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Fair Value of Financial Assets and Liabilities (Tables)
 12 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Fair Value Tables [Line Items]    
Fair value of financial liabilities recorded at the carrying amount
   December 31, 2012 December 31, 2011
   Carrying  Fair Value  Carrying  Fair
   Amount  Level 1 Level 2 Level 3 Amount Value
Short-term liabilities$214 $4$210$0 $737 $737
Long-term debt (including amounts                
 due within one year) 18,745  0 20,244 276  12,627  14,488
Long-term debt to financing trusts 648  0 0 664  390  358
SNF obligation 1,020  0 763 0  1,019  886
Preferred securities of subsidiary 87  0 82 0  87  79
  
Assets and liabilities measured and recorded at fair value on recurring basis
As of December 31, 2012Level 1 Level 2 Level 3 Total
Assets           
Cash equivalents(a)$ 995 $ - $ - $ 995
Nuclear decommissioning trust fund investments           
Cash equivalents  245   -   -   245
Equity           
Equity securities  1,480   -   -   1,480
Commingled funds  -   1,933   -   1,933
Equity funds subtotal  1,480   1,933   -   3,413
Fixed income           
Debt securities issued by the U.S. Treasury and other           
U.S. government corporations and agencies  1,057   -   -   1,057
Debt securities issued by states of the United States           
and political subdivisions of the states  -   321   -   321
Debt securities issued by foreign governments  -   93   -   93
Corporate debt securities  -   1,788   -   1,788
Federal agency mortgage-backed securities  -   24   -   24
Commercial mortgage-backed securities (non-agency)  -   45   -   45
Residential mortgage-backed securities (non-agency)  -   11   -   11
Mutual funds  -   23   -   23
Fixed income subtotal  1,057   2,305   -   3,362
Middle market lending  -   -   183   183
Other debt obligations  -   15   -   15
Nuclear decommissioning trust fund investments subtotal(b)  2,782   4,253   183   7,218
            
Pledged assets for Zion decommissioning           
Cash equivalents  -   23   -   23
Equity securities  14   -   -   14
Commingled funds  -   9   -   9
Equity funds subtotal  14   9   -   23
Fixed income           
Debt securities issued by the U.S. Treasury and other           
U.S. government corporations and agencies  118   12   -   130
Debt securities issued by states of the United States        -   
and political subdivisions of the states  -   37   -   37
Corporate debt securities  -   249   -   249
Federal agency mortgage-backed securities  -   49   -   49
Commercial mortgage-backed securities (non-agency)  -   6   -   6
Fixed income subtotal  118   353   -   471
Middle market lending  -   -   89   89
Other debt obligations  -   1   -   1
Pledged assets for Zion decommissioning subtotal(c)  132   386   89   607
            
Rabbi trust investments           
Cash equivalents  2   -   -   2
Mutual funds(d)  69   -   -   69
Rabbi trust investments subtotal  71   -   -   71
            
Commodity mark-to-market derivative assets           
Economic hedges  861   3,173   641   4,675
Proprietary trading  1,042   2,078   73   3,193
Effect of netting and allocation of collateral(f)  (1,823)   (4,175)   (58)   (6,056)
Commodity mark-to-market assets subtotal(g)  80   1,076   656   1,812
            
Interest rate mark-to-market derivative assets  -   114   -   114
Effect of netting and allocation of collateral  -   (51)   -   (51)
Interest rate mark-to-market derivative assets subtotal  -   63   -   63
            
Other Investments  2   -   17   19
            
Total assets  4,062   5,778   945   10,785
            
Liabilities           
Commodity mark-to-market derivative liabilities           
Economic hedges  (1,041)   (2,289)   (236)   (3,566)
Proprietary trading  (1,084)   (1,959)   (78)   (3,121)
Effect of netting and allocation of collateral(f)  2,042   4,020   25   6,087
Commodity mark-to-market liabilities subtotal(g)(h)  (83)   (228)   (289)   (600)
            
Interest rate mark-to-market derivative liabilities  -   (84)   -   (84)
Effect of netting and allocation of collateral  -   51   -   51
Interest rate mark-to-market derivative liabilities subtotal  -   (33)   -   (33)
            
Deferred compensation  -   (102)   -   (102)
            
Total liabilities  (83)   (363)   (289)   (735)
            
