Fair Value of Financial Assets and Liabilities (Tables)

12 Months Ended

Dec. 31, 2018

Fair Value Disclosures [Abstract]

Fair value of financial liabilities recorded at the carrying amount

The following tables present the carrying amounts and fair values of the Registrants’ short-term liabilities, long-term debt, SNF obligation, and trust preferred securities (long-term debt to financing trusts or junior subordinated debentures) as of December 31, 2018 and 2017:

Exelon

	December 31, 2018
	Carrying Amount		Fair Value
			Level 1		Level 2		Level 3		Total
Short-term liabilities	$	714	$	—	$	714	$	—	$	714
Long-term debt (including amounts due within one year)(a)	35,424		—		33,711		2,158		35,869
Long-term debt to financing trusts(b)	390		—		—		400		400
SNF obligation	1,171		—		949		—		949

	December 31, 2017
	Carrying Amount		Fair Value
			Level 1		Level 2		Level 3		Total
Short-term liabilities	$	929	$	—	$	929	$	—	$	929
Long-term debt (including amounts due within one year)(a)	34,264		—		34,735		1,970		36,705
Long-term debt to financing trusts(b)	389		—		—		431		431
SNF obligation	1,147		—		936		—		936

Generation

	December 31, 2018
	Carrying Amount		Fair Value
			Level 1		Level 2		Level 3		Total
Long-term debt (including amounts due within one year)(a)	$	8,793	$	—	$	7,467	$	1,443	$	8,910
SNF obligation	1,171		—		949		—		949

	December 31, 2017
	Carrying Amount		Fair Value
			Level 1		Level 2		Level 3		Total
Short-term liabilities	$	2	$	—	$	2	$	—	$	2
Long-term debt (including amounts due within one year)(a)	8,990		—		7,839		1,673		9,512
SNF obligation	1,147		—		936		—		936

ComEd

	December 31, 2018
	Carrying Amount		Fair Value
			Level 1		Level 2		Level 3		Total
Long-term debt (including amounts due within one year)(a)	$	8,101	$	—	$	8,390	$	—	$	8,390
Long-term debt to financing trusts(b)	205		—		—		209		209

	December 31, 2017
	Carrying Amount		Fair Value
			Level 1		Level 2		Level 3		Total
Long-term debt (including amounts due within one year)(a)	$	7,601	$	—	$	8,418	$	—	$	8,418
Long-term debt to financing trusts(b)	205		—		—		227		227

PECO

	December 31, 2018
	Carrying Amount		Fair Value
			Level 1		Level 2		Level 3		Total
Long-term debt (including amounts due within one year)(a)	$	3,084	$	—	$	3,157	$	50	$	3,207
Long-term debt to financing trusts	184		—		—		191		191

	December 31, 2017
	Carrying Amount		Fair Value
			Level 1		Level 2		Level 3		Total
Long-term debt (including amounts due within one year)(a)	$	2,903	$	—	$	3,194	$	—	$	3,194
Long-term debt to financing trusts	184		—		—		204		204

BGE

	December 31, 2018
	Carrying Amount		Fair Value
			Level 1		Level 2		Level 3		Total
Short-term liabilities	$	35	$	—	$	35	$	—	$	35
Long-term debt (including amounts due within one year)(a)	2,876		—		2,950		—		2,950

	December 31, 2017
	Carrying Amount		Fair Value
			Level 1		Level 2		Level 3		Total
Short-term liabilities	$	77	$	—	$	77	$	—	$	77
Long-term debt (including amounts due within one year)(a)	2,577		—		2,825		—		2,825

PHI

	December 31, 2018
	Carrying Amount		Fair Value
			Level 1		Level 2		Level 3		Total
Short-term liabilities	$	179	$	—	$	179	$	—	$	179
Long-term debt (including amounts due within one year)(a)	6,259		—		5,436		665		6,101

	December 31, 2017
	Carrying Amount		Fair Value
			Level 1		Level 2		Level 3		Total
Short-term liabilities	$	350	$	—	$	350	$	—	$	350
Long-term debt (including amounts due within one year)(a)	5,874		—		5,722		297		6,019

Pepco

	December 31, 2018
	Carrying Amount		Fair Value
			Level 1		Level 2		Level 3		Total
Short-term liabilities	$	40	$	—	$	40	$	—	$	40
Long-term debt (including amounts due within one year)(a)	2,719		—		2,901		196		3,097

	December 31, 2017
	Carrying Amount		Fair Value
			Level 1		Level 2		Level 3		Total
Short-term liabilities	$	26	$	—	$	26	$	—	$	26
Long-term debt (including amounts due within one year)(a)	2,540		—		3,114		9		3,123

