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Retirement Benefits (All Registrants)
 12 Months Ended
Dec. 31, 2020
Retirement Benefits [Abstract]  
Retirement Benefits (All Registrants) Retirement Benefits (All Registrants)
Exelon sponsors defined benefit pension plans and OPEB plans for essentially all current employees. Substantially all non-union employees and electing union employees hired on or after January 1, 2001 participate in cash balance pension plans. Effective January 1, 2009, substantially all newly-hired union-represented employees participate in cash balance pension plans. Effective February 1, 2018 for most newly-hired Generation and BSC non-represented, non-craft, employees and January 1, 2021 for most newly-hired utility management employees, these newly-hired employees are not eligible for pension benefits, and will instead be eligible to receive an enhanced non-discretionary employer contribution in an Exelon defined contribution savings plan. Effective January 1, 2018, most newly-hired non-represented, non-craft, employees are not eligible for OPEB benefits and employees represented by Local 614 are not eligible for retiree health care benefits. Effective January 1, 2021, most non-represented, non-craft, employees who are under the age of 40 are not eligible for retiree health care benefits.
Effective January 1, 2019, Exelon merged the Exelon Corporation Cash Balance Pension Plan (CBPP) into the Exelon Corporation Retirement Program (ECRP). The merging of the plans did not change the benefits offered to the plan participants and, thus, had no impact on Exelon's pension obligation. However, beginning in 2019, actuarial losses and gains related to the CBPP and ECRP are amortized over participants’ average remaining service period of the merged ECRP rather than each individual plan.
The table below shows the pension and OPEB plans in which employees of each operating company participated at December 31, 2020:
Operating Company(e)
Name of Plan:Generation ComEd PECO BGE PHIPepcoDPLACE
Qualified Pension Plans:
Exelon Corporation Retirement Program(a)
XXXXXXXX
Exelon Corporation Pension Plan for Bargaining Unit Employees(a)
X  X  
Exelon New England Union Employees Pension Plan(a)
X  
Exelon Employee Pension Plan for Clinton, TMI, and Oyster Creek(a)
X  X  XXXX
Pension Plan of Constellation Energy Group, Inc.(b)
X  XXX  XXX
Pension Plan of Constellation Energy Nuclear Group, LLC(c)
XXXXX
Nine Mile Point Pension Plan(c)
X
Constellation Mystic Power, LLC Union Employees Pension Plan Including Plan A and Plan B(b)
X  
Pepco Holdings LLC Retirement Plan(d)
XXXXXXXX
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  XXXX
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  XX  X
Constellation Energy Nuclear Plan, LLC Executive Retirement Plan(c)
XX
Constellation Energy Nuclear Plan, LLC Benefits Restoration Plan(c)
XX
Baltimore Gas & Electric Company Executive Benefit Plan(b)
X  X  
Baltimore Gas & Electric Company Manager Benefit Plan(b)
X  XX  
Pepco Holdings LLC 2011 Supplemental Executive Retirement Plan(d)
XXXXX
Conectiv Supplemental Executive Retirement Plan(d)
XXXX
Pepco Holdings LLC Combined Executive Retirement Plan(d)
XX
Atlantic City Electric Director Retirement Plan(d)
X
Operating Company(e)
Name of Plan:Generation ComEd PECO BGE PHIPepcoDPLACE
OPEB Plans:
PECO Energy Company Retiree Medical Plan(a)
X  XX  XXXXX
Exelon Corporation Health Care Program(a)
X  X  XXXXX
Exelon Corporation Employees’ Life Insurance Plan(a)
X  X  X  X
Exelon Corporation Health Reimbursement Arrangement Plan(a)
X  X  X  X
Constellation Energy Group, Inc. Retiree Medical Plan(b)
X  XXX  XX
Constellation Energy Group, Inc. Retiree Dental Plan(b)
X  X  
Constellation Energy Group, Inc. Employee Life Insurance Plan and Family Life Insurance Plan(b)
X  XXX  XX
Constellation Mystic Power, LLC
Post-Employment Medical Account Savings Plan(b)
X  X
Exelon New England Union Post-Employment Medical Savings Account Plan(a)
X  
Retiree Medical Plan of Constellation Energy Nuclear Group, LLC(c)
XXXX
Retiree Dental Plan of Constellation Energy Nuclear Group, LLC(c)
XXXX
Nine Mile Point Nuclear Station, LLC Medical Care and Prescription Drug Plan for Retired Employees(c)
X
Pepco Holdings LLC Welfare Plan for Retirees(d)
XXXXXXXX
__________
(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.
