Debt and Credit Agreements (Tables)

12 Months Ended

Dec. 31, 2018

Debt Disclosure [Abstract]

Schedule of Short-term Debt

The following table reflects the Registrants' commercial paper programs supported by the revolving credit agreements and bilateral credit agreements at December 31, 2018 and 2017:

	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	2018(a)(b)(c)		2017(a)(b)(c)		2018		2017		2018		2017
Exelon Corporate	$	600	$	600	$	—	$	—	1.93	%	1.16	%
Generation	5,300		5,300		—		—		1.96	%	1.23	%
ComEd	1,000		1,000		—		—		2.14	%	1.24	%
PECO	600		600		—		—		2.24	%	1.13	%
BGE	600		600		35		77		2.18	%	1.28	%
Pepco	300		500		40		26		2.24	%	1.06	%
DPL	300		500		—		216		2.07	%	1.48	%
ACE	300		350		14		108		2.21	%	1.43	%
Total	$	9,000	$	9,450	$	89	$	427

__________

(a) Excludes $545 million and $480 million in bilateral credit facilities at December 31, 2018 and 2017, respectively, and $159 million and $179 million in credit facilities for project finance at December 31, 2018 and 2017, respectively. These credit facilities do not back Generation's commercial paper program.

(b) 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. These facilities expire on October 11, 2019. These facilities are solely utilized to issue letters of credit. At December 31, 2017, excludes $128 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, $34 million, $34 million, $5 million, $2 million, $2 million, and $2 million, respectively.

(c) 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.

The following tables present the short-term borrowings activity for Exelon, Generation, ComEd, PECO, BGE, PHI, Pepco, DPL and ACE during 2018, 2017 and 2016.

Exelon
	2018			2017			2016
Average borrowings	$	531		$	823		$	1,125
Maximum borrowings outstanding	1,237			2,147			3,076
Average interest rates, computed on a daily basis	2.21		%	1.32		%	0.88		%
Average interest rates, at December 31	2.15		%	1.24		%	1.12		%
Generation
	2018			2017			2016
Average borrowings	$	37		$	405		$	536
Maximum borrowings outstanding	583			1,455			1,735
Average interest rates, computed on a daily basis	1.96		%	1.23		%	0.94		%
Average interest rates, at December 31	1.96		%	1.23		%	1.14		%

ComEd
	2018			2017			2016
Average borrowings	$	154		$	200		$	256
Maximum borrowings outstanding	520			470			755
Average interest rates, computed on a daily basis	2.14		%	1.24		%	0.77		%
Average interest rates, at December 31	2.14		%	1.24		%	N/A
PECO
	2018			2017			2016
Average borrowings	$	68		$	2		$	—
Maximum borrowings outstanding	350			60			—
Average interest rates, computed on a daily basis	2.24		%	1.13		%	N/A
Average interest rates, at December 31	2.24		%	1.13		%	N/A
BGE
	2018			2017			2016
Average borrowings	$	65		$	54		$	143
Maximum borrowings outstanding	239			165			369
Average interest rates, computed on a daily basis	2.18		%	1.28		%	0.77		%
Average interest rates, computed at December 31	2.18		%	1.28		%	0.95		%

PHI Corporate
	2018			2017			2016
Average borrowings	N/A			N/A			$	153
Maximum borrowings outstanding	N/A			N/A			559
Average interest rates, computed on a daily basis	N/A			N/A			1.03		%
Average interest rates, computed at December 31	N/A			N/A			N/A
Pepco
	2018			2017			2016
Average borrowings	$	22		$	51		$	4
Maximum borrowings outstanding	90			197			73
Average interest rates, computed on a daily basis	2.24		%	1.06		%	0.71		%
Average interest rates, computed at December 31	2.24		%	1.06		%	0.90		%
DPL
	2018			2017			2016
Average borrowings	$	87		$	40		$	33
Maximum borrowings outstanding	245			216			116
Average interest rates, computed on a daily basis	2.07		%	1.48		%	0.68		%
Average interest rates, computed at December 31	2.07		%	1.48		%	N/A
ACE
	2018			2017			2016
Average borrowings	$	95		$	30		$	—
Maximum borrowings outstanding	210			133			5
Average interest rates, computed on a daily basis	2.21		%	1.43		%	0.65		%
Average interest rates, computed at December 31	2.21		%	1.43		%	N/A

Schedule of Line of Credit Facilities

At December 31, 2018, the Registrants had the following aggregate bank commitments, credit facility borrowings and available capacity under their respective credit facilities:

								Available Capacity at December 31, 2018
Borrower	Facility Type	Aggregate Bank Commitment(a)		Facility Draws		Outstanding Letters of Credit		Actual		To Support Additional Commercial Paper(b)
Exelon Corporate	Syndicated Revolver	$	600	$	—	$	9	$	591	$	591
Generation	Syndicated Revolver	5,300		—		1,203		4,097		4,097
Generation	Bilaterals	545		—		353		192		—
Generation	Project Finance	159		—		119		40		—
ComEd	Syndicated Revolver	1,000		—		2		998		998
PECO	Syndicated Revolver	600		—		—		600		600
BGE	Syndicated Revolver	600		—		1		599		564
Pepco	Syndicated Revolver	300		—		8		292		252
DPL	Syndicated Revolver	300		—		1		299		299
ACE	Syndicated Revolver	300		—		—		300		286
Total		$	9,704	$	—	$	1,696	$	8,008	$	7,687

__________

(a) 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. These facilities expire on October 11, 2019. These facilities are solely utilized to issue letters of credit. As of December 31, 2018, letters of credit issued under these facilities totaled $5 million and $2 million for Generation and BGE, respectively.