DPL

	December 31, 2018
	Carrying Amount		Fair Value
			Level 1		Level 2		Level 3		Total
Long-term debt (including amounts due within one year)(a)	$	1,494	$	—	$	1,303	$	193	$	1,496

	December 31, 2017
	Carrying Amount		Fair Value
			Level 1		Level 2		Level 3		Total
Short-term liabilities	$	216	$	—	$	216	$	—	$	216
Long-term debt (including amounts due within one year)(a)	1,300		—		1,393		—		1,393

ACE

	December 31, 2018
	Carrying Amount		Fair Value
			Level 1		Level 2		Level 3		Total
Short-term liabilities	$	139	$	—	$	139	$	—	$	139
Long-term debt (including amounts due within one year)(a)	1,188		—		987		275		1,262

	December 31, 2017
	Carrying Amount		Fair Value
			Level 1		Level 2		Level 3		Total
Short-term liabilities	$	108	$	—	$	108	$	—	$	108
Long-term debt (including amounts due within one year)(a)	1,121		—		949		288		1,237

__________

(a) Includes unamortized debt issuance costs which are not fair valued of $216 million, $51 million, $63 million, $23 million, $18 million, $14 million, $34 million, $12 million and $7 million for Exelon, Generation, ComEd, PECO, BGE, PHI, Pepco, DPL and ACE respectively, as of December 31, 2018. Includes unamortized debt issuance costs which are not fair valued of $201 million, $60 million, $52 million, $17 million, $17 million, $6 million, $32 million, $11 million and $5 million for Exelon, Generation, ComEd, PECO, BGE, PHI, Pepco, DPL and ACE respectively, as of December 31, 2017.

(b) Includes unamortized debt issuance costs which are not fair valued of $0 million and $1 million for Exelon and ComEd, respectively, as of December 31, 2018. Includes unamortized debt issuance costs which are not fair valued of $1 million and $1 million for Exelon and ComEd, respectively, as of December 31, 2017.

Assets and liabilities measured and recorded at fair value on recurring basis

The following tables present assets and liabilities measured and recorded at fair value in Exelon's and Generation’s Consolidated Balance Sheets on a recurring basis and their level within the fair value hierarchy as of December 31, 2018 and 2017:

	Generation										Exelon
As of December 31, 2018	Level 1		Level 2		Level 3		Not subject to leveling		Total		Level 1		Level 2		Level 3		Not subject to leveling		Total
Assets
Cash equivalents(a)	$	581	$	—	$	—	$	—	$	581	$	1,243	$	—	$	—	$	—	$	1,243
NDT fund investments
Cash equivalents(b)	252		86		—		—		338		252		86		—		—		338
Equities	2,918		1,591		—		1,381		5,890		2,918		1,591		—		1,381		5,890
Fixed income
Corporate debt	—		1,593		230		—		1,823		—		1,593		230		—		1,823
U.S. Treasury and agencies	2,081		99		—		—		2,180		2,081		99		—		—		2,180
Foreign governments	—		50		—		—		50		—		50		—		—		50
State and municipal debt	—		149		—		—		149		—		149		—		—		149
Other(c)	—		30		—		846		876		—		30		—		846		876
Fixed income subtotal	2,081		1,921		230		846		5,078		2,081		1,921		230		846		5,078
Middle market lending	—		—		313		367		680		—		—		313		367		680
Private equity	—		—		—		329		329		—		—		—		329		329
Real estate	—		—		—		510		510		—		—		—		510		510
NDT fund investments subtotal(d)	5,251		3,598		543		3,433		12,825		5,251		3,598		543		3,433		12,825

	Generation									Exelon
As of December 31, 2018	Level 1		Level 2		Level 3		Not subject to leveling	Total		Level 1		Level 2		Level 3		Not subject to leveling	Total
Pledged assets for Zion Station decommissioning
Cash equivalents	9		—		—		—	9		9		—		—		—	9
Equities	—		—		—		—	—		—		—		—		—	—
Middle market lending	—		—		—		—	—		—		—		—		—	—
Pledged assets for Zion Station decommissioning subtotal	9		—		—		—	9		9		—		—		—	9
Rabbi trust investments
Cash equivalents	5		—		—		—	5		48		—		—		—	48
Mutual funds	24		—		—		—	24		72		—		—		—	72
Fixed income	—		—		—		—	—		—		15		—		—	15
Life insurance contracts	—		22		—		—	22		—		70		38		—	108
Rabbi trust investments subtotal(f)	29		22		—		—	51		120		85		38		—	243
Commodity derivative assets
Economic hedges	541		2,760		1,470		—	4,771		541		2,760		1,470		—	4,771
Proprietary trading	—		69		77		—	146		—		69		77		—	146
Effect of netting and allocation of collateral(e)	(582	)	(2,357	)	(732	)	—	(3,671	)	(582	)	(2,357	)	(732	)	—	(3,671	)
Commodity derivative assets subtotal	(41	)	472		815		—	1,246		(41	)	472		815		—	1,246
Interest rate and foreign currency derivative assets
Derivatives designated as hedging instruments	—		—		—		—	—		—		—		—		—	—
Economic hedges	—		13		—		—	13		—		13		—		—	13
Effect of netting and allocation of collateral	—		(3	)	—		—	(3	)	—		(3	)	—		—	(3	)
Interest rate and foreign currency derivative assets subtotal	—		10		—		—	10		—		10		—		—	10
Other investments	—		—		42		—	42		—		—		42		—	42
Total assets	5,829		4,102		1,400		3,433	14,764		6,582		4,165		1,438		3,433	15,618

