Stock-Based Compensation Plans (Tables)

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Share-based Payment Arrangement, Cost by Plan

The following table presents the stock-based compensation expense included in Exelon's Consolidated Statements of Operations and Comprehensive Income. The Utility Registrants' stock-based compensation expense for the years ended December 31, 2023, 2022, and 2021 was not material.

	Year Ended December 31,
Exelon	2023		2022		2021
Total stock-based compensation expense included in Operating and maintenance expense	$	21	$	41	$	95
Income tax benefit	(5)		(10)		(25)
Total after-tax stock-based compensation expense	$	16	$	31	$	70

Stock Based Compensation Tax Benefit

The following table presents information regarding Exelon’s realized tax benefit when distributed:

	Year Ended December 31,
	2023		2022		2021
Performance share awards	$	8	$	6	$	6
Restricted stock units	6		6		6

Schedule of Nonvested Performance-based Units Activity

The following table summarizes Exelon’s nonvested performance share awards activity:

	Shares	Weighted Average Grant Date Fair Value (per share)
Nonvested at December 31, 2022(a)	866,805	$	41.86
Granted	679,196	41.82
Change in performance	(1,233)	41.75
Vested	(261,577)	41.25
Forfeited	(112,727)	41.96
Undistributed vested awards(b)	(212,222)	41.61
Nonvested at December 31, 2023(a)	958,242	$	42.01

__________

(a)Excludes 1,198,093 and 1,539,819 of performance share awards issued to retirement-eligible employees as of December 31, 2023 and 2022, respectively, as they are fully vested.

(b)Represents performance share awards that vested but were not distributed to retirement-eligible employees during 2023

Schedule of Weighted Average Grant Date Fair Value

The following table summarizes the weighted average grant date fair value and the total fair value of performance share awards vested.

	Year Ended December 31,
	2023(a)		2022		2021
Weighted average grant date fair value (per share)	$	41.82	$	43.05	$	43.37
Total fair value of performance shares vested	17		29		44
Total fair value of performance shares settled in cash	26		25		28

__________

(a)As of December 31, 2023, $11 million of total unrecognized compensation costs related to nonvested performance shares are expected to be recognized over the remaining weighted-average period of 1.8 years.

Schedule of Nonvested Restricted Stock Units Activity

The following table summarizes Exelon’s nonvested restricted stock unit activity:

	Shares	Weighted Average Grant Date Fair Value (per share)
Nonvested at December 31, 2022(a)	561,161	$	41.98
Granted	385,065	41.84
Vested	(246,618)	42.36
Forfeited	(55,371)	40.56
Undistributed vested awards(b)	(112,292)	41.87
Nonvested at December 31, 2023(a)	531,945	$	42.87

__________

(a)Excludes 205,855 and 476,592 of restricted stock units issued to retirement-eligible employees as of December 31, 2023 and 2022, respectively, as they are fully vested.

(b)Represents restricted stock units that vested but were not distributed to retirement-eligible employees during 2023.

Share-based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity

The following table summarizes the weighted average grant date fair value and the total fair value of restricted stock units vested.

	Year Ended December 31,
	2023(a)		2022		2021
Weighted average grant date fair value (per share)	$	41.84	$	42.97	$	44.21
Total fair value of restricted stock units vested	15		23		34

__________

(a)As of December 31, 2023, $9 million of total unrecognized compensation costs related to nonvested restricted stock units are expected to be recognized over the remaining weighted-average period of 1.6 years.

Stock Options Exercised

The following table summarizes additional information regarding stock options exercised:

	Year Ended December 31,
	2023		2022		2021
Intrinsic value(a)	$	—	$	—	$	11
Cash received for exercise price	—		1		37

__________

(a)The difference between the market value on the date of exercise and the option exercise price.