Pension, Postretirement, Other Postemployment, and Employee Savings Plan Benefits (Tables)

12 Months Ended

Dec. 31, 2011

Periodic benefit cost

Schedule of defined benefit liabilities

At December 31,	2011		2010
	(In millions)
Pension benefits	$	327.8	$	218.0
Postretirement benefits		347.8		334.9
Postemployment benefits		53.1		55.0
Total defined benefit obligations		728.7		607.9
Less: Amount recorded in other current liabilities		30.7		33.2
Total noncurrent defined benefit obligations	$	698.0	$	574.7

Schedule of funded status of qualified and nonqualified pension obligations

	Qualified Plans
						Non- Qualified Plans
At December 31, 2011	Constellation Energy		Boston Generating					Total
Accumulated benefit obligation	$	1,567.0	$	3.2		$	101.8	$	1,672.0
Fair value of assets		1,484.3		3.4			—		1,487.7
Net (asset) unfunded obligation	$	82.7	$	(0.2	)	$	101.8	$	184.3

At December 31, 2010	Qualified Plan			Non-Qualified Plans		Total
	(In millions)
Accumulated benefit obligation	$	1,405.2		$	87.8	$	1,493.0
Fair value of assets		1,408.1			—		1,408.1
Net (asset) unfunded obligation	$	(2.9	)	$	87.8	$	84.9

Schedule of the impacts of funded status adjustments

					Accumulated Other Comprehensive Income (Loss)
			Postretirement Benefit Liability
	Pension Liability
					Pre-tax			After-tax
	(In millions)
December 31, 2011	$	167.2	$	8.0	$	(175.2	)	$	(106.4	)
December 31, 2010	$	73.7	$	10.9	$	(84.6	)	$	(54.6	)

Schedule of the change in the benefit obligations of the pension and postretirement benefit plans

	Pension Benefits						Postretirement Benefits
	2011			2010			2011			2010
	(In millions)
Change in benefit obligation (1)
Benefit obligation at January 1	$	1,626.1		$	1,469.8		$	334.9		$	322.3
Service cost		50.3			37.9			2.9			2.4
Interest cost		87.4			84.7			17.1			17.7
Plan amendments		(0.5	)		—			1.3			(3.3	)
Plan participants' contributions		—			—			9.7			10.5
Actuarial loss		146.2			124.0			6.7			14.2
Acquisition of Boston Generating plan		3.2			—			—			—
Separation of CENG plans		—			(3.0	)		—			—
Settlements		(6.0	)		(5.2	)		—			—
Special termination benefits		—			0.6			0.2			0.1
Benefits paid (2)(3)		(91.2	)		(82.7	)		(25.0	)		(29.0	)
Benefit obligation at December 31	$	1,815.5		$	1,626.1		$	347.8		$	334.9

(1)

Amounts reflect projected benefit obligation for pension benefits and accumulated postretirement benefit obligation for postretirement benefits.

(2)

Pension benefits paid include annuity payments and lump-sum distributions.

(3)

Postretirement benefits paid are net of Medicare Part D and Early Retiree Reimbursement Program reimbursements.

Schedule of change in plan assets of the pension and postretirement benefit plans

	Pension Benefits						Postretirement Benefits
	2011			2010			2011			2010
	(In millions)
Change in plan assets
Fair value of plan assets at January 1	$	1,408.1		$	1,058.1		$	—		$	—
Actual return on plan assets		89.5			148.8			—			—
Employer contribution (1)		84.3			289.1			15.3			18.5
Plan participants' contributions		—			—			9.7			10.5
Acquisition of Boston Generating Plan		3.0			—			—			—
Settlements		(6.0	)		(5.2	)		—			—
Benefits paid (2)(3)		(91.2	)		(82.7	)		(25.0	)		(29.0	)
Fair value of plan assets at December 31	$	1,487.7		$	1,408.1		$	—		$	—

(1)

Includes benefit payments for unfunded plans.

(2)

Pension benefits paid include annuity payments and lump-sum distributions.