	Generation														Exelon
As of December 31, 2018	Level 1			Level 2			Level 3			Not subject to leveling		Total			Level 1			Level 2			Level 3			Not subject to leveling		Total
Liabilities
Commodity derivative liabilities
Economic hedges	(642		)	(2,963		)	(1,027		)	—		(4,632		)	(642		)	(2,963		)	(1,276		)	—		(4,881		)
Proprietary trading	—			(73		)	(21		)	—		(94		)	—			(73		)	(21		)	—		(94		)
Effect of netting and allocation of collateral(e)	639			2,581			808			—		4,028			639			2,581			808			—		4,028
Commodity derivative liabilities subtotal	(3		)	(455		)	(240		)	—		(698		)	(3		)	(455		)	(489		)	—		(947		)
Interest rate and foreign currency derivative liabilities
Derivatives designated as hedging instruments	—			—			—			—		—			—			(4		)	—			—		(4		)
Economic hedges	—			(6		)	—			—		(6		)	—			(6		)	—			—		(6		)
Effect of netting and allocation of collateral	—			3			—			—		3			—			3			—			—		3
Interest rate and foreign currency derivative liabilities subtotal	—			(3		)	—			—		(3		)	—			(7		)	—			—		(7		)
Deferred compensation obligation	—			(35		)	—			—		(35		)	—			(137		)	—			—		(137		)
Total liabilities	(3		)	(493		)	(240		)	—		(736		)	(3		)	(599		)	(489		)	—		(1,091		)
Total net assets	$	5,826		$	3,609		$	1,160		$	3,433	$	14,028		$	6,579		$	3,566		$	949		$	3,433	$	14,527

	Generation										Exelon
As of December 31, 2017	Level 1		Level 2		Level 3		Not subject to leveling		Total		Level 1		Level 2		Level 3		Not subject to leveling		Total
Assets
Cash equivalents(a)	$	168	$	—	$	—	$	—	$	168	$	656	$	—	$	—	$	—	$	656
NDT fund investments
Cash equivalents(b)	135		85		—		—		220		135		85		—		—		220
Equities	4,163		915		—		2,176		7,254		4,163		915		—		2,176		7,254
Fixed income
Corporate debt	—		1,614		251		—		1,865		—		1,614		251		—		1,865
U.S. Treasury and agencies	1,917		52		—		—		1,969		1,917		52		—		—		1,969
Foreign governments	—		82		—		—		82		—		82		—		—		82
State and municipal debt	—		263		—		—		263		—		263		—		—		263
Other(c)	—		47		—		510		557		—		47		—		510		557
Fixed income subtotal	1,917		2,058		251		510		4,736		1,917		2,058		251		510		4,736

	Generation									Exelon
As of December 31, 2017	Level 1		Level 2		Level 3		Not subject to leveling	Total		Level 1		Level 2		Level 3		Not subject to leveling	Total
Middle market lending	—		—		397		131	528		—		—		397		131	528
Private equity	—		—		—		222	222		—		—		—		222	222
Real estate	—		—		—		471	471		—		—		—		471	471
NDT fund investments subtotal(d)	6,215		3,058		648		3,510	13,431		6,215		3,058		648		3,510	13,431
Pledged assets for Zion Station decommissioning
Cash equivalents	2		—		—		—	2		2		—		—		—	2
Equities	—		1		—		—	1		—		1		—		—	1
Middle market lending	—		—		12		24	36		—		—		12		24	36
Pledged assets for Zion Station decommissioning subtotal	2		1		12		24	39		2		1		12		24	39
Rabbi trust investments
Cash equivalents	5		—		—		—	5		77		—		—		—	77
Mutual funds	23		—		—		—	23		58		—		—		—	58
Fixed income	—		—		—		—	—		—		12		—		—	12
Life insurance contracts	—		22		—		—	22		—		71		22		—	93
Rabbi trust investments subtotal(f)	28		22		—		—	50		135		83		22		—	240
Commodity derivative assets
Economic hedges	557		2,378		1,290		—	4,225		557		2,378		1,290		—	4,225
Proprietary trading	2		31		35		—	68		2		31		35		—	68
Effect of netting and allocation of collateral(e)	(585	)	(1,769	)	(635	)	—	(2,989	)	(585	)	(1,769	)	(635	)	—	(2,989	)
Commodity derivative assets subtotal	(26	)	640		690		—	1,304		(26	)	640		690		—	1,304
Interest rate and foreign currency derivative assets
Derivatives designated as hedging instruments	—		3		—		—	3		—		6		—		—	6
Economic hedges	—		10		—		—	10		—		10		—		—	10
Effect of netting and allocation of collateral	(2	)	(5	)	—		—	(7	)	(2	)	(5	)	—		—	(7	)
Interest rate and foreign currency derivative assets subtotal	(2	)	8		—		—	6		(2	)	11		—		—	9
Other investments	—		—		37		—	37		—		—		37		—	37
Total assets	6,385		3,729		1,387		3,534	15,035		6,980		3,793		1,409		3,534	15,716

