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Fair Value of Financial Assets and Liabilities (Tables)
 9 Months Ended
Sep. 30, 2020
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, SNF obligation, and trust preferred securities (long-term debt to financing trusts or junior subordinated debentures) as of September 30, 2020 and December 31, 2019. The Registrants have no financial liabilities classified as Level 1.
The carrying amounts of the Registrants’ short-term liabilities as presented on their Consolidated Balance Sheets are representative of their fair value (Level 2) because of the short-term nature of these instruments.
September 30, 2020December 31, 2019
Carrying AmountFair ValueCarrying AmountFair Value
Level 2Level 3TotalLevel 2Level 3Total
Long-Term Debt, including amounts due within one year(a)

Exelon$37,589 $40,816 $3,237 $44,053 $36,039 $37,453 $2,580 $40,033 
Generation6,756 6,250 1,401 7,651 7,974 7,304 1,366 8,670 
ComEd8,981 10,970 — 10,970 8,491 9,848 — 9,848 
PECO3,753 4,498 50 4,548 3,405 3,868 50 3,918 
BGE3,664 4,263 — 4,263 3,270 3,649 — 3,649 
PHI7,020 6,082 1,786 7,868 6,563 5,902 1,164 7,066 
Pepco3,164 3,343 739 4,082 2,864 3,198 388 3,586 
DPL1,676 1,463 449 1,912 1,567 1,408 311 1,719 
ACE1,417 1,017 598 1,615 1,327 1,026 464 1,490 
Long-Term Debt to Financing Trusts(a)
Exelon$390 $— $467 $467 $390 $— $428 $428 
ComEd205 — 246 246 205 — 227 227 
PECO184 — 221 221 184 — 201 201 
SNF Obligation
Exelon$1,207 $1,042 $— $1,042 $1,199 $1,055 $— $1,055 
Generation1,207 1,042 — 1,042 1,199 1,055 — 1,055 
__________
(a)Includes unamortized debt issuance costs which are not fair valued.
Assets and liabilities measured and recorded at fair value on recurring basis
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 September 30, 2020 and December 31, 2019:
Exelon and Generation
ExelonGeneration
As of September 30, 2020Level 1Level 2Level 3Not subject to levelingTotalLevel 1Level 2Level 3Not subject to levelingTotal
Assets
Cash equivalents(a)
$1,687 $— $— $— $1,687 $270 $— $— $— $270 
NDT fund investments
Cash equivalents(b)
313 91 — — 404 313 91 — — 404 
Equities3,345 1,794 — 1,370 6,509 3,345 1,794 — 1,370 6,509 
Fixed income
Corporate debt— 1,516 280 — 1,796 — 1,516 280 — 1,796 
U.S. Treasury and agencies1,843 137 — — 1,980 1,843 137 — — 1,980 
Foreign governments — 52 — — 52 — 52 — — 52 
State and municipal debt — 104 — — 104 — 104 — — 104 
Other— 40 — 1,010 1,050 — 40 — 1,010 1,050 
Fixed income subtotal1,843 1,849 280 1,010 4,982 1,843 1,849 280 1,010 4,982 
Private credit— — 238 533 771 — — 238 533 771 
Private equity— — — 439 439 — — — 439 439 
Real estate— — — 650 650 — — — 650 650 
NDT fund investments subtotal(c)(d)
5,501 3,734 518 4,002 13,755 5,501 3,734 518 4,002 13,755 
Rabbi trust investments
Cash equivalents58 — — — 58 4 — — — 4 
Mutual funds88 — — — 88 28 — — — 28 
Fixed income— 11 — — 11 — — — — — 
Life insurance contracts — 84 34 — 118 — 27 — — 27 
Rabbi trust investments subtotal146 95 34 — 275 32 27 — — 59 
Commodity derivative assets
Economic hedges776 1,737 1,553 — 4,066 776 1,737 1,553 — 4,066 
Proprietary trading— 37 37 — 74 — 37 37 — 74 
Effect of netting and allocation of collateral(e)(f)
(656)(1,594)(1,036)— (3,286)(656)(1,594)(1,036)— (3,286)
Commodity derivative assets subtotal120 180 554 — 854 120 180 554 — 854 
DPP consideration— 732 — — 732 — 732 — — 732 
Total assets7,454 4,741 1,106 4,002 17,303 5,923 4,673 1,072 4,002 15,670 
ExelonGeneration
As of September 30, 2020Level 1Level 2Level 3Not subject to levelingTotalLevel 1Level 2Level 3Not subject to levelingTotal
