XML 146 R44.htm IDEA: XBRL DOCUMENT v3.22.4
Retirement Benefits (Tables)
 12 Months Ended
Dec. 31, 2022
Retirement Benefits [Abstract]  
Defined Benefit Plan Change In Benefit Obligation RollForward
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
2022202120222021
Change in benefit obligation:
Net benefit obligation as of the beginning of year$14,236 $14,861 $2,502 $2,661 
Service cost236 294 41 51 
Interest cost439 406 76 69 
Plan participants’ contributions— — 26 32 
Actuarial (gain) loss(a)
(3,379)(442)(604)(116)
Settlements— (23)— (5)
Gross benefits paid(855)(860)(157)(190)
Net benefit obligation as of the end of year$10,677 $14,236 $1,884 $2,502 
 Pension BenefitsOPEB
2022202120222021
Change in plan assets:
Fair value of net plan assets as of the beginning of year$12,165 $11,883 $1,665 $1,635 
Actual return on plan assets(2,359)822 (225)130 
Employer contributions570 343 42 63 
Plan participants’ contributions— — 26 32 
Gross benefits paid(855)(860)(157)(190)
Settlements— (23)— (5)
Fair value of net plan assets as of the end of year$9,521 $12,165 $1,351 $1,665 
__________
(a)The pension and OPEB gains in 2022 and 2021 primarily reflect an increase in the discount rate.
Schedule of Amounts Recognized in Balance Sheet
Exelon presents its benefit obligations and plan assets net on its Consolidated Balance Sheets within the following line items:
 Pension BenefitsOPEB
2022202120222021
Other current liabilities$47 $20 $26 $26 
Pension obligations1,109 2,051 — — 
Non-pension postretirement benefit obligations— — 507 811 
Unfunded status (net benefit obligation less plan assets)$1,156 $2,071 $533 $837 
Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets
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.
Exelon
ABO in Excess of Plan Assets20222021
ABO$10,108 $13,497 
Fair value of net plan assets9,427 12,165 
Calculation of Net Periodic Benefit Costs The following table presents the components of Exelon’s net periodic benefit costs, prior to capitalization, for the years ended December 31, 2022, 2021, and 2020.
Pension BenefitsOPEB
202220212020202220212020
Components of net periodic benefit cost:
Service cost$236 $294 $251 $41 $51 $56 
Interest cost439 406 476 76 69 93 
Expected return on assets(822)(843)(796)(99)(99)(101)
Amortization of:
Prior service cost (credit)2 2 3 (19)(25)(76)
Actuarial loss295 399 349 12 27 34 
Curtailment benefits— — — — — (1)
Settlement and other charges— 7 6 — 1 1 
Net periodic benefit cost$150 $265 $289 $11 $24 $6 
Schedule Of Pension And Other Postretirement Benefit Costs
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 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,ExelonComEdPECOBGEPHIPepcoDPLACE
2022$161 $60 $(9)$44 $53 $9 $3 $12 
2021288 129 8 64 49 6 2 11 
2020296 114 5 64 70 15 7 14 
Changes In Plan Assets And Benefit Obligations Recognized In OCI And Regulatory Assets The following tables provide the components of AOCI and regulatory assets (liabilities) for Exelon for the years ended December 31, 2022, 2021, and 2020 for all plans combined. The tables include amounts related to Generation prior to the separation.
 Pension BenefitsOPEB
202220212020202220212020
Changes in plan assets and benefit obligations recognized in AOCI and regulatory assets (liabilities):
Current year actuarial (gain) loss$(226)$(700)$941 $(271)$(270)$22 
Amortization of actuarial loss(295)(598)(512)(12)(37)(49)
Separation of Constellation(2,631)— — (43)— — 
Current year prior service cost (credit)— — — — — (111)
Amortization of prior service (cost) credit(2)(3)(4)19 34 124 
Curtailments— — — — — 1 
Settlements— (27)(14)— (1)(1)
Total recognized in AOCI and regulatory assets (liabilities)$(3,154)$(1,328)$411 $(307)$(274)$(14)
Total recognized in AOCI$(2,719)$(747)$271 $(74)$(130)$6 
Total recognized in regulatory assets (liabilities)$(435)$(581)$140 $(233)$(144)$(20)
Schedule of Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized over Next Fiscal Year
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 as of December 31, 2022 and 2021, respectively, for all plans combined:
 Pension BenefitsOPEB
2022202120222021
Prior service cost (credit)$19 $32 $(55)$(111)
Actuarial loss (gain)3,611 6,752 (133)230 
Total$3,630 $6,784 $(188)$119 
Total included in AOCI$873 $3,592 $(21)$53 
Total included in regulatory assets (liabilities)$2,757 $3,192 $(167)$66 
Defined Benefit Plan Weighted Average Assumptions Used In Calculating Benefit Obligation For Exelon, the following assumptions were used to determine the benefit obligations for the plans as of December 31, 2022 and 2021. Assumptions used to determine year-end benefit obligations are the assumptions used to estimate the subsequent year’s net periodic benefit costs.
 Pension BenefitsOPEB
2022 2021 2022 2021
Discount rate(a)
5.53 %2.92 %5.51 %2.88 %
Investment crediting rate(b) 
5.07 %

