EXELON CORP
For the period ended Dec 31, 2023. Filed Feb 21, 2024.
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FY2023 · Filed Feb 21, 2024
Contents
5. Segment Information
- Segment Information (All Registrants)
Operating segments for each of the Registrants are determined based on information used by the CODMs in deciding how to evaluate performance and allocate resources at each of the Registrants.
Exelon hassix reportable segments, which include ComEd, PECO, BGE, and PHI'sthree reportable segments consisting of Pepco, DPL, and ACE. ComEd, PECO, BGE, Pepco, DPL, and ACE each represent a single reportable segment, and as such, no separate segment information is provided for these Registrants. Exelon, ComEd, PECO, BGE, Pepco, DPL, and ACE's CODMs evaluate the performance of and allocate resources to the segments based on net income.
The separation of Constellation Energy Corporation, including Generation and its subsidiaries, meets the criteria for discontinued operations and as such, results of operations are presented as discontinued operations and have been excluded from continuing operations for all periods presented. Furthermore, the reportable segment information related to the discontinued operations has been excluded from the tables presented below. See Note 2 — Discontinued Operations for additional information.
An analysis and reconciliation of the Registrants' reportable segment information to the respective information in the consolidated financial statements for the years ended December 31, 2023, 2022, and 2021 is as follows:
| ComEd · PECO · BGE · PHI · Other(a) · IntersegmentEliminations · Exelon | |||||||
|---|---|---|---|---|---|---|---|
| Operating revenues(b): | |||||||
| Electric revenues | $7,844 | $3,202 | $3,109 | $5,812 | $— | $(51) | $19,916 |
| Natural gas revenues | — | 692 | 918 | 205 | — | (4) | 1,811 |
| Shared service and other revenues | — | — | — | 9 | 1,759 | (1,768) | — |
| Total operating revenues | $7,844 | $3,894 | $4,027 | $6,026 | $1,759 | $(1,823) | $21,727 |
| Electric revenues | $5,761 | $3,165 | $2,871 | $5,317 | $— | $(31) | $17,083 |
| Natural gas revenues | — | 738 | 1,024 | 238 | — | (5) | 1,995 |
| Shared service and other revenues | — | — | — | 10 | 1,823 | (1,833) | — |
| Total operating revenues | $5,761 | $3,903 | $3,895 | $5,565 | $1,823 | $(1,869) | $19,078 |
| Electric revenues | $6,406 | $2,659 | $2,505 | $4,860 | $— | $(35) | $16,395 |
| Natural gas revenues | — | 539 | 836 | 168 | — | — | 1,543 |
| Shared service and other revenues | — | — | — | 13 | 2,213 | (2,226) | — |
| Total operating revenues | $6,406 | $3,198 | $3,341 | $5,041 | $2,213 | $(2,261) | $17,938 |
| Intersegment revenues(c): | |||||||
| 2023 | $16 | $9 | $9 | $9 | $1,750 | $(1,793) | $— |
| 2022 | 16 | 7 | 15 | 10 | 1,823 | (1,865) | 6 |
| 2021 | 41 | 21 | 31 | 13 | 2,203 | (2,252) | 57 |
| Depreciation and amortization: | |||||||
| 2023 | $1,403 | $397 | $654 | $990 | $62 | $— | $3,506 |
| 2022 | 1,323 | 373 | 630 | 938 | 61 | — | 3,325 |
| 2021 | 1,205 | 348 | 591 | 821 | 67 | 1 | 3,033 |
| Operating expenses: | |||||||