Liabilities
Commodity derivative liabilities
Economic hedges(700)(1,692)(1,639)— (4,031)(700)(1,692)(1,335)— (3,727)
Proprietary trading— (36)(16)— (52)— (36)(16)— (52)
Effect of netting and allocation of collateral(e)(f)
699 1,708 1,130 — 3,537 699 1,708 1,130 — 3,537 
Commodity derivative liabilities subtotal(1)(20)(525)— (546)(1)(20)(221)— (242)
Deferred compensation obligation— (135)— — (135)— (37)— — (37)
Total liabilities(1)(155)(525)— (681)(1)(57)(221)— (279)
Total net assets$7,453 $4,586 $581 $4,002 $16,622 $5,922 $4,616 $851 $4,002 $15,391 
ExelonGeneration
As of December 31, 2019Level 1Level 2Level 3Not subject to levelingTotalLevel 1Level 2Level 3Not subject to levelingTotal
Assets
Cash equivalents(a)
$639 $— $— $— $639 $214 $— $— $— $214 
NDT fund investments
Cash equivalents(b)
365 87 — — 452 365 87 — — 452 
Equities3,353 1,753 — 1,388 6,494 3,353 1,753 — 1,388 6,494 
Fixed income
Corporate debt— 1,469 257 — 1,726 — 1,469 257 — 1,726 
U.S. Treasury and agencies1,808 131 — — 1,939 1,808 131 — — 1,939 
Foreign governments — 42 — — 42 — 42 — — 42 
State and municipal debt — 90 — — 90 — 90 — — 90 
Other— 33 — 953 986 — 33 — 953 986 
Fixed income subtotal1,808 1,765 257 953 4,783 1,808 1,765 257 953 4,783 
Private credit— — 254 508 762 — — 254 508 762 
Private equity — — — 402 402 — — — 402 402 
Real estate— — — 607 607 — — — 607 607 
NDT fund investments subtotal(c)(d)
5,526 3,605 511 3,858 13,500 5,526 3,605 511 3,858 13,500 
Rabbi trust investments
Cash equivalents50 — — — 50 4 — — — 4 
Mutual funds81 — — — 81 25 — — — 25 
Fixed income— 12 — — 12 — — — — — 
Life insurance contracts — 78 41 — 119 — 25 — — 25 
Rabbi trust investments subtotal131 90 41 — 262 29 25 — — 54 
Commodity derivative assets
Economic hedges768 2,491 1,485 — 4,744 768 2,491 1,485 — 4,744 
Proprietary trading— 37 60 — 97 — 37 60 — 97 
Effect of netting and allocation of collateral(e)(f)
(908)(2,162)(588)— (3,658)(908)(2,162)(588)— (3,658)
Commodity derivative assets subtotal(140)366 957 — 1,183 (140)366 957 — 1,183 
Total assets6,156 4,061 1,509 3,858 15,584 5,629 3,996 1,468 3,858 14,951 
ExelonGeneration
As of December 31, 2019Level 1Level 2Level 3Not subject to levelingTotalLevel 1Level 2Level 3Not subject to levelingTotal
Liabilities
Commodity derivative liabilities
Economic hedges(1,071)(2,855)(1,228)— (5,154)(1,071)(2,855)(927)— (4,853)
Proprietary trading— (34)(15)— (49)— (34)(15)— (49)
Effect of netting and allocation of collateral(e)(f)
1,071 2,714 802 — 4,587 1,071 2,714 802 — 4,587 
Commodity derivative liabilities subtotal— (175)(441)— (616)— (175)(140)— (315)
Deferred compensation obligation— (147)— — (147)— (41)— — (41)
Total liabilities— (322)(441)— (763)— (216)(140)— (356)
Total net assets$6,156 $3,739 $1,068 $3,858 $14,821 $5,629 $3,780 $1,328 $3,858 $14,595 
__________
(a)Exelon excludes cash of $677 million and $373 million at September 30, 2020 and December 31, 2019, respectively, and restricted cash of $116 million and $110 million at September 30, 2020 and December 31, 2019, respectively, and includes long-term restricted cash of $137 million and $177 million at September 30, 2020 and December 31, 2019, respectively, which is reported in Other deferred debits in the Consolidated Balance Sheets. Generation excludes cash of $408 million and $177 million at September 30, 2020 and December 31, 2019, respectively, and restricted cash of $45 million and $58 million at September 30, 2020 and December 31, 2019, respectively. 