	Generation														Exelon
As of December 31, 2017	Level 1			Level 2			Level 3			Not subject to leveling		Total			Level 1			Level 2			Level 3			Not subject to leveling		Total
Liabilities
Commodity derivative liabilities
Economic hedges	(712		)	(2,226		)	(845		)	—		(3,783		)	(713		)	(2,226		)	(1,101		)	—		(4,040		)
Proprietary trading	(2		)	(42		)	(9		)	—		(53		)	(2		)	(42		)	(9		)	—		(53		)
Effect of netting and allocation of collateral(e)	650			2,089			716			—		3,455			651			2,089			716			—		3,456
Commodity derivative liabilities subtotal	(64		)	(179		)	(138		)	—		(381		)	(64		)	(179		)	(394		)	—		(637		)
Interest rate and foreign currency derivative liabilities
Derivatives designated as hedging instruments	—			(2		)	—			—		(2		)	—			(2		)	—			—		(2		)
Economic hedges	(1		)	(8		)	—			—		(9		)	(1		)	(8		)	—			—		(9		)
Effect of netting and allocation of collateral	2			5			—			—		7			2			5			—			—		7
Interest rate and foreign currency derivative liabilities subtotal	1			(5		)	—			—		(4		)	1			(5		)	—			—		(4		)
Deferred compensation obligation	—			(38		)	—			—		(38		)	—			(145		)	—			—		(145		)
Total liabilities	(63		)	(222		)	(138		)	—		(423		)	(63		)	(329		)	(394		)	—		(786		)
Total net assets	$	6,322		$	3,507		$	1,249		$	3,534	$	14,612		$	6,917		$	3,464		$	1,015		$	3,534	$	14,930

__________

(a) Generation excludes cash of $283 million and $259 million at December 31, 2018 and 2017 and restricted cash of $39 million and $127 million at December 31, 2018 and 2017.  Exelon excludes cash of $458 million and $389 million at December 31, 2018 and 2017 and restricted cash of $80 million and $145 million at December 31, 2018 and 2017 and includes long-term restricted cash of $185 million and $85 million at December 31, 2018 and 2017, which is reported in Other deferred debits in the Consolidated Balance Sheets.

(b) Includes $50 million and $77 million of cash received from outstanding repurchase agreements at December 31, 2018 and 2017, respectively, and is offset by an obligation to repay upon settlement of the agreement as discussed in (d) below.

(c) Includes derivative instruments of $44 million and less than $1 million, which have a total notional amount of $1,432 million and $811 million at December 31, 2018 and 2017, 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.

(d) Excludes net liabilities of $130 million and $82 million at December 31, 2018 and 2017, respectively. These items consist of receivables related to pending securities sales, interest and dividend receivables, repurchase agreement obligations, and payables related to pending securities purchases. The repurchase agreements are generally short-term in nature with durations generally of 30 days or less.

(e) Excludes net assets of less than $1 million at December 31, 2018 and 2017. These items consist of receivables related to pending securities sales, interest and dividend receivables, and payables related to pending securities purchases.

(f) The amount of unrealized gains/(losses) at Generation totaled less than $1 million and $1 million for the years ended December 31, 2018 and 2017, respectively. The amount of unrealized gains/(losses) at Exelon totaled $1 million for the years ended December 31, 2018 and 2017, respectively.

(g) Collateral posted/(received) from counterparties totaled $57 million, $224 million and $76 million allocated to Level 1, Level 2 and Level 3 mark-to-market derivatives, respectively, as of December 31, 2018. Collateral posted/(received) from counterparties totaled $65 million, $320 million and $81 million allocated to Level 1, Level 2 and Level 3 mark-to-market derivatives, respectively, as of December 31, 2017.

