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Fair Value of Financial Assets and Liabilities (Tables)
 6 Months Ended
Jun. 30, 2023
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, 2023 and December 31, 2022. The Registrants have no financial liabilities classified as Level 1 or measured using the NAV practical expedient.
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, 2023December 31, 2022
Carrying AmountFair ValueCarrying AmountFair Value
Level 2Level 3TotalLevel 2Level 3Total
Long-Term Debt, including amounts due within one year(a)
Exelon$40,997 $33,514 $2,752 $36,266 $37,074 $29,902 $2,327 $32,229 
ComEd11,482 10,015 — 10,015 10,518 9,006 — 9,006 
PECO5,132 4,426 — 4,426 4,612 3,864 50 3,914 
BGE4,601 4,029 — 4,029 4,207 3,613 — 3,613 
PHI8,550 4,535 2,752 7,287 8,120 4,507 2,277 6,784 
Pepco3,998 2,240 1,469 3,709 3,751 2,229 1,205 3,434 
DPL2,061 1,168 589 1,757 1,938 1,164 458 1,622 
ACE1,834 914 694 1,608 1,757 909 614 1,523 
Long-Term Debt to Financing Trusts
Exelon$390 $— $392 $392 $390 $— $384 $384 
ComEd205 — 207 207 205 — 204 204 
PECO184 — 185 185 184 — 180 180 
__________
(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 16 — Debt and Credit Agreements of the 2022 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 2022 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 at June 30, 2023 and December 31, 2022. The Registrants have no financial assets or liabilities measured using the NAV practical expedient:
Exelon
At June 30, 2023At December 31, 2022
Level 1Level 2Level 3TotalLevel 1 Level 2Level 3Total
Assets
Cash equivalents(a)
$702 $— $— $702 $664 $— $— $664 
Rabbi trust investments
Cash equivalents66 — — 66 62 — — 62 
Mutual funds50 — — 50 49 — — 49 
Fixed income— 7 — 7 — 7 — 7 
Life insurance contracts — 58 42 100 — 58 40 98 
Rabbi trust investments subtotal116 65 42 223 111 65 40 216 
Interest rate derivative assets
Derivatives designated as hedging instruments— 12 — 12 — 6 — 6 
Economic hedges— 5 — 5 — 5 — 5 
Interest rate derivative assets subtotal— 17 — 17 — 11 — 11 
Total assets818 82 42 942 775 76 40 891 
Liabilities
Commodity derivative liabilities— — (133)(133)— — (84)(84)
Interest rate derivative liabilities
Derivatives designated as hedging instruments— — — — — (4)— (4)
Economic hedges— (7)— (7)— (3)— (3)
Interest rate derivative liabilities subtotal — (7)— (7)— (7)— (7)
Deferred compensation obligation— (74)— (74)— (75)— (75)
Total liabilities— (81)(133)(214)— (82)(84)(166)
Total net assets (liabilities)$818 $1 $(91)$728 $775 $(6)$(44)$725 
__________    
(a)Exelon excludes cash of $225 million and $345 million at June 30, 2023 and December 31, 2022, respectively, and restricted cash of $108 million and $81 million at June 30, 2023 and December 31, 2022, respectively, and includes long-term restricted cash of $201 million and $117 million at June 30, 2023 and December 31, 2022, respectively, which is reported in Other deferred debits and other assets in the Consolidated Balance Sheets.
