Variable Interest Entities (Tables)

12 Months Ended

Dec. 31, 2021

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, PHI, and ACE as of December 31, 2021 and 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 footnotes to the table below, are such that creditors, or beneficiaries, do not have recourse to the general credit of Exelon, PHI, and ACE.


	December 31, 2021				December 31, 2020
	Exelon		PHI		ACE		Exelon		PHI(a)		ACE
Cash and cash equivalents	$	35	$	—	$	—	$	98	$	—	$	—
Restricted cash and cash equivalents	48		—		—		47		3		3
Accounts receivable
Customer	24		—		—		148		—		—
Other	6		—		—		36		—		—

Inventories, net

Materials and supplies	14		—		—		244		—		—
Assets held for sale(b)	—		—		—		101		—		—
Other current assets	405		—		—		696		5		—
Total current assets	532		—		—		1,370		8		3

Property, plant and equipment, net	2,027		—		—		5,803		—		—
Nuclear decommissioning trust funds	—		—		—		3,007		—		—


Other noncurrent assets	215		—		—		301		10		10
Total noncurrent assets	2,242		—		—		9,111		10		10
Total assets(c)	$	2,774	$	—	$	—	$	10,481	$	18	$	13

Long-term debt due within one year	$	70	$	—	$	—	$	94	$	26	$	21
Accounts payable	10		—		—		81		—		—
Accrued expenses	21		—		—		70		—		—

Unamortized energy contract liabilities	—		—		—		4		—		—
Liabilities held for sale(b)	—		—		—		16		—		—
Other current liabilities	1		—		—		5		—		—
Total current liabilities	102		—		—		270		26		21

Long-term debt	822		—		—		889		—		—

Asset retirement obligations	151		—		—		2,318		—		—




Other noncurrent liabilities	3		—		—		129		—		—
Total noncurrent liabilities	976		—		—		3,336		—		—
Total liabilities(d)	$	1,078	$	—	$	—	$	3,606	$	26	$	21

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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 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 balances include unrestricted assets for current unamortized energy contract assets of $23 million and $22 million, disclosed within other current assets in the table above, non-current unamortized energy contract assets of $202 million and $249 million, disclosed within other noncurrent assets in the table above, Assets held for sale of $0 million and $9 million, and other unrestricted assets of $0 million and $1 million as of December 31, 2021 and 2020, respectively.

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

Schedule of Variable Interest Entities

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


	December 31, 2021						December 31, 2020
	Commercial Agreement VIEs		Equity Investment VIEs		Total		Commercial Agreement VIEs		Equity Investment VIEs		Total
Total assets(a)	$	772	$	372	$	1,144	$	777	$	401	$	1,178
Total liabilities(a)	80		216		296		61		223		284
Exelon's ownership interest in VIE(a)	—		139		139		—		157		157
Other ownership interests in VIE(a)	692		17		709		716		21		737

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(a)These items represent amounts in the unconsolidated VIE balance sheets, not in Exelon’s Consolidated Balance Sheets. These items are included to provide information regarding the relative size of the unconsolidated VIEs. Exelon does not have any exposure to loss as they do not have a carrying amount in the equity investment VIEs as of December 31, 2021 and 2020.