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Fair Value of Financial Assets and Liabilities (Tables)
 3 Months Ended
Mar. 31, 2013
Fair Value Tables [Line Items]  
Fair value of financial liabilities recorded at the carrying amount
    March 31, 2013
    Carrying  Fair Value
    Amount Level 1 Level 2 Level 3 Total
Short-term liabilities $444 $1 $443 $0 $444
Long-term debt (including amounts due within one year)  18,871  0   20,200  422  20,622
Long-term debt to financing trusts  648  0  0  662  662
SNF obligation  1,020  0  794  0  794
Preferred securities of subsidiary  87  0  93  0  93
                  
    December 31, 2012
    Carrying  Fair Value
    Amount Level 1 Level 2 Level 3 Total
Short-term liabilities $214 $4 $210 $0 $214
Long-term debt (including amounts due within one year)  18,745  0  20,244  276  20,520
Long-term debt to financing trusts  648  0  0  664  664
SNF obligation  1,020  0  763  0  763
Preferred securities of subsidiary  87  0  82  0  82
Assets and liabilities measured and recorded at fair value on recurring basis
As of March 31, 2013Level 1 Level 2 Level 3 Total
Assets           
Cash equivalents(a)$383 $0 $0 $383
Nuclear decommissioning trust fund investments           
Cash equivalents 216  0  0  216
Equity           
Individually held 1,649  0  0  1,649
Commingled funds 0  2,073  0  2,073
Equity funds subtotal 1,649  2,073  0  3,722
Fixed income           
Debt securities issued by the U.S. Treasury and other           
U.S. government corporations and agencies 1,039  0  0  1,039
Debt securities issued by states of the United States           
and political subdivisions of the states 0  328  0  328
Debt securities issued by foreign governments 0  108  0  108
Corporate debt securities 0  1,796  0  1,796
Federal agency mortgage-backed securities 0  23  0  23
Commercial mortgage-backed securities (non-agency) 0  43  0  43
Residential mortgage-backed securities (non-agency) 0  11  0  11
Mutual funds 0  26  0  26
Fixed income subtotal 1,039  2,335  0  3,374
Middle market lending 0  0  210  210
Other debt obligations 0  16  0  16
Nuclear decommissioning trust fund investments subtotal(b) 2,904  4,424  210  7,538
            
Pledged assets for Zion Station decommissioning           
Cash equivalents 0  41  0  41
Fixed income           
Debt securities issued by the U.S. Treasury and other           
U.S. government corporations and agencies 138  10  0  148
Debt securities issued by states of the United States           
and political subdivisions of the states 0  29  0  29
Corporate debt securities 0  224  0  224
Federal agency mortgage-backed securities 0  29  0  29
Fixed income subtotal 138  292  0  430
Middle market lending 0  0  104  104
Pledged assets for Zion Station decommissioning subtotal(c) 138  333  104  575
            
Rabbi trust investments           
Cash equivalents 1  0  0  1
Mutual funds(d)(e) 66  0  0  66
Rabbi trust investments subtotal 67  0  0  67
            
Commodity mark-to-market derivative assets           
Economic hedges 801  2,535  554  3,890
Proprietary trading 764  1,637  176  2,577
Effect of netting and allocation of collateral(f) (1,428)  (3,152)  (572)  (5,152)
Commodity mark-to-market assets subtotal(g) 137  1,020  158  1,315
            
Interest rate mark-to-market derivative assets 0  100  0  100
Effect of netting and allocation of collateral 0  (43)  0  (43)
Interest rate mark-to-market derivative assets subtotal 0  57  0  57
            
Other investments 2  0  9  11
            
Total assets 3,631  5,834  481  9,946
            
Liabilities           
Commodity mark-to-market derivative liabilities           
Economic hedges (884)  (2,131)  (283)  (3,298)
Proprietary trading (782)  (1,530)  (187)  (2,499)
Effect of netting and allocation of collateral(f) 1,597  3,216  572  5,385
Commodity mark-to-market liabilities subtotal(g)(h) (69)  (445)  102  (412)
            
Interest rate mark-to-market derivative liabilities 0  (71)  0  (71)
Effect of netting and allocation of collateral 0  43  0  43
Interest rate mark-to-market derivative assets subtotal 0  (28)  0  (28)
            
Deferred compensation 0  (101)  0  (101)
            
Total liabilities (69)  (574)  102  (541)
            
