Debt and Credit Agreements (Tables)

12 Months Ended

Dec. 31, 2016

The following tables present the short-term borrowings activity for Exelon, Generation, ComEd, BGE, PHI, Pepco, DPL and ACE during 2016, 2015 and 2014. PECO did not have any short-term borrowings during 2016, 2015 or 2014.



Exelon
	2016			2015			2014
Average borrowings	$	1,125		$	499		$	571
Maximum borrowings outstanding	3,076			739			1,164
Average interest rates, computed on a daily basis	0.88		%	0.53		%	0.32		%
Average interest rates, at December 31	1.12		%	0.88		%	0.53		%
Generation
	2016			2015			2014
Average borrowings	$	536		$	1		$	93
Maximum borrowings outstanding	1,735			50			552
Average interest rates, computed on a daily basis	0.94		%	0.49		%	0.32		%
Average interest rates, at December 31	1.14		%	n.a.			n.a.



ComEd
	2016			2015			2014
Average borrowings	$	256		$	461		$	415
Maximum borrowings outstanding	755			684			597
Average interest rates, computed on a daily basis	0.77		%	0.53		%	0.33		%
Average interest rates, at December 31	n.a.			0.89		%	0.50		%
BGE
	2016			2015			2014
Average borrowings	$	143		$	37		$	64
Maximum borrowings outstanding	369			210			180
Average interest rates, computed on a daily basis	0.77		%	0.48		%	0.29		%
Average interest rates, computed at December 31	0.95		%	0.87		%	0.61		%
PHI
	Successor			Predecessor
	2016			2015			2014
Average borrowings	$	153		$	444		$	153
Maximum borrowings outstanding	559			784			369
Average interest rates, computed on a daily basis	1.03		%	0.90		%	0.56		%
Average interest rates, computed at December 31	n.a.			1.22		%	0.78		%
Pepco
	2016			2015			2014
Average borrowings	$	4		$	34		$	37
Maximum borrowings outstanding	73			190			209



Average interest rates, computed on a daily basis	0.71		%	0.44		%	0.28		%
Average interest rates, computed at December 31	0.90		%	0.68		%	0.46		%
DPL
	2016			2015			2014
Average borrowings	$	33		$	81		$	69
Maximum borrowings outstanding	116			179			177
Average interest rates, computed on a daily basis	0.68		%	0.47		%	0.26		%
Average interest rates, computed at December 31	n.a.			0.79		%	0.42		%
ACE
	2016			2015			2014
Average borrowings	$	—		$	175		$	112
Maximum borrowings outstanding	5			253			259
Average interest rates, computed on a daily basis	0.65		%	0.46		%	0.27		%
Average interest rates, computed at December 31	n.a.			0.65		%	0.52		%

December 31, 2016 and December 31, 2015:



	Maximum Program Size at December 31,				Outstanding Commercial Paper at December 31,				Average Interest Rate on Commercial Paper Borrowings for the Year Ended December 31,
Commercial Paper Issuer	2016 (a)(b)		2015 (a)(b)		2016		2015		2016		2015
Exelon Corporate	$	600	$	500	$	—	$	—	0.70	%	n.a.
Generation	5,300		5,450		620		—		0.94	%	0.49	%
ComEd	1,000		1,000		—		294		0.77	%	0.53	%
PECO	600		600		—		—		n.a		n.a.
BGE	600		600		45		210		0.77	%	0.48	%
PHI Corporate	—		875		—		484		1.03	%	0.80	%
Pepco	500		500		23		64		0.71	%	0.44	%
DPL	500		500		—		105		0.68	%	0.47	%
ACE	350		350		—		5		0.65	%	0.46	%
Total	$	9,450	$	10,375	$	688	$	1,162

_____________________


(a)	Excludes $500 million and $275 million in bilateral credit facilities that do not back Generation's commercial paper program at December 31, 2016 and 2015, respectively.

