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

12 Months Ended

Dec. 31, 2015

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

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)	2015			2014			2013
Operating expenses
Operating and maintenance	$	—		$	9		$	9
Operating and maintenance from affiliates	43			38			34
Other	4			3			12
Total operating expenses	47			50			55
Operating loss	(47		)	(50		)	(55		)
Other income and (deductions)
Interest expense, net	(168		)	(237		)	(116		)
Equity in earnings of investments	2,461			1,779			1,903
Interest income from affiliates, net	43			53			36
Other, net	(43		)	(2		)	(78		)
Total other income	2,293			1,593			1,745
Income before income taxes	2,246			1,543			1,690
Income taxes	(23		)	(80		)	(29		)
Net income	$	2,269		$	1,623		$	1,719
Other comprehensive income (loss)
Pension and non-pension postretirement benefit plans:
Prior service cost (benefit) reclassified to periodic costs	$	(46	)	$	(30	)	$	—
Actuarial loss reclassified to periodic cost	220			147			208
Transition obligation reclassified to periodic cost	—			—			—
Pension and non-pension postretirement benefit plan valuation adjustment	(99		)	(497		)	669
Unrealized loss on cash flow hedges	9			(148		)	(248		)
Unrealized gain on marketable securities	—			1			2
Unrealized gain on equity investments	(3		)	8			106
Unrealized loss on foreign currency translation	(21		)	(9		)	(10		)
Reversal of CENG equity method AOCI	—			(116		)	—
Other comprehensive income (loss)	60			(644		)	727
Comprehensive income	$	2,329		$	979		$	2,446

See Notes to Financial Statements

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)	2015			2014			2013
Net cash flows provided by operating activities	$	3,071		$	806		$	1,053
Cash flows from investing activities
Return on investment of direct financing lease termination	—			335			—
Changes in Exelon intercompany money pool	(1,217		)	(83		)	(60		)
Note receivable from affiliates	550			—			484
Capital expenditures	—			1			—
Change in restricted cash	—			—			38
Investment in affiliates	(212		)	(70		)	(38		)
Other investing activities	(55		)	(126		)	15
Net cash flows provided by (used in) investing activities	(934		)	57			439
Cash flows from financing activities
Changes in short-term borrowings	—			—			10
Issuance of long-term debt	4,200			1,150			—
Retirement of long-term debt	(2,263		)	(23		)	(450		)
Issuance of common stock	1,868			—			—
Dividends paid on common stock	(1,105		)	(1,065		)	(1,249		)
Proceeds from employee stock plans	32			35			47
Other financing activities	(58		)	(84		)	(6		)
Net cash flows provided by (used in) financing activities	2,674			13			(1,648		)
Increase (decrease) in cash and cash equivalents	4,811			876			(156		)
Cash and cash equivalents at beginning of period	879			3			159
Cash and cash equivalents at end of period	$	5,690		$	879		$	3

See Notes to Financial Statements

Exelon Corporation and Subsidiary Companies

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

Condensed Balance Sheets

	December 31,
(In millions)	2015		2014
ASSETS
Current assets
Cash and cash equivalents	$	5,690	$	879
Accounts receivable, net
Other accounts receivable	272		209
Accounts receivable from affiliates	20		24
Notes receivable from affiliates	1,478		818
Regulatory assets	241		254
Other	5		22
Total current assets	7,706		2,206
Property, plant and equipment, net	53		54
Deferred debits and other assets
Regulatory assets	3,072		3,186
Investments in affiliates	26,119		26,670
Deferred income taxes	2,036		2,147
Non-pension postretirement benefit asset	108		—
Notes receivable from affiliates	933		943
Other	404		149
Total deferred debits and other assets	32,672		33,095
Total assets	$	40,431	$	35,355

See Notes to Financial Statements

Exelon Corporation and Subsidiary Companies

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

Condensed Balance Sheets

	December 31,
(In millions)	2015			2014
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities
Short-term borrowings	$	188		$	—
Long-term debt due within one year	60			1,409
Accounts payable	5			2
Accrued expenses	440			25
Regulatory liabilities	63			51
Pension obligations	52			45
Other	1			30
Total current liabilities	809			1,562
Long-term debt	6,017			2,818
Long-term debt to affiliate	—			182
Deferred credits and other liabilities
Regulatory liabilities	31			37
Pension obligations	7,520			7,638
Non-pension postretirement benefit obligations	—			16
Deferred income taxes	134			93
Other	122			398
Total deferred credits and other liabilities	7,807			8,182
Total liabilities	14,633			12,744
Commitments and contingencies
Shareholders’ equity
Common stock (No par value, 2000 shares authorized, 920 shares and 860 shares outstanding at December 31, 2015 and 2014, respectively)	18,678			16,709
Treasury stock, at cost (35 shares at December 31, 2015 and 2014, respectively)	(2,327		)	(2,327		)
Retained earnings	12,068			10,910
Accumulated other comprehensive loss, net	(2,624		)	(2,684		)
Total shareholders’ equity	25,795			22,608
BGE preference stock not subject to mandatory redemption	3			3
Total liabilities and shareholders’ equity	$	40,431		$	35,355

See Notes to Financial Statements

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 BGE, of which Exelon owns 100% of the common stock but none of BGE’s preferred stock. Exelon owned none of PECO’s preference securities, which PECO redeemed in 2013.

