Leases (All Registrants)

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Leases (All Registrants)

Leases (All Registrants)

Lessee

The Registrants have operating and finance leases for which they are the lessees. The following tables outline the significant types of leases at each of the Registrants and other terms and conditions of the lease agreements as of December 31, 2023. Exelon, ComEd, PECO, and BGE did not have material finance leases in 2023, 2022, or 2021.

	Exelon	ComEd	PECO	BGE	PHI	Pepco	DPL	ACE
Real estate	●	●	●	●	●	●	●	●
Vehicles and equipment	●			●	●	●	●	●

(in years)	Exelon	ComEd	PECO	BGE	PHI	Pepco	DPL	ACE
Remaining lease terms	1-82	1-29	1-10	1-82	1-8	1-8	1-8	1-7
Options to extend the term	3-30	N/A	N/A	3-5	3-30	5	3-30	5
Options to terminate within	9	N/A	N/A	N/A	N/A	N/A	N/A	N/A

The components of operating lease costs were as follows:

	Exelon		ComEd		PECO		BGE		PHI		Pepco		DPL		ACE
For the year ended December 31, 2023
Operating lease costs	$	58	$	1	$	—	$	5	$	43	$	11	$	11	$	6
Variable lease costs	9		1		—		—		3		1		1		1
Total lease costs(a)	$	67	$	2	$	—	$	5	$	46	$	12	$	12	$	7
For the year ended December 31, 2022
Operating lease costs	$	66	$	2	$	—	$	15	$	42	$	10	$	12	$	6
Variable lease costs	8		1		—		—		2		1		1		1
Total lease costs(a)	$	74	$	3	$	—	$	15	$	44	$	11	$	13	$	7
For the year ended December 31, 2021
Operating lease costs	$	84	$	3	$	—	$	30	$	43	$	10	$	12	$	6
Variable lease costs	7		1		—		1		1		—		—		—
Total lease costs(a)	$	91	$	4	$	—	$	31	$	44	$	10	$	12	$	6

__________

(a)Excludes sublease income recorded at Exelon, PHI, and DPL of $4 million for the years ended December 31, 2023, 2022, and 2021.

The components of financing lease costs were as follows:

	PHI		Pepco		DPL		ACE
For the year ended December 31, 2023
Amortization of ROU asset	$	16	$	6	$	6	$	4
Interest on lease liabilities	6		2		2		1
Total finance lease cost	$	22	$	8	$	8	$	5
For the year ended December 31, 2022
Amortization of ROU asset	$	14	$	5	$	6	$	3
Interest on lease liabilities	4		1		2		1
Total finance lease cost	$	18	$	6	$	8	$	4
For the year ended December 31, 2021
Amortization of ROU asset	$	11	$	4	$	4	$	3
Interest on lease liabilities	2		1		1		—
Total finance lease cost	$	13	$	5	$	5	$	3

The following tables provide additional information regarding the presentation of operating and finance lease ROU assets and lease liabilities within the Registrants’ Consolidated Balance Sheets:

	Operating Leases
	Exelon		ComEd		PECO		BGE		PHI		Pepco		DPL		ACE
At December 31, 2023
Operating lease ROU assets
Other deferred debits and other assets	$	257	$	—	$	1	$	29	$	152	$	31	$	32	$	8
Operating lease liabilities
Other current liabilities	$	38	$	—	$	—	$	4	$	30	$	5	$	7	$	3
Other deferred credits and other liabilities	248		—		—		17		141		30		36		6
Total operating lease liabilities	$	286	$	—	$	—	$	21	$	171	$	35	$	43	$	9
At December 31, 2022
Operating lease ROU assets
Other deferred debits and other assets	$	265	$	2	$	1	$	2	$	180	$	36	$	39	$	9
Operating lease liabilities
Other current liabilities	$	40	$	2	$	—	$	—	$	31	$	6	$	8	$	3
Other deferred credits and other liabilities	266		—		1		4		167		34		42		7
Total operating lease liabilities	$	306	$	2	$	1	$	4	$	198	$	40	$	50	$	10

