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Retirement Benefits (Tables)
12 Months Ended
Dec. 31, 2015
Compensation and Retirement Disclosure [Abstract]  
Schedule Of Pension And Other Postretirement Participation
 
 
Operating Company(d)
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
 
 
 
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
  
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
  
X
 
 
 
Operating Company(d)
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
 
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.
(d)
Employees generally remain in their legacy benefit plans when transferring between operating companies.

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
 
2015
 
2014
 
2015
 
2014
Change in benefit obligation:
 
 
 
 
 
 
 
Net benefit obligation at beginning of year
$
18,256

 
$
15,459

 
$
4,197

 
$
4,451

Service cost
326


293


119


117

Interest cost
710


749


167


186

Plan participants’ contributions

 

 
42

 
42

Actuarial (gain) loss
(582
)
 
2,095

 
(341
)
 
502

Plan amendments

 

 
(23
)
 
(1,012
)
Acquisitions/divestitures(a)

 
594

 

 
142

Curtailments

 
(8
)
 

 

Settlements
(34
)

(30
)




Gross benefits paid
(923
)

(896
)

(223
)

(231
)
Net benefit obligation at end of year
$
17,753

 
$
18,256

 
$
3,938

 
$
4,197

 
 
Pension Benefits
 
Other
Postretirement Benefits
 
2015
 
2014
 
2015
 
2014
Change in plan assets:
 
 
 
 
 
 
 
Fair value of net plan assets at beginning of year
$
14,874

 
$
13,571

 
$
2,430

 
$
2,238

Actual return on plan assets
(32
)
 
1,443

 
4

 
90

Employer contributions
462


332


40


291

Plan participants’ contributions

 

 
42

 
42

Gross benefits paid
(923
)

(896
)

(223
)

(231
)
Acquisitions/divestitures(a)

 
454

 

 

Settlements
(34
)

(30
)




Fair value of net plan assets at end of year
$
14,347

 
$
14,874

 
$
2,293

 
$
2,430

_______________________ 
(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
 
2015
 
2014
 
2015
 
2014
Other current liabilities
$
21

 
$
16

 
$
27

 
$
25

Pension obligations
3,385


3,366





Non-pension postretirement benefit obligations

 

 
1,618


1,742

Unfunded status (net benefit obligation less net plan
assets)
$
3,406


$
3,382


$
1,645


$
1,767

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
 
2015
 
2014
Projected benefit obligation
$
17,753

 
$
18,256

Fair value of net plan assets
14,347

 
14,874

 
 
ABO in
excess of plan assets
 
2015
 
2014
Projected benefit obligation
$
17,753

 
$
18,256

Accumulated benefit obligation
16,792

 
17,191

Fair value of net plan assets
14,347

 
14,874

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, 2015, 2014 and 2013.

 
Pension Benefits
 
Other
Postretirement Benefits
 
2015
 
2014
 
2013
 
2015
 
2014
 
2013
Components of net periodic
benefit cost:
 
 
 
 
 
 
 
 
 
 
 
Service cost
$
326


$
293


$
317


$
119


$
117


$
162

Interest cost
710


749


650


167


186


194

Expected return on assets
(1,026
)
 
(994
)
 
(1,015
)
 
(151
)
 
(154
)
 
(132
)
Amortization of:
 
 
 
 
 
 
 
 
 
 
 
Prior service cost (credit)
13

 
14

 
14

 
(174
)
 
(122
)
 
(19
)
Actuarial loss
571

 
420

 
562

 
80

 
50

 
83

Settlement charges
2

 
2

 
9

 

 

 

Net periodic benefit cost
$
596

 
$
484

 
$
537

 
$
41

 
$
77

 
$
288

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, 2015, 2014 and 2013 for all plans combined.
 
 
Pension Benefits
 
Other
Postretirement Benefits
 
2015
 
2014
 
2013
 
2015
 
2014
 
2013
Changes in plan assets and benefit
obligations recognized in AOCI and regulatory assets (liabilities):
 
 
 
 
 
 
 
 
 
 
 
Current year actuarial loss (gain)
$
476

 
$
1,639

 
$
(1,169
)
 
$
(194
)
 
$
561

 
$
(628
)
Amortization of actuarial loss
(571
)
 
(420
)
 
(562
)
 
(80
)
 
(50
)
 
(83
)
Current year prior service (credit) cost

 

 

 
(23
)
 
(1,012
)
 
15

Amortization of prior service (cost)
credit
(13
)
 
(14
)
 
(14
)
 
174

 
122

 
19

Settlements
(2
)
 
(2
)
 
(8
)
 

 

 

Total recognized in AOCI and
regulatory assets (liabilities)(a)
$
(110
)

$
1,203

 
$
(1,753
)
 
$
(123
)

$
(379
)
 
$
(677
)
______________________
(a)
Of the $110 million gain related to pension benefits, $64 million and $46 million were recognized in AOCI and regulatory assets, respectively, during 2015. Of the $123 million gain related to other postretirement benefits, $63 million and $60 million were recognized in AOCI and regulatory assets (liabilities), respectively, during 2015. 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, respectively, during 2013.