Exelon’s traditional and cash balance pension plans are intended to be tax-qualified defined benefit plans. Exelon has elected that the trusts underlying these plans be treated as qualified trusts under the IRC. If certain conditions are met, Exelon can deduct payments made to the qualified trusts, subject to certain IRC limitations.
Benefit Obligations, Plan Assets, and Funded Status
During the first quarter of 2020, Exelon received an updated valuation of its pension and OPEB to reflect actual census data as of January 1, 2020. This valuation resulted in an increase to the pension and OPEB obligations of $8 million and $31 million, respectively. Additionally, accumulated other comprehensive loss increased by $7 million (after-tax) and regulatory assets and liabilities increased by $19 million and decreased by $10 million, respectively.
The following tables provide a rollforward of the changes in the benefit obligations and plan assets of Exelon for the most recent two years for all plans combined:
Pension BenefitsOPEB
2020201920202019
Change in benefit obligation:
Net benefit obligation at beginning of year$22,868 $20,692 $4,658 $4,369 
Service cost387 357 90 93 
Interest cost757 883 154 188 
Plan participants’ contributions— — 49 44 
Actuarial loss(a)
2,217 2,322 49 250 
Plan amendments— 68 (111)— 
Curtailments— (3)— — 
Settlements(45)(35)(5)(4)
Contractual termination benefits— 1 — — 
Gross benefits paid(1,290)(1,417)(280)(282)
Net benefit obligation at end of year$24,894 $22,868 $4,604 $4,658 
 Pension BenefitsOPEB
2020201920202019
Change in plan assets:
Fair value of net plan assets at beginning of year$18,590 $16,678 $2,541 $2,408 
Actual return on plan assets2,547 3,008 190 324 
Employer contributions542 356 59 51 
Plan participants’ contributions— — 49 44 
Gross benefits paid(1,290)(1,417)(280)(282)
Settlements(45)(35)(5)(4)
Fair value of net plan assets at end of year$20,344 $18,590 $2,554 $2,541 
__________
(a)The pension and OPEB actuarial losses in 2020 and 2019 primarily reflect a decrease in the discount rate. OPEB losses in 2020 were offset by gains related to plan changes.
Exelon presents its benefit obligations and plan assets net on its balance sheet within the following line items:
 Pension BenefitsOPEB
2020201920202019
Other current liabilities$47 $31 $42 $41 
Pension obligations4,503 4,247 — — 
Non-pension postretirement benefit obligations— — 2,008 2,076 
Unfunded status (net benefit obligation less plan assets)$4,550 $4,278 $2,050 $2,117 
The following table provides the ABO and fair value of plan assets for all pension plans with an ABO in excess of plan assets. Information for pension and OPEB plans with projected benefit obligations (PBO) and accumulated postretirement benefit obligation (APBO), respectively, in excess of plan assets has been disclosed in the Obligations and Plan Assets table above as all pension and OPEB plans are underfunded.
ABO in excess of plan assetsExelon
20202019
ABO$23,514 $21,727 
Fair value of net plan assets20,344 18,590 
Components of Net Periodic Benefit Costs
The majority of the 2020 pension benefit cost for the Exelon-sponsored plans is calculated using an expected long-term rate of return on plan assets of 7.00% and a discount rate of 3.34%. The majority of the 2020 OPEB cost is calculated using an expected long-term rate of return on plan assets of 6.69% for funded plans and a discount rate of 3.31%.