Total net assets$ 3,979 $ 5,415 $ 656 $ 10,050
            
As of December 31, 2011Level 1 Level 2 Level 3 Total
Assets           
Cash equivalents(a)$861 $0 $0 $861
Nuclear decommissioning trust fund investments           
Cash equivalents 562  0  0  562
Equity           
Equity securities 1,275  0  0  1,275
Commingled funds 0  1,822  0  1,822
Equity funds subtotal 1,275  1,822  0  3,097
Fixed income           
Debt securities issued by the U.S. Treasury and other           
U.S. government corporations and agencies 1,014  33  0  1,047
Debt securities issued by states of the United States           
and political subdivisions of the states 0  541  0  541
Debt securities issued by foreign governments 0  16  0  16
Corporate debt securities 0  778  0  778
Federal agency mortgage-backed securities 0  357  0  357
Commercial mortgage-backed securities (non-agency) 0  83  0  83
Residential mortgage-backed securities (non-agency) 0  5  0  5
Mutual funds 0  47  0  47
Fixed income subtotal 1,014  1,860  0  2,874
Middle market lending 0  0  13  13
Other debt obligations 0  18  0  18
Nuclear decommissioning trust fund investments subtotal(b) 2,851  3,700  13  6,564
            
Pledged assets for Zion decommissioning           
Equity           
Equity securities 35  0  0  35
Commingled funds 0  30  0  30
Equity funds subtotal 35  30  0  65
Fixed income           
Debt securities issued by the U.S. Treasury and other           
U.S. government corporations and agencies 54  26  0  80
Debt securities issued by states of the United States           
and political subdivisions of the states 0  65  0  65
Corporate debt securities 0  314  0  314
Federal agency mortgage-backed securities 0  121  0  121
Commercial mortgage-backed securities (non-agency) 0  10  0  10
Commingled funds 0  20  0  20
Fixed income subtotal 54  556  0  610
Middle market lending 0  0  37  37
Other debt obligations 0  13  0  13
Pledged assets for Zion decommissioning subtotal(c) 89  599  37  725
            
Rabbi trust investments           
Cash equivalents 2  0  0  2
Mutual funds(d)(e) 34  0  0  34
Rabbi trust investments subtotal 36  0  0  36
            
Commodity mark-to-market derivative assets           
Cash flow hedges 0  857  0  857
Economic hedges 0  1,653  124  1,777
Proprietary trading 0  240  48  288
Effect of netting and allocation of collateral(f) 0  (1,827)  (28)  (1,855)
Commodity mark-to-market assets(g) 0  923  144  1,067
Interest rate mark-to-market derivative assets 0  15  0  15
            
Total assets 3,837  5,237  194  9,268
            
Liabilities           
Commodity mark-to-market derivative liabilities            
Cash flow hedges 0  (13)  0  (13)
Economic hedges (1)  (1,137)  (119)  (1,257)
Proprietary trading 0  (236)  (28)  (264)
Effect of netting and allocation of collateral(f) 0  1,295  20  1,315
Commodity mark-to-market liabilities(h) (1)  (91)  (127)  (219)
Interest rate mark-to-market liabilities 0  (19)  0  (19)
Deferred compensation 0  (73)  0  (73)
            
Total liabilities (1)  (183)  (127)  (311)
            
Total net assets$3,836 $5,054 $67 $8,957

 

(a)       Excludes certain cash equivalents considered to be held-to-maturity and not reported at fair value.

(b)       Excludes net assets (liabilities) of $30 million and $(57) million at December 31, 2012 and December 31, 2011, respectively. These items consist of receivables related to pending securities sales, interest and dividend receivables, and payables related to pending securities purchases.

(c) Excludes net assets of $7 million and $9 million at December 31, 2012 and December 31, 2011, respectively. These items consist of receivables related to pending securities sales, interest and dividend receivables, and payables related to pending securities purchases.

(d)       The mutual funds held by the Rabbi trusts include $53 million related to deferred compensation and $16 million related to Supplemental Executive Retirement Plan. These funds are classified as Level 1 as they are valued based upon quoted prices (unadjusted) in active markets.

(e)       Excludes $28 million and $25 million of the cash surrender value of life insurance investments at December 31, 2012 and December 31, 2011, respectively.

(f) Includes collateral postings (received) from counterparties. Collateral (received) from counterparties, net of collateral paid to counterparties, totaled $219 million, $(155) million and $(33) million allocated to Level 1, Level 2 and Level 3 mark-to-market derivatives, respectively, as of December 31, 2012. Collateral (received) from counterparties, net of collateral paid to counterparties, totaled $532 million and $8 million allocated to Level 2 and Level 3 mark-to-market derivatives, respectively, as of December 31, 2011.

