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Retirement Benefits (Tables)
 12 Months Ended
Dec. 31, 2016
Compensation and Retirement Disclosure [Abstract]  
Schedule Of Pension And Other Postretirement Participation
The table below shows the pension and other postretirement benefit plans in which employees of each operating company participated at December 31, 2016.

 
 
Operating Company(e)
Name of Plan:
 
Generation
 
ComEd
 
PECO
 
BGE
 
BSC
 
PHI
 
Pepco
 
DPL
 
ACE
Qualified Pension Plans:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Exelon Corporation Retirement Program(a)
 
X
  
X
  
X
  
X
 
X
 
 
 
 
 
 
 
 
Exelon Corporation Cash Balance Pension Plan(a)
 
X
  
X
  
X
  
X
 
X
 
 
 
 
 
 
 
 
Exelon Corporation Pension Plan for Bargaining
Unit Employees(a)
 
X
  
X
  
 
 
 
 
X
 
 
 
 
 
 
 
 
Exelon New England Union Employees Pension
Plan(a)
 
X
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Exelon Employee Pension Plan for Clinton, TMI
and Oyster Creek(a)
 
X
  
X
  
X
 
 
 
X
 
 
 
 
 
 
 
 
Pension Plan of Constellation Energy Group, Inc.(b)
 
X
  
X
 
X
 
X
  
X
 
 
 
 
 
 
 
 
Pension Plan of Constellation Energy Nuclear
   Group, LLC(c)
 
X
 
 
 
 
 
X
 
X
 
 
 
 
 
 
 
 
Nine Mile Point Pension Plan(c)
 
X
 
 
 
 
 
 
 
X
 
 
 
 
 
 
 
 
Constellation Mystic Power, LLC Union Employees
Pension Plan Including Plan A and Plan B(b)

 
X
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Pepco Holdings LLC Retirement Plan(d)
 
X
 
 
 
 
 
 
 
 
 
X
 
X
 
X
 
X
Non-Qualified Pension Plans:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Exelon Corporation Supplemental Pension Benefit
Plan and 2000 Excess Benefit Plan(a)
 
X
  
X
  
X
  
 
 
X
 
 
 
 
 
 
 
 
Exelon Corporation Supplemental Management
Retirement Plan(a)
 
X
  
X
  
X
  
X
 
X
 
 
 
 
 
 
 
 
Constellation Energy Group, Inc. Senior Executive
Supplemental Plan(b)
 
X
  
 
 
 
 
X
  
X
 
 
 
 
 
 
 
 
Constellation Energy Group, Inc. Supplemental
Pension Plan(b)
 
X
  
 
 
 
 
X
  
X
 
 
 
 
 
 
 
 
Constellation Energy Group, Inc. Benefits
Restoration Plan(b)
 
X
  
X
 
 
 
X
  
X
 
 
 
 
 
 
 
 
Constellation Energy Nuclear Plan, LLC Executive
   Retirement Plan(c) 
 
X
 
 
 
 
 
 
 
X
 
 
 
 
 
 
 
 
Constellation Energy Nuclear Plan, LLC Benefits
   Restoration Plan(c)
 
X
 
 
 
 
 
 
 
X
 
 
 
 
 
 
 
 
Baltimore Gas & Electric Company Executive
Benefit Plan(b)
 
X
  
 
 
 
 
X
  
X
 
 
 
 
 
 
 
 
Baltimore Gas & Electric Company Manager
Benefit Plan(b)

 
X
  
X
 
 
 
X
  
X
 
 
 
 
 
 
 
 
Pepco Holdings LLC 2011 Supplemental Executive Retirement Plan(d)
 
X
 
 
 
 
 
 
 
 
 
X
 
X
 
X
 
X
Conectiv Supplemental Executive Retirement Plan (d)

 
X
 
 
 
 
 
 
 
 
 
X
 
 
 
X
 
X
Pepco Holdings LLC Combined Executive Retirement Plan (d)

 
X
 
 
 
 
 
 
 
 
 
X
 
X
 
 
 
 
Atlantic City Electric Director Retirement Plan (d)

 
 
 
 
 
 
 
 
 
 
 
X
 
 
 
 
 
X
 
 
 
Operating Company(e)
Name of Plan:
 
Generation
 
ComEd
 
PECO
 
BGE
 
BSC
 
PHI
 
Pepco
 
DPL
 
ACE
Other Postretirement Benefit Plans:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
PECO Energy Company Retiree Medical Plan(a)
 
X
  
X
 
X
  
X
 
X
 
 
 
 
 
 
 
 
Exelon Corporation Health Care Program(a)
 
X
  
X
  
X
 
X
 
X
 
 
 
 
 
 
 
 
Exelon Corporation Employees’ Life Insurance
Plan(a)
 
X
  
X
  
X
  
X
 
X
 
 
 
 
 
 
 
 
Exelon Corporation Health Reimbursement
Arrangement Plan (a)
 
X
  
X
  
X
  
X
 
X
 
 
 
 
 
 
 
 
Constellation Energy Group, Inc. Retiree Medical
Plan(b)
 
X
  
X
 
X
 
X
  
X
 
 
 
 
 
 
 
 
Constellation Energy Group, Inc. Retiree Dental
Plan(b)
 
X
  
 
 
 
 
X
  
X
 
 
 
 
 
 
 
 
Constellation Energy Group, Inc. Employee Life
Insurance Plan and Family Life Insurance Plan(b)
 
X
  
X
 
X
 
X
  
X
 
 
 
 
 
 
 
 
Constellation Mystic Power, LLC
Post-Employment Medical Account Savings
Plan(b)
 
X
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Exelon New England Union Post-Employment
Medical Savings Account Plan(a)
 
X
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Retiree Medical Plan of Constellation Energy
   Nuclear Group LLC(c)
 
X
 
 
 
 
 
X
 
X
 
 
 
 
 
 
 
 
Retiree Dental Plan of Constellation Energy
   Nuclear Group LLC(c)
 
X
 
 
 
 
 
X
 
X
 
 
 
 
 
 
 