Schedule Of Credit Agreement Covenants

The following table summarizes the minimum thresholds reflected in the credit agreements for the year ended December 31, 2018:

	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, 2018, the interest coverage ratios at the Registrants were as follows:

	Exelon	Generation	ComEd	PECO	BGE	Pepco	DPL	ACE
Interest coverage ratio	7.34	10.99	7.34	8.14	9.77	5.98	7.03	5.06

Schedule of Long-term Debt Instruments

						Maturity Date	December 31,
	Rates						2018			2017
Long-term debt
First mortgage bonds(a)	1.70	%	-	5.95	%	2021 - 2048	$	3,075		$	2,925
Loan Agreement				2.00	%	2023	50			0
Total long-term debt							3,125			2,925
Unamortized debt discount and premium, net							(18		)	(5		)
Unamortized debt issuance costs							(23		)	(17		)
Long-term debt due within one year							—			(500		)
Long-term debt							$	3,084		$	2,403
Long-term debt to financing trusts(b)
Subordinated debentures to PECO Trust III	7.38	%	-	7.50	%	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						2018			2017
Long-term debt
First mortgage bonds(a)	3.38	%	-	6.80	%	2021 - 2036	$	1,137		$	1,037
Transition bonds(b)				5.55	%	2023	59			90
Total long-term debt							1,196			1,127
Unamortized debt discount and premium, net							(1		)	(1		)
Unamortized debt issuance costs							(7		)	(5		)
Long-term debt due within one year							(18		)	(281		)
Long-term debt							$	1,170		$	840

__________

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

Lo

						Maturity Date	December 31,
	Rates						2018			2017
Long-term debt
First mortgage bonds(a)	1.81	%	-	7.90	%	2021 - 2048	$	5,242		$	4,743
Senior unsecured notes				7.45	%	2032	185			185
Unsecured Tax-Exempt Bonds	1.74	%	-	5.40	%	2024 - 2031	112			112
Medium-terms notes (unsecured)	7.61	%	-	7.72	%	2019 - 2027	22			26
Transition bonds(b)				5.55	%	2023	59			90
Notes payable and other (c)	7.28	%	-	8.88	%	2019 - 2022	16			33
Total long-term debt							5,636			5,189
Unamortized debt discount and premium, net							4			5
Unamortized debt issuance costs							(14		)	(6		)
Fair value adjustment							633			686
Long-term debt due within one year							(125		)	(396		)
Long-term debt							$	6,134		$	5,478

__________

(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 $14 million and $27 million at December 31, 2018 and 2017, respectively.

The following tables present the outstanding long-term debt at the Registrants as of December 31, 2018 and 2017:

Exelon

							Maturity Date	December 31,
	Rates							2018			2017
Long-term debt
First mortgage bonds(a)	1.70	%	-	7.90	%		2019 - 2048	16,496			15,197
Senior unsecured notes	2.45	%	-	7.60	%		2019 - 2046	11,285			11,285
Unsecured notes	2.40	%	-	6.35	%		2021 - 2048	2,900			2,600
Pollution control notes	2.50	%	-	2.70	%		2025 - 2036	435			435
Nuclear fuel procurement contracts				3.15	%		2020	39			82
Notes payable and other(b)(c)	2.85	%	-	8.88	%		2019 - 2053	188			405
Junior subordinated notes				3.50	%		2022	1,150			1,150
Long-term software licensing agreement				3.95	%		2024	73			79
Unsecured Tax-Exempt Bonds	1.74	%	-	5.40	%	—	2024 - 2031	112			112
Medium-Terms Notes (unsecured)	7.61	%	-	7.72	%		2019 - 2027	22			26
Transition bonds				5.55	%		2023	59			90
Loan Agreement				2.00	%		2023	50			—
Nonrecourse debt:
Fixed rates	2.29	%	-	6.00	%		2031 - 2037	1,253			1,331
Variable rates(f)				5.81	%		2019 - 2024	849			865
Total long-term debt								34,911			33,657
Unamortized debt discount and premium, net								(66		)	(57		)
Unamortized debt issuance costs								(216		)	(201		)
Fair value adjustment								795			865
Long-term debt due within one year(e)								(1,349		)	(2,088		)
Long-term debt								$	34,075		$	32,176
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	%	-	7.50	%		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								—			(1		)
Long-term debt to financing trusts								$	390		$	389

__________

(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 $36 million and $53 million at December 31, 2018 and 2017, respectively. Lease payments of $21 million, $5 million, $1 million, $1 million, less than $1 million, and $8 million will be made in 2019, 2020, 2021, 2022, 2023, 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.