(b)

Excludes additional credit facility agreements for Generation, ComEd, PECO, BGE, Pepco, DPL and ACE with aggregate commitments of $50 million, $34 million, $34 million, $5 million, $2 million, $2 million and $2 million, respectively, arranged with minority and community banks located primarily within utilities' service territories. These facilities expire on October 13, 2017. These facilities are solely utilized to issue letters of credit. As of December 31, 2016, letters of credit issued under these facilities totaled $7 million, $12 million, $21 million and $2 million for Generation, ComEd, PECO and BGE, respectively.

Schedule of Line of Credit Facilities

The adders for the prime based borrowings and LIBOR-based borrowings are presented in the following table:



	Exelon	Generation	ComEd	PECO	BGE	Pepco	DPL	ACE
Prime based borrowings	27.5	27.5	7.5	0.0	0.0	7.5	7.5	7.5
LIBOR-based borrowings	127.5	127.5	107.5	90.0	100.0	107.5	107.5	107.5

At December 31, 2016, the Registrants had the following aggregate bank commitments, credit facility borrowings and available capacity under their respective credit facilities:



								Available Capacity at December 31, 2016
Borrower	Facility Type	Aggregate Bank Commitment ^(a)(b)		Facility Draws		Outstanding Letters of Credit^(c)		Actual		To Support Additional Commercial Paper ^(d)
Exelon Corporate	Syndicated Revolver	$	600	$	—	$	29	$	571	$	571
Generation	Syndicated Revolver	5,300		—		1,170		4,130		3,510
Generation	Bilaterals	500		75		306		119		—
ComEd	Syndicated Revolver	1,000		—		2		998		998
PECO	Syndicated Revolver	600		—		2		598		598
BGE	Syndicated Revolver	600		—		—		600		555
Pepco	Syndicated Revolver	300		—		—		300		277
DPL	Syndicated Revolver	300		—		—		300		300
ACE	Syndicated Revolver	300		—		1		299		299
Total		$	9,500	$	75	$	1,510	$	7,915	$	7,108

_______________________

(a)

Excludes additional credit facility agreements for Generation, ComEd, PECO, BGE, Pepco, DPL and ACE with aggregate commitments of $50 million, $34 million, $34 million ,$5 million, $2 million, $2 million and $2 million, respectively, arranged with minority and community banks located primarily within utilities' service territories. These facilities expire on October 13, 2017. These facilities are solely utilized to issue letters of credit. As of December 31, 2016, letters of credit issued under these facilities totaled $7 million, $12 million, $21 million and $2 million for Generation, ComEd, PECO and BGE, respectively.

(b)

Pepco, DPL and ACE's revolving credit facility is subject to available borrowing capacity. The borrowing capacity may be increased or decreased during the term of the facility, except that (i) the sum of the borrowing capacity must equal the total amount of the facility, and (ii) the aggregate amount of credit used at any given time by each of Pepco, DPL or ACE may not exceed $900 million or the maximum amount of short-term debt the company is permitted to have outstanding by its regulatory authorities. The total number of the borrowing reallocations may not exceed eight per year during the term of the facility.


(c)	Excludes nonrecourse debt letters of credit, see discussion below on Continental Wind.


(d)	Excludes $500 million in bilateral credit facilities that do not back Generation’s commercial paper program.

Schedule Of Credit Agreement Covenants

The following table summarizes the minimum thresholds reflected in the credit agreements for the year ended December 31, 2016:

Exelon

Generation

ComEd

PECO

BGE

Pepco

DPL

ACE

Credit agreement threshold

2.50 to 1

3.00 to 1

2.00 to 1

At December 31, 2016, the interest coverage ratios at the Registrants were as follows:



	Exelon	Generation	ComEd	PECO	BGE	Pepco	DPL	ACE
Interest coverage ratio	7.03	11.81	6.89	8.77	10.47	6.24	8.42	5.84

Schedule of Long-term Debt Instruments

ACE



						Maturity Date	December 31,
	Rates					Maturity Date	2016			2015
Long-term debt
First mortgage bonds^(a)	3.38	%	-	7.75	%	2018 - 2036	$	1,038		$	1,039
Transition bonds ^(b)	5.05	%	-	5.55	%	2020 - 2023	124			171
Total long-term debt							1,162			1,210
Unamortized debt discount and premium, net							(1		)	(1		)
Unamortized debt issuance costs							(6		)	(8		)
Long-term debt due within one year							(35		)	(48		)
Long-term debt							$	1,120		$	1,153

___________________


(a)	Substantially all of ACE's assets are subject to the lien of its respective mortgage indenture.


