XML 177 R53.htm IDEA: XBRL DOCUMENT v2.4.1.9
Retirement Benefits (Tables)
 12 Months Ended
Dec. 31, 2014
Compensation and Retirement Disclosure [Abstract]  
Schedule Of Pension And Other Postretirement Participation
 
 
Operating Company
Name of Plan:
 
Generation
 
ComEd
 
PECO
 
BGE
 
BSC
Qualified Pension Plans:
 
 
 
 
 
 
 
 
 
 
Exelon Corporation Retirement Program(a)
 
X
  
X
  
X
  
X
 
X
Exelon Corporation Cash Balance Pension Plan(a)
 
X
  
X
  
X
  
X
 
X
Exelon Corporation Pension Plan for Bargaining
Unit Employees(a)
 
X
  
X
  
 
 
 
 
X
Exelon New England Union Employees Pension
Plan(a)
 
X
  
 
 
 
 
 
 
 
Exelon Employee Pension Plan for Clinton, TMI
and Oyster Creek(a)
 
X
  
X
  
 
 
 
 
X
Pension Plan of Constellation Energy Group, Inc.(b)
 
X
  
X
 
X
 
X
  
X
Pension Plan of Constellation Energy Nuclear
   Group, LLC(c)
 
X
 
 
 
 
 
X
 
X
Nine Mile Point Pension Plan(c)
 
X
 
 
 
 
 
 
 
X
Constellation Mystic Power, LLC Union Employees
Pension Plan Including Plan A and Plan B(b)

 
X
  
 
 
 
 
 
 
 
Non-Qualified Pension Plans:
 
 
 
 
 
 
 
 
 
 
Exelon Corporation Supplemental Pension Benefit
Plan and 2000 Excess Benefit Plan(a)
 
X
  
X
  
X
  
 
 
X
Exelon Corporation Supplemental Management
Retirement Plan(a)
 
X
  
X
  
X
  
X
 
X
Constellation Energy Group, Inc. Senior Executive
Supplemental Plan(b)
 
X
  
 
 
 
 
X
  
X
Constellation Energy Group, Inc. Supplemental
Pension Plan(b)
 
X
  
 
 
 
 
X
  
X
Constellation Energy Group, Inc. Benefits
Restoration Plan(b)
 
X
  
 
 
 
 
X
  
X
Constellation Nuclear Plan, LLC Executive
   Retirement Plan(c) 
 
X
 
 
 
 
 
 
 
X
Constellation Energy Nuclear Plan, LLC Benefits
   Restoration Plan(c)
 
X
 
 
 
 
 
 
 
X
Baltimore Gas & Electric Company Executive
Benefit Plan(b)
 
X
  
 
 
 
 
X
  
X
Baltimore Gas & Electric Company Manager
Benefit Plan(b)

 
X
  
 
 
 
 
X
  
X
 
 
 
Operating Company
Name of Plan:
 
Generation
 
ComEd
 
PECO
 
BGE
 
BSC
Other Postretirement Benefit Plans:
 
 
 
 
 
 
 
 
 
 
PECO Energy Company Retiree Medical Plan(a)
 
X
  
X
 
X
  
X
 
X
Exelon Corporation Health Care Program(a)
 
X
  
X
  
 
 
X
 
X
Exelon Corporation Employees’ Life Insurance
Plan(a)
 
X
  
X
  
X
  
X
 
X
Constellation Energy Group, Inc. Retiree Medical
Plan(b)
 
X
  
X
 
X
 
X
  
X
Constellation Energy Group, Inc. Retiree Dental
Plan(b)
 
X
  
 
 
 
 
X
  
X
Constellation Energy Group, Inc. Employee Life
Insurance Plan and Family Life Insurance Plan(b)
 
X
  
X
 
X
 
X
  
X
Constellation Mystic Power, LLC
Post-Employment Medical Account Savings Plan(b)
 
X
  
 
 
 
 
 
 
 
Exelon New England Union Post-Employment
Medical Savings Account Plan(a)
 
X
  
 
 
 
 
 
 
 
Retiree Medical Plan of Constellation Energy
   Nuclear Group LLC(c)
 
X
 
 
 
 
 
X
 
X
Retiree Dental Plan of Constellation Energy
   Nuclear Group LLC(c)
 
X
 
 
 
 
 
X
 
X
Nine Mile Point Nuclear Station, LLC Medical Care
   and Prescription Drug Plan for Retired
   Employees(c)
 
