 

 

(74

)

 

 

295

 

 

 

(7

)

 

 

382

 

 

 

(84

)

 

 

Corporate (C)

 

 

73

 

 

 

(1

)

 

 

213

 

 

 

(25

)

 

 

119

 

 

 

(2

)

 

 

227

 

 

 

(29

)

 

 

Total Available-for-Sale Debt Securities

 

 

215

 

 

 

(3

)

 

 

600

 

 

 

(99

)

 

 

414

 

 

 

(9

)

 

 

609

 

 

 

(113

)

 

 

NDT Trust Investments

 

$

347

 

 

$

(21

)

 

$

630

 

 

$

(108

)

 

$

613

 

 

$

(36

)

 

$

635

 

 

$

(124

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(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.
Schedule of Proceeds from the Sales of and the Net Realized Gains on Securities in the NDT Funds And Rabbi Trusts

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

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

 

 

 

March 31,

 

 

 

 

 

2025

 

 

2024

 

 

 

 

 

Millions

 

 

 

Proceeds from NDT Fund Sales (A)

 

$

387

 

 

$

360

 

 

 

Net Realized Gains (Losses) on NDT Fund

 

 

 

 

 

 

 

 

Gross Realized Gains

 

$

48

 

 

$

31

 

 

 

Gross Realized Losses

 

 

(29

)

 

 

(14

)

 

 

Net Realized Gains (Losses) on NDT Fund (B)

 

 

19

 

 

 

17

 

 

 

Net Unrealized Gains (Losses) on Equity Securities

 

 

(10

)

 

 

78

 

 

 

Net Gains (Losses) on NDT Fund Investments

 

$

9

 

 

$

95

 

 

 

 

 

 

 

 

 

 

 

 

(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.
Schedule of Amount Available-For-Sale Debt Securities By Maturity Periods

The NDT Fund debt securities held as of March 31, 2025 had the following maturities:

 

 

 

 

 

 

 

 

Time Frame

 

Fair Value

 

 

 

 

 

Millions

 

 

 

Less than one year

 

$

28

 

 

 

1 - 5 years

 

 

359

 

 

 

6 - 10 years

 

 

211

 

 

 

11 - 15 years

 

 

74

 

 

 

16 - 20 years

 

 

113

 

 

 

Over 20 years

 

 

520

 

 

 

Total NDT Available-for-Sale Debt Securities

 

$

1,305

 

 

 

 

 

 

 

 
Rabbi Trust [Member]  
Schedule of Trust Investments [Line Items]  
Schedule of Value of Securities in an Unrealized Loss Position for Less Than and Greater Than 12 Months

The following table shows the value of securities in the Rabbi Trust Fund that have been in an unrealized loss position for less than 12 months and greater than 12 months.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of March 31, 2025

 

 

As of December 31, 2024

 

 

 

 

 

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)

 

$

7

 

 

$

—

 

 

$

72

 

 

$

(20

)

 

$

10

 

 

$

—

 

 

$

71

 

 

$

(22

)

 

 

Corporate (B)

 

 

8

 

 

 

—

 

 

 

47

 

 

 

(10

)

 

 

11

 

 

 

—

 

 

 

49

 

 

 

(11

)

 

 

Total Available-for-Sale Debt Securities

 

 

15

 

 

 

—

 

 

 

119

 

 

 

(30

)

 

 

21

 

 

 

—

 

 

 

120

 

 

 

(33

)

 

 

Rabbi Trust Investments

 

$

15

 

 

$

—

 

 

$

119

 

 

$

(30

)

 

$

21

 

 

$

—

 

 

$

120

 

 

$

(33

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(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.
Schedule of Securities Held In the Rabbi Trusts

The following tables show the amortized cost basis, gross unrealized gains and losses and fair values for the securities held in the Rabbi Trust.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of March 31, 2025

 

 

 

 

 

Cost

 

 

Gross
Unrealized
Gains

 

 

Gross
Unrealized
Losses

 

 

Fair
Value

 

 

 

 

 

Millions

 

 

 

Domestic Equity Securities

 

$

8

 

 

$

7

 

 

$

—

 

 

$

15

 

 

 

Available-for-Sale Debt Securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Government

 

 

105

 

 

 

—

 

 

 

(20

)

 

 

85

 

 

 

Corporate

 

 

75

 

 

 

—

 

 

 

(10

)

 

 

65

 

 

 

Total Available-for-Sale Debt Securities

 

 

180

 

 

 

—

 

 

 

(30

)

 

 

150

 

 

 

Total Rabbi Trust Investments

 

$

188

 

 

$

7

 

 

$

(30

)

 

$

165

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31, 2024

 

 

 

 

 

Cost

 

 

Gross
Unrealized
Gains

 

 

Gross
Unrealized
Losses

 

 

Fair
Value

 

 

 

 

 

Millions

 

 

 

Domestic Equity Securities

 

$

8

 

 

$

9

 

 

$

—

 

 

$

17

 

 

 

Available-for-Sale Debt Securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Government

 

 

105

 

 

 

—

 

 

 

(22

)

 

 

83

 

 

 

Corporate

 

 

76

 

 

 

—

 

 

 

(11

)

 

 

65

 

 

 

Total Available-for-Sale Debt Securities

 

 

181

 

 

 

—

 

 

 

(33

)

 

 

148

 

 

 

Total Rabbi Trust Investments

 

$

189

 

 

$

9

 

 

$

(33

)

 

$

165

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
Schedule of Proceeds from the Sales of and the Net Realized Gains on Securities in the NDT Funds And Rabbi Trusts

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

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

 

 

 

March 31,

 

 

 

 

 

2025

 

 

2024

 

 

 

 

 

Millions

 

 

 

Proceeds from Rabbi Trust Sales

 

$

7

 

 

$

9

 

 

 

Net Realized Gains (Losses) on Rabbi Trust:

 

 

 

 

 

 

 

 

Gross Realized Gains

 

$

—

 

 

$

1

 

 

 

Gross Realized Losses

 

 

—

 

 

 

(1

)

 

 

Net Realized Gains (Losses) on Rabbi Trust (A)

 

 

—

 

 

 

—

 

 

 

Net Unrealized Gains (Losses) on Equity Securities

 

 

(1

)

 

 

—

 

 

 

Net Gains (Losses) on Rabbi Trust Investments

 

$

(1

)

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

(A)
The cost of these securities was determined on the basis of specific identification.
Schedule of Amount Available-For-Sale Debt Securities By Maturity Periods

The Rabbi Trust debt securities held as of March 31, 2025 had the following maturities:

 

 

 

 

 

 

 

 

Time Frame

 

Fair Value

 

 

 

 

 

Millions

 

 

 

Less than one year

 

$

5

 

 

 

1 - 5 years

 

 

28

 

 

 

6 - 10 years

 

 

16

 

 

 

11 - 15 years

 

 

11

 

 

 

16 - 20 years

 

 

16

 

 

 

Over 20 years

 

 

74

 

 

 

Total Rabbi Trust Available-for-Sale Debt Securities

 

$

150

 

 

 

 

 

 

 

 
Schedule of Fair Value of the Rabbi Trusts

The fair value of the Rabbi Trust related to PSE&G and PSEG Power & Other is detailed as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

As of

 

 

As of

 

 

 

 

 

March 31,
2025

 

 

December 31,
2024

 

 

 

 

 

Millions

 

 

 

PSE&G

 

$

30

 

 

$

30

 

 

 

PSEG Power & Other

 

 

135

 

 

 

135

 

 

 

Total Rabbi Trust Investments

 

$

165

 

 

$

165