v3.25.2
Fair Value of Financial Assets and Liabilities (All Registrants)
 6 Months Ended
Jun. 30, 2025
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 2024 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 June 30, 2025 and December 31, 2024. 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.
June 30, 2025December 31, 2024
Carrying AmountFair ValueCarrying AmountFair Value
Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Long-Term Debt, including amounts due within one year(a)
Exelon$47,345 $— $38,504 $4,211 $42,715 $44,400 $— $35,337 $3,720 $39,057 
ComEd12,750 — 11,157 — 11,157 12,030 — 10,260 — 10,260 
PECO5,705 — 4,852 — 4,852 5,704 — 4,816 — 4,816 
BGE6,040 — 5,435 — 5,435 5,395 — 4,702 — 4,702 
PHI9,535 — 4,182 4,211 8,393 9,124 — 4,093 3,720 7,813 
Pepco4,558 — 2,517 1,770 4,287 4,362 — 2,475 1,544 4,019 
DPL2,346 — 641 1,399 2,040 2,220 — 623 1,250 1,873 
ACE2,035 — 809 1,042 1,851 1,933 — 787 925 1,712 
Long-Term Debt to Financing Trusts
Exelon$390 $— $— $397 $397 $390 $— $— $396 $396 
ComEd206 — — 210 210 206 — — 208 208 
PECO184 — — 186 186 184 — — 188 188 
__________
(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 2024 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 2024 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 June 30, 2025 and December 31, 2024. Exelon and the Utility Registrants have immaterial and no financial assets or liabilities measured using the NAV practical expedient, respectively:
Exelon
At June 30, 2025At December 31, 2024
Level 1Level 2Level 3TotalLevel 1 Level 2Level 3Total
Assets
Cash equivalents(a)
$926 $— $— $926 $544 $— $— $544 
Rabbi trust investments
Cash equivalents97 — — 97 94 — — 94 
Mutual funds64 — — 64 65 — — 65 
Fixed income— 6 — 6 — 6 — 6 
Life insurance contracts — 71 23 94 — 73 22 95 
Rabbi trust investments subtotal161 77 23 261 159 79 22 260 
Interest rate derivative assets
Derivatives designated as hedging instruments— 2 — 2 — 26 — 26 
Economic hedges— — — — — — — — 
Interest rate derivative assets subtotal— 2 — 2 — 26 — 26 
Total assets1,087 79 23 1,189 703 105 22 830 
Liabilities
Commodity derivative liabilities— — (135)(135)— — (132)(132)
Interest rate derivative liabilities
Derivatives designated as hedging instruments— (7)— (7)— (1)— (1)
Economic hedges— — — — — — — — 
Interest rate derivative liabilities subtotal — (7)— (7)— (1)— (1)
Deferred compensation obligation— (64)— (64)— (74)— (74)
Total liabilities— (71)(135)(206)— (75)(132)(207)
Total net assets (liabilities)$1,087 $8 $(112)$983 $703 $30 $(110)$623 
__________    
(a)Exelon excludes cash of $150 million and $219 million at June 30, 2025 and December 31, 2024, respectively, and restricted cash of $175 million and $176 million at June 30, 2025 and December 31, 2024, respectively, and includes long-term restricted cash of $49 million and $41 million at June 30, 2025 and December 31, 2024, respectively, which is reported in Other deferred debits and other assets in the Consolidated Balance Sheets.