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]

The following tables present assets and liabilities measured and recorded at fair value in Exelon's and Generation’s Consolidated Balance Sheets on a recurring basis and their level within the fair value hierarchy as of December 31, 2018 and 2017:

	Generation										Exelon
As of December 31, 2018	Level 1		Level 2		Level 3		Not subject to leveling		Total		Level 1		Level 2		Level 3		Not subject to leveling		Total
Assets
Cash equivalents(a)	$	581	$	—	$	—	$	—	$	581	$	1,243	$	—	$	—	$	—	$	1,243
NDT fund investments
Cash equivalents(b)	252		86		—		—		338		252		86		—		—		338
Equities	2,918		1,591		—		1,381		5,890		2,918		1,591		—		1,381		5,890
Fixed income
Corporate debt	—		1,593		230		—		1,823		—		1,593		230		—		1,823
U.S. Treasury and agencies	2,081		99		—		—		2,180		2,081		99		—		—		2,180
Foreign governments	—		50		—		—		50		—		50		—		—		50
State and municipal debt	—		149		—		—		149		—		149		—		—		149
Other(c)	—		30		—		846		876		—		30		—		846		876
Fixed income subtotal	2,081		1,921		230		846		5,078		2,081		1,921		230		846		5,078
Middle market lending	—		—		313		367		680		—		—		313		367		680
Private equity	—		—		—		329		329		—		—		—		329		329
Real estate	—		—		—		510		510		—		—		—		510		510
NDT fund investments subtotal(d)	5,251		3,598		543		3,433		12,825		5,251		3,598		543		3,433		12,825

	Generation									Exelon
As of December 31, 2018	Level 1		Level 2		Level 3		Not subject to leveling	Total		Level 1		Level 2		Level 3		Not subject to leveling	Total
Pledged assets for Zion Station decommissioning
Cash equivalents	9		—		—		—	9		9		—		—		—	9
Equities	—		—		—		—	—		—		—		—		—	—
Middle market lending	—		—		—		—	—		—		—		—		—	—
Pledged assets for Zion Station decommissioning subtotal	9		—		—		—	9		9		—		—		—	9
Rabbi trust investments
Cash equivalents	5		—		—		—	5		48		—		—		—	48
Mutual funds	24		—		—		—	24		72		—		—		—	72
Fixed income	—		—		—		—	—		—		15		—		—	15
Life insurance contracts	—		22		—		—	22		—		70		38		—	108
Rabbi trust investments subtotal(f)	29		22		—		—	51		120		85		38		—	243
Commodity derivative assets
Economic hedges	541		2,760		1,470		—	4,771		541		2,760		1,470		—	4,771
Proprietary trading	—		69		77		—	146		—		69		77		—	146
Effect of netting and allocation of collateral(e)	(582	)	(2,357	)	(732	)	—	(3,671	)	(582	)	(2,357	)	(732	)	—	(3,671	)
Commodity derivative assets subtotal	(41	)	472		815		—	1,246		(41	)	472		815		—	1,246
Interest rate and foreign currency derivative assets
Derivatives designated as hedging instruments	—		—		—		—	—		—		—		—		—	—
Economic hedges	—		13		—		—	13		—		13		—		—	13
Effect of netting and allocation of collateral	—		(3	)	—		—	(3	)	—		(3	)	—		—	(3	)
Interest rate and foreign currency derivative assets subtotal	—		10		—		—	10		—		10		—		—	10
Other investments	—		—		42		—	42		—		—		42		—	42
Total assets	5,829		4,102		1,400		3,433	14,764		6,582		4,165		1,438		3,433	15,618

	Generation														Exelon
As of December 31, 2018	Level 1			Level 2			Level 3			Not subject to leveling		Total			Level 1			Level 2			Level 3			Not subject to leveling		Total
Liabilities
Commodity derivative liabilities
Economic hedges	(642		)	(2,963		)	(1,027		)	—		(4,632		)	(642		)	(2,963		)	(1,276		)	—		(4,881		)
Proprietary trading	—			(73		)	(21		)	—		(94		)	—			(73		)	(21		)	—		(94		)
Effect of netting and allocation of collateral(e)	639			2,581			808			—		4,028			639			2,581			808			—		4,028
Commodity derivative liabilities subtotal	(3		)	(455		)	(240		)	—		(698		)	(3		)	(455		)	(489		)	—		(947		)
Interest rate and foreign currency derivative liabilities
Derivatives designated as hedging instruments	—			—			—			—		—			—			(4		)	—			—		(4		)
Economic hedges	—			(6		)	—			—		(6		)	—			(6		)	—			—		(6		)
Effect of netting and allocation of collateral	—			3			—			—		3			—			3			—			—		3
Interest rate and foreign currency derivative liabilities subtotal	—			(3		)	—			—		(3		)	—			(7		)	—			—		(7		)
Deferred compensation obligation	—			(35		)	—			—		(35		)	—			(137		)	—			—		(137		)
Total liabilities	(3		)	(493		)	(240		)	—		(736		)	(3		)	(599		)	(489		)	—		(1,091		)
Total net assets	$	5,826		$	3,609		$	1,160		$	3,433	$	14,028		$	6,579		$	3,566		$	949		$	3,433	$	14,527