(b)Includes $121 million and $90 million of cash received from outstanding repurchase agreements at September 30, 2020 and December 31, 2019, respectively, and is offset by an obligation to repay upon settlement of the agreement as discussed in (d) below.
(c)Includes derivative assets of less than $1 million and $2 million, which have total notional amounts of $658 million and $724 million at September 30, 2020 and December 31, 2019, respectively. The notional principal amounts for these instruments provide one measure of the transaction volume outstanding as of the periods ended and do not represent the amount of Exelon and Generation's exposure to credit or market loss.
(d)Excludes net liabilities of $208 million and $147 million at September 30, 2020 and December 31, 2019, respectively, which include certain derivative assets that have notional amounts of $153 million and $99 million at September 30, 2020 and December 31, 2019, respectively. These items consist of receivables related to pending securities sales, interest and dividend receivables, repurchase agreement obligations, and payables related to pending securities purchases. The repurchase agreements are generally short-term in nature with durations generally of 30 days or less.
(e)Collateral posted/(received) from counterparties, net of collateral paid to counterparties, totaled $43 million, $114 million, and $94 million allocated to Level 1, Level 2, and Level 3 mark-to-market derivatives, respectively, as of September 30, 2020. Collateral posted/(received) from counterparties, net of collateral paid to counterparties, totaled $163 million, $551 million, and $214 million allocated to Level 1, Level 2, and Level 3 mark-to-market derivatives, respectively, as of December 31, 2019.
(f)Of the collateral posted/(received), $34 million and $511 million represents variation margin on the exchanges as of September 30, 2020 and December 31, 2019, respectively.
As of September 30, 2020, Exelon and Generation have outstanding commitments to invest in fixed income, private credit, private equity and real estate investments of approximately $52 million, $119 million, $299 million, and $395 million, respectively. These commitments will be funded by Generation’s existing NDT funds.
Exelon and Generation hold investments without readily determinable fair values with carrying amounts of $76 million and $66 million as of September 30, 2020, respectively. Changes in fair value, cumulative adjustments, and impairments were not material for the three and nine months ended September 30, 2020.
ComEd, PECO and BGE
ComEdPECOBGE
As of September 30, 2020Level 1Level 2Level 3TotalLevel 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Assets
Cash equivalents(a)
$396 $— $— $396 $184 $— $— $184 $298 $— $— $298 
Rabbi trust investments
Mutual funds— — — — 9 — — 9 9 — — 9 
Life insurance contracts — — — — — 13 — 13 — — — — 
Rabbi trust investments subtotal— — — — 9 13 — 22 9 — — 9 
Total assets396 — — 396 193 13 — 206 307 — — 307 
Liabilities
Deferred compensation obligation— (7)— (7)— (8)— (8)— (5)— (5)
Mark-to-market derivative liabilities(b)
— — (304)(304)— — — — — — — — 
Total liabilities— (7)(304)(311)— (8)— (8)— (5)— (5)
Total net assets (liabilities)$396 $(7)$(304)$85 $193 $5 $— $198 $307 $(5)$— $302 
ComEdPECOBGE
As of December 31, 2019Level 1Level 2Level 3TotalLevel 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Assets
Cash equivalents(a)
$280 $— $— $280 $15 $— $— $15 $— $— $— $— 
Rabbi trust investments
Mutual funds— — — — 8 — — 8 8 — — 8 
Life insurance contracts — — — — — 11 — 11 — — — — 
Rabbi trust investments subtotal— — — — 8 11 — 19 8 — — 8 
Total assets280 — — 280 23 11 — 34 8 — — 8 
Liabilities
Deferred compensation obligation— (8)— (8)— (9)— (9)— (5)— (5)
Mark-to-market derivative liabilities(b)
— — (301)(301)— — — — — — — — 
Total liabilities— (8)(301)(309)— (9)— (9)— (5)— (5)
Total net assets (liabilities)$280 $(8)$(301)$(29)$23 $2 $— $25 $8 $(5)$— $3 
__________
(a)ComEd excludes cash of $76 million and $90 million at September 30, 2020 and December 31, 2019, respectively, and restricted cash of $36 million and $33 million at September 30, 2020 and December 31, 2019, respectively, and includes long-term restricted cash of $127 million and $163 million at September 30, 2020 and December 31, 2019, respectively, which is reported in Other deferred debits in the Consolidated Balance Sheets. PECO excludes cash of $65 million and $12 million at September 30, 2020 and December 31, 2019, respectively. BGE excludes cash of $28 million and $24 million at September 30, 2020 and December 31, 2019, respectively, and restricted cash of $1 million at both September 30, 2020 and December 31, 2019.