ComEd, PECO, and BGE
ComEdPECOBGE
At June 30, 2025Level 1Level 2Level 3TotalLevel 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Assets
Cash equivalents(a)
$613 $— $— $613 $2 $— $— $2 $232 $— $— $232 
Rabbi trust investments
Mutual funds— — — — 11 — — 11 9 — — 9 
Life insurance contracts — — — — — 22 — 22 — — — — 
Rabbi trust investments subtotal— — — — 11 22 — 33 9 — — 9 
Total assets613 — — 613 13 22 — 35 241 — — 241 
Liabilities
Commodity derivative liabilities(b)
— — (135)(135)— — — — — — — — 
Deferred compensation obligation— (8)— (8)— (7)— (7)— (4)— (4)
Total liabilities— (8)(135)(143)— (7)— (7)— (4)— (4)
Total net assets (liabilities)$613 $(8)$(135)$470 $13 $15 $— $28 $241 $(4)$— $237 
ComEdPECOBGE
At December 31, 2024Level 1Level 2Level 3TotalLevel 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Assets
Cash equivalents(a)
$390 $— $— $390 $29 $— $— $29 $1 $— $— $1 
Rabbi trust investments
Mutual funds— — — — 12 — — 12 10 — — 10 
Life insurance contracts — — — — — 22 — 22 — — — — 
Rabbi trust investments subtotal— — — — 12 22 — 34 10 — — 10 
Total assets390 — — 390 41 22 — 63 11 — — 11 
Liabilities
Commodity derivative liabilities(b)
— — (132)(132)— — — — — — — — 
Deferred compensation obligation— (8)— (8)— (7)— (7)— (4)— (4)
Total liabilities— (8)(132)(140)— (7)— (7)— (4)— (4)
Total net assets (liabilities)$390 $(8)$(132)$250 $41 $15 $— $56 $11 $(4)$— $7 
__________
(a)ComEd excludes cash of $61 million and $66 million at June 30, 2025 and December 31, 2024, respectively, and restricted cash of $173 million and $176 million at June 30, 2025 and December 31, 2024, respectively. Additionally, ComEd includes long-term restricted cash of $49 million and $41 million at June 30, 2025 and December 31, 2024, respectively, which is reported in Other deferred debits and other assets in the Consolidated Balance Sheets. PECO
excludes cash of $23 million and $19 million at June 30, 2025 and December 31, 2024, respectively. BGE excludes cash of $9 million and $33 million at June 30, 2025 and December 31, 2024, respectively.
(b)The Level 3 balance consists of the current and noncurrent liability of $24 million and $111 million, respectively, at June 30, 2025 and $29 million and $103 million, respectively, at December 31, 2024 related to floating-to-fixed energy swap contracts with unaffiliated suppliers.
PHI, Pepco, DPL, and ACE
At June 30, 2025At December 31, 2024
PHI Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Assets
Cash equivalents(a)
$47 $— $— $47 $93 $— $— $93 
Rabbi trust investments
Cash equivalents95 — — 95 92 — — 92 
Mutual funds9 — — 9 9 — — 9 
Fixed income— 6 — 6 — 6 — 6 
Life insurance contracts— 21 22 43 — 23 21 44 
Rabbi trust investments subtotal104 27 22 153 101 29 21 151 
Total assets151 27 22 200 194 29 21 244 
Liabilities
Deferred compensation obligation— (10)— (10)— (12)— (12)
Total liabilities— (10)— (10)— (12)— (12)
Total net assets$151 $17 $22 $190 $194 $17 $21 $232 
PepcoDPLACE
At June 30, 2025Level 1Level 2Level 3TotalLevel 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Assets
Cash equivalents(a)
$23 $— $— $23 $6 $— $— $6 $— $— $— $— 
Rabbi trust investments
Cash equivalents94 — — 94 — — — — — — — — 
Life insurance contracts— 21 22 43 — — — — — — — — 
Rabbi trust investments subtotal94 21 22 137 — — — — — — — — 
Total assets117 21 22 160 6 — — 6 — — — — 
Liabilities
Deferred compensation obligation— (1)— (1)— — — — — — — — 
Total liabilities— (1)— (1)— — — — — — — — 
Total net assets$117 $20 $22 $159 $6 $— $— $6 $— $— $— $— 
PepcoDPLACE
At December 31, 2024Level 1Level 2Level 3TotalLevel 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Assets
Cash equivalents(a)
$21 $— $— $21 $3 $— $— $3 $— $— $— $— 
Rabbi trust investments
Cash equivalents91 — — 91 — — — — — — — — 
Life insurance contracts— 23 21 44 — — — — — — — — 
Rabbi trust investments subtotal91 23 21 135 — — — — — — — — 
Total assets112 23 21 156 3 — — 3 — — — — 
Liabilities
Deferred compensation obligation— (1)— (1)— — — — — — — — 
Total liabilities— (1)— (1)— — — — — — — — 
Total net assets$112 $22 $21 $155 $3 $— $— $3 $— $— $— $— 