X
 
 
 
 
 
 
 
X
______________________
(a)
These plans are collectively referred to as the Legacy Exelon plans.
(b)
These plans are collectively referred to as the Legacy Constellation Energy Group (CEG) Plans.
(c)
These plans are collectively referred to as the Legacy CENG plans.
Defined Benefit Plan Change In Benefit Obligation RollForward
The following table provides a rollforward of the changes in the benefit obligations and plan assets for the most recent two years for all plans combined:
 
 
Pension Benefits
 
Other
Postretirement Benefits
 
2014
 
2013
 
2014
 
2013
Change in benefit obligation:
 
 
 
 
 
 
 
Net benefit obligation at beginning of year
$
15,459

 
$
16,800

 
$
4,451

 
$
4,820

Service cost
293


317


117


162

Interest cost
749


650


186


194

Plan participants’ contributions
—

 
—

 
42

 
34

Actuarial loss (gain)
2,095

 
(1,363
)
 
502

 
(551
)
Plan amendments
—

 
1

 
(1,012
)
 
15

Acquisitions/divestitures(a)
594

 
—

 
142

 
—

Curtailments
(8
)
 
—

 
—

 
—

Settlements
(30
)

(69
)

—


—

Gross benefits paid
(896
)

(877
)

(231
)

(223
)
Net benefit obligation at end of year
$
18,256

 
$
15,459

 
$
4,197

 
$
4,451

 
 
Pension Benefits
 
Other
Postretirement Benefits
 
2014
 
2013
 
2014
 
2013
Change in plan assets:
 
 
 
 
 
 
 
Fair value of net plan assets at beginning of year
$
13,571

 
$
13,357

 
$
2,238

 
$
2,135

Actual return on plan assets
1,443

 
821

 
90

 
209

Employer contributions
332


339


291


83

Plan participants’ contributions
—

 
—

 
42

 
34

Benefits paid
(896
)

(877
)

(231
)

(223
)
Acquisitions/divestitures(a)
454

 
—

 
—

 
—

Settlements
(30
)

(69
)

—


—

Fair value of net plan assets at end of year
$
14,874

 
$
13,571

 
$
2,430

 
$
2,238

_______________________ 
(a)
On April 1, 2014, Generation assumed operational control of CENG’s nuclear fleet.  As a result, Exelon became a sponsor of CENG’s pension and OPEB plans effective July 14, 2014.  See Note 5 - Investment in Constellation Energy Nuclear Group, LLC for further information.
Schedule of Amounts Recognized in Balance Sheet

Exelon presents its benefit obligations and plan assets net on its balance sheet within the following line items:
 
 
Pension Benefits
 
Other
Postretirement Benefits
 
2014
 
2013
 
2014
 
2013
Other current liabilities
$
16

 
$
12

 
$
25

 
$
23

Pension obligations
3,366


1,876


—


—

Non-pension postretirement benefit obligations
—

 
—

 
1,742


2,190

Unfunded status (net benefit obligation less net plan
assets)
$
3,382


$
1,888


$
1,767


$
2,213
Defined Benefit Plan Pension Plans With Projected Benefit Obligations And Accumulated Benefit Obligations In Excess Of Plan Assets
 
The following tables provide the projected benefit obligations (PBO), accumulated benefit obligation (ABO), and fair value of plan assets for all pension plans with a PBO or ABO in excess of plan assets.
 
 
PBO in
excess of plan assets
 
2014
 
2013
Projected benefit obligation
$
18,256

 
$
15,452

Fair value of net plan assets
14,874

 
13,564

 
 
ABO in
excess of plan assets
 
2014
 
2013
Projected benefit obligation
$
18,256

 
$
15,452

Accumulated benefit obligation
17,191

 
14,552

Fair value of net plan assets
14,874

 
13,564
Schedule of Defined Benefit Plans Disclosures

A portion of the net periodic benefit cost for all pension and OPEB plans are capitalized within each of the Registrant's Consolidated Balance Sheets. The following table presents the components of Exelon’s net periodic benefit costs, prior to any capitalization, for the years ended December 31, 2014, 2013 and 2012.