	Generation										Exelon
As of December 31, 2017	Level 1		Level 2		Level 3		Not subject to leveling		Total		Level 1		Level 2		Level 3		Not subject to leveling		Total
Assets
Cash equivalents(a)	$	168	$	—	$	—	$	—	$	168	$	656	$	—	$	—	$	—	$	656
NDT fund investments
Cash equivalents(b)	135		85		—		—		220		135		85		—		—		220
Equities	4,163		915		—		2,176		7,254		4,163		915		—		2,176		7,254
Fixed income
Corporate debt	—		1,614		251		—		1,865		—		1,614		251		—		1,865
U.S. Treasury and agencies	1,917		52		—		—		1,969		1,917		52		—		—		1,969
Foreign governments	—		82		—		—		82		—		82		—		—		82
State and municipal debt	—		263		—		—		263		—		263		—		—		263
Other(c)	—		47		—		510		557		—		47		—		510		557
Fixed income subtotal	1,917		2,058		251		510		4,736		1,917		2,058		251		510		4,736

	Generation									Exelon
As of December 31, 2017	Level 1		Level 2		Level 3		Not subject to leveling	Total		Level 1		Level 2		Level 3		Not subject to leveling	Total
Middle market lending	—		—		397		131	528		—		—		397		131	528
Private equity	—		—		—		222	222		—		—		—		222	222
Real estate	—		—		—		471	471		—		—		—		471	471
NDT fund investments subtotal(d)	6,215		3,058		648		3,510	13,431		6,215		3,058		648		3,510	13,431
Pledged assets for Zion Station decommissioning
Cash equivalents	2		—		—		—	2		2		—		—		—	2
Equities	—		1		—		—	1		—		1		—		—	1
Middle market lending	—		—		12		24	36		—		—		12		24	36
Pledged assets for Zion Station decommissioning subtotal	2		1		12		24	39		2		1		12		24	39
Rabbi trust investments
Cash equivalents	5		—		—		—	5		77		—		—		—	77
Mutual funds	23		—		—		—	23		58		—		—		—	58
Fixed income	—		—		—		—	—		—		12		—		—	12
Life insurance contracts	—		22		—		—	22		—		71		22		—	93
Rabbi trust investments subtotal(f)	28		22		—		—	50		135		83		22		—	240
Commodity derivative assets
Economic hedges	557		2,378		1,290		—	4,225		557		2,378		1,290		—	4,225
Proprietary trading	2		31		35		—	68		2		31		35		—	68
Effect of netting and allocation of collateral(e)	(585	)	(1,769	)	(635	)	—	(2,989	)	(585	)	(1,769	)	(635	)	—	(2,989	)
Commodity derivative assets subtotal	(26	)	640		690		—	1,304		(26	)	640		690		—	1,304
Interest rate and foreign currency derivative assets
Derivatives designated as hedging instruments	—		3		—		—	3		—		6		—		—	6
Economic hedges	—		10		—		—	10		—		10		—		—	10
Effect of netting and allocation of collateral	(2	)	(5	)	—		—	(7	)	(2	)	(5	)	—		—	(7	)
Interest rate and foreign currency derivative assets subtotal	(2	)	8		—		—	6		(2	)	11		—		—	9
Other investments	—		—		37		—	37		—		—		37		—	37
Total assets	6,385		3,729		1,387		3,534	15,035		6,980		3,793		1,409		3,534	15,716

