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Fair Value of Financial Assets and Liabilities (Tables)

3 Months Ended

Mar. 31, 2025

Fair Value Disclosures [Abstract]

Fair Value of Financial Liabilities Recorded at Amortized Cost

The following table presents the carrying amounts and fair values of our long-term debt and SNF obligation as of March 31, 2025 and December 31, 2024. We have no financial liabilities classified as Level 1. The carrying amounts of the short-term liabilities as presented in the Consolidated Balance Sheets are representative of their fair value (Level 2) because of the short-term nature of these instruments.

						March 31, 2025																								December 31, 2024
						Carrying Amount						Fair Value																		Carrying Amount						Fair Value
												Level 2						Level 3						Total												Level 2						Level 3						Total
Long-Term Debt, including amounts due within one year						$	8,358					$	7,781					$	700					$	8,481					$	8,412					$	7,805					$	716					$	8,521
SNF Obligation						1,381						1,284						—						1,284						1,366						1,278						—						1,278

Assets and Liabilities Measured and Recorded at Fair Value on Recurring Basis

The following table present assets and liabilities measured and recorded at fair value in the Consolidated Balance Sheets on a recurring basis and their level within the fair value hierarchy as of March 31, 2025 and December 31, 2024:

			March 31, 2025																								December 31, 2024
			Level 1						Level 2						Level 3						Total						Level 1						Level 2						Level 3						Total
Assets
Cash equivalents(a)			$	28					$	—					$	—					$	28					$	120					$	—					$	—					$	120
NDT fund investments
Cash equivalents(b)			227						168						—						395						187						163						—						350
Equities			5,351						1,652						1						7,004						5,230						1,897						—						7,127
Fixed income			2,111						1,514						373						3,998						2,089						1,462						368						3,919
Private credit			—						—						128						128						—						—						134						134
Assets measured at NAV			—						—						—						5,987						—						—						—						5,791
NDT fund investments subtotal(c)			7,689						3,334						502						17,512						7,506						3,522						502						17,321
Rabbi trust investments			58						40						1						99						58						41						1						100
Investments in equities			98						—						—						98						389						—						—						389
Mark-to-market derivative assets
Economic hedges			1,986						7,493						3,259						12,738						1,278						5,306						2,641						9,225
Effect of netting and allocation of collateral			(1,634)						(7,011)						(2,750)						(11,395)						(1,097)						(4,790)						(2,123)						(8,010)
Mark-to-market derivative assets subtotal			352						482						509						1,343						181						516						518						1,215
Total assets measured at fair value			8,225						3,856						1,012						19,080						8,254						4,079						1,021						19,145
Liabilities
Mark-to-market derivative liabilities
Economic hedges			(1,947)						(7,939)						(3,480)						(13,366)						(1,222)						(5,462)						(2,778)						(9,462)
Effect of netting and allocation of collateral			1,875						7,630						2,953						12,458						1,180						5,157						2,259						8,596
Mark-to-market derivative liabilities subtotal			(72)						(309)						(527)						(908)						(42)						(305)						(519)						(866)
Deferred compensation obligation			—						(89)						—						(89)						—						(93)						—						(93)
Total liabilities measured at fair value			(72)						(398)						(527)						(997)						(42)						(398)						(519)						(959)
Total net assets			$	8,153					$	3,458					$	485					$	18,083					$	8,212					$	3,681					$	502					$	18,186

__________

(a)CEG Parent has $38 million and $130 million of Level 1 cash equivalents as of March 31, 2025 and December 31, 2024, respectively. We exclude cash of $1,817 million and $2,924 million, and restricted cash of $77 million and $71 million as of March 31, 2025 and December 31, 2024, respectively. CEG Parent has excluded an additional $10 million and $4 million of cash as of March 31, 2025 and December 31, 2024, respectively.

(b)Includes net liabilities of $162 million and $148 million as of March 31, 2025 and December 31, 2024, respectively, which 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.