 
Pension Benefits
 
Other
Postretirement Benefits
 
2014
 
2013
 
2012
 
2014
 
2013
 
2012
Components of net periodic
benefit cost:
 
 
 
 
 
 
 
 
 
 
 
Service cost
$
293


$
317


$
280


$
117


$
162


$
156

Interest cost
749


650


698


186


194


205

Expected return on assets
(994
)
 
(1,015
)
 
(988
)
 
(154
)
 
(132
)
 
(115
)
Amortization of:
 
 
 
 
 
 
 
 
 
 
 
Transition obligation
—

 
—

 
—

 
—

 
—

 
11

Prior service cost (credit)
14

 
14

 
15

 
(122
)
 
(19
)
 
(17
)
Actuarial loss
420

 
562

 
450

 
50

 
83

 
81

Curtailment benefits
—

 
—

 
—

 
—

 
—

 
(7
)
Settlement charges
2

 
9

 
31

 
—

 
—

 
—

Contractual termination benefits (a)
—

 
—

 
14

 
—

 
—

 
6

Net periodic benefit cost
$
484

 
$
537

 
$
500

 
$
77

 
$
288

 
$
320


______________________
(a)
ComEd and BGE established regulatory assets of $1 million and $4 million, respectively, for their portion of the contractual termination benefit charge in 2012.
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 the years ended December 31, 2014, 2013 and 2012 for all plans combined.
 
 
Pension Benefits
 
Other
Postretirement Benefits
 
2014
 
2013
 
2012
 
2014
 
2013
 
2012
Changes in plan assets and benefit
obligations recognized in AOCI and regulatory assets (liabilities):
 
 
 
 
 
 
 
 
 
 
 
Current year actuarial (gain) loss
$
1,639

 
$
(1,169
)
 
$
1,693

 
$
561

 
$
(628
)
 
$
304

Amortization of actuarial loss
(420
)
 
(562
)
 
(450
)
 
(50
)
 
(83
)
 
(81
)
Current year prior service (credit) cost
—

 
—

 
1

 
(1,012
)
 
15

 
(109
)
Amortization of prior service (cost)
credit
(14
)
 
(14
)
 
(15
)
 
122

 
19

 
17

Current year transition (asset)
obligation
—

 
—

 
—

 
—

 
—

 
1

Amortization of transition asset
(obligation)
—

 
—

 
—

 
—

 
—

 
(11
)
Curtailments
—

 
—

 
(10
)
 
—

 
—

 
(1
)
Settlements
(2
)
 
(8
)
 
(31
)
 
—

 
—

 
—

Total recognized in AOCI and
regulatory assets (liabilities) (a)
$
1,203


$
(1,753
)
 
$
1,188

 
$
(379
)

$
(677
)
 
$
120

______________________
(a)
Of the $1,203 million loss related to pension benefits, $788 million and $415 million were recognized in AOCI and regulatory assets, respectively, during 2014. Of the $379 million gain related to other postretirement benefits, $162 million and $217 million were recognized in AOCI and regulatory assets (liabilities), respectively, during 2014. Of the $1,753 million gain related to pension benefits, $1,071 million and $682 million were recognized in AOCI and regulatory assets, respectively, during 2013. Of the $677 million gain related to other postretirement benefits, $352 million and $325 million were recognized in AOCI and regulatory assets (liabilities), respectively, during 2013. Of the $1,188 million loss related to pension benefits, $283 million and $904 million were recognized in AOCI and regulatory assets, respectively, during 2012. Of the $120 million loss related to other postretirement benefits, $39 million and $81 million were recognized in AOCI and regulatory assets, respectively, during 2012.
Changes In Plan Assets And Benefit Obligations Not Recognized In OCI And Regulatory Assets

The following table provides the components of Exelon’s gross accumulated other comprehensive loss and regulatory assets (liabilities) that have not been recognized as components of periodic benefit cost at December 31, 2014 and 2013, respectively, for all plans combined:
 
 
Pension Benefits
 
Other
Postretirement Benefits
 
2014
 
2013
 
2014
 
2013
Prior service cost (credit)
$
49


$
62

 
$
(963
)
 
$
(73
)
Actuarial loss
7,407

 
6,192

 
985

 
474

Total (a)
$
7,456

 
$
6,254

 
$
22

 
$
401

_______________________
(a)
Of the $7,456 million related to pension benefits, $4,310 million and $3,146 million are included in AOCI and regulatory assets, respectively, at December 31, 2014. Of the $22 million related to other postretirement benefits, $22 million is included in regulatory assets (liabilities) at December 31, 2014. Of the $6,254 million related to pension benefits, $3,523 million and $2,731 million are included in AOCI and regulatory assets, respectively, at December 31, 2013. Of the $401 million related to other postretirement benefits, $161 million and $240 million are included in AOCI and regulatory assets (liabilities), respectively, at December 31, 2013.
Defined Benefit Plan Amounts That Will Be Amortized From Accumulated Other Comprehensive Income Loss And Regulatory Assets In Next Fiscal Year
The valuation is expected to be completed in the first quarter of 2015 for the majority of the benefit plans.
 
