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v3.24.3

Fair Value of Financial Assets and Liabilities (Tables) | 9 Months Ended
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Sep. 30, 2024
Fair Value Disclosures [Abstract] |
Fair Value of Financial Liabilities Recorded at Amortized Cost | 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.
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | 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.
Fair Value Reconciliation of Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis | 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.
Fair Value Reconciliation of Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis, Valuation Technique | 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 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). + References No definition available. + Details
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- Definition Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique used to measure similar asset in prior period by class of asset or liability on non-recurring basis. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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- Definition Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482907/825-10-50-11 + Details
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- Definition 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). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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