| 2023 | $6,038 | $3,146 | $3,245 | $5,114 | $1,991 | $(1,820) | $17,714 |
| 2022 | 4,218 | 3,102 | 3,376 | 4,734 | 2,093 | (1,762) | 15,761 |
| 2021 | 5,151 | 2,547 | 2,860 | 4,240 | 2,045 | (1,587) | 15,256 |
| Interest expense, net: | |||||||
| 2023 | $477 | $201 | $182 | $323 | $546 | $— | $1,729 |
| 2022 | 414 | 177 | 152 | 292 | 415 | (3) | 1,447 |
| 2021 | 389 | 161 | 138 | 267 | 335 | (1) | 1,289 |
| Income taxes: | |||||||
| 2023 | $314 | $20 | $133 | $116 | $(207) | $(2) | $374 |
| 2022 | 264 | 79 | 8 | 9 | — | (11) | 349 |
| 2021 | 172 | 12 | (35) | 42 | 8 | (161) | 38 |
| Net income (loss) from continuing operations: | |||||||
| 2023 | $1,090 | $563 | $485 | $590 | $(380) | $(20) | $2,328 |
| 2022 | 917 | 576 | 380 | 608 | (393) | (34) | 2,054 |
| 2021 | 742 | 504 | 408 | 561 | (156) | (443) | 1,616 |
| Capital expenditures: | |||||||
| 2023 | $2,576 | $1,426 | $1,367 | $1,988 | $54 | $— | $7,411 |
| 2022 | 2,506 | 1,349 | 1,262 | 1,709 | 95 | — | 6,921 |
| 2021 | 2,387 | 1,240 | 1,226 | 1,720 | 67 | — | 6,640 |
| Total assets: | |||||||
| 2023 | $42,827 | $15,595 | $14,184 | $26,903 | $6,374 | $(4,337) | $101,546 |
| 2022 | 39,661 | 14,502 | 13,350 | 26,082 | 6,014 | (4,260) | 95,349 |
(a)Other primarily includes Exelon’s corporate operations, shared service entities, and other financing and investment activities.
(b)Includes gross utility tax receipts from customers. The offsetting remittance of utility taxes to the governing bodies is recorded in Taxes other than income taxes in the Registrants’ Consolidated Statements of Operations and Comprehensive Income. See Note 22 — Supplemental Financial Information for additional information on total utility taxes.
(c)See Note 23 — Related Party Transactions for additional information on intersegment revenues.
PHI:
| Pepco · DPL · ACE · Other(a) · IntersegmentEliminations · PHI | ||||||
|---|---|---|---|---|---|---|
| Operating revenues(b): | ||||||
| Electric revenues | $2,824 | $1,483 | $1,522 | $1 | $(18) | $5,812 |
| Natural gas revenues | — | 205 | — | — | — | 205 |
| Shared service and other revenues | — | — | — | 422 | (413) | 9 |
| Total operating revenues | $2,824 | $1,688 | $1,522 | $423 | $(431) | $6,026 |
| Electric revenues | $2,531 | $1,357 | $1,431 | $— | $(2) | $5,317 |
| Natural gas revenues | — | 238 | — | — | — | 238 |
| Shared service and other revenues | — | — | — | 391 | (381) | 10 |
| Total operating revenues | $2,531 | $1,595 | $1,431 | $391 | $(383) | $5,565 |
| Electric revenues | $2,274 | $1,212 | $1,388 | $— | $(14) | $4,860 |
| Natural gas revenues | — | 168 | — | — | — | 168 |
| Shared service and other revenues | — | — | — | 379 | (366) | 13 |
| Total operating revenues | $2,274 | $1,380 | $1,388 | $379 | $(380) | $5,041 |
| Intersegment revenues(c): | ||||||
| 2023 | $9 | $8 | $2 | $422 | $(432) | $9 |
| 2022 | 5 | 6 | 2 | 380 | (383) | 10 |
| 2021 | 5 | 7 | 2 | 380 | (381) | 13 |
| Depreciation and amortization: | ||||||
| 2023 | $441 | $244 | $283 | $22 | $— | $990 |
| 2022 | 417 | 232 | 261 | 28 | — | 938 |
| 2021 | 403 | 210 | 179 | 29 | — | 821 |
| Operating expenses: | ||||||