 
Nine Mile Point Nuclear Station, LLC Medical Care and Prescription Drug Plan for Retired
   Employees(c)
 
X
 
 
 
 
 
 
 
X
 
 
 
 
 
 
 
 
Pepco Holdings LLC Welfare Plan for Retirees(d)
 
X
 
 
 
 
 
 
 
 
 
X
 
X
 
X
 
X
______________________
(a)
These plans are collectively referred to as the legacy Exelon plans.
(b)
These plans are collectively referred to as the legacy Constellation Energy Group (CEG) Plans.
(c)
These plans are collectively referred to as the legacy CENG plans.
(d)
These plans are collectively referred to as the legacy PHI plans.
(e)
Employees generally remain in their legacy benefit plans when transferring between operating companies.
Defined Benefit Plan Change In Benefit Obligation RollForward
The following tables provide a rollforward of the changes in the benefit obligations and plan assets for the most recent two years for all plans combined:
 
 
Pension Benefits
 
Other
Postretirement Benefits
Exelon
2016(b)
 
2015
 
2016(b)
 
2015
Change in benefit obligation:
 
 
 
 
 
 
 
Net benefit obligation at beginning of year
$
17,753

 
$
18,256

 
$
3,938

 
$
4,197

Service cost
354


326


107


119

Interest cost
830


710


185


167

Plan participants’ contributions
—

 
—

 
54

 
42

Actuarial (gain) loss
567

 
(582
)
 
(136
)
 
(341
)
Plan amendments
(60
)
 
—

 
—

 
(23
)
Acquisitions/divestitures(a)
2,667

 
—

 
589

 
—

Settlements
—


(34
)

—


—

Gross benefits paid
(1,051
)

(923
)

(280
)

(223
)
Net benefit obligation at end of year
$
21,060

 
$
17,753

 
$
4,457

 
$
3,938

 
 
Pension Benefits
 
Other
Postretirement Benefits
Exelon
2016(b)
 
2015
 
2016(b)
 
2015
Change in plan assets:
 
 
 
 
 
 
 
Fair value of net plan assets at beginning of year
$
14,347

 
$
14,874

 
$
2,293

 
$
2,430

Actual return on plan assets
1,061

 
(32
)
 
128

 
4

Employer contributions
347


462


50


40

Plan participants’ contributions
—

 
—

 
54

 
42

Gross benefits paid
(1,051
)

(923
)

(280
)

(223
)
Acquisitions/divestitures(a)
2,087

 
—

 
333

 
—

Settlements
—


(34
)

—


—

Fair value of net plan assets at end of year
$
16,791

 
$
14,347

 
$
2,578

 
$
2,293


 
Predecessor
 
Pension Benefits
 
Other
Postretirement Benefits
PHI
January 1, 2016 to March 23, 2016
 
2015
 
January 1, 2016 to March 23, 2016
 
2015
Change in benefit obligation:
 
 
 
 
 
 
 
Net benefit obligation at beginning of the period
$
2,490

 
$
2,638

 
$
563

 
$
632

Service cost
12

 
57

 
1

 
7

Interest cost
26

 
109

 
6

 
24

Actuarial (gain) loss
(30
)
 
(151
)
 
(5
)
 
(61
)
Gross benefits paid
(2
)
 
(163
)
 
(1
)
 
(39
)
Net benefit obligation at end of the period
$
2,496

 
$
2,490

 
$
564

 
$
563


 
Predecessor
 
Pension Benefits
 
Other
Postretirement Benefits
PHI
January 1, 2016 to March 23, 2016
 
2015
 
January 1, 2016 to March 23, 2016
 
2015
Change in plan assets:
 
 
 
 
 
 
 
Fair value of net plan assets at beginning of the period
$
2,018

 
$
2,236

 
$
348

 
$
367

Actual return on plan assets
—

 
(61
)
 
—

 
1

Employer and plan participant contributions
4

 
6

 
1

 
5

Gross benefits paid by plan
(2
)
 
(163
)
 
(1
)
 
(25
)
Fair value of net plan assets at end of the period
$
2,020

 
$
2,018

 
$
348

 
$
348

____________________ 
(a)
Effective March 23, 2016, Exelon became the sponsor of PHI's defined benefit pension and other postretirement benefit plans.
(b)
2016 amounts include PHI for the period of March 24, 2016 through December 31, 2016.
Schedule of Amounts Recognized in Balance Sheet

Exelon and PHI present their benefit obligations and plan assets net on their balance sheet within the following line items:
 
 
Pension Benefits
 
Other
Postretirement Benefits
Exelon
2016(a)
 
2015
 
2016(a)
 
2015
Other current liabilities
$
21

 
$
21

 
$
31

 
$
27

Pension obligations
4,248


3,385


—


—

Non-pension postretirement benefit obligations
—

 
—

 
1,848


1,618

Unfunded status (net benefit obligation less plan
assets)
$
4,269


$
3,406


$
1,879


$
1,645


 
 
 
Pension Benefits
 
Other
Postretirement Benefits
 
 
Predecessor
 
Predecessor
PHI
 
2015
 
2015
Other current liabilities
 
$
6

 
$
—

Pension obligations
 
466

 
—

Non-pension postretirement benefit obligations
 
—

 
215

Unfunded status (net benefit obligation less plan assets)
 
$
472

 
$
215
Schedule of Defined Benefit Plans Disclosures
The following tables present the components of Exelon’s net periodic benefit costs, prior to any capitalization, for the years ended December 31, 2016, 2015 and 2014 and the components of PHI's predecessor net periodic benefit costs, prior to any capitalization, for the years ended December 31, 2015 and 2014, and the period January 1, 2016 to March 23, 2016.

