Retirement Benefits (Exelon, Generation, ComEd, PECO and BGE)

9 Months Ended

Sep. 30, 2013

Retirement Benefits [Line Items]

Retirement Benefits (Exelon, Generation, ComEd, PECO and BGE)

14. Retirement Benefits (Exelon, Generation, ComEd, PECO and BGE)

Exelon sponsors defined benefit pension plansand other postretirement benefit plans for essentially all Generation, ComEd, PECO, BGE and BSC employees.

Defined Benefit Pension and Other Postretirement Benefits

During the first quarter of 2013, Exelon received an updated valuation of itslegacy pension and other postretirement benefit obligations to reflect actual census data as of January 1, 2013. This valuation resulted in anincreaseto the pension obligation of $8 million and a decrease to the other postretirement benefit obligation of$39 million. Additionally, accumulated other comprehensive loss decreased by approximately $75million (after tax) and regulatory assets increased by approximately$93 million.During the second quarter of 2013, Exelon received the updated valuation for the legacy Constellation pension and other postretirement obligations to reflect actual census data as of January 1, 2013. This valuation resulted in an increase to the pension obligation of $23 million and a decrease to the other postretirement benefit obligation of $12 million. Additionally, accumulated other comprehensive loss increased by approximately $2 million (after tax) and regulatory assets increased by approximately $14 million.

The following tables present the components of Exelon's net periodic benefit costs for the three andnine months ended September 30, 2013 and 2012. The 2013 pension benefit cost for all plans is calculated using an expected long-term rate of return on plan assets of 7.50% and a discount rate of 3.92%. The 2013other postretirement benefit cost is calculated using an expected long-term rate of return on plan assets of 6.45% for funded plans and a discount rate of 4.00% for all plans. Certain other postretirement benefit plans are not funded. A portion of the net periodic benefit cost is capitalized within the Consolidated Balance Sheets.

			Pension Benefits				Other Postretirement Benefits
			Three Months Ended				Three Months Ended
			September 30,				September 30,
			2013		2012		2013		2012
Service cost		$	79	$	76	$	41	$	38
Interest cost			163		181		48		53
Expected return on assets			(253)		(258)		(33)		(28)
Amortization of:
	Transition obligation		0		0		0		2
	Prior service cost (benefit)		3		5		(4)		(3)
	Actuarial loss		140		117		20		19
Settlement charges			9		9		0		0
Curtailment gain			0		0		0		(5)
Net periodic benefit cost		$	141	$	130	$	72	$	76
			Pension Benefits				Other Postretirement Benefits
			Nine Months Ended				Nine Months Ended
			September 30,				September 30,
			2013		2012		2013		2012
Service cost		$	238	$	211	$	122	$	114
Interest cost			488		524		145		157
Expected return on assets			(761)		(742)		(99)		(86)
Amortization of:
	Transition obligation		0		0		0		8
	Prior service cost (benefit)		10		12		(14)		(10)
	Actuarial loss		421		338		62		58
Settlement charges			9		9		0		0
Contractual termination benefit cost (a)			0		14		0		6
Curtailment gain			0		0		0		(7)
Net periodic benefit cost		$	405	$	366	$	216	$	240

• ComEd and BGE established regulatory assets of $1 million and $4 million, respectively, for their portion of the second quarter 2012 contractual termination benefit charge.

The amounts below were included in Capital expenditures and Operating and maintenance expense during the three and nine months ended September 30, 2013 and 2012, for Generation's, ComEd's, PECO's, BGE's and BSC's allocated portion of the pension and postretirement benefit plan costs.

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
Pension and Other Postretirement Benefit Costs	2013		2012		2013		2012
Generation	$	87	$	85	$	259	$	259
ComEd		77		75		231		212
PECO		11		12		32		38
BGE (a)(b)		14		14		41		46
BSC (c)		24		20		58		63

(a)       BGE's pension and postretirement benefit costs for the nine months ended September 30, 2012include $12 million of costs incurred prior to the closing of Exelon's merger with Constellation on March 12, 2012.These amounts are not included in Exelon's net periodic benefit costs for the ninemonths ended September 30, 2012shown in the first table of the Defined Benefit Pension and Other Postretirement Benefits section above.

(b)       BGE's pension and other postretirement benefit costs for the three and nine months ended September 30, 2012 includes a $3 million contractual termination benefit charge, which was recorded as a regulatory asset as of September 30, 2012.

(c)       These amounts primarily represent amounts billed to Exelon's subsidiaries through intercompany allocations. These amounts are not included in the Generation, ComEd, PECO or BGE amounts above.As of September 30, 2012, ComEd and BGE each recorded a regulatory asset of $1 million related to their BSC-billed portion of the second quarter 2012 contractual termination benefit charge.

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
Savings Plan Matching Contributions	2013		2012		2013		2012
Exelon	$	18	$	19	$	61	$	55
Generation		8		9		29		25
ComEd		6		5		16		14
PECO		2		2		6		5
BGE (a)		1		1		5		5
BSC (b)		1		2		5		6

• BGE's matching contributions for the nine months ended September 30, 2012 include $1 million of costs incurred prior to the closing of Exelon's merger with Constellation on March 12, 2012, which is not included in Exelon's matching contributions for the nine months ended September 30, 2012.
• These amounts primarily represent amounts billed to Exelon's subsidiaries through intercompany allocations. These costs are not included in the Generation, ComEd, PECO or BGE amounts above.