Total net assets$3,562 $5,260 $583 $9,405
            
As of December 31, 2012Level 1 Level 2 Level 3 Total
Assets           
Cash equivalents(a)$995 $0 $0 $995
Nuclear decommissioning trust fund investments           
Cash equivalents 245  0  0  245
Equity           
Individually held 1,480  0  0  1,480
Commingled funds 0  1,933  0  1,933
Equity funds subtotal 1,480  1,933  0  3,413
Fixed income           
Debt securities issued by the U.S. Treasury and other           
U.S. government corporations and agencies 1,057  0  0  1,057
Debt securities issued by states of the United States           
and political subdivisions of the states 0  321  0  321
Debt securities issued by foreign governments 0  93  0  93
Corporate debt securities 0  1,788  0  1,788
Federal agency mortgage-backed securities 0  24  0  24
Commercial mortgage-backed securities (non-agency) 0  45  0  45
Residential mortgage-backed securities (non-agency) 0  11  0  11
Mutual funds 0  23  0  23
Fixed income subtotal 1,057  2,305  0  3,362
Middle market lending 0  0  183  183
Other debt obligations 0  15  0  15
Nuclear decommissioning trust fund investments subtotal(b) 2,782  4,253  183  7,218
            
Pledged assets for Zion decommissioning           
Cash equivalents 0  23  0  23
Equity           
Individually held 14  0  0  14
Commingled funds 0  9  0  9
Equity funds subtotal 14  9  0  23
Fixed income           
Debt securities issued by the U.S. Treasury and other           
U.S. government corporations and agencies 118  12  0  130
Debt securities issued by states of the United States           
and political subdivisions of the states 0  37  0  37
Corporate debt securities 0  249  0  249
Federal agency mortgage-backed securities 0  49  0  49
Commercial mortgage-backed securities (non-agency) 0  6  0  6
Fixed income subtotal 118  353  0  471
Middle market lending 0  0  89  89
Other debt obligations 0  1  0  1
Pledged assets for Zion Station decommissioning subtotal(c) 132  386  89  607
            
Rabbi trust investments           
Cash equivalents 2  0  0  2
Mutual funds(d)(e) 69  0  0  69
Rabbi trust investments subtotal 71  0  0  71
            
Commodity mark-to-market derivative assets           
Economic hedges 861  3,173  641  4,675
Proprietary trading 1,042  2,078  73  3,193
Effect of netting and allocation of collateral(f) (1,823)  (4,175)  (58)  (6,056)
Commodity mark-to-market assets subtotal(g) 80  1,076  656  1,812
            
Interest rate mark-to-market derivative assets 0  114  0  114
Effect of netting and allocation of collateral 0  (51)  0  (51)
Interest rate mark-to-market derivative assets subtotal 0  63  0  63
            
Other Investments 2  0  17  19
Total assets 4,062  5,778  945  10,785
            
Liabilities           
Commodity mark-to-market derivative liabilities           
Economic hedges (1,041)  (2,289)  (236)  (3,566)
Proprietary trading (1,084)  (1,959)  (78)  (3,121)
Effect of netting and allocation of collateral(f) 2,042  4,020  25  6,087
Commodity mark-to-market liabilities subtotal(g)(h) (83)  (228)  (289)  (600)
            
Interest rate mark-to-market derivative liabilities 0  (84)  0  (84)
Effect of netting and allocation of collateral 0  51  0  51
Interest rate mark-to-market derivative liabilities subtotal 0  (33)  0  (33)
            
Deferred compensation 0  (102)  0  (102)
            
Total liabilities (83)  (363)  (289)  (735)
            
Total net assets$3,979 $5,415 $656 $10,050

 

(a)       Excludes certain cash equivalents considered to be held-to-maturity and not reported at fair value.

(b)       Excludes net assets of $21 million and $30 million at March 31, 2013 and December 31, 2012, respectively. These items consist of receivables related to pending securities sales, interest and dividend receivables, and payables related to pending securities purchases.

(c)       Excludes net assets of $5 million and $7 million at March 31, 2013 and December 31, 2012, respectively. These items consist of receivables related to pending securities sales, interest and dividend receivables, and payables related to pending securities purchases.

(d)       The mutual funds held by the Rabbi trusts include $51 million related to deferred compensation and $15 million related to Supplemental Executive Retirement Plan at March 31, 2013, and $53 million related to deferred compensation and $16 million related to Supplemental Executive Retirement Plan at December 31, 2012. These funds are classified as Level 1 as they are valued based upon quoted prices (unadjusted) in active markets.

(e)       Excludes $29 million and $28 million of the cash surrender value of life insurance investments at March 31, 2013 and December 31, 2012, respectively.