A portion of the net periodic benefit cost for all plans is capitalized within the Consolidated Balance Sheets. The following table presents the components of Exelon’s net periodic benefit costs, prior to capitalization, for the years ended December 31, 2020, 2019, and 2018.
 Pension BenefitsOPEB
202020192018202020192018
Components of net periodic benefit cost:
Service cost$387 $357 $405 $90 $93 $112 
Interest cost757 883 802 154 188 175 
Expected return on assets(1,270)(1,225)(1,252)(163)(153)(173)
Amortization of:
Prior service cost (credit)4 — 2 (124)(179)(186)
Actuarial loss512 414 629 49 45 66 
Curtailment benefits— — — (1)— — 
Settlement and other charges14 17 3 1 1 1 
Contractual termination benefits— 1 — — — — 
Net periodic benefit cost$404 $447 $589 $6 $(5)$(5)
Cost Allocation to Exelon Subsidiaries
All Registrants account for their participation in Exelon’s pension and OPEB plans by applying multi-employer accounting. Exelon allocates costs related to its pension and OPEB plans to its subsidiaries based on both active and retired employee participation in each plan.
The amounts below represent the Registrants' allocated pension and OPEB costs. For Exelon, the service cost component is included in Operating and maintenance expense and Property, plant, and equipment, net while the non-service cost components are included in Other, net and Regulatory assets. For Generation and the Utility Registrants, the service cost and non-service cost components are included in Operating and maintenance expense and Property, plant, and equipment, net in their consolidated financial statements.
For the Years Ended December 31,ExelonGenerationComEdPECOBGEPHIPepcoDPLACE
2020$411 $115 $114 $5 $64 $70 $15 $7 $14 
2019442 135 96 12 61 95 25 15 16 
2018583 204 177 18 60 67 15 6 12 
Components of AOCI and Regulatory Assets
Exelon recognizes the overfunded or underfunded status of defined benefit pension and OPEB plans as an asset or liability on its balance sheet, with offsetting entries to AOCI and regulatory assets (liabilities). A portion of current year actuarial (gains) losses and prior service costs (credits) is capitalized within Exelon’s Consolidated Balance Sheets to reflect the expected regulatory recovery of these amounts, which would otherwise be recorded to AOCI. The following tables provide the components of AOCI and regulatory assets (liabilities) for Exelon for the years ended December 31, 2020, 2019, and 2018 for all plans combined.
 Pension BenefitsOPEB
202020192018202020192018
Changes in plan assets and benefit obligations recognized in AOCI and regulatory assets (liabilities):
Current year actuarial loss (gain)$941 $538 $635 $22 $80 $(232)
Amortization of actuarial loss(512)(414)(629)(49)(45)(66)
Current year prior service cost (credit)— 68 (4)(111)— — 
Amortization of prior service (cost) credit(4)— (2)124 179 186 
Curtailments— (3)— 1 — — 
Settlements(14)(17)(3)(1)(1)— 
Total recognized in AOCI and regulatory assets (liabilities)$411 $172 $(3)$(14)$213 $(112)
Total recognized in AOCI$271 $169 $3 $6 $107 $(55)
Total recognized in regulatory assets (liabilities)$140 $3 $(6)$(20)$106 $(57)
The following table provides the components of gross accumulated other comprehensive loss and regulatory assets (liabilities) for Exelon that have not been recognized as components of periodic benefit cost at December 31, 2020 and 2019, respectively, for all plans combined:
 Pension BenefitsOPEB
2020201920202019
Prior service cost (credit)$35 $39 $(145)$(158)
Actuarial loss8,077 7,662 538 565 
Total$8,112 $7,701 $393 $407 
Total included in AOCI$4,339 $4,068 $183 $177 
Total included in regulatory assets (liabilities)$3,773 $3,633 $210 $230 
Average Remaining Service Period
For pension benefits, Exelon amortizes its unrecognized prior service costs (credits) and certain actuarial (gains) losses, as applicable, based on participants’ average remaining service periods.
