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Derivative Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Summary of the derivative fair value
December 31, 2018:
 
Generation
 
Exelon Corporate
 
Exelon
Description
 
Economic
Hedges
 
Collateral
and
Netting(a)
 
Subtotal
 
Economic
Hedges
 
Total
Mark-to-market derivative assets (current assets)

$
5


$
(2
)
 
$
3

 
$
—

 
$
3

Mark-to-market derivative assets (noncurrent assets)

8


(1
)
 
7

 
—

 
7

Total mark-to-market derivative assets

13


(3
)
 
10

 
—

 
10

Mark-to-market derivative liabilities (current liabilities)

(4
)

2

 
(2
)
 
—

 
(2
)
Mark-to-market derivative liabilities (noncurrent liabilities)

(2
)

1

 
(1
)
 
(4
)
 
(5
)
Total mark-to-market derivative liabilities

(6
)

3

 
(3
)
 
(4
)
 
(7
)
Total mark-to-market derivative net assets (liabilities)

$
7


$
—

 
$
7

 
$
(4
)
 
$
3

__________
(a)
Exelon and Generation net all available amounts allowed under the derivative authoritative guidance on the balance sheet. These amounts include unrealized derivative transactions with the same counterparty under legally enforceable master netting agreements and cash collateral. In some cases, Exelon and Generation may have other offsetting counterparty exposures subject to a master netting or similar agreement, such as accrued interest, transactions that do not qualify as derivatives, letters of credit and other forms of non-cash collateral, which are not reflected in the table above.
The following table provides a summary of the interest rate and foreign exchange hedge balances recorded by the Registrants as of December 31, 2017:
 
Generation
 
Exelon Corporate
 
Exelon
Description
Derivatives
Designated
as Hedging
Instruments
 
Economic
Hedges
 
Collateral
and
Netting(a)
 
Subtotal
 
Derivatives
Designated
as Hedging
Instruments
 
Total
Mark-to-market derivative assets (current assets)
$
—

 
$
10

 
$
(7
)
 
$
3

 
$
—

 
$
3

Mark-to-market derivative assets (noncurrent assets)
3

 
—

 
—

 
3

 
3

 
6

Total mark-to-market derivative assets
3


10


(7
)
 
6

 
3

 
9

Mark-to-market derivative liabilities (current liabilities)
(2
)
 
(7
)
 
7

 
(2
)
 
—

 
(2
)
Mark-to-market derivative liabilities (noncurrent liabilities)
—

 
(2
)
 
—

 
(2
)
 
—

 
(2
)
Total mark-to-market derivative liabilities
(2
)

(9
)

7

 
(4
)
 
—

 
(4
)
Total mark-to-market derivative net assets (liabilities)
$
1


$
1


$
—

 
$
2

 
$
3

 
$
5

__________
(a)
Exelon and Generation net all available amounts allowed under the derivative authoritative guidance on the balance sheet. These amounts include unrealized derivative transactions with the same counterparty under legally enforceable master netting agreements and cash collateral. In some cases, Exelon and Generation may have other offsetting counterparty exposures subject to a master netting or similar agreement, such as accrued interest, transactions that do not qualify as derivatives, letters of credit and other forms of non-cash collateral, which are not reflected in the table above.
The following table provides a summary of the derivative fair value balances related to commodity contracts recorded by the Registrants as of December 31, 2018:
 
Generation
 
ComEd
 
Exelon
Description
Economic
Hedges
 
Proprietary
Trading
 
Collateral
and
Netting(a)(d)
 
Subtotal(b)
 
Economic
Hedges(c)
 
Total
Derivatives
Mark-to-market derivative assets (current assets)
$
3,505

 
$
105

 
$
(2,809
)
 
$
801

 
$
—

 
$
801

Mark-to-market derivative assets (noncurrent assets)
1,266

 
41

 
(862
)
 
445

 
—

 
445

Total mark-to-market derivative assets
4,771


146


(3,671
)
 
1,246

 
—


1,246

Mark-to-market derivative liabilities (current liabilities)
(3,429
)
 
(74
)
 
3,056

 
(447
)
 
(26
)
 
