XML 532 R50.htm IDEA: XBRL DOCUMENT

Debt and Credit Agreements (Tables)

12 Months Ended

Dec. 31, 2021

Short-term and Long-term Debt [Line Items]

The following table reflects the Registrants' commercial paper programs supported by the revolving credit agreements and bilateral credit agreements as of December 31, 2021 and 2020:


	Maximum Program Size at December 31,				Outstanding Commercial Paper at December 31,				Average Interest Rate on Commercial Paper Borrowings at December 31,
Commercial Paper Issuer	2021(a)(b)(c)		2020(a)(b)(c)		2021		2020		2021		2020
Exelon(d)	$	9,000	$	9,000	$	1,301	$	1,031	0.52	%	0.25	%

ComEd	1,000		1,000		—		323		—	%	0.23	%
PECO	600		600		—		—		—	%	—	%
BGE	600		600		130		—		0.37	%	—	%
PHI(e)	900		900		469		368		0.35	%	0.24	%
Pepco	300		300		175		35		0.33	%	0.22	%
DPL	300		300		149		146		0.36	%	0.24	%
ACE	300		300		145		187		0.35	%	0.25	%

__________

(a)Excludes $1,200 million and $1,500 million in bilateral credit facilities as of December 31, 2021 and 2020, respectively, and $131 million and $144 million in credit facilities for project finance as of December 31, 2021 and 2020, respectively. These credit facilities do not back the commercial paper program relating to Generation.

(b)As of December 31, 2021, excludes $142 million of credit facility agreements arranged at minority and community banks, including $33 million, $33 million, $8 million, $8 million, $8 million, and $8 million, at ComEd, PECO, BGE, Pepco, DPL, and ACE, respectively. These facilities expire on October 7, 2022. These facilities are solely utilized to issue letters of credit. As of December 31, 2020, excludes $135 million of credit facility agreements arranged primarily at minority and community banks, including $32 million, $33 million, $8 million, $8 million, $8 million, and $8 million, at ComEd, PECO, BGE, Pepco, DPL, and ACE, 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 as of December 31, 2021 and 2020. Exelon Corporate had no outstanding commercial paper as of December 31, 2021 and 2020.

(e)Represents the consolidated amounts of Pepco, DPL, and ACE.

Schedule of Aggregate Bank Commitments, Credit Facility Borrowings, and Available Capacity

As of December 31, 2021, the Registrants had the following aggregate bank commitments, credit facility borrowings, and available capacity under their respective credit facilities:


								Available Capacity as of December 31, 2021
Borrower(a)	Facility Type	Aggregate Bank Commitment(b)		Facility Draws		Outstanding Letters of Credit		Actual		To Support Additional Commercial Paper(c)
Exelon(c)	Syndicated Revolver / Bilaterals / Project Finance	$	10,331	$	—	$	2,383	$	7,948	$	6,461



ComEd	Syndicated Revolver	1,000		—		2		998		998
PECO	Syndicated Revolver	600		—		—		600		600
BGE	Syndicated Revolver	600		—		—		600		470
PHI	Syndicated Revolver	900		—		—		900		431
Pepco	Syndicated Revolver	300		—		—		300		125
DPL	Syndicated Revolver	300		—		—		300		151
ACE	Syndicated Revolver	300		—		—		300		155

__________

(a)On February 1, 2022, Exelon Corporate and the Utility Registrants' respective syndicated revolving credit facilities were replaced with a new 5-year revolving credit facility.

(b)As of December 31, 2021, excludes $142 million of credit facility agreements arranged at minority and community banks, including $33 million, $33 million, $8 million, $8 million, $8 million, and $8 million, at ComEd, PECO, BGE, Pepco, DPL, and ACE, respectively. These facilities expire on October 7, 2022. These facilities are solely utilized to issue letters of credit. As of December 31, 2021, letters of credit issued under these facilities totaled $5 million, $1 million, and $2 million for ComEd, PECO, and BGE, respectively.