(b)The Level 3 balance consists of the current and noncurrent liability of $30 million and $274 million, respectively, at September 30, 2020 and $32 million and $269 million, respectively, at December 31, 2019 related to floating-to-fixed energy swap contracts with unaffiliated suppliers.
PHI, Pepco, DPL and ACE
As of September 30, 2020As of December 31, 2019
PHI Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Assets
Cash equivalents(a)
$166 $— $— $166 $124 $— $— $124 
Rabbi trust investments
Cash equivalents
52 — — 52 44 — — 44 
Mutual funds
14 — — 14 14 — — 14 
Fixed income
— 11 — 11 — 12 — 12 
Life insurance contracts
— 26 34 60 — 24 41 65 
Rabbi trust investments subtotal66 37 34 137 58 36 41 135 
Total assets232 37 34 303 182 36 41 259 
Liabilities
Deferred compensation obligation— (17)— (17)— (19)— (19)
Total liabilities— (17)— (17)— (19)— (19)
Total net assets$232 $20 $34 $286 $182 $17 $41 $240 
PepcoDPLACE
As of September 30, 2020Level 1Level 2Level 3TotalLevel 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Assets
Cash equivalents(a)
$112 $— $— $112 $17 $— $— $17 $14 $— $— $14 
Rabbi trust investments
Cash equivalents
51 — — 51 — — — — — — — — 
Fixed income
— 2 — 2 — — — — — — — — 
Life insurance contracts
— 26 34 60 — — — — — — — — 
Rabbi trust investments subtotal51 28 34 113 — — — — — — — — 
Total assets163 28 34 225 17 — — 17 14 — — 14 
Liabilities
Deferred compensation obligation— (2)— (2)— — — — — — — — 
Total liabilities— (2)— (2)— — — — — — — — 
Total net assets$163 $26 $34 $223 $17 $— $— $17 $14 $— $— $14 
PepcoDPLACE
As of December 31, 2019Level 1Level 2Level 3TotalLevel 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Assets
Cash equivalents(a)
$34 $— $— $34 $— $— $— $— $16 $— $— $16 
Rabbi trust investments
Cash equivalents
43 — — 43 — — — — — — — — 
Fixed income
— 2 — 2 — — — — — — — — 
Life insurance contracts
— 24 41 65 — — — — — — — — 
Rabbi trust investments subtotal
43 26 41 110 — — — — — — — — 
Total assets77 26 41 144 — — — — 16 — — 16 
Liabilities
Deferred compensation obligation— (2)— (2)— — — — — — — — 
Total liabilities— (2)— (2)— — — — — — — — 
Total net assets (liabilities)$77 $24 $41 $142 $— $— $— $— $16 $— $— $16 
__________
(a)PHI excludes cash of $78 million and $57 million at September 30, 2020 and December 31, 2019, respectively, and includes long-term restricted cash of $10 million and $14 million at September 30, 2020 and December 31, 2019, respectively, which is reported in Other deferred debits in the Consolidated Balance Sheets.  Pepco excludes cash of $46 million and $29 million at September 30, 2020 and December 31, 2019, respectively. DPL excludes cash of $9 million and $13 million at September 30, 2020 and December 31, 2019, respectively. ACE excludes cash of $13 million and $12 million at September 30, 2020 and December 31, 2019, respectively, and includes long-term restricted cash of $10 million and $14 million at September 30, 2020 and December 31, 2019, respectively, which is reported in Other deferred debits in the Consolidated Balance Sheets.
