Debt and Credit Agreements (Tables)

12 Months Ended

Dec. 31, 2015

Debt Disclosure [Abstract]

Schedule of Short-term Debt

Exelon, Generation, ComEd, PECO and BGE had the following amounts of commercial paper borrowings at December 31, 2015 and 2014:

	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	2015 (a)(b)		2014 (a)(b)		2015		2014		2015		2014
Exelon Corporate	$	500	$	500	$	—	$	—	n.a.		n.a.
Generation	5,450		5,600		—		—		0.49	%	0.32	%
ComEd	1,000		1,000		294		304		0.53	%	0.33	%
PECO	600		600		—		—		n.a.		n.a.
BGE	600		600		210		120		0.48	%	0.29	%
Total	$	8,150	$	8,300	$	504	$	424

_____________________

(a) Reflects aggregate bank commitments under the revolving and bilateral credit agreements (with the exception of $275 million and $200 million bilateral agreements for Generation as of December 31, 2015 and 2014, respectively) that backstop the commercial paper program. See discussion and Credit Facilities table below for items affecting effective program size.

(b) Excludes additional credit facilities for Generation, ComEd, PECO and BGE with aggregate commitments of $50 million, $34 million, $34 million and $5 million, respectively, arranged with minority and community banks located primarily within ComEd’s, PECO’s and BGE’s service territories. The agreements for these facilities expired on October 16, 2015 and were renewed at the same amount through October 14, 2016. These facilities are solely utilized to issue letters of credit. As of December 31, 2015, letters of credit issued under these facilities totaled $7 million, $14 million, $21 million and $2 million for Generation, ComEd, PECO and BGE, respectively.

The following tables present the short-term borrowings activity for Exelon, Generation, ComEd, and BGE during 2015, 2014 and 2013. PECO did not have any short-term borrowings during 2015, 2014 or 2013.

Exelon

	2015			2014			2013
Average borrowings	$	499		$	571		$	254
Maximum borrowings outstanding	739			1,164			682
Average interest rates, computed on a daily basis	0.53		%	0.32		%	0.37		%
Average interest rates, at December 31	0.88		%	0.53		%	0.35		%
Generation
	2015			2014			2013
Average borrowings	$	1		$	93		$	42
Maximum borrowings outstanding	50			552			291
Average interest rates, computed on a daily basis	0.49		%	0.32		%	0.32		%
Average interest rates, at December 31	n.a.			n.a.			n.a.

ComEd
	2015			2014			2013
Average borrowings	$	461		$	415		$	203
Maximum borrowings outstanding	684			597			446
Average interest rates, computed on a daily basis	0.53		%	0.33		%	0.40		%
Average interest rates, at December 31	0.89		%	0.50		%	0.37		%
BGE
	2015			2014			2013
Average borrowings	$	37		$	64		$	35
Maximum borrowings outstanding	210			180			135
Average interest rates, computed on a daily basis	0.48		%	0.29		%	0.31		%
Average interest rates, computed at December 31	0.87		%	0.61		%	0.31		%

Schedule of Line of Credit Facilities

At December 31, 2015, the Registrants had the following aggregate bank commitments, credit facility borrowings and available capacity under their respective credit facilities:

							Available Capacity at December 31, 2015
Borrower	Aggregate Bank Commitment (a)		Facility Draws		Outstanding Letters of Credit(c)		Actual		To Support Additional Commercial Paper (b)
Exelon Corporate	$	500	$	—	$	26	$	474	$	474
Generation	5,725		—		1,449		4,276		4,174
ComEd	1,000		—		2		998		704
PECO	600		—		1		599		599
BGE	600		—		—		600		390
Total	$	8,425	$	—	$	1,478	$	6,947	$	6,341

_______________________

(a) Excludes additional credit facilities for Generation, ComEd, PECO and BGE with aggregate commitments of $50 million, $34 million, $34 million and $5 million, respectively, arranged with minority and community banks located primarily within ComEd’s, PECO’s and BGE’s service territories. The agreements for these facilities expired on October 16, 2015 and were renewed at the same amount through October 14, 2016. These facilities are solely utilized to issue letters of credit. As of December 31, 2015, letters of credit issued under these facilities totaled $7 million, $14 million, $21 million and $2 million for Generation, ComEd, PECO and BGE, respectively.