(473
)
Mark-to-market derivative liabilities (noncurrent liabilities)
(1,203
)
 
(20
)
 
972

 
(251
)
 
(223
)
 
(474
)
Total mark-to-market derivative liabilities
(4,632
)

(94
)

4,028

 
(698
)
 
(249
)

(947
)
Total mark-to-market derivative net assets (liabilities)
$
139


$
52


$
357

 
$
548

 
$
(249
)

$
299

__________
(a)
Exelon and Generation net all available amounts allowed under the derivative authoritative guidance on the balance sheet. These amounts include unrealized derivative transactions with the same counterparty under legally enforceable master netting agreements and cash collateral. In some cases, Exelon and Generation may have other offsetting exposures, subject to a master netting or similar agreement, such as trade receivables and payables, transactions that do not qualify as derivatives, letters of credit and other forms of non-cash collateral. These are not reflected in the table above.
(b)
Current and noncurrent assets are shown net of collateral of $121 million and $51 million, respectively, and current and noncurrent liabilities are shown net of collateral of $125 million and $60 million, respectively. The total cash collateral posted, net of cash collateral received and offset against mark-to-market assets and liabilities was $357 million at December 31, 2018.
(c)
Includes current and noncurrent liabilities relating to floating-to-fixed energy swap contracts with unaffiliated suppliers.
(d)
Of the collateral posted/(received), $(94) million represents variation margin on the exchanges.
The following table provides a summary of the derivative fair value balances related to commodity contracts recorded by the Registrants as of December 31, 2017:
 
Generation
 
ComEd
 
Exelon
Description
Economic
Hedges
 
Proprietary
Trading
 
Collateral
and
Netting(a)(d)
 
Subtotal(b)
 
Economic
Hedges(c)
 
Total
Derivatives
Mark-to-market derivative assets (current assets)
$
3,061

 
$
56

 
$
(2,144
)
 
$
973

 
$
—

 
$
973

Mark-to-market derivative assets (noncurrent assets)
1,164

 
12

 
(845
)
 
331

 
—

 
331

Total mark-to-market derivative assets
4,225


68


(2,989
)
 
1,304

 
—


1,304

Mark-to-market derivative liabilities (current liabilities)
(2,646
)
 
(43
)
 
2,480

 
(209
)
 
(21
)
 
(230
)
Mark-to-market derivative liabilities (noncurrent liabilities)
(1,137
)
 
(10
)
 
975

 
(172
)
 
(235
)
 
(407
)
Total mark-to-market derivative liabilities
(3,783
)

(53
)

3,455

 
(381
)
 
(256
)

(637
)
Total mark-to-market derivative net assets (liabilities)
$
442


$
15


$
466

 
$
923

 
$
(256
)

$
667

__________
(a)
Exelon and Generation net all available amounts allowed under the derivative authoritative guidance on the balance sheet. These amounts include unrealized derivative transactions with the same counterparty under legally enforceable master netting agreements and cash collateral. In some cases, Exelon and Generation may have other offsetting exposures, subject to a master netting or similar agreement, such as trade receivables and payables, transactions that do not qualify as derivatives, and letters of credit and other forms of non-cash collateral. These are not reflected in the table above.
(b)
Current and noncurrent assets are shown net of collateral of $169 million and $53 million, respectively, and current and noncurrent liabilities are shown net of collateral of $167 million and $77 million, respectively. The total cash collateral posted, net of cash collateral received and offset against mark-to-market assets and liabilities was $466 million at December 31, 2017.
(c)
Includes current and noncurrent liabilities relating to floating-to-fixed energy swap contracts with unaffiliated suppliers.
(d)
Of the collateral posted/(received), $(117) million represents variation margin on the exchanges
Derivative Instruments, Gain (Loss)
For the years ended December 31, 2018, 2017 and 2016, Exelon and Generation recognized the following net pre-tax mark-to-market gains (losses) in the Consolidated Statements of Operations and Comprehensive Income and are included in “Net fair value changes related to derivatives” in Exelon’s and Generation’s Consolidated Statements of Cash Flows.
 
