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Fair Value of Financial Assets and Liabilities (Tables) | 12 Months Ended
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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

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