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Retirement Benefits (All Registrants)
 9 Months Ended
Sep. 30, 2024
Retirement Benefits [Abstract]  
Retirement Benefits (All Registrants) Retirement Benefits (All Registrants)
Defined Benefit Pension and OPEB
The majority of the 2024 pension benefit cost for the Exelon-sponsored plans is calculated using an expected long-term rate of return on plan assets of 7.00% and a discount rate of 5.19%. The majority of the 2024 OPEB cost is calculated using an expected long-term rate of return on plan assets of 6.50% for funded plans and a discount rate of 5.17%.
During the first quarter of 2024, Exelon received an updated valuation of its pension and OPEB to reflect actual census data as of January 1, 2024. This valuation resulted in an increase to the pension obligation of $98 million and a decrease to the OPEB obligation of $1 million. Additionally, AOCI increased by $25 million (after-tax) and regulatory assets and liabilities increased by $66 million and $2 million, respectively.
A portion of the net periodic benefit cost for all plans is capitalized within the Consolidated Balance Sheets. The following tables present the components of Exelon's net periodic benefit costs, prior to capitalization, for the three and nine months ended September 30, 2024 and 2023.
Pension BenefitsOPEB
Three Months Ended September 30,Three Months Ended September 30,
2024202320242023
Components of net periodic benefit cost
Service cost$43 $39 $6 $6 
Interest cost141 145 24 25 
Expected return on assets(184)(189)(21)(21)
Amortization of:
Prior service cost (credit)1 1 (2)(2)
Actuarial loss53 41 — — 
Settlement charges— 18 — — 
Net periodic benefit cost$54 $55 $7 $8 
Pension BenefitsOPEB
Nine Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Components of net periodic benefit cost
Service cost$125 $116 $20 $18 
Interest cost423 434 72 76 
Expected return on assets(552)(566)(63)(63)
Amortization of:
Prior service cost (credit)2 2 (6)(7)
Actuarial loss (gain)160 125 — (1)
Settlement charges— 18 — — 
Net periodic benefit cost$158 $129 $23 $23 
The amounts below represent the Registrants' allocated pension and OPEB costs. For Exelon, the service cost component is included in Operating and maintenance expense and Property, plant, and equipment, net while the non-service cost components are included in Other, net and Regulatory assets. For the Utility Registrants, which apply multi-employer accounting, the service cost and non-service cost components are included in Operating and maintenance expense and Property, plant, and equipment, net in their consolidated financial statements.
 Three Months Ended September 30,Nine Months Ended September 30,
Pension and OPEB Costs (Benefit)2024202320242023
Exelon$61 $63 $181 $152 
ComEd17 6 53 19 
PECO(1)(3)(1)(10)
BGE14 14 45 42 
PHI25 25 71 74 
Pepco8 9 24 26 
DPL4 4 11 13 
ACE3 3 10 10 
Defined Contribution Savings Plan
The Registrants participate in a 401(k) defined contribution savings plan that is sponsored by Exelon. The plan is qualified under applicable sections of the IRC and allows employees to contribute a portion of their pre-tax and/or after-tax income in accordance with specified guidelines. All Registrants match a percentage of the employee contributions up to certain limits. The following table presents the employer contributions and employer matching contributions to the savings plan for the three and nine months ended September 30, 2024 and 2023.
Three Months Ended September 30,Nine Months Ended September 30,
Savings Plan Employer Contributions2024202320242023
Exelon$25 $27 $76 $74 
ComEd12 12 32 31 
PECO3 3 11 10 
BGE2 3 8 8 
PHI4 5 12 13 
Pepco1 1 3 3 
DPL1 1 3 3 
ACE1 1 2 2