(g)       The Level 3 balance does not include current and noncurrent assets for Generation and current and noncurrent liabilities for ComEd of $226 million and $0 million at December 31, 2012 and $503 million and $191 million at December 31, 2011, respectively, related to the fair value of Generation's financial swap contract with ComEd.

(h)       The Level 3 balance includes the current and noncurrent liability of $18 million and $49 million at December 31, 2012, respectively, and $9 million and $97 million at December 31, 2011, respectively, related to floating-to-fixed energy swap contracts with unaffiliated suppliers.

 
Fair value reconciliation of Level 3 assets and liabilities measured at fair value on a recurring basis
For the Year Ended December 31, 2012Nuclear Decommissioning Trust Fund InvestmentPledged Assets for Zion Station Decommissioning Mark-to-Market Derivatives(b)Other InvestmentsTotal
Balance as of January 1, 2012$ 13$ 37$ 17 $0$ 67
Total realized / unrealized gains (losses)           
 Included in net income  -  -  (119)(a)  -  (119)
 Included in other comprehensive income  -  -  -   -  -
 Included in regulatory assets  1  -  39   -  40
 Included in payable for Zion Station decommissioning  -  -  -   -  -
Change in collateral  -  -  (32)   -  (32)
Purchases, sales, issuances and settlements           
 Purchases  169  63  334(c) 17  583
 Sales  -  (11)  -  0  (11)
Transfers into Level 3  -  -  39  0  39
Transfers out of Level 3  -  -  89   -  89
             
Balance as of December 31, 2012$ 183$ 89$ 367 $ 17$ 656
The amount of total gains included in income            
 attributed to the change in unrealized gains (losses) related to assets and liabilities held as of December 31, 2012$ -$ -$ 37 $0$ 37

 

(a)       Includes the reclassification of $156 million of realized losses due to settlement of derivative contracts recorded in results of operations for the year ended December 31, 2012.

(b)       Excludes $98 million of increases in fair value and $566 million of realized losses due to settlements for the year ended December 31, 2012 of Generation's financial swap contract with ComEd, which eliminates upon consolidation in Exelon's Consolidated Financial Statements. This position was de-designated as a cash flow hedge prior to the merger date. All prospective changes in fair value and reclassifications of realized amounts are being recorded to income offset by the amortization of the frozen mark in OCI.

(c)       Includes $323 million of fair value from contracts and $17 million of other investments acquired as a result of the merger.

 

 

(a)        Includes the reclassification of $32 million of realized losses due to the settlement of derivative contracts recorded in results of operations for the year ended December 31, 2011.

(b)        Excludes $170 million of increases in fair value and $451 million of realized losses due to settlements associated with Generation's financial swap contract with ComEd and $5 million of changes in the fair value of Generation's block contracts with PECO for the year ended December 31, 2011. All items eliminate upon consolidation if Exelon's Consolidated Financial Statements.

 
Total realized and unrealized gains (losses) included in income for Level 3 assets and liabilities measured at fair value on a recurring basis
       
 Operating Revenue  Purchased Power and Fuel
Total gains (losses) included in income for the year ended     
 December 31, 2012$(153) $34
Change in the unrealized gains relating to assets and liabilities     
 held for the year ended December 31, 2012$13 $24
      
 Operating Revenue  Purchased Power and Fuel
Total gains (losses) included in income for the year ended     
 December 31, 2011$108 $(8)
Change in the unrealized gains (losses) relating to assets and liabilities held     
  for the year ended December 31, 2011$137 $(5)
For the Year Ended December 31, 2011Nuclear Decommissioning Trust Fund Investments Pledged Assets for Zion Decommissioning Mark-to-Market Derivatives  Total
Balance as of January 1, 2011 $0  $0 $50  $50
Total realized / unrealized gains (losses)              
 Included in income  1   0  99   100
 Included in other comprehensive income  0   0  (25)(a)  (25)
 Included in regulatory liabilities  2   0  (106)(b)  (104)
Change in collateral  0   0  6   6
Purchases, sales, issuances and settlements              
 Purchases  10   60  10   80
 Sales  0   (23)  0   (23)
Transfers out of Level 3  0   0  (17)   (17)
Balance as of December 31, 2011 $13  $37 $17  $67
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, 2011 $1  $0 $131  $132
Fair value reconciliation of Level 3 assets and liabilities measured at fair value on a recurring basis, valuation technique
Type of trade Fair Value at December 31, 2012 (d) Valuation Technique Unobservable Input Range
Mark-to-market derivatives – Economic Hedges (Generation) (a)  $473 Discounted Cash Flow Forward power price $14 -$79 
     Forward gas price $3.26 -$6.27 
    Option Model Volatility percentage  28%- 132%
                
