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Fair Value of Financial Assets and Liabilities (Tables)
 12 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
Fair Value of Financial Liabilities Recorded at Amortized Cost
The following tables present the carrying amounts and fair values of the Registrants’ short-term liabilities, long-term debt, and trust preferred securities (long-term debt to financing trusts or junior subordinated debentures) at December 31, 2024 and 2023. The Registrants have no financial liabilities classified as Level 1 or measured using the NAV practical expedient.
The carrying amounts of the Registrants’ short-term liabilities as presented in their Consolidated Balance Sheets are representative of their fair value (Level 2) because of the short-term nature of these instruments.
December 31, 2024December 31, 2023
Carrying AmountFair ValueCarrying AmountFair Value
Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Long-Term Debt, including amounts due within one year(a)
Exelon$44,400 $— $35,337 $3,720 $39,057 $41,095 $— $33,804 $3,442 $37,246 
ComEd12,030 — 10,260 — 10,260 11,486 — 10,210 — 10,210 
PECO5,704 — 4,816 — 4,816 5,134 — 4,562 — 4,562 
BGE5,395 — 4,702 — 4,702 4,602 — 4,145 — 4,145 
PHI9,124 — 4,093 3,720 7,813 8,648 — 4,160 3,442 7,602 
Pepco4,362 — 2,475 1,544 4,019 4,096 — 2,311 1,600 3,911 
DPL2,220 — 623 1,250 1,873 2,080 — 694 1,134 1,828 
ACE1,933 — 787 925 1,712 1,833 — 939 708 1,647 
Long-Term Debt to Financing Trusts
Exelon$390 $— $— $396 $396 $390 $— $— $390 $390 
ComEd206 — — 208 208 205 — — 208 208 
PECO184 — — 188 188 184 — — 182 182 
__________
(a)Includes unamortized debt issuance costs, unamortized debt discount and premium, net, purchase accounting fair value adjustments, and finance lease liabilities which are not fair valued. Refer to Note 16 — Debt and Credit Agreements for unamortized debt issuance costs, unamortized debt discount and premium, net, and purchase accounting fair value adjustments and Note 10 — Leases for finance lease liabilities.
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 the Registrants' Consolidated Balance Sheets on a recurring basis and their level within the fair value hierarchy at December 31, 2024 and 2023. Exelon and the Utility Registrants have immaterial and no financial assets or liabilities measured using the NAV practical expedient, respectively:
Exelon
At December 31, 2024At December 31, 2023
Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Assets
Cash equivalents(a)
$544 $— $— $544 $618 $— $— $618 
Rabbi trust investments
Cash equivalents94 — — 94 67 — — 67 
Mutual funds65 — — 65 53 — — 53 
Fixed income— 6 — 6 — 7 — 7 
Life insurance contracts— 73 22 95 — 61 43 104 
Rabbi trust investments subtotal159 79 22 260 120 68 43 231 
Interest rate derivative assets
Derivatives designated as hedging instruments— 26 — 26 — 11 — 11 
Economic hedges— — — — — 1 — 1 
Interest rate derivative assets subtotal— 26 — 26 — 12 — 12 
Total assets703 105 22 830 738 80 43 861 
Liabilities
Commodity derivative liabilities— — (132)(132)— — (133)(133)
Interest rate derivative liabilities
Derivatives designated as hedging instruments— (1)— (1)— (24)— (24)
Economic hedges— — — — — (22)— (22)
Interest rate derivative liabilities subtotal— (1)— (1)— (46)— (46)
Deferred compensation obligation— (74)— (74)— (75)— (75)
Total liabilities— (75)(132)(207)— (121)(133)(254)
Total net assets (liabilities)$703 $30 $(110)$623 $738 $(41)$(90)$607 
__________
(a)Excludes cash of $219 million and $334 million at December 31, 2024 and 2023, respectively, and restricted cash of $176 million and $149 million at December 31, 2024 and 2023, respectively, and includes long-term restricted cash of $41 million and $174 million at December 31, 2024 and 2023, respectively, which is reported in Other deferred debits in the Consolidated Balance Sheets.