(f)       Includes collateral postings (received) from counterparties. Collateral (received) from counterparties, net of collateral paid to counterparties, totaled $169 million, $64 million and $0 million allocated to Level 1, Level 2 and Level 3 mark-to-market derivatives, respectively, as of March 31, 2013. Collateral (received) from counterparties, net of collateral paid to counterparties, totaled $219 million, $(155) million and $(33) million allocated to Level 1, Level 2 and Level 3 mark-to-market derivatives, respectively, as of December 31, 2012.

(g)       The Level 3 balance does not include current and noncurrent assets for Generation and current and noncurrent liabilities for ComEd of $85 million and $0 million at March 31, 2013 and $226 million and $0 million at December 31, 2012, respectively, related to the fair value of Generation's financial swap contract with ComEd.

(h)       The Level 3 balance includes the current and noncurrent liability of $15 million and $60 million at March 31, 2013, respectively, and $18 million and $49 million at December 31, 2012, respectively, related to floating-to-fixed energy swap contracts with unaffiliated suppliers.

Fair value reconciliation of Level 3 assets and liabilities measured at fair value on a recurring basis
Three Months Ended March 31, 2013Nuclear Decommissioning Trust Fund InvestmentsPledged Assets for Zion Station DecommissioningMark-to-Market Derivatives Other InvestmentsTotal 
Balance as of December 31, 2012$ 183$89$367 $17$656 
Total realized / unrealized losses            
 Included in net income 1 0 (127)(a) 0 (126) 
 Included in regulatory assets 1 0 (8)(b) 0 (7) 
Change in collateral 0 0 33  0 33 
Purchases, sales, issuances and settlements            
 Purchases (c)   32  22 (5)(c) 0 49 
 Sales (7)  (7) (4)  (8) (26) 
Transfers into Level 3 0 0 4  0 4 
Transfers out of Level 3 0 0 0  0 0 
              
Balance as of March 31, 2013$210$104$260 $9$583 
The amount of total losses included in income            
 attributed to the change in unrealized gains (losses) related to assets and liabilities held for the three months ended March 31, 2013$1$0$(79) $0$(78) 

 

(a) Includes the reclassification of $48 million of realized losses due to the settlement of derivative contracts recorded in results of operations for the three months ended March 31, 2013, respectively.

(b) Excludes increases in fair value of $8 million and realized losses reclassified due to settlements of $133 million associated with Generation's financial swap contract with ComEd for the three months ended March 31, 2013, respectively. All items eliminate upon consolidation in Exelon's Consolidated Financial Statements.

(c) Includes $10 million which Generation was paid to enter into out of the money purchase contracts.

 

Three Months Ended March 31, 2012Nuclear Decommissioning Trust Fund InvestmentsPledged Assets for Zion Station DecommissioningMark-to-Market Derivatives Other InvestmentsTotal 
Balance as of December 31, 2011$13$37$17 $0$67 
Total realized / unrealized gains            
 Included in net income 0 0 85(a) 0 85 
 Included in regulatory assets 0 0 (35)  0 (35) 
Change in collateral 0 0 (36)  0 (36) 
Purchases, sales, issuances and settlements            
 Purchases (c)  0 6 329  14 349 
 Sales 0 (1) 0  0 (1) 
Transfers out of Level 3 0 0 (1)  0 (1) 
              
Balance as of March 31, 2012$13$42$359 $14$428 
The amount of total gains included in income            
 attributed to the change in unrealized gains related to assets and liabilities held for the three months ended March 31, 2012$0$0$104 $0$104 

 

(a)       Includes the reclassification of $19 million of realized losses due to the settlement of derivative contracts recorded in results of operations for the three months ended March 31, 2012.

(b)       Includes $135 million of increases in fair value and $147 million of realized losses due to settlements during 2012 of Generation's financial swap contract with ComEd, which eliminates upon consolidation in Exelon's Consolidated Financial Statements.

(c)       Includes $323 million of fair value from contracts and $14 million of other investments acquired as a result of the merger.