 
 
 
For the Years Ended December 31,
 
 
 
 
2018
 
2017
 
2016
 
 
Income Statement Location
 
Gain (Loss)
Generation
 
Operating Revenues
 
$
7

 
$
(6
)
 
$
(10
)
Generation
 
Purchased Power and Fuel
 
(9
)
 
—

 
—

Generation
 
Interest Expense
 
(7
)
 
(3
)
 
—

Total Generation
 
 
 
$
(9
)
 
$
(9
)
 
$
(10
)
 
 
 
 
For the Years Ended December 31,
 
 
 
 
2018
 
2017
 
2016
 
 
Income Statement Location
 
Gain (Loss)
Exelon
 
Operating Revenues
 
$
7

 
$
(6
)
 
$
(10
)
Exelon
 
Purchased Power and Fuel
 
(9
)
 
—

 
—

Exelon
 
Interest Expense
 
(4
)
 
(3
)
 
—

Total Exelon
 
 
 
$
(6
)
 
$
(9
)
 
$
(10
)
Exelon and Generation include the gain or loss on the hedged items and the offsetting loss or gain on the related interest rate swaps as follows:
 
 
 
Year Ended December 31,
 
Income Statement Location
 
2018
 
2017
 
2016
 
2018
 
2017
 
2016
 
Loss on Swaps
 
Gain on Borrowings
Exelon
Interest expense
 
$
(11
)
 
$
(13
)
 
$
(9
)
 
$
20

 
$
28

 
$
23

For the years ended December 31, 2018, 2017 and 2016, Exelon and Generation recognized the following net pre-tax commodity mark-to-market gains (losses) which are also located in the "Net fair value changes related to derivatives" in the Consolidated Statements of Cash Flows.
 
 
For the Years Ended December 31,

 
2018
 
2017
 
2016
Income Statement Location
 
Gain (Loss)
Operating revenues
 
$
(270
)
 
$
(126
)
 
$
(490
)
Purchased power and fuel
 
(47
)
 
(43
)
 
459

Total Exelon and Generation
 
$
(317
)
 
$
(169
)
 
$
(31
)
The activity of accumulated OCI related to cash flow hedges
 
 
 
 
Total Cash Flow Hedge AOCI Activity, Net of Income Tax                   
 
 
 
 
 
Generation
 
Exelon
 
For the Year Ended December 31, 2018
 
Income Statement Location
 
Total Cash 
Flow Hedges
 
Total Cash 
Flow Hedges
 
AOCI derivative loss at December 31, 2017
 
 
 
$
(16
)
 
$
(14
)
 
Effective portion of changes in fair value
 
 
 
11

 
11

 
Reclassifications from AOCI to net income
 
Interest expense
 
1

 
1

 
AOCI derivative loss at December 31, 2018
 
 
 
$
(4
)
 
$
(2
)
 
 
 
 
 
Total Cash Flow Hedge AOCI Activity, Net of Income Tax                   
 
 
 
 
 
Generation
 
Exelon
 
For the Year Ended December 31, 2017
 
Income Statement Location
 
Total Cash 
Flow Hedges
 
Total Cash
Flow Hedges
 
AOCI derivative loss at December 31, 2016
 
 
 
$
(19
)
 
$
(17
)
 
Effective portion of changes in fair value
 
 
 
(1
)
 
(1
)
 
Reclassifications from AOCI to net income
 
Interest expense
 
4

(a) 
4

(a) 
AOCI derivative loss at December 31, 2017
 
 
 
$
(16
)
 
$
(14
)
 
__________
(a)
Amount is net of related income tax expense of $1 million for the year ended December 31, 2017.
Change in fair value of derivative contracts
For the years ended December 31, 2018, 2017 and 2016, Exelon and Generation recognized the following net pre-tax commodity mark-to-market gains (losses).
 
 
For the Years Ended December 31,
 
 
2018
 
2017
 
2016
Income Statement Location
 
Loss
Operating revenues
 
$
—

 
$
(1
)
 
$
(1
)
For the years ended December 31, 2018, 2017 and 2016, Exelon and Generation recognized the following net pre-tax commodity mark-to-market gains (losses) which are also included in the "Net fair value changes related to derivatives" in the Consolidated Statements of Cash Flows. The Utility Registrants do not execute derivatives for proprietary trading purposes.
 
