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Mergers, Acquisitions and Dispositions (Tables)

12 Months Ended

Dec. 31, 2016

Dec. 31, 2014

Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination [Table Text Block]

Business Combination, Separately Recognized Transactions [Table Text Block]

The total purchase price consideration of approximately $7.1 billion for the PHI Merger consisted of cash paid to PHI shareholders, cash paid for PHI preferred securities and cash paid for PHI stock-based compensation equity awards as follows:



(In millions of dollars, except per share data)	Total Consideration
Cash paid to PHI shareholders at $27.25 per share (254 million shares outstanding at March 23, 2016)	$	6,933
Cash paid for PHI preferred stock^(a)	180
Cash paid for PHI stock-based compensation equity awards^(b)	29
Total purchase price	$	7,142

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(a)	As of December 31, 2015, the preferred stock was included in Other non-current assets on Exelon's Consolidated Balance Sheets.

(b)

PHI’s unvested time-based restricted stock units and performance-based restricted stock units issued prior to April 29, 2014 were immediately vested and paid in cash upon the close of the merger. PHI’s remaining unvested time-based restricted stock units as of the close of the merger were cancelled. There were no remaining unvested performance-based restricted stock units as of the close of the merger.



	Expected Payment Period							Successor
Description	Expected Payment Period	Pepco^(a)		DPL^(a)		ACE^(a)		PHI^(a)		Exelon^(a)
Rate credits	2016 - 2017	$	91	$	67	$	101	$	259	$	259
Energy efficiency	2016 - 2021	—		—		—		—		111
Charitable contributions	2016 - 2026	28		12		10		50		50
Delivery system modernization	Q2 2016	—		—		—		—		22
Green sustainability fund	Q2 2016	—		—		—		—		14
Workforce development	2016 - 2020	—		—		—		—		24
Other		7		7		—		14		33
Total		$	126	$	86	$	111	$	323	$	513

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]



Preliminary Purchase Price Allocation
Current assets	$	1,441
Property, plant and equipment	11,088
Regulatory assets	5,015
Other assets	248
Goodwill	4,005
Total assets	$	21,797

Current liabilities	$	2,752
Unamortized energy contracts	1,515
Regulatory liabilities	297
Long-term debt, including current maturities	5,636
Deferred income taxes	3,447
Pension and OPEB liabilities	821
Other liabilities	187
Total liabilities	$	14,655
Total purchase price	$	7,142

The following table summarizes the acquisition-date fair value of the consideration transferred and the assets and liabilities assumed for the ConEdison Solutions acquisition by Generation as of September 1, 2016:



Total consideration transferred	$	257

Identifiable assets acquired and liabilities assumed
Working capital assets	$	204
Property, plant and equipment	2
Mark-to-market derivative assets	6
Unamortized energy contract assets	100
Customer relationships	9
Other assets	1
Total assets	$	322

Mark-to-market derivative liabilities	$	(65	)
Total liabilities	$	(65	)
Total net identifiable assets, at fair value	$	257

The following table summarizes the acquisition-date fair value of the consideration transferred and the assets and liabilities assumed for the Integrys acquisition by Generation:



Total consideration transferred	$	332

Identifiable assets acquired and liabilities assumed
Working capital assets	$	390
Mark-to-market derivative assets	184
Unamortized energy contract assets	115
Customer relationships	50
Working capital liabilities	(196		)
Mark-to-market derivative liabilities	(57		)
Unamortized energy contract liabilities	(110		)
Deferred tax liability	(16		)
Total net identifiable assets, at fair value	$	360
Bargain purchase gain (after-tax)	$	28

Business Acquisition, Pro Forma Information, Nonrecurring Adjustments [Table Text Block]



	Year Ended December 31,
	2016^(a)		2015^(b)
Total operating revenues	$	32,342	$	33,823
Net income attributable to common shareholders	1,562		2,618

Basic earnings per share	$	1.69	$	2.85
Diluted earnings per share	1.69		2.84

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(a)	The amounts above exclude non-recurring costs directly related to the merger of $680 million and intercompany revenue of $171 million for year ended December 31, 2016.


(b)	The amounts above exclude non-recurring costs directly related to the merger of $92 million and intercompany revenue of $559 million for the year ended December 31, 2015.

