Debt and Credit Agreements (Tables)

12 Months Ended

Dec. 31, 2019

Short-term Debt [Line Items]

Schedule of Line of Credit Facilities [Table Text Block]

Borrowings under Exelon Corporate’s, Generation’s, ComEd’s, PECO’s, BGE's, Pepco's, DPL's and ACE's revolving credit agreements bear interest at a rate based upon either the prime rate or a LIBOR-based rate, plus an adder based upon the particular Registrant’s credit rating. 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	—	—	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

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 2020 through 2024 and thereafter are as follows:

Year	Exelon			Generation		ComEd			PECO			BGE		PHI		Pepco		DPL		ACE
2020	$	4,710		$	3,182	$	500		$	—		$	—	$	103	$	2	$	80	$	20
2021	1,517			2		350			300			300		265		2		2		261
2022	3,088			1,024		—			350			250		314		311		2		1
2023	855			1		—			50			300		504		1		502		1
2024	1,596			792		250			—			—		553		401		1		151
Thereafter	24,184		(a)	2,942		7,691		(b)	2,934		(c)	2,450		4,256		2,180		991		901
Total	$	35,950		$	7,943	$	8,791		$	3,634		$	3,300	$	5,995	$	2,897	$	1,578	$	1,335

__________

(a) Includes $390 million due to ComEd and PECO financing trusts.

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

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

Debt Covenants

As of December 31, 2019,

Schedule of Long-term Debt Instruments

Long-Term Debt 

The following tables present the outstanding long-term debt at the Registrants as of December 31, 2019 and 2018:

Exelon

						Maturity Date	December 31,
	Rates						2019			2018
Long-term debt
First mortgage bonds(a)	1.70	%	-	7.90	%	2020 - 2049	$	17,486		$	16,496
Senior unsecured notes	2.45	%	-	7.60	%	2020 - 2046	10,685			11,285
Unsecured notes	2.40	%	-	6.35	%	2021 - 2049	3,300			2,900
Pollution control notes	2.50	%	-	2.70	%	2025 - 2036	412			435
Nuclear fuel procurement contracts				3.15	%	2020	3			39
Notes payable and other	2.53	%	-	7.99	%	2020 - 2053	154			188
Junior subordinated notes				3.50	%	2022	1,150			1,150
Long-term software licensing agreement				3.95	%	2024	55			73
Unsecured Tax-Exempt Bonds(b)	1.63	%	-	5.40	%	2022 - 2031	222			112
Medium-Terms Notes (unsecured)	7.61	%	-	7.72	%	2027	10			22
Transition bonds				5.55	%	2023	40			59
Loan Agreement				2.00	%	2023	50			50
Nonrecourse debt:
Fixed rates	2.29	%	-	6.00	%	2031 - 2037	1,182			1,253
Variable rates	3.18	%	-	4.91	%	2020 - 2024	811			849
Total long-term debt							35,560			34,911
Unamortized debt discount and premium, net							(72		)	(66		)
Unamortized debt issuance costs							(214		)	(216		)
Fair value adjustment							765			795
Long-term debt due within one year							(4,710		)	(1,349		)
Long-term debt							$	31,329		$	34,075
Long-term debt to financing trusts(c)
Subordinated debentures to ComEd Financing III				6.35	%	2033	$	206		$	206
Subordinated debentures to PECO Trust III	6.75	%	-	7.38	%	2028	81			81
Subordinated debentures to PECO Trust IV				5.75	%	2033	103			103
Total long-term debt to financing trusts							390			390
Unamortized debt issuance costs							—			—
Long-term debt to financing trusts							$	390		$	390

__________

(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) Bond amount totaling $110 million was previously disclosed within the first mortgage bonds line item, as it was classified as a secured tax-exempt bond. In 2019, the callable bond was reissued as an unsecured tax-exempt bond, and is presented as such within this section.

