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Fair Value of Financial Assets and Liabilities (Tables)
 3 Months Ended
Mar. 31, 2022
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, and trust preferred securities (long-term debt to financing trusts or junior subordinated debentures) as of March 31, 2022 and December 31, 2021. The Registrants have no financial liabilities classified as Level 1.
The carrying amounts of the Registrants’ short-term liabilities as presented in their Consolidated Balance Sheets are representative of their fair value (Level 2) because of the short-term nature of these instruments.
March 31, 2022December 31, 2021
Carrying AmountFair ValueCarrying AmountFair Value
Level 2Level 3TotalLevel 2Level 3Total
Long-Term Debt, including amounts due within one year(a)
Exelon$37,162 $35,174 $2,645 $37,819 $32,902 $34,897 $2,217 $37,114 
ComEd10,515 10,894 — 10,894 9,773 11,305 — 11,305 
PECO4,198 4,244 50 4,294 4,197 4,740 50 4,790 
BGE3,961 3,969 — 3,969 3,961 4,406 — 4,406 
PHI8,233 5,453 2,595 8,048 7,547 5,970 2,167 8,137 
Pepco3,841 2,901 1,272 4,173 3,445 3,201 975 4,176 
DPL1,935 1,300 592 1,892 1,810 1,426 552 1,978 
ACE1,757 1,007 732 1,739 1,582 1,091 641 1,732 
Long-Term Debt to Financing Trusts
Exelon$390 $— $435 $435 $390 $— $470 $470 
ComEd205 — 228 228 205 — 248 248 
PECO184 — 207 207 184 — 222 222 
__________
(a)Includes unamortized debt issuance costs, unamortized debt discount and premium, net, purchase accounting fair value adjustments, and finance lease liabilities which are not fair valued. Refer to Note 17 - Debt and Credit Agreements of the Exelon 2021 Form 10-K for unamortized debt issuance costs, unamortized debt discount and premium, net, and purchase accounting fair value adjustments and Note 11 - Leases of the Exelon 2021 Form 10-K for finance lease liabilities.
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]
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 March 31, 2022 and December 31, 2021:
Exelon
As of March 31, 2022As of December 31, 2021
Level 1Level 2Level 3TotalLevel 1 Level 2Level 3Total
Assets
Cash equivalents(a)
$2,418 $— $— $2,418 $524 $— $— $524 
Rabbi trust investments
Cash equivalents65 — — 65 60 — — 60 
Mutual funds55 — — 55 60 — — 60 
Fixed income— 9 — 9 — 10 — 10 
Life insurance contracts — 63 37 100 — 61 37 98 
Rabbi trust investments subtotal120 72 37 229 120 71 37 228 
Total assets2,538 72 37 2,647 644 71 37 752 
Liabilities
Mark-to-market derivative liabilities— — (144)(144)— — (219)(219)
Deferred compensation obligation— (84)— (84)— (131)— (131)
Total liabilities— (84)(144)(228)— (131)(219)(350)
Total net assets (liabilities)$2,538 $(12)$(107)$2,419 $644 $(60)$(182)$402 

__________    
(a)Exelon excludes cash of $470 million and $464 million as of March 31, 2022 and December 31, 2021, respectively, and restricted cash of $110 million and $49 million as of March 31, 2022 and December 31, 2021, respectively, and includes long-term restricted cash of $92 million and $44 million as of March 31, 2022 and December 31, 2021, respectively, which is reported in Other deferred debits in the Consolidated Balance Sheets.