(b)	Maturities of ACE's Transition Bonds outstanding at December 31, 2016 are $35 million in 2017, $31 million in 2018, $18 million in 2019, $19 million in 2020 and $21 million in 2021.

PECO



						Maturity Date	December 31,
	Rates					Maturity Date	2016			2015
Long-term debt
First mortgage bonds ^(a)	1.70	%	-	5.95	%	2018 - 2044	$	2,600		$	2,600
Total long-term debt							2,600			2,600
Unamortized debt discount and premium, net							(5		)	(5		)
Unamortized debt issuance costs							(15		)	(15		)
Long-term debt due within one year							—			(300		)
Long-term debt							$	2,580		$	2,280
Long-term debt to financing trusts ^(b)
Subordinated debentures to PECO Trust III				7.38	%	2028	$	81		$	81
Subordinated debentures to PECO Trust IV				5.75	%	2033	103			103
Long-term debt to financing trusts							$	184		$	184

_____________________


(a)	Substantially all of PECO’s assets are subject to the lien of its mortgage indenture.


(b)	Amounts owed to this financing trust are recorded as Long-term debt to financing trusts within PECO’s Consolidated Balance Sheets.

ComEd



						Maturity Date	December 31,
	Rates					Maturity Date	2016			2015
Long-term debt
First mortgage bonds ^(a)	2.15	%	-	6.45	%	2017 - 2046	$	6,954		$	6,419
Notes payable and other^(b)	6.95	%	-	7.49	%	2018 - 2053	147			148
Total long-term debt							7,101			6,567
Unamortized debt discount and premium, net							(22		)	(20		)
Unamortized debt issuance costs							(46		)	(38		)
Long-term debt due within one year							(425		)	(665		)
Long-term debt							$	6,608		$	5,844
Long-term debt to financing trust ^(c)
Subordinated debentures to ComEd Financing III				6.35	%	2033	$	206		$	206
Total long-term debt to financing trusts							206			206
Unamortized debt issuance costs							(1		)	(1		)
Long-term debt to financing trusts							$	205		$	205

______________________


(a)	Substantially all of ComEd’s assets other than expressly excepted property are subject to the lien of its mortgage indenture.


(b)	Includes ComEd’s capital lease obligations of $8 million at both December 31, 2016 and 2015, respectively. Lease payments of less than $1 million will be made from 2017 through expiration at 2053.


(c)	Amount owed to this financing trust is recorded as Long-term debt to financing trust within ComEd’s Consolidated Balance Sheets.

BGE



						Maturity Date	December 31,
	Rates					Maturity Date	2016			2015
Long-term debt
Rate stabilization bonds	5.82	%	-	5.82	%	2017	$	41		$	120
Senior unsecured notes	2.40	%	-	6.35	%	2021 - 2046	2,300			1,750
Total long-term debt							2,341			1,870
Unamortized debt discount and premium, net							(4		)	(3		)
Unamortized debt issuance costs							(15		)	(9		)
Long-term debt due within one year							(41		)	(378		)
Long-term debt							$	2,281		$	1,480
Long-term debt to financing trusts ^(a)
Subordinated debentures to BGE Capital Trust II				6.20	%	2043	$	258		$	258
Total long-term debt to financing trusts							258			258
Unamortized debt issuance costs							(6		)	(6		)
Long-term debt to financing trusts							$	252		$	252

___________________


(a)	Amount owed to this financing trust is recorded as Long-term debt to financing trust within BGE’s Consolidated Balance Sheets.