 
Pension Benefits
 
Other
Postretirement Benefits
Exelon
2016(a)
 
2015
 
2014
 
2016(a)
 
2015
 
2014
Components of net periodic
benefit cost:
 
 
 
 
 
 
 
 
 
 
 
Service cost
$
354


$
326


$
293


$
107


$
119


$
117

Interest cost
830


710


749


185


167


186

Expected return on assets
(1,141
)
 
(1,026
)
 
(994
)
 
(162
)
 
(151
)
 
(154
)
Amortization of:
 
 
 
 
 
 
 
 
 
 
 
Prior service cost (credit)
14

 
13

 
14

 
(185
)
 
(174
)
 
(122
)
Actuarial loss
554

 
571

 
420

 
63

 
80

 
50

Settlement and other charges(b)
2

 
2

 
2

 
—

 
—

 
—

Net periodic benefit cost
$
613

 
$
596

 
$
484

 
$
8

 
$
41

 
$
77


_______________________ 
(a)
2016 amounts include PHI for the period of March 24, 2016 through December 31, 2016.
(b)
2016 amount includes an additional termination benefit for PHI.

 
Predecessor
 
Pension Benefits
 
Other
Postretirement Benefits
PHI
January 1, 2016 to March 23, 2016
 
For the Year Ended December 31, 2015
 
For the Year Ended December 31, 2014
 
January 1, 2016 to March 23, 2016
 
For the Year Ended December 31, 2015
 
For the Year Ended December 31, 2014
Components of net periodic benefit cost:
 
 
 
 
 
 
 
 
 
 
 
Service cost
$
12

 
$
57

 
$
44

 
$
1

 
$
7

 
$
7

Interest cost
26

 
109

 
109

 
6

 
24

 
26

Expected return on assets
(30
)
 
(140
)
 
(141
)
 
(5
)
 
(22
)
 
(24
)
Amortization of:
 
 
 
 
 
 
 
 
 
 
 
Prior service cost (credit)
—

 
2

 
2

 
(3
)
 
(13
)
 
(13
)
Actuarial loss
14

 
65

 
45

 
2

 
8

 
3

Net periodic benefit cost
$
22

 
$
93

 
$
59

 
$
1

 
$
4

 
$
(1
)
Changes In Plan Assets And Benefit Obligations Recognized In OCI And Regulatory Assets
The following tables provide the components of AOCI and regulatory assets (liabilities) for the years ended December 31, 2016, 2015 and 2014 for all plans combined and the components of PHI's predecessor AOCI and regulatory assets (liabilities) for the years ended December 31, 2015 and 2014, and the period January 1, 2016 to March 23, 2016.
 
 
Pension Benefits
 
Other
Postretirement Benefits
Exelon
2016(a)
 
2015
 
2014
 
2016(a)
 
2015
 
2014
Changes in plan assets and benefit
obligations recognized in AOCI and regulatory assets (liabilities):
 
 
 
 
 
 
 
 
 
 
 
Current year actuarial loss (gain)
$
644

 
$
476

 
$
1,639

 
$
(101
)
 
$
(194
)
 
$
561

Amortization of actuarial loss
(554
)
 
(571
)
 
(420
)
 
(63
)
 
(80
)
 
(50
)
Current year prior service (credit) cost
(60
)
 
—

 
—

 
—

 
(23
)
 
(1,012
)
Amortization of prior service (cost)
credit
(14
)
 
(13
)
 
(14
)
 
185

 
174

 
122

Settlements
—

 
(2
)
 
(2
)
 
—

 
—

 
—

Acquisitions
994

 
—

 
—

 
94

 
—

 
—

Total recognized in AOCI and
regulatory assets (liabilities)
$
1,010


$
(110
)
 
$
1,203

 
$
115


$
(123
)
 
$
(379
)
 
 
 
 
 
 
 
 
 
 
 
 
Total recognized in AOCI
$
51

 
$
(64
)
 
$
788

 
$
20

 
$
(63
)
 
$
(162
)
Total recognized in regulatory assets (liabilities)
$
959

 
$
(46
)
 
$
415

 
$
95

 
$
(60
)
 
$
(217
)

 
Predecessor
 
Pension Benefits
 
Other
Postretirement Benefits
PHI
January 1, 2016 to March 23, 2016
 
For the Year Ended December 31, 2015
 
For the Year Ended December 31, 2014
 
January 1, 2016 to March 23, 2016
 
For the Year Ended December 31, 2015
 
For the Year Ended December 31, 2014
Changes in plan assets and benefit
obligations recognized in AOCI and regulatory assets (liabilities):
 
 
 
 
 
 
 
 
 
 
 
Current year actuarial loss (gain)
$
—

 
$
50

 
$
276

 
$
—

 
$
(39
)
 
$
62

Amortization of actuarial loss
(14
)
 
(65
)
 
(45
)
 
(2
)
 
(8
)
 
(3
)
Amortization of prior service (cost) credit
—

 
(2
)
 
(2
)
 
3

 
13

 
13

Total recognized in AOCI and regulatory assets (liabilities) 
$
(14
)
 
$
(17
)
 
$
229

 
$
1

 
$
(34
)
 
$
72

 
 
 
 
 
 
 
 
 
 
 
 
Total recognized in AOCI
$
(1
)
 
$
(11
)
 
$
17

 
$
—

 
$
—

 
$
—

Total recognized in regulatory assets (liabilities)
$
(13
)
 
$
(6
)
 
$
212

 
$
1

 
$
(34
)
 
$
72
Changes In Plan Assets And Benefit Obligations Not Recognized In OCI And Regulatory Assets

The following table provides the components of gross accumulated other comprehensive loss and regulatory assets (liabilities) that have not been recognized as components of periodic benefit cost at December 31, 2016 and 2015, respectively, for all plans combined:
 
 
 
 
 
 
Predecessor
 
 
 
 
 
Predecessor
 
Exelon
 
PHI
 
Exelon
 
PHI
 
Pension Benefits
 
Other
Postretirement Benefits
 
2016(a)
 
2015
 
2015
 
2016(a)
 
2015
 
2015
Prior service cost (credit)
$
(31
)

$
36

 
$
6

 
$
(710
)
 
$
(812
)
 
$
(88
)
Actuarial loss
8,387

 
7,310

 
910

 
724

 
711

 
128

Total (a)
$
8,356

 
$
7,346

 
$
916

 
$
14

 
$
(101
)
 
$
40

 
 
 
 
 
 
 
 
 
 
 
 
Total included in AOCI
$
4,297

 
$
4,246

 
$
46

 
$
(42
)
 
$
(63
)
 
$
—

Total included in regulatory assets (liabilities)
$
4,059

 
$
3,100

 
$
870

 
$
56

 
$
(38
)
 
$
40

______________________
(a)
Effective March 23, 2016, Exelon became the sponsor of PHI's defined benefit pension and other postretirement benefit plans, and assumed PHI's benefit plan obligations and related assets.