ComEd, PECO, and BGE
ComEdPECOBGE
At June 30, 2023Level 1Level 2Level 3TotalLevel 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Assets
Cash equivalents(a)
$484 $— $— $484 $69 $— $— $69 $76 $— $— $76 
Rabbi trust investments
Mutual funds— — — — 9 — — 9 9 — — 9 
Life insurance contracts — — — — — 16 — 16 — — — — 
Rabbi trust investments subtotal— — — — 9 16 — 25 9 — — 9 
Total assets484 — — 484 78 16 — 94 85 — — 85 
Liabilities
Commodity derivative liabilities(b)
— — (133)(133)— — — — — — — — 
Deferred compensation obligation— (7)— (7)— (8)— (8)— (4)— (4)
Total liabilities— (7)(133)(140)— (8)— (8)— (4)— (4)
Total net assets (liabilities)$484 $(7)$(133)$344 $78 $8 $— $86 $85 $(4)$— $81 
ComEdPECOBGE
At December 31, 2022Level 1Level 2Level 3TotalLevel 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Assets
Cash equivalents(a)
$392 $— $— $392 $10 $— $— $10 $23 $— $— $23 
Rabbi trust investments
Mutual funds— — — — 7 — — 7 7 — — 7 
Life insurance contracts — — — — — 15 — 15 — — — — 
Rabbi trust investments subtotal— — — — 7 15 — 22 7 — — 7 
Total assets392 — — 392 17 15 — 32 30 — — 30 
Liabilities
Commodity derivative liabilities(b)
— — (84)(84)— — — — — — — — 
Deferred compensation obligation— (8)— (8)— (7)— (7)— (4)— (4)
Total liabilities— (8)(84)(92)— (7)— (7)— (4)— (4)
Total net assets (liabilities)$392 $(8)$(84)$300 $17 $8 $— $25 $30 $(4)$— $26 
__________
(a)ComEd excludes cash of $50 million and $42 million at June 30, 2023 and December 31, 2022, respectively, and restricted cash of $102 million and $77 million at June 30, 2023 and December 31, 2022, respectively. Additionally, ComEd includes long-term restricted cash of $201 million and $117 million at June 30, 2023 and December 31, 2022, respectively, which is reported in Other deferred debits and other assets in the Consolidated Balance Sheets. PECO excludes cash of $22 million and $58 million at June 30, 2023 and December 31, 2022, respectively. BGE excludes cash of $13 million and $43 million at June 30, 2023 and December 31, 2022, respectively, and restricted cash of $1 million and $1 million at June 30, 2023 and December 31, 2022, respectively.
(b)The Level 3 balance consists of the current and noncurrent liability of $24 million and $109 million, respectively, at June 30, 2023 and $5 million and $79 million, respectively, at December 31, 2022 related to floating-to-fixed energy swap contracts with unaffiliated suppliers.
PHI, Pepco, DPL, and ACE
At June 30, 2023At December 31, 2022
PHI Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Assets
Cash equivalents(a)
$30 $— $— $30 $205 $— $— $205 
Rabbi trust investments
Cash equivalents63 — — 63 59 — — 59 
Mutual funds9 — — 9 11 — — 11 
Fixed income— 7 — 7 — 7 — 7 
Life insurance contracts— 20 42 62 — 22 39 61 
Rabbi trust investments subtotal72 27 42 141 70 29 39 138 
Total assets102 27 42 171 275 29 39 343 
Liabilities
Deferred compensation obligation— (13)— (13)— (14)— (14)
Total liabilities— (13)— (13)— (14)— (14)
Total net assets$102 $14 $42 $158 $275 $15 $39 $329 
PepcoDPLACE
At June 30, 2023Level 1Level 2Level 3TotalLevel 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Assets
Cash equivalents(a)
$22 $— $— $22 $— $— $— $— $1 $— $— $1 
Rabbi trust investments
Cash equivalents62 — — 62 — — — — — — — — 
Life insurance contracts— 20 42 62 — — — — — — — — 
Rabbi trust investments subtotal62 20 42 124 — — — — — — — — 
Total assets84 20 42 146 — — — — 1 — — 1 
Liabilities
Deferred compensation obligation— (1)— (1)— — — — — — — — 
Total liabilities— (1)— (1)— — — — — — — — 
Total net assets$84 $19 $42 $145 $— $— $— $— $1 $— $— $1 
PepcoDPLACE
At December 31, 2022Level 1Level 2Level 3TotalLevel 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Assets
Cash equivalents(a)
$51 $— $— $51 $121 $— $— $121 $1 $— $— $1 
Rabbi trust investments
Cash equivalents59 — — 59 — — — — — — — — 
Life insurance contracts— 22 38 60 — — — — — — — — 
Rabbi trust investments subtotal59 22 38 119 — — — — — — — — 
Total assets110 22 38 170 121 — — 121 1 — — 1 
Liabilities
Deferred compensation obligation— (1)— (1)— — — — — — — — 
Total liabilities— (1)— (1)— — — — — — — — 
Total net assets$110 $21 $38 $169 $121 $— $— $121 $1 $— $— $1 
__________
(a)PHI excludes cash of $101 million and $165 million at June 30, 2023 and December 31, 2022, respectively, and restricted cash of $5 million and $3 million at June 30, 2023 and December 31, 2022, respectively. Pepco excludes cash of $15 million and $45 million at June 30, 2023 and December 31, 2022, respectively, and restricted cash of $5 million and $3 million at June 30, 2023 and December 31, 2022, respectively. DPL excludes cash of $18 million and $31 million at June 30, 2023 and December 31, 2022, respectively. ACE excludes cash of $23 million and $71 million at June 30, 2023 and December 31, 2022, respectively.
