Merger and Acquisitions (Tables)
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12 Months Ended |
Dec. 31, 2013
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Business Acquisition [Line Items] |
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Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] |
Preliminary Purchase Price Allocation, excluding amortization | Exelon | Generation | Current assets | $ | 4,936 | $ | 3,638 | Property, plant and equipment | | 9,342 | | 4,054 | Unamortized energy contracts | | 3,218 | | 3,218 | Other intangibles, trade name and retail relationships | | 457 | | 457 | Investment in affiliates | | 1,942 | | 1,942 | Pension and OPEB regulatory asset | | 740 | | 0 | Other assets | | 2,265 | | 1,266 | Total assets | | 22,900 | | 14,575 | | | | | | Current liabilities | | 3,408 | | 2,804 | Unamortized energy contracts | | 1,722 | | 1,512 | Long-term debt, including current maturities | | 5,632 | | 2,972 | Non-controlling interest | | 90 | | 90 | Deferred credits and other liabilities and preferred securities | | 4,683 | | 1,933 | Total liabilities, preferred securities and non-controlling interest | | 15,535 | | 9,311 | Total purchase price | $ | 7,365 | $ | 5,264 |
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Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination [Table Text Block] |
| | | | | | | | | | | | Estimated amortization expense | Description | Weighted Average Amortization (Years) (b) | | Gross | | Accumulated Amortization | | Net | | 2014 | | 2015 | | 2016 | | 2017 | | 2018 | | 2019 and Beyond | Unamortized energy contracts, net (a) | 1.5 | | $ | 1,499 | | $ | (1,378) | | $ | 121 | | $ | 75 | | $ | 18 | | $ | (31) | | $ | (21) | | $ | 11 | | $ | 69 | Trade name | 10.0 | | | 243 | | | (46) | | | 197 | | | 24 | | | 24 | | | 24 | | | 24 | | | 24 | | | 77 | Retail relationships | 12.4 | | | 214 | | | (36) | | | 178 | | | 19 | | | 18 | | | 18 | | | 18 | | | 18 | | | 87 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Total, net | | | $ | 1,956 | | $ | (1,460) | | $ | 496 | | $ | 118 | | $ | 60 | | $ | 11 | | $ | 21 | | $ | 53 | | $ | 233 |
- Includes the fair value of BGE's power and gas supply contracts of $12 million for which an offsetting Exelon Corporate regulatory asset was also recorded.
(b) Weighted average amortization period was calculated as of the date of acquisition. |
Schedule of Restructuring and Related Costs [Text Block] |
Year Ended December 31, 2012 | | | | | | | | | | | | | | | | Severance Benefits (a) | | | Exelon (b) | | | Generation | | | ComEd (b) | | | PECO | | | BGE (b) | Severance charges | | $ | 124 | | $ | 80 | | $ | 14 | | $ | 7 | | $ | 17 | Stock compensation | | | 7 | | | 4 | | | 1 | | | 0 | | | 1 | Other charges | | | 7 | | | 4 | | | 1 | | | 0 | | | 1 | Total severance benefits | | $ | 138 | | $ | 88 | | $ | 16 | | $ | 7 | | $ | 19 |
_________________ - The amounts above include $46 million at Generation, $14 million at ComEd, $7 million at PECO, and $7 million at BGE, for amounts billed by BSC through intercompany allocations for the year ended December 31, 2012.
- Exelon, ComEd and BGE established regulatory assets of $35 million, $16 million and $19 million, respectively, for severance benefits costs for the year ended December 31, 2012. The majority of these costs are expected to be recovered over a five-year period.