The following table provides the impact to Exelon’s AOCI and regulatory assets (liabilities) at December 31, 2016 as a result of the components of periodic benefit costs that are expected to be amortized in 2017. These estimates are subject to the completion of an actuarial valuation of Exelon’s pension and other postretirement benefit obligations, which will reflect actual census data as of January 1, 2017 and actual claims activity as of December 31, 2016. The valuation is expected to be completed in the first quarter of 2017 for the majority of the benefit plans.
 
 
Pension Benefits
 
Other
Postretirement Benefits
Prior service cost (credit)
$
1

 
$
(188
)
Actuarial loss
605

 
55

Total (a)
$
606


$
(133
)
___________________ 
(a)
Of the $606 million related to pension benefits at December 31, 2016, $297 million and $309 million are expected to be amortized from AOCI and regulatory assets in 2017, respectively. Of the $(133) million related to other postretirement benefits at December 31, 2016, $(70) million and $(63) million are expected to be amortized from AOCI and regulatory assets (liabilities) in 2017, respectively.

Assumptions
 
The measurement of the plan obligation
Defined Benefit Plan Amounts That Will Be Amortized From Accumulated Other Comprehensive Income Loss And Regulatory Assets In Next Fiscal Year
The following table provides the impact to Exelon’s AOCI and regulatory assets (liabilities) at December 31, 2016 as a result of the components of periodic benefit costs that are expected to be amortized in 2017. These estimates are subject to the completion of an actuarial valuation of Exelon’s pension and other postretirement benefit obligations, which will reflect actual census data as of January 1, 2017 and actual claims activity as of December 31, 2016. The valuation is expected to be completed in the first quarter of 2017 for the majority of the benefit plans.
 
 
Pension Benefits
 
Other
Postretirement Benefits
Prior service cost (credit)
$
1

 
$
(188
)
Actuarial loss
605

 
55

Total (a)
$
606


$
(133
)
___________________ 
(a)
Of the $606 million related to pension benefits at December 31, 2016, $297 million and $309 million are expected to be amortized from AOCI and regulatory assets in 2017, respectively. Of the $(133) million related to other postretirement benefits at December 31, 2016, $(70) million and $(63) million are expected to be amortized from AOCI and regulatory assets (liabilities) in 2017, respectively.
Defined Benefit Plan Weighted Average Assumptions Used In Calculating Benefit Obligation
The following assumptions were used to determine the benefit obligations for the plans at December 31, 2016, 2015 and 2014. Assumptions used to determine year-end benefit obligations are the assumptions used to estimate the subsequent year’s net periodic benefit costs.

 
Pension Benefits
 
Other Postretirement Benefits
 
Exelon
2016
 
2015
 
2014
 
2016
 
2015
 
2014
 
Discount rate
4.04
%
(a)  
4.29
%
(b)  
3.94
%
(c) 
4.04
%
(a)  
4.29
%
(b)  
3.92
%
(c) 
Rate of compensation increase
    
(d) 
    
(d)  
 
(d)  
    
(d)  
    
(d)  
 
(d)  
Mortality table
RP-2000 table projected to 2012 with improvement scale AA, with Scale BB-2D improvements (adjusted)

  
  
  
  
  
  
  
RP-2000 table projected to 2012 with improvement scale AA, with Scale BB-2D improvements (adjusted)
  
  
  
  
  
  
  
RP-2000 table projected to 2012 with improvement scale AA, with Scale BB-2D improvements (adjusted)
 
RP-2000 table projected to 2012 with improvement scale AA, with Scale BB-2D improvements (adjusted)
  
  
  
  
  
  
  
RP-2000 table projected to 2012 with improvement scale AA, with Scale BB-2D improvements (adjusted)
  
  
  
  
  
  
  
RP-2000 table projected to 2012 with improvement scale AA, with Scale BB-2D improvements (adjusted)
 
Health care cost trend on covered charges
N/A
  
N/A
  
N/A
 
5.50% with
ultimate
trend of
5.00% in
2017
  
  
  
  
  
  
  
5.50%
decreasing
to
ultimate
trend of
5.00% in
2017
  
  
  
  
  
  
  
6.00%
decreasing
to
ultimate
trend of
5.00% in
2017
 
 
Predecessor
 
Predecessor
 
Pension Benefits
 
Other Postretirement Benefits
PHI
January 1, 2016 to March 23, 2016 (e)
 
2015
 
2014
 
January 1, 2016 to March 23, 2016 (e)
 
2015
 
2014
Discount rate
 
 
4.65%/4.55%

(f) 
4.20
%
 
 
 
4.55
%
 
4.15
%
Rate of compensation
increase
 
 
5.00
%
 
5.00
%
 
 
 
5.00
%
 
5.00
%
Mortality table
 
 
RP-2014 table with improvement scale MP-2015
 
RP-2014 table with improvement scale MP-2014
 
 
 
RP-2014 table with improvement scale MP-2015
 
RP-2014 table with improvement scale MP-2014
Health care cost trend on covered charges
 
 
N/A
 
N/A
 
 
 
