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Schedule I - Condensed Financial Information of Parent (Exelon Corporate) | 12 Months Ended
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Dec. 31, 2018
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) | 2018 |  | 2017 |  | 2016
Operating expenses |  |  |  |  |
Operating and maintenance | $ | (5 | ) |  | $ | 10 |  |  | $ | 221 |
Operating and maintenance from affiliates | 9 |  |  | 25 |  |  | 51 |
Other | 4 |  |  | 4 |  |  | 4 |
Total operating expenses | 8 |  |  | 39 |  |  | 276 |
Operating loss | (8 | ) |  | (39 | ) |  | (276 | )
Other income and (deductions) |  |  |  |  |
Interest expense, net | (312 | ) |  | (315 | ) |  | (312 | )
Equity in earnings of investments | 2,188 |  |  | 4,414 |  |  | 1,508 |
Interest income from affiliates, net | 42 |  |  | 40 |  |  | 39 |
Other, net | 3 |  |  | 1 |  |  | 7 |
Total other income | 1,921 |  |  | 4,140 |  |  | 1,242 |
Income before income taxes | 1,913 |  |  | 4,101 |  |  | 966 |
Income taxes | (97 | ) |  | 315 |  |  | (155 | )
Net income | $ | 2,010 |  |  | $ | 3,786 |  |  | $ | 1,121 |
Other comprehensive income (loss) |  |  |  |  |
Pension and non-pension postretirement benefit plans: |  |  |  |  |
Prior service benefit reclassified to periodic costs | $ | (66 | ) |  | $ | (56 | ) |  | $ | (48 | )
Actuarial loss reclassified to periodic cost | 247 |  |  | 197 |  |  | 184 |
Pension and non-pension postretirement benefit plan valuation adjustment | (143 | ) |  | 10 |  |  | (181 | )
Unrealized gain on cash flow hedges | 12 |  |  | 3 |  |  | 2 |
Unrealized gain on marketable securities | — |  |  | 6 |  |  | 1 |
Unrealized gain (loss) on equity investments | 1 |  |  | 6 |  |  | (4 | )
Unrealized (loss) gain on foreign currency translation | (10 | ) |  | 7 |  |  | 10 |
Other comprehensive income (loss) | 41 |  |  | 173 |  |  | (36 | )
Comprehensive income | $ | 2,051 |  |  | $ | 3,959 |  |  | $ | 1,085 |
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) | 2018 |  | 2017 |  | 2016
Net cash flows provided by operating activities | $ | 2,581 |  |  | $ | 1,921 |  |  | $ | 1,029 |
Cash flows from investing activities |  |  |  |  |
Changes in Exelon intercompany money pool | 1 |  |  | (129 | ) |  | 1,390 |
Investment in affiliates | (1,236 | ) |  | (1,717 | ) |  | (1,757 | )
Acquisition of business | — |  |  | — |  |  | (6,962 | )
Other investing activities | — |  |  | (5 | ) |  | 5 |
Net cash flows used in investing activities | (1,235 | ) |  | (1,851 | ) |  | (7,324 | )
Cash flows from financing activities |  |  |  |  |
Issuance of long-term debt | — |  |  | — |  |  | 1,800 |
Proceeds from short-term borrowings with maturities greater than 90 days | — |  |  | 500 |  |  | — |
Retirement of long-term debt | — |  |  | (569 | ) |  | (46 | )
Common stock issued from treasury stock | — |  |  | 1,150 |  |  | — |
Dividends paid on common stock | (1,332 | ) |  | (1,236 | ) |  | (1,166 | )
Proceeds from employee stock plans | 105 |  |  | 150 |  |  | 55 |
Other financing activities | (4 | ) |  | (9 | ) |  | (20 | )
Net cash flows (used in) provided by financing activities | (1,231 | ) |  | (14 | ) |  | 623 |
Increase (Decrease) in cash, cash equivalents and restricted cash | 115 |  |  | 56 |  |  | (5,672 | )
Cash, cash equivalents and restricted cash at beginning of period | 74 |  |  | 18 |  |  | 5,690 |
Cash, cash equivalents and restricted cash at end of period | $ | 189 |  |  | $ | 74 |  |  | $ | 18 |
Exelon Corporation and Subsidiary Companies Schedule I – Condensed Financial Information of Parent (Exelon Corporate) Condensed Balance Sheets
| December 31,
(In millions) | 2018 |  | 2017
ASSETS |  |  |
Current assets |  |  |
Cash and cash equivalents | $ | 189 |  |  | $ | 74 |
Accounts receivable, net |  |  |
Other accounts receivable | 48 |  |  | 431 |
Accounts receivable from affiliates | 44 |  |  | 33 |
Notes receivable from affiliates | 216 |  |  | 217 |
Regulatory assets | 182 |  |  | 284 |
Other | 4 |  |  | 4 |
Total current assets | 683 |  |  | 1,043 |
Property, plant and equipment, net | 48 |  |  | 50 |
Deferred debits and other assets |  |  |
Regulatory assets | 3,742 |  |  | 3,697 |