ComEd, PECO, and BGE
ComEdPECOBGE
As of March 31, 2022Level 1Level 2Level 3TotalLevel 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Assets
Cash equivalents(a)
$537 $— $— $537 $9 $— $— $9 $— $— $— $— 
Rabbi trust investments
Cash equivalents— — — — 1 — — 1 — — — — 
Mutual funds— — — — 9 — — 9 7 — — 7 
Life insurance contracts — — — — — 17 — 17 — — — — 
Rabbi trust investments subtotal— — — — 10 17 — 27 7 — — 7 
Total assets537 — — 537 19 17 — 36 7 — — 7 
Liabilities
Mark-to-market derivative liabilities(b)
— — (144)(144)— — — — — — — — 
Deferred compensation obligation— (9)— (9)— (8)— (8)— (5)— (5)
Total liabilities— (9)(144)(153)— (8)— (8)— (5)— (5)
Total net assets (liabilities)$537 $(9)$(144)$384 $19 $9 $— $28 $7 $(5)$— $2 
ComEdPECOBGE
As of December 31, 2021Level 1Level 2Level 3TotalLevel 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Assets
Cash equivalents(a)
$237 $— $— $237 $9 $— $— $9 $— $— $— $— 
Rabbi trust investments
Mutual funds— — — — 11 — — 11 14 — — 14 
Life insurance contracts — — — — — 16 — 16 — — — — 
Rabbi trust investments subtotal— — — — 11 16 — 27 14 — — 14 
Total assets237 — — 237 20 16 — 36 14 — — 14 
Liabilities
Mark-to-market derivative liabilities(b)
— — (219)(219)— — — — — — — — 
Deferred compensation obligation— (10)— (10)— (9)— (9)— (7)— (7)
Total liabilities— (10)(219)(229)— (9)— (9)— (7)— (7)
Total net assets (liabilities)$237 $(10)$(219)$8 $20 $7 $— $27 $14 $(7)$— $7 
__________
(a)ComEd excludes cash of $71 million and $105 million as of March 31, 2022 and December 31, 2021, respectively, and restricted cash of $73 million and $42 million as of March 31, 2022 and December 31, 2021, respectively, and includes long-term restricted cash of $92 million and $43 million as of March 31, 2022 and December 31, 2021, respectively, which is reported in Other deferred debits in the Consolidated Balance Sheets. PECO excludes cash of $25 million and $35 million as of March 31, 2022 and December 31, 2021, respectively. BGE excludes cash of $41 million and $51 million as of March 31, 2022 and December 31, 2021, respectively, and restricted cash of $34 million and $4 million as of March 31, 2022 and December 31, 2021, respectively.
(b)The Level 3 balance consists of the current and noncurrent liability of none and $144 million, respectively, as of March 31, 2022 and $18 million and $201 million, respectively, as of December 31, 2021 related to floating-to-fixed energy swap contracts with unaffiliated suppliers.
PHI, Pepco, DPL, and ACE
As of March 31, 2022As of December 31, 2021
PHI Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Assets
Cash equivalents(a)
$599 $— $— $599 $110 $— $— $110 
Rabbi trust investments
Cash equivalents61 — — 61 59 — — 59 
Mutual funds12 — — 12 14 — — 14 
Fixed income— 9 — 9 — 10 — 10 
Life insurance contracts— 24 36 60 — 27 35 62 
Rabbi trust investments subtotal73 33 36 142 73 37 35 145 
Total assets672 33 36 741 183 37 35 255 
Liabilities
Deferred compensation obligation— (17)— (17)— (18)— (18)
Total liabilities— (17)— (17)— (18)— (18)
Total net assets$672 $16 $36 $724 $183 $19 $35 $237 
PepcoDPLACE
As of March 31, 2022Level 1Level 2Level 3TotalLevel 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Assets
Cash equivalents(a)
$294 $— $— $294 $152 $— $— $152 $153 $— $— $153 
Rabbi trust investments
Cash equivalents59 — — 59 — — — — — — — — 
Life insurance contracts— 24 36 60 — — — — — — — — 
Rabbi trust investments subtotal59 24 36 119 — — — — — — — — 
Total assets353 24 36 413 152 — — 152 153 — — 153 
Liabilities
Deferred compensation obligation— (2)— (2)— — — — — — — — 
Total liabilities— (2)— (2)— — — — — — — — 
Total net assets$353 $22 $36 $411 $152 $— $— $152 $153 $— $— $153 
PepcoDPLACE
As of December 31, 2021Level 1Level 2Level 3TotalLevel 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Assets
