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Fair Value of Financial Assets and Liabilities (All Registrants) | 9 Months Ended
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Sep. 30, 2024
Fair Value Disclosures [Abstract] |
Fair Value of Financial Assets and Liabilities (All Registrants) | Fair Value of Financial Assets and Liabilities (All Registrants) Exelon measures and classifies fair value measurements in accordance with the hierarchy as defined by GAAP. The hierarchy prioritizes the inputs to valuation techniques used to measure fair value into three levels as follows: •Level 1 — quoted prices (unadjusted) in active markets for identical assets or liabilities that the Registrants have the ability to liquidate as of the reporting date. •Level 2 — inputs other than quoted prices included within Level 1 that are directly observable for the asset or liability or indirectly observable through corroboration with observable market data. •Level 3 — unobservable inputs, such as internally developed pricing models or third-party valuations for the asset or liability due to little or no market activity for the asset or liability. Exelon’s valuation techniques used to measure the fair value of the assets and liabilities shown in the tables below are in accordance with the policies discussed in Note 17 — Fair Value of Financial Assets and Liabilities of the 2023 Form 10-K. 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) as of September 30, 2024 and December 31, 2023. The Registrants have no financial liabilities 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.
|  | September 30, 2024 |  | December 31, 2023
|  | Carrying Amount |  | Fair Value |  | Carrying Amount |  | Fair Value
|  |  | Level 1 |  | Level 2 |  | Level 3 |  | Total |  |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Long-Term Debt, including amounts due within one year(a)
Exelon |  | $ | 44,655 |  |  | $ | — |  |  | $ | 37,642 |  |  | $ | 3,937 |  |  | $ | 41,579 |  |  | $ | 41,095 |  |  | $ | — |  |  | $ | 33,804 |  |  | $ | 3,442 |  |  | $ | 37,246 |
ComEd |  | 12,028 |  |  | — |  |  | 10,957 |  |  | — |  |  | 10,957 |  |  | 11,486 |  |  | — |  |  | 10,210 |  |  | — |  |  | 10,210 |
PECO |  | 5,703 |  |  | — |  |  | 5,156 |  |  | — |  |  | 5,156 |  |  | 5,134 |  |  | — |  |  | 4,562 |  |  | — |  |  | 4,562 |
BGE |  | 5,395 |  |  | — |  |  | 5,021 |  |  | — |  |  | 5,021 |  |  | 4,602 |  |  | — |  |  | 4,145 |  |  | — |  |  | 4,145 |
PHI |  | 9,135 |  |  | — |  |  | 4,333 |  |  | 3,937 |  |  | 8,270 |  |  | 8,648 |  |  | — |  |  | 4,160 |  |  | 3,442 |  |  | 7,602 |
Pepco |  | 4,362 |  |  | — |  |  | 2,638 |  |  | 1,634 |  |  | 4,272 |  |  | 4,096 |  |  | — |  |  | 2,311 |  |  | 1,600 |  |  | 3,911 |
DPL |  | 2,221 |  |  | — |  |  | 667 |  |  | 1,329 |  |  | 1,996 |  |  | 2,080 |  |  | — |  |  | 694 |  |  | 1,134 |  |  | 1,828 |
ACE |  | 1,935 |  |  | — |  |  | 809 |  |  | 974 |  |  | 1,783 |  |  | 1,833 |  |  | — |  |  | 939 |  |  | 708 |  |  | 1,647 |
Long-Term Debt to Financing Trusts
Exelon |  | $ | 390 |  |  | $ | — |  |  | $ | — |  |  | $ | 409 |  |  | $ | 409 |  |  | $ | 390 |  |  | $ | — |  |  | $ | — |  |  | $ | 390 |  |  | $ | 390 |
ComEd |  | 206 |  |  | — |  |  | — |  |  | 215 |  |  | 215 |  |  | 205 |  |  | — |  |  | — |  |  | 208 |  |  | 208 |
PECO |  | 184 |  |  | — |  |  | — |  |  | 194 |  |  | 194 |  |  | 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 of the 2023 Form 10-K for unamortized debt issuance costs, unamortized debt discount and premium, net, and purchase accounting fair value adjustments and Note 10 — Leases of the 2023 Form 10-K for finance lease liabilities. Recurring Fair Value Measurements 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 September 30, 2024 and December 31, 2023. Exelon and the Utility Registrants have immaterial and no financial assets or liabilities measured using the NAV practical expedient, respectively: Exelon
| At September 30, 2024 |  | At December 31, 2023