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 nine months ended September 30, 2020 and 2019:
ExelonGenerationComEdPHI and Pepco
Three Months Ended September 30, 2020Total NDT Fund
Investments		Mark-to-Market
Derivatives		Total Generation Mark-to-Market
Derivatives		Life Insurance ContractsEliminated in Consolidation
Balance as of June 30, 2020$883 $499 $659 $1,158 $(318)$43 $— 
Total realized / unrealized gains (losses)
Included in net income(327)3 (318)
(a)
(315)— (12)— 
Included in noncurrent payables to affiliates— 18 — 18 — — (18)
Included in regulatory assets/liabilities
32 — — — 14 
(b)
— 18 
Change in collateral(79)— (79)(79)— — — 
Purchases, sales, issuances and settlements
Purchases66 1 65 66 — — — 
Sales(3)— (3)(3)— — — 
Settlements— (3)— (3)— 3 — 
Transfers out of Level 39 — 9 
(c)
9 — — — 
Balance at September 30, 2020$581 $518 $333 $851 $(304)$34 $— 
The amount of total (losses) gains included in income attributed to the change in unrealized gains (losses) related to assets and liabilities as of September 30, 2020$(222)$3 $(213)$(210)$— $(12)$— 
ExelonGenerationComEdPHI and Pepco
Nine months ended September 30, 2020Total NDT Fund
Investments		Mark-to-Market
Derivatives		Total GenerationMark-to-Market
Derivatives		Life Insurance ContractsEliminated in Consolidation
Balance as of December 31, 2019$1,068 $511 $817 $1,328 $(301)$41 $— 
Total realized / unrealized gains (losses)
Included in net income(483)1 (474)
(a)
(473)— (10)— 
Included in noncurrent payables to affiliates— 17 — 17 — — (17)
Included in regulatory assets
14 — — — (3)
(b)
— 17 
Change in collateral(120)— (120)(120)— — — 
Purchases, sales, issuances and settlements
Purchases136 6 130 136 — — — 
Sales(27)— (27)(27)— — — 
Settlements(15)(18)— (18)— 3 — 
Transfers into Level 3(5)1 (6)
(c)
(5)— — — 
Transfers out of Level 313 — 13 
(c)
13 — — — 
Balance as of September 30, 2020$581 $518 $333 $851 $(304)$34 $— 
The amount of total (losses) gains included in income attributed to the change in unrealized gains (losses) related to assets and liabilities as of September 30, 2020$(107)$1 $(98)$(97)$— $(10)$— 
ExelonGenerationComEdPHI and Pepco
Three Months Ended September 30, 2019Total NDT Fund
Investments		Mark-to-Market
Derivatives		Total GenerationMark-to-Market
Derivatives		Life Insurance ContractsEliminated in Consolidation
Balance as of June 30, 2019$1,179 $539 $873 $1,412 $(273)$40 $— 
Total realized / unrealized gains (losses)
Included in net income(171)2 (173)
(a)
(171)— — — 
Included in noncurrent payables to affiliates— 11 — 11 — — (11)
Included in regulatory assets
4 — — — (7)
(b)
— 11 
Change in collateral41 — 41 41 — — — 
Purchases, sales, issuances and settlements
Purchases53 1 52 53 — — — 
Sales(22)(21)(1)(22)— — — 
Settlements(18)(18)— (18)— — — 
Transfers into Level 31 — 1 
(c)
1 — — — 
Transfers out of Level 3(11)— (11)
(c)
(11)— — — 
Balance as of September 30, 2019$1,056 $514 $782 $1,296 $(280)$40 $— 
The amount of total (losses) gains included in income attributed to the change in unrealized gains (losses) related to assets and liabilities as of September 30, 2019$(18)$2 $(20)$(18)$— $— $— 
ExelonGenerationComEdPHI and Pepco
Nine Months Ended September 30, 2019Total NDT Fund
Investments		Mark-to-Market
Derivatives		Total GenerationMark-to-Market
Derivatives		Life Insurance ContractsEliminated in Consolidation
Balance as of December 31, 2018$907 $543 $575 $1,118 $(249)$38 $— 
Total realized / unrealized gains (losses)
Included in net income(125)5 (132)
(a)
(127)— 2 — 
Included in noncurrent payables to affiliates— 32 — 32 — — (32)
Included in regulatory assets
1 — — — (31)
(b)
— 32 
Change in collateral227 — 227 227 — — — 
Purchases, sales, issuances and settlements
Purchases163 43 120 163 — — — 
Sales(23)(21)(2)(23)— — — 
Settlements(88)(88)— (88)— — — 
Transfers into Level 35 — 5 
(c)
5 — — — 
Transfers out of Level 3(11)— (11)
(c)
(11)— — — 
Balance as of September 30, 2019$1,056 $514 $782 $1,296 $(280)$40 $— 
The amount of total gains (losses) included in income attributed to the change in unrealized gains (losses) related to assets and liabilities as of September 30, 2019$173 $5 $166 $171 $— $2 $— 
__________
(a)Includes a reduction for the reclassification of $105 million and $376 million of realized losses due to the settlement of derivative contracts for the three and nine months ended September 30, 2020. Includes a reduction for the reclassification of $153 million and $298 million of realized losses due to the settlement of derivative contracts for the three and nine months ended September 30, 2019.