6.33% pre-65 and 5.40% post-65
decreasing to ultimate trend of
5.00% in 2020
 
6.67% pre-65 and 5.50% post-65
decreasing to ultimate trend of
5.00% in 2020
_____________________________
(a)
The discount rates above represent the blended rates used to determine the majority of Exelon’s pension and other postretirement benefits obligations as of December 31, 2016. Certain benefit plans used individual rates ranging from 3.66% - 4.11% and 4.00% - 4.17% for pension and other postretirement plans, respectively.
(b)
The discount rates above represent the blended rates used to determine the majority of Exelon’s pension and other postretirement benefits obligations as of December 31, 2015. Certain benefit plans used individual rates ranging from 3.68% - 4.14% and 4.32% - 4.43% for pension and other postretirement plans, respectively.
(c)
The discount rates above represent the blended rates used to determine the majority of Exelon’s pension and other postretirement benefits obligations as of December 31, 2014. Certain benefit plans used individual rates ranging from 3.29% - 3.82% and 3.99% - 4.06% for pension and other postretirement plans, respectively.
(d)
The legacy Exelon, CEG and CENG pension and other postretirement plans used a rate of compensation increase of 3.25% through 2019 and 3.75% thereafter, while the legacy PHI pension and other postretirement plans used a weighted-average rate of compensation increase of 5% for all periods.
(e)
Obligation was not remeasured during this period.
(f)
The discount rate for the qualified and nonqualified pension plans was 4.65% and 4.55%, respectively.
Defined Benefit Plan Weighted Average Assumptions Used In Calculating Net Periodic Benefit Cost

The following assumptions were used to determine the net periodic benefit costs for the plans for the years ended December 31, 2016, 2015 and 2014, as well as for the PHI predecessor period January 1, 2016 to March 23, 2016:
 
 
Pension Benefits
 
Other Postretirement Benefits
 
Exelon
2016
 
2015
 
2014
 
2016
 
2015
 
2014
 
Discount rate
4.29
%
(a) 
3.94
%
(b) 
4.80
%
(c)  
4.29
%
(a) 
3.92
%
(b) 
4.90
%
(c)  
Expected return on plan assets
7.00
%
(d) 
7.00
%
(d) 
7.00
%
(d) 
6.71
%
(d) 
6.50
%
(d) 
6.59
%
(d) 
Rate of compensation increase
    


(e)  
 

(e)  
 

(f)  
    


(e)  
 

(e)  
 

(f)  
Mortality table
RP-2000 table projected to 2012 with improvement scale AA, with Scale BB-2D improvements (adjusted)
  
  
  
  
  
  
  
RP-2000 table projected to 2012 with improvement scale AA, with Scale BB-2D improvements (adjusted)
  
  
  
  
  
  
  
RP-2000 table with Scale AA improvements
  
  
  
  
  
  
  
RP-2000 table projected to 2012 with improvement scale AA, with Scale BB-2D improvements (adjusted)
  
  
  
  
  
  
  
RP-2000 table projected to 2012 with improvement scale AA, with Scale BB-2D improvements (adjusted)
  
  
  
  
  
  
  
RP-2000 table with Scale AA improvements
  
  
  
  
  
  
  
Health care cost trend on covered charges
N/A
  
N/A
  
N/A
  
5.50%
decreasing
to
ultimate
trend of
5.00% in
2017
  
  
  
  
  
  
  
6.00%
decreasing
to
ultimate
trend of
5.00% in
2017
  
  
  
  
  
  
  
6.00%
decreasing
to
ultimate
trend of
5.00% in
2017
  
  
  
  
  
  
  

 
Predecessor
 
Predecessor
 
Pension Benefits
 
Other Postretirement Benefits
PHI
January 1, 2016 to March 23, 2016
 
2015
 
2014
 
January 1, 2016 to March 23, 2016
 
2015
 
2014
Discount rate
4.65%/4.55%

(h)
4.20
%
 
5.05
%
 
4.55
%
 
4.15
%
 
5.00
%
Expected return on plan assets(g)
6.50
%
 
6.50
%
 
7.00
%
 
6.75
%
 
6.75
%
 
7.25
%
Rate of compensation
increase
5.00
%
 
5.00
%
 
5.00
%
 
5.00
%
 
5.00
%
 
5.00
%
Mortality table
RP-2014 table with improvement scale MP-2015

 
RP-2014 table with improvement scale MP-2014
 
2014 Mortality tables prescribed by the Pension Protection Act of 2006
 
RP-2014 table with improvement scale MP-2015
 
RP-2014 table with improvement scale MP-2014
 
2014 Mortality tables prescribed by the Pension Protection Act of 2006
Health care cost trend on covered charges
N/A
 
N/A
 
N/A
 
6.33% pre-65 and 5.40% post-65
decreasing to ultimate trend of
5.00% in 2020

 
6.67% pre-65 and 5.50% post-65
decreasing to ultimate trend of
5.00% in 2020
 
7.00% pre-65 and 5.60% post-65
decreasing to ultimate trend of
5.00% in 2020
___________________________
(a)
The discount rates above represent the blended rates used to establish the majority of Exelon’s pension and other postretirement benefits costs for the year ended December 31, 2016. Certain benefit plans used individual rates ranging from 3.68%-4.14% and 4.32%-4.43% for pension and other postretirement plans, respectively.
(b)
The discount rates above represent the blended rates used to establish the majority of Exelon's pension and other postretirement benefits costs for the year ended December 31, 2015. Certain benefit plans used individual rates ranging from 3.29%-3.82% and 3.99%-4.06% for pension and other postretirement plans, respectively.
(c)
The discount rates above represent the blended rates used to establish the majority of Exelon’s pension and other postretirement benefits costs for the year ended December 31, 2014. Certain of the other postretirement benefit plans were remeasured as of April 30, 2014 using an expected long-term rate of return on plan assets of 6.59% and a discount rate of 4.30%. Costs for the year ended December 31, 2014 reflect the impact of this remeasurement. On April 1, 2014, Generation assumed operational control of CENG’s nuclear fleet.  As a result, Exelon became the sponsor of CENG’s legacy pension and OPEB plans effective July 14, 2014; discount rates for those plans, impacting 2014 costs, ranged from 3.60%-4.30% and 4.09%-4.55%, respectively. See Note 5 - Investment in Constellation Energy Nuclear Group, LLC for further information.
(d)
Not applicable to pension and other postretirement benefit plans that do not have plan assets.
(e)
3.25% through 2019 and 3.75% thereafter.
(f)
3.25% through 2018 and 3.75% thereafter.
(g)
Expected return on other postretirement benefit plan assets is pre-tax.
(h)
The discount rate for the qualified and nonqualified pension plans was 4.65% and 4.55%, respectively.
Schedule of Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates
A one percentage point change in assumed health care cost trend rates would have the following effects:
 