For OPEB, Exelon amortizes its unrecognized prior service costs (credits) over participants’ average remaining service period to benefit eligibility age and amortizes certain actuarial (gains) losses over participants’ average remaining service period to expected retirement. The resulting average remaining service periods for pension and OPEB were as follows:
202020192018
Pension plans12.3 11.7 12.0 
OPEB plans:
Benefit Eligibility Age9.0 8.7 8.8 
Expected Retirement10.2 9.3 9.5 
Assumptions
The measurement of the plan obligations and costs of providing benefits under Exelon’s defined benefit and OPEB plans involves various factors, including the development of valuation assumptions and inputs and accounting policy elections. The measurement of benefit obligations and costs is impacted by several assumptions and inputs, as shown below, among other factors. When developing the required assumptions, Exelon considers historical information as well as future expectations.
Expected Rate of Return. In determining the EROA, Exelon considers historical economic indicators (including inflation and GDP growth) that impact asset returns, as well as expectations regarding future long-term capital market performance, weighted by Exelon’s target asset class allocations.
Mortality. The mortality assumption is composed of a base table that represents the current expectation of life expectancy of the population adjusted by an improvement scale that attempts to anticipate future improvements in life expectancy. For the year ended December 31, 2020, Exelon’s mortality assumption utilizes the SOA 2019 base table (Pri-2012) and MP-2020 improvement scale adjusted to use Proxy SSA ultimate improvement rates. For the year ended December 31, 2019, Exelon's mortality assumption utilizes the SOA 2019 base table (Pri-2012) and MP-2019 improvement scale adjusted to a 0.75% long-term rate reached in 2035.
For Exelon, the following assumptions were used to determine the benefit obligations for the plans at December 31, 2020 and 2019. Assumptions used to determine year-end benefit obligations are the assumptions used to estimate the subsequent year’s net periodic benefit costs.
 Pension BenefitsOPEB
2020 2019 2020 2019 
Discount rate2.58 %
(a) 
3.34 %
(a) 
2.51 %
(a) 
3.31 %
(a) 
Investment crediting rate3.72 %
(b) 
3.82 %
(b) 
N/AN/A
Rate of compensation increase3.75 %    
(c) 
3.75 %    
(c) 
Mortality tablePri-2012 table with MP- 2020 improvement scale (adjusted)Pri-2012 table with MP- 2019 improvement scale (adjusted)Pri-2012 table with MP- 2020 improvement scale (adjusted) Pri-2012 table with MP- 2019 improvement scale (adjusted)
Health care cost trend on covered chargesN/AN/A
Initial and ultimate rate of 5.00%
5.00% with
ultimate trend of 5.00% in
2017
__________
(a)The discount rates above represent the blended rates used to determine the majority of Exelon’s pension and OPEB obligations. Certain benefit plans used individual rates, which range from 2.11% - 2.73% and 2.45% - 2.63% for pension and OPEB plans, respectively, as of December 31, 2020 and 3.02% - 3.44% and 3.27% - 3.40% for pension and OPEB plans, respectively, as of December 31, 2019.
(b)The investment crediting rate above represents a weighted average rate.
(c)3.25% through 2019 and 3.75% thereafter.
The following assumptions were used to determine the net periodic benefit cost for Exelon for the years ended December 31, 2020, 2019 and 2018: 
 Pension Benefits OPEB 
2020 2019 2018 2020 2019 2018 
Discount rate3.34 %
(a) 
4.31 %
(a) 
3.62 %
(a) 
3.31 %
(a) 
4.30 %
(a) 
3.61 %
(a) 
Investment crediting rate3.82 %
(b) 
4.46 %
(b) 
4.00 %
(b) 
N/AN/AN/A
Expected return on plan assets7.00 %
(c) 
7.00 %
(c) 
7.00 %
(c) 
6.69 %
(c) 
6.67 %
(c) 
6.60 %
(c) 
Rate of compensation increase    
(d) 
(d) 
(d) 
    
(d) 
(d) 
(d) 
Mortality tablePri-2012 table with MP- 2019 improvement scale (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)Pri-2012 table with MP- 2019 improvement scale (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 chargesN/AN/AN/A
Initial and ultimate rate of 5.00%
5.00%
with
ultimate
trend of
5.00% in
2017
5.00%
with
ultimate
trend of
5.00% in
2017
__________
(a)The discount rates above represent the blended rates used to establish the majority of Exelon’s pension and OPEB costs. Certain benefit plans used individual rates, which range from 3.02%-3.44% and 3.27%-3.40% for pension and OPEB plans, respectively, for the year ended December 31, 2020; 4.13%-4.36% and 4.27%-4.38% for pension and OPEB plans; respectively, for the year ended December 31, 2019; and 3.49%-3.65% and 3.57%-3.68% for pension and OPEB plans, respectively, for the year ended December 31, 2018.
