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Fair Value of Financial Assets and Liabilities (Tables)
 12 Months Ended
Dec. 31, 2023
Fair Value Disclosures [Abstract]  
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) at December 31, 2023 and 2022. The Registrants have no financial liabilities classified as Level 1 or measured using the NAV practical expedient.
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.
December 31, 2023December 31, 2022
Carrying AmountFair ValueCarrying AmountFair Value
Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Long-Term Debt, including amounts due within one year(a)
Exelon$41,095 $— $33,804 $3,442 $37,246 $37,074 $— $29,902 $2,327 $32,229 
ComEd11,486 — 10,210 — 10,210 10,518 — 9,006 — 9,006 
PECO5,134 — 4,562 — 4,562 4,612 — 3,864 50 3,914 
BGE4,602 — 4,145 — 4,145 4,207 — 3,613 — 3,613 
PHI8,648 — 4,160 3,442 7,602 8,120 — 4,507 2,277 6,784 
Pepco4,096 — 2,311 1,600 3,911 3,751 — 2,229 1,205 3,434 
DPL2,080 — 694 1,134 1,828 1,938 — 1,164 458 1,622 
ACE1,833 — 939 708 1,647 1,757 — 909 614 1,523 
Long-Term Debt to Financing Trusts
Exelon$390 $— $— $390 $390 $390 $— $— $384 $384 
ComEd205 — — 208 208 205 — — 204 204 
PECO184 — — 182 182 184 — — 180 180 
__________
(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 16 — Debt and Credit Agreements for unamortized debt issuance costs, unamortized debt discount and premium, net, and purchase accounting fair value adjustments and Note 10 — Leases for finance lease liabilities.
Assets and Liabilities Measured and Recorded at Fair Value on Recurring Basis
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 at December 31, 2023 and 2022. Exelon and the Utility Registrants have immaterial and no financial assets or liabilities measured using the NAV practical expedient, respectively:
Exelon
At December 31, 2023At December 31, 2022
Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Assets
Cash equivalents(a)
$618 $— $— $618 $664 $— $— $664 
Rabbi trust investments
Cash equivalents67 — — 67 62 — — 62 
Mutual funds53 — — 53 49 — — 49 
Fixed income— 7 — 7 — 7 — 7 
Life insurance contracts— 61 43 104 — 58 40 98 
Rabbi trust investments subtotal120 68 43 231 111 65 40 216 
Interest rate derivative assets
Derivatives designated as hedging instruments— 11 — 11 — 6 — 6 
Economic hedges— 1 — 1 — 5 — 5 
Interest rate derivative assets subtotal— 12 — 12 — 11 — 11 
Total assets738 80 43 861 775 76 40 891 
Liabilities
Commodity derivative liabilities— — (133)(133)— — (84)(84)
Interest rate derivative liabilities
Derivatives designated as hedging instruments— (24)— (24)— (4)— (4)
Economic hedges— (22)— (22)— (3)— (3)
Interest rate derivative liabilities subtotal— (46)— (46)— (7)— (7)
Deferred compensation obligation— (75)— (75)— (75)— (75)
Total liabilities— (121)(133)(254)— (82)(84)(166)
Total net assets (liabilities)$738 $(41)$(90)$607 $775 $(6)$(44)$725 
__________
(a)Excludes cash of $334 million and $345 million at December 31, 2023 and 2022, respectively, and restricted cash of $149 million and $81 million at December 31, 2023 and 2022, respectively, and includes long-term restricted cash of $174 million and $117 million at December 31, 2023 and 2022, respectively, which is reported in Other deferred debits in the Consolidated Balance Sheets.
