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Fair Value of Financial Assets and Liabilities (Tables)
 6 Months Ended
Jun. 30, 2022
Fair Value Disclosures [Abstract]  
Fair Value of Financial Liabilities Recorded at Amortized Cost
Fair Value of Financial Liabilities Recorded at Amortized Cost
The following tables present the carrying amounts and fair values of the Registrants’ short-term liabilities, long-term debt, and trust preferred securities (long-term debt to financing trusts or junior subordinated debentures) as of June 30, 2022 and December 31, 2021. The Registrants have no financial liabilities classified as Level 1.
The carrying amounts of the Registrants’ short-term liabilities as presented in their Consolidated Balance Sheets are representative of their fair value (Level 2) because of the short-term nature of these instruments.
June 30, 2022December 31, 2021
Carrying AmountFair ValueCarrying AmountFair Value
Level 2Level 3TotalLevel 2Level 3Total
Long-Term Debt, including amounts due within one year(a)
Exelon$36,294 $30,960 $2,315 $33,275 $32,902 $34,897 $2,217 $37,114 
ComEd10,516 9,609 — 9,609 9,773 11,305 — 11,305 
PECO4,192 3,772 50 3,822 4,197 4,740 50 4,790 
BGE4,456 4,096 — 4,096 3,961 4,406 — 4,406 
PHI8,027 4,853 2,265 7,118 7,547 5,970 2,167 8,137 
Pepco3,642 2,465 1,104 3,569 3,445 3,201 975 4,176 
DPL1,938 1,210 503 1,713 1,810 1,426 552 1,978 
ACE1,757 954 658 1,612 1,582 1,091 641 1,732 
Long-Term Debt to Financing Trusts
Exelon$390 $— $398 $398 $390 $— $470 $470 
ComEd205 — 209 209 205 — 248 248 
PECO184 — 189 189 184 — 222 222 
__________
(a)Includes unamortized debt issuance costs, unamortized debt discount and premium, net, purchase accounting fair value adjustments, and finance lease liabilities which are not fair valued. Refer to Note 15 - Debt and Credit Agreements of the 2021 Recast Form 10-K for unamortized debt issuance costs, unamortized debt discount and premium, net, and purchase accounting fair value adjustments and Note 10 - Leases of the 2021 Recast Form 10-K for finance lease liabilities.
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]
Recurring Fair Value Measurements
The following tables present assets and liabilities measured and recorded at fair value in the Registrants' Consolidated Balance Sheets on a recurring basis and their level within the fair value hierarchy as of June 30, 2022 and December 31, 2021:
Exelon
As of June 30, 2022As of December 31, 2021
Level 1Level 2Level 3TotalLevel 1 Level 2Level 3Total
Assets
Cash equivalents(a)
$1,319 $— $— $1,319 $524 $— $— $524 
Rabbi trust investments
Cash equivalents63 — — 63 60 — — 60 
Mutual funds52 — — 52 60 — — 60 
Fixed income— 8 — 8 — 10 — 10 
Life insurance contracts — 59 38 97 — 61 37 98 
Rabbi trust investments subtotal115 67 38 220 120 71 37 228 
Mark-to-market derivative assets— — 15 15 — — — — 
Total assets1,434 67 53 1,554 644 71 37 752 
Liabilities
Mark-to-market derivative liabilities— — (103)(103)— — (219)(219)
Deferred compensation obligation— (73)— (73)— (131)— (131)
Total liabilities— (73)(103)(176)— (131)(219)(350)
Total net assets (liabilities)$1,434 $(6)$(50)$1,378 $644 $(60)$(182)$402 
__________    
(a)Exelon excludes cash of $177 million and $464 million as of June 30, 2022 and December 31, 2021, respectively, and restricted cash of $340 million and $49 million as of June 30, 2022 and December 31, 2021, respectively, and includes long-term restricted cash of $59 million and $44 million as of June 30, 2022 and December 31, 2021, respectively, which is reported in Other deferred debits in the Consolidated Balance Sheets.