Schedule of Business Acquisitions, by Acquisition [Table Text Block]

)

The following assets and liabilities of CENG were recorded within Generation’s Consolidated Balance Sheets as of the date of integration, adjusted for the modifications discussed above:



Fair Values	Exelon and Generation
Current assets	$	499
Nuclear decommissioning trust fund	1,955
Property, plant and equipment	3,073
Nuclear fuel	482
Other assets	10
Total assets	6,019

Current liabilities	237
Asset retirement obligation	1,816
Pension and other employee benefit obligations	281
Unamortized energy contract liabilities	171
Other liabilities	114
Total liabilities	2,619
Total net assets	$	3,400

Restructuring and Related Costs [Table Text Block]



	For the Year Ended December 31,
Acquisition, Integration and Financing Costs^(a)	2016			2015
Exelon^(b)	$	143		$	87
Generation	37			24
ComEd^(c)	(6		)	9
PECO	5			4
BGE^(c)	(1		)	5
Pepco^(c)	28			3
DPL^(c)	20			2
ACE	19			1



	Successor		Predecessor
Acquisition, Integration and Financing Costs^(a)	March 24, 2016 to December 31, 2016		January 1, 2016 to March 23, 2016		For the Year Ended December 31, 2015
PHI^(c)	$	69	$	29	$	19

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(a)	The costs incurred are classified primarily within Operating and maintenance expense in the Registrants’ respective Consolidated Statements of Operations and Comprehensive Income, with the exception of the financing costs, which are included within Interest expense. Costs do not include merger commitments discussed above.


(b)	Reflects costs (benefits) recorded at Exelon related to financing, including mark-to-market activity on forward-starting interest rate swaps.


(c)	For the year ended December 31, 2016, includes the reversal of previously incurred acquisition, integration and financing costs of $8 million, $6 million, $11 million, $4 million, and $16 million incurred at ComEd, BGE, Pepco, DPL and PHI, respectively, that have been deferred and recorded as a regulatory asset for anticipated recovery. See Note 3 - Regulatory Matters for more information.



											Successor
	Exelon		Generation		ComEd		PECO		BGE		PHI		Pepco^(b)		DPL^(c)		ACE
Severance benefits^(a)	$	57	$	9	$	2	$	1	$	1	$	44	$	21	$	13	$	10

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(a)	The amounts above for Generation, ComEd, PECO, BGE, Pepco, DPL and ACE include $8 million, $2 million, $1 million, $1 million, $20 million, $12 million and $10 million, respectively, for amounts billed by BSC and/or PHISCO through intercompany allocations for the year ended December 31, 2016.


(b)	Pepco established a regulatory asset of $11 million as of December 31, 2016, primarily for severance benefit costs related to the PHI merger.


(c)	DPL established a regulatory asset of $4 million as of December 31, 2016, primarily for severance benefit costs related to the PHI merger.

and 2015, the Registrants recorded the following severance costs associated with ongoing severance benefits within Operating and maintenance expense in their Consolidated Statements of Operations and Comprehensive Income:




	Exelon		Generation^(a)		ComEd^(a)		PECO^(a)		BGE^(a)
Year ended December 31,
2016	$	19	$	13	$	3	$	1	$	1
2015	18		15		2		—		1



	Successor		Predecessor
	March 24, 2016 to December 31, 2016		January 1, 2016 to March 23, 2016		For the Year Ended December 31, 2015
PHI^(a)
Severance Benefits	$	1	$	—	$	—

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(a)	The amounts above for Generation, ComEd, PECO, BGE and PHI include immaterial amounts billed by BSC for the years ended December 31, 2016 and 2015.

Amounts included in the table below represent the severance liability recorded for employees of each Registrant and exclude amounts included at Exelon and billed through intercompany allocations:



															Successor
Severance Liability	Exelon			Generation			ComEd			PECO		BGE			PHI^(b)			Pepco			DPL			ACE
Balance at December 31, 2014	$	50		$	34		$	2		$	—	$	2		$	—		$	1		$	—		$	—
Severance charges	16			10			2			—		—			—			—			—			—
Payments	(31		)	(21		)	(1		)	—		(1		)	—			(1		)	—			—
Balance at December 31, 2015	$	35		$	23		$	3		$	—	$	1		$	—		$	—		$	—		$	—
Severance charges^(a)	99			22			2			—		—			56			1			1			—
Payments	(46		)	(9		)	(2		)	—		(1		)	(27		)	(1		)	(1		)	—
Balance at December 31, 2016	$	88		$	36		$	3		$	—	$	—		$	29		$	—		$	—		$	—



	Predecessor
Severance Liability	PHI^(b)
Balance at December 31, 2014	$	3
Severance charges	—
Payments	(3		)
Balance at December 31, 2015	$	—

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(a)	Includes salary continuance and health and welfare severance benefits. Amounts primarily represent benefits provided for the PHI post-merger integration and the cost management program.


(b)	For PHI, the successor period includes activity for the period from March 24, 2016 through December 31, 2016. The PHI predecessor periods include activity for the year ended December 31, 2015 and the period January 1, 2016 through March 23, 2016. There was no activity in the 2016 PHI predecessor period.

, the Registrants recorded the following severance costs related to the cost management program within Operating and maintenance expense in their Consolidated Statements of Operations and Comprehensive Income, pursuant to the authoritative guidance for ongoing severance plans:



	Exelon		Generation		ComEd		PECO		BGE
Severance benefits^(a)	$	23	$	18	$	3	$	1	$	1

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(a)	The amounts above for Generation, ComEd, PECO and BGE include $7 million, $3 million, $1 million, and $1 million, respectively, for amounts billed by BSC through intercompany allocations for the year ended December 31, 2016.