	Finance Leases
	PHI		Pepco		DPL		ACE
At December 31, 2023
Finance lease ROU assets
Plant, property and equipment, net	$	72	$	25	$	28	$	18
Finance lease liabilities
Long-term debt due within one year	$	15	$	5	$	6	$	4
Long-term debt	59		21		23		15
Total finance lease liabilities	$	74	$	26	$	29	$	19
At December 31, 2022
Finance lease ROU assets
Plant, property and equipment, net	$	74	$	25	$	31	$	18
Finance lease liabilities
Long-term debt due within one year	$	12	$	4	$	5	$	3
Long-term debt	64		21		27		16
Total finance lease liabilities	$	76	$	25	$	32	$	19

Future minimum lease payments for operating and finance leases as of December 31, 2023 were as follows:

	Operating Leases
Year	Exelon		ComEd		PECO		BGE		PHI		Pepco		DPL		ACE
2024	$	49	$	—	$	—	$	4	$	36	$	7	$	9	$	3
2025	47		—		—		4		34		5		8		3
2026	43		—		—		4		30		5		5		1
2027	41		—		—		2		30		4		6		1
2028	41		—		—		2		30		4		6		1
Remaining years	130		—		—		22		40		16		21		1
Total	351		—		—		38		200		41		55		10
Interest	65		—		—		17		29		6		12		1
Total operating lease liabilities	$	286	$	—	$	—	$	21	$	171	$	35	$	43	$	9

	Finance Leases
Year	PHI		Pepco		DPL		ACE
2024	$	16	$	6	$	6	$	4
2025	16		6		6		4
2026	16		6		6		4
2027	14		5		6		3
2028	10		3		4		3
Remaining years	8		2		3		3
Total	80		28		31		21
Interest	6		2		2		2
Total finance lease liabilities	$	74	$	26	$	29	$	19

The weighted average remaining lease terms, in years, for operating and finance leases were as follows:

	Operating Leases
	Exelon	ComEd	PECO	BGE	PHI	Pepco	DPL	ACE
At December 31, 2023	8.8	1.8	5.0	17.1	6.1	7.6	7.4	3.2
At December 31, 2022	9.5	1.0	5.5	70.9	6.8	8.1	7.9	3.3

	Finance Leases
	PHI	Pepco	DPL	ACE
At December 31, 2023	4.9	4.9	4.8	5.1
At December 31, 2022	5.5	5.4	5.5	5.6

The weighted average discount rates for operating and finance leases were as follows:

	Operating Leases
	Exelon		ComEd		PECO		BGE		PHI		Pepco		DPL		ACE
At December 31, 2023	4.0	%	0.7	%	2.5	%	5.0	%	4.2	%	4.1	%	4.0	%	3.6	%
At December 31, 2022	3.9	%	2.6	%	2.3	%	4.5	%	4.2	%	4.0	%	4.0	%	3.3	%

	Finance Leases
	PHI		Pepco		DPL		ACE
At December 31, 2023	2.7	%	2.7	%	2.6	%	2.8	%
At December 31, 2022	2.3	%	2.3	%	2.3	%	2.4	%

Cash paid for amounts included in the measurement of operating and finance lease liabilities were as follows:

	Operating Cash Flows from Operating Leases
	Exelon		ComEd		PECO		BGE		PHI		Pepco		DPL		ACE
For the year ended December 31, 2023	$	65	$	2	$	—	$	15	$	37	$	7	$	9	$	3
For the year ended December 31, 2022	66		3		—		16		37		8		9		4
For the year ended December 31, 2021	93		3		—		46		39		8		9		4

	Financing Cash Flows from Finance Leases
	PHI		Pepco		DPL		ACE
For the year ended December 31, 2023	$	15	$	5	$	6	$	4
For the year ended December 31, 2022	13		5		5		3
For the year ended December 31, 2021	10		3		4		3

ROU assets obtained in exchange for operating and finance lease obligations were as follows:

	Operating Leases
	Exelon		ComEd		PECO		BGE		PHI		Pepco		DPL		ACE
For the year ended December 31, 2023	$	35	$	—	$	—	$	32	$	3	$	—	$	1	$	2
For the year ended December 31, 2022	46		—		—		—		2		—		1		1
For the year ended December 31, 2021	1		—		—		(1)		1		—		1		—

	Finance Leases
	PHI		Pepco		DPL		ACE
For the year ended December 31, 2023	$	11	$	5	$	3	$	3
For the year ended December 31, 2022	14		4		7		3
For the year ended December 31, 2021	32		12		12		8

Lessor

The Registrants have operating leases for which they are the lessors. The following tables outline the significant types of leases at each of the Registrants and other terms and conditions of their lease agreements as of December 31, 2023. ACE did not have any operating leases for which they are the lessors for the years ended December 31, 2023, 2022, and 2021.