| 2023 | $2,377 | $1,420 | $1,314 | $434 | $(431) | $5,114 |
| 2022 | 2,140 | 1,359 | 1,225 | 393 | (383) | 4,734 |
| 2021 | 1,871 | 1,161 | 1,201 | 388 | (381) | 4,240 |
| Interest expense, net: | ||||||
| 2023 | $165 | $74 | $72 | $12 | $— | $323 |
| 2022 | 150 | 66 | 66 | 9 | 1 | 292 |
| 2021 | 140 | 61 | 58 | 8 | — | 267 |
| Income taxes: | ||||||
| 2023 | $51 | $35 | $36 | $(6) | $— | $116 |
| 2022 | (9) | 14 | 3 | 1 | — | 9 |
| 2021 | 15 | 42 | (13) | (2) | — | 42 |
| Net income (loss): | ||||||
| 2023 | $306 | $177 | $120 | $(13) | $— | $590 |
| 2022 | 305 | 169 | 148 | (14) | — | 608 |
| 2021 | 296 | 128 | 146 | (9) | — | 561 |
| Capital expenditures: | ||||||
| 2023 | $957 | $562 | $460 | $9 | $— | $1,988 |
| 2022 | 874 | 430 | 398 | 7 | — | 1,709 |
| 2021 | 843 | 429 | 445 | 3 | — | 1,720 |
| Total assets: | ||||||
| 2023 | $11,194 | $5,966 | $5,157 | $4,627 | $(41) | $26,903 |
| 2022 | 10,657 | 5,802 | 4,979 | 4,677 | (33) | 26,082 |
(a)Other primarily includes PHI’s corporate operations, shared service entities, and other financing and investment activities.
(b)Includes gross utility tax receipts from customers. The offsetting remittance of utility taxes to the governing bodies is recorded in Taxes other than income taxes in the Registrants’ Consolidated Statements of Operations and Comprehensive Income. See Note 22 — Supplemental Financial Information for additional information on total utility taxes.
(c)Includes intersegment revenues with ComEd, PECO, and BGE, which are eliminated at Exelon.
Electric and Gas Revenue by Customer Class (Utility Registrants):
The following tables disaggregate the Registrants' revenues recognized from contracts with customers into categories that depict how the nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factors. For the Utility Registrants, the disaggregation of revenues reflects the two primary utility services of electric sales and natural gas sales (where applicable), with further disaggregation of these tariff sales provided by major customer groups. Exelon's disaggregated revenues are consistent with the Utility Registrants, but exclude any intercompany revenues.
| 2023 | |||||||
|---|---|---|---|---|---|---|---|
| Revenues from contracts with customers | ComEd | PECO | BGE | PHI | Pepco | DPL | ACE |
| Electric revenues | |||||||
| Residential | $3,565 | $2,090 | $1,765 | $2,845 | $1,236 | $827 | $782 |
| Small commercial & industrial | 1,857 | 526 | 331 | 651 | 176 | 246 | 229 |
| Large commercial & industrial | 824 | 249 | 528 | 1,420 | 1,087 | 126 | 207 |
| Public authorities & electric railroads | 51 | 30 | 29 | 67 | 34 | 16 | 17 |
| Other(a) | 965 | 298 | 402 | 760 | 258 | 250 | 260 |
| Total electric revenues(b) | $7,262 | $3,193 | $3,055 | $5,743 | $2,791 | $1,465 | $1,495 |
| Natural gas revenues | |||||||
| Residential | $— | $473 | $568 | $122 | $— | $122 | $— |
| Small commercial & industrial | — | 172 | 100 | 53 | — | 53 | — |
| Large commercial & industrial | — | 1 | 161 | 4 | — | 4 | — |
| Transportation | — | 27 | — | 16 | — | 16 | — |
| Other(c) | — | 17 | 37 | 10 | — | 10 | — |