ComEd, PECO, and BGE
ComEdPECOBGE
As of June 30, 2022Level 1Level 2Level 3TotalLevel 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Assets
Cash equivalents(a)
$409 $— $— $409 $11 $— $— $11 $318 $— $— $318 
Rabbi trust investments
Mutual funds— — — — 9 — — 9 7 — — 7 
Life insurance contracts — — — — — 16 — 16 — — — — 
Rabbi trust investments subtotal— — — — 9 16 — 25 7 — — 7 
Mark-to-market derivative assets(b)
— — 15 15 — — — — — — — — 
Total assets409 — 15 424 20 16 — 36 325 — — 325 
Liabilities
Mark-to-market derivative liabilities(b)
— — (103)(103)— — — — — — — — 
Deferred compensation obligation— (8)— (8)— (7)— (7)— (4)— (4)
Total liabilities— (8)(103)(111)— (7)— (7)— (4)— (4)
Total net assets (liabilities)$409 $(8)$(88)$313 $20 $9 $— $29 $325 $(4)$— $321 
ComEdPECOBGE
As of December 31, 2021Level 1Level 2Level 3TotalLevel 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Assets
Cash equivalents(a)
$237 $— $— $237 $9 $— $— $9 $— $— $— $— 
Rabbi trust investments
Mutual funds— — — — 11 — — 11 14 — — 14 
Life insurance contracts — — — — — 16 — 16 — — — — 
Rabbi trust investments subtotal— — — — 11 16 — 27 14 — — 14 
Total assets237 — — 237 20 16 — 36 14 — — 14 
Liabilities
Mark-to-market derivative liabilities(b)
— — (219)(219)— — — — — — — — 
Deferred compensation obligation— (10)— (10)— (9)— (9)— (7)— (7)
Total liabilities— (10)(219)(229)— (9)— (9)— (7)— (7)
Total net assets (liabilities)$237 $(10)$(219)$8 $20 $7 $— $27 $14 $(7)$— $7 
__________
(a)ComEd excludes cash of $21 million and $105 million as of June 30, 2022 and December 31, 2021, respectively, and restricted cash of $133 million and $42 million as of June 30, 2022 and December 31, 2021, respectively, and includes long-term restricted cash of $59 million and $43 million as of June 30, 2022 and December 31, 2021, respectively, which is reported in Other deferred debits in the Consolidated Balance Sheets. PECO excludes cash of $21 million and $35 million as of June 30, 2022 and December 31, 2021, respectively. BGE excludes cash of $36 million and $51 million as of June 30, 2022 and December 31, 2021, respectively, and restricted cash of $205 million and $4 million as of June 30, 2022 and December 31, 2021, respectively.
(b)The Level 3 balance consists of the current asset of $15 million and current and noncurrent liability of none and $103 million, respectively, as of June 30, 2022 and none, $18 million and $201 million, respectively, as of December 31, 2021 related to floating-to-fixed energy swap contracts with unaffiliated suppliers.
PHI, Pepco, DPL, and ACE
As of June 30, 2022As of December 31, 2021
PHI Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Assets
Cash equivalents(a)
$557 $— $— $557 $110 $— $— $110 
Rabbi trust investments
Cash equivalents60 — — 60 59 — — 59 
Mutual funds11 — — 11 14 — — 14 
Fixed income— 8 — 8 — 10 — 10 
Life insurance contracts— 22 37 59 — 27 35 62 
Rabbi trust investments subtotal71 30 37 138 73 37 35 145 
Total assets628 30 37 695 183 37 35 255 
Liabilities
Deferred compensation obligation— (14)— (14)— (18)— (18)
Total liabilities— (14)— (14)— (18)— (18)
Total net assets$628 $16 $37 $681 $183 $19 $35 $237 
PepcoDPLACE
As of June 30, 2022Level 1Level 2Level 3TotalLevel 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Assets
Cash equivalents(a)
$115 $— $— $115 $223 $— $— $223 $218 $— $— $218 
Rabbi trust investments
Cash equivalents59 — — 59 — — — — — — — — 
Life insurance contracts— 22 37 59 — — — — — — — — 
Rabbi trust investments subtotal59 22 37 118 — — — — — — — — 
Total assets174 22 37 233 223 — — 223 218 — — 218 
Liabilities
Deferred compensation obligation— (1)— (1)— — — — — — — — 
Total liabilities— (1)— (1)— — — — — — — — 
Total net assets$174 $21 $37 $232 $223 $— $— $223 $218 $— $— $218 
PepcoDPLACE
As of December 31, 2021Level 1Level 2Level 3TotalLevel 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Assets
Cash equivalents(a)
$31 $— $— $31 $43 $— $— $43 $— $— $— $— 
Rabbi trust investments
Cash equivalents58 — — 58 — — — — — — — — 
Life insurance contracts— 27 35 62 — — — — — — — — 
Rabbi trust investments subtotal58 27 35 120 — — — — — — — — 
Total assets89 27 35 151 43 — — 43 — — — — 
Liabilities
Deferred compensation obligation— (2)— (2)— — — — — — — — 
Total liabilities— (2)— (2)— — — — — — — — 
Total net assets$89 $25 $35 $149 $43 $— $— $43 $— $— $— $— 
__________
(a)PHI excludes cash of $60 million and $100 million as of June 30, 2022 and December 31, 2021, respectively, and restricted cash of $2 million and $3 million as of June 30, 2022 and December 31, 2021, respectively. Pepco excludes cash of $14 million and $34 million as of June 30, 2022 and December 31, 2021, respectively, and restricted cash of $2 million and $3 million as of June 30, 2022 and December 31, 2021, respectively. DPL excludes cash of $26 million and $28 million as of June 30, 2022 and December 31, 2021, respectively. ACE excludes cash of $15 million and $29 million as of June 30, 2022 and December 31, 2021, respectively.
