Variable Interest Entities (Tables)

12 Months Ended

Dec. 31, 2020

Consolidated VIEs- Assets and Liabilities

The table below shows the carrying amounts and classification of the consolidated VIEs’ assets and liabilities included in the consolidated financial statements of Exelon, Generation, PHI, and ACE as of December 31, 2020 and 2019. The assets, except as noted in the footnotes to the table below, can only be used to settle obligations of the VIEs. The liabilities, except as noted in the footnotes to the table below, are such that creditors, or beneficiaries, do not have recourse to the general credit of Exelon, Generation, PHI, and ACE.


	December 31, 2020								December 31, 2019
	Exelon		Generation		PHI(a)		ACE		Exelon		Generation		PHI(a)		ACE
Cash and cash equivalents	$	98	$	98	$	—	$	—	$	163	$	163	$	—	$	—
Restricted cash and cash equivalents	47		44		3		3		88		85		3		3
Accounts receivable
Customer	148		148		—		—		151		151		—		—
Other	36		36		—		—		39		39		—		—
Unamortized energy contract assets	22		22		—		—		23		23		—		—
Inventories, net

Materials and supplies	244		244		—		—		227		227		—		—
Assets held for sale(b)	101		101		—		—		—		—		—		—
Other current assets	674		669		5		—		32		31		1		—
Total current assets	1,370		1,362		8		3		723		719		4		3

Property, plant and equipment, net	5,803		5,803		—		—		6,022		6,022		—		—
Nuclear decommissioning trust funds	3,007		3,007		—		—		2,741		2,741		—		—

Unamortized energy contract assets	249		249		—		—		250		250		—		—
Other noncurrent assets	52		42		10		10		89		73		16		14
Total noncurrent assets	9,111		9,101		10		10		9,102		9,086		16		14
Total assets(c)	$	10,481	$	10,463	$	18	$	13	$	9,825	$	9,805	$	20	$	17

Long-term debt due within one year	$	94	$	68	$	26	$	21	$	544	$	523	$	21	$	20
Accounts payable	81		81		—		—		106		106		—		—
Accrued expenses	70		70		—		—		70		70		—		—

Unamortized energy contract liabilities	4		4		—		—		8		8		—		—
Liabilities held for sale(b)	16		16		—		—		—		—		—		—
Other current liabilities	5		5		—		—		3		3		—		—
Total current liabilities	270		244		26		21		731		710		21		20

Long-term debt	889		889		—		—		527		504		23		21

Asset retirement obligations	2,318		2,318		—		—		2,128		2,128		—		—



Unamortized energy contract liabilities	—		—		—		—		1		1		—		—
Other noncurrent liabilities	129		129		—		—		89		89		—		—
Total noncurrent liabilities	3,336		3,336		—		—		2,745		2,722		23		21
Total liabilities(d)	$	3,606	$	3,580	$	26	$	21	$	3,476	$	3,432	$	44	$	41

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(a)Includes certain purchase accounting adjustments from the PHI merger not pushed down to ACE.

(b)Generation entered into an agreement for the sale of a significant portion of Generation's solar business. As a result of this transaction, in the fourth quarter of 2020, Exelon and Generation reclassified the consolidated VIEs' solar assets and

liabilities as held for sale. Refer to Note 2 — Mergers, Acquisitions, and Dispositions for additional information on the sale of the solar business.

(c)Exelon's and Generation's balances include unrestricted assets for current unamortized energy contract assets of $22 million and $23 million, Property, plant, and equipment of $1 million and $20 million, non-current unamortized energy contract assets of $249 million and $250 million, and Assets held for sale of $9 million and $0 million as of December 31, 2020 and 2019, respectively.

(d)Exelon's and Generation's balances include liabilities with recourse of $8 million and $3 million as of December 31, 2020 and 2019, respectively.

Schedule of Variable Interest Entities

The following table presents summary information about Exelon's and Generation’s significant unconsolidated VIE entities:


	December 31, 2020						December 31, 2019
	Commercial Agreement VIEs		Equity Investment VIEs		Total		Commercial Agreement VIEs		Equity Investment VIEs		Total
Total assets(a)	$	777	$	401	$	1,178	$	636	$	443	$	1,079
Total liabilities(a)	61		223		284		33		227		260
Exelon's ownership interest in VIE(a)	—		157		157		—		191		191
Other ownership interests in VIE(a)	716		21		737		604		25		629

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(a)These items represent amounts on the unconsolidated VIE balance sheets, not in Exelon’s or Generation’s Consolidated Balance Sheets. These items are included to provide information regarding the relative size of the unconsolidated VIEs. Exelon and Generation do not have any exposure to loss as they do not have a carrying amount in the equity investment VIEs as of December 31, 2020 and 2019.