Debt and Credit Agreements (Tables)

12 Months Ended

Dec. 31, 2017

Debt Disclosure [Abstract]

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 2017, 2016 and 2015.

Exelon
	2017			2016			2015
Average borrowings	$	823		$	1,125		$	499
Maximum borrowings outstanding	2,147			3,076			739
Average interest rates, computed on a daily basis	1.32		%	0.88		%	0.53		%
Average interest rates, at December 31	1.24		%	1.12		%	0.88		%
Generation
	2017			2016			2015
Average borrowings	$	405		$	536		$	1
Maximum borrowings outstanding	1,455			1,735			50
Average interest rates, computed on a daily basis	1.23		%	0.94		%	0.49		%
Average interest rates, at December 31	1.23		%	1.14		%	N/A

ComEd
	2017			2016			2015
Average borrowings	$	200		$	256		$	461
Maximum borrowings outstanding	470			755			684
Average interest rates, computed on a daily basis	1.24		%	0.77		%	0.53		%
Average interest rates, at December 31	1.24		%	N/A			0.89		%
PECO
	2017			2016			2015
Average borrowings	$	2		$	—		$	—
Maximum borrowings outstanding	60			—			—
Average interest rates, computed on a daily basis	1.13		%	N/A			N/A
Average interest rates, at December 31	1.13		%	N/A			N/A
BGE
	2017			2016			2015
Average borrowings	$	54		$	143		$	37
Maximum borrowings outstanding	165			369			210
Average interest rates, computed on a daily basis	1.28		%	0.77		%	0.48		%
Average interest rates, computed at December 31	1.28		%	0.95		%	0.87		%

PHI Corporate
	Successor						Predecessor
	2017			2016			2015
Average borrowings	N/A			$	153		$	444
Maximum borrowings outstanding	N/A			559			784
Average interest rates, computed on a daily basis	N/A			1.03		%	0.90		%
Average interest rates, computed at December 31	N/A			N/A			1.22		%
Pepco
	2017			2016			2015
Average borrowings	$	51		$	4		$	34
Maximum borrowings outstanding	197			73			190
Average interest rates, computed on a daily basis	1.06		%	0.71		%	0.44		%
Average interest rates, computed at December 31	1.06		%	0.90		%	0.68		%
DPL
	2017			2016			2015
Average borrowings	$	40		$	33		$	81
Maximum borrowings outstanding	216			116			179
Average interest rates, computed on a daily basis	1.48		%	0.68		%	0.47		%
Average interest rates, computed at December 31	1.48		%	N/A			0.79		%
ACE
	2017			2016			2015
Average borrowings	$	30		$	—		$	175
Maximum borrowings outstanding	133			5			253
Average interest rates, computed on a daily basis	1.43		%	0.65		%	0.46		%
Average interest rates, computed at December 31	1.43		%	N/A			0.65		%

December 31, 2017 and 2016:

	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	2017(a)(b)(c)		2016(a)(b)(c)		2017		2016		2017		2016
Exelon Corporate	$	600	$	600	$	—	$	—	1.16	%	0.70	%
Generation	5,300		5,300		—		620		1.23	%	0.94	%
ComEd	1,000		1,000		—		—		1.24	%	0.77	%
PECO	600		600		—		—		1.13	%	N/A
BGE	600		600		77		45		1.28	%	0.77	%
Pepco	500		500		26		23		1.06	%	0.71	%
DPL	500		500		216		—		1.48	%	0.68	%
ACE	350		350		108		—		1.43	%	0.65	%
Total	$	9,450	$	9,450	$	427	$	688

__________

(a) Excludes $480 million and $500 million in bilateral credit facilities that do not back Generation's commercial paper program at December 31, 2017 and 2016, respectively.

(b) Excludes additional credit facility agreements for Generation, ComEd, PECO, BGE, Pepco, DPL and ACE with aggregate commitments of $49 million, $34 million, $34 million, $5 million, $2 million, $2 million and $2 million, respectively, arranged with minority and community banks located primarily within utilities' service territories. These facilities expire on October 12, 2018. These facilities are solely utilized to issue letters of credit. As of December 31, 2017, letters of credit issued under these facilities totaled $5 million and $2 million for Generation and BGE, respectively.