__________
(a)PHI excludes cash of $48 million and $70 million at June 30, 2025 and December 31, 2024, respectively, and restricted cash of $2 million and zero at June 30, 2025 and December 31, 2024. Pepco excludes cash of $21 million and $30 million at June 30, 2025 and December 31, 2024, respectively. DPL excludes cash of $8 million and $20 million at June 30, 2025 and December 31, 2024, respectively. ACE excludes cash of $15 million and $14 million at June 30, 2025 and December 31, 2024, respectively and restricted cash of $2 million and zero at June 30, 2025 and December 31, 2024, 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 six months ended June 30, 2025 and 2024:
ExelonComEdPHI and Pepco
Three Months Ended June 30, 2025Total Commodity
Derivatives		Life Insurance Contracts
Balance at March 31, 2025$(129)$(151)$21 
Total realized / unrealized gains (losses)
Included in net income(a)
1 — 1 
Included in regulatory assets/liabilities16 16 
(b)
— 
Settlements— — — 
Balance at June 30, 2025$(112)$(135)
(c)
$22 
The amount of total gains included in income attributed to the change in unrealized gains related to assets and liabilities at June 30, 2025$1 $— $1 
ExelonComEdPHI and Pepco
Three Months Ended June 30, 2024Total Commodity
Derivatives		Life Insurance Contracts
Balance at March 31, 2024$(65)$(108)$41 
Total realized / unrealized gains (losses)
Included in net income(a)
1 — 2 
Included in regulatory assets/liabilities(31)(31)
(b)
— 
Settlements(21)— (21)
Balance at June 30, 2024$(116)$(139)$22 
The amount of total gains included in income attributed to the change in unrealized gains related to assets and liabilities at June 30, 2024$2 $— $2 
ExelonComEdPHI and Pepco
Six Months Ended June 30, 2025Total Commodity
Derivatives		Life Insurance Contracts
Balance at December 31, 2024$(110)$(132)$21 
Total realized / unrealized gains (losses)
Included in net income(a)
1 — 1 
Included in regulatory assets/liabilities(3)(3)
(b)
— 
Settlements— — — 
Balance at June 30, 2025$(112)$(135)
(c)
$22 
The amount of total gains included in income attributed to the change in unrealized gains related to assets and liabilities at June 30, 2025$1 $— $1 
  
ExelonComEdPHI and Pepco
Six Months Ended June 30, 2024Total Commodity
Derivatives		Life Insurance Contracts
Balance at December 31, 2023$(90)$(133)$41 
Total realized / unrealized gains (losses)
Included in net income(a)
1 — 2 
Included in regulatory assets/liabilities(6)(6)
(b)
— 
Settlements(21)— (21)
Balance at June 30, 2024$(116)$(139)$22 
The amount of total gains included in income attributed to the change in unrealized gains related to assets and liabilities at June 30, 2024$2 $— $2 
__________
(a)Classified in Operating and maintenance expense in the Consolidated Statements of Operations and Comprehensive Income.
(b)Includes $5 million of increases in fair value and an increase for realized gains due to settlements of $11 million recorded in Purchased power expense associated with floating-to-fixed energy swap contracts with unaffiliated suppliers for the three months ended June 30, 2025. Includes $43 million of decreases in fair value and an increase for realized gains due to settlements of $12 million recorded in Purchased power expense associated with floating-to-fixed energy swap contracts with unaffiliated suppliers for the three months ended June 30, 2024. Includes $17 million of decreases in fair value and an increase for realized gains due to settlements of $20 million recorded in Purchased power expense associated with floating-to-fixed energy swap contracts with unaffiliated suppliers for the six months ended June 30, 2025. Includes $30 million of decreases in fair value and an increase for realized gains due to settlements of $24 million recorded in Purchased power expense associated with floating-to-fixed energy swap contracts with unaffiliated suppliers for the six months ended June 30, 2024.
(c)The balance of the current and noncurrent asset was effectively zero as of June 30, 2025. The balance consists of a current and noncurrent liability of $24 million and $111 million, respectively, as of June 30, 2025.
Commodity Derivatives (Exelon and ComEd)
The table below discloses the significant unobservable inputs to the forward curve used to value mark-to-market derivatives.
Type of tradeFair Value at June 30, 2025Fair Value at December 31, 2024Valuation
Technique		Unobservable
Input		2025 Range & Arithmetic Average2024 Range & Arithmetic Average
Commodity derivatives$(135)$(132)Discounted
Cash Flow
Forward power price(a)
$28.24-$62.10$40.28$30.31-$59.88$42.08
________
(a)An increase to the forward power price would increase the fair value.