Mark-to-market derivatives – Proprietary trading (Generation) (a) $(6) Discounted Cash Flow Forward power price $15 -$106 
    Option Model Volatility percentage  16%- 48%
                
Mark-to-market derivatives – Transactions with affiliates (Generation and ComEd) (b) $226 Discounted Cash Flow Marketability reserve  8%- 9%
                
Mark-to-market derivatives (ComEd) $(67) Discounted Cash Flow Forward heat rate (c)  8%- 9.5%
     Marketability reserve  3.5%- 8.3%
     Renewable factor  81%- 123%

  • The valuation techniques, unobservable inputs and ranges are the same for the asset and liability positions.
  • Includes current assets for Generation and current liabilities for ComEd of $226 million, related to the fair value of the five-year financial swap contract between Generation and ComEd, which eliminates in consolidation.
  • Quoted forward natural gas rates are utilized to project the forward power curve for the delivery of energy at specified future dates. The natural gas curve is extrapolated beyond its observable period to the end of the contract's delivery.
  • The fair values do not include cash collateral held on Level 3 positions of $33 million as of December 31, 2012.

 

  
Exelon Generation Co L L C [Member]
    
Fair Value Tables [Line Items]    
Fair value of financial liabilities recorded at the carrying amount
   December 31, 2012 December 31, 2011
   Carrying  Fair Value  Carrying  Fair
   Amount  Level 1 Level 2 Level 3 Amount Value
Short-term liabilities$0 $0$0$0 $2 $2
Long-term debt (including amounts                
 due within one year) 7,483  0 7,591 258  3,677  4,231
SNF obligation 1,020  0 763 0  1,019  886
  
Assets and liabilities measured and recorded at fair value on recurring basis
As of December 31, 2012Level 1Level 2Level 3 Total
Assets        
Cash equivalents(a)$487$0$0$ 487
Nuclear decommissioning trust fund investments        
Cash equivalents 245 0 0  245
Equity        
Equity securities 1,480 0 0  1,480
Commingled funds 0 1,933 0  1,933
Equity funds subtotal 1,480 1,933 0  3,413
Fixed income        
Debt securities issued by the U.S. Treasury and other U.S.         
government corporations and agencies 1,057 0 0  1,057
Debt securities issued by states of the United States and        
political subdivisions of the states 0 321 0  321
Debt securities issued by foreign governments 0 93 0  93
Corporate debt securities 0 1,788 0  1,788
Federal agency mortgage-backed securities 0 24 0  24
Commercial mortgage-backed securities (non-agency) 0 45 0  45
Residential mortgage-backed securities (non-agency) 0 11 0  11
Mutual funds 0 23 0  23
Fixed income subtotal 1,057 2,305 0  3,362
Middle market lending 0 0 183  183
Other debt obligations 0 15 0  15
Nuclear decommissioning trust fund investments subtotal(b) 2,782 4,253 183  7,218
         
Pledged assets for Zion Station decommissioning        
Cash equivalents 0 23 0  23
Equity        
Equity securities 14 0 0  14
Commingled funds 0 9 0  9
Equity funds subtotal 14 9 0  23
Fixed income        
Debt securities issued by the U.S. Treasury and other U.S.         
government corporations and agencies 118 12 0  130
Debt securities issued by states of the United States and        
political subdivisions of the states 0 37 0  37
Corporate debt securities 0 249 0  249
Federal agency mortgage-backed securities 0 49 0  49
Commercial mortgage-backed securities (non-agency) 0 6 0  6
Fixed income subtotal 118 353 0  471
Middle market lending 0 0 89  89
Other debt obligations 0 1 0  1
Pledged assets for Zion Station decommissioning subtotal(c) 132 386 89  607
         
Rabbi trust investments        
Cash equivalents 1 0 0  1
Mutual funds(d)(e) 13 0 0  13
Rabbi trust investments subtotal 14 0 0 14
         