Schedule of Line of Credit Facilities

At December 31, 2017, the Registrants had the following aggregate bank commitments, credit facility borrowings and available capacity under their respective credit facilities:

								Available Capacity at December 31, 2017
Borrower	Facility Type	Aggregate Bank Commitment(a)(b)		Facility Draws		Outstanding Letters of Credit(c)		Actual		To Support Additional Commercial Paper(b)(d)
Exelon Corporate	Syndicated Revolver	$	600	$	—	$	45	$	555	$	555
Generation	Syndicated Revolver	5,300		—		868		4,432		4,432
Generation	Bilaterals	480		—		231		249		—
ComEd	Syndicated Revolver	1,000		—		2		998		998
PECO	Syndicated Revolver	600		—		1		599		599
BGE	Syndicated Revolver	600		—		—		600		523
Pepco	Syndicated Revolver	300		—		—		300		274
DPL	Syndicated Revolver	300		—		—		300		84
ACE	Syndicated Revolver	300		—		—		300		192
Total		$	9,480	$	—	$	1,147	$	8,333	$	7,657

__________

(a) Excludes additional credit facility agreements for Generation, ComEd, PECO, BGE, Pepco, DPL and ACE with aggregate commitments of $49 million, $34 million, $34 million, $5 million, $2 million, $2 million and $2 million, respectively, arranged with minority and community banks located primarily within utilities' service territories. These facilities expire on October 12, 2018. These facilities are solely utilized to issue letters of credit. As of December 31, 2017, letters of credit issued under these facilities totaled $5 million and $2 million for Generation and BGE, respectively.

(b) Pepco, DPL and ACE's revolving credit facility is subject to available borrowing capacity. 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.

(c) Excludes nonrecourse debt letters of credit, see discussion below on Antelope Valley Solar Ranch One and Continental Wind.

(d) Excludes $480 million in bilateral credit facilities that do not back Generation’s commercial paper program.

Schedule Of Credit Agreement Covenants

The following table summarizes the minimum thresholds reflected in the credit agreements for the year ended December 31, 2017:

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

At December 31, 2017, the interest coverage ratios at the Registrants were as follows:

	Exelon	Generation	ComEd	PECO	BGE	Pepco	DPL	ACE
Interest coverage ratio	6.34	9.02	11.68	7.99	10.50	6.35	8.69	5.57

Schedule of Long-term Debt Instruments

BGE

						Maturity Date	December 31,
	Rates						2017			2016
Long-term debt
Rate stabilization bonds				5.82	%	2017	$	—		$	41
Unsecured notes	2.40	%	-	6.35	%	2021 - 2047	2,600			2,300
Total long-term debt							2,600			2,341
Unamortized debt discount and premium, net							(6		)	(4		)
Unamortized debt issuance costs							(17		)	(15		)
Long-term debt due within one year							—			(41		)
Long-term debt							$	2,577		$	2,281
Long-term debt to financing trusts(a)
Subordinated debentures to BGE Capital Trust II				6.20	%	2043	$	—		$	258
Total long-term debt to financing trusts							—			258
Unamortized debt issuance costs							—			(6		)
Long-term debt to financing trusts							$	—		$	252

__________

(a) Amounts owed to this financing trust are recorded as Long-term debt to financing trusts within BGE’s Consolidated Balance Sheets. On August 28, 2017, BGE redeemed all of the outstanding shares of BGE Capital Trust II 6.20% Preferred Securities (“Securities”), pursuant to the optional redemption provisions of the Indenture under which the Securities were issued. The redemption price per share was $25.19, which equaled the stated value per share plus accrued and unpaid dividends to, but excluding, the redemption date. No dividends on the Securities redeemed were accrued on or after the redemption date, nor did any interest accrue on amounts held to pay the redemption price.