(b)The investment crediting rate above represents a weighted average rate.
(c)Not applicable to pension and OPEB plans that do not have plan assets.
(d)3.25% through 2019 and 3.75% thereafter.
Contributions
Exelon allocates contributions related to its legacy Exelon pension and OPEB plans to its subsidiaries based on accounting cost. For legacy CEG, CENG, FitzPatrick, and PHI plans, pension and OPEB contributions are allocated to the subsidiaries based on employee participation (both active and retired). The following tables provide contributions to the pension and OPEB plans:
 Pension BenefitsOPEB
 2020201920182020 2019 2018
Exelon$542 $356 $337 $59 $51 $46 
Generation236 160 128 19 15 11 
ComEd143 72 38 5 5 4 
PECO18 27 28 — 1 — 
BGE56 34 40 22 14 14 
PHI30 10 62 9 15 12 
Pepco 2 2 6 9 12 11 
DPL — 1 — — — — 
ACE 2 — 6 — 1 — 
Management considers various factors when making pension funding decisions, including actuarially determined minimum contribution requirements under ERISA, contributions required to avoid benefit restrictions and at-risk status as defined by the Pension Protection Act of 2006 (the Act), management of the pension obligation, and regulatory implications. The Act requires the attainment of certain funding levels to avoid benefit restrictions (such as an inability to pay lump sums or to accrue benefits prospectively), and at-risk status (which triggers higher minimum contribution requirements and participant notification). The projected contributions below reflect a funding strategy to make levelized annual contributions with the objective of achieving 100% funded status on an ABO basis over time. This level funding strategy helps minimize volatility of future period required pension contributions. Based on this funding strategy and current market conditions, which are subject to change,
Exelon’s estimated annual qualified pension contributions will be approximately $500 million in 2021. Unlike the qualified pension plans, Exelon’s non-qualified pension plans are not funded, given that they are not subject to statutory minimum contribution requirements.
While OPEB plans are also not subject to statutory minimum contribution requirements, Exelon does fund certain of its plans. For Exelon's funded OPEB plans, contributions generally equal accounting costs, however, Exelon’s management has historically considered several factors in determining the level of contributions to its OPEB 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). The amounts below include benefit payments related to unfunded plans.
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 OPEB plans in 2021:
Qualified Pension PlansNon-Qualified Pension PlansOPEB
Exelon$505 $51 $75 
Generation196 27 24 
ComEd170 2 23 
PECO14 1 — 
BGE57 1 16 
PHI29 9 7 
Pepco1 2 6 
DPL— 1 — 
ACE3 — — 
Estimated Future Benefit Payments
Estimated future benefit payments to participants in all of the pension plans and postretirement benefit plans at December 31, 2020 were:
Pension
Benefits		OPEB
2021$1,279 $257 
20221,280 259 
20231,315 261 
20241,325 262 
20251,338 265 
2026 through 20306,759 1,320 
Total estimated future benefit payments through 2030$13,296 $2,624 
Plan Assets
Investment Strategy. On a regular basis, Exelon evaluates its investment strategy to ensure that plan assets will be sufficient to pay plan benefits when due. As part of this ongoing evaluation, Exelon may make changes to its targeted asset allocation and investment strategy.