ComEd, PECO, and BGE
ComEdPECOBGE
At December 31, 2024Level 1Level 2Level 3TotalLevel 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Assets
Cash equivalents(a)
$390 $— $— $390 $29 $— $— $29 $1 $— $— $1 
Rabbi trust investments
Mutual funds— — — — 12 — — 12 10 — — 10 
Life insurance contracts— — — — — 22 — 22 — — — — 
Rabbi trust investments subtotal— — — — 12 22 — 34 10 — — 10 
Total assets390 — — 390 41 22 — 63 11 — — 11 
Liabilities
Commodity derivative liabilities(b)
— — (132)(132)— — — — — — — — 
Deferred compensation obligation— (8)— (8)— (7)— (7)— (4)— (4)
Total liabilities— (8)(132)(140)— (7)— (7)— (4)— (4)
Total net assets (liabilities)$390 $(8)$(132)$250 $41 $15 $— $56 $11 $(4)$— $7 
ComEdPECOBGE
At December 31, 2023Level 1Level 2Level 3TotalLevel 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Assets
Cash equivalents(a)
$453 $— $— $453 $9 $— $— $9 $— $— $— $— 
Rabbi trust investments
Mutual funds— — — — 9 — — 9 9 — — 9 
Life insurance contracts— — — — — 18 — 18 — — — — 
Rabbi trust investments subtotal— — — — 9 18 — 27 9 — — 9 
Total assets453 — — 453 18 18 — 36 9 — — 9 
Liabilities
Commodity derivative liabilities(b)
— — (133)(133)— — — — — — — — 
Deferred compensation obligation— (8)— (8)— (8)— (8)— (4)— (4)
Total liabilities— (8)(133)(141)— (8)— (8)— (4)— (4)
Total net assets (liabilities)$453 $(8)$(133)$312 $18 $10 $— $28 $9 $(4)$— $5 
__________
(a)ComEd excludes cash of $66 million and $86 million at December 31, 2024 and 2023, respectively, and restricted cash of $176 million and $147 million at December 31, 2024 and 2023, respectively, and includes long-term restricted cash of $41 million and $174 million at December 31, 2024 and 2023, respectively, which is reported in Other deferred debits in the Consolidated Balance Sheets. PECO excludes cash of $19 million and $42 million at December 31, 2024 and 2023, respectively. BGE excludes cash of $33 million and $47 million at December 31, 2024 and 2023, respectively, and restricted cash of zero and $1 million at December 31, 2024 and 2023, respectively.
(b)The Level 3 balance consists of the current and noncurrent liability of $29 million and $103 million, respectively, at December 31, 2024, and $27 million and $106 million, respectively, at December 31, 2023 related to floating-to-fixed energy swap contracts with unaffiliated suppliers.
PHI, Pepco, DPL, and ACE
At December 31, 2024At December 31, 2023
PHILevel 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Assets
Cash equivalents(a)
$93 $— $— $93 $107 $— $— $107 
Rabbi trust investments
Cash equivalents92 — — 92 64 — — 64 
Mutual funds9 — — 9 9 — — 9 
Fixed income— 6 — 6 — 7 — 7 
Life insurance contracts— 23 21 44 — 21 41 62 
Rabbi trust investments subtotal101 29 21 151 73 28 41 142 
Total assets194 29 21 244 180 28 41 249 
Liabilities
Deferred compensation obligation— (12)— (12)— (13)— (13)
Total liabilities— (12)— (12)— (13)— (13)
Total net assets$194 $17 $21 $232 $180 $15 $41 $236 
PepcoDPLACE
At December 31, 2024Level 1Level 2Level 3TotalLevel 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Assets
Cash equivalents(a)
$21 $— $— $21 $3 $— $— $3 $— $— $— $— 
Rabbi trust investments
Cash equivalents91 — — 91 — — — — — — — — 
Life insurance contracts— 23 21 44 — — — — — — — — 
Rabbi trust investments subtotal91 23 21 135 — — — — — — — — 
Total assets112 23 21 156 3 — — 3 — — — — 
Liabilities
Deferred compensation obligation— (1)— (1)— — — — — — — — 
Total liabilities— (1)— (1)— — — — — — — — 
Total net assets$112 $22 $21 $155 $3 $— $— $3 $— $— $— $— 
PepcoDPLACE
At December 31, 2023Level 1Level 2Level 3TotalLevel 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Assets
Cash equivalents(a)
$23 $— $— $23 $1 $— $— $1 $— $— $— $— 
Rabbi trust investments
Cash equivalents63 — — 63 — — — — — — — — 