	Exelon	ComEd	PECO	BGE	PHI	Pepco	DPL
Real estate	●	●	●	●	●	●	●

(in years)	Exelon	ComEd	PECO	BGE	PHI	Pepco	DPL
Remaining lease terms	1-79	1-13	1-79	19	1-9	1-2	8-9
Options to extend the term	1-79	5-79	1-50	N/A	N/A	N/A	N/A

The components of lease income were as follows:

	Exelon		ComEd		PECO		BGE		PHI		Pepco		DPL
For the year ended December 31, 2023
Operating lease income	$	5	$	—	$	—	$	—	$	4	$	—	$	3
Variable lease income	1		—		—		—		1		—		1
For the year ended December 31, 2022
Operating lease income	$	4	$	—	$	—	$	—	$	4	$	—	$	3
Variable lease income	1		—		—		—		1		—		1
For the year ended December 31, 2021
Operating lease income	$	5	$	—	$	—	$	—	$	4	$	—	$	3
Variable lease income	1		—		—		—		1		—		1

Future minimum lease payments to be recovered under operating leases as of December 31, 2023 were as follows:

Year	Exelon		ComEd		PECO		BGE		PHI		Pepco		DPL
2024	$	6	$	1	$	1	$	—	$	4	$	—	$	4
2025	6		1		1		—		4		—		4
2026	6		—		1		—		5		—		4
2027	6		—		—		—		5		—		4
2028	5		—		—		—		5		—		4
Remaining years	22		—		3		1		18		—		18
Total	$	51	$	2	$	6	$	1	$	41	$	—	$	38

Leases (All Registrants)

Leases (All Registrants)

Lessee

The Registrants have operating and finance leases for which they are the lessees. The following tables outline the significant types of leases at each of the Registrants and other terms and conditions of the lease agreements as of December 31, 2023. Exelon, ComEd, PECO, and BGE did not have material finance leases in 2023, 2022, or 2021.

	Exelon	ComEd	PECO	BGE	PHI	Pepco	DPL	ACE
Real estate	●	●	●	●	●	●	●	●
Vehicles and equipment	●			●	●	●	●	●

(in years)	Exelon	ComEd	PECO	BGE	PHI	Pepco	DPL	ACE
Remaining lease terms	1-82	1-29	1-10	1-82	1-8	1-8	1-8	1-7
Options to extend the term	3-30	N/A	N/A	3-5	3-30	5	3-30	5
Options to terminate within	9	N/A	N/A	N/A	N/A	N/A	N/A	N/A

The components of operating lease costs were as follows:

	Exelon		ComEd		PECO		BGE		PHI		Pepco		DPL		ACE
For the year ended December 31, 2023
Operating lease costs	$	58	$	1	$	—	$	5	$	43	$	11	$	11	$	6
Variable lease costs	9		1		—		—		3		1		1		1
Total lease costs(a)	$	67	$	2	$	—	$	5	$	46	$	12	$	12	$	7
For the year ended December 31, 2022
Operating lease costs	$	66	$	2	$	—	$	15	$	42	$	10	$	12	$	6
Variable lease costs	8		1		—		—		2		1		1		1
Total lease costs(a)	$	74	$	3	$	—	$	15	$	44	$	11	$	13	$	7
For the year ended December 31, 2021
Operating lease costs	$	84	$	3	$	—	$	30	$	43	$	10	$	12	$	6
Variable lease costs	7		1		—		1		1		—		—		—
Total lease costs(a)	$	91	$	4	$	—	$	31	$	44	$	10	$	12	$	6

__________

(a)Excludes sublease income recorded at Exelon, PHI, and DPL of $4 million for the years ended December 31, 2023, 2022, and 2021.