(c)Includes $600 million aggregate bank commitment related to Exelon Corporate. Exelon Corporate had $6 million outstanding letters of credit as of December 31, 2021. Exelon Corporate had $594 million in available capacity to support additional commercial paper as of December 31, 2021.

Schedule of bilateral credit agreements

The following table reflects the bilateral credit agreements as of December 31, 2021:

Subsidiary

Date Initiated

Latest Amendment Date

Maturity Date(a)

Amount

Generation(b)(c)

January 11, 2013

March 1, 2021

March 1, 2023

100

Generation(b)

January 5, 2016

April 2, 2021

April 5, 2023

150

Generation(b)(c)

February 21, 2019

March 31, 2021

March 31, 2022

100

Generation(b)

October 25, 2019

N/A

200

Generation(b)

November 20, 2019

N/A

300

Generation(b)

November 21, 2019

N/A

150

Generation(b)

November 21, 2019

November 21, 2021

November 21, 2022

100

Generation(b)(d)

May 15, 2020

N/A

100

__________

(a)Credit facilities that do not contain a maturity date are specific to the agreements set within each contract. In some instances, credit facilities are automatically renewed based on the contingency standards set within the specific agreement.

(b)Bilateral credit agreements solely support the issuance of letters of credit and do not back the commercial paper program relating to Generation.

(c)The bilateral credit agreement was terminated on January 31, 2022.

(d)On February 9, 2022, the bilateral credit agreement increased to $200 million.

Schedule of Basis Spread

Borrowings under Exelon’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(a)	ComEd	PECO	BGE	Pepco	DPL	ACE
Prime based borrowings	0 - 27.5	—	—	—	7.5	—	7.5
LIBOR-based borrowings	90.0 - 127.5	100.0	90.0	90.0	107.5	100.0	107.5

__________

(a)Includes interest rate adders at Exelon Corporate of 27.5 basis points and 127.5 basis points for prime and LIBOR-based borrowings, respectively.

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, 2021 and 2020:

Exelon


						Maturity Date	December 31,
	Rates						2021		2020
Long-term debt

First mortgage bonds(a)(b)(c)	0.14	%	-	7.90	%	2022 - 2051	$	20,751	$	18,915
Senior unsecured notes	3.25	%	-	7.60	%	2022 - 2050	10,285		10,585
Unsecured notes	2.25	%	-	6.35	%	2022 - 2050	4,000		3,700

Notes payable and other	1.64	%	-	7.49	%	2022 - 2053	189		170
Junior subordinated notes				3.50	%	2022	1,150		1,150

Long-term software licensing agreement	3.62	%	-	3.95	%	2024 - 2025	9		30
Unsecured tax-exempt bonds	0.12	%	-	1.70	%	2022 - 2024	143		143
Medium-terms notes (unsecured)				7.72	%	2027	10		10
Transition bonds				5.55	%	2021	—		21
Loan agreement(d)				2.00	%	2023	50		50
Nonrecourse debt:
Fixed rates	2.29	%	-	6.00	%	2031 - 2037	909		977
Variable rates	2.98	%	-	3.50	%	2026 - 2027	870		765
Total long-term debt							38,366		36,516
Unamortized debt discount and premium, net							(77)		(77)
Unamortized debt issuance costs							(262)		(248)
Fair value adjustment							670		721

Long-term debt due within one year							(3,373)		(1,819)
Long-term debt							$	35,324	$	35,093
Long-term debt to financing trusts(e)
Subordinated debentures to ComEd Financing III				6.35	%	2033	$	206	$	206
Subordinated debentures to PECO Trust III	5.25	%	-	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

__________

(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)On November 16, 2021, DPL entered into a purchase agreement of First Mortgage Bonds of $125 million at 3.06% due on February 15, 2052. The closing date of the issuance occurred on February 15, 2022.