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

Generation

						Maturity Date	December 31,
	Rates						2019			2018
Long-term debt
Senior unsecured notes	2.95	%	-	7.60	%	2020 - 2042	$	5,420		$	6,019
Pollution control notes	2.50	%	-	2.70	%	2025 - 2036	412			435
Nuclear fuel procurement contracts				3.15	%	2020	3			39
Notes payable and other	2.53	%	-	4.26	%	2020 - 2028	115			164
Nonrecourse debt:
Fixed rates	2.29	%	-	6.00	%	2031 - 2037	1,182			1,253
Variable rates	3.18	%	-	4.91	%	2020 - 2024	811			849
Total long-term debt							7,943			8,759
Unamortized debt discount and premium, net							(5		)	(6		)
Unamortized debt issuance costs							(42		)	(51		)
Fair value adjustment							78			91
Long-term debt due within one year							(3,182		)	(906		)
Long-term debt							$	4,792		$	7,887

ComEd

						Maturity Date	December 31,
	Rates						2019			2018
Long-term debt
First mortgage bonds(a)	2.55	%	-	6.45	%	2020 - 2049	$	8,578		$	8,179
Notes payable and other				7.49	%	2053	8			8
Total long-term debt							8,586			8,187
Unamortized debt discount and premium, net							(27		)	(23		)
Unamortized debt issuance costs							(68		)	(63		)
Long-term debt due within one year							(500		)	(300		)
Long-term debt							$	7,991		$	7,801
Long-term debt to financing trust(b)
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) Amount owed to this financing trust is recorded as Long-term debt to financing trust within ComEd’s Consolidated Balance Sheets.

PECO

						Maturity Date	December 31,
	Rates						2019			2018
Long-term debt
First mortgage bonds(a)	1.70	%	-	5.95	%	2021 - 2049	$	3,400		$	3,075
Loan Agreement				2.00	%	2023	50			50
Total long-term debt							3,450			3,125
Unamortized debt discount and premium, net							(21		)	(18		)
Unamortized debt issuance costs							(24		)	(23		)
Long-term debt							$	3,405		$	3,084
Long-term debt to financing trusts(b)
Subordinated debentures to PECO Trust III	6.75	%	-	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.

BGE

						Maturity Date	December 31,
	Rates						2019			2018
Long-term debt
Unsecured notes	2.40	%	-	6.35	%	2021 - 2049	$	3,300		$	2,900
Total long-term debt							3,300			2,900
Unamortized debt discount and premium, net							(9		)	(6		)
Unamortized debt issuance costs							(21		)	(18		)
Long-term debt							$	3,270		$	2,876

PHI

						Maturity Date	December 31,
	Rates						2019			2018
Long-term debt
First mortgage bonds(a)	1.76	%	-	7.90	%	2021 - 2049	$	5,508		$	5,242
Senior unsecured notes				7.45	%	2032	185			185
Unsecured Tax-Exempt Bonds(b)	1.63	%	-	5.40	%	2022 - 2031	222			112
Medium-terms notes (unsecured)	7.61	%	-	7.72	%	2027	10			22
Transition bonds(c)				5.55	%	2023	40			59
Notes payable and other	3.54	%	-	7.99	%	2021 - 2027	30			16
Total long-term debt							5,995			5,636
Unamortized debt discount and premium, net							4			4
Unamortized debt issuance costs							(19		)	(14		)
Fair value adjustment							583			633
Long-term debt due within one year							(103		)	(125		)
Long-term debt							$	6,460		$	6,134

_________

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

(b) Bond amount totaling $110 million was previously disclosed within the first mortgage bonds line item, as it was classified as a secured tax-exempt bond. In 2019, the callable bond was reissued as an unsecured tax-exempt bond, and is presented as such within this section.

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

Pepco

						Maturity Date	December 31,
	Rates						2019			2018
Long-term debt
First mortgage bonds(a)	3.05	%	-	7.90	%	2022 - 2048	$	2,775		$	2,735
Unsecured Tax-Exempt Bonds(b)				1.70	%	2022	110			—
Notes payable and other	3.54	%	-	7.99	%	2021 - 2027	12			16
Total long-term debt							2,897			2,751
Unamortized debt discount and premium, net							2			2
Unamortized debt issuance costs							(35		)	(34		)
Long-term debt due within one year							(2		)	(15		)
Long-term debt							$	2,862		$	2,704

__________

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

(b) Bond amount totaling $110 million was previously disclosed within the first mortgage bonds line item, as it was classified as a secured tax-exempt bond. In 2019, the callable bond was reissued as an unsecured tax-exempt bond, and is presented as such within this section.