3.75 %N/AN/A
Rate of compensation increase3.75 %3.75 %3.75 %3.75 %
Mortality tablePri-2012 table with MP- 2021 improvement scale (adjusted)Pri-2012 table with MP- 2021 improvement scale (adjusted)Pri-2012 table with MP- 2021 improvement scale (adjusted) Pri-2012 table with MP- 2021 improvement scale (adjusted)
Health care cost trend on covered chargesN/AN/A
Initial and ultimate rate of 5.00%

Initial and ultimate trend of 5.00%
__________
(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 5.46% - 5.60% and 5.49% - 5.51% for pension and OPEB plans, respectively, as of December 31, 2022 and 2.55% - 3.02% and 2.84% - 2.92% for pension and OPEB plans, respectively, as of December 31, 2021.
(b)The investment crediting rate above represents a weighted average rate.
Defined Benefit Plan Weighted Average Assumptions Used In Calculating Net Periodic Benefit Cost
The following assumptions were used to determine the net periodic benefit cost for Exelon for the years ended December 31, 2022, 2021 and 2020: 
 Pension Benefits OPEB
2022 2021 2020 2022 2021 2020
Discount rate(a)
3.24 %2.58 %3.34 %3.20 %2.51 %3.31 %
Investment crediting rate(b)
3.75 %3.72 %3.82 %N/A
 
N/A
 
N/A
Expected return on plan assets(c) 
7.00 %7.00 %7.00 %6.44 %6.46 %6.69 %
Rate of compensation increase3.75 %