ComEd, PECO, and BGE
ComEdPECOBGE
At December 31, 2023Level 1Level 2Level 3TotalLevel 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Assets
Cash equivalents(a)
$453 $— $— $453 $9 $— $— $9 $— $— $— $— 
Rabbi trust investments
Mutual funds— — — — 9 — — 9 9 — — 9 
Life insurance contracts— — — — — 18 — 18 — — — — 
Rabbi trust investments subtotal— — — — 9 18 — 27 9 — — 9 
Total assets453 — — 453 18 18 — 36 9 — — 9 
Liabilities
Commodity derivative liabilities(b)
— — (133)(133)— — — — — — — — 
Deferred compensation obligation— (8)— (8)— (8)— (8)— (4)— (4)
Total liabilities— (8)(133)(141)— (8)— (8)— (4)— (4)
Total net assets (liabilities)$453 $(8)$(133)$312 $18 $10 $— $28 $9 $(4)$— $5 
ComEdPECOBGE
At December 31, 2022Level 1Level 2Level 3TotalLevel 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Assets
Cash equivalents(a)
$392 $— $— $392 $10 $— $— $10 $23 $— $— $23 
Rabbi trust investments
Mutual funds— — — — 7 — — 7 7 — — 7 
Life insurance contracts— — — — — 15 — 15 — — — — 
Rabbi trust investments subtotal— — — — 7 15 — 22 7 — — 7 
Total assets392 — — 392 17 15 — 32 30 — — 30 
Liabilities
Commodity derivative liabilities(b)
— — (84)(84)— — — — — — — — 
Deferred compensation obligation— (8)— (8)— (7)— (7)— (4)— (4)
Total liabilities— (8)(84)(92)— (7)— (7)— (4)— (4)
Total net assets (liabilities)$392 $(8)$(84)$300 $17 $8 $— $25 $30 $(4)$— $26 
__________
(a)ComEd excludes cash of $86 million and $42 million at December 31, 2023 and 2022, respectively, and restricted cash of $147 million and $77 million at December 31, 2023 and 2022, respectively, and includes long-term restricted cash of $174 million and $117 million at December 31, 2023 and 2022, respectively, which is reported in Other deferred debits in the Consolidated Balance Sheets. PECO excludes cash of $42 million and $58 million at December 31, 2023 and 2022, respectively. BGE excludes cash of $47 million and $43 million at December 31, 2023 and 2022, respectively, and restricted cash of $1 million and $1 million at December 31, 2023 and 2022, respectively.
(b)The Level 3 balance consists of the current and noncurrent liability of $27 million and $106 million, respectively, at December 31, 2023, and $5 million and $79 million, respectively, at December 31, 2022 related to floating-to-fixed energy swap contracts with unaffiliated suppliers.
PHI, Pepco, DPL, and ACE
At December 31, 2023At December 31, 2022
PHILevel 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Assets
Cash equivalents(a)
$107 $— $— $107 $205 $— $— $205 
Rabbi trust investments
Cash equivalents64 — — 64 59 — — 59 
Mutual funds9 — — 9 11 — — 11 
Fixed income— 7 — 7 — 7 — 7 
Life insurance contracts— 21 41 62 — 22 39 61 
Rabbi trust investments subtotal73 28 41 142 70 29 39 138 
Total assets180 28 41 249 275 29 39 343 
Liabilities
Deferred compensation obligation— (13)— (13)— (14)— (14)
Total liabilities— (13)— (13)— (14)— (14)
Total net assets$180 $15 $41 $236 $275 $15 $39 $329 
PepcoDPLACE
At December 31, 2023Level 1Level 2Level 3TotalLevel 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Assets
Cash equivalents(a)
$23 $— $— $23 $1 $— $— $1 $— $— $— $— 
Rabbi trust investments
Cash equivalents63 — — 63 — — — — — — — — 
Life insurance contracts— 21 41 62 — — — — — — — — 
Rabbi trust investments subtotal63 21 41 125 — — — — — — — — 
Total assets86 21 41 148 1 — — 1 — — — — 
Liabilities
Deferred compensation obligation— (1)— (1)— — — — — — — — 
Total liabilities— (1)— (1)— — — — — — — — 
Total net assets$86 $20 $41 $147 $1 $— $— $1 $— $— $— $— 
PepcoDPLACE
At December 31, 2022Level 1Level 2Level 3TotalLevel 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Assets
Cash equivalents(a)
$51 $— $— $51 $121 $— $— $121 $1 $— $— $1 
Rabbi trust investments
Cash equivalents59 — — 59 — — — — — — — — 