 
Pension Benefits
 
Other
Postretirement Benefits
Prior service cost (credit)
$
13

 
$
(175
)
Actuarial loss
562

 
74

Total (a)
$
575


$
(101
)
___________________ 
(a)
Of the $575 million related to pension benefits at December 31, 2014, $329 million and $246 million are expected to be amortized from AOCI and regulatory assets in 2015, respectively. Of the $101 million related to other postretirement benefits at December 31, 2014, $(51) million and $(50) million are expected to be amortized from AOCI and regulatory assets (liabilities) in 2015, respectively.
Defined Benefit Plan Weighted Average Assumptions Used In Calculating Benefit Obligation

The following assumptions were used to determine the benefit obligations for the plans at December 31, 2014, 2013 and 2012. Assumptions used to determine year-end benefit obligations are the assumptions used to estimate the subsequent year’s net periodic benefit costs.
 
 
Pension Benefits
 
Other Postretirement Benefits
 
 
2014
 
2013
 
2012
 
2014
 
2013
 
2012
 
Discount rate
3.94
%
 
4.80
%
 
3.92
%
 
3.92
%
 
4.90
%
 
4.00
%
 
Rate of
   compensation
       increase
    
(a) 
    
(b) 
 
(c) 
    
(a) 
    
(b) 
 
(c) 
Mortality table
RP-2000 table with Scale BB-2D improvements (adjusted)

  
  
  
  
  
  
  
RP-2000 table with Scale AA
improvements
  
  
  
  
  
  
  
RP-2000 table with Scale AA improvements
 
RP-2000 table with Scale BB-2D improvements (adjusted)

  
  
  
  
  
  
  
RP-2000 table with Scale AA improvements
  
  
  
  
  
  
  
RP-2000 table with Scale AA improvements
 
Health care cost
   trend on covered
      charges
N/A
  
N/A
  
N/A
 
6.00%
decreasing
to
ultimate
trend of
5.00% in
2017
  
  
  
  
  
  
  
6.00%
decreasing
to
ultimate
trend of
5.00% in
2017
  
  
  
  
  
  
  
6.50%
decreasing
to
ultimate
trend of
5.00% in
2017
 
_____________________________
(a)
3.25% for 2015-2019 and 3.75% thereafter.
(b)
3.25% for 2014-2018 and 3.75% thereafter.
(c)
3.25% for 2013-2017 and 3.75% thereafter.
Defined Benefit Plan Weighted Average Assumptions Used In Calculating Net Periodic Benefit Cost
The following assumptions were used to determine the net periodic benefit costs for all the plans for the years ended December 31, 2014, 2013 and 2012:
 
 
Pension Benefits
 
Other Postretirement Benefits
 
 
2014
 
2013
 
2012
 
2014
 
2013
 
2012
 
Discount rate
4.80
%
(a) 
3.92
%
(b) 
4.74
%
(c)  
4.90
%
(a) 
4.00
%
(b) 
4.80
%
(c)  
Expected return on
plan assets
7.00
%
(d) 
7.50
%
(d) 
7.50
%
(d) 
6.59
%
(d) 
6.45
%
(d) 
6.68
%
(d) 
Rate of
   compensation
       increase
    


(e)  
 

(f)  
3.75
%
 
    


(e)  
 

(f) 
3.75
%
 
Mortality table
RP-2000 table with Scale AA improvements
  
  
  
  
  
  
  
RP-2000 table with Scale AA improvements
  
  
  
  
  
  
  
RP-2000 table with Scale AA improvements
  
  
  
  
  
  
  
RP-2000 table with Scale AA improvements
  
  
  
  
  
  
  
RP-2000 table with Scale AA improvements
  
  
  
  
  
  
  
RP-2000 table with Scale AA improvements
  
  
  
  
  
  
  