 
Total realized and unrealized gains (losses) included in income for Level 3 assets and liabilities measured at fair value on a recurring basis
 Operating Revenues Purchased Power and Fuel 
Total gains (losses) included in net income for the three months ended      
 March 31, 2013$(159) $32 
Change in the unrealized gains (losses) relating to assets and liabilities      
 held for the three months ended March 31, 2013$(117) $38 
       
 Operating Revenues Purchased Power and Fuel 
Total gains (losses) included in net income for the three months ended      
 March 31, 2012$87 $(2) 
Change in the unrealized gains (losses) relating to assets and liabilities      
 held for the three months ended March 31, 2012$115 $(11) 
Fair value reconciliation of Level 3 assets and liabilities measured at fair value on a recurring basis, valuation technique
Type of trade Fair Value at March 31, 2013 (d) Valuation Technique Unobservable Input Range
Mark-to-market derivatives – Economic Hedges (Generation) (a)  $346 Discounted Cash Flow Forward power price $14 -$88
     Forward gas price $3.43 -$4.73 
    Option Model Volatility percentage  28%- 177%
                
Mark-to-market derivatives – Proprietary trading (Generation) (a) $(11) Discounted Cash Flow Forward power price $16 -$88 
    Option Model Volatility percentage  14%- 34%
                
Mark-to-market derivatives – Transactions with affiliates (Generation and ComEd) (b) $85 Discounted Cash Flow Marketability reserve  7%- 8%
                
Mark-to-market derivatives (ComEd) $(75) Discounted Cash Flow Forward heat rate (c)  8.5%- 9.5%
     Marketability reserve  3.5%- 8.3%
     Renewable factor  85%- 128%

  • The valuation techniques, unobservable inputs and ranges are the same for the asset and liability positions.
  • Includes current assets for Generation and current liabilities for ComEd of $85 million, related to the fair value of the five-year financial swap contract between Generation and ComEd, which eliminates in consolidation.
  • Quoted forward natural gas rates are utilized to project the forward power curve for the delivery of energy at specified future dates. The natural gas curve is extrapolated beyond its observable period to the end of the contract's delivery.
  • The fair values do not include cash collateral held on level three positions which are immaterial as of March 31, 2013.

 
Exelon Generation Co L L C [Member]
  
Fair Value Tables [Line Items]  
Fair value of financial liabilities recorded at the carrying amount
    March 31, 2013
    Carrying  Fair Value
    Amount Level 1 Level 2 Level 3 Total
Short-term liabilities $13 $0 $13 $0 $13
Long-term debt (including amounts due within one year)  7,621  0  7,621  405  8,026
SNF obligation  1,020  0  794  0  794
                  
    December 31, 2012
    Carrying  Fair Value
    Amount Level 1 Level 2 Level 3 Total
Short-term liabilities $0 $0 $0 $0 $0
Long-term debt (including amounts due within one year)  7,483  0  7,591  258  7,849
SNF obligation  1,020  0  763  0  763
Assets and liabilities measured and recorded at fair value on recurring basis
As of March 31, 2013Level 1 Level 2 Level 3  Total
Assets           
Cash equivalents $56 $0 $0 $ 56
Nuclear decommissioning trust fund investments           
Cash equivalents 216  0  0   216
Equity           
Individually held 1,649  0  0   1,649
Commingled funds 0  2,073  0   2,073
Equity funds subtotal 1,649  2,073  0   3,722
Fixed income           
Debt securities issued by the U.S. Treasury and other U.S.            
government corporations and agencies 1,039  0  0   1,039
Debt securities issued by states of the United States and           
political subdivisions of the states 0  328  0   328
Debt securities issued by foreign governments 0  108  0   108
Corporate debt securities 0  1,796  0   1,796
Federal agency mortgage-backed securities 0  23  0   23
Commercial mortgage-backed securities (non-agency) 0  43  0   43
Residential mortgage-backed securities (non-agency) 0  11  0   11
Mutual funds 0  26  0   26
Fixed income subtotal 1,039  2,335  0   3,374
Middle market lending 0  0  210   210
Other debt obligations 0  16  0   16
Nuclear decommissioning trust fund investments subtotal(b) 2,904  4,424  210   7,538
            
Pledged assets for Zion Station decommissioning           
Cash equivalents 0  41  0   41
Fixed income           
Debt securities issued by the U.S. Treasury and other U.S.            
government corporations and agencies 138  10  0   148
Debt securities issued by states of the United States and           
political subdivisions of the states 0  29  0   29
Corporate debt securities 0  224  0   224
Federal agency mortgage-backed securities 0  29  0   29
Fixed income subtotal 138  292  0   430
Middle market lending 0  0  104   104
Pledged assets for Zion Station decommissioning subtotal(c) 138  333  104  575
            
Rabbi trust investments           
Mutual funds (d) (e) 12  0  0   12
Rabbi trust investments subtotal 12  0  0  12
            
Commodity mark-to-market derivative assets           
Economic hedges 801  2,535  639   3,975
Proprietary trading 764  1,637  176   2,577
Effect of netting and allocation of collateral(f) (1,428)  (3,152)  (572)   (5,152)
Commodity mark-to-market assets subtotal(g) 137  1,020  243   1,400
            
