XML 143 R191.htm IDEA: XBRL DOCUMENT

Schedule I - Condensed Financial Information of Parent (Exelon Corporate) - Debt and Credit Agreements - Schedule of Outstanding Long-term Debt (Details) - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2019

Dec. 31, 2018

Debt Instrument [Line Items]

Schedule I - Condensed Financial Information of Parent (Exelon Corporate)

Exelon Corporation and Subsidiary Companies

Schedule I – Condensed Financial Information of Parent (Exelon Corporate)

Condensed Statements of Operations and Other Comprehensive Income



	For the Years Ended December 31,
(In millions)	2019			2018			2017
Operating expenses
Operating and maintenance	$	33		$	(5	)	$	10
Operating and maintenance from affiliates	9			9			25
Other	1			4			4
Total operating expenses	43			8			39
Operating loss	(43		)	(8		)	(39		)
Other income and (deductions)
Interest expense, net	(321		)	(312		)	(315		)
Equity in earnings of investments	3,254			2,183			4,407
Interest income from affiliates, net	39			42			40
Other, net	14			3			1
Total other income	2,986			1,916			4,133
Income before income taxes	2,943			1,908			4,094
Income taxes	7			(97		)	315
Net income	$	2,936		$	2,005		$	3,779
Other comprehensive income (loss)
Pension and non-pension postretirement benefit plans:
Prior service benefit reclassified to periodic costs	$	(64	)	$	(66	)	$	(56	)
Actuarial loss reclassified to periodic cost	148			247			197
Pension and non-pension postretirement benefit plan valuation adjustment	(289		)	(143		)	10
Unrealized gain on cash flow hedges	1			12			3
Unrealized gain on marketable securities	—			—			6
Unrealized gain on equity investments	—			1			6
Unrealized (loss) gain on foreign currency translation	—			(10		)	7
Other comprehensive income (loss)	(204		)	41			173
Comprehensive income	$	2,732		$	2,046		$	3,952

Exelon Corporation and Subsidiary Companies

Schedule I – Condensed Financial Information of Parent (Exelon Corporate)

Condensed Statements of Cash Flows



	For the Years Ended December 31,
(In millions)	2019			2018			2017
Net cash flows provided by operating activities	$	1,948		$	2,576		$	1,914
Cash flows from investing activities
Changes in Exelon intercompany money pool	95			1			(129		)
Investment in affiliates	(1,071		)	(1,231		)	(1,710		)
Other investing activities	—			—			(5		)
Net cash flows used in investing activities	(976		)	(1,230		)	(1,844		)
Cash flows from financing activities
Changes in short-term borrowings	136			—			—
Proceeds from short-term borrowings with maturities greater than 90 days	—			—			500
Retirement of long-term debt	—			—			(569		)
Common stock issued from treasury stock	—			—			1,150
Dividends paid on common stock	(1,408		)	(1,332		)	(1,236		)
Proceeds from employee stock plans	112			105			150
Other financing activities	—			(4		)	(9		)
Net cash flows used in financing activities	(1,160		)	(1,231		)	(14		)
(Decrease) Increase in cash, cash equivalents and restricted cash	(188		)	115			56
Cash, cash equivalents and restricted cash at beginning of period	189			74			18
Cash, cash equivalents and restricted cash at end of period	$	1		$	189		$	74

Exelon Corporation and Subsidiary Companies

Schedule I – Condensed Financial Information of Parent (Exelon Corporate)

Condensed Balance Sheets



	December 31,
(In millions)	2019		2018
ASSETS
Current assets
Cash and cash equivalents	$	1	$	189
Accounts receivable, net
Other accounts receivable	168		48
Accounts receivable from affiliates	41		44
Mark-to-market derivative assets	3		—
Notes receivable from affiliates	679		216
Regulatory assets	253		182
Other	4		4
Total current assets	1,149		683
Property, plant and equipment, net	47		48
Deferred debits and other assets
Regulatory assets	3,772		3,742
Investments in affiliates	42,245		40,425
Deferred income taxes	1,524		1,455
Notes receivable from affiliates	329		898
Other	308		235
Total deferred debits and other assets	48,178		46,755
Total assets	$	49,374	$	47,486