Exelon has developed and implemented a liability hedging investment strategy for its qualified pension plans that has reduced the volatility of its pension assets relative to its pension liabilities. Exelon is likely to continue to gradually increase the liability hedging portfolio as the funded status of its plans improves. The overall objective is to achieve attractive risk-adjusted returns that will balance the liquidity requirements of the plans’ liabilities while striving to minimize the risk of significant losses. Trust assets for Exelon’s OPEB plans are managed in a diversified investment strategy that prioritizes maximizing liquidity and returns while minimizing asset volatility.
Actual asset returns have an impact on the costs reported for the Exelon-sponsored pension and OPEB plans. The actual asset returns across Exelon’s pension and OPEB plans for the year ended December 31, 2020 were 14.45% and 9.14%, respectively, compared to an expected long-term return assumption of 7.00% and 6.69%,
respectively. Exelon used an EROA of 7.00% and 6.46% to estimate its 2021 pension and OPEB costs, respectively.
Exelon’s pension and OPEB plan target asset allocations at December 31, 2020 and 2019 were as follows:
December 31, 2020December 31, 2019
Asset CategoryPension BenefitsOPEBPension BenefitsOPEB
Equity securities34 %45 %33 %46 %
Fixed income securities43 %39 %44 %32 %
Alternative investments(a)
23 %16 %23 %22 %
Total100 %100 %100 %100 %
__________
(a)Alternative investments include private equity, hedge funds, real estate, and private credit.
Concentrations of Credit Risk. Exelon evaluated its pension and OPEB plans’ asset portfolios for the existence of significant concentrations of credit risk as of December 31, 2020. Types of concentrations that were evaluated include, but are not limited to, investment concentrations in a single entity, type of industry, foreign country, and individual fund. As of December 31, 2020, there were no significant concentrations (defined as greater than 10% of plan assets) of risk in Exelon’s pension and OPEB plan assets.
Fair Value Measurements
The following tables present pension and OPEB plan assets measured and recorded at fair value in Exelon's Consolidated Balance Sheets on a recurring basis and their level within the fair value hierarchy at December 31, 2020 and 2019:
December 31, 2020December 31, 2019
Level 1Level 2Level 3Not subject to levelingTotalLevel 1Level 2Level 3Not subject to levelingTotal
Pension plan assets(a)
Cash equivalents$408 $121 $— $— $529 $258 $107 $— $— $365 
Equities(b)
4,255 — 2 2,552 6,809 3,616 1 5 2,589 6,211 
Fixed income:
U.S. Treasury and agencies1,137 367 — — 1,504 1,294 280 — — 1,574 
State and municipal debt— 85 — — 85 — 56 — — 56 
Corporate debt(c)
— 4,873 573 — 5,446 — 4,390 245 — 4,635 
Other(b)
— 239 21 537 797 — 305 — 851 1,156 
Fixed income subtotal1,137 5,564 594 537 7,832 1,294 5,031 245 851 7,421 
Private equity— — — 1,632 1,632 — — — 1,391 1,391 
Hedge funds— — — 1,314 1,314 — — — 1,126 1,126 
Real estate— — — 1,080 1,080 — — — 1,030 1,030 
Private credit— — 234 1,046 1,280 — — 237 929 1,166 
Pension plan assets subtotal 5,800 5,685 830 8,161 20,476 5,168 5,139 487 7,916 18,710 
OPEB plan assets(a)
Cash equivalents50 52 — — 102 39 49 — — 88 
Equities618 2 — 569 1,189 473 5 — 719 1,197 
Fixed income:
U.S. Treasury and agencies16 66 — — 82 17 64 — — 81 
State and municipal debt— 89 — — 89 — 107 — — 107 
Corporate debt(c)
— 89 — — 89 — 71 — — 71 
Other285 3 — 179 467 258 5 — 201 464 
Fixed income subtotal301 247 — 179 727 275 247 — 201 723 
Hedge funds— — — 308 308 — — — 293 293 
Real estate— — — 111 111 — — — 109 109 
Private credit— — — 117 117 — — — 131 131 
OPEB plan assets subtotal969 301 — 1,284 2,554 787 301 — 1,453 2,541 
Total pension and OPEB plan assets(d)
$6,769 $5,986 $830 $9,445 $23,030 $5,955 $5,440 $487 $9,369 $21,251 
__________
(a)See Note 18—Fair Value of Financial Assets and Liabilities for a description of levels within the fair value hierarchy.