Interest rate mark-to-market derivative assets 0  88  0   88
Effect of netting and allocation of collateral 0  (43)  0   (43)
Interest rate mark-to-market derivative assets subtotal 0  45  0   45
            
Other investments 2  0  9   11
            
Total assets 3,249  5,822  566   9,637
            
Liabilities           
Commodity mark-to-market derivative liabilities           
Economic hedges (884)  (2,131)  (208)   (3,223)
Proprietary trading (782)  (1,530)  (187)   (2,499)
Effect of netting and allocation of collateral(f) 1,597  3,216  572   5,385
Commodity mark-to-market liabilities subtotal (69)  (445)  177   (337)
            
Interest rate mark-to-market derivative liabilities 0  (71)  0   (71)
Effect of netting and allocation of collateral 0  43  0   43
Interest rate mark-to-market derivative liabilities subtotal 0  (28)  0   (28)
            
Deferred compensation 0  (26)  0   (26)
            
Total liabilities (69)  (499)  177  (391)
            
Total net assets$3,180 $5,323 $743 $ 9,246
            
As of December 31, 2012Level 1 Level 2 Level 3  Total
Assets           
Cash equivalents(a)$487 $0 $0 $ 487
Nuclear decommissioning trust fund investments           
Cash equivalents 245  0  0   245
Equity           
Individually held 1,480  0  0   1,480
Commingled funds 0  1,933  0   1,933
Equity funds subtotal 1,480  1,933  0   3,413
Fixed income           
Debt securities issued by the U.S. Treasury and other U.S.            
government corporations and agencies 1,057  0  0   1,057
Debt securities issued by states of the United States and           
political subdivisions of the states 0  321  0   321
Debt securities issued by foreign governments 0  93  0   93
Corporate debt securities 0  1,788  0   1,788
Federal agency mortgage-backed securities 0  24  0   24
Commercial mortgage-backed securities (non-agency) 0  45  0   45
Residential mortgage-backed securities (non-agency) 0  11  0   11
Mutual funds 0  23  0   23
Fixed income subtotal 1,057  2,305  0   3,362
Middle market lending 0  0  183   183
Other debt obligations 0  15  0   15
Nuclear decommissioning trust fund investments subtotal(b) 2,782  4,253  183   7,218
            
Pledged assets for Zion Station decommissioning           
Cash equivalents 0  23  0   23
Equity           
Individually held 14  0  0   14
Commingled funds 0  9  0   9
Equity funds subtotal 14  9  0   23
Fixed income           
Debt securities issued by the U.S. Treasury and other U.S.            
government corporations and agencies 118  12  0   130
Debt securities issued by states of the United States and           
political subdivisions of the states 0  37  0   37
Corporate debt securities 0  249  0   249
Federal agency mortgage-backed securities 0  49  0   49
Commercial mortgage-backed securities (non-agency) 0  6  0   6
Fixed income subtotal 118  353  0   471
Middle market lending 0  0  89   89
Other debt obligations 0  1  0   1
Pledged assets for Zion Station decommissioning subtotal(c) 132  386  89   607
            
Rabbi trust investments           
Cash equivalents 1  0  0   1
Mutual funds(d)(e) 13  0  0   13
Rabbi trust investments subtotal 14  0  0  14
            
Commodity mark-to-market derivative assets           
Economic hedges 861  3,173  867   4,901
Proprietary trading 1,042  2,078  73   3,193
Effect of netting and allocation of collateral(f) (1,823)  (4,175)  (58)   (6,056)
Commodity mark-to-market assets subtotal(g) 80  1,076  882   2,038
            
Interest rate mark-to-market derivative assets 0  101  0   101
Effect of netting and allocation of collateral 0  (51)  0   (51)
Interest rate mark-to-market derivative assets subtotal 0  50  0  50
            
Other investments 2  0  17   19
            
Total assets 3,497  5,765  1,171  10,433
            
Liabilities           
Commodity mark-to-market derivative liabilities           
Economic hedges (1,041)  (2,289)  (169)   (3,499)
Proprietary trading (1,084)  (1,959)  (78)   (3,121)
Effect of netting and allocation of collateral(f) 2,042  4,020  25   6,087
Commodity mark-to-market liabilities subtotal (83)  (228)  (222)   (533)
            
Interest rate mark-to-market derivative liabilities 0  (84)  0   (84)
Effect of netting and allocation of collateral 0  51  0   51
Interest rate mark-to-market derivative liabilities 0  (33)  0  (33)
            
Deferred compensation 0  (28)  0   (28)
            
Total liabilities (83)  (289)  (222)  (594)
            
Total net assets$3,414 $5,476 $949 $ 9,839

 

(a)       Excludes certain cash equivalents considered to be held-to-maturity and not reported at fair value.