	Generation														Exelon
As of December 31, 2017	Level 1			Level 2			Level 3			Not subject to leveling		Total			Level 1			Level 2			Level 3			Not subject to leveling		Total
Liabilities
Commodity derivative liabilities
Economic hedges	(712		)	(2,226		)	(845		)	—		(3,783		)	(713		)	(2,226		)	(1,101		)	—		(4,040		)
Proprietary trading	(2		)	(42		)	(9		)	—		(53		)	(2		)	(42		)	(9		)	—		(53		)
Effect of netting and allocation of collateral(e)	650			2,089			716			—		3,455			651			2,089			716			—		3,456
Commodity derivative liabilities subtotal	(64		)	(179		)	(138		)	—		(381		)	(64		)	(179		)	(394		)	—		(637		)
Interest rate and foreign currency derivative liabilities
Derivatives designated as hedging instruments	—			(2		)	—			—		(2		)	—			(2		)	—			—		(2		)
Economic hedges	(1		)	(8		)	—			—		(9		)	(1		)	(8		)	—			—		(9		)
Effect of netting and allocation of collateral	2			5			—			—		7			2			5			—			—		7
Interest rate and foreign currency derivative liabilities subtotal	1			(5		)	—			—		(4		)	1			(5		)	—			—		(4		)
Deferred compensation obligation	—			(38		)	—			—		(38		)	—			(145		)	—			—		(145		)
Total liabilities	(63		)	(222		)	(138		)	—		(423		)	(63		)	(329		)	(394		)	—		(786		)
Total net assets	$	6,322		$	3,507		$	1,249		$	3,534	$	14,612		$	6,917		$	3,464		$	1,015		$	3,534	$	14,930

__________

(a) Generation excludes cash of $283 million and $259 million at December 31, 2018 and 2017 and restricted cash of $39 million and $127 million at December 31, 2018 and 2017.  Exelon excludes cash of $458 million and $389 million at December 31, 2018 and 2017 and restricted cash of $80 million and $145 million at December 31, 2018 and 2017 and includes long-term restricted cash of $185 million and $85 million at December 31, 2018 and 2017, which is reported in Other deferred debits in the Consolidated Balance Sheets.

(b) Includes $50 million and $77 million of cash received from outstanding repurchase agreements at December 31, 2018 and 2017, respectively, and is offset by an obligation to repay upon settlement of the agreement as discussed in (d) below.

(c) Includes derivative instruments of $44 million and less than $1 million, which have a total notional amount of $1,432 million and $811 million at December 31, 2018 and 2017, 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.

(d) Excludes net liabilities of $130 million and $82 million at December 31, 2018 and 2017, respectively. These items consist of receivables related to pending securities sales, interest and dividend receivables, repurchase agreement obligations, and payables related to pending securities purchases. The repurchase agreements are generally short-term in nature with durations generally of 30 days or less.

(e) Excludes net assets of less than $1 million at December 31, 2018 and 2017. These items consist of receivables related to pending securities sales, interest and dividend receivables, and payables related to pending securities purchases.

(f) The amount of unrealized gains/(losses) at Generation totaled less than $1 million and $1 million for the years ended December 31, 2018 and 2017, respectively. The amount of unrealized gains/(losses) at Exelon totaled $1 million for the years ended December 31, 2018 and 2017, respectively.

(g) Collateral posted/(received) from counterparties totaled $57 million, $224 million and $76 million allocated to Level 1, Level 2 and Level 3 mark-to-market derivatives, respectively, as of December 31, 2018. Collateral posted/(received) from counterparties totaled $65 million, $320 million and $81 million allocated to Level 1, Level 2 and Level 3 mark-to-market derivatives, respectively, as of December 31, 2017.

Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Text Block]

The following tables present the fair value reconciliation of Level 3 assets and liabilities measured at fair value on a recurring basis during the years ended December 31, 2018 and 2017:

	Generation																ComEd				PHI					Exelon
For the year ended December 31, 2018	NDT Fund Investments			Pledged Assets for Zion Station Decommissioning			Mark-to-Market Derivatives				Other Investments			Total Generation			Mark-to-Market Derivatives				Life Insurance Contracts(c)		Eliminated in Consolidation			Total
Balance as of January 1, 2018	$	648		$	12		$	552			$	37		$	1,249		$	(256	)		$	22	$	—		$	1,015
Total realized / unrealized gains (losses)
Included in net income	—			—			(105		)	(a)	3			(102		)	—				4		—			(98		)
Included in noncurrent payables to affiliates	(1		)	—			—				—			(1		)	—				—		1			—
Included in payable for Zion Station decommissioning	—			7			—				—			7			—				—		—			7
Included in regulatory assets/liabilities	—			—			—				—			—			7			(b)	—		(1		)	6
Change in collateral	—			—			(5		)		—			(5		)	—				—		—			(5		)
Purchases, sales, issuances and settlements
Purchases	36			1			190			(e)	4			231			—				—		—			231
Sales	—			(20		)	(4		)		—			(24		)	—				—		—			(24		)
Issuances	—			—			—				—			—			—				—		—			—
Settlements	(140		)	—			5				—			(135		)	—				12		—			(123		)
Transfers into Level 3	—			—			(22		)	(d)	—			(22		)	—				—		—			(22		)
Transfers out of Level 3	—			—			(36		)	(d)	(2		)	(38		)	—				—		—			(38		)
Other miscellaneous	—			—			—							—			—				—		—			—
Balance as of December 31, 2018	$	543		$	—		$	575			$	42		$	1,160		$	(249	)		$	38	$	—		$	949
The amount of total (losses) gains included in income attributed to the change in unrealized (losses) gains related to assets and liabilities held as of December 31, 2018	$	(5	)	$	—		$	165			$	3		$	163		$	—			$	—	$	—		$	163