(b)Includes 1) an increase in fair value of $9 million for the three months ended September 30, 2020 and a decrease in fair value of $7 million, $26 million, and $31 million for the three months ended September 30, 2019, nine months ended September 30, 2020, and nine months ended September 30, 2019, respectively, and 2) an increase in realized losses recorded in purchased power expense due to settlements associated with floating-to-fixed energy swap contracts with unaffiliated suppliers of $5 million, $4 million, $23 million, and $17 million for the three months ended September 30, 2020, three months ended September 30, 2019, nine months ended September 30, 2020, and nine months ended September 30, 2019, respectively.
(c)Transfers into and out of Level 3 generally occur when the contract tenor becomes less and more observable respectively, primarily due to changes in market liquidity or assumptions for certain commodity contracts.
Total realized and unrealized gains (losses) included in income for Level 3 assets and liabilities measured at fair value on a recurring basis
The following tables present the income statement classification of the total realized and unrealized gains (losses) included in income for Level 3 assets and liabilities measured at fair value on a recurring basis during the three and nine months ended September 30, 2020 and 2019:
ExelonGenerationPHI and Pepco
Operating
Revenues		Purchased
Power and
Fuel		Operating and MaintenanceOther, netOperating
Revenues		Purchased
Power and
Fuel		Other, netOperating and Maintenance
Total realized losses for the three months ended September 30, 2020$(305)$(13)$(12)$— $(305)$(13)$— $(12)
Total realized losses for the nine months ended September 30, 2020(370)(104)(10)— (370)(104)— (10)
Total unrealized (losses) gains for the three months ended September 30, 2020(216)3 (12)3 (216)3 3 (12)
Total unrealized (losses) gains for the nine months ended September 30, 2020(50)(48)(10)1 (50)(48)1 (10)
ExelonGenerationPHI and Pepco
Operating
Revenues		Purchased
Power and
Fuel		Operating and MaintenanceOther, netOperating
Revenues		Purchased
Power and
Fuel		Other, netOperating and Maintenance
Total realized (losses) gains for the three months ended September 30, 2019$(25)$(148)$— $2 $(25)$(148)$2 $— 
Total realized gains (losses) for the nine months ended September 30, 2019122 (254)— 5 122 (254)5 — 
Total unrealized gains (losses) for the three months ended September 30, 201999 (119)— 2 99 (119)2 — 
Total unrealized gains (losses) gains for the nine months ended September 30, 2019368 (202)2 5 368 (202)5 2 
Fair value reconciliation of Level 3 assets and liabilities measured at fair value on a recurring basis, valuation technique
Mark-to-Market Derivatives (Exelon, Generation and ComEd)
The table below discloses the significant inputs to the forward curve used to value mark-to-market derivatives.
Type of tradeFair Value at September 30, 2020Fair Value at December 31, 2019Valuation
Technique		Unobservable
Input		2020 Range & Arithmetic Average2019 Range & Arithmetic Average
Mark-to-market derivatives — Economic Hedges (Exelon and Generation)(a)(b)
$218 $558 Discounted
Cash Flow		Forward power
price		$9-$113$29$9-$180$29
Forward gas
price		$1.84-$4.69$2.77$0.83-$10.72$2.55
Option
Model		Volatility
percentage		10%-160%57%8%-236%70%
Mark-to-market derivatives — Proprietary trading (Exelon and Generation)(a)(b)
$21 $45 Discounted
Cash Flow		Forward power
price		$9-$115$31$25-$180$33
Mark-to-market derivatives (Exelon and ComEd)$(304)$(301)Discounted
Cash Flow
Forward heat
rate(c)
8x-9x8.85x9x-10x9.68x
Marketability
reserve		3%-8%4.93%3%-7%4.95%
Renewable
factor		91%-123%99%91%-123%99%
__________
(a)The valuation techniques, unobservable inputs, ranges and arithmetic averages are the same for the asset and liability positions.
(b)The fair values do not include cash collateral posted on level three positions of $94 million and $214 million as of September 30, 2020 and December 31, 2019, respectively.
(c)Quoted forward natural gas rates are utilized to project the forward power curve for the delivery of energy at specified future dates. The natural gas curve is extrapolated beyond its observable period to the end of the contract’s delivery.