(b)       Excludes net assets of $21 million and $30 million at March 31, 2013 and December 31, 2012, respectively. These items consist of receivables related to pending securities sales, interest and dividend receivables, and payables related to pending securities purchases.

(c)       Excludes net assets of $5 million and $7 million at March 31, 2013 December 31, 2012, respectively. These items consist of receivables related to pending securities sales, interest and dividend receivables, and payables related to pending securities purchases.

(d)       The $12 million mutual funds held by the Rabbi trusts are classified as Level 1 as they are valued based upon quoted prices (unadjusted) in active markets.

(e)       Excludes $9 million and $8 million of the cash surrender value of life insurance investments at March 31, 2013 and December 31, 2012, respectively.

(f)       Includes collateral postings (received) from counterparties. Collateral (received) from counterparties, net of collateral paid to counterparties, totaled $169 million, $64 million and $0 million allocated to Level 1, Level 2 and Level 3 mark-to-market derivatives, respectively, as of March 31, 2013. Collateral (received) from counterparties, net of collateral paid to counterparties, totaled $219 million, $(155) million and $(33) million allocated to Level 1, Level 2 and Level 3 mark-to-market derivatives, respectively, as of December 31, 2012.

(g)       The Level 3 balance includes current and noncurrent assets for Generation of $85 million and $0 million at March 31, 2013 and $226 million and $0 million at December 31, 2012, respectively, related to the fair value of Generation's financial swap contract with ComEd, which eliminates upon consolidation in Exelon's Consolidated Financial Statements.
Fair value reconciliation of Level 3 assets and liabilities measured at fair value on a recurring basis
Three Months Ended March 31, 2013Nuclear Decommissioning Trust Fund Investments Pledged Assets for Zion Station Decommissioning Mark-to-Market Derivatives Other Investments Total
Balance as of December 31, 2012$ 183 $89 $660 $17 $949
Total realized / unrealized losses              
 Included in net income 1  0  (144)(a)(b) 0  (143)
 Included in other comprehensive income 0  0  (124)(b) 0  (124)
 Included in noncurrent payables to affiliates 1  0  0  0  1
Change in collateral 0  0  33  0  33
Purchases, sales, issuances and settlements              
 Purchases  32   22  (5)(c) 0  49
 Sales (7)   (7)  (4)  (8)  (26)
Transfers into Level 3 0  0  4  0  4
Transfers out of Level 3 0  0  0  0  0
                
Balance as of March 31, 2013$210 $104 $420 $9 $743
The amount of total losses included in income              
 attributed to the change in unrealized gains (losses) related to assets and liabilities held for the three months ended March 31, 2013$1 $0 $(86) $0 $(85)

 

(a)       Includes the reclassification of $58 million of realized losses due to the settlement of derivative contracts recorded in results of operations.

(b)       Includes $8 million of increases in fair value and $133 million of realized losses due to settlements during 2013 of Generation's financial swap contract with ComEd, which eliminates upon consolidation in Exelon's Consolidated Financial Statements.

 

(c) Includes $10 million which Generation was paid to enter into out of the money purchase contracts.

Three Months Ended March 31, 2012Nuclear Decommissioning Trust Fund InvestmentsPledged Assets for Zion Station DecommissioningMark-to-Market Derivatives Other InvestmentsTotal
Balance as of December 31, 2011$13$37$817 $0$867
Total realized / unrealized losses           
 Included in net income 0 0 74(a) 0 74
 Included in other comprehensive income 0 0 (1)(b) 0 (1)
Change in collateral 0 0 (36)  0 (36)
Purchases, sales, issuances and settlements           
 Purchases (c)  0 6 329  14 349
 Sales 0 (1) 0  0 (1)
Transfers out of Level 3 0 0 (1)  0 (1)
             
Balance as of March 31, 2012$13$42$1,182 $14$1,251
The amount of total gains included in income           
 attributed to the change in unrealized gains related to assets and liabilities held for the three months ended March 31, 2012           
 $0$0$93 $0$93

 

(a)       Includes the reclassification of $19 million of realized losses due to the settlement of derivative contracts recorded in results of operations.

(b)       Includes $135 million of increases in fair value and $147 million of realized losses due to settlements during 2012 of Generation's financial swap contract with ComEd, which eliminates upon consolidation in Exelon's Consolidated Financial Statements.