Commodity mark-to-market derivative assets        
Economic hedges 861 3,173 867  4,901
Proprietary trading 1,042 2,078 73  3,193
Effect of netting and allocation of collateral(f) (1,823) (4,175) (58)  (6,056)
Commodity mark-to-market assets subtotal(g) 80 1,076 882  2,038
         
Interest Rate mark-to-market derivative assets 0 101 0  101
Effect of netting and allocation of collateral 0 (51) 0  (51)
Interest Rate mark-to-market derivative assets subtotal 0 50 0 50
         
Other investments 2 0 17  19
         
Total assets 3,497 5,765 1,171  10,433
         
Liabilities        
Commodity mark-to-market derivative liabilities        
Economic hedges (1,041) (2,289) (169)  (3,499)
Proprietary trading (1,084) (1,959) (78)  (3,121)
Effect of netting and allocation of collateral(f) 2,042 4,020 25  6,087
Commodity mark-to-market liabilities subtotal (83) (228) (222)  (533)
         
Interest rate mark-to-market derivative liabilities 0 (84) 0  (84)
Effect of netting and allocation of collateral 0 51 0  51
Interest rate mark-to-market derivative liabilities subtotal 0 (33) 0 (33)
         
Deferred compensation 0 (28) 0  (28)
         
Total liabilities (83) (289) (222) (594)
         
Total net assets$3,414$5,476$949$ 9,839
         
As of December 31, 2011Level 1Level 2Level 3 Total
Assets        
Cash equivalents(a)$466$0$0$ 466
Nuclear decommissioning trust fund investments        
Cash equivalents 562 0 0  562
Equity        
Equity securities 1,275 0 0  1,275
Commingled funds 0 1,822 0  1,822
Equity funds subtotal 1,275 1,822 0  3,097
Fixed income        
Debt securities issued by the U.S. Treasury and other U.S.         
government corporations and agencies 1,014 33 0  1,047
Debt securities issued by states of the United States and        
political subdivisions of the states 0 541 0  541
Debt securities issued by foreign governments 0 16 0  16
Corporate debt securities 0 778 0  778
Federal agency mortgage-backed securities 0 357 0  357
Commercial mortgage-backed securities (non-agency) 0 83 0  83
Residential mortgage-backed securities (non-agency) 0 5 0  5
Mutual funds 0 47 0  47
Fixed income subtotal 1,014 1,860 0  2,874
Middle market lending 0 0 13  13
Other debt obligations 0 18 0  18
Nuclear decommissioning trust fund investments subtotal(b) 2,851 3,700 13 6,564
         
Pledged assets for Zion Station decommissioning        
Equity        
Equity securities 35 0 0  35
Commingled funds 0 30 0  30
Equity funds subtotal 35 30 0  65
Fixed income        
Debt securities issued by the U.S. Treasury and other U.S.         
government corporations and agencies 54 26 0  80
Debt securities issued by states of the United States and        
political subdivisions of the states 0 65 0  65
Corporate debt securities 0 314 0  314
Federal agency mortgage-backed securities 0 121 0  121
Commercial mortgage-backed securities (non-agency) 0 10 0  10
Commingled funds 0 20 0  20
Fixed income subtotal 54 556 0  610
Middle market lending 0 0 37  37
Other debt obligations 0 13 0  13
Pledged assets for Zion Station decommissioning subtotal(c) 89 599 37  725
         
Rabbi trust investments(d)(e) 4 0 0  4
         
Commodity mark-to-market derivative assets        
Cash flow hedges 0 857 694  1,551
Other derivatives 0 1,653 124  1,777
Proprietary trading 0 240 48  288
Effect of netting and allocation of collateral(f) 0 (1,827) (28)  (1,855)
Commodity mark-to-market assets subtotal(g) 0 923 838  1,761
         
         
Total assets 3,410 5,222 888  9,520
         
Liabilities        
Commodity mark-to-market derivative liabilities        
Cash flow hedges 0 (13) 0  (13)
Other derivatives (1) (1,137) (13)  (1,151)
Proprietary trading 0 (236) (28)  (264)
Effect of netting and allocation of collateral(f) 0 1,295 20  1,315
Commodity mark-to-market liabilities subtotal (1) (91) (21)  (113)
         
Interest rate mark-to-market derivative liabilities 0 (19) 0  (19)
Deferred compensation 0 (18) 0  (18)
         
Total liabilities (1) (128) (21)  (150)
         
Total net assets$3,409$5,094$867$ 9,370

 

(a)       Excludes certain cash equivalents considered to be held-to-maturity and not reported at fair value.