Effect of a one percentage point increase in assumed health care cost trend:
 
on 2016 total service and interest cost components
$
9

on postretirement benefit obligation at December 31, 2016
105

Effect of a one percentage point decrease in assumed health care cost trend:
 
on 2016 total service and interest cost components
(8
)
on postretirement benefit obligation at December 31, 2016
(95
)
Pension And Other Postretirement Benefit Contributions
The following table provides all registrants' planned contributions to the qualified pension plans, planned benefit payments to non-qualified pension plans, and planned contributions to other postretirement plans in 2017:
 
Qualified Pension Plans(a)
 
Non-Qualified Pension Plans(b)
 
Other
Postretirement
Benefits(c)
Exelon
$
310

 
$
23

 
$
44

Generation
127

 
6

 
12

ComEd
33

 
1

 
2

PECO
23

 
1

 
—

BGE
38

 
2

 
16

PHI
60

 
8

 
12

Pepco
60

 
1

 
10

DPL
—

 
—

 
—

ACE
—

 
—

 
—

_____________________
(a)
Exelon's and Generation's expected qualified pension plan contributions above include $21 million related to the legacy CENG plans that will be funded by CENG as provided in an EMA between Exelon and CENG.
(b)
Unlike the qualified pension plans, Exelon’s non-qualified pension plans are not funded.
(c)
Unlike the qualified pension plans, other postretirement plans are not subject to statutory minimum contribution requirements. OPEB funding generally follows accounting costs however, Exelon’s management has historically considered several factors in determining the level of contributions to its other postretirement benefit plans, including liabilities management, levels of benefit claims paid and regulatory implications (amounts deemed prudent to meet regulatory expectations and best assure continued rate recovery). These amounts include benefit payments related to unfunded plans.
 
 
The following tables provide contributions to the pension and other postretirement benefit plans:
 
Pension Benefits
 
Other Postretirement Benefits
 
2016(a)
 
2015(a)
 
2014(a)
 
2016
 
2015
 
2014
Exelon
$
347


$
462


$
332


$
50


$
40


$
291

Generation
140

 
231

 
173

 
12

 
14

 
124

ComEd
33

 
143

 
122

 
5

 
7

 
125

PECO
30

 
40

 
11

 
—

 
—

 
5

BGE
31

 
1

 
—

 
18

 
16

 
17

BSC(b)
39

 
47

 
26

 
3

 
3

 
20

Pepco
24

 
—

 
—

 
8

 
2

 
1

DPL
22

 
—

 
—

 
—

 
—

 
—

ACE
15

 
—

 
—

 
2

 
3

 
3

PHISCO (c)
17

 
—

 
—

 
2

 
—

 
—


 
Pension Benefits
 
Other Postretirement Benefits
 
Successor
 
 
Predecessor
 
Successor
 
 
Predecessor
 
March 24, 2016 to December 31, 2016
 
 
January 1, 2016 to March 23, 2016
 
For the Year Ended December 31, 2015
 
For the Year Ended December 31, 2014
 
March 24, 2016 to December 31, 2016
 
 
January 1, 2016 to March 23, 2016
 
For the Year Ended December 31, 2015
 
For the Year Ended December 31, 2014
PHI
$
74

 
 
$
4

 
$
—

 
$
—

 
$
12

 
 
$
—

 
$
5

 
$
4

_________________________
(a)
Exelon's and Generation's pension contributions include $25 million, $36 million and $43 million related to the legacy CENG plans that was funded by CENG as provided in an Employee Matters Agreement (EMA) between Exelon and CENG for the years ended December 31, 2016, 2015 and 2014, respectively.
(b)
Includes $6 million, $5 million, and $9 million of pension contributions funded by Exelon Corporate, for the years ended December 31, 2016, 2015, and 2014, respectively.
(c)
Defined Benefit Plan Estimated Future Benefit Payments
Estimated Future Benefit Payments
 
Estimated future benefit payments to participants in all of the pension plans and postretirement benefit plans at December 31, 2016 were:
 
 
Pension
Benefits
 
Other
Postretirement
Benefits
2017
$
1,360

 
$
244

2018
1,170

 
250

2019
1,191

 
256

2020
1,223

 
263

2021
1,275

 
272

2022 through 2026
6,791

 
1,456

Total estimated future benefit payments through 2026
$
13,010


$
2,741
Schedule Of Pension And Other Postretirement Benefit Costs
an costs. These amounts include the recognized contractual termination benefit charges, curtailment gains, and settlement charges:
 
For the Year Ended December 31,
Exelon
 
Generation
 
ComEd
 
PECO
 
BGE
 
BSC(a)
 
Pepco
 
DPL
 
ACE
 
PHISCO(a)
2016(b)
$
621

 
$
218


$
166


$
33

 
$
68

 
$
48

 
$
31

 
$
18

 
$
15

 
$
47

2015
637

 
269


206


39

 
66

 
57

 
30

 
15

 
15

 
37

2014
561

 
250


162


36

 
67

 
46

 
22

 
7

 
13

 
16


 
Successor
 
 
Predecessor
PHI
March 24, 2016 to December 31, 2016
 
 
January 1, 2016 to March 23, 2016
 
For the Year Ended December 31, 2015
 
For the Year Ended December 31, 2014
Pension and Other Postretirement Benefit Costs
$
88

 
 
$
23

 
$
97

 
$
58

_____________________
(a)
These amounts primarily represent amounts billed to Exelon’s subsidiaries through intercompany allocations. These amounts are not included in the Generation, ComEd, PECO, BGE, Pepco, DPL or ACE amounts
Defined Benefit Plan Weighted Average Asset Allocations And Target Allocations
vely.
 