 
For the Years Ended December 31,
 
 
2018
 
2017
 
2016
Income Statement Location
 
Gain
Operating revenues
 
$
17

 
$
6

 
$
2
Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block]
The following table provides notional amounts outstanding held by Exelon and Generation at December 31, 2018 related to interest rate swaps and foreign currency exchange rate swaps.
 
 
Generation
 
Exelon Corporate
 
Exelon
Foreign currency exchange rate swaps
 
$
268

 
$
—

 
$
268

Interest rate swaps
 
620

 
800

 
1,420

Total
 
$
888

 
$
800

 
$
1,688

The following table provides notional amounts outstanding held by Exelon and Generation at December 31, 2017 related to interest rate swaps and foreign currency exchange rate swaps.
 
 
Generation
 
Exelon Corporate
 
Exelon
Foreign currency exchange rate swaps
 
$
94

 
$
—

 
$
94

Interest rate swaps(a)
 
1

 
—

 
1

Total
 
$
95

 
$
—

 
$
95

__________
(a)
On July 1, 2018, Exelon and Generation de-designated its fair value and cash flow hedges. The table excludes amounts of $800 million of fixed-to-floating hedges that were previously designated as fair value hedges by Exelon and $636 million of floating-to-fixed hedges that were previously designated as cash flow hedges by Exelon and Generation as of December 31, 2017.
Disclosure of Credit Derivatives [Table Text Block]
The figures in the tables below exclude credit risk exposure from individual retail counterparties, nuclear fuel procurement contracts and exposure through RTOs, ISOs, NYMEX, ICE, NASDAQ, NGX and Nodal commodity exchanges. Additionally, the figures in the tables below exclude exposures with affiliates, including net receivables with ComEd, PECO, BGE, Pepco, DPL and ACE of $43 million, $30 million, $24 million, $28 million, $7 million and $5 million as of December 31, 2018, respectively.
Rating as of December 31, 2018
Total
Exposure
Before Credit
Collateral
 
Credit
Collateral (a)
 
Net
Exposure
 
Number of
Counterparties
Greater than 10%
of Net Exposure
 
Net Exposure of
Counterparties
Greater than 10%
of Net Exposure
Investment grade
$
795


$
—

 
$
795

 
1

 
$
153

Non-investment grade
133


45

 
88

 
—

 
—

No external ratings



 

 
 
 
 
Internally rated — investment grade
181


1

 
180

 
—

 
—

Internally rated — non-investment grade
92


6

 
86

 
—

 
—

Total
$
1,201


$
52

 
$
1,149

 
1

 
$
153

Net Credit Exposure by Type of Counterparty
December 31, 2018
Financial institutions
$
12

Investor-owned utilities, marketers, power producers
737

Energy cooperatives and municipalities
324

Other
76

Total
$
1,149

__________
(a)
As of December 31, 2018, credit collateral held from counterparties where Generation had credit exposure included $17 million of cash and $35 million of letters of credit. The credit collateral does not include non-liquid collateral.
Fair Value, Concentration of Risk [Table Text Block]
 
For the Years Ended December 31,
Credit-Risk Related Contingent Feature
2018
 
2017
Gross fair value of derivative contracts containing this feature(a)
$
(1,723
)
 
$
(926
)
Offsetting fair value of in-the-money contracts under master netting arrangements(b)
1,105

 
577

Net fair value of derivative contracts containing this feature(c)
$
(618
)
 
$
(349
)
__________
(a)
Amount represents the gross fair value of out-of-the-money derivative contracts containing credit-risk-related contingent features ignoring the effects of master netting agreements.
(b)
Amount represents the offsetting fair value of in-the-money derivative contracts under legally enforceable master netting agreements with the same counterparty, which reduces the amount of any liability for which a Registrant could potentially be required to post collateral.
(c)
Amount represents the net fair value of out-of-the-money derivative contracts containing credit-risk related contingent features after considering the mitigating effects of offsetting positions under master netting arrangements and reflects the actual net liability upon which any potential contingent collateral obligations would be based.