(b)       Excludes net assets (liabilities) of $30 million and $(57) million at December 31, 2012 and December 31, 2011, respectively. These items consist of receivables related to pending securities sales, interest and dividend receivables, and payables related to pending securities purchases.

(c)       Excludes net assets of $7 million and $9 million at December 31, 2012 December 31, 2011, respectively. These items consist of receivables related to pending securities sales, interest and dividend receivables, and payables related to pending securities purchases.

(d)       The $13 million mutual funds held by the Rabbi trusts are classified as Level 1 as they are valued based upon quoted prices (unadjusted) in active markets.

(e)       Excludes $8 million and $7 million of the cash surrender value of life insurance investments at December 31, 2012 and December 31, 2011, respectively.

(f)       Includes collateral postings (received) from counterparties. Collateral (received) from counterparties, net of collateral paid to counterparties, totaled $219 million, $(155) million and $(33) million allocated to Level 1, Level 2 and Level 3 mark-to-market derivatives, respectively, as of December 31, 2012. Collateral (received) from counterparties, net of collateral paid to counterparties, totaled $532 million and $8 million allocated to Level 2 and Level 3 mark-to-market derivatives, respectively, as of December 31, 2011.

(g)       The Level 3 balance includes current and noncurrent assets for Generation of $226 million and $0 million at December 31, 2012 and $503 million and $191 million at December 31, 2011, respectively, related to the fair value of Generation's financial swap contract with ComEd, which eliminates upon consolidation in Exelon's Consolidated Financial Statements.

 

  
Fair value reconciliation of Level 3 assets and liabilities measured at fair value on a recurring basis
For the Year Ended December 31, 2012Nuclear Decommissioning Trust Fund InvestmentsPledged Assets for Zion Station DecommissioningMark-to-Market Derivatives  Other InvestmentsTotal
Balance as of January 1, 2012$ 13$ 37$ 817   -$ 867
Total unrealized / realized gains (losses)           
 Included in income  -  -  (112)(a) -  (112)
 Included in other comprehensive income  -  -  (475)(b) -  (475)
 Included in noncurrent payables to affiliates  1  -  -   -  1
Change in collateral  -  -  (32)   -  (32)
Purchases, sales, issuances and settlements           
 Purchases  169  63  334(c) 17  583
 Sales  -  (11)  -   -  (11)
Transfers into Level 3  -  -  39     39
Transfers out of Level 3  -  -  89   -  89
             
Balance as of December 31, 2012$ 183$ 89$ 660 $ 17$ 949
The amount of total losses included in income           
 attributed to the change in unrealized gains (losses) related to assets and liabilities held as of December 31, 2012$ -$ -$ (12) $ -$ (12)

(a) Includes the reclassification of $100 million of realized losses due to the settlement of derivative contracts recorded in results of operations for the year ended December 31, 2012.

(b)       Includes $98 million of increases in fair value and realized losses due to settlements of $566 million associated with Generation's financial swap contract with ComEd for the year ended December 31, 2012. This position was de-designated as a cash flow hedge prior to the merger date. All prospective changes in fair value and reclassifications of realized amounts are being recorded to income offset by the amortization of the frozen mark in OCI. All items eliminate upon consolidation in Exelon's Consolidated Financial Statements.

(c)        Includes $323 million of fair value from contracts and $17 million of other investments acquired as a result of the merger.

For the Year Ended December 31, 2011Nuclear Decommissioning Trust Fund Investments Pledged Assets for Zion Station DecommissioningMark-to-Market Derivatives Total
Balance as of January 1, 2011$0$0$1,030 $1,030
Total realized / unrealized gains (losses)         
 Included in income 1 0 99(a)100
 Included in other comprehensive income 0 0 (311)(b)(311)
 Included in payable for Zion Station decommissioning 2 0 0  2
Changes in collateral 0 0 6  6
Purchases, sales, issuances and settlements         
 Purchases 10 60 10  80
 Sales 0 (23) 0  (23)
Transfers out of Level 3 - Liability 0 0 (17)  (17)
           
Balance as of December 31, 2011$13$37$817 $867
           
The amount of total gains included in income attributed to         
 the change in unrealized gains related to assets and liabilities as of December 31, 2011$1$0$131 $132

(a)        Includes the reclassification of $32 million of realized losses due to the settlement of derivative contracts recorded in results of operations for the year ended December 31, 2011.