(3)

Postretirement benefits paid are net of Medicare Part D and Early Retiree Reimbursement Program reimbursements.

Schedule of amounts recorded in Accumulated other comprehensive income and expected amortization over the next twelve months

	Pension Benefits				Postretirement Benefits
											Expected Amortiz- ation Next 12 Months
	2011		2010		2011			2010
	(In millions)
Unrecognized actuarial loss	$	864.6	$	741.4	$	70.5		$	65.3		$	60.1
Unrecognized prior service cost		1.9		6.1		(10.0	)		(14.0	)		(0.5	)
Unrecognized transition obligation		—		—		1.8			3.5			1.8
Total	$	866.5	$	747.5	$	62.3		$	54.8		$	61.4

Schedule of future expected pension and postretirement benefits payments

	Pension Benefits		Postretirement Benefits (1)
2012	$	109.2	$	22.4
2013		107.6		23.0
2014		114.2		23.5
2015		165.7		23.9
2016		129.9		24.3
2017-2021		715.0		123.4

(1)

Postretirement benefit payments are net of Medicare Part D reimbursements.

Schedule of assumptions used to calculate pension and postretirement benefit obligations and periodic cost

	Pension Benefits (1)						Postretirement Benefits
													Assumption Impacts Calculation of
	2011			2010			2011			2010
Discount rate as of January 1		5.50	%		6.00	%		5.50	%		6.00	%	Periodic Cost
Discount rate as of December 31		4.75	%		5.50	%		4.75	%		5.50	%	Benefit Obligation
Expected return on plan assets		8.00			8.50			N/A			N/A		Periodic Cost
Rate of compensation increase		4.0			4.0			4.0			4.0		Benefit Obligation and Periodic Cost

(1)

The Boston Generating Plan made the following assumptions to calculate its pension benefit obligation and periodic cost: discount rate as of January 3, 2011, the date of acquisition, 5.10%, discount rate as of December 31, 2011 4.20%, expected return on plan assets 8.00%, and rate of compensation increase 4.0%.

Schedule of health care inflation rate assumptions used to calculate postretirement benefit obligation and periodic cost

At December 31,	2011			2010
Next year		7.5	%		8.5	%
Following year		7.0	%		7.5	%
Ultimate trend rate		5.0	%		5.0	%
Year ultimate trend rate reached		2017			2017

Schedule of target and actual allocation of plan assets

	Target Allocation						Actual Allocation
At December 31,	2011			2010			2011			2010
Global equity securities		42	%		42	%		38	%		42	%
Fixed income securities		40			40			42			37
Alternative investments		12			12			11			8
High yield bonds		6			6			6			6
Cash and cash equivalents		—			—			3			7
Derivative instruments		—			—			—			—
Total		100	%		100	%		100	%		100	%

Schedule of investments in the Plans' master trust at fair value, by level in the fair value hierarchy

At December 31, 2011	Level 1		Level 2		Level 3		Total Fair Value
	(In millions)
Global equity securities:
Money market funds (1)	$	22.6	$	—	$	—	$	22.6
Marketable equity securities		125.5		—		—		125.5
Common collective trusts		—		420.4		—		420.4
Mutual funds		2.2		—		—		2.2
Fixed income securities:
Money market funds (1)		20.4		—		—		20.4
Corporate debt securities		—		327.3		—		327.3
Government / agency securities		—		178.2		—		178.2
Municipal bonds		—		73.3		—		73.3
Guarantee insurance contracts		—		20.6		—		20.6
Asset and mortgage-backed securities		—		1.8		—		1.8
Mutual funds		1.0		—		—		1.0
High yield bonds:
Money market funds (1)		5.4		—		—		5.4
Corporate debt securities		—		76.9		—		76.9
Cash equivalents		49.0		—		—		49.0
Derivative instruments		—		0.4		—		0.4
Alternative investments		—		—		162.7		162.7
Total	$	226.1	$	1,098.9	$	162.7	$	1,487.7

(1)

Money market funds available for the portfolio manager to invest have been included within the respective security classification to differentiate from the actual cash position of the pension trust.