(c)       Includes $323 million of fair value from contracts and $14 of other investments acquired as a result of the merger.

 

 
Total realized and unrealized gains (losses) included in income for Level 3 assets and liabilities measured at fair value on a recurring basis
 Operating Revenues Purchased Power and Fuel  
Total gains (losses) included in net income for the three       
 months ended March 31, 2013$(176) $32  
Change in the unrealized gains (losses) relating to assets and       
 liabilities held for the three months ended March 31, 2013$(124) $38  
         
 Operating Revenues Purchased Power and Fuel  
Total gains (losses) included in net income for the three months       
 ended March 31, 2012$76 $(2)  
Change in the unrealized gains (losses) relating to assets and       
 liabilities held for the three months ended March 31, 2012$104 $(11)  
Commonwealth Edison Co [Member]
  
Fair Value Tables [Line Items]  
Fair value of financial liabilities recorded at the carrying amount
    March 31, 2013
    Carrying  Fair Value
    Amount Level 1 Level 2 Level 3 Total
Short-term liabilities $220 $0 $220 $0 $220
Long-term debt (including amounts due within one year)  5,568  0  6,485  18  6,503
Long-term debt to financing trust  206  0  0  213  213
                  
    December 31, 2012
    Carrying  Fair Value
    Amount Level 1 Level 2 Level 3 Total
Short-term liabilities $0 $0 $0 $0 $0
Long-term debt (including amounts due within one year)  5,567  0  6,530  18  6,548
Long-term debt to financing trust  206  0  0  212  212
Assets and liabilities measured and recorded at fair value on recurring basis
As of March 31, 2013Level 1 Level 2 Level 3 Total
Assets           
Rabbi trust investments           
Mutual funds (a)$ 7 $0 $0 $7
 Rabbi trust investments subtotal 7  0  0  7
             
Total assets 7  0  0  7
             
Liabilities           
Deferred compensation obligation 0  (9)  0  (9)
Mark-to-market derivative liabilities (b)(c) 0  0  (160)  (160)
             
Total liabilities 0  (9)  (160)  (169)
             
Total net assets (liabilities)$7 $(9) $(160) $(162)
             
As of December 31, 2012Level 1 Level 2 Level 3 Total
Assets           
Cash equivalents$111 $0 $0 $111
Rabbi trust investments           
Mutual funds (a) 8  0  0  8
  Rabbi trust investments subtotal 8  0  0  8
             
Total assets 119  0  0  119
             
Liabilities           
Deferred compensation obligation 0   (8)  0  (8)
Mark-to-market derivative liabilities (b)(c) 0  0  (293)  (293)
             
Total liabilities 0  (8)  (293)  (301)
             
Total net assets (liabilities)$119 $(8) $(293) $(182)

 

(a)       The mutual funds held by the Rabbi trusts are classified as Level 1 as they are valued based upon quoted prices (unadjusted) in active markets.

(b)       The Level 3 balance includes the current liability of $85 million at March 31, 2013, and $226 million at December 31, 2012, related to the fair value of ComEd's financial swap contract with Generation which eliminates upon consolidation in Exelon's Consolidated Financial Statements.

(c)       The Level 3 balance includes the current and noncurrent liability of $15 million and $60 million at March 31, 2013, respectively, and $18 million and $49 million at December 31, 2012, respectively, related to floating-to-fixed energy swap contracts with unaffiliated suppliers.

 
Fair value reconciliation of Level 3 assets and liabilities measured at fair value on a recurring basis
Three Months Ended March 31, 2013 Mark-to-Market Derivatives  
Balance as of December 31, 2012$ (293) 
Total realized / unrealized gains included in regulatory assets (a)(b)  133 
     
Balance as of March 31, 2013$ (160) 

 

(a)       Includes $8 million of decreases in fair value and realized losses due to settlements of $133 million associated with ComEd's financial swap contract with Generation for the three months ended March 31, 2013. All items eliminate upon consolidation in Exelon's Consolidated Financial Statements.

(b)       Includes $11 million of increases in the fair value and realized losses due to settlements of $3 million recorded in purchased power expense associated with floating-to-fixed energy swap contracts with unaffiliated suppliers for the three months ended March 31, 2013.