(b) Includes $170 million of increases in fair value and $451 million of realized losses reclassified from OCI due to settlements associated with Generation's financial swap contract with ComEd for the year ended December 31, 2011, and $5 million of decreases in fair value due to settlement of Generation's block contracts with PECO for the year ended December 31, 2011. All items eliminate upon consolidation in Exelon's Consolidated Financial Statements.

Total realized and unrealized gains (losses) included in income for Level 3 assets and liabilities measured at fair value on a recurring basis
  Operating Revenue  Purchased Power and Fuel
Total gains (losses) included in income for the year ended       
 December 31, 2012 $(146) $34
Change in the unrealized gains (losses) relating to assets and       
 liabilities held for the year ended December 31, 2012 $(25) $13
        
  Operating Revenue  Purchased Power and Fuel
Total gains (losses) included in income for the year ended       
 December 31, 2011 $108 $(8)
Change in the unrealized gains (losses) relating to assets and       
 liabilities held for the year ended December 31, 2011 $137 $(5)
  
Commonwealth Edison Co [Member]
    
Fair Value Tables [Line Items]    
Fair value of financial liabilities recorded at the carrying amount
   December 31, 2012 December 31, 2011
   Carrying  Fair Value  Carrying  Fair
   Amount  Level 1 Level 2 Level 3 Amount Value
Long-term debt (including amounts                
 due within one year)$5,567 $0$6,530$18 $5,665 $6,540
Long-term debt to financing trust 206  0 0 212  206  184
  
Assets and liabilities measured and recorded at fair value on recurring basis
As of December 31, 2012Level 1 Level 2 Level 3 Total
Assets           
Cash equivalents$111 $0 $0 $111
Rabbi trust investments           
Mutual funds  8  0  0  8
 Rabbi trust investment subtotal 8  0  0  8
             
Total assets 119  0  0  119
             
Liabilities           
Deferred compensation obligation 0  (8)  0  (8)
Mark-to-market derivative liabilities (b)(c) 0  0  (293)  (293)
             
Total liabilities 0  (8)  (293)  (301)
             
Total net assets (liabilities)$119 $(8) $(293) $(182)
             
As of December 31, 2011Level 1 Level 2 Level 3 Total
Assets           
Cash equivalents (a)$173 $0 $0 $173
Rabbi trust investments           
Cash equivalents 2  0  0  2
Mutual funds 19  0  0  19
  Rabbi trust investment subtotal 21  0  0  21
             
Total assets 194  0  0  194
             
Liabilities           
Deferred compensation obligation 0   (8)  0  (8)
Mark-to-market derivative liabilities (b)(c) 0  0  (800)  (800)
             
Total liabilities 0  (8)  (800)  (808)
             
Total net assets (liabilities)$194 $(8) $(800) $(614)

(a)       Excludes certain cash equivalents considered to be held-to-maturity and not reported at fair value.

(b)       The Level 3 balance includes the current and noncurrent liability of $226 million and $0 million at December 31, 2012, respectively, and $503 million and $191 million at December 31, 2011, respectively, related to the fair value of ComEd's financial swap contract with Generation which eliminates upon consolidation in Exelon's Consolidated Financial Statements.

(c)       The Level 3 balance includes the current and noncurrent liability of $18 million and $49 million at December 31, 2012, respectively, and $9 million and $97 million at December 31, 2011, respectively, related to floating-to-fixed energy swap contracts with unaffiliated suppliers.

 

  • Includes $170 million of increases in fair value and $451 million of realized gains due to settlements associated with ComEd's financial swap contract with Generation for the year ended December 31, 2011. All items eliminate upon consolidation in Exelon's Consolidated Financial Statements.
  • Includes $110 million of decreases in fair value of floating-to-fixed energy swap contracts with unaffiliated suppliers for the year ended December 31, 2011.
Fair value reconciliation of Level 3 assets and liabilities measured at fair value on a recurring basis
For the Year Ended December 31, 2012Mark-to-Market Derivatives
Balance as of January 1, 2012$(800)
Total realized / unrealized gains included in regulatory assets (a)(b) 507
Balance as of December 31, 2012$(293)

 

(a)       Includes $98 million of decreases in fair value and realized gains due to settlements of $566 million associated with ComEd's financial swap contract with Generation for the year ended December 31, 2012. All items eliminate upon consolidation in Exelon's Consolidated Financial Statements.