The components of financing lease costs were as follows:

	PHI		Pepco		DPL		ACE
For the year ended December 31, 2023
Amortization of ROU asset	$	16	$	6	$	6	$	4
Interest on lease liabilities	6		2		2		1
Total finance lease cost	$	22	$	8	$	8	$	5
For the year ended December 31, 2022
Amortization of ROU asset	$	14	$	5	$	6	$	3
Interest on lease liabilities	4		1		2		1
Total finance lease cost	$	18	$	6	$	8	$	4
For the year ended December 31, 2021
Amortization of ROU asset	$	11	$	4	$	4	$	3
Interest on lease liabilities	2		1		1		—
Total finance lease cost	$	13	$	5	$	5	$	3

The following tables provide additional information regarding the presentation of operating and finance lease ROU assets and lease liabilities within the Registrants’ Consolidated Balance Sheets:

	Operating Leases
	Exelon		ComEd		PECO		BGE		PHI		Pepco		DPL		ACE
At December 31, 2023
Operating lease ROU assets
Other deferred debits and other assets	$	257	$	—	$	1	$	29	$	152	$	31	$	32	$	8
Operating lease liabilities
Other current liabilities	$	38	$	—	$	—	$	4	$	30	$	5	$	7	$	3
Other deferred credits and other liabilities	248		—		—		17		141		30		36		6
Total operating lease liabilities	$	286	$	—	$	—	$	21	$	171	$	35	$	43	$	9
At December 31, 2022
Operating lease ROU assets
Other deferred debits and other assets	$	265	$	2	$	1	$	2	$	180	$	36	$	39	$	9
Operating lease liabilities
Other current liabilities	$	40	$	2	$	—	$	—	$	31	$	6	$	8	$	3
Other deferred credits and other liabilities	266		—		1		4		167		34		42		7
Total operating lease liabilities	$	306	$	2	$	1	$	4	$	198	$	40	$	50	$	10

	Finance Leases
	PHI		Pepco		DPL		ACE
At December 31, 2023
Finance lease ROU assets
Plant, property and equipment, net	$	72	$	25	$	28	$	18
Finance lease liabilities
Long-term debt due within one year	$	15	$	5	$	6	$	4
Long-term debt	59		21		23		15
Total finance lease liabilities	$	74	$	26	$	29	$	19
At December 31, 2022
Finance lease ROU assets
Plant, property and equipment, net	$	74	$	25	$	31	$	18
Finance lease liabilities
Long-term debt due within one year	$	12	$	4	$	5	$	3
Long-term debt	64		21		27		16
Total finance lease liabilities	$	76	$	25	$	32	$	19

Future minimum lease payments for operating and finance leases as of December 31, 2023 were as follows:

	Operating Leases
Year	Exelon		ComEd		PECO		BGE		PHI		Pepco		DPL		ACE
2024	$	49	$	—	$	—	$	4	$	36	$	7	$	9	$	3
2025	47		—		—		4		34		5		8		3
2026	43		—		—		4		30		5		5		1
2027	41		—		—		2		30		4		6		1
2028	41		—		—		2		30		4		6		1
Remaining years	130		—		—		22		40		16		21		1
Total	351		—		—		38		200		41		55		10
Interest	65		—		—		17		29		6		12		1
Total operating lease liabilities	$	286	$	—	$	—	$	21	$	171	$	35	$	43	$	9

	Finance Leases
Year	PHI		Pepco		DPL		ACE
2024	$	16	$	6	$	6	$	4
2025	16		6		6		4
2026	16		6		6		4
2027	14		5		6		3
2028	10		3		4		3
Remaining years	8		2		3		3
Total	80		28		31		21
Interest	6		2		2		2
Total finance lease liabilities	$	74	$	26	$	29	$	19

The weighted average remaining lease terms, in years, for operating and finance leases were as follows:

	Operating Leases
	Exelon	ComEd	PECO	BGE	PHI	Pepco	DPL	ACE
At December 31, 2023	8.8	1.8	5.0	17.1	6.1	7.6	7.4	3.2
At December 31, 2022	9.5	1.0	5.5	70.9	6.8	8.1	7.9	3.3