At December 31, 2010	Level 1		Level 2		Level 3		Total Fair Value
	(In millions)
Global equity securities:
Money market funds (1)	$	26.1	$	—	$	—	$	26.1
Marketable equity securities		143.6		—		—		143.6
Common collective trusts		—		421.4		—		421.4
Fixed income securities:
Money market funds (1)		9.8		—		—		9.8
Corporate debt securities		—		318.0		—		318.0
Government / agency securities		—		112.7		—		112.7
Municipal bonds		—		54.8		—		54.8
Guarantee insurance contracts		—		21.6		—		21.6
Asset and mortgage-backed securities		—		0.4		—		0.4
High yield bonds:
Money market funds (1)		4.7		—		—		4.7
Corporate debt securities		—		82.2		—		82.2
Cash equivalents		93.6		—		—		93.6
Derivative instruments		—		0.9		—		0.9
Alternative investments		—		—		118.3		118.3
Total	$	277.8	$	1,012.0	$	118.3	$	1,408.1

(1)

Money market funds available for the portfolio manager to invest have been included within the respective security classification to differentiate from the actual cash position of the pension trust.

Schedule of changes in the fair value of the Level 3 plan assets

	Year Ended December 31,
	2011			2010
	(In millions)
Balance at beginning of period	$	118.3		$	74.4
Actual return on plan assets:
Assets still held at year end		(11.1	)		(32.1	)
Assets sold during the year		7.4			37.0
Purchases		160.3
Sales		(112.2	)
Net purchases, sales, and settlements		48.1			22.2
Transfers into Level 3		—			16.8
Transfers out of Level 3		—			—
Balance at end of year	$	162.7		$	118.3

Schedule of matching contributions to participant accounts of defined contribution plans

Year Ended December 31,	2011		2010		2009
	(In millions)
Nonregulated businesses	$	10.1	$	9.9	$	14.8
BGE		6.6		6.3		5.7
Total Constellation Energy	$	16.7	$	16.2	$	20.5

Pension Plan

Periodic benefit cost

Components of net periodic benefit cost

Year Ended December 31,	2011			2010			2009
	(In millions)
Components of net periodic pension benefit cost
Service cost	$	50.3		$	37.9		$	50.8
Interest cost		87.4			84.7			101.1
Expected return on plan assets		(114.9	)		(101.8	)		(118.9	)
Amortization of unrecognized prior service cost		3.9			3.9			10.9
Recognized net actuarial loss		44.6			34.4			38.3
Amount capitalized as construction cost		(10.6	)		(10.2	)		(10.2	)
Net periodic pension benefit cost (1)	$	60.7		$	48.9		$	72.0

(1)

Net periodic pension benefit cost excludes settlement charges of $4.0 million and termination benefits of $0.2 million in 2011, settlement charge of $1.5 million and termination benefits of $0.6 million in 2010, and a settlement charge of $9.0 million and a termination benefit of $0.1 million in 2009. BGE's portion of our net periodic pension benefit costs, excluding amount capitalized, was $34.0 million in 2011, $30.9 million in 2010, and $27.9 million in 2009. The vast majority of our retirees were BGE employees.

Post-retirement Plan

Periodic benefit cost

Components of net periodic benefit cost

Year Ended December 31,	2011			2010			2009
	(In millions)
Components of net periodic postretirement benefit cost
Service cost	$	2.9		$	2.4		$	6.3
Interest cost		17.1			17.7			22.6
Amortization of transition obligation		1.7			2.1			2.1
Recognized net actuarial loss		1.5			0.4			2.2
Amortization of unrecognized prior service cost		(2.7	)		(2.6	)		(3.4	)
Amount capitalized as construction cost		(5.3	)		(5.4	)		(6.3	)
Net periodic postretirement benefit cost (1)	$	15.2		$	14.6		$	23.5

(1)

Net periodic postretirement benefit cost excludes termination benefits of $0.1 million in 2010. BGE's portion of our net periodic postretirement benefit cost, excluding amounts capitalized, was $17.5 million in 2011, $17.2 million in 2010, and $18.7 million in 2009.