(c)On November 16, 2021, ACE entered into a purchase agreement of First Mortgage Bonds of $25 million and $150 million at 2.27% and 3.06% due on February 15, 2032 and February 15, 2052, respectively. The closing date of the issuance occurred on February 15, 2022.

(d)In connection with the separation, Exelon Corporate entered into three 18-month term loan agreements. On January 21, 2022, two of the loan agreements were issued for $300 million each with an expiration date of July 21, 2023. On January 24, 2022, the third loan agreement was issued for $250 million with an expiration date of July 24, 2023. Pursuant to the loan agreement, loans made thereunder bear interest at a variable rate equal to SOFR plus 0.65%.

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

ComEd


						Maturity Date	December 31,
	Rates						2021		2020
Long-term debt
First mortgage bonds(a)	2.20	%	-	6.45	%	2024 - 2051	$	9,879	$	9,079
Other				7.49	%	2053	8		8
Total long-term debt							9,887		9,087
Unamortized debt discount and premium, net							(27)		(28)
Unamortized debt issuance costs							(87)		(76)
Long-term debt due within one year							—		(350)
Long-term debt							$	9,773	$	8,633
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 Sheet.

PECO


						Maturity Date	December 31,
	Rates						2021		2020
Long-term debt
First mortgage bonds(a)	2.38	%	-	5.95	%	2022 - 2051	$	4,200	$	3,750
Loan agreement				2.00	%	2023	50		50
Total long-term debt							4,250		3,800
Unamortized debt discount and premium, net							(20)		(20)
Unamortized debt issuance costs							(33)		(27)
Long-term debt due within one year							(350)		(300)
Long-term debt							$	3,847	$	3,453
Long-term debt to financing trusts(b)
Subordinated debentures to PECO Trust III	5.25	%	-	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 Sheet.

BGE


						Maturity Date	December 31,
	Rates						2021		2020
Long-term debt

Unsecured notes	2.25	%	-	6.35	%	2022 - 2050	$	4,000	$	3,700
Total long-term debt							4,000		3,700
Unamortized debt discount and premium, net							(12)		(12)
Unamortized debt issuance costs							(27)		(24)
Long-term debt due within one year							(250)		(300)
Long-term debt							$	3,711	$	3,364

PHI


						Maturity Date	December 31,
	Rates						2021		2020
Long-term debt
First mortgage bonds(a)	0.14	%	-	7.90	%	2022 - 2051	$	6,672	$	6,086
Senior unsecured notes				7.45	%	2032	185		185
Unsecured tax-exempt bonds	0.12	%	-	1.70	%	2022 - 2024	143		143
Medium-terms notes (unsecured)				7.72	%	2027	10		10
Transition bonds				5.55	%	2021	—		21
Finance leases				3.54	%	2022 - 2029	74		50
Other(b)	7.28	%	-	7.49	%	2022	—		1
Total long-term debt							7,084		6,496
Unamortized debt discount and premium, net							4		4
Unamortized debt issuance costs							(36)		(28)
Fair value adjustment							495		534
Long-term debt due within one year							(399)		(347)
Long-term debt							$	7,148	$	6,659

_________

(a)Substantially all of Pepco's, DPL's, and ACE's assets are subject to the liens of their respective mortgage indentures.

(b)The amount in the Other category was less than 1 million as of December 31, 2021.

Pepco


						Maturity Date	December 31,
	Rates						2021		2020
Long-term debt
First mortgage bonds(a)	2.32	%	-	7.90	%	2022 - 2051	$	3,350	$	3,075
Unsecured tax-exempt bonds				1.70	%	2022	110		110
Finance leases				3.54	%	2025 - 2029	26		17
Other(b)	7.28	%	-	7.49	%	2022	—		1
Total long-term debt							3,486		3,203
Unamortized debt discount and premium, net							2		2
Unamortized debt issuance costs							(43)		(40)
Long-term debt due within one year							(313)		(3)
Long-term debt							$	3,132	$	3,162

________

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

(b)The amount in the Other category was less than 1 million as of December 31, 2021.