	Finance Leases
	PHI	Pepco	DPL	ACE
At December 31, 2023	4.9	4.9	4.8	5.1
At December 31, 2022	5.5	5.4	5.5	5.6

The weighted average discount rates for operating and finance leases were as follows:

	Operating Leases
	Exelon		ComEd		PECO		BGE		PHI		Pepco		DPL		ACE
At December 31, 2023	4.0	%	0.7	%	2.5	%	5.0	%	4.2	%	4.1	%	4.0	%	3.6	%
At December 31, 2022	3.9	%	2.6	%	2.3	%	4.5	%	4.2	%	4.0	%	4.0	%	3.3	%

	Finance Leases
	PHI		Pepco		DPL		ACE
At December 31, 2023	2.7	%	2.7	%	2.6	%	2.8	%
At December 31, 2022	2.3	%	2.3	%	2.3	%	2.4	%

Cash paid for amounts included in the measurement of operating and finance lease liabilities were as follows:

	Operating Cash Flows from Operating Leases
	Exelon		ComEd		PECO		BGE		PHI		Pepco		DPL		ACE
For the year ended December 31, 2023	$	65	$	2	$	—	$	15	$	37	$	7	$	9	$	3
For the year ended December 31, 2022	66		3		—		16		37		8		9		4
For the year ended December 31, 2021	93		3		—		46		39		8		9		4

	Financing Cash Flows from Finance Leases
	PHI		Pepco		DPL		ACE
For the year ended December 31, 2023	$	15	$	5	$	6	$	4
For the year ended December 31, 2022	13		5		5		3
For the year ended December 31, 2021	10		3		4		3

ROU assets obtained in exchange for operating and finance lease obligations were as follows:

	Operating Leases
	Exelon		ComEd		PECO		BGE		PHI		Pepco		DPL		ACE
For the year ended December 31, 2023	$	35	$	—	$	—	$	32	$	3	$	—	$	1	$	2
For the year ended December 31, 2022	46		—		—		—		2		—		1		1
For the year ended December 31, 2021	1		—		—		(1)		1		—		1		—

	Finance Leases
	PHI		Pepco		DPL		ACE
For the year ended December 31, 2023	$	11	$	5	$	3	$	3
For the year ended December 31, 2022	14		4		7		3
For the year ended December 31, 2021	32		12		12		8

Lessor

The Registrants have operating leases for which they are the lessors. The following tables outline the significant types of leases at each of the Registrants and other terms and conditions of their lease agreements as of December 31, 2023. ACE did not have any operating leases for which they are the lessors for the years ended December 31, 2023, 2022, and 2021.

	Exelon	ComEd	PECO	BGE	PHI	Pepco	DPL
Real estate	●	●	●	●	●	●	●

(in years)	Exelon	ComEd	PECO	BGE	PHI	Pepco	DPL
Remaining lease terms	1-79	1-13	1-79	19	1-9	1-2	8-9
Options to extend the term	1-79	5-79	1-50	N/A	N/A	N/A	N/A

The components of lease income were as follows:

	Exelon		ComEd		PECO		BGE		PHI		Pepco		DPL
For the year ended December 31, 2023
Operating lease income	$	5	$	—	$	—	$	—	$	4	$	—	$	3
Variable lease income	1		—		—		—		1		—		1
For the year ended December 31, 2022
Operating lease income	$	4	$	—	$	—	$	—	$	4	$	—	$	3
Variable lease income	1		—		—		—		1		—		1
For the year ended December 31, 2021
Operating lease income	$	5	$	—	$	—	$	—	$	4	$	—	$	3
Variable lease income	1		—		—		—		1		—		1

Future minimum lease payments to be recovered under operating leases as of December 31, 2023 were as follows:

Year	Exelon		ComEd		PECO		BGE		PHI		Pepco		DPL
2024	$	6	$	1	$	1	$	—	$	4	$	—	$	4
2025	6		1		1		—		4		—		4
2026	6		—		1		—		5		—		4
2027	6		—		—		—		5		—		4
2028	5		—		—		—		5		—		4
Remaining years	22		—		3		1		18		—		18
Total	$	51	$	2	$	6	$	1	$	41	$	—	$	38