DPL

						Maturity Date	December 31,
	Rates						2017			2016
Long-term debt
First mortgage bonds(a)	3.50	%	-	4.15	%	2023 - 2045	$	1,171		$	1,196
Unsecured Tax-Exempt Bonds				5.40	%	2024 - 2031	112			112
Medium-Terms Notes (unsecured)	6.81	%	-	7.72	%	2018 - 2027	26			40
Total long-term debt							1,309			1,348
Unamortized debt discount and premium, net							2			2
Unamortized debt issuance costs							(11		)	(10		)
Long-term debt due within one year							(83		)	(119		)
Long-term debt							$	1,217		$	1,221

ComEd

						Maturity Date	December 31,
	Rates						2017			2016
Long-term debt
First mortgage bonds(a)	2.15	%	-	6.45	%	2018 - 2047	$	7,529		$	6,954
Notes payable and other(b)	6.95	%	-	7.49	%	2018 - 2053	147			147
Total long-term debt							7,676			7,101
Unamortized debt discount and premium, net							(23		)	(22		)
Unamortized debt issuance costs							(52		)	(46		)
Long-term debt due within one year							(840		)	(425		)
Long-term debt							$	6,761		$	6,608
Long-term debt to financing trust(c)
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) Includes ComEd’s capital lease obligations of $8 million at both December 31, 2017 and 2016, respectively. Lease payments of less than $1 million annually will be made from 2018 through expiration at 2053.

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

The following tables present the outstanding long-term debt at the Registrants as of December 31, 2017 and 2016:

Exelon

							Maturity Date	December 31,
	Rates							2017			2016
Long-term debt
Rate stabilization bonds				5.82	%		2017	$	—		$	41
First mortgage bonds(a)	1.70	%	-	7.90	%		2018 - 2047	15,197			14,123
Senior unsecured notes	2.45	%	-	7.60	%		2019 - 2046	11,285			11,868
Unsecured notes	2.40	%	-	6.35	%		2021 - 2047	2,600			2,300
Pollution control notes	2.50	%	-	2.70	%		2025 - 2036	435			435
Nuclear fuel procurement contracts	3.15	%	-	3.35	%		2018 - 2020	82			105
Notes payable and other(b)(c)	2.61	%	-	8.88	%		2018 - 2053	405			576
Junior subordinated notes				3.50	%		2022	1,150			1,150
Contract payment - junior subordinated notes				2.50	%		2017	—			19
Long-term software licensing agreement				3.95	%		2024	79			103
Unsecured Tax-Exempt Bonds				5.40	%	—	2031	112			112
Medium-Terms Notes (unsecured)	6.81	%	-	7.72	%	—	2018 - 2027	26			40
Transition bonds	5.05	%	-	5.55	%	—	2020 - 2023	90			124
Nonrecourse debt:
Fixed rates	2.29	%	-	6.00	%		2031 - 2037	1,331			1,400
Variable rates	3.18	%	-	4.00	%		2019 - 2024	865			915
Total long-term debt								33,657			33,311
Unamortized debt discount and premium, net								(57		)	(68		)
Unamortized debt issuance costs								(201		)	(200		)
Fair value adjustment								865			962
Long-term debt due within one year								(2,088		)	(2,430		)
Long-term debt								$	32,176		$	31,575
Long-term debt to financing trusts(d)
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 Capital Trust II				6.20	%		2043	—			258
Total long-term debt to financing trusts								390			648
Unamortized debt issuance costs								(1		)	(7		)
Long-term debt to financing trusts								$	389		$	641

__________

(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) Includes capital lease obligations of $53 million and $69 million at December 31, 2017 and 2016, respectively. Lease payments of $18 million, $20 million, $5 million, $1 million, $1 million and $8 million will be made in 2018, 2019, 2020, 2021, 2022 and thereafter, respectively.

(c) Includes financing related to Albany Green Energy, LLC (AGE). During the third quarter of 2017, Generation retired $228 million of its outstanding debt balance. As of December 31, 2016, $198 million was outstanding.

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

PECO

						Maturity Date	December 31,
	Rates						2017			2016
Long-term debt
First mortgage bonds(a)	1.70	%	-	5.95	%	2018 - 2047	$	2,925		$	2,600
Total long-term debt							2,925			2,600
Unamortized debt discount and premium, net							(5		)	(5		)
Unamortized debt issuance costs							(17		)	(15		)
Long-term debt due within one year							(500		)	—
Long-term debt							$	2,403		$	2,580
Long-term debt to financing trusts(b)
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

__________

(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.

