Retirement Benefits (All Registrants)

9 Months Ended

Sep. 30, 2023

Retirement Benefits [Abstract]

Retirement Benefits (All Registrants)

Retirement Benefits (All Registrants)

Defined Benefit Pension and OPEB

The majority of the 2023 pension benefit cost for the Exelon-sponsored plans is calculated using an expected long-term rate of return on plan assets of 7.00% and a discount rate of 5.53%. The majority of the 2023 OPEB cost is calculated using an expected long-term rate of return on plan assets of 6.50% for funded plans and a discount rate of 5.51%.

During the first quarter of 2023, Exelon received an updated valuation of its pension and OPEB to reflect actual census data as of January 1, 2023. This valuation resulted in an increase to the pension obligation of $27 million and an increase to the OPEB obligation of $2 million. Additionally, AOCI increased by $10 million (after-tax) and regulatory assets and liabilities increased by $18 million and $1 million, respectively.

A portion of the net periodic benefit cost for all plans is capitalized within the Consolidated Balance Sheets. The following table presents the components of Exelon's net periodic benefit costs, prior to capitalization, for the three and nine months ended September 30, 2023 and 2022.

	Pension Benefits				OPEB
	Three Months Ended September 30,				Three Months Ended September 30,
	2023		2022		2023		2022
Components of net periodic benefit cost
Service cost	$	39	$	58	$	6	$	10
Interest cost	145		110		25		19
Expected return on assets	(189)		(205)		(21)		(25)
Amortization of:
Prior service cost (credit)	1		1		(2)		(5)
Actuarial loss	41		73		—		4
Settlement charges	18		—		—		—
Net periodic benefit cost	$	55	$	37	$	8	$	3
	Pension Benefits				OPEB
	Nine Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Components of net periodic benefit cost
Service cost	$	116	$	177	$	18	$	30
Interest cost	434		330		76		57
Expected return on assets	(566)		(619)		(63)		(75)
Amortization of:
Prior service cost (credit)	2		3		(7)		(15)
Actuarial loss (gain)	125		222		(1)		12
Settlement charges	18		—		—		—
Net periodic benefit cost	$	129	$	113	$	23	$	9

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, which apply multi-employer accounting, 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.

	Three Months Ended September 30,				Nine Months Ended September 30,
Pension and OPEB Costs (Benefit)	2023		2022		2023		2022
Exelon	$	63	$	40	$	152	$	122
ComEd	6		15		19		45
PECO	(3)		(2)		(10)		(6)
BGE	14		11		42		33
PHI	25		13		74		39
Pepco	9		2		26		6
DPL	4		1		13		3
ACE	3		3		10		9

Defined Contribution Savings Plan

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 three and nine months ended September 30, 2023 and 2022.

	Three Months Ended September 30,				Nine Months Ended September 30,
Savings Plan Employer Contributions	2023		2022		2023		2022
Exelon	$	27	$	23	$	74	$	66
ComEd	12		11		31		29
PECO	3		3		10		9
BGE	3		2		8		7
PHI	5		4		13		11
Pepco	1		1		3		3
DPL	1		1		3		3
ACE	1		1		2		2