Life insurance contracts— 22 38 60 — — — — — — — — 
Rabbi trust investments subtotal59 22 38 119 — — — — — — — — 
Total assets110 22 38 170 121 — — 121 1 — — 1 
Liabilities
Deferred compensation obligation— (1)— (1)— — — — — — — — 
Total liabilities— (1)— (1)— — — — — — — — 
Total net assets$110 $21 $38 $169 $121 $— $— $121 $1 $— $— $1 
__________
(a)PHI excludes cash of $96 million and $165 million at December 31, 2023 and 2022, respectively, and restricted cash of $1 million and $3 million at December 31, 2023 and 2022, respectively. Pepco excludes cash of $48 million and $45 million at December 31, 2023 and 2022, respectively, and restricted cash of $1 million and $3 million at December 31, 2023 and 2022, respectively. DPL excludes cash of $15 million and $31 million at December 31, 2023 and 2022, respectively. ACE excludes cash of $21 million and $71 million at December 31, 2023 and 2022, respectively.
Fair Value Reconciliation of Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis
The following tables present the fair value reconciliation of Level 3 assets and liabilities measured at fair value on a recurring basis during the years ended December 31, 2023 and 2022:
ExelonComEdPHI and Pepco
For the year ended December 31, 2023TotalCommodity
Derivatives		Life Insurance Contracts
Balance at December 31, 2022$(44)$(84)$40 
Total realized / unrealized gains (losses)
Included in net income(a)
3 — 1 
Included in regulatory assets/liabilities(49)(49)
(b)
— 
Balance at December 31, 2023$(90)$(133)
(c)
$41 
The amount of total gains included in income attributed to the change in unrealized gains (losses) related to assets and liabilities as of December 31, 2023$3 $— $1 
ExelonComEdPHI and Pepco
For the year ended December 31, 2022TotalCommodity
Derivatives		Life Insurance Contracts
Balance at December 31, 2021$(182)$(219)$35 
Total realized / unrealized gains (losses)
Included in net income(a)
5 — 5 
Included in regulatory assets/liabilities135 135 
(b)
— 
Transfers into Level 3(2)— — 
Balance at December 31, 2022$(44)$(84)$40 
The amount of total gains included in income attributed to the change in unrealized gains (losses) related to assets and liabilities as of December 31, 2022$5 $— $5 
__________
(a)Classified in Operating and maintenance expense in the Consolidated Statements of Operations and Comprehensive Income.
(b)Includes $83 million of decreases in fair value and an increase for realized gains due to settlements of $34 million recorded in Purchased power expense associated with floating-to-fixed energy swap contracts with unaffiliated suppliers for the year ended December 31, 2023. Includes $136 million of increases in fair value and a decrease for realized losses due to settlements of $1 million recorded in Purchased power expense associated with floating-to-fixed energy swap contracts with unaffiliated suppliers for the year ended December 31, 2022.
(c)The balance of the current and noncurrent asset was effectively zero as of December 31, 2023. The balance consists of a current and noncurrent liability of $27 million and $106 million, respectively, as of December 31, 2023.
Fair Value Reconciliation of Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis, Valuation Technique
The following table discloses the significant unobservable inputs to the forward curve used to value mark-to-market derivatives:
Type of tradeFair Value as of December 31, 2023Fair Value as of December 31, 2022Valuation
Technique		Unobservable
Input		2023 Range & Arithmetic Average2022 Range & Arithmetic Average
Commodity derivatives$(133)$(84)Discounted Cash Flow
Forward power price(a)
$30.27 -$73.71 $43.35 $34.78 -$75.71 $48.44 
__________
(a)An increase to the forward power price would increase the fair value.