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Schedule Of Severance Costs [TableTextBlock] |
Severance Benefits (a) | | Exelon | | | Generation | | | ComEd | | | PECO | | | BGE | | Severance charges - 2013 | $ | 18 | | $ | 16 | | $ | 2 | | $ | 0 | | $ | 0 | | Severance charges - 2012 | | 19 | | | 14 | | | 2 | | | 1 | | | 3 | | Severance charges - 2011 | | 5 | | | 5 | | | 0 | | | 0 | | | 4 | |
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Business Acquisition, Pro Forma Information [Table Text Block] |
| Generation | | Exelon | | | Year Ended December 31, | | | Year Ended December 31, | (unaudited) | | 2012 | | | 2011 (a) | | | 2012 | | | 2011 (b) | Total Revenues | $ | 17,013 | | $ | 19,494 | | $ | 26,700 | | $ | 30,712 | Net income attributable to Exelon | | 1,205 | | | 324 | | | 2,092 | | | 974 | | | | | | | | | | | | | Basic Earnings Per Share | | n.a. | | | n.a. | | $ | 2.56 | | $ | 1.15 | Diluted Earnings Per Share | | n.a. | | | n.a. | | | 2.55 | | | 1.14 |
_________________ - The amounts above include non-recurring costs directly related to the merger of $203 million for the year ended December 31, 2011.
- The amounts above include non-recurring costs directly related to the merger of $236 million for the year ended December 31, 2011.
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Schedule Of Business Acquisitions By Acquisition [Text Block] |
Description | | Payment Period | | BGE | | Generation | | Exelon | | Statement of Operations Location | BGE rate credit of $100 per residential | | | | | | | | | | | | | | | customer (a) | | Q2 2012 | | $ | 113 | | $ | 0 | | $ | 113 | | Revenues | Customer investment fund to invest in | | | | | | | | | | | | | | | energy efficiency and low-income | | | | | | | | | | | | | | | energy assistance to BGE customers | | 2012 to 2014 | | | 0 | | | 0 | | | 113.5 | | O&M Expense | Contribution for renewable energy, | | | | | | | | | | | | | | | energy efficiency or related projects | | | | | | | | | | | | | | | in Baltimore | | 2012 to 2014 | | | 0 | | | 0 | | | 2 | | O&M Expense | Charitable contributions at $7 million per | | | | | | | | | | | | | | | year for 10 years | | 2012 to 2021 | | | 28 | | | 35 | | | 70 | | O&M Expense | State funding for offshore wind | | | | | | | | | | | | | | | development projects | | Q2 2012 | | | 0 | | | 0 | | | 32 | | O&M Expense | Miscellaneous tax benefits | | Q2 2012 | | | (2) | | | 0 | | | (2) | | Taxes Other Than Income | | Total | | | | $ | 139 | | $ | 35 | | $ | 328.5 | | |
| | Acquisitions | | | | | 2011 | | | | | Wolf Hollow | | | Antelope Valley | | | Fair value of consideration transferred | | | | | | | | Cash | $ | 305 | | $ | 75 | | | Plus: Gain on PPA settlement | | 6 | | | - | | | | | | | | | | | Total fair value of consideration transferred | $ | 311 | | $ | 75 | | | | | | | | | | | Recognized amounts of identifiable assets acquired and liabilities assumed | | | | | | | | | | | | | | | | Property, plant and equipment | $ | 347 | | $ | 15 | | | Inventory | | 5 | | | - | | | Intangible assets (a) | | - | | | 190 | | | Payable to First Solar, Inc. (b) | | - | | | (135) | | | Working capital, net | | (5) | | | - | | | Other Assets | | - | | | 5 | | | | | | | | | | | Total net identifiable assets | $ | 347 | | $ | 75 | | | | | | | | | | | Bargain purchase gain | $ | 36 | | $ | - | | |
________________________ (a) See Note 10 - Intangible Assets for additional information. (b) Generation concluded that the remaining, yet-to-be paid $135 million in consideration was embedded in the amounts payable under the Engineering, Procurement, Construction (EPC) agreement for First Solar, Inc. to construct the solar facility. For accounting purposes, this aspect of the transaction is considered to be akin to a "seller financing" arrangement. As such, Generation recorded a liability of $135 million associated with the portion of the future payments to First Solar, Inc. under the EPC agreement to reflect Generation's implicit amounts due First Solar, Inc. for the remainder of the value of the net assets acquired. The $135 million payable to First Solar, Inc. will be relieved as Generation makes payments for costs incurred over the project construction period. At December 31, 2012, $87 million remained payable to First Solar, Inc. During 2013, a subsidiary of Generation paid off the remaining balance of the payable to First Solar, Inc. |