PHI

							Successor
						Maturity Date	December 31,
	Rates						2017			2016
Long-term debt
First mortgage bonds(a)	3.05	%	-	7.90	%	2018 - 2045	$	4,743		$	4,569
Senior unsecured notes				7.45	%	2017 - 2032	185			266
Unsecured Tax-Exempt Bonds				5.40	%	2031	112			112
Medium-Terms Notes (unsecured)	6.81	%	-	7.72	%	2018 - 2027	26			40
Transition bonds(b)	5.05	%	-	5.55	%	2020 - 2023	90			124
Notes payable and other (c)	6.20	%	-	8.88	%	2018 - 2022	33			46
Total long-term debt							5,189			5,157
Unamortized debt discount and premium, net							5			1
Unamortized debt issuance costs							(6		)	(2		)
Fair value adjustment							686			742
Long-term debt due within one year							(396		)	(253		)
Long-term debt							$	5,478		$	5,645

__________

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

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

(c) Includes Pepco's capital lease obligations of $27 million and $39 million at December 31, 2017 and 2016, respectively.

ACE

						Maturity Date	December 31,
	Rates						2017			2016
Long-term debt
First mortgage bonds(a)	3.38	%	-	7.75	%	2018 - 2036	$	1,037		$	1,038
Transition bonds(b)	5.05	%	-	5.55	%	2020 - 2023	90			124
Total long-term debt							1,127			1,162
Unamortized debt discount and premium, net							(1		)	(1		)
Unamortized debt issuance costs							(5		)	(6		)
Long-term debt due within one year							(281		)	(35		)
Long-term debt							$	840		$	1,120

__________

(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, 2017 are $31 million in 2018, $18 million in 2019, $20 million in 2020 and $21 million in 2021

Generation

						Maturity Date	December 31,
	Rates						2017			2016
Long-term debt
Senior unsecured notes	2.95	%	-	7.60	%	2019 - 2042	$	6,019		$	5,971
Pollution control notes	2.50	%	-	2.70	%	2025 - 2036	435			435
Nuclear fuel procurement contracts	3.15	%	-	3.35	%	2018 - 2020	82			105
Notes payable and other(a)(b)	2.61	%	-	8.88	%	2018 - 2019	223			382
Nonrecourse debt:
Fixed rates	2.29	%	-	6.00	%	2031 - 2037	1,331			1,400
Variable rates	3.18	%	-	4.00	%	2019 - 2024	865			915
Total long-term debt							8,955			9,208
Unamortized debt discount and premium, net							(8		)	(17		)
Unamortized debt issuance costs							(60		)	(65		)
Fair value adjustment							103			115
Long-term debt due within one year							(346		)	(1,117		)
Long-term debt							$	8,644		$	8,124

__________

(a) Includes Generation’s capital lease obligations of $18 million and $22 million at December 31, 2017 and 2016, respectively. Generation will make lease payments of $5 million, $6 million, $5 million, $1 million and $1 million in 2018, 2019, 2020, 2021 and 2022 respectively.

Pepco

						Maturity Date	December 31,
	Rates						2017			2016
Long-term debt
First mortgage bonds(a)	3.05	%	-	7.90	%	2022 - 2043	$	2,535		$	2,335
Notes payable and other(b)	6.20	%	-	8.88	%	2018 - 2022	35			46
Total long-term debt							2,570			2,381
Unamortized debt discount and premium, net							2			(2		)
Unamortized debt issuance costs							(32		)	(30		)
Long-term debt due within one year							(19		)	(16		)
Long-term debt							$	2,521		$	2,333

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 2018 through 2022 and thereafter are as follows:

Year	Exelon			Generation		ComEd			PECO			BGE		PHI		Pepco		DPL		ACE
2018	$	2,075		$	346	$	840		$	500		$	—	$	383	$	19	$	83	$	281
2019	959			615		300			—			—		44		14		12		18
2020	3,564			2,144		500			—			—		20		—		—		20
2021	1,513			1		350			300			300		262		2		—		260
2022	3,084			1,024		—			350			250		310		310		—		—
Thereafter	22,852		(a)	4,825		5,892		(b)	1,959		(c)	2,050		4,170		2,225		1,214		548
Total	$	34,047		$	8,955	$	7,882		$	3,109		$	2,600	$	5,189	$	2,570	$	1,309	$	1,127

__________

(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.