Fair Value Reconciliation of Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis
Reconciliation of Level 3 Assets and Liabilities
The following tables present the fair value reconciliation of Level 3 assets and liabilities measured at fair value on a recurring basis during the three and six months ended June 30, 2023 and 2022:
ExelonComEdPHI and Pepco
Three Months Ended June 30, 2023Total Commodity
Derivatives		Life Insurance Contracts
Balance at March 31, 2023$(57)$(98)$41 
Total realized / unrealized gains (losses)
Included in net income(a)
1 — 1 
Included in regulatory assets/liabilities(35)(35)
(b)
— 
Balance at June 30, 2023$(91)$(133)
(c)
$42 
The amount of total gains included in income attributed to the change in unrealized gains related to assets and liabilities at June 30, 2023$1 $— $1 
ExelonComEdPHI and Pepco
Three Months Ended June 30, 2022Total Commodity
Derivatives		Life Insurance Contracts
Balance at March 31, 2022$(107)$(144)$36 
Total realized / unrealized gains (losses)
Included in net income(a)
1 — 1 
Included in regulatory assets/liabilities56 56 
(b)
— 
Balance at June 30, 2022$(50)$(88)
(c)
$37 
The amount of total gains included in income attributed to the change in unrealized gains related to assets and liabilities at June 30, 2022$1 $— $1 
ExelonComEdPHI and Pepco
Six Months Ended June 30, 2023Total Commodity
Derivatives		Life Insurance Contracts
Balance at December 31, 2022$(44)$(84)$40 
Total realized / unrealized gains (losses)
Included in net income(a)
2 — 2 
Included in regulatory assets/liabilities(49)(49)
(b)
— 
Balance at June 30, 2023$(91)$(133)
(c)
$42 
The amount of total gains included in income attributed to the change in unrealized gains related to assets and liabilities at June 30, 2023$2 $— $2 

ExelonComEdPHI and Pepco
Six Months Ended June 30, 2022Total Commodity
Derivatives		Life Insurance Contracts
Balance at December 31, 2021$(182)$(219)$35 
Total realized / unrealized gains (losses)
Included in net income(a)
2 — 2 
Included in regulatory assets/liabilities131 131 
(b)
— 
Transfers out of Level 3(1)— — 
Balance at June 30, 2022$(50)$(88)
(c)
$37 
The amount of total gains included in income attributed to the change in unrealized gain related to assets and liabilities at June 30, 2022$2 $— $2 
__________
(a)Classified in Operating and maintenance expense in the Consolidated Statements of Operations and Comprehensive Income.
(b)Includes $43 million of decreases in fair value and an increase for realized gains due to settlements of $8 million recorded in Purchased power expense associated with floating-to-fixed energy swap contracts with unaffiliated suppliers for the three months ended June 30, 2023. Includes $59 million of increases in fair value and a decrease for 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 June 30, 2022. Includes $68 million of decreases in fair value and an increase for realized losses due to settlements of $19 million recorded in Purchased power expense associated with floating-to-fixed energy swap contracts with unaffiliated suppliers for the six months ended June 30, 2023. Includes $128 million of increases in fair value and an increase for 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 six months ended June 30, 2022.
(c)The balance consists of a current and noncurrent liability of $24 million and $109 million, respectively, at June 30, 2023. The balance consists of $15 million of current assets and current and noncurrent liability of none and $103 million, respectively at June 30, 2022.
Fair Value Reconciliation of Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis, Valuation Technique
Commodity Derivatives (Exelon and ComEd)
The table below discloses the significant unobservable inputs to the forward curve used to value mark-to-market derivatives.
Type of tradeFair Value at June 30, 2023Fair Value at December 31, 2022Valuation
Technique		Unobservable
Input		2023 Range & Arithmetic Average2022 Range & Arithmetic Average
Commodity derivatives$(133)$(84)Discounted
Cash Flow
Forward power price(a)
$25.56-$75.64$43.03$34.78-$75.71$48.44
________
(a)An increase to the forward power price would increase the fair value.