| Level 1 |  | Level 2 |  | Level 3 |  |  |  | Total |  | Level 1 |  | Level 2 |  | Level 3 |  |  |  | Total
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash equivalents(a) | $ | 861 |  |  | $ | — |  |  | $ | — |  |  |  |  | $ | 861 |  |  | $ | 618 |  |  | $ | — |  |  | $ | — |  |  |  |  | $ | 618 |
Rabbi trust investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash equivalents | 93 |  |  | — |  |  | — |  |  |  |  | 93 |  |  | 67 |  |  | — |  |  | — |  |  |  |  | 67 |
Mutual funds | 62 |  |  | — |  |  | — |  |  |  |  | 62 |  |  | 53 |  |  | — |  |  | — |  |  |  |  | 53 |
Fixed income | — |  |  | 7 |  |  | — |  |  |  |  | 7 |  |  | — |  |  | 7 |  |  | — |  |  |  |  | 7 |
Life insurance contracts | — |  |  | 70 |  |  | 22 |  |  |  |  | 92 |  |  | — |  |  | 61 |  |  | 43 |  |  |  |  | 104 |
Rabbi trust investments subtotal | 155 |  |  | 77 |  |  | 22 |  |  |  |  | 254 |  |  | 120 |  |  | 68 |  |  | 43 |  |  |  |  | 231 |
Interest rate derivative assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivatives designated as hedging instruments | — |  |  | — |  |  | — |  |  |  |  | — |  |  | — |  |  | 11 |  |  | — |  |  |  |  | 11 |
Economic hedges | — |  |  | — |  |  | — |  |  |  |  | — |  |  | — |  |  | 1 |  |  | — |  |  |  |  | 1 |
Interest rate derivative assets subtotal | — |  |  | — |  |  | — |  |  |  |  | — |  |  | — |  |  | 12 |  |  | — |  |  |  |  | 12 |
Total assets | 1,016 |  |  | 77 |  |  | 22 |  |  |  |  | 1,115 |  |  | 738 |  |  | 80 |  |  | 43 |  |  |  |  | 861 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commodity derivative liabilities | — |  |  | — |  |  | (165) |  |  |  |  | (165) |  |  | — |  |  | — |  |  | (133) |  |  |  |  | (133) |
Interest rate derivative liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivatives designated as hedging instruments | — |  |  | (39) |  |  | — |  |  |  |  | (39) |  |  | — |  |  | (24) |  |  | — |  |  |  |  | (24) |
Economic hedges | — |  |  | — |  |  | — |  |  |  |  | — |  |  | — |  |  | (22) |  |  | — |  |  |  |  | (22) |
Interest rate derivative liabilities subtotal | — |  |  | (39) |  |  | — |  |  |  |  | (39) |  |  | — |  |  | (46) |  |  | — |  |  |  |  | (46) |
Deferred compensation obligation | — |  |  | (75) |  |  | — |  |  |  |  | (75) |  |  | — |  |  | (75) |  |  | — |  |  |  |  | (75) |
Total liabilities | — |  |  | (114) |  |  | (165) |  |  |  |  | (279) |  |  | — |  |  | (121) |  |  | (133) |  |  |  |  | (254) |
Total net assets (liabilities) | $ | 1,016 |  |  | $ | (37) |  |  | $ | (143) |  |  |  |  | $ | 836 |  |  | $ | 738 |  |  | $ | (41) |  |  | $ | (90) |  |  |  |  | $ | 607 |
__________ (a)Exelon excludes cash of $205 million and $334 million at September 30, 2024 and December 31, 2023, respectively, and restricted cash of $167 million and $149 million at September 30, 2024 and December 31, 2023, respectively, and includes long-term restricted cash of $65 million and $174 million at September 30, 2024 and December 31, 2023, respectively, which is reported in Other deferred debits and other assets in the Consolidated Balance Sheets. ComEd, PECO, and BGE
| ComEd |  | PECO |  | BGE
At September 30, 2024 | Level 1 |  | Level 2 |  | Level 3 |  | Total |  | Level 1 |  | Level 2 |  | Level 3 |  | Total |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash equivalents(a) | $ | 403 |  |  | $ | — |  |  | $ | — |  |  | $ | 403 |  |  | $ | 18 |  |  | $ | — |  |  | $ | — |  |  | $ | 18 |  |  | $ | 313 |  |  | $ | — |  |  | $ | — |  |  | $ | 313 |
Rabbi trust investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mutual funds | — |  |  | — |  |  | — |  |  | — |  |  | 11 |  |  | — |  |  | — |  |  | 11 |  |  | 10 |  |  | — |  |  | — |  |  | 10 |
Life insurance contracts | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 21 |  |  | — |  |  | 21 |  |  | — |  |  | — |  |  | — |  |  | — |
Rabbi trust investments subtotal | — |  |  | — |  |  | — |  |  | — |  |  | 11 |  |  | 21 |  |  | — |  |  | 32 |  |  | 10 |  |  | — |  |  | — |  |  | 10 |