Health care cost
trend on covered
   charges
N/A
  
N/A
  
N/A
  
6.00%
decreasing
to
ultimate
trend of
5.00% in
2017
  
  
  
  
  
  
  
6.50%
decreasing
to
ultimate
trend of
5.00% in
2017
  
  
  
  
  
  
  
6.50%
decreasing
to
ultimate
trend of
5.00% in
2017
  
  
  
  
  
  
  
___________________________
(a)
The discount rates above represent the initial discount rates used to establish the majority of Exelon’s pension and other postretirement benefits costs for the year ended December 31, 2014. Certain of the other postretirement benefit plans were remeasured as of April 30, 2014 using an expected long-term rate of return on plan assets of 6.59% and a discount rate of 4.30%. Costs for the year ended December 31, 2014 reflect the impact of this remeasurement. On April 1, 2014, Generation assumed operational control of CENG’s nuclear fleet.  As a result, Exelon became the sponsor of CENG’s legacy pension and OPEB plans effective July 14, 2014; discount rates for those plans, impacting 2014 costs, ranged from 3.60%-4.30% and 4.09%-4.55%, respectively. See Note 5 - Investment in Constellation Energy Nuclear Group, LLC for further information.
(b)
The discount rates above represent the initial discount rates used to establish Exelon's pension and other postretirement benefits costs for the year ended December 31, 2013. Certain of the benefit plans were remeasured during the year using discount rates of 4.21% and 4.66% for pension and other postretirement benefits, respectively. Costs for the year ended December 31, 2013 reflect the impact of these measurements.
(c)
The discount rates above represent the initial discounts rates used to establish Exelon’s pension and other postretirement benefits costs for the year ended December 31, 2012. Certain of the benefit plans were remeasured during the year due to the Constellation merger, plan settlement and curtailment events, and plan changes using discount rates of 3.71% and 3.72% for pension and other postretirement benefits, respectively. Costs for the year ended December 31, 2012 reflect the impact of these remeasurements.
(d)
Not applicable to pension and other postretirement benefit plans that do not have plan assets.
(e)
3.25% for 2014-2018 and 3.75% thereafter.
(f)
3.25% for 2013-2017 and 3.75% thereafter.
Schedule of Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates
A one percentage point change in assumed health care cost trend rates would have the following effects:
 
Effect of a one percentage point increase in assumed health care cost trend:
 
on 2014 total service and interest cost components
$
35

on postretirement benefit obligation at December 31, 2014
162

Effect of a one percentage point decrease in assumed health care cost trend:
 
on 2014 total service and interest cost components
(24
)
on postretirement benefit obligation at December 31, 2014
(113
)
Pension And Other Postretirement Benefit Contributions
 
The following table provides contributions made by Generation, ComEd, PECO, BGE and BSC to the pension and other postretirement benefit plans:
 
Pension Benefits
 
Other Postretirement Benefits
 
2014(c)
 
2013
 
2012
 
2014
 
2013
 
2012 (a)
Generation
$
173

 
$
119

 
$
48

 
$
124

 
$
30

 
$
135

ComEd
122

 
118

 
25

 
125

 
4

 
119

PECO
11

 
11

 
13

 
5

 
20

 
33

BGE (b)
—

 
—

 
—

 
17

 
24

 
12

BSC(d)
26

 
91

 
63

 
20

 
5

 
24

Exelon
$
332


$
339


$
149


$
291


$
83


$
323

_________________________
(a)
The Registrants present the cash contributions above net of Federal subsidy payments received on each of their respective Consolidated Statements of Cash Flows. Exelon, Generation, ComEd, PECO, and BGE received Federal subsidy payments of $10 million, $5 million, $4 million, $1 million and $2 million, respectively, in 2012. Effective January 1, 2013, Exelon is no longer receiving this subsidy.
(b)
BGE’s other postretirement benefit payments for 2012 exclude $4 million, of other postretirement benefit payments made by BGE prior to the closing of the Constellation merger on March 12, 2012. These pre-Constellation merger contributions are not included in Exelon’s financial statements but are reflected in BGE’s financial statements.
(c)
Exelon's and Generation's pension contributions include $43 million related to the legacy CENG plans that was funded by CENG as provided in an Employee Matters Agreement (EMA) between Exelon and CENG.
(d)
Includes $9 million, $72 million, and $13 million of pension contributions funded by Exelon Corporate, for the years ended December 31, 2014, 2013, and 2012, respectively.
Defined Benefit Plan Estimated Future Benefit Payments
 