(b)Includes derivative instruments of $2 million for the years ended December 31, 2020 and 2019, which have total notional amounts of $6,879 million and $6,668 million at December 31, 2020 and 2019, 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)Includes investments in equities sold short held in investment vehicles primarily to hedge the equity option component of its convertible debt. Pension equities sold short totaled $(96) million and $(75) million as of December 31, 2020 and 2019, respectively. OPEB equities sold short totaled $(42) million and $(35) million as of December 31, 2020 and 2019, respectively.
(d)Excludes net liabilities of $132 million and $120 million at December 31, 2020 and 2019, respectively, which include certain derivative assets that have notional amounts of $239 million and $632 million at December 31, 2020 and 2019, respectively. These items are required to reconcile to the fair value of net plan assets and consist primarily of receivables or payables related to pending securities sales and purchases and interest and dividends receivable.

The following table presents the reconciliation of Level 3 assets and liabilities for Exelon measured at fair value for pension and OPEB plans for the years ended December 31, 2020 and 2019:
Fixed IncomeEquitiesPrivate
Credit		Total
Pension Assets
Balance as of January 1, 2020$245 $5 $237 $487 
Actual return on plan assets:
Relating to assets still held at the
reporting date		19 (3)15 31 
Purchases, sales and settlements:
Purchases34 — 24 58 
Settlements(a)
(3)— (42)(45)
Transfers into Level 3(b)
299 — — 299 
Balance as of December 31, 2020$594 $2 $234 $830 
Fixed IncomeEquitiesPrivate
Credit		Total
Pension Assets
Balance as of January 1, 2019$216 $2 $268 $486 
Actual return on plan assets:
Relating to assets still held at the
reporting date
28 3 28 59 
Relating to assets sold during the
period
(7)— — (7)
Purchases, sales and settlements:
Purchases26 — 41 67 
Sales(4)— — (4)
Settlements(a)
(2)— (100)(102)
Transfers out of Level 3(12)— — (12)
Balance as of December 31, 2019$245 $5 $237 $487 
__________
(a)Represents cash settlements only.
(b)In 2020, a contract was terminated for a certain fixed income commingled fund resulting in the ownership of certain fixed income securities which led to a transfer into Level 3 from not subject to leveling of $299 million.
Valuation Techniques Used to Determine Fair Value
The techniques used to fair value the pension and OPEB assets invested in cash equivalents, equities, fixed income, derivatives, private equity, real estate, and private credit investments are the same as the valuation techniques for these types of investments in NDTFs. See Cash Equivalents and NDT Fund Investments in Note 18 - Fair Value of Financial Assets and Liabilities for further information.
Pension and OPEB assets also include investments in hedge funds. Hedge fund investments include those that employ a broad range of strategies to enhance returns and provide additional diversification. The fair value of
hedge funds is determined using NAV or its equivalent as a practical expedient, and therefore, hedge funds are not classified within the fair value hierarchy. Exelon has the ability to redeem these investments at NAV or its equivalent subject to certain restrictions which may include a lock-up period or a gate.
Defined Contribution Savings Plan (All Registrants)
The Registrants participate in various 401(k) defined contribution savings plans that are sponsored by Exelon. The plans are qualified under applicable sections of the IRC and allow employees to contribute a portion of their pre-tax and/or after-tax income in accordance with specified guidelines. All Registrants match a percentage of the employee contributions up to certain limits. The following table presents matching contributions to the savings plan for the years ended December 31, 2020, 2019, and 2018:
For the Years Ended December 31,ExelonGenerationComEdPECOBGEPHIPepcoDPLACE
2020$158 $63 $36 $12 $13 14 $4 $3 $3 
2019161 73 35 11 12 13 3 3 2 
2018179 86 37 9 12 13 3 2 2