Exelon Corporation and Subsidiary Companies

Schedule I – Condensed Financial Information of Parent (Exelon Corporate)

Condensed Balance Sheets



	December 31,
(In millions)	2019			2018
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities
Short-term borrowings	$	636		$	500
Long-term debt due within one year	1,458			—
Accounts payable	1			1
Accrued expenses	131			184
Payables to affiliates	363			360
Regulatory liabilities	13			15
Pension obligations	77			63
Other	10			14
Total current liabilities	2,689			1,137
Long-term debt	5,717			7,147
Deferred credits and other liabilities
Regulatory liabilities	31			32
Pension obligations	7,960			7,795
Non-pension postretirement benefit obligations	403			199
Deferred income taxes	263			233
Other	87			202
Total deferred credits and other liabilities	8,744			8,461
Total liabilities	17,150			16,745
Commitments and contingencies
Shareholders’ equity
Common stock (No par value, 2,000 shares authorized, 973 shares and 968 shares outstanding at December 31, 2019 and 2018, respectively)	19,274			19,116
Treasury stock, at cost (2 shares at December 31, 2019 and 2018)	(123		)	(123		)
Retained earnings	16,267			14,743
Accumulated other comprehensive loss, net	(3,194		)	(2,995		)
Total shareholders’ equity	32,224			30,741
Total liabilities and shareholders’ equity	$	49,374		$	47,486

Basis of Presentation

Exelon Corporate is a holding company that conducts substantially all of its business operations through its subsidiaries. These condensed financial statements and related footnotes have been prepared in accordance with Rule 12-04, Schedule I of Regulation S-X. These statements should be read in conjunction with the consolidated financial statements and notes thereto of Exelon Corporation.

Exelon Corporate owns 100% of all of its significant subsidiaries, either directly or indirectly, except for Commonwealth Edison Company (ComEd), of which Exelon Corporate owns more than 99%, and Baltimore Gas and Electric Company (BGE), of which Exelon owns 100% of the common stock but none of BGE’s preferred stock.Debt and Credit Agreements

Short-Term Borrowings

Exelon Corporate meets its short-term liquidity requirements primarily through the issuance of commercial paper. Exelon Corporate had $136 million of outstanding commercial paper borrowings at December 31, 2019 and no outstanding commercial paper borrowings at December 31, 2018.

Short-Term Loan Agreements

On March 23, 2017, Exelon Corporate entered into a $500 million term loan agreement, which was renewed on March 22, 2018 with an expiration of March 21, 2019. The loan agreement was renewed on March 20, 2019 and will expire on March 19, 2020. Pursuant to the loan agreement, loans made thereunder bear interest at a variable rate equal to LIBOR plus 0.95% and all indebtedness thereunder is unsecured. The loan agreement is reflected in Exelon’s Consolidated Balance Sheet within Short-Term borrowings.

Revolving Credit Agreements

On May 26, 2016, Exelon Corporate amended its syndicated revolving credit facility with aggregate bank commitments of $600 million through May 26, 2021. On May 26, 2018, Exelon Corporate had its maturity date extended to May 26, 2023. As of December 31, 2019, Exelon Corporation had available capacity under those commitments of $458 million. See Note 16—Debt and Credit Agreements of the Combined Notes to Consolidated Financial Statements for additional information regarding Exelon Corporation’s credit agreement.

Long-Term Debt

The following tables present the outstanding long-term debt for Exelon Corporate as of December 31, 2019 and December 31, 2018:



						Maturity Date	December 31,
	Rates					Maturity Date	2019			2018
Long-term debt
Junior subordinated notes				3.50	%	2022	$	1,150		$	1,150
Senior unsecured notes^(a)	2.45	%	-	7.60	%	2020 - 2046	5,889			5,889
Total long-term debt							7,039			7,039
Unamortized debt discount and premium, net							(7		)	(7		)
Unamortized debt issuance costs							(39		)	(47		)
Fair value adjustment							182			162
Long-term debt due within one year							(1,458		)	—
Long-term debt							$	5,717		$	7,147

__________


(a)	Senior unsecured notes include mirror debt that is held on both Generation and Exelon Corporation's balance sheets.