Life insurance contracts— 21 41 62 — — — — — — — — 
Rabbi trust investments subtotal63 21 41 125 — — — — — — — — 
Total assets86 21 41 148 1 — — 1 — — — — 
Liabilities
Deferred compensation obligation— (1)— (1)— — — — — — — — 
Total liabilities— (1)— (1)— — — — — — — — 
Total net assets$86 $20 $41 $147 $1 $— $— $1 $— $— $— $— 
__________
(a)PHI excludes cash of $70 million and $96 million at December 31, 2024 and 2023, respectively, and restricted cash of zero and $1 million at December 31, 2024 and 2023, respectively. Pepco excludes cash of $30 million and $48 million at December 31, 2024 and 2023, respectively, and restricted cash of zero and $1 million at December 31, 2024 and 2023, respectively. DPL excludes cash of $20 million and $15 million at December 31, 2024 and 2023, respectively. ACE excludes cash of $14 million and $21 million at December 31, 2024 and 2023, respectively.
Fair Value Reconciliation of Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis
The following tables present the fair value reconciliation of Level 3 assets and liabilities measured at fair value on a recurring basis during the years ended December 31, 2024 and 2023:
ExelonComEdPHI and Pepco
For the year ended December 31, 2024TotalCommodity
Derivatives		Life Insurance Contracts
Balance at December 31, 2023$(90)$(133)$41 
Total realized / unrealized gains (losses)
Included in net income(a)
1 — 2 
Included in regulatory assets/liabilities1 1 
(b)
— 
Purchases, sales, and settlements
Settlements(22)— (22)
Balance at December 31, 2024$(110)$(132)
(c)
$21 
The amount of total gains included in income attributed to the change in unrealized gains (losses) related to assets and liabilities as of December 31, 2024$1 $— $2 
ExelonComEdPHI and Pepco
For the year ended December 31, 2023TotalCommodity
Derivatives		Life Insurance Contracts
Balance at December 31, 2022$(44)$(84)$40 
Total realized / unrealized gains (losses)
Included in net income(a)
3 — 1 
Included in regulatory assets/liabilities(49)(49)
(b)
— 
Balance at December 31, 2023$(90)$(133)
(c)
$41 
The amount of total gains included in income attributed to the change in unrealized gains (losses) related to assets and liabilities as of December 31, 2023$3 $— $1 
__________
(a)Classified in Operating and maintenance expense in the Consolidated Statements of Operations and Comprehensive Income.
(b)Includes $40 million of decreases in fair value and an increase for realized gains due to settlements of $40 million recorded in Purchased power expense associated with floating-to-fixed energy swap contracts with unaffiliated suppliers for the year ended December 31, 2024. Includes $83 million of decreases in fair value and an increase for realized gains due to settlements of $34 million recorded in Purchased power expense associated with floating-to-fixed energy swap contracts with unaffiliated suppliers for the year ended December 31, 2023.
(c)The balance of the current and noncurrent asset was effectively zero as of December 31, 2024. The balance consists of a current and noncurrent liability of $29 million and $103 million, respectively, as of December 31, 2024.
Fair Value Reconciliation of Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis, Valuation Technique
The following table discloses the significant unobservable inputs to the forward curve used to value mark-to-market derivatives:
Type of tradeFair Value as of December 31, 2024Fair Value as of December 31, 2023Valuation
Technique		Unobservable
Input		2024 Range & Arithmetic Average2023 Range & Arithmetic Average
Commodity derivatives$(132)$(133)Discounted Cash Flow
Forward power price(a)
$30.31 -$59.88 $42.08 $30.27 -$73.71 $43.35 
__________
(a)An increase to the forward power price would increase the fair value.