Estimated future benefit payments to participants in all of the pension plans and postretirement benefit plans at December 31, 2014 were:
 
 
Pension
Benefits
 
Other
Postretirement
Benefits
2015
$
1,064

 
$
217

2016
962

 
223

2017
979

 
230

2018
1,004

 
236

2019
1,032

 
247

2020 through 2024
5,825

 
1,373

Total estimated future benefit payments through 2024
$
10,866


$
2,526
Schedule Of Pension And Other Postretirement Benefit Costs
. These amounts include the recognized contractual termination benefit charges, curtailment gains, and settlement charges:
 
For the Year Ended December 31,
Generation
 
ComEd
 
PECO
 
BSC (a)
 
BGE (b)(c)
 
Exelon
2014
$
250


$
162


$
36

 
$
46

 
$
67

 
561

2013
347


309


43

 
71

 
55

 
825

2012
341


282


50

 
99

 
60

 
820

_____________________
(a)
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 December 31, 2012, ComEd and BGE each reported a regulatory asset of $1 million related to their BSC-billed portion of the second quarter 2012 contractual termination benefit charge.
(b)
The amounts included in capital and Operating and maintenance expense for the years ended December 31, 2012 include $12 million in costs incurred prior to the closing of the Constellation merger on March 12, 2012. These amounts are not included in Exelon’s capital expenditures and Operating and maintenance expense for the year ended December 31, 2012.
(c)
BGE’s pension and other postretirement benefit costs for the year ended December 31, 2012 include a $3 million contractual termination benefit charge, which was recorded as a regulatory asset as of December 31, 2012.
Defined Benefit Plan Weighted Average Asset Allocations And Target Allocations
Exelon’s pension and other postretirement benefit plan target asset allocations and December 31, 2014 and 2013 asset allocations were as follows:
 
Pension Plans
 
 
 
 
Percentage of Plan Assets
at December 31,
Asset Category
Target Allocation
 
2014
 
2013
Equity securities
32
%
 
33
%
 
35
%
Fixed income securities
37
%
 
37

 
37

Alternative investments (a)
31
%
 
30

 
28

Total
 
 
100
%
 
100
%
 
Other Postretirement Benefit Plans
 
 
 
 
Percentage of Plan Assets
at December 31,
Asset Category
Target Allocation
 
2014
 
2013
Equity securities
41
%
 
42
%
 
45
%
Fixed income securities
34
%
 
34

 
37

Alternative investments (a)
25
%
 
24

 
18

Total
 
 
100
%
 
100
%
___________________
(a)
Alternative investments include private equity, hedge funds and real estate.
Defined Benefit Plan Fair Value Of Plan Assets
 
The following table presents Exelon’s pension and other postretirement benefit plan assets measured and recorded at fair value on Exelon’s Consolidated Balance Sheets on a recurring basis and their level within the fair value hierarchy at December 31, 2014 and 2013:
 
At December 31, 2014 (a)
Level 1
 
Level 2
 
Level 3
 
Total
Pension plan assets
 
 
 
 
 
 
 
Cash equivalents
$
1

 
$
—

 
$
—

 
$
1

Equities:

 

 

 

Domestic
1,556

 
1,133

 
2

 
2,691

Foreign
1,705

 
316

 
—

 
2,021

      Equities subtotal
3,261


1,449


2

 
4,712

Fixed income:





 

Debt securities issued by the U.S. Treasury
and other U.S. government corporations and agencies
1,051

 
88

 
—

 
1,139

Debt securities issued by states of the
United States and by political subdivisions of the states
—

 
80

 
—

 
80

Corporate debt securities
—

 
3,125

 
120

 
3,245

Other
—

 
942

 
152

 
1,094

Derivative instruments (b):

 

 

 

Assets
—

 
4

 
—

 
4

Liabilities
—

 
(16
)
 
—

 
(16
)
Fixed income subtotal
1,051


4,223


272

 
5,546

Private equity
—

 
—

 
904

 
904

Hedge funds
—

 
1,355

 
1,329

 
2,684

Real estate
243

 
—

 
744

 
987

Pension plan assets subtotal
4,556


7,027


3,251

 
14,834


At December 31, 2014 (a)
Level 1
 
Level 2
 
Level 3
 
Total
Other postretirement benefit plan assets
 
 
 
 
 
 
 