Total assets | 403 |  |  | — |  |  | — |  |  | 403 |  |  | 29 |  |  | 21 |  |  | — |  |  | 50 |  |  | 323 |  |  | — |  |  | — |  |  | 323 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commodity derivative liabilities(b) | — |  |  | — |  |  | (165) |  |  | (165) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Deferred compensation obligation | — |  |  | (9) |  |  | — |  |  | (9) |  |  | — |  |  | (7) |  |  | — |  |  | (7) |  |  | — |  |  | (4) |  |  | — |  |  | (4) |
Total liabilities | — |  |  | (9) |  |  | (165) |  |  | (174) |  |  | — |  |  | (7) |  |  | — |  |  | (7) |  |  | — |  |  | (4) |  |  | — |  |  | (4) |
Total net assets (liabilities) | $ | 403 |  |  | $ | (9) |  |  | $ | (165) |  |  | $ | 229 |  |  | $ | 29 |  |  | $ | 14 |  |  | $ | — |  |  | $ | 43 |  |  | $ | 323 |  |  | $ | (4) |  |  | $ | — |  |  | $ | 319 |
| ComEd |  | PECO |  | BGE
At December 31, 2023 | Level 1 |  | Level 2 |  | Level 3 |  | Total |  | Level 1 |  | Level 2 |  | Level 3 |  | Total |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
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 assets | 453 |  |  | — |  |  | — |  |  | 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 $84 million and $86 million at September 30, 2024 and December 31, 2023, respectively, and restricted cash of $167 million and $147 million at September 30, 2024 and December 31, 2023, respectively. Additionally, ComEd includes long-term restricted cash of $65 million and $174 million at September 30, 2024 and December 31, 2023, respectively, which is reported in Other deferred debits and other assets in the Consolidated Balance Sheets. PECO excludes cash of $19 million and $42 million at September 30, 2024 and December 31, 2023, respectively. BGE excludes cash of $18 million and $47 million at September 30, 2024 and December 31, 2023, respectively, and restricted cash of zero and $1 million at September 30, 2024 and December 31, 2023, respectively. (b)The Level 3 balance consists of the current and noncurrent liability of $25 million and $140 million, respectively, at September 30, 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 September 30, 2024 |  | At December 31, 2023
PHI | Level 1 |  | Level 2 |  | Level 3 |  | Total |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash equivalents(a) | $ | 74 |  |  | $ | — |  |  | $ | — |  |  | $ | 74 |  |  | $ | 107 |  |  | $ | — |  |  | $ | — |  |  | $ | 107 |
Rabbi trust investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash equivalents | 90 |  |  | — |  |  | — |  |  | 90 |  |  | 64 |  |  | — |  |  | — |  |  | 64 |
Mutual funds | 9 |  |  | — |  |  | — |  |  | 9 |  |  | 9 |  |  | — |  |  | — |  |  | 9 |
Fixed income | — |  |  | 7 |  |  | — |  |  | 7 |  |  | — |  |  | 7 |  |  | — |  |  | 7 |
Life insurance contracts | — |  |  | 23 |  |  | 21 |  |  | 44 |  |  | — |  |  | 21 |  |  | 41 |  |  | 62 |
Rabbi trust investments subtotal | 99 |  |  | 30 |  |  | 21 |  |  | 150 |  |  | 73 |  |  | 28 |  |  | 41 |  |  | 142 |
Total assets | 173 |  |  | 30 |  |  | 21 |  |  | 224 |  |  | 180 |  |  | 28 |  |  | 41 |  |  | 249 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deferred compensation obligation | — |  |  | (11) |  |  | — |  |  | (11) |  |  | — |  |  | (13) |  |  | — |  |  | (13) |
Total liabilities | — |  |  | (11) |  |  | — |  |  | (11) |  |  | — |  |  | (13) |  |  | — |  |  | (13) |
Total net assets | $ | 173 |  |  | $ | 19 |  |  | $ | 21 |  |  | $ | 213 |  |  | $ | 180 |  |  | $ | 15 |  |  | $ | 41 |  |  | $ | 236 |
| Pepco |  | DPL |  | ACE