(c)Includes total NDT derivative assets and liabilities that are not material, which have notional amounts of $1,254 million and $1,119 million as of March 31, 2025 and December 31, 2024, respectively. The notional principal amounts provide one measure of the transaction volume outstanding as of the periods ended and do not represent the amount of our exposure to credit or market loss.

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 three months ended March 31, 2025 and 2024:

			Three Months Ended March 31, 2025
			NDT Fund Investments						Mark-to-Market Derivatives						Rabbi Trust Investments						Total
Balance as of January 1, 2025			$	502					$	(1)					$	1					$	502
Total realized / unrealized gains (losses)
Included in net income (loss)			1						(131)			(a)			—						(130)
Change in collateral			—						67						—						67
Purchases, sales, issuances and settlements
Purchases			—						15						—						15
Sales			—						(3)						—						(3)
Settlements			(2)						—						—						(2)
Transfers into Level 3			1						(1)			(b)			—						—
Transfers out of Level 3			—						36			(b)			—						36
Balance as of March 31, 2025			$	502					$	(18)					$	1					$	485
The amount of total gains (losses) included in income attributed to the change in unrealized gains (losses) related to assets and liabilities as of March 31, 2025			$	1					$	(96)					$	—					$	(95)

			Three Months Ended March 31, 2024
			NDT Fund Investments						Mark-to-Market Derivatives						Rabbi Trust Investments						Total
Balance as of January 1, 2024			$	429					$	869					$	1					$	1,299
Total realized / unrealized gains (losses)
Included in net income (loss)			—						(306)			(a)			—						(306)
Included in Payable related to Regulatory Agreement Units			3						—						—						3
Change in collateral			—						33						—						33
Purchases, sales, issuances and settlements
Purchases			33						4						—						37
Sales			—						(44)						—						(44)
Settlements			(5)						(2)						—						(7)
Transfers into Level 3			—						9			(b)			—						9
Transfers out of Level 3			—						(45)			(b)			—						(45)
Balance as of March 31, 2024			$	460					$	518					$	1					$	979
The amount of total gains (losses) included in income attributed to the change in unrealized gains (losses) related to assets and liabilities as of March 31, 2024			$	—					$	29					$	—					$	29

__________

(a)Includes a reduction of ($35) million and ($337) million for realized gains due to the settlement of derivative contracts for the three months ended March 31, 2025 and 2024, respectively.

(b)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.

Total Realized and Unrealized Gains (Losses) Included in Income for Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following table presents 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 three months ended March 31, 2025 and 2024:

			Three Months Ended March 31,
			Operating Revenues												Purchased Power and Fuel												Other, net
			2025						2024						2025						2024						2025						2024
Total gains (losses) included in net income			$	38					$	(172)					$	(169)					$	(136)					$	1					$	—
Total unrealized gains (losses)			(8)						148						(88)						(119)						1						—

Fair Value Reconciliation of Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis, Valuation Technique

The following table presents the significant inputs to the forward curve used to value these positions:

Type of trade						Fair Value as of March 31, 2025						Fair Value as of December 31, 2024						Valuation Technique						Unobservable Input						2025 Range & Arithmetic Average									2024 Range & Arithmetic Average
Mark-to-market derivatives—Economic hedges(a)(b)						$	(221)					$	(137)					Discounted Cash Flow						Forward power price						$2.37 - $174			$54						$2.57 - $140			$49
																								Forward gas price						$(0.14) - $14			$4.09						$2.09 - $15			$3.68
																		Option Model						Volatility percentage						17% - 91%			54%						23% - 141%			57%

__________

(a)The valuation techniques, unobservable inputs, ranges, and arithmetic averages are the same for the asset and liability positions.

(b)The fair values do not include cash collateral posted (received) on Level 3 positions of $203 million and $136 million as of March 31, 2025 and December 31, 2024, respectively.

X

- Definition

This element represents, for the fair value measurement of assets and liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issuances, and settlements (net); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs).

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Tabular disclosure of the amount of gains or losses for the period included in earnings or resulted in a change to net assets, have arisen from the use of significant unobservable inputs (level 3) to measure the fair value of assets, liabilities, and financial instruments classified in shareholders' equity.

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Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

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Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

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