Mergers

On April 29, 2014, Exelon and Pepco Holdings, Inc. (PHI) signed an agreement and plan of merger (as subsequently amended and restated as of July 18, 2014, the Merger Agreement) to combine the two companies in an all cash transaction. The resulting company will retain the Exelon name. See Note 4—Mergers, Acquisitions, and Dispositions of the Combined Notes to Consolidated Financial Statements for additional information on the Merger Agreement with PHI.

For BGE’s debt, the difference between fair value and book value of BGE’s assets acquired and liabilities assumed is recorded as a regulatory asset at Exelon Corporate as Exelon did not apply push-down accounting to BGE as part of the 2012 Constellation Merger. See Note 3—Regulatory Matters of the Combined Notes to Consolidated Financial Statements for additional information on the fair value of BGE long-term debt regulatory asset.

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 no commercial paper borrowings at both December 31, 2015 and December 31, 2014.

Credit Agreements

On May 30, 2014, Exelon Corporate amended and extended its unsecured syndicated revolving credit facility with aggregate bank commitments of $500 million through May 2019. As of December 31, 2015, Exelon Corporation had available capacity under those commitments of $474 million. See Note 14—Debt and Credit Agreements of the Combined Notes to Consolidated Financial Statements for further 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, 2015 and December 31, 2014:

						Maturity Date	December 31,
	Rates						2015			2014
Long-term debt
Junior subordinated notes				6.5	%	2024	$	1,150		$	1,150
Contract payment - junior subordinated notes				2.5	%	2017	64			108
Senior unsecured notes (a)	1.6	%	-	7.6	%	2017 - 2045	4,639			2,658
Total long-term debt							5,853			3,916
Unamortized debt discount and premium, net							(4		)	1
Unamortized debt issuance costs							(47		)	(23		)
Fair value adjustment of consolidated subsidiary							275			333
Long-term debt due within one year							(60		)	(1,409		)
Long-term debt							$	6,017		$	2,818

___________

(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 2016,2017, 2018, 2019, 2020 and thereafter are as follows:

2016	$	45
2017	569
2018	—
2019	—
2020	1,450
Remaining years	3,789
Total long-term debt	$	5,853

Commitments and Contingencies

See Note 23—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)	2015			2014			2013
Operating and maintenance from affiliates:
BSC(a)	$	43		$	38		$	34
Interest income from affiliates, net:
Generation	$	43		$	53		$	36
Equity in earnings of investments:
Exelon Energy Delivery Company, LLC (b)	$	1,079		$	958		$	834
Exelon Ventures Company, LLC (c)	—			926			1,076
UII, LLC	20			(6		)	(2		)
Exelon Transmission Company, LLC	(8		)	(7		)	(5		)
Exelon Enterprise	(1		)	(1		)	—
Generation	1,371			(91		)	—
Total equity in earnings of investments	$	2,461		$	1,779		$	1,903
Cash contributions received from affiliates	$	3,209		$	1,370		$	1,175

	December 31,
(in millions)	2015			2014
Accounts receivable from affiliates (current):
BSC (a)	$	—		$	2
Generation	16			12
ComEd	2			3
PECO	1			2
BGE	1			5
Total accounts receivable from affiliates (current)	$	20		$	24
Notes receivable from affiliates (current):
BSC (a)	$	226		$	262
Generation (d)	1,252			556
Total receivable from affiliates (current):	$	1,478		$	818
Investments in affiliates:
BSC(a)	$	191		$	193
Exelon Energy Delivery Company, LLC(b)	14,163			13,590
UII, LLC	102			130
Exelon Transmission Company, LLC	3			1
Voluntary Employee Beneficiary Association trust	7			9
Exelon Enterprises	22			23
Generation	11,637			12,720
Other	(6		)	4
Total investments in affiliates	$	26,119		$	26,670
Notes receivable from affiliates (non-current):
Generation (d)	$	933		$	943
Notes payable to affiliates (current):
ComEd	$	188		$	—
Long-term debt to affiliates (non-current):
ComEd	$	—		$	182

_____________________

(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 and BGE.

(c) Exelon Ventures Company, LLC primarily consisted of Generation and was fully dissolved as of December 31, 2014. Exelon Enterprises, Exelon Generation Company, LLC, and Exelon Consolidations are now directly owned Exelon Corporate investments as of December 31, 2014.

(d) 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 affiliate on Generation’s Consolidated Balance Sheets and intercompany notes receivable at Exelon Corporate, which are eliminated in consolidation on Exelon’s Consolidated Balance Sheets.