(b)       Includes $34 million of increases in the fair value and realized losses due to settlements of $5 million recorded in purchased power expense associated with floating-to-fixed energy swap contracts with unaffiliated suppliers for the year ended December 31, 2012 .
Twelve Months Ended December 31, 2011Mark-to-Market Derivatives
Balance as of January 1, 2011$(971)
Total realized / unrealized gains included in regulatory assets (a)(b) 171
Balance as of December 31, 2011$(800)
PECO Energy Co [Member]
    
Fair Value Tables [Line Items]    
Fair value of financial liabilities recorded at the carrying amount
   December 31, 2012 December 31, 2011
   Carrying  Fair Value  Carrying  Fair
   Amount  Level 1 Level 2 Level 3 Amount Value
Short-term liabilities$210 $0$210$0 $225 $225
Long-term debt (including amounts                
 due within one year) 1,947  0 2,264 0  1,972  2,295
Long-term debt to financing trusts 184  0 0 188  184  174
Preferred securities 87  0 82 0  87  79
  
Assets and liabilities measured and recorded at fair value on recurring basis
As of December 31, 2012Level 1 Level 2 Level 3 Total 
Assets            
Cash equivalents$346 $0 $0 $346 
Rabbi trust investments - mutual funds(b)(c) 9  0  0  9 
              
Total assets 355  0  0  355 
              
Liabilities            
Deferred compensation obligation 0  (18)  0  (18) 
              
Total liabilities 0  (18)  0  (18) 
              
Total net assets (liabilities)$355 $(18) $0 $337 
              
As of December 31, 2011Level 1 Level 2 Level 3 Total 
Assets            
Cash equivalents(a)$175 $0 $0 $175 
Rabbi trust investments - mutual funds(b)(c) 9  0  0  9 
              
Total assets 184  0  0  184 
              
Liabilities            
Deferred compensation obligation 0  (21)  0  (21) 
              
Total liabilities 0  (21)  0  (21) 
              
Total net assets (liabilities)$184 $(21) $0 $163 

(a)       Excludes certain cash equivalents considered to be held-to-maturity and not reported at fair value.

(b)       The mutual funds held by the Rabbi trusts are classified as Level 1 as they are valued based upon quoted prices (unadjusted) in active markets.

(c)       Excludes $13 million of the cash surrender value of life insurance investments at December 31, 2012 and 2011, respectively.

 
Fair value reconciliation of Level 3 assets and liabilities measured at fair value on a recurring basis  
Year Ended December 31, 2011Mark-to-Market Derivatives 
Balance as of January 1, 2011$(9) 
Total realized gains included in regulatory assets 9(a)
Balance as of December 31, 2011$0 

 

(a) Includes an increase of $5 million related to the settlement of PECO's block contracts with Generation, which eliminates upon consolidation in Exelon's Consolidated Financial Statements. Generation's block contracts with PECO expired on December 31, 2011.

 
Baltimore Gas and Electric Company [Member]
    
Fair Value Tables [Line Items]    
Fair value of financial liabilities recorded at the carrying amount
   December 31, 2012 December 31, 2011
   Carrying  Fair Value  Carrying  Fair
   Amount  Level 1 Level 2 Level 3 Amount Value
Long-term debt (including amounts                
 due within one year)$2,178 $0$2,468$0 $2,101 $2,377
Long-term debt to financing trusts 258  0 0 263  258  256
  
Assets and liabilities measured and recorded at fair value on recurring basis
As of December 31, 2012Level 1 Level 2 Level 3 Total 
Assets            
Cash equivalents$33 $0 $0 $33 
Rabbi trust investments - mutual funds 5  0  0  5 
              
Total assets 38  0  0  38 
              
Liabilities            
Deferred compensation obligation 0  (5)  0  (5) 
              
Total liabilities 0  (5)  0  (5) 
              
Total net assets (liabilities)$38 $(5) $0 $33 
              
As of December 31, 2011Level 1 Level 2 Level 3 Total 
Assets            
Cash equivalents$33 $0 $0 $33 
              
Total assets 33  0  0  33 
              
Liabilities            
              
              
Total net assets (liabilities)$33 $0 $0 $33