Cash equivalents(a)
$31 $— $— $31 $43 $— $— $43 $— $— $— $— 
Rabbi trust investments
Cash equivalents58 — — 58 — — — — — — — — 
Life insurance contracts— 27 35 62 — — — — — — — — 
Rabbi trust investments subtotal58 27 35 120 — — — — — — — — 
Total assets89 27 35 151 43 — — 43 — — — — 
Liabilities
Deferred compensation obligation— (2)— (2)— — — — — — — — 
Total liabilities— (2)— (2)— — — — — — — — 
Total net assets$89 $25 $35 $149 $43 $— $— $43 $— $— $— $— 
__________
(a)PHI excludes cash of $300 million and $100 million as of March 31, 2022 and December 31, 2021, respectively, and restricted cash of $3 million as of both March 31, 2022 and December 31, 2021. Pepco excludes cash of $239 million and $34 million as of March 31, 2022 and December 31, 2021, respectively, and restricted cash of $3 million as of both March 31, 2022 and December 31, 2021. DPL excludes cash of $41 million and $28 million as of March 31, 2022 and December 31, 2021, respectively. ACE excludes cash of $15 million and $29 million as of March 31, 2022 and December 31, 2021, respectively.
Fair Value Reconciliation of Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis
Reconciliation of Level 3 Assets and Liabilities
The following tables present the fair value reconciliation of Level 3 assets and liabilities measured at fair value on a recurring basis during the three months ended March 31, 2022 and 2021:
ExelonComEdPHI and Pepco
Three months ended March 31, 2022Total Mark-to-Market
Derivatives		Life Insurance Contracts
Balance as of January 1, 2022$(182)$(219)$35 
Total realized / unrealized gains
Included in net income(a)
1 — 1 
Included in regulatory assets75 75 
(b)
— 
Transfers out of Level 3(1)— — 
Balance as of March 31, 2022$(107)$(144)$36 
The amount of total gains included in income attributed to the change in unrealized gains related to assets and liabilities as of March 31, 2022$1 $— $1 
ExelonComEdPHI and Pepco
Three Months Ended March 31, 2021Total Mark-to-Market
Derivatives		Life Insurance Contracts
Balance as of January 1, 2021$(267)$(301)$34 
Total realized / unrealized gains
Included in net income(a)
1 — 1 
Included in regulatory assets6 6 
(b)
— 
Balance as of March 31, 2021$(260)$(295)$35 
The amount of total gains included in income attributed to the change in unrealized gain related to assets and liabilities as of March 31, 2021$1 $— $1 
__________
(a)Classified in Operating and maintenance expense in the Consolidated Statements of Operations and Comprehensive Income.
(b)Includes $69 million of increases in fair value and an increase for realized losses due to settlements of $6 million recorded in purchased power expense associated with floating-to-fixed energy swap contracts with unaffiliated suppliers for the three months ended March 31, 2022. Includes $2 million of decreases in fair value and an increase for realized losses due to settlements of $8 million recorded in purchased power expense associated with floating-to-fixed energy swap contracts with unaffiliated suppliers for the three months ended March 31, 2021.
Fair Value Reconciliation of Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis, Valuation Technique
Mark-to-Market Derivatives (Exelon and ComEd)
The table below discloses the significant inputs to the forward curve used to value mark-to-market derivatives.
Type of tradeFair Value as of March 31, 2022Fair Value as of December 31, 2021Valuation
Technique		Unobservable
Input		2022 Range & Arithmetic Average2021 Range & Arithmetic Average
Mark-to-market derivatives$(144)$(219)Discounted
Cash Flow
Forward heat
rate(a)
8.90x-9.10x9.00x9x-10x9.13x
Marketability
reserve		4%-5%4.35%3%-7%4.77%
Renewable
factor		92%-120%98%92%-120%97%
__________
(a)Quoted forward natural gas rates are utilized to project the forward power curve for the delivery of energy at specified future dates.