At September 30, 2024 | Level 1 |  | Level 2 |  | Level 3 |  | Total |  | Level 1 |  | Level 2 |  | Level 3 |  | Total |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash equivalents(a) | $ | 21 |  |  | $ | — |  |  | $ | — |  |  | $ | 21 |  |  | $ | 3 |  |  | $ | — |  |  | $ | — |  |  | $ | 3 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Rabbi trust investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash equivalents | 90 |  |  | — |  |  | — |  |  | 90 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Life insurance contracts | — |  |  | 23 |  |  | 21 |  |  | 44 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Rabbi trust investments subtotal | 90 |  |  | 23 |  |  | 21 |  |  | 134 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total assets | 111 |  |  | 23 |  |  | 21 |  |  | 155 |  |  | 3 |  |  | — |  |  | — |  |  | 3 |  |  | — |  |  | — |  |  | — |  |  | — |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deferred compensation obligation | — |  |  | (1) |  |  | — |  |  | (1) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total liabilities | — |  |  | (1) |  |  | — |  |  | (1) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total net assets | $ | 111 |  |  | $ | 22 |  |  | $ | 21 |  |  | $ | 154 |  |  | $ | 3 |  |  | $ | — |  |  | $ | — |  |  | $ | 3 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
| Pepco |  | DPL |  | ACE
At December 31, 2023 | Level 1 |  | Level 2 |  | Level 3 |  | Total |  | Level 1 |  | Level 2 |  | Level 3 |  | Total |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash equivalents(a) | $ | 23 |  |  | $ | — |  |  | $ | — |  |  | $ | 23 |  |  | $ | 1 |  |  | $ | — |  |  | $ | — |  |  | $ | 1 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Rabbi trust investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash equivalents | 63 |  |  | — |  |  | — |  |  | 63 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Life insurance contracts | — |  |  | 21 |  |  | 41 |  |  | 62 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Rabbi trust investments subtotal | 63 |  |  | 21 |  |  | 41 |  |  | 125 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total assets | 86 |  |  | 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 $48 million and $96 million at September 30, 2024 and December 31, 2023, respectively, and restricted cash of zero and $1 million at September 30, 2024 and December 31, 2023, respectively. Pepco excludes cash of $19 million and $48 million at September 30, 2024 and December 31, 2023, respectively, and restricted cash of zero and $1 million at September 30, 2024 and December 31, 2023, respectively. DPL excludes cash of $7 million and $15 million at September 30, 2024 and December 31, 2023, respectively. ACE excludes cash of $17 million and $21 million at September 30, 2024 and December 31, 2023, respectively. Reconciliation of Level 3 Assets and Liabilities 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 and nine months ended September 30, 2024 and 2023:
| Exelon |  | ComEd |  | PHI and Pepco |  |
Three Months Ended September 30, 2024 | Total |  | Commodity Derivatives |  | Life Insurance Contracts |  |
Balance at June 30, 2024 | $ | (116) |  |  | $ | (139) |  |  | $ | 22 |  |  |
Total realized / unrealized gains (losses) |  |  |  |  |  |  |
Included in net income(a) | — |  |  | — |  |  | — |  |  |
Included in regulatory assets/liabilities | (26) |  |  | (26) |  | (b) | — |  |  |
Purchases, sales, and settlements |  |  |  |  |  |  |
Settlements | (1) |  |  | — |  |  | (1) |  |  |
Balance at September 30, 2024 | $ | (143) |  |  | $ | (165) |  | (c) | $ | 21 |  |  |
The amount of total gains included in income attributed to the change in unrealized gains related to assets and liabilities at September 30, 2024 | $ | — |  |  | $ | — |  |  | $ | — |  |  |
| Exelon |  | ComEd |  | PHI and Pepco |  |
Three Months Ended September 30, 2023 | Total |  | Commodity Derivatives |  | Life Insurance Contracts |  |
Balance at June 30, 2023 | $ | (91) |  |  | $ | (133) |  |  | $ | 42 |  |  |
Total realized / unrealized gains (losses) |  |  |  |  |  |  |
Included in net income(a) | — |  |  | — |  |  | (2) |  |  |
Included in regulatory assets/liabilities | (1) |  |  | (1) |  | (b) | — |  |  |
Balance at September 30, 2023 | $ | (92) |  |  | $ | (134) |  |  | $ | 40 |  |  |
The amount of total gains included in income attributed to the change in unrealized gains related to assets and liabilities at September 30, 2023 | $ | — |  |  | $ | — |  |  | $ | (2) |  |  |