3.75 %

3.75 %
 
3.75 %
 
3.75 %
 
3.75 %
Mortality tablePri-2012 table with MP- 2021 improvement scale (adjusted)Pri-2012 table with MP - 2020 improvement scale (adjusted)Pri-2012 table with MP - 2019 improvement scale (adjusted)Pri-2012 table with MP- 2021 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/AN/A
Initial and ultimate rate
of 5.00%
Initial and ultimate rate of 5.00%
Initial and ultimate rate of 5.00%
__________
(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 2.55%-3.24% and 2.84%-3.20% for pension and OPEB plans, respectively, for the year ended December 31, 2022; 2.11%-2.73% and 2.45%-2.63% for pension and OPEB plans; respectively, for the year ended December 31, 2021; and 3.02%-3.44% and 3.27%-3.40% for pension and OPEB plans, respectively, for the year ended December 31, 2020.
(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.
Pension And Other Postretirement Benefit Contributions The following tables provide contributions to the pension and OPEB plans:
 Pension BenefitsOPEB
 2022202120202022 2021 2020
Exelon$570 $343 $306 $42 $63 $40 
ComEd176 174 143 8 22 5 
PECO15 17 18 3 1 — 
BGE48 57 56 20 24 22 
PHI69 39 30 9 9 9 
Pepco 3 2 2 8 9 9 
DPL 1 1 — — — — 
ACE 7 3 2 — — — 
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 2023:
Qualified Pension PlansNon-Qualified Pension PlansOPEB
Exelon$20 $48 $47 
ComEd20 3 19 
PECO— 1 — 
BGE— 1 15 
PHI— 9 11 
Pepco— 1 11 
DPL— — — 
ACE— — — 
Schedule of Expected Benefit Payments
Estimated future benefit payments to participants in all of the pension plans and postretirement benefit plans as of December 31, 2022 were:
Pension BenefitsOPEB
2023$805 $152 
2024775 152 
2025789 152 
2026790 152 
2027798 153 
2028 through 20323,983 744 
Total estimated future benefits payments through 2032$7,940 $1,505 
Defined Benefit Plan Weighted Average Asset Allocations And Target Allocations
Exelon’s pension and OPEB plan target asset allocations as of December 31, 2022 and 2021 were as follows:
December 31, 2022December 31, 2021
Asset CategoryPension BenefitsOPEBPension BenefitsOPEB
Equity securities28 %44 %35 %44 %
Fixed income securities44 %41 %41 %41 %
Alternative investments(a)
28 %15 %24 %15 %
Total100 %100 %100 %100 %
__________
(a)Alternative investments include private equity, hedge funds, real estate, and private credit.
Defined Benefit Plan Fair Value Of Plan Assets
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 as of December 31, 2022 and 2021:
December 31, 2022December 31, 2021
Level 1Level 2Level 3Not subject to levelingTotalLevel 1Level 2Level 3Not subject to levelingTotal
Pension plan assets(a)
Cash and cash equivalents$200 $— $— $— $200 $260 $91 $— $— $351 
Equities(b)
1,448 — — 782 2,230 2,699 — 2 1,273 3,974 
Fixed income:
U.S. Treasury and agencies986 178 — — 1,164 1,002 176 — — 1,178 
State and municipal debt— 44 — — 44 — 47 — — 47 
Corporate debt(c)
— 1,975 12 — 1,987 — 2,523 325 — 2,848 
Other(b)
— 63 — 744 807 43 161 12 301 517 
Fixed income subtotal986 2,260 12 744 4,002 1,045 2,907 337 301 4,590 
Private equity— — — 1,169 1,169 — — — 1,124 1,124 
Hedge funds— — — 760 760 — — — 774 774 
Real estate— — — 821 821 — — — 760 760 
Private credit— — — 658 658 — — 130 603 733 
Pension plan assets subtotal 2,634 2,260 12 4,934 9,840 4,004 2,998 469 4,835 12,306 
OPEB plan assets(a)
Cash and cash equivalents39 — — — 39 54 41 — — 95 
Equities305 1 — 273 579 387 2 — 324 713 
Fixed income:
U.S. Treasury and agencies17 45 — — 62 14 44 — — 58 
State and municipal debt— 8 — — 8 — 7 — — 7 
Corporate debt(c)
— 44 — — 44 — 74 — — 74 
Other161 5 — 187 353 223 4 — 136 363 
Fixed income subtotal178 102 — 187 467 237 129 — 136 502 
Hedge funds— — — 120 120 — — — 175 175 
Real estate— — — 106 106 — — — 86 86 
Private credit— — — 39 39 — — — 84 84 
OPEB plan assets subtotal522 103 — 725 1,350 678 172 — 805 1,655 
Total pension and OPEB plan assets(d)
$3,156 $2,363 $12 $5,659 $11,190 $4,682 $3,170 $469 $5,640 $13,961 
__________
(a)See Note 17—Fair Value of Financial Assets and Liabilities for a description of levels within the fair value hierarchy.
(b)Includes derivative instruments of $11 million and $(2) million for the years ended December 31, 2022 and 2021, respectively, which have total notional amounts of $3,434 million and $3,481 million as of December 31, 2022 and 2021, 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 $(44) million as of December 31, 2021. OPEB equities sold short totaled $(18) million as of December 31, 2021. There were no individually held investments sold short in 2022.
(d)Excludes net liabilities of $318 million and $131 million as of December 31, 2022 and 2021, respectively, which include certain derivative assets that have notional amounts of $69 million and $127 million as of December 31, 2022 and 2021, 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, interest and dividends receivable, and repurchase agreement obligations. The repurchase agreements generally have maturities ranging from 3-6 months.
Schedule of Changes in Fair Value of Plan Assets
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, 2022 and 2021:
Fixed IncomeEquitiesPrivate CreditTotal
Pension Assets
Balance as of January 1, 2022$337 $2 $130 $469 
Actual return on plan assets:
Relating to assets still held as of the
reporting date		(9)— (15)(24)
Relating to assets sold during the
period
(19)— 13 (6)
Purchases, sales and settlements:
Purchases— — 7 7 
Settlements(a)
(1)— (52)(53)
Transfers out of Level 3(b)
(296)(2)(83)(381)
Balance as of December 31, 2022$12 $— $— $12 
Fixed IncomeEquitiesPrivate CreditTotal
Pension Assets
Balance as of January 1, 2021$348 $1 $136 $485 
Actual return on plan assets:
Relating to assets still held as of the
reporting date
(12)— 18 6 
Purchases, sales and settlements:
Purchases10 — 5 15 
Settlements(a)
(13)— (29)(42)
Transfers into Level 34 1 — 5 
Balance as of December 31, 2021$337 $2 $130 $469 
__________
(a)Represents cash settlements only.
(b)In 2022, transfers relate to changes in investment structure for certain investments due to the separation.
Schedule Of Defined Contributions
The Registrants participate in a 401(k) defined contribution savings plan that is sponsored by Exelon. The plan is qualified under applicable sections of the IRC and allows 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 the employer contributions and employer matching contributions to the savings plan for the years ended December 31, 2022, 2021, and 2020:
For the Years Ended December 31,ExelonComEdPECOBGEPHIPepcoDPLACE
2022$91 $39 $13 $11 14 $4 $3 $2 
202190 35 12 12 14 4 3 2 
202095 36 12 13 14 4 3 3