(b) Excludes $275 million bilateral credit facilities that do not back Generation’s commercial paper program.

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

Schedule Of Credit Agreement Covenants

The following table summarizes the minimum thresholds reflected in the credit agreements for the year ended December 31, 2015:

	Exelon	Generation	ComEd	PECO	BGE
Credit agreement threshold	2.50 to 1	3.00 to 1	2.00 to 1	2.00 to 1	2.00 to 1

At December 31, 2015, the interest coverage ratios at the Registrants were as follows:

	Exelon	Generation	ComEd	PECO	BGE
Interest coverage ratio	9.77	12.31	7.25	8.94	10.66

Schedule of Long-term Debt Instruments

PECO

						Maturity Date	December 31,
	Rates						2015			2014
Long-term debt
First mortgage bonds (a)	1.20	%	-	5.95	%	2016 - 2044	$	2,600		$	2,250
Total long-term debt							2,600			2,250
Unamortized debt discount and premium, net							(5		)	(4		)
Unamortized debt issuance costs (b)							(15		)	(14		)
Long-term debt due within one year							(300		)	—
Long-term debt							$	2,280		$	2,232
Long-term debt to financing trusts (c)
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

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

(b) Certain December 31, 2014 balances have been adjusted for the adoption of accounting guidance related to simplifying the presentation of debt costs. See Note 1 - Significant Accounting Policies for additional information.

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

Generation

						Maturity Date	December 31,
	Rates						2015			2014
Long-term debt
Senior unsecured notes	2.00	%	-	7.60	%	2017 - 2042	$	5,971		$	5,771
Pollution control notes	2.50	%	-	2.70	%	2025 - 2036	435			—
Nuclear fuel procurement contracts	3.15	%	-	3.35	%	2018 - 2020	127			70
Notes payable and other (a)(b)	1.43	%		7.83	%	2016 - 2035	166			26
Nonrecourse debt:
Fixed rates	2.29	%	-	6.00	%	2031 - 2037	1,162			1,166
Variable rates	2.42	%	-	5.00	%	2017 - 2030	1,058			1,101
Total long-term debt							8,919			8,134
Fair value adjustment							127			146
Unamortized debt discount and premium, net							(17		)	(14		)
Unamortized debt issuance costs (c)							(70		)	(70		)
Long-term debt due within one year							(90		)	(614		)
Long-term debt							$	8,869		$	7,582

______________________

(a) Includes Generation’s capital lease obligations of $21 million and $24 million at December 31, 2015 and 2014, respectively. Generation will make lease payments of $4 million, $4 million, $4 million, $5 million and $4 million in 2016, 2017, 2018, 2019, 2020, respectively.

The following tables present the outstanding long-term debt at Exelon, Generation, ComEd, PECO and BGE as of December 31, 2015 and 2014:

Exelon

						Maturity Date	December 31,
	Rates						2015			2014
Long-term debt
Rate stabilization bonds	5.72	%	-	5.82	%	2017	$	120		$	195
First mortgage bonds (a)	1.20	%	-	6.45	%	2016 - 2045	9,019			8,079
Senior unsecured notes	1.55	%	-	7.60	%	2017 - 2045	9,803			7,071
Unsecured bonds	2.80	%	-	6.35	%	2016 - 2036	1,750			1,750
Pollution control notes	2.50	%	-	2.70	%	2025 - 2036	435			—
Nuclear fuel procurement contracts	3.15	%	-	3.35	%	2018 - 2020	127			70
Notes payable and other (b)(c)	1.43	%	-	7.83	%	2016 - 2053	314			174
Junior subordinated notes				6.50	%	2024	1,150			1,150
Contract payment - junior subordinated notes				2.50	%	2017	64			108
Long-term software licensing agreement				3.95	%	2024	111			—
Nonrecourse debt:
Fixed rates	2.29	%	-	6.00	%	2031 - 2037	1,162			1,166
Variable rates	2.42	%	-	5.00	%	2017 - 2030	1,058			1,101
Total long-term debt							25,113			20,864
Unamortized debt discount and premium, net							(63		)	(37		)
Unamortized debt issuance costs (d)							(180		)	(150		)
Fair value adjustment							275			333
Fair value hedge carrying value adjustment, net							—			4
Long-term debt due within one year							(1,500		)	(1,802		)
Long-term debt							$	23,645		$	19,212
Long-term debt to financing trusts (e)
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 Trust				6.20	%	2043	258			258
Total long-term debt to financing trusts							648			648
Unamortized debt issuance costs (d)							(7		)	(7		)
Long-term debt to financing trusts							$	641		$	641

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

(b) Includes capital lease obligations of $29 million and $32 million at December 31, 2015 and 2014, respectively. Lease payments of $4 million, $4 million, $4 million, $5 million, $4 million, and $8 million will be made in 2016, 2017, 2018, 2019, 2020 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, 2015, $100 million was outstanding.

(d) Certain December 31, 2014 balances have been adjusted for the adoption of accounting guidance related to simplifying the presentation of debt costs. See Note 1 - Significant Accounting Policies for additional information.

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

ComEd

						Maturity Date	December 31,
	Rates						2015			2014
Long-term debt
First mortgage bonds (a)	1.95	%	-	6.45	%	2016 - 2045	$	6,419		$	5,829
Notes payable and other (b)	6.95	%	-	7.49	%	2016 - 2053	148			148
Total long-term debt							6,567			5,977
Unamortized debt discount and premium, net							(20		)	(19		)
Unamortized debt issuance costs (c)							(38		)	(33		)
Long-term debt due within one year							(665		)	(260		)
Long-term debt							$	5,844		$	5,665
Long-term debt to financing trust (d)
Subordinated debentures to ComEd Financing III				6.35	%	2033	$	206		$	206
Total long-term debt to financing trusts							206			206
Unamortized debt issuance costs (c)							(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, 2015 and 2014, respectively. Lease payments of less than $1 million will be made from 2016 through expiration at 2053.

(c) Certain December 31, 2014 balances have been adjusted for the adoption of accounting guidance related to simplifying the presentation of debt costs. See Note 1 - Significant Accounting Policies for additional information.

(d) 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						2015			2014
Long-term debt
Rate stabilization bonds	5.72	%	-	5.82	%	2017	$	120		$	195
Senior unsecured notes	2.80	%	-	6.35	%	2016 - 2036	1,750			1,750
Total long-term debt							1,870			1,945
Unamortized debt discount and premium, net							(3		)	(3		)
Unamortized debt issuance costs (a)							(9		)	(10		)
Long-term debt due within one year							(378		)	(75		)
Long-term debt							$	1,480		$	1,857
Long-term debt to financing trusts (b)
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 (a)							(6		)	(6		)
Long-term debt to financing trusts							$	252		$	252

___________________

(a) Certain December 31, 2014 balances have been adjusted for the adoption of accounting guidance related to simplifying the presentation of debt costs. See Note 1 - Significant Accounting Policies for additional information.

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

Schedule of Maturities of Long-term Debt

Long-term debt maturities at Exelon, Generation, ComEd, PECO and BGE in the periods 2016 through 2020 and thereafter are as follows:

Year	Exelon			Generation		ComEd			PECO			BGE
2016	$	1,487		$	90	$	665		$	300		$	378
2017	1,841			805		425			—			42
2018	1,393			53		840			500			—
2019	973			673		300			—			—
2020	3,311			1,911		500			—			—
Thereafter	16,756		(a)	5,387		4,043		(b)	1,984		(c)	1,708		(d)
Total	$	25,761		$	8,919	$	6,773		$	2,784		$	2,128

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(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.