DPL



						Maturity Date	December 31,
	Rates					Maturity Date	2016			2015
Long-term debt
First mortgage bonds^(a)	3.50	%	-	4.15	%	2023 - 2045	$	1,196		$	1,121
Unsecured Tax-Exempt Bonds				5.40	%	2031	112			112
Medium-Terms Notes (unsecured)	6.81	%	-	7.72	%	2017 - 2027	40			40
Total long-term debt							1,348			1,273
Unamortized debt discount and premium, net							2			2
Unamortized debt issuance costs							(10		)	(10		)
Long-term debt due within one year							(119		)	(204		)
Long-term debt							$	1,221		$	1,061

Generation



						Maturity Date	December 31,
	Rates					Maturity Date	2016			2015
Long-term debt
Senior unsecured notes	2.00	%	-	7.60	%	2017 - 2042	$	5,971		$	5,971
Pollution control notes	2.50	%	-	2.70	%	2025 - 2036	435			435
Nuclear fuel procurement contracts	3.15	%	-	3.35	%	2018 - 2020	105			127
Notes payable and other ^(a)(b)	1.43	%	-	7.83	%	2017 - 2035	382			166
Nonrecourse debt:
Fixed rates	2.29	%	-	6.00	%	2031 - 2037	1,400			1,162
Variable rates	3.18	%	-	5.00	%	2019 - 2021	915			1,058
Total long-term debt							9,208			8,919
Fair value adjustment							115			127
Unamortized debt discount and premium, net							(17		)	(17		)
Unamortized debt issuance costs							(65		)	(70		)
Long-term debt due within one year							(1,117		)	(90		)
Long-term debt							$	8,124		$	8,869

______________________


(a)	Includes Generation’s capital lease obligations of $22 million and $21 million at December 31, 2016 and 2015, respectively. Generation will make lease payments of $5 million, $5 million, $6 million and $5 million and $1 million in 2017, 2018, 2019, 2020 and 2021 respectively.

PHI



							Successor			Predecessor
						Maturity Date	December 31,
	Rates					Maturity Date	2016			2015
Long-term debt
Notes (unsecured)	6.13	%	-	7.45	%	2017 - 2032	$	266		$	456
First mortgage bonds	3.05	%	-	7.90	%	2018 - 2045	4,569			4,495
Unsecured Tax-Exempt Bonds				5.40	%	2031	112			112
Medium-Terms Notes (unsecured)	6.81	%	-	7.72	%	2017 - 2027	40			40
Transition bonds^(a)	5.05	%	-	5.55	%	2020 - 2023	124			171
Notes payable and other^(b)	6.20	%	-	8.88	%	2019 - 2021	46			57
Total long-term debt							5,157			5,331
Unamortized debt discount and premium, net							1			(2		)
Unamortized debt issuance costs							(2		)	(50		)
Fair value adjustment							742			—
Long-term debt due within one year							(253		)	(456		)
Long-term debt							$	5,645		$	4,823

________________


(a)	Transition bonds are recorded as part of Long-term debt within ACE's Consolidated Balance Sheets.

Pepco



						Maturity Date	December 31,
	Rates					Maturity Date	2016			2015
Long-term debt
First mortgage bonds^(a)	3.05	%	-	7.90	%	2022 - 2043	$	2,335		$	2,335
Notes payable and other^(b)	6.20	%	-	8.88	%	2019 - 2021	46			50
Total long-term debt							2,381			2,385
Unamortized debt discount and premium, net							(2		)	(3		)
Unamortized debt issuance costs							(30		)	(31		)
Long-term debt due within one year							(16		)	(11		)
Long-term debt							$	2,333		$	2,340

The following tables present the outstanding long-term debt at the Registrants as of December 31, 2016 and 2015:

Exelon



							Maturity Date	December 31,
	Rates						Maturity Date	2016			2015
Long-term debt
Rate stabilization bonds	5.82	%	-	5.82	%		2017	$	41		$	120
First mortgage bonds ^(a)	1.70	%	-	7.90	%		2017 - 2046	14,123			9,019
Senior unsecured notes	1.55	%	-	7.60	%		2017 - 2046	11,868			9,803
Unsecured bonds	2.40	%	-	6.35	%		2021 - 2046	2,300			1,750
Pollution control notes	2.50	%	-	2.70	%		2025 - 2036	435			435
Nuclear fuel procurement contracts	3.15	%	-	3.35	%		2018 - 2020	105			127
Notes payable and other ^(b)(c)	1.43	%	-	7.83	%		2017 - 2053	576			314
Junior subordinated notes				6.50	%		2024	1,150			1,150
Contract payment - junior subordinated notes				2.50	%		2017	19			64
Long-term software licensing agreement				3.95	%		2024	103			111
Unsecured Tax-Exempt Bonds				5.40	%	—	2031	112			—
Medium-Terms Notes (unsecured)	6.81	%	-	7.72	%	—	2017 - 2027	40			—
Transition bonds	5.05	%	-	5.55	%	—	2020 - 2023	124			—
Nonrecourse debt:
Fixed rates	2.29	%	-	6.00	%		2031 - 2037	1,400			1,162
Variable rates	3.18	%	-	5.00	%		2019 - 2021	915			1,058
Total long-term debt								33,311			25,113
Unamortized debt discount and premium, net								(68		)	(63		)
Unamortized debt issuance costs								(200		)	(180		)
Fair value adjustment								962			275
Long-term debt due within one year								(2,430		)	(1,500		)
Long-term debt								$	31,575		$	23,645
Long-term debt to financing trusts ^(d)
Subordinated debentures to ComEd Financing III				6.35	%		2033	$	206		$	206
Subordinated debentures to PECO Trust III				7.38	%		2028	81			81
Subordinated debentures to PECO Trust IV				5.75	%		2033	103			103
Subordinated debentures to BGE Capital Trust II				6.20	%		2043	258			258
Total long-term debt to financing trusts								648			648
Unamortized debt issuance costs								(7		)	(7		)
Long-term debt to financing trusts								$	641		$	641

____________________


(a)	Substantially all of ComEd’s assets other than expressly excepted property and substantially all of PECO’s, Pepco's, DPL's and ACE's assets are subject to the liens of their respective mortgage indentures.


(b)	Includes capital lease obligations of $69 million and $29 million at December 31, 2016 and 2015, respectively. Lease payments of $17 million, $18 million, $20 million, $5 million, $1 million, and $8 million will be made in 2017, 2018, 2019, 2020, 2021 and thereafter, respectively.


(c)	Includes financing related to Albany Green Energy, LLC (AGE), which is a consolidated variable interest entity (see Note 2 - Variable Interest Entities for additional information). The agreement is scheduled to expire on November 17, 2017, at a variable rate equal to LIBOR plus 1.25%. As of December 31, 2016, $198 million was outstanding.


(d)	Amounts owed to these financing trusts are recorded as Long-term debt to financing trusts within Exelon’s Consolidated Balance Sheets.

Schedule of Maturities of Long-term Debt

Long-term debt maturities at Exelon, Generation, ComEd, PECO, BGE, PHI, Pepco, DPL and ACE in the periods 2017 through 2021 and thereafter are as follows:



Year	Exelon			Generation		ComEd			PECO			BGE			PHI		Pepco		DPL		ACE
2017	$	2,430		$	1,117	$	425		$	—		$	41		253		16		119		35
2018	1,742			104		840			500			—			298		13		4		281
2019	1,060			606		300			—			—			154		124		12		18
2020	3,331			1,912		500			—			—			19		—		—		19
2021	2,400			888		350			300			300			262		2		—		260
Thereafter	22,996		^(a)	4,581		4,892		^(b)	1,984		^(c)	2,258		^(d)	4,171		2,226		1,213		549
Total	$	33,959		$	9,208	$	7,307		$	2,784		$	2,599		$	5,157	$	2,381	$	1,348	$	1,162

____________________


(a)	Includes $648 million due to ComEd, PECO and BGE financing trusts.


(b)	Includes $206 million due to ComEd financing trust.


(c)	Includes $184 million due to PECO financing trusts.


(d)	Includes $258 million due to BGE financing trust.

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6479336&loc=d3e64711-112823

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(e),(f))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=64930739&loc=d3e28878-108400

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21538-112644

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=64930785&loc=d3e28541-108399

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=64930785&loc=d3e28551-108399

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21521-112644

+ Details