| Exelon |  | ComEd |  | PHI and Pepco |  |
Nine Months Ended September 30, 2024 | Total |  | Commodity 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/liabilities | (32) |  |  | (32) |  | (b) | — |  |  |
Purchases, sales, and settlements |  |  |  |  |  |  |
Settlements | (22) |  |  | — |  |  | (22) |  |  |
Balance at September 30, 2024 | $ | (143) |  |  | $ | (165) |  | (c) | $ | 21 |  |  |
The amount of total gains included in income attributed to the change in unrealized gains related to assets and liabilities at September 30, 2024 | $ | 2 |  |  | $ | — |  |  | $ | 2 |  |  |
| Exelon |  | ComEd |  | PHI and Pepco |  |
Nine Months Ended September 30, 2023 | Total |  | Commodity Derivatives |  | Life Insurance Contracts |  |
Balance at December 31, 2022 | $ | (44) |  |  | $ | (84) |  |  | $ | 40 |  |  |
Total realized / unrealized gains (losses) |  |  |  |  |  |  |
Included in net income(a) | 2 |  |  | — |  |  | — |  |  |
Included in regulatory assets/liabilities | (50) |  |  | (50) |  | (b) | — |  |  |
Balance at September 30, 2023 | $ | (92) |  |  | $ | (134) |  |  | $ | 40 |  |  |
The amount of total gains included in income attributed to the change in unrealized gain related to assets and liabilities at September 30, 2023 | $ | 2 |  |  | $ | — |  |  | $ | — |  |  |
__________ (a)Classified in Operating and maintenance expense in the Consolidated Statements of Operations and Comprehensive Income. (b)Includes $31 million of decreases in fair value and an increase for realized gains due to settlements of $5 million recorded in Purchased power expense associated with floating-to-fixed energy swap contracts with unaffiliated suppliers for the three months ended September 30, 2024. Includes $5 million of decreases in fair value and an increase for realized gains due to settlements of $4 million recorded in Purchased power expense associated with floating-to-fixed energy swap contracts with unaffiliated suppliers for the three months ended September 30, 2023. Includes $60 million of decreases in fair value and an increase for realized gains due to settlements of $28 million recorded in Purchased power expense associated with floating-to-fixed energy swap contracts with unaffiliated suppliers for the nine months ended September 30, 2024. Includes $73 million of decreases in fair value and an increase for realized gains due to settlements of $23 million recorded in Purchased power expense associated with floating-to-fixed energy swap contracts with unaffiliated suppliers for the nine months ended September 30, 2023. (c)The balance of the current and noncurrent asset was effectively zero as of September 30, 2024. The balance consists of a current and noncurrent liability of $25 million and $140 million, respectively, as of September 30, 2024. Commodity Derivatives (Exelon and ComEd) The table below discloses the significant unobservable inputs to the forward curve used to value mark-to-market derivatives.
Type of trade |  | Fair Value at September 30, 2024 |  | Fair Value at December 31, 2023 |  | Valuation Technique |  | Unobservable Input |  | 2024 Range & Arithmetic Average |  | 2023 Range & Arithmetic Average
Commodity derivatives |  | $ | (165) |  |  | $ | (133) |  |  | Discounted Cash Flow |  | Forward power price(a) |  | $22.68 | - | $55.35 | $36.45 |  | $30.27 | - | $73.71 | $43.35
________ (a)An increase to the forward power price would increase the fair value.

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 107 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-107 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 100 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-100 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2E -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 940 -SubTopic 820 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478119/940-820-50-1 + Details
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