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

(e) In January 2019, $300 million of ComEd long-term debt due within one year was paid in full.

(f) Excludes interest on CEU Upstream nonrecourse debt, see discussion below.

						Maturity Date	December 31,
	Rates						2018			2017
Long-term debt
Unsecured notes	2.40	%	-	6.35	%	2021 - 2048	2,900			2,600
Total long-term debt							2,900			2,600
Unamortized debt discount and premium, net							(6		)	(6		)
Unamortized debt issuance costs							(18		)	(17		)
Long-term debt							$	2,876		$	2,577

PHI

d

						Maturity Date	December 31,
	Rates						2018			2017
Long-term debt
First mortgage bonds(a)	2.15	%	-	6.45	%	2019 - 2048	$	8,179		$	7,529
Notes payable and other(b)				7.49	%	2053	8			147
Total long-term debt							8,187			7,676
Unamortized debt discount and premium, net							(23		)	(23		)
Unamortized debt issuance costs							(63		)	(52		)
Long-term debt due within one year(d)							(300		)	(840		)
Long-term debt							$	7,801		$	6,761
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, 2018 and 2017, respectively. Lease payments of less than $1 million annually will be made from 2019 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.

(d)

ration

						Maturity Date	December 31,
	Rates						2018			2017
Long-term debt
Senior unsecured notes	2.95	%	-	7.60	%	2019 - 2042	$	6,019		$	6,019
Pollution control notes	2.50	%	-	2.70	%	2025 - 2036	435			435
Nuclear fuel procurement contracts				3.15	%	2020	39			82
Notes payable and other(a)(b)	2.85	%	-	7.83	%	2019 - 2024	164			223
Nonrecourse debt:
Fixed rates	2.29	%	-	6.00	%	2031 - 2037	1,253			1,331
Variable rates(c)				5.81	%	2019 - 2024	849			865
Total long-term debt							8,759			8,955
Unamortized debt discount and premium, net							(6		)	(8		)
Unamortized debt issuance costs							(51		)	(60		)
Fair value adjustment							91			103
Long-term debt due within one year							(906		)	(346		)
Long-term debt							$	7,887		$	8,644

__________

(a) Includes Generation’s capital lease obligations of $14 million and $18 million at December 31, 2018 and 2017, respectively. Generation will make lease payments of $7 million, $5 million, $1 million, and $1 million in 2019, 2020, 2021, and 2022, respectively. Lease payments of less than $1 million annually will be made from 2023 through expiration of the final capital lease in 2024.

						Maturity Date	December 31,
	Rates						2018			2017
Long-term debt
First mortgage bonds(a)	1.81	%	-	4.27	%	2023 - 2048	$	1,370		$	1,171
Unsecured Tax-Exempt Bonds	1.74	%	-	5.40	%	2024 - 2031	112			112
Medium-terms notes (unsecured)	7.61	%	-	7.72	%	2019 - 2027	22			26
Total long-term debt							1,504			1,309
Unamortized debt discount and premium, net							2			2
Unamortized debt issuance costs							(12		)	(11		)
Long-term debt due within one year							(91		)	(83		)
Long-term debt							$	1,403		$	1,217

___

o

						Maturity Date	December 31,
	Rates						2018			2017
Long-term debt
First mortgage bonds(a)	3.05	%	-	7.90	%	2022 - 2048	$	2,735		$	2,535
Notes payable and other(b)	7.28	%	-	8.88	%	2019 - 2022	16			35
Total long-term debt							2,751			2,570
Unamortized debt discount and premium, net							2			2
Unamortized debt issuance costs							(34		)	(32		)
Long-term debt due within one year							(15		)	(19		)
Long-term debt							$	2,704		$	2,521

___

Schedule of Maturities of Long-term Debt

-term debt maturities at Exelon, Generation, ComEd, PECO, BGE, PHI, Pepco, DPL and ACE in the periods 2019 through 2023 and thereafter are as follows:

Year	Exelon			Generation		ComEd			PECO			BGE		PHI		Pepco		DPL		ACE
2019	$	1,349		$	906	$	300		$	—		$	—	$	125	$	15	$	91	$	18
2020	3,528			2,108		500			—			—		20		—		—		20
2021	1,511			1		350			300			300		261		1		—		260
2022	3,084			1,024		—			350			250		310		310		—		—
2023	850			—		—			50			300		500		—		500		—
Thereafter	24,979		(a)	4,720		7,243		(b)	2,609		(c)	2,050		4,420		2,425		913		898
Total	$	35,301		$	8,759	$	8,393		$	3,309		$	2,900	$	5,636	$	2,751	$	1,504	$	1,196

__________

(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.

Jun