Exelon 2014 Annual Report Download - page 237

Combined Notes to Consolidated Financial Statements—(Continued)
(Dollars in millions, except per share data unless otherwise noted)
regulatory liabilities increased by approximately $5 million. During the second quarter of 2014, Exelon received an updated valuation
for the remainder of its pension and other postretirement obligations to reflect actual census data as of January 1, 2014. This
valuation resulted in an increase to the pension obligation of $13 million and an increase to the other postretirement benefit
obligation of $3 million. Additionally, AOCL increased by approximately $1 million (after tax) and regulatory assets increased by
approximately $15 million.
In April 2014, Exelon announced plan design changes for certain other postretirement benefit plans, which required an interim
remeasurement of the benefit obligation for those plans using assumptions as of April 30, 2014, including updated discount rates
and asset values. The remeasurement resulted in a decrease to Exelon’s non-pension postretirement benefit obligations, regulatory
assets, and AOCL of approximately $790 million, $240 million, and $259 million (after tax), respectively, and an increase in
regulatory liabilities of approximately $125 million.
The following table provides a rollforward of the changes in the benefit obligations and plan assets for the most recent two years for
all plans combined:
Pension Benefits
Other
Postretirement Benefits
2014 2013 2014 2013
Change in benefit obligation:
Net benefit obligation at beginning of year ..................................... $15,459 $16,800 $ 4,451 $4,820
Service cost ............................................................. 293 317 117 162
Interest cost ............................................................. 749 650 186 194
Plan participants’ contributions .............................................. — — 42 34
Actuarial loss (gain) ....................................................... 2,095 (1,363) 502 (551)
Plan amendments ........................................................ — 1 (1,012) 15
Acquisitions/divestitures (a) .................................................. 594 — 142 —
Curtailments ............................................................. (8) — — —
Settlements .............................................................. (30) (69) — —
Gross benefits paid ....................................................... (896) (877) (231) (223)
Net benefit obligation at end of year .......................................... $18,256 $15,459 $ 4,197 $4,451
Pension Benefits
Other
Postretirement Benefits
2014 2013 2014 2013
Change in plan assets:
Fair value of net plan assets at beginning of year ............................... $13,571 $13,357 $2,238 $2,135
Actual return on plan assets ................................................ 1,443 821 90 209
Employer contributions .................................................... 332 339 291 83
Plan participants’ contributions .............................................. — — 42 34
Benefits paid ............................................................. (896) (877) (231) (223)
Acquisitions/divestitures (a) .................................................. 454 — — —
Settlements .............................................................. (30) (69) — —
Fair value of net plan assets at end of year .................................... $14,874 $13,571 $2,430 $2,238
(a) On April 1, 2014, Generation assumed operational control of CENG’s nuclear fleet. As a result, Exelon became a sponsor of CENG’s pension and OPEB plans
effective July 14, 2014. See Note 5—Investment in Constellation Energy Nuclear Group, LLC for further information.
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