DPL

						Maturity Date	December 31,
	Rates						2019			2018
Long-term debt
First mortgage bonds(a)	1.76	%	-	4.27	%	2023 - 2049	$	1,446		$	1,370
Unsecured Tax-Exempt Bonds	1.63	%	-	5.40	%	2024 - 2031	112			112
Medium-terms notes (unsecured)	7.61	%	-	7.72	%	2027	10			22
Other				3.54	%	2027	10			—
Total long-term debt							1,578			1,504
Unamortized debt discount and premium, net							1			2
Unamortized debt issuance costs							(12		)	(12		)
Long-term debt due within one year							(80		)	(91		)
Long-term debt							$	1,487		$	1,403

__________

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

ACE

						Maturity Date	December 31,
	Rates						2019			2018
Long-term debt
First mortgage bonds(a)	3.38	%	-	6.80	%	2021 - 2049	$	1,287		$	1,137
Transition bonds(b)				5.55	%	2023	40			59
Other				3.54	%	2027	8			—
Total long-term debt							$	1,335		$	1,196
Unamortized debt discount and premium, net							(1		)	(1		)
Unamortized debt issuance costs							(7		)	(7		)
Long-term debt due within one year							(20		)	(18		)
Long-term debt							$	1,307		$	1,170

__________

(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, 2019 are $19 million in 2020 and $21 million in 2021.

Schedule of Short-term Debt

The following tables present the short-term borrowings activity for Exelon, Generation, ComEd, PECO, BGE, PHI, Pepco, DPL and ACE during 2019 and 2018.

December 31, 2019	Exelon(a)			Generation			ComEd			PECO			BGE			PHI	Pepco			DPL			ACE
Average borrowings	$	472		$	13		$	236		$	—		$	103		N/A	$	45		$	21		$	51
Maximum borrowings outstanding	890			357			465			21			298			N/A	144			125			180
Average interest rates, computed on a daily basis	2.25		%	1.84		%	2.38		%	2.39		%	2.46		%	N/A	2.56		%	2.02		%	2.43		%
Average interest rates, at December 31	2.25		%	1.84		%	2.38		%	2.39		%	2.46		%	N/A	2.56		%	2.02		%	2.43		%
December 31, 2018	Exelon(a)			Generation			ComEd			PECO			BGE			PHI	Pepco			DPL			ACE
Average borrowings	$	531		$	37		$	154		$	68		$	65		N/A	$	22		$	87		$	95
Maximum borrowings outstanding	1,237			583			520			350			239			N/A	90			245			210
Average interest rates, computed on a daily basis	2.21		%	1.96		%	2.14		%	2.24		%	2.18		%	N/A	2.24		%	2.07		%	2.21		%
Average interest rates, at December 31	2.15		%	1.96		%	2.14		%	2.24		%	2.18		%	N/A	2.24		%	2.07		%	2.21		%

__________

(a)

Includes $3 million and $4 million average borrowings related to Exelon Corporate at December 31, 2019 and 2018, respectively. Exelon Corporate had $144 million and $95 million maximum borrowings outstanding at December 31, 2019 and 2018, with 1.92% and 1.93% average interest rates computed on a daily basis for 2019 and 2018, and 1.92% and 1.93% average interest rates at December 31, 2019 and 2018, respectively.