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, 2015 and 2014, respectively, for all plans combined:
 
 
Pension Benefits
 
Other
Postretirement Benefits
 
2015
 
2014
 
2015
 
2014
Prior service cost (credit)
$
36


$
49

 
$
(812
)
 
$
(963
)
Actuarial loss
7,310

 
7,407

 
711

 
985

Total (a)
$
7,346

 
$
7,456

 
$
(101
)
 
$
22

_______________________
(a)
Of the $7,346 million related to pension benefits, $4,246 million and $3,100 million are included in AOCI and regulatory assets, respectively, at December 31, 2015. Of the $(101) million related to other postretirement benefits, $(63) million and $(38) million are included in AOCI and regulatory assets (liabilities), respectively, at December 31, 2015. 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. The $22 million related to other postretirement benefits is included in regulatory assets (liabilities) at December 31, 2014.

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 2016 for the majority of the benefit plans.
 
 
Pension Benefits
 
Other
Postretirement Benefits
Prior service cost (credit)
$
13

 
$
(175
)
Actuarial loss
501

 
50

Total (a)
$
514


$
(125
)
___________________ 
(a)
Of the $514 million related to pension benefits at December 31, 2015, $290 million and $224 million are expected to be amortized from AOCI and regulatory assets in 2016, respectively. Of the $(125) million related to other postretirement benefits at December 31, 2015, $(64) million and $(61) million are expected to be amortized from AOCI and regulatory assets (liabilities) in 2016, 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, 2015, 2014 and 2013. 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
 
 
2015
 
2014
 
2013
 
2015
 
2014
 
2013
 
Discount rate
4.29
%
 
3.94
%
 
4.80
%
 
4.29
%
 
3.92
%
 
4.90
%
 
Rate of
   compensation
       increase
    
(a) 
    
(a) 
 
(b) 
    
(a) 
    
(a) 
 
(b) 
Mortality table
RP-2000 table projected to 2012 with improvement scale AA, with Scale BB-2D improvements (adjusted)

  
  
  
  
  
  
  
RP-2000 table projected to 2012 with improvement scale AA, with Scale BB-2D improvements (adjusted)
  
  
  
  
  
  
  
RP-2000 table with Scale AA improvements
 
RP-2000 table projected to 2012 with improvement scale AA, with Scale BB-2D improvements (adjusted)
  
  
  
  
  
  
  
RP-2000 table projected to 2012 with improvement scale AA, with Scale BB-2D improvements (adjusted)
  
  
  
  
  
  
  
RP-2000 table with Scale AA improvements
 
Health care cost
   trend on covered
      charges
N/A
  
N/A
  
N/A
 
5.50%
decreasing
to
ultimate
trend of
5.00% in
2017
  
  
  
  
  
  
  
6.00%
decreasing
to
ultimate
trend of
5.00% in
2017
  
  
  
  
  
  
  
6.00%
decreasing
to
ultimate
trend of
5.00% in
2017
 
_____________________________
(a)
3.25% through 2019 and 3.75% thereafter.
(b)
3.25% through 2018 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, 2015, 2014 and 2013:
 
 
Pension Benefits
 
Other Postretirement Benefits
 
 
2015
 
2014
 
2013
 
2015
 
2014
 
2013
 
Discount rate
3.94
%
(a) 
4.80
%
(b) 
3.92
%
(c)  
3.92
%
(a) 
4.90
%
(b) 
4.00
%
(c)  
Expected return on
plan assets
7.00
%
(d) 
7.00
%
(d) 
7.50
%
(d) 
6.50
%
(d) 
6.59
%
(d) 
6.45
%
(d) 
Rate of
   compensation
       increase
    


(e)  
 

(f)  
 

(g)  
    


(e)  
 

(f) 
 

(g)  
Mortality table
RP-2000 table projected to 2012 with improvement scale AA, with Scale BB-2D improvements (adjusted)
  
  
  
  
  
  
  
RP-2000 table with Scale AA improvements
  
  
  
  
  
  
  
RP-2000 table with Scale AA improvements
  
  
  
  
  
  
  
RP-2000 table projected to 2012 with improvement scale AA, 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)
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, 2015. Discount rates for CENG's legacy pension and OPEB plans ranged from 3.68%-4.14% and 4.32%-4.43%, respectively.
(b)
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 of 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.
(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, 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 remeasurements.
(d)
Not applicable to pension and other postretirement benefit plans that do not have plan assets.
(e)
3.25% through 2019 and 3.75% thereafter.
(f)
3.25% through 2018 and 3.75% thereafter.
(g)
3.25% through 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 2015 total service and interest cost components
$
12

on postretirement benefit obligation at December 31, 2015
100

Effect of a one percentage point decrease in assumed health care cost trend:
 
on 2015 total service and interest cost components
(9
)
on postretirement benefit obligation at December 31, 2015
(89
)
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
 
