Variable Interest Entities (Tables)

9 Months Ended

Sep. 30, 2021

VIE - Assets and Liabilities of VIEs which Creditors or Beneficiaries have no Recourse

Consolidated VIEs

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 September 30, 2021 and December 31, 2020. 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 footnote to the table below, are such that creditors, or beneficiaries, do not have recourse to the general credit of Exelon, Generation, PHI, and ACE.


	September 30, 2021								December 31, 2020
	Exelon		Generation		PHI(a)		ACE		Exelon		Generation		PHI(a)		ACE
Cash and cash equivalents	$	38	$	38	$	—	$	—	$	98	$	98	$	—	$	—
Restricted cash and cash equivalents	47		42		5		5		47		44		3		3
Accounts receivable
Customer	25		25		—		—		148		148		—		—
Other	7		7		—		—		36		36		—		—
Unamortized energy contract assets	21		21		—		—		22		22		—		—
Inventories, net

Materials and supplies	14		14		—		—		244		244		—		—
Assets held for sale(b)	—		—		—		—		101		101		—		—
Other current assets	517		513		4		—		674		669		5		—
Total current assets	669		660		9		5		1,370		1,362		8		3
Property, plant, and equipment, net	2,052		2,052		—		—		5,803		5,803		—		—
Nuclear decommissioning trust funds	—		—		—		—		3,007		3,007		—		—

Unamortized energy contract assets	210		210		—		—		249		249		—		—
Other noncurrent assets	22		13		9		9		52		42		10		10
Total noncurrent assets	2,284		2,275		9		9		9,111		9,101		10		10
Total assets(c)	$	2,953	$	2,935	$	18	$	14	$	10,481	$	10,463	$	18	$	13
Long-term debt due within one year	$	80	$	70	$	10	$	6	$	94	$	68	$	26	$	21
Accounts payable	11		11		—		—		81		81		—		—
Accrued expenses	14		14		—		—		70		70		—		—

Unamortized energy contract liabilities	—		—		—		—		4		4		—		—
Liabilities held for sale(b)	—		—		—		—		16		16		—		—
Other current liabilities	—		—		—		—		5		5		—		—
Total current liabilities	105		95		10		6		270		244		26		21
Long-term debt	832		832		—		—		889		889		—		—
Asset retirement obligations	149		149		—		—		2,318		2,318		—		—


Other noncurrent liabilities	3		3		—		—		129		129		—		—
Total noncurrent liabilities	984		984		—		—		3,336		3,336		—		—
Total liabilities(d)	$	1,089	$	1,079	$	10	$	6	$	3,606	$	3,580	$	26	$	21

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

(b)In the fourth quarter of 2020, Generation entered into an agreement for the sale of a significant portion of Generation's solar business, and as a result of this transaction, Exelon and Generation reclassified the consolidated VIEs' solar assets and liabilities as held for sale. Completion of the transaction occurred in the first quarter of 2021. Refer to Note 2 — Mergers, Acquisitions, and Dispositions for additional information on the solar business.

(c)Exelon’s and Generation’s balances include unrestricted assets for current unamortized energy contract assets of $21 million and $22 million, non-current unamortized energy contract assets of $210 million and $249 million, assets held for sale of $0 million and $9 million, and other unrestricted assets of $0 million and $1 million as of September 30, 2021 and December 31, 2020, respectively.

(d)Exelon’s and Generation’s balances include liabilities with recourse of $1 million and $8 million as of September 30, 2021 and December 31, 2020, respectively.

VIE - Summary of Unconsolidated VIEs

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


	September 30, 2021						December 31, 2020
	Commercial Agreement VIEs		Equity Investment VIEs		Total		Commercial Agreement VIEs		Equity Investment VIEs		Total
Total assets(a)	$	781	$	370	$	1,151	$	777	$	401	$	1,178
Total liabilities(a)	80		209		289		61		223		284
Exelon's ownership interest in VIE(a)	—		143		143		—		157		157
Other ownership interests in VIE(a)	701		18		719		716		21		737

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(a)These items represent amounts in 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 September 30, 2021 and December 31, 2020.