Fair Value Reconciliation of Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis
Reconciliation of Level 3 Assets and Liabilities
The following tables present the fair value reconciliation of Level 3 assets and liabilities measured at fair value on a recurring basis during the three and six months ended June 30, 2022 and 2021:
ExelonComEdPHI and Pepco
Three Months Ended June 30, 2022Total Mark-to-Market
Derivatives		Life Insurance Contracts
Balance as of April 1, 2022$(107)$(144)$36 
Total realized / unrealized gains
Included in net income(a)
1 — 1 
Included in regulatory assets/liabilities56 56 
(b)
— 
Balance at June 30, 2022$(50)$(88)
(c)
$37 
The amount of total gains included in income attributed to the change in unrealized gains related to assets and liabilities as of June 30, 2022$1 $— $1 
ExelonComEdPHI and Pepco
Three Months Ended June 30, 2021Total Mark-to-Market
Derivatives		Life Insurance Contracts
Balance as of April 1, 2021$(260)$(295)$35 
Total realized / unrealized gains
Included in net income(a)
1 — 1 
Included in regulatory assets30 30 
(b)
— 
Purchases, sales, and settlements
Settlements(2)— (2)
Balance as of June 30, 2021$(231)$(265)$34 
The amount of total gains included in income attributed to the change in unrealized gains related to assets and liabilities as of June 30, 2021$1 $— $1 
ExelonComEdPHI and Pepco
Six months ended June 30, 2022Total Mark-to-Market
Derivatives		Life Insurance Contracts
Balance as of January 1, 2022$(182)$(219)$35 
Total realized / unrealized gains
Included in net income(a)
2 — 2 
Included in regulatory assets/liabilities131 131 
(b)
— 
Transfers out of Level 3(1)— — 
Balance as of June 30, 2022$(50)$(88)
(c)
$37 
The amount of total gains included in income attributed to the change in unrealized gains related to assets and liabilities as of June 30, 2022$2 $— $2 

ExelonComEdPHI and Pepco
Six Months Ended June 30, 2021Total Mark-to-Market
Derivatives		Life Insurance Contracts
Balance as of January 1, 2021$(267)$(301)$34 
Total realized / unrealized gains
Included in net income(a)
2 — 2 
Included in regulatory assets36 36 
(b)
— 
Purchases, sales, and settlements
Settlements(2)— (2)
Balance as of June 30, 2021$(231)$(265)$34 
The amount of total gains included in income attributed to the change in unrealized gain related to assets and liabilities as of June 30, 2021$2 $— $2 
__________
(a)Classified in Operating and maintenance expense in the Consolidated Statements of Operations and Comprehensive Income.
(b)Includes $59 million of increases in fair value and a decrease for realized gains 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 June 30, 2022. Includes $25 million of increases in fair value and an increase for realized losses due to settlements of $5 million recorded in purchased power expense associated with floating-to-fixed energy swap contracts with unaffiliated suppliers for the three months ended June 30, 2021. Includes $128 million of increases in fair value and an increase for realized losses due to settlements of $3 million recorded in purchase power expense associated with floating-to-fixed energy swap contracts with unaffiliated suppliers for the six months ended June 30, 2022. Includes $23 million of increases in fair value and an increase for realized losses due to settlements of $13 million recorded in purchased power expense associated with floating-to-fixed energy swap contracts with unaffiliated suppliers for the six months ended June 30, 2021.
(c)The balance consists of $15 million of current assets and current and noncurrent liability of none and $103 million, respectively, as of June 30, 2022.
Fair Value Reconciliation of Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis, Valuation Technique
Mark-to-Market Derivatives (Exelon and ComEd)
The table below discloses the significant unobservable inputs to the forward curve used to value mark-to-market derivatives.
Type of tradeFair Value as of June 30, 2022Fair Value as of December 31, 2021Valuation
Technique		Unobservable
Input		2022 Range & Arithmetic Average2021 Range & Arithmetic Average
Mark-to-market derivatives$(88)$(219)Discounted
Cash Flow
Forward power price(a)
$30.54-$89.78$46.33$28.65-$47.10$33.96
________
(a)An increase to the forward power price would increase the fair value.