2015(a)
 
2014(a)
 
2013
 
2015
 
2014
 
2013
Generation
$
231

 
$
173

 
$
119

 
$
14

 
$
124

 
$
30

ComEd
143

 
122

 
118

 
7

 
125

 
4

PECO
40

 
11

 
11

 

 
5

 
20

BGE
1

 

 

 
16

 
17

 
24

BSC(b)
47

 
26

 
91

 
3

 
20

 
5

Exelon
$
462


$
332


$
339


$
40


$
291


$
83

_________________________
(a)
Exelon's and Generation's pension contributions include $36 million and $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 for the years ended December 31, 2015 and 2014, respectively.
(b)
Includes $5 million, $9 million, and $72 million of pension contributions funded by Exelon Corporate, for the years ended December 31, 2015, 2014, and 2013, 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, 2015 were:
 
 
Pension
Benefits
 
Other
Postretirement
Benefits
2016
$
1,153

 
$
217

2017
997

 
223

2018
1,009

 
228

2019
1,036

 
235

2020
1,071

 
244

2021 through 2025
5,923

 
1,341

Total estimated future benefit payments through 2025
$
11,189


$
2,488

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
 
Exelon
2015
$
269


$
206


$
39

 
$
57

 
$
66

 
637

2014
250


162


36

 
46

 
67

 
561

2013
347


309


43

 
71

 
55

 
825

_____________________
(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.

Defined Benefit Plan Weighted Average Asset Allocations And Target Allocations
Exelon’s pension and other postretirement benefit plan target asset allocations at December 31, 2015 and 2014 asset allocations were as follows:
 
Pension Plans
 
 
 
 
Percentage of Plan Assets
at December 31,
Asset Category
Target Allocation
 
2015
 
2014
Equity securities
32
%
 
35
%
 
33
%
Fixed income securities
37
%
 
34

 
37

Alternative investments(a)
31
%
 
31

 
30

Total
 
 
100
%
 
100
%
 
Other Postretirement Benefit Plans
 
 
 
 
Percentage of Plan Assets
at December 31,
Asset Category
Target Allocation
 
2015
 
2014
Equity securities
39
%
 
43
%
 
42
%
Fixed income securities
26
%
 
27

 
34

Alternative investments(a)
35
%
 
30

 
24

Total
 
 
100
%
 
100
%
___________________
(a)
Alternative investments include private equity, hedge funds, real estate, and private credit.
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, 2015 and 2014:
 
At December 31, 2015(a)
Level 1
 
Level 2
 
Level 3
 
Total
Pension plan assets
 
 
 
 
 
 
 
Cash equivalents
$
210

 
$

 
$

 
$
210

      Equities(b)
3,571

 
1,462

 
2

 
5,035

Fixed income:





 

U.S. Treasury and agencies
1,001

 
79

 

 
1,080

State and municipal debt

 
61

 

 
61

Corporate debt

 
2,901

 
165

 
3,066

Other(b)

 
395

 
203

 
598

Fixed income subtotal
1,001


3,436


368

 
4,805

Private equity

 

 
924

 
924

Hedge funds

 
1,129

 
795

 
1,924

Real estate

 

 
725

 
725

Private credit

 

 
699

 
699

Pension plan assets subtotal
4,782


6,027


3,513

 
14,322


At December 31, 2015(a)
Level 1
 
Level 2
 
Level 3
 
Total
Other postretirement benefit plan assets
 
 
 
 
 
 
 
Cash equivalents
15

 

 

 
15

Equities
510

 
482

 

 
992

Fixed income:





 

U.S. Treasury and agencies
11

 
53

 

 
64

State and municipal debt

 
131

 

 
131

Corporate debt

 
44

 

 
44

Other
155

 
205

 

 
360

Fixed income subtotal
166


433



 
599

Hedge funds

 
312

 
139

 
451

Real estate

 

 
131

 
131

Private credit

 

 
103

 
103

Other postretirement benefit plan assets subtotal
691


1,227


373


2,291

Total pension and other postretirement benefit plan assets(c)
$
5,473

 
$
7,254

 
$
3,886

 
$
16,613


At December 31, 2014(a)
Level 1
 
Level 2
 
Level 3
 
Total
Pension plan assets
 
 
 
 
 
 
 
Cash equivalents
$
1

 
$

 
$

 
$
1

Equities(b)
3,261

 
1,449

 
2

 
4,712

Fixed income:


 


 


 