Exelon’s pension and other postretirement benefit plan target asset allocations at December 31, 2016 and 2015 asset allocations were as follows:
 
Pension Plans
 
 
 
 
 
 
 
 
Predecessor
 
 
 
Exelon
 
PHI
 
 
 
Percentage of Plan Assets
at December 31,
Asset Category
Target Allocation
 
2016
 
2015
 
2015
Equity securities
33
%
 
33
%
 
35
%
 
28
%
Fixed income securities
39
%
 
39

 
34

 
66

Alternative investments(a)
28
%
 
28

 
31

 
6

Total
 
 
100
%
 
100
%
 
100
%
    
 
Other Postretirement Benefit Plans
 
 
 
 
 
 
 
 
Predecessor
 
 
 
Exelon
 
PHI
 
 
 
Percentage of Plan Assets
at December 31,
Asset Category
Target Allocation
 
2016
 
2015
 
2015
Equity securities
43
%
 
47
%
 
43
%
 
63
%
Fixed income securities
28
%
 
29

 
27

 
34

Alternative investments(a)
29
%
 
24

 
30

 
3

Total
 
 
100
%
 
100
%
 
100
%
___________________
(a)
Alternative investments include private equity, hedge funds, real estate, and private credit.
Defined Benefit Plan Fair Value Of Plan Assets
Fair Value Measurements
 
The following tables present pension and other postretirement benefit plan assets measured and recorded at fair value on the Registrants' Consolidated Balance Sheets on a recurring basis and their level within the fair value hierarchy at December 31, 2016 and 2015:

Exelon 
At December 31, 2016(a)(d)
Level 1
 
Level 2
 
Level 3
 
Not subject to leveling
 
Total
Pension plan assets
 
 
 
 
 
 
 
 
 
Cash equivalents
$
325

 
$
—

 
$
—

 
$
—

 
$
325

      Equities(b)
3,144

 
—

 
2

 
2,535

 
5,681

Fixed income:





 
 
 

U.S. Treasury and agencies
1,008

 
192

 
—

 
—

 
1,200

State and municipal debt
—

 
64

 
—

 
—

 
64

Corporate debt
—

 
3,641

 
206

 
—

 
3,847

Other(b)
—

 
340

 
—

 
748

 
1,088

Fixed income subtotal
1,008


4,237


206

 
748

 
6,199

Private equity
—

 
—

 
—

 
991

 
991

Hedge funds
—

 
—

 
—

 
1,962

 
1,962

Real estate
—

 
—

 
—

 
828

 
828

Private credit
—

 
—

 
—

 
833

 
833

Pension plan assets subtotal
$
4,477


$
4,237


$
208

 
$
7,897

 
$
16,819


At December 31, 2016(a)(d)
Level 1
 
Level 2
 
Level 3
 
Not subject to leveling
 
Total
Other postretirement benefit plan assets
 
 
 
 
 
 
 
 
 
Cash equivalents
$
24

 
$
—

 
$
—

 
$
—

 
$
24

Equities
547

 
2

 
—

 
644

 
1,193

Fixed income:





 
 
 

U.S. Treasury and agencies
9

 
59

 
—

 
—

 
68

State and municipal debt
—

 
134

 
—

 
—

 
134

Corporate debt
—

 
43

 
—

 
—

 
43

Other
256

 
60

 
—

 
131

 
447

Fixed income subtotal
265


296


—

—

131

 
692

Hedge funds
—

 
—

 
—

 
445

 
445

Real estate
—

 
—

 
—

 
117

 
117

Private credit
—

 
—

 
—

 
107

 
107

Other postretirement benefit plan assets subtotal
$
836


$
298


$
—

 
$
1,444


$
2,578

Total pension and other postretirement benefit plan assets(c)
$
5,313

 
$
4,535

 
$
208

 
$
9,341

 
$
19,397


At December 31, 2015(a)
Level 1
 
Level 2
 
Level 3
 
Not subject to leveling
 
Total
Pension plan assets
 
 
 
 
 
 
 
 
 
Cash equivalents
$
210

 
$
—

 
$
—

 
$
—

 
$
210

Equities(b)
3,571

 
—

 
2

 
1,462

 
5,035

Fixed income:


 


 


 
 
 


U.S. Treasury and agencies
1,001

 
79

 
—

 
—

 
1,080

State and municipal debt
—

 
61

 
—

 
—

 
61

Corporate debt
—

 
2,901

 
165

 
—

 
3,066

Other(b)
—

 
146

 
—

 
452

 
598

Fixed income subtotal
1,001


3,187


165

 
452

 
4,805

Private equity
—

 
—

 
—

 
924

 
924

Hedge funds
—

 
—

 
—

 
1,924

 
1,924

Real estate
—

 
—

 
—

 
725

 
725

Private credit
—

 
—

 
—

 
699

 
699

Pension plan assets subtotal
$
4,782


$
3,187


$
167

 
$
6,186


$
14,322

At December 31, 2015(a)
Level 1
 
Level 2
 
Level 3
 
Not subject to leveling
 
Total
Other postretirement benefit plan assets
 
 
 
 
 
 
 
 
 
Cash equivalents
$
15

 
$
—

 
$
—

 
$
—

 
$
15

Equities
510

 
2

 
—

 
480

 
992

Fixed income:





 
 
 

U.S. Treasury and agencies
11

 
53

 
—

 
—

 
64

State and municipal debt
—

 
131

 
—

 
—

 
131

Corporate debt
—

 
44

 
—

 
—

 
44

Other
155

 
59

 
—

 
146

 
360

Fixed income subtotal
166


287


—

 
146

 
599

Hedge funds
—

 
—

 
—

 
451

 
451

Real estate
—

 
—

 
—

 
131

 
131

Private credit
—

 
—

 
—

 
103

 
103

Other postretirement benefit plan assets subtotal
$
691


$
289


$
—

 
$
1,311

 
$
2,291

Total pension and other postretirement benefit plan assets(c)
$
5,473

 
$
3,476

 
$
167

 
$
7,497

 
$
16,613

 
Predecessor
 
December 31, 2015(a)
PHI
Level 1
 
Level 2
 
Level 3
 
Not subject to leveling
 
Total
Pension plan assets
 
 
 