DPL


						Maturity Date	December 31,
	Rates						2021		2020
Long-term debt
First mortgage bonds(a)(b)	0.14	%	-	4.27	%	2023 - 2051	$	1,749	$	1,624
Unsecured tax-exempt bonds	0.12	%	-	0.13	%	2024	33		33
Medium-terms notes (unsecured)				7.72	%	2027	10		10
Finance leases				3.54	%	2025 - 2029	29		20
Total long-term debt							1,821		1,687
Unamortized debt discount and premium, net							—		1
Unamortized debt issuance costs							(11)		(11)
Long-term debt due within one year							(83)		(82)
Long-term debt							$	1,727	$	1,595

__________

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

ACE


						Maturity Date	December 31,
	Rates						2021		2020
Long-term debt
First mortgage bonds(a)(b)	2.25	%	-	5.80	%	2024 - 2050	$	1,573	$	1,387
Transition bonds				5.55	%	2021	—		21
Finance leases				3.54	%	2022 - 2029	19		13
Total long-term debt							1,592		1,421
Unamortized debt discount and premium, net							(1)		(1)
Unamortized debt issuance costs							(9)		(7)
Long-term debt due within one year							(3)		(261)
Long-term debt							$	1,579	$	1,152

__________

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

(b)On November 16, 2021, ACE entered into a purchase agreement of First Mortgage Bonds of $25 million and $150 million at 2.27% and 3.06% due on February 15, 2032 and February 15, 2052, respectively. The closing date of the issuance occurred on February 15, 2022.

Schedule of maturities of long-term debt

Long-term debt maturities at the Registrants in the periods 2022 through 2026 and thereafter are as follows:


Year	Exelon			ComEd			PECO			BGE		PHI		Pepco		DPL		ACE
2022	$	3,373		$	—		$	350		$	250	$	399	$	313	$	83	$	3
2023	865			—			50			300		512		4		505		3
2024	818			250			—			—		562		404		5		153
2025	2,223			—			350			—		162		4		5		153
2026	1,725			500			—			350		11		4		4		3
Thereafter	29,752		(a)	9,342		(b)	3,684		(c)	3,100		5,438		2,757		1,219		1,277
Total	$	38,756		$	10,092		$	4,434		$	4,000	$	7,084	$	3,486	$	1,821	$	1,592

__________

(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.

Revolving Credit Facility [Member]

Short-term and Long-term Debt [Line Items]

Schedule of Aggregate Bank Commitments, Credit Facility Borrowings, and Available Capacity

Revolving Credit Agreements

On February 1, 2022, Exelon Corporate and the Utility Registrants each entered into a new 5-year revolving credit facility that replaced its existing syndicated revolving credit facility. The following table reflects the credit agreements:


Borrower	Aggregate Bank Commitment		Interest Rate
Exelon Corporate	$	900	SOFR plus 1.275	%
ComEd	1,000		SOFR plus 1.000	%
PECO	600		SOFR plus 0.900	%
BGE	600		SOFR plus 0.900	%
Pepco	300		SOFR plus 1.075	%
DPL	300		SOFR plus 1.000	%
ACE	300		SOFR plus 1.075	%

- 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://fasb.org/us-gaap/role/ref/legacyRef
-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=120391452&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e24072-122690

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=124435984&loc=d3e28541-108399

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=123467817&loc=d3e21506-112644

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 55
-Paragraph 69B
-URI http://asc.fasb.org/extlink&oid=123466577&loc=SL123495735-112612

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=124435984&loc=d3e28551-108399

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 55
-Paragraph 69E
-URI http://asc.fasb.org/extlink&oid=123466577&loc=SL123495743-112612

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=123467817&loc=d3e21521-112644

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=123467817&loc=d3e21538-112644

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=123599511&loc=d3e64711-112823

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=114775985&loc=d3e28878-108400

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=123467817&loc=d3e21475-112644

+ Details