Cash equivalents
11

 
—

 
—

 
11

Equities:

 

 

 


Domestic
296

 
378

 
—

 
674

Foreign
184

 
147

 
—

 
331

Equities subtotal
480


525


—

 
1,005

Fixed income:





 

Debt securities issued by the U.S. Treasury
and other U.S. government corporations and agencies
15

 
59

 
—

 
74

Debt securities issued by states of the
United States and by political subdivisions of the states
—

 
197

 
—

 
197

Corporate debt securities
—

 
42

 
—

 
42

Other
253

 
272

 
—

 
525

Fixed income subtotal
268


570


—

 
838

Hedge funds
—

 
339

 
110

 
449

Real estate
8

 
—

 
116

 
124

Other postretirement benefit plan assets subtotal
767


1,434


226


2,427

Total pension and other postretirement benefit plan assets (c)
$
5,323

 
$
8,461

 
$
3,477

 
$
17,261


At December 31, 2013 (a)
Level 1
 
Level 2
 
Level 3
 
Total
Pension plan assets
 
 
 
 
 
 
 
Equities:
 
 
 
 
 
 

Domestic
$
1,587

 
$
865

 
$
2

 
$
2,454

Foreign
1,773

 
302

 
—

 
2,075

Equities subtotal
3,360


1,167


2

 
4,529

Fixed income:


 


 


 


Debt securities issued by the U.S. Treasury
and other U.S. government corporations and agencies
908

 
99

 
—

 
1,007

Debt securities issued by states of the
United States and by political subdivisions of the states
—

 
88

 
—

 
88

Foreign debt securities
—

 
205

 
—

 
205

Corporate debt securities
—

 
2,927

 
41

 
2,968

Other
5

 
899

 
—

 
904

Derivative instruments (b):

 

 

 


Assets
—

 
7

 
—

 
7

Liabilities
—

 
(134
)
 
—

 
(134
)
Fixed income subtotal
913


4,091


41

 
5,045

Private equity
—

 
—

 
806

 
806

Hedge funds
—

 
1,266

 
1,039

 
2,305

Real estate
264

 
2

 
582

 
848

Pension plan assets subtotal
4,537


6,526


2,470


13,533

At December 31, 2013 (a)
Level 1
 
Level 2
 
Level 3
 
Total
Other postretirement benefit plan assets
 
 
 
 
 
 
 
Cash equivalents
51

 
—

 
—

 
51

Equities:

 

 

 

Domestic
296

 
345

 
—

 
641

Foreign
154

 
170

 
—

 
324

Equities subtotal
450


515


—

 
965

Fixed income:





 

Debt securities issued by the U.S. Treasury
and other U.S. government corporations and agencies
17

 
46

 
—

 
63

Debt securities issued by states of the
United States and by political subdivisions of the states
—

 
149

 
—

 
149

Foreign debt securities
—

 
2

 
—

 
2

Corporate debt securities
—

 
50

 
—

 
50

Other
305

 
225

 
—

 
530

Fixed income subtotal
322


472


—

 
794

Private equity
—

 
—

 
2

 
2

Hedge funds
—

 
295

 
4

 
299

Real estate
8

 
5

 
109

 
122

Other postretirement benefit plan assets subtotal
831


1,287


115

 
2,233

Total pension and other postretirement benefit
plan assets (c)
$
5,368

 
$
7,813

 
$
2,585

 
$
15,766

__________________________
(a)
See Note 11—Fair Value of Financial Assets and Liabilities for a description of levels within the fair value hierarchy.
(b)
Derivative instruments have a total notional amount of $1,491 million and $2,651 million at December 31, 2014 and 2013, 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 the company’s exposure to credit or market loss.
(c)
Excludes net assets of $42 million and $43 million at December 31, 2014 and 2013, respectively, which are required to reconcile to the fair value of net plan assets. These items consist primarily of receivables related to pending securities sales, interest and dividends receivable, and payables related to pending securities purchases.
Defined Benefit Plan Fair Value Of Plan Assets Unobservable Input Reconciliation

The following table presents the reconciliation of Level 3 assets and liabilities measured at fair value for pension and other postretirement benefit plans for the years ended December 31, 2014 and 2013:
 
 
Hedge
funds
 
Private
equity
 
Real
estate
 
Fixed
income
 
Equities
 
Total
Pension Assets
 
 
 
 
 
 
 
 
 
 
 
