Retirement Benefits (All Registrants)

3 Months Ended

Mar. 31, 2020

Defined Benefit Pension and OPEB

During the first quarter of 2020, Exelon received an updated valuation of its pension and OPEB to reflect actual census data as of January 1, 2020. This valuation resulted in an increase to the pension and OPEB obligations of $8 million and $31 million, respectively. Additionally, accumulated other comprehensive income increased by $7 million (after-tax) and regulatory assets and liabilities increased by $19 million and decreased by $10 million, respectively.

The majority of the 2020 pension benefit cost for Exelon-sponsored plans is calculated using an expected long-term rate of return on plan assets of 7.00% and a discount rate of 3.34%. The majority of the 2020 OPEB cost is calculated using an expected long-term rate of return on plan assets of 6.69% for funded plans and a discount rate of 3.31%.

A portion of the net periodic benefit cost for all plans is capitalized within the Consolidated Balance Sheets. The following table presents the components of Exelon's net periodic benefit costs, prior to capitalization, for the three months ended March 31, 2020 and 2019.



	Pension Benefits Three Months Ended March 31,						OPEB Three Months Ended March 31,
	2020			2019			2020			2019
Components of net periodic benefit cost:
Service cost	$	97		$	89		$	23		$	24
Interest cost	189			221			38			47
Expected return on assets	(318		)	(307		)	(41		)	(38		)
Amortization of:
Prior service cost (benefit)	1			—			(31		)	(45		)
Actuarial loss	128			104			12			11
Net periodic benefit cost	$	97		$	107		$	1		$	(1	)

The amounts below represent the Registrants' allocated pension and OPEB plan costs. For Exelon, the service cost component is included in Operating and maintenance expense and Property, plant and equipment, net while the non-service cost components are included in Other, net and Regulatory assets. For Generation and the Utility Registrants, the service cost and non-service cost components are included in Operating and maintenance expense and Property, plant and equipment, net in their consolidated financial statements.



	Three Months Ended March 31,
Pension and OPEB Costs	2020		2019
Exelon	$	98	$	106
Generation	27		31
ComEd	28		24
PECO	1		2
BGE	16		16
PHI	17		23
Pepco	3		6
DPL	1		4
ACE	3		4

Defined Contribution Savings Plans

The Registrants participate in various 401(k) defined contribution savings plans that are sponsored by Exelon. The plans are qualified under applicable sections of the IRC and allow employees to contribute a portion of their pre-tax and/or after-tax income in accordance with specified guidelines. All Registrants match a percentage of the employee contributions up to certain limits. The following table presents the matching contributions to the savings plans during the three months ended March 31, 2020 and 2019, respectively.



	Three Months Ended March 31,
Savings Plan Matching Contributions	2020		2019
Exelon	$	33	$	31
Generation	13		13
ComEd	7		7
PECO	3		2
BGE	2		2
PHI	3		4
Pepco	1		1
DPL	1		1
ACE	—		1