U.S. Treasury and agencies
1,051

 
88

 

 
1,139

State and municipal debt

 
80

 

 
80

Corporate debt

 
3,125

 
120

 
3,245

Other(b)

 
930

 
152

 
1,082

Fixed income subtotal
1,051


4,223


272

 
5,546

Private equity

 

 
900

 
900

Hedge funds

 
1,355

 
785

 
2,140

Real estate
243

 

 
685

 
928

Private credit

 

 
607

 
607

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
480

 
525

 

 
1,005

Fixed income:





 

U.S. Treasury and agencies
15

 
59

 

 
74

State and municipal debt

 
197

 

 
197

Corporate debt

 
42

 

 
42

Other
253

 
272

 

 
525

Fixed income subtotal
268


570



 
838

Hedge funds

 
339

 

 
339

Real estate
8

 

 
116

 
124

Private credit

 

 
110

 
110

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

__________________________
(a)
See Note 12Fair Value of Financial Assets and Liabilities for a description of levels within the fair value hierarchy.
(b)
Includes derivative instruments of $5 million and $(3) million, which have a total notional amount of $1,774 million and $1,491 million at December 31, 2015 and 2014, 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 $27 million and $42 million at December 31, 2015 and 2014, 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, 2015 and 2014:
 
 
Hedge
funds
 
Private
equity
 
Real
estate
 
Fixed
income
 
Equities
 
Private
Credit
 
Total
Pension Assets
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance as of January 1, 2015
$
785


$
900


$
685


$
272


$
2

 
$
607

 
$
3,251

Actual return on plan assets:









 
 
 


Relating to assets still held at the
reporting date
(39
)

60


76


(14
)


 
(19
)
 
64

Relating to assets sold during the
period
4




9





 

 
13

Purchases, sales and settlements:









 
 
 


Purchases
104


186


116


125



 
200

 
731

Sales
(57
)



(54
)

(7
)


 
(5
)
 
(123
)
Settlements(a)
(2
)

(222
)

(107
)

(8
)


 
(84
)
 
(423
)
Balance as of December 31, 2015
$
795


$
924


$
725


$
368


$
2

 
$
699

 
$
3,513

Other Postretirement Benefits









 
 
 

Balance as of January 1, 2015
$


$


$
116


$


$

 
$
110

 
$
226

Actual return on plan assets:









 
 
 


Relating to assets still held at the
reporting date
1




15





 
(7
)
 
9

Purchases, sales and settlements:









 
 
 


Purchases
138




62





 

 
200

Settlements(a)




(62
)




 

 
(62
)
Balance as of December 31, 2015
$
139


$


$
131


$


$


$
103


$
373


 
Hedge
funds
 
Private
equity
 
Real
estate
 
Fixed
income
 
Equities
 
Private
credit
 
Total
Pension Assets
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance as of January 1, 2014
$
706


$
806


$
544


$
41


$
2

 
$
371

 
$
2,470

Actual return on plan assets:









 
 
 


Relating to assets still held at the
reporting date
59


112


81


7



 
20

 
279

Relating to assets sold during the
period
2









 
1

 
3

Purchases, sales and settlements:









 
 
 


Purchases
74


169


112


227



 
265

 
847

Sales
(25
)



(19
)

(3
)


 
(13
)
 
(60
)
      Settlements(a)
(1
)

(203
)

(60
)




 
(37
)
 
(301
)
Transfers into (out of) Level 3(b)(c)
(30
)

16


27





 

 
13

Balance as of December 31, 2014
$
785


$
900


$
685


$
272


$
2


$
607

 
$
3,251

Other Postretirement Benefits









 
 
 

Balance as of January 1, 2014
$


$
2


$
109


$


$

 
$
4

 
$
115

Actual return on plan assets:









 
 
 


Relating to assets still held at the
reporting date




13





 
1

 
14

Purchases, sales and settlements:









 
 
 


Purchases


1


1





 
109

 
111

Sales


(2
)

(7
)




 
(4
)
 
(13
)
      Settlements(a)


(1
)






 

 
(1
)
Balance as of December 31, 2014
$


$


$
116


$


$


$
110

 
$
226

________________________
(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, 2015 and January 1, 2014, 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, 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 in 2014.

Schedule Of Defined Contributions
. The following table presents matching contributions to the savings plan for the years ended December 31, 2015, 2014 and 2013:
 
For the Year Ended December 31,
Exelon(a)
 
Generation(a)
 
ComEd
 
PECO
 
BGE
 
BSC(b)
2015
$
148

 
$
80


$
32


$
11


$
14


$
11

2014
103

 
51


26


8


8


10

2013
85

 
40


22


8


8


7

_________________________
(a)
Includes $9 million and $5 million related to CENG for the year ended December 31, 2015, and for the period from April 1, 2014 to December 31, 2014, respectively.
(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.