Investments in affiliates | 40,448 |  |  | 39,311 |
Deferred income taxes | 1,455 |  |  | 1,431 |
Notes receivable from affiliates | 898 |  |  | 910 |
Other | 235 |  |  | 234 |
Total deferred debits and other assets | 46,778 |  |  | 45,583 |
Total assets | $ | 47,509 |  |  | $ | 46,676 |
Exelon Corporation and Subsidiary Companies Schedule I – Condensed Financial Information of Parent (Exelon Corporate) Condensed Balance Sheets
| December 31,
(In millions) | 2018 |  | 2017
LIABILITIES AND SHAREHOLDERS’ EQUITY |  |  |
Current liabilities |  |  |
Short-term borrowings | $ | 500 |  |  | $ | 500 |
Accounts payable | 1 |  |  | 2 |
Accrued expenses | 184 |  |  | 99 |
Payables to affiliates | 360 |  |  | 360 |
Regulatory liabilities | 15 |  |  | 16 |
Pension obligations | 63 |  |  | 65 |
Other | 14 |  |  | 46 |
Total current liabilities | 1,137 |  |  | 1,088 |
Long-term debt | 7,147 |  |  | 7,161 |
Deferred credits and other liabilities |  |  |
Regulatory liabilities | 32 |  |  | 15 |
Pension obligations | 7,795 |  |  | 7,792 |
Non-pension postretirement benefit obligations | 199 |  |  | 322 |
Deferred income taxes | 233 |  |  | 220 |
Other | 202 |  |  | 180 |
Total deferred credits and other liabilities | 8,461 |  |  | 8,529 |
Total liabilities | 16,745 |  |  | 16,778 |
Commitments and contingencies |  |  |
Shareholders’ equity |  |  |
Common stock (No par value, 2,000 shares authorized, 968 shares and 963 shares outstanding at December 31, 2018 and 2017, respectively) | 19,116 |  |  | 18,966 |
Treasury stock, at cost (2 shares at December 31, 2018 and 2017) | (123 | ) |  | (123 | )
Retained earnings | 14,766 |  |  | 14,081 |
Accumulated other comprehensive loss, net | (2,995 | ) |  | (3,026 | )
Total shareholders’ equity | 30,764 |  |  | 29,898 |
Total liabilities and shareholders’ equity | $ | 47,509 |  |  | $ | 46,676 |
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. BGE redeemed all of its outstanding preferred stock in 2016. Mergers On March 23, 2016, Exelon completed the merger contemplated by the Merger Agreement among Exelon, Purple Acquisition Corp., a wholly owned subsidiary of Exelon (Merger Sub) and Pepco Holdings, Inc. (PHI). As a result of that merger, Merger Sub was merged into PHI (the PHI Merger) with PHI surviving as a wholly owned subsidiary of Exelon and Exelon Energy Delivery Company, LLC (EEDC), a wholly owned subsidiary of Exelon which also owns Exelon's interests in ComEd, PECO and BGE (through a special purpose subsidiary in the case of BGE). See Note 5—Mergers, Acquisitions and Dispositions of the Combined Notes to Consolidated Financial Statements for additional information on the PHI Merger. 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, 2018 and December 31, 2017. Short-Term Loan Agreements On March 23, 2017, Exelon Corporate entered into a $500 million term loan agreement which expired on March 22, 2018. The loan agreement was renewed on March 22, 2018 and will expire on March 21, 2019. Pursuant to the loan agreement, loans made thereunder bear interest at a variable rate equal to LIBOR plus 1% and all indebtedness thereunder is unsecured. The loan agreement is reflected in Exelon’s Consolidated Balance Sheet within Short-Term borrowings. Credit Agreements On May 26, 2016, Exelon Corporate amended its syndicated revolving credit facility with aggregate bank commitments of $600 million through May 26, 2021. On May 26, 2018, Exelon Corporate had its maturity date extended to May 26, 2023. As of December 31, 2018, Exelon Corporation had available capacity under those commitments of $591 million. See Note 13—Debt and Credit Agreements of the Combined Notes to Consolidated Financial Statements for additional 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, 2018 and December 31, 2017:
|  |  |  |  | Maturity Date |  | December 31,
| Rates |  | 2018 |  | 2017
Long-term debt |  |  |  |  |  |  |  |  |
Junior subordinated notes |  |  | 3.50 | % |  | 2022 |  | $ | 1,150 |  |  | $ | 1,150 |
Senior unsecured notes(a) | 2.45 | % |  | 7.60 | % |  | 2020 - 2046 |  | 5,889 |  |  | 5,889 |
Total long-term debt |  |  |  |  |  |  | 7,039 |  |  | 7,039 |