	Generation																ComEd				PHI						Exelon
For the year ended December 31, 2017	NDT Fund Investments			Pledged Assets for Zion Station Decommissioning			Mark-to-Market Derivatives				Other Investments			Total Generation			Mark-to-Market Derivatives				Life Insurance Contracts(c)			Eliminated in Consolidation			Total
Balance as of January 1, 2017	$	677		$	19		$	493			$	42		$	1,231		$	(258	)		$	20		$	—		$	993
Total realized / unrealized gains (losses)
Included in net income	3			—			(90		)	(a)	3			(84		)	—				3			—			(81		)
Included in noncurrent payables to affiliates	6			—			—				—			6			—				—			(6		)	—
Included in payable for Zion Station decommissioning	—			(8		)	—				—			(8		)	—							—			(8		)
Included in regulatory assets/liabilities	—			—			—				—			—			2			(b)	—			6			8
Change in collateral	—			—			20				—			20			—				—			—			20
Purchases, sales, issuances and settlements
Purchases	64			1			178				5			248			—				—			—			248
Sales	—			—			(16		)		—			(16		)	—				—			—			(16		)
Issuances	—			—			—				—			—			—				(1		)	—			(1		)
Settlements	(102		)	—			(8		)		—			(110		)	—				—			—			(110		)
Transfers into Level 3	—			—			(6		)	(d)	—			(6		)	—				—			—			(6		)
Transfers out of Level 3	—			—			(50		)	(d)	(11		)	(61		)	—				—			—			(61		)
Other miscellaneous	$	—		$	—		$	31			$	(2	)	$	29		$	—			$	—		$	—		$	29
Balance as of December 31, 2017	$	648		$	12		$	552			$	37		$	1,249		$	(256	)		$	22		$	—		$	1,015
The amount of total gains (losses) included in income attributed to the change in unrealized gains (losses) related to assets and liabilities held as of December 31, 2017	$	1		$	—		$	254			$	3		$	258		$	—			$	3		$	—		$	261

__________

(a) Includes a reduction for the reclassification of $265 million and $352 million of realized gains due to the settlement of derivative contracts for the years ended December 31, 2018 and 2017, respectively.

(b) Includes $24 million of decreases in fair value and an increase for realized losses due to settlements of $17 million recorded in purchased power expense associated with floating-to-fixed energy swap contracts with unaffiliated suppliers for the year ended December 31, 2018. Includes $18 million of decreases in fair value and an increase for realized losses due to settlements of $20 million recorded in purchased power expense associated with floating-to-fixed energy swap contracts with unaffiliated suppliers for the year ended December 31, 2017.

(c) The amounts represented are life insurance contracts at Pepco.

(d) Transfers into and out of Level 3 generally occur when the contract tenor becomes less and more observable respectively, primarily due to changes in market liquidity or assumptions for certain commodity contracts.

(e) Includes $(19) million of fair value from contracts acquired as a result of the Everett Marine Terminal acquisition

Total realized and unrealized gains (losses) included in income for Level 3 assets and liabilities measured at fair value on a recurring basis

following tables present the income statement classification of the total realized and unrealized gains (losses) included in income for Level 3 assets and liabilities measured at fair value on a recurring basis during the years ended December 31, 2018 and 2017:

	Generation									PHI		Exelon
	Operating Revenues			Purchased Power and Fuel			Other, net			Operating and Maintenance		Operating Revenues			Purchased Power and Fuel			Operating and Maintenance		Other, net
Total (losses) gains included in net income for the year ended December 31, 2018	$	(7	)	$	(93	)	$	3		$	4	$	(7	)	$	(93	)	$	4	$	3
Change in the unrealized gains relating to assets and liabilities held for the year ended December 31, 2018	144			21			(2		)	—		144			21			—		(2		)

	Generation							PHI		Exelon
	Operating Revenues		Purchased Power and Fuel			Other, net		Operating and Maintenance		Operating Revenues		Purchased Power and Fuel			Operating and Maintenance		Other, net
Total gains (losses) included in net income for the year ended December 31, 2017	$	28	$	(126	)	$	6	$	3	$	28	$	(126	)	$	3	$	6
Change in the unrealized gains (losses) relating to assets and liabilities held for the year ended December 31, 2017	290		(36		)	4		3		290		(36		)	3		4

Val