Commercial Paper [Member]

Short-term Debt [Line Items]

Schedule of Line of Credit Facilities [Table Text Block]

The following table reflects the Registrants' commercial paper programs supported by the revolving credit agreements and bilateral credit agreements at December 31, 2019 and 2018:

	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	2019(a)(b)(c)		2018(a)(b)(c)		2019		2018		2019		2018
Exelon(d)	$	9,000	$	9,000	$	870	$	89	2.25	%	2.15	%
Generation	5,300		5,300		320		—		1.84	%	1.96	%
ComEd	1,000		1,000		130		—		2.38	%	2.14	%
PECO	600		600		—		—		2.39	%	2.24	%
BGE	600		600		76		35		2.46	%	2.18	%
PHI	900		900		208		54		N/A		N/A
Pepco	300		300		82		40		2.56	%	2.24	%
DPL	300		300		56		—		2.02	%	2.07	%
ACE	300		300		70		14		2.43	%	2.21	%

__________

(a) Excludes $1,400 million and $545 million in bilateral credit facilities at December 31, 2019 and 2018, respectively, and $159 million in credit facilities for project finance at December 31, 2019 and 2018, respectively. These credit facilities do not back Generation's commercial paper program.

(b) At December 31, 2019, excludes $142 million of credit facility agreements arranged at minority and community banks at Generation, ComEd, PECO, BGE, Pepco, DPL and ACE with aggregate commitments of $44 million, $33 million, $33 million, $8 million, $8 million, $8 million and $8 million, respectively. These facilities expire on October 9, 2020. These facilities are solely utilized to issue letters of credit. At December 31, 2018, excludes $135 million of credit facility agreements arranged at minority and community banks at Generation, ComEd, PECO, BGE, Pepco, DPL and ACE with aggregate commitments of $49 million, $33 million, $34 million, $5 million, $5 million, $5 million, and $5 million, respectively.

(c) Pepco, DPL and ACE's revolving credit facility has the ability to flex to $500 million, $500 million, and $350 million, respectively. 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.

(d)

Includes revolving credit agreement at Exelon Corporate with a maximum program size of $600 million at both December 31, 2019 and 2018, respectively. Exelon Corporate had $136 million of outstanding commercial paper at December 31, 2019 and no outstanding commercial paper at the end of 2018.

Revolving Credit Facility [Member]

Short-term Debt [Line Items]

Schedule of Line of Credit Facilities [Table Text Block]

At December 31, 2019, the Registrants had the following aggregate bank commitments, credit facility borrowings and available capacity under their respective credit facilities:

								Available Capacity at December 31, 2019
Borrower	Facility Type	Aggregate Bank Commitment(a)		Facility Draws		Outstanding Letters of Credit		Actual		To Support Additional Commercial Paper(b)
Exelon(b)	Syndicated Revolver / Bilaterals / Project Finance	$	10,559	$	—	$	1,443	$	9,116	$	7,353
Generation	Syndicated Revolver	5,300		—		769		4,531		4,211
Generation	Bilaterals	1,400		—		545		855		—
Generation	Project Finance	159		—		120		39		—
ComEd	Syndicated Revolver	1,000		—		2		998		868
PECO	Syndicated Revolver	600		—		—		600		600
BGE	Syndicated Revolver	600		—		—		600		524
PHI	Syndicated Revolver	900		—		—		900		692
Pepco	Syndicated Revolver	300		—		—		300		218
DPL	Syndicated Revolver	300		—		—		300		244
ACE	Syndicated Revolver	300		—		—		300		230

__________

(a) Excludes $142 million of credit facility agreements arranged at minority and community banks at Generation, ComEd, PECO, BGE, Pepco, DPL and ACE with aggregate commitments of $44 million, $33 million, $33 million, $8 million, $8 million, $8 million and $8 million, respectively. These facilities expire on October 9, 2020. These facilities are solely utilized to issue letters of credit. As of December 31, 2019, letters of credit issued under these facilities totaled $5 million, $5 million, $2 million for Generation, ComEd, and BGE, respectively.

(b)

Includes $600 million aggregate bank commitment related to Exelon Corporate. Exelon Corporate had $6 million and $9 million outstanding letters of credit at December 31, 2019 and 2018, respectively. Exelon Corporate had $458 million in available capacity to support additional commercial paper at December 31, 2019.