 
 
 
 
 
 
Cash equivalents
$
50

 
$
—

 
$
—

 
$
—

 
$
50

      Equities
335

 
—

 
—

 
224

 
559

Fixed income:
 
 
 
 
 
 
 
 
 
U.S. Treasury and agencies
114

 
15

 
—

 
—

 
129

State and municipal debt
—

 
18

 
—

 
—

 
18

Corporate debt securities
—

 
625

 
—

 
—

 
625

Other
—

 
40

 
—

 
504

 
544

Fixed income subtotal
114

 
698

 
—

 
504

 
1,316

Private equity
—

 
—

 
—

 
38

 
38

Real estate
—

 
—

 
—

 
46

 
46

Pension plan assets subtotal
$
499

 
$
698

 
$
—

 
$
812

 
$
2,009


 
Predecessor
 
December 31, 2015(a)
PHI
Level 1
 
Level 2
 
Level 3
 
Not subject to leveling
 
Total
Other postretirement benefit plan assets
 
 
 
 
 
 
 
 
 
Cash equivalents
$
8

 
$
—

 
$
—

 
$
—

 
$
8

Equities
197

 
—

 
—

 
22

 
219

Fixed income - other
121

 
—

 
—

 
—

 
121

Other postretirement benefit plan assets subtotal
$
326

 
$
—

 
$
—

 
$
22

 
$
348

Total pension and other postretirement benefit plan assets(e)
$
825

 
$
698

 
$
—

 
$
834

 
$
2,357

____________________
(a)
See Note 12—Fair Value of Financial Assets and Liabilities for a description of levels within the fair value hierarchy.
(b)
Includes derivative instruments of $1 million and $5 million, which have a total notional amount of $2,918 million and $1,774 million at December 31, 2016 and 2015, respectively. The notional principal amounts for these instruments provide one measure of the transaction volume outstanding as of the fiscal years ended and do not represent the amount of the company’s exposure to credit or market loss.
(c)
Excludes net liabilities of $28 million and net assets of $27 million at December 31, 2016 and 2015, respectively, which are required to reconcile to the fair value of net plan assets. These items consist primarily of receivables related to pending securities sales, interest and dividends receivable, and payables related to pending securities purchases.
(d)
Effective March 23, 2016, Exelon became sponsor of PHI's defined benefit pension and other postretirement benefit plans, and assumed PHI's benefit plan obligations and related assets.
(e)
Excludes net assets of $9 million at December 31, 2015, which are required to reconcile to the fair value of net plan assets. These items consist primarily of receivables related to pending securities sales, interest and dividends receivable, and payables related to pending securities purchased.
Defined Benefit Plan Fair Value Of Plan Assets Unobservable Input Reconciliation
rchases.
(d)
Effective March 23, 2016, Exelon became sponsor of PHI's defined benefit pension and other postretirement benefit plans, and assumed PHI's benefit plan obligations and related assets.
(e)
Excludes net assets of $9 million at December 31, 2015, which are required to reconcile to the fair value of net plan assets. These items consist primarily of receivables related to pending securities sales, interest and dividends receivable, and payables related to pending securities purchased.

The following table presents the reconciliation of Level 3 assets and liabilities measured at fair value for pension and other postretirement benefit plans for the years ended December 31, 2016 and 2015:
 
Exelon

 
Fixed
income
 
Equities
 
Total
Pension Assets
 
 
 
 
 
Balance as of January 1, 2016
$
165


$
2

 
$
167

Actual return on plan assets:



 


Relating to assets still held at the
reporting date
(2
)

—

 
(2
)
Purchases, sales and settlements:



 


Purchases
69


—

 
69

Sales
(14
)

—

 
(14
)
Settlements(a)
(12
)

—

 
(12
)
Balance as of December 31, 2016
$
206


$
2

 
$
208



 
Fixed income
 
Equities
 
Total
Pension Assets
 
 
 
 
 
Balance as of January 1, 2015
$
120


$
2

 
$
122

Actual return on plan assets:



 


Relating to assets still held at the
reporting date
(8
)

—

 
(8
)
Purchases, sales and settlements:



 


Purchases
61


—

 
61

      Settlements(a)
(8
)

—

 
(8
)
Balance as of December 31, 2015
$
165


$
2

 
$
167

 
 
________________________
(a)
Represents cash settlements only.
Schedule Of Defined Contributions
n limits. The following table presents matching contributions to the savings plan for the years ended December 31, 2016, 2015 and 2014:
 
For the Year Ended December 31,
Exelon(a)
 
Generation(a)
 
ComEd
 
PECO
 
BGE
 
BSC(b)
 
Pepco(c)
 
DPL(c)
 
ACE
 
PHISCO(c)
2016
$
164

 
$
79


$
34


$
10


$
12


$
19

 
$
3

 
$
2

 
$
2

 
$
6

2015
148

 
80


32


11


14


11

 
3

 
2

 
2

 
6

2014
103

 
51


26


8


8


10

 
3

 
2

 
1

 
6


 
Successor
 
 
Predecessor
PHI
March 24, 2016 to December 31, 2016
 
 
January 1, 2016 to March 23, 2016
 
For the Year Ended December 31, 2015
 
For the Year Ended December 31, 2014
Saving Plan Matching Contributions
$
10

 
 
$
3

 
$
14

 
$
13

_________________________
(a)
Includes $13 million, $9 million and $5 million related to CENG for the years ended December 31, 2016, December 31, 2015 and for the period from April 1, 2014 to December 31, 2014, respectively.
(b)
These amounts primarily represent amounts billed to Exelon’s subsidiaries through intercompany allocations. These costs are not included in the Generation, ComEd, PECO, or BGE amounts above.
(c)
Pepco's, DPL's and PHISCO's matching contributions include $1 million, $1 million and $1 million, respectively, of costs incurred prior to the closing of Exelon's merger with PHI on March 23, 2016, which is not included in Exelon's matching contributions at December 31, 2016.