Unamortized debt discount and premium, net |  |  |  |  |  |  | (7 | ) |  | (8 | )
Unamortized debt issuance costs |  |  |  |  |  |  | (47 | ) |  | (49 | )
Fair value adjustment of consolidated subsidiary |  |  |  |  |  |  | 162 |  |  | 179 |
Long-term debt |  |  |  |  |  |  | $ | 7,147 |  |  | $ | 7,161 |
__________
(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 2019, 2020, 2021, 2022, 2023 and thereafter are as follows:
2019 | $ | — |
2020 | 1,450 |
2021 | 300 |
2022 | 1,150 |
2023 | — |
Remaining years | 4,139 |
Total long-term debt | $ | 7,039 |
Commitments and Contingencies See Note 22—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) | 2018 |  | 2017 |  | 2016
Operating and maintenance from affiliates: |  |  |  |  |
BSC(a) | $ | 11 |  |  | $ | 23 |  |  | $ | 51 |
Other | (2 | ) |  | 2 |  |  | — |
Total operating and maintenance from affiliates: | $ | 9 |  |  | $ | 25 |  |  | $ | 51 |
Interest income from affiliates, net: |  |  |  |  |
Generation | $ | 36 |  |  | $ | 37 |  |  | $ | 39 |
BSC | 4 |  |  | 3 |  |  | — |
Exelon Energy Delivery Company, LLC(b) | $ | 2 |  |  | $ | — |  |  | $ | — |
Total interest income from affiliates, net: | $ | 42 |  |  | $ | 40 |  |  | $ | 39 |
Equity in earnings (losses) of investments: |  |  |  |  |
Exelon Energy Delivery Company, LLC(b) | $ | 1,835 |  |  | $ | 1,670 |  |  | $ | 1,041 |
PCI | (17 | ) |  | 1 |  |  | 6 |
BSC | — |  |  | 1 |  |  | 1 |
UII, LLC | — |  |  | 41 |  |  | (9 | )
Exelon Transmission Company, LLC | 1 |  |  | (10 | ) |  | (13 | )
Exelon Enterprise | — |  |  | 1 |  |  | (1 | )
Generation | 369 |  |  | 2,710 |  |  | 483 |
Total equity in earnings of investments: | $ | 2,188 |  |  | $ | 4,414 |  |  | $ | 1,508 |
Cash contributions received from affiliates | $ | 2,302 |  |  | $ | 1,879 |  |  | $ | 1,912 |
| December 31,
(in millions) | 2018 |  | 2017
Accounts receivable from affiliates (current): |  |  |
BSC(a) | $ | 13 |  |  | $ | 1 |
Generation | 17 |  |  | 21 |
ComEd | 4 |  |  | 3 |
PECO | 2 |  |  | 1 |
BGE | 2 |  |  | 1 |
PHISCO | 6 |  |  | 6 |
Total accounts receivable from affiliates (current): | $ | 44 |  |  | $ | 33 |
Notes receivable from affiliates (current): |  |  |
BSC(a) | $ | 116 |  |  | $ | 217 |
Generation(c) | 100 |  |  | — |
Total notes receivable from affiliates (current): | $ | 216 |  |  | $ | 217 |
Investments in affiliates: |  |  |
BSC(a) | $ | 197 |  |  | $ | 196 |
Exelon Energy Delivery Company, LLC(b) | 26,702 |  |  | 25,082 |
PCI | 61 |  |  | 78 |
UII, LLC | 268 |  |  | 268 |
Exelon Transmission Company, LLC | 1 |  |  | 1 |
Voluntary Employee Beneficiary Association trust | (1 | ) |  | (4 | )
Exelon Enterprises | 22 |  |  | 22 |
Generation | 13,204 |  |  | 13,674 |
Other | (6 | ) |  | (6 | )
Total investments in affiliates: | $ | 40,448 |  |  | $ | 39,311 |
Notes receivable from affiliates (non-current): |  |  |
Generation(c) | $ | 898 |  |  | $ | 910 |
Accounts payable to affiliates (current): |  |  |
UII, LLC | $ | 360 |  |  | $ | 360 |
__________
(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, BGE, PHI, Pepco, DPL and ACE.
(c) | 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 affiliates in Generation’s Consolidated Balance Sheets and intercompany notes receivable at Exelon Corporate, which are eliminated in consolidation in Exelon’s Consolidated Balance Sheets.

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- Definition The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 10 -Section S99 -Paragraph 3 -Subparagraph (SX 210.7-05(c)(Schedule II)) -URI http://asc.fasb.org/extlink&oid=6879921&loc=d3e569147-122900 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=96868048&loc=d3e5283-111683 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 235 -Section S99 -Paragraph 2 -Subparagraph (SX 210.9-06) -URI http://asc.fasb.org/extlink&oid=6882215&loc=d3e537971-122884 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 10 -Section S99 -Paragraph 6 -Subparagraph (SX 210.5-04(c)(Schedule I)) -URI http://asc.fasb.org/extlink&oid=27047687&loc=d3e5864-122674 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e24072-122690 + Details
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