Three Months Ended March 31, 2012 Mark-to-Market Derivatives 
Balance as of December 31, 2011$(800) 
Total unrealized / realized losses included in regulatory assets(a)(b) (23) 
Balance as of March 31, 2012$(823) 

 

  • Includes $135 million of changes in the fair value and $147 million of realized gains due to settlements associated with ComEd's financial swap with Generation. All items eliminate upon consolidation in Exelon's Consolidated Financial Statements.
  • Includes an increase in fair value of $35 million associated with floating-to-fixed energy swap contracts with unaffiliated suppliers.

 
PECO Energy Co [Member]
  
Fair Value Tables [Line Items]  
Fair value of financial liabilities recorded at the carrying amount
    March 31, 2013
    Carrying  Fair Value
    Amount Level 1 Level 2 Level 3 Total
Short-term liabilities $210 $0 $210 $0 $210
Long-term debt (including amounts due within one year)  1,948  0  2,242  0  2,242
Long-term debt to financing trusts  184  0  0  188  188
Preferred securities  87  0  93  0  93
                  
    December 31, 2012
    Carrying  Fair Value
    Amount Level 1 Level 2 Level 3 Total
Short-term liabilities $210 $0 $210 $0 $210
Long-term debt (including amounts due within one year)  1,947  0  2,264  0  2,264
Long-term debt to financing trusts  184  0  0  188  188
Preferred securities  87  0  82  0  82
Assets and liabilities measured and recorded at fair value on recurring basis
As of March 31, 2013Level 1 Level 2 Level 3 Total 
Assets            
Cash equivalents$225 $0 $0 $225 
Rabbi trust investments            
Mutual funds (a) (b) 9  0  0  9 
Rabbi trust investments subtotal 9  0  0  9 
              
Total assets 234  0  0  234 
              
Liabilities            
Deferred compensation obligation 0  (18)  0  (18) 
              
Total liabilities 0  (18)  0  (18) 
              
Total net assets (liabilities)$234 $(18) $0 $216 
              
As of December 31, 2012Level 1 Level 2 Level 3 Total 
Assets            
Cash equivalents$346 $0 $0 $346 
Rabbi trust investments            
Mutual funds (a) (b) 9  0  0  9 
Rabbi trust investments subtotal 9  0  0  9 
              
Total assets 355  0  0  355 
              
Liabilities            
Deferred compensation obligation 0  (18)  0  (18) 
              
Total liabilities 0  (18)  0  (18) 
              
Total net assets (liabilities)$355 $(18) $0 $337 

 

(a)       The mutual funds held by the Rabbi trusts are classified as Level 1 as they are valued based upon quoted prices (unadjusted) in active markets

(b)       Excludes $14 million and $13 million of the cash surrender value of life insurance investments at March 31, 2013 and December 31, 2012, respectively.

 
Baltimore Gas and Electric Company [Member]
  
Fair Value Tables [Line Items]  
Fair value of financial liabilities recorded at the carrying amount
    March 31, 2013
    Carrying  Fair Value
    Amount Level 1  Level 2 Level 3 Total
Short-term liabilities $0 $0 $0 $0 $0
Long-term debt (including amounts due within one year)  2,178  0  2,464  0  2,464
Long-term debt to financing trusts  258  0  0  261  261
                  
    December 31, 2012
    Carrying  Fair Value
    Amount Level 1  Level 2 Level 3 Total
Short-term liabilities $0 $0 $0 $0 $0
Long-term debt (including amounts due within one year)  2,178  0  2,468  0  2,468
Long-term debt to financing trusts  258  0  0  263  263
Assets and liabilities measured and recorded at fair value on recurring basis
As of March 31, 2013Level 1 Level 2 Level 3 Total 
Assets            
Cash equivalents$58 $0 $0 $58 
Rabbi trust investments            
Mutual funds (a) 5  0  0  5 
Rabbi trust investments subtotal 5  0  0  5 
              
Total assets 63  0  0  63 
              
Liabilities            
Deferred compensation obligation 0  (5)  0  (5) 
              
Total liabilities 0  (5)  0  (5) 
              
Total net assets (liabilities)$63 $(5) $0 $58 
              
As of December 31, 2012Level 1 Level 2 Level 3 Total 
Assets            
Cash equivalents$33 $0 $0 $33 
Rabbi trust investments            
Mutual funds (a) 5  0  0  5 
Rabbi trust investments subtotal 5  0  0  5 
              
Total assets 38  0  0  38 
              
Liabilities            
Deferred compensation obligation 0  (5)  0  (5) 
              
Total liabilities 0  (5)  0  (5) 
              
Total net assets (liabilities)$38 $(5) $0 $33 

  • The mutual funds held by the Rabbi trusts are classified as Level 1 as they are valued based upon quoted prices (unadjusted) in active markets.