Exelon 2014 Annual Report Download - page 196

Combined Notes to Consolidated Financial Statements—(Continued)
(Dollars in millions, except per share data unless otherwise noted)
Exelon
As of December 31, 2013 Level 1 Level 2 Level 3 Total
Liabilities
Commodity derivative liabilities
Economic hedges ................................................................. (540) (1,890) (590) (3,020)
Proprietary trading ................................................................. (328) (1,256) (119) (1,703)
Effect of netting and allocation of collateral (f) ............................................... 869 3,007 404 4,280
Commodity derivative liabilities subtotal ................................................... 1 (139) (305) (443)
Interest rate and foreign currency derivative liabilities ........................................ (31) (17) — (48)
Effect of netting and allocation of collateral ................................................. 31 1 — 32
Interest rate and foreign currency derivative liabilities subtotal ................................. — (16) — (16)
Deferred compensation obligation ........................................................ — (114) — (114)
Total liabilities ....................................................................... 1 (269) (305) (573)
Total net assets ......................................................................$4,534 $ 5,306 $ 749 $10,589
(a) Excludes certain cash equivalents considered to be held-to-maturity and not reported at fair value.
(b) Excludes net liabilities of $5 million at both December 31, 2014 and 2013. These items consist of receivables related to pending securities sales, interest and dividend
receivables, and payables related to pending securities purchases.
(c) Excludes net assets of $3 million and $7 million at December 31, 2014 and 2013, respectively. These items consist of receivables related to pending securities sales,
interest and dividend receivables, and payables related to pending securities purchases.
(d) Excludes $35 million and $32 million of cash surrender value of life insurance investment at December 31, 2014 and 2013, respectively, at Exelon Consolidated.
Excludes $11 million and $10 million of cash surrender value of life insurance investment at December 31, 2014 and 2013, respectively, at Generation.
(e) The mutual funds held by the Rabbi trusts at Exelon Consolidated include $45 million related to deferred compensation and $1 million related to a Supplemental
Executive Retirement Plan at December 31, 2014, and $53 million related to deferred compensation and $1 million related to a Supplemental Executive Retirement
Plan at December 31, 2013.
(f) Includes collateral postings (received) to/from counterparties. Collateral posted (received) to/from counterparties, net of collateral paid to counterparties, totaled $434
million, $800 million and $172 million allocated to Level 1, Level 2 and Level 3 mark-to-market derivatives, respectively, as of December 31, 2014. Collateral posted
(received) to/from counterparties, net of collateral paid to counterparties, totaled $6 million, $(124) million and $(26) million allocated to Level 1, Level 2 and Level 3
mark-to-market derivatives, respectively, as of December 31, 2013.
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