| Total natural gas revenues(d) | $— | $690 | $866 | $205 | $— | $205 | $— |
| Total revenues from contracts with customers | $7,262 | $3,883 | $3,921 | $5,948 | $2,791 | $1,670 | $1,495 |
| Other revenues | |||||||
| Revenues from alternative revenue programs | $556 | $(7) | $84 | $64 | $22 | $15 | $27 |
| Other electric revenues(e) | 26 | 16 | 16 | 14 | 11 | 3 | — |
| Other natural gas revenues(e) | — | 2 | 6 | — | — | — | — |
| Total other revenues | $582 | $11 | $106 | $78 | $33 | $18 | $27 |
| Total revenues for reportable segments | $7,844 | $3,894 | $4,027 | $6,026 | $2,824 | $1,688 | $1,522 |
| 2022 | |||||||
|---|---|---|---|---|---|---|---|
| Revenues from contracts with customers | ComEd | PECO | BGE | PHI | Pepco | DPL | ACE |
| Electric revenues | |||||||
| Residential | $3,304 | $2,026 | $1,564 | $2,590 | $1,076 | $750 | $764 |
| Small commercial & industrial | 1,173 | 521 | 327 | 607 | 155 | 235 | 217 |
| Large commercial & industrial | 5 | 299 | 567 | 1,422 | 1,083 | 137 | 202 |
| Public authorities & electric railroads | 29 | 30 | 27 | 64 | 34 | 15 | 15 |
| Other(a) | 955 | 271 | 398 | 695 | 208 | 227 | 252 |
| Total electric revenues(b) | $5,466 | $3,147 | $2,883 | $5,378 | $2,556 | $1,364 | $1,450 |
| Natural gas revenues | |||||||
| Residential | $— | $512 | $678 | $127 | $— | $127 | $— |
| Small commercial & industrial | — | 186 | 111 | 55 | — | 55 | — |
| Large commercial & industrial | — | — | 183 | 12 | — | 12 | — |
| Transportation | — | 26 | — | 15 | — | 15 | — |
| Other(c) | — | 12 | 68 | 29 | — | 29 | — |
| Total natural gas revenues(d) | $— | $736 | $1,040 | $238 | $— | $238 | $— |
| Total revenues from contracts with customers | $5,466 | $3,883 | $3,923 | $5,616 | $2,556 | $1,602 | $1,450 |
| Other revenues | |||||||
| Revenues from alternative revenue programs | $267 | $2 | $(47) | $(59) | $(31) | $(9) | $(19) |
| Other electric revenues(e) | 28 | 16 | 14 | 8 | 6 | 2 | — |
| Other natural gas revenues(e) | — | 2 | 5 | — | — | — | — |
| Total other revenues | $295 | $20 | $(28) | $(51) | $(25) | $(7) | $(19) |
| Total revenues for reportable segments | $5,761 | $3,903 | $3,895 | $5,565 | $2,531 | $1,595 | $1,431 |
| 2021 | |||||||
|---|---|---|---|---|---|---|---|
| Revenues from contracts with customers | ComEd | PECO | BGE | PHI | Pepco | DPL | ACE |
| Electric revenues | |||||||
| Residential | $3,233 | $1,704 | $1,375 | $2,441 | $1,003 | $694 | $744 |
| Small commercial & industrial | 1,571 | 422 | 267 | 521 | 135 | 193 | 193 |
| Large commercial & industrial | 559 | 243 | 459 | 1,123 | 844 | 94 | 185 |
| Public authorities & electric railroads | 45 | 31 | 27 | 58 | 31 | 14 | 13 |
| Other(a) | 926 | 229 | 371 | 634 | 205 | 201 | 229 |
| Total electric revenues(b) | $6,334 | $2,629 | $2,499 | $4,777 | $2,218 | $1,196 | $1,364 |
| Natural gas revenues | |||||||
| Residential | $— | $372 | $518 | $97 | $— | $97 | $— |
| Small commercial & industrial | — | 136 | 83 | 42 | — | 42 | — |
| Large commercial & industrial | — | — | 147 | 7 | — | 7 | — |
| Transportation | — | 24 | — | 14 | — | 14 | — |
| Other(c) | — | 7 | 68 | 8 | — | 8 | — |
| Total natