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Retirement Benefits (Tables)
 12 Months Ended
Dec. 31, 2023
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
2023202220232022
Change in benefit obligation:
Net benefit obligation as of the beginning of year$10,677 $14,236 $1,884 $2,502 
Service cost155 236 26 41 
Interest cost578 439 101 76 
Plan participants’ contributions— — 27 26 
Actuarial loss (gain)(a)
406 (3,379)55 (604)
Plan amendments4 — — — 
Settlements(42)— — — 
Gross benefits paid(790)(855)(185)(157)
Net benefit obligation as of the end of year$10,988 $10,677 $1,908 $1,884 
 Pension BenefitsOPEB
2023202220232022
Change in plan assets:
Fair value of net plan assets as of the beginning of year$9,521 $12,165 $1,351 $1,665 
Actual return on plan assets638 (2,359)108 (225)
Employer contributions75 570 54 42 
Plan participants’ contributions— — 27 26 
Gross benefits paid(790)(855)(185)(157)
Settlements(42)— — — 
Fair value of net plan assets as of the end of year$9,402 $9,521 $1,355 $1,351 
__________
(a)The pension and OPEB losses in 2023 primarily reflect a decrease in the discount rate. The pension and OPEB gains in 2022 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
2023202220232022
Other current liabilities$15 $47 $26 $26 
Pension obligations1,571 1,109 — — 
Non-pension postretirement benefit obligations— — 527 507 
Unfunded status (net benefit obligation less plan assets)$1,586 $1,156 $553 $533 
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
20232022
ABO$10,376 $10,108 
Fair value of net plan assets9,279 9,427 
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, 2023, 2022, and 2021.
Pension BenefitsOPEB
202320222021202320222021
Components of net periodic benefit cost:
Service cost$155 $236 $294 $26 $41 $51 
Interest cost578 439 406 101 76 69 
Expected return on assets(755)(822)(843)(83)(99)(99)
Amortization of:
Prior service cost (credit)2 2 2 (10)(19)(25)
Actuarial loss (gain)166 295 399 (2)12 27 
Settlement and other charges20 — 7 — — 1 
Net periodic benefit cost$166 $150 $265 $32 $11 $24 
Schedule Of Pension And Other Postretirement Benefit Costs
The amounts below represent the Registrants' allocated pension and OPEB costs (benefit). 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
2023$198 $26 $(14)$56 $99 $34 $18 $13 
2022161 60 (9)44 53 9 3 12 
2021288 129 8 64 49 6 2 11 
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, 2023, 2022, and 2021 for all plans combined. The tables include amounts related to Generation prior to the separation.
 Pension BenefitsOPEB
202320222021202320222021
Changes in plan assets and benefit obligations recognized in AOCI and Regulatory assets (liabilities):
Current year actuarial loss (gain)$523 $(226)$(700)$30 $(271)$(270)
Amortization of actuarial (loss) gain(166)(295)(598)2 (12)(37)
Separation of Constellation— (2,631)— — (43)— 
Current year prior service cost4 — — — — — 
Amortization of prior service (cost) credit(2)(2)(3)10 19 34 
Settlements(20)— (27)— — (1)
Total recognized in AOCI and Regulatory assets (liabilities)$339 $(3,154)$(1,328)$42 $(307)$(274)
Total recognized in AOCI$99 $(2,719)$(747)$4 $(74)$(130)
Total recognized in Regulatory assets (liabilities)$240 $(435)$(581)$38 $(233)$(144)
Schedule of Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized over Next Fiscal Year
The following table provides the components of gross AOCI and Regulatory assets (liabilities) for Exelon that have not been recognized as components of periodic benefit cost as of December 31, 2023 and 2022, respectively, for all plans combined:
 Pension BenefitsOPEB
2023202220232022
Prior service cost (credit)$21 $19 $(45)$(55)
Actuarial loss (gain)3,948 3,611 (101)(133)
Total$3,969 $3,630 $(146)$(188)
Total included in AOCI$972 $873 $(17)$(21)
Total included in Regulatory assets (liabilities)$2,997 $2,757 $(129)$(167)
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, 2023 and 2022. Assumptions used to determine year-end benefit obligations are the assumptions used to estimate the subsequent year’s net periodic benefit costs.
 Pension BenefitsOPEB
2023 2022 2023 2022
Discount rate(a)
5.19 %5.53 %5.17 %5.51 %
Investment crediting rate(b) 
5.03 %

5.07 %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 trend rate of 5.00%

Initial and ultimate trend rate 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 5.11% - 5.27% and 5.15% - 5.17% for pension and OPEB plans, respectively, as of December 31, 2023 and 5.46% - 5.60% and 5.49% - 5.51% for pension and OPEB plans, respectively, as of December 31, 2022.
(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, 2023, 2022 and 2021: 
 Pension Benefits OPEB
2023 2022 2021 2023 2022 2021
Discount rate(a)
5.53 %3.24 %2.58 %5.51 %3.20 %2.51 %
Investment crediting rate(b)
5.07 %3.75 %3.72 %N/A
 
N/A
 
N/A
Expected return on plan assets(c) 
7.00 %7.00 %7.00 %6.50 %6.44 %6.46 %
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- 2021 improvement scale (adjusted)Pri-2012 table with MP - 2020 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 - 2020 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 5.46%-5.60% and 5.49%-5.51% for pension and OPEB plans, respectively, for the year ended December 31, 2023; 2.55%-3.24% and 2.84%-3.20% for pension and OPEB plans; respectively, for the year ended December 31, 2022; and 2.11%-2.73% and 2.45%-2.63% for pension and OPEB plans, respectively, for the year ended December 31, 2021.
(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 table provides contributions to the pension and OPEB plans:
 Pension BenefitsOPEB
 2023202220212023 2022 2021
Exelon$75 $570 $343 $54 $42 $63 
ComEd24 176 174 17 8 22 
PECO1 15 17 — 3 1 
BGE— 48 57 19 20 24 
PHI8 69 39 16 9 9 
Pepco 1 3 2 11 8 9 
DPL 2 1 1 2 — — 
ACE — 7 3 3 — — 
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 2024:
Qualified Pension PlansNon-Qualified Pension PlansOPEB
Exelon$93 $15 $47 
ComEd3 1 18 
PECO2 1 1 
BGE17 1 14 
PHI66 8 11 
Pepco— 1 10 
DPL— — — 
ACE7 — — 
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, 2023 were:
Pension BenefitsOPEB
2024$782 $152 
2025783 151 
2026795 152 
2027800 151 
2028792 151 
2029 through 20333,977 730 
Total estimated future benefits payments through 2033$7,929 $1,487 
Defined Benefit Plan Weighted Average Asset Allocations And Target Allocations
Exelon’s pension and OPEB plan target asset allocations as of December 31, 2023 and 2022 were as follows:
December 31, 2023December 31, 2022
Asset CategoryPension BenefitsOPEBPension BenefitsOPEB
Equity securities28 %44 %28 %44 %
Fixed income securities44 %41 %44 %41 %
Alternative investments(a)
28 %15 %28 %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, 2023 and 2022:
December 31, 2023December 31, 2022
Level 1Level 2Level 3Not Subject to LevelingTotalLevel 1Level 2Level 3Not Subject to LevelingTotal
Pension plan assets(a)
Cash and cash equivalents$267 $— $— $— $267 $200 $— $— $— $200 
Equities(b)
1,513 — 1 694 2,208 1,448 — — 782 2,230 
Fixed income:
U.S. Treasury and agencies1,291 184 — — 1,475 986 178 — — 1,164 
State and municipal debt— 42 — — 42 — 44 — — 44 
Corporate debt— 1,792 9 — 1,801 — 1,975 12 — 1,987 
Other(b)
— 79 — 788 867 — 63 — 744 807 
Fixed income subtotal1,291 2,097 9 788 4,185 986 2,260 12 744 4,002 
Private equity— — — 1,166 1,166 — — — 1,169 1,169 
Hedge funds— — — 578 578 — — — 760 760 
Real estate— — — 760 760 — — — 821 821 
Private credit— — — 626 626 — — — 658 658 
Pension plan assets subtotal $3,071 $2,097 $10 $4,612 $9,790 $2,634 $2,260 $12 $4,934 $9,840 
OPEB plan assets(a)
Cash and cash equivalents$45 $— $— $— $45 $39 $— $— $— $39 
Equities315 1 — 270 586 305 1 — 273 579 
Fixed income:
U.S. Treasury and agencies15 54 — — 69 17 45 — — 62 
State and municipal debt— 7 — — 7 — 8 — — 8 
Corporate debt— 44 — — 44 — 44 — — 44 
Other175 4 — 206 385 161 5 — 187 353 
Fixed income subtotal190 109 — 206 505 178 102 — 187 467 
Hedge funds— — — 109 109 — — — 120 120 
Real estate— — — 88 88 — — — 106 106 
Private credit— — — 22 22 — — — 39 39 
OPEB plan assets subtotal$550 $110 $— $695 $1,355 $522 $103 $— $725 $1,350 
Total pension and OPEB plan assets(c)
$3,621 $2,207 $10 $5,307 $11,145 $3,156 $2,363 $12 $5,659 $11,190 
__________
(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 $51 million and $11 million for the years ended December 31, 2023 and 2022, respectively, which have total notional amounts of $3,351 million and $3,434 million as of December 31, 2023 and 2022, 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 Exelon's exposure to credit or market loss.
(c)Excludes net liabilities of $388 million and $318 million as of December 31, 2023 and 2022, respectively, which include certain derivative assets that have notional amounts of $59 million and $69 million as of December 31, 2023 and 2022, 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, 2023 and 2022:
Fixed IncomeEquitiesPrivate CreditTotal
Pension Assets
Balance as of January 1, 2023$12 $— $— $12 
Actual return on plan assets:
Relating to assets still held as of the
reporting date		— — — — 
Relating to assets sold during the period— — — — 
Purchases, sales and settlements:
Purchases— — — — 
Settlements(a)
— — — — 
Level 3 transfers (out) in(3)1 — (2)
Balance as of December 31, 2023$9 $1 $— $10 
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)
Level 3 transfers out(b)
(296)(2)(83)(381)
Balance as of December 31, 2022$12 $— $— $12 
__________
(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, 2023, 2022, and 2021:
For the Years Ended December 31,ExelonComEdPECOBGEPHIPepcoDPLACE
2023$109 $47 $15 $12 16 $4 $3 $2 
202291 39 13 11 14 4 3 2 
202190 35 12 12 14 4 3 2