Balance as of January 1, 2014
$
1,039


$
806


$
582


$
41


$
2

 
$
2,470

Actual return on plan assets:









 


Relating to assets still held at the
reporting date
77


112


83


7


—

 
279

Relating to assets sold during the
period
3


—


—


—


—

 
3

Purchases, sales and settlements:









 


Purchases
311


173


136


227


—

 
847

Sales
(38
)

—


(19
)

(3
)

—

 
(60
)
Settlements (a)
(33
)

(203
)

(65
)

—


—

 
(301
)
Transfers into (out of) Level 3 (b)(c)
(30
)

16


27


—


—

 
13

Balance as of December 31, 2014
$
1,329


$
904


$
744


$
272


$
2

 
$
3,251

Other Postretirement Benefits









 

Balance as of January 1, 2014
$
4


$
2


$
109


$
—


$
—

 
$
115

Actual return on plan assets:









 


Relating to assets still held at the
reporting date
1


—


13


—


—

 
14

Purchases, sales and settlements:









 


Purchases
109


1


1


—


—

 
111

Sales
(4
)
 
(2
)
 
(7
)
 
—

 
—

 
(13
)
Settlements (a)
—


(1
)

—


—


—

 
(1
)
Balance as of December 31, 2014
$
110


$
—


$
116


$
—


$
—

 
$
226


 
Hedge
funds
 
Private
equity
 
Real
estate
 
Fixed
income
 
Equities
 
Total
Pension Assets
 
 
 
 
 
 
 
 
 
 
 
Balance as of January 1, 2013
$
1,235


$
754


$
426


$
—


$
—

 
$
2,415

Actual return on plan assets:









 

Relating to assets still held at the
reporting date
143


86


63


—


—

 
292

Relating to assets sold during the
period
3


—


(4
)

—


—

 
(1
)
Purchases, sales and settlements:









 

Purchases
360


123


226


41


2

 
752

Sales
(76
)

—


(91
)

—


—

 
(167
)
Settlements (a)
(3
)

(157
)

(38
)

—


—

 
(198
)
Transfers into (out of) Level 3 (c)
(623
)

—


—


—


—

 
(623
)
Balance as of December 31, 2013
$
1,039


$
806


$
582


$
41


$
2

 
$
2,470

Other Postretirement Benefits









 

Balance as of January 1, 2013
$
12


$
1


$
95


$
—


$
—

 
$
108

Actual return on plan assets:









 

Relating to assets still held at the
reporting date
1


—


11


—


—

 
12

Purchases, sales and settlements:









 

Purchases
—


1


3


—


—

 
4

Sales
(1
)

—


—


—


—

 
(1
)
Settlements (a)
(4
)

—


—


—


—

 
(4
)
Transfers into (out of) Level 3 (c)
(4
)

—


—


—


—

 
(4
)
Balance as of December 31, 2013
$
4


$
2


$
109


$
—


$
—

 
$
115

________________________
(a)
Represents cash settlements only.
(b)
In connection with the Employee Matters Agreement between EDF and Exelon, Exelon assumed the pension plan assets of Nine Mile Point Nuclear Station, LLC and Constellation Energy Nuclear Group, LLC resulting in transfers into Level 3 of $56 million.
(c)
As of January 1, 2014 and January 1, 2013, hedge fund investments that contained redemption restrictions limiting Exelon’s ability to redeem the investments within a reasonable period of time were classified as Level 3 investments. As of December 31, 2014 and December 31, 2013, restrictions for certain investments no longer applied, therefore allowing redemption within a reasonable period of time from the measurement date at NAV. As such, these hedge fund investments are reflected as transfers out of Level 3 to Level 2 of $43 million and $627 million in 2014 and 2013 respectively.
Schedule Of Defined Contributions
. The following table presents matching contributions to the savings plan for the years ended December 31, 2014, 2013 and 2012:
 
For the Year Ended December 31,
Exelon
 
Generation
 
ComEd
 
PECO
 
BGE (a)
 
BSC (b)
2014
$
103

 
$
51


$
26


$
8


$
8


$
10

2013
85

 
40


22


8


8


7

2012
67

 
30


19


7


7


5

_________________________
(a)
BGE’s matching contributions for the year ended December 31, 2012 include $1 million incurred prior to the closing of the Constellation merger on March 12, 2012. These costs are not included in Exelon’s matching contributions for the year ended December 31, 2012.
(b)
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.