The debt maturities for Exelon Corporate for the periods 2020, 2021, 2022, 2023, 2024 and thereafter are as follows:



2020	$	1,458
2021	300
2022	1,150
2023	—
2024	—
Remaining years	4,131
Total long-term debt	$	7,039

Commitments and Contingencies

See Note 18—Commitments and Contingencies of the Combined Notes to Consolidated Financial Statements for Exelon Corporate’s commitments and contingencies related to environmental matters and fund transfer restrictions.

Related Party Transactions

The financial statements of Exelon Corporate include related party transactions as presented in the tables below:



	For the Years Ended December 31,
(In millions)	2019			2018			2017
Operating and maintenance from affiliates:
BSC^(a)	$	9		$	11		$	23
Other	—			(2		)	2
Total operating and maintenance from affiliates:	$	9		$	9		$	25
Interest income from affiliates, net:
Generation	$	36		$	36		$	37
BSC	3			4			3
Exelon Energy Delivery Company, LLC^(b)	—			2			—
Total interest income from affiliates, net:	$	39		$	42		$	40
Equity in earnings (losses) of investments:
Exelon Energy Delivery Company, LLC^(b)	$	2,054		$	1,830		$	1,663
Generation	1,125			369			2,710
UII, LLC	97			—			41
PCI	1			(17		)	1
BSC	—			—			1
Exelon Enterprises	(16		)	—			1
Exelon INQB8R	(8		)	—			—
Exelon Transmission Company, LLC	(2		)	1			(10		)
Other	3			—			—
Total equity in earnings of investments:	$	3,254		$	2,183		$	4,407

Cash contributions received from affiliates	$	2,514		$	2,302		$	1,879



	December 31,
(in millions)	2019			2018
Accounts receivable from affiliates (current):
BSC^(a)	$	11		$	13
Generation	13			17
ComEd	2			4
PECO	2			2
BGE	1			2
PHISCO	7			6
Exelon VTI, LLC	5			—
Total accounts receivable from affiliates (current):	$	41		$	44
Notes receivable from affiliates (current):
BSC^(a)	$	109		$	116
Generation^(c)	558			100
PHI	12			—
Total notes receivable from affiliates (current):	$	679		$	216
Investments in affiliates:
BSC^(a)	$	197		$	197
Exelon Energy Delivery Company, LLC^(b)	28,147			26,679
Generation	13,484			13,204
PCI	62			61
UII, LLC	365			268
Exelon Transmission Company, LLC	—			1
Voluntary Employee Beneficiary Association trust	(4		)	(1		)
Exelon Enterprises	6			22
Exelon INQB8R, LLC	(8		)	—
Other	(4		)	(6		)
Total investments in affiliates:	$	42,245		$	40,425
Notes receivable from affiliates (non-current):
Generation^(c)	$	329		$	898
Accounts payable to affiliates (current):
UII, LLC	$	360		$	360
Exelon Enterprises	3			—
Total accounts payable to affiliates (current):	$	363		$	360

__________


(a)	Exelon Corporate receives a variety of corporate support services from BSC, including legal, human resources, financial, information technology and supply management services. All services are provided at cost, including applicable overhead.


(b)	Exelon Energy Delivery Company, LLC consists of ComEd, PECO, BGE, PHI, Pepco, DPL and ACE.

(c)

In connection with the debt obligations assumed by Exelon as part of the Constellation merger, Exelon and subsidiaries of Generation (former Constellation subsidiaries) assumed intercompany loan agreements that mirror the terms and amounts of the third-party debt obligations of Exelon, resulting in intercompany notes payable included in Long-Term Debt to affiliates in Generation’s Consolidated Balance Sheets and intercompany notes receivable at Exelon Corporate, which are eliminated in consolidation in Exelon’s Consolidated Balance Sheets.

Long-term Debt, Gross

$ 35,560

$ 34,911

Unamortized debt discount and premium, net

(72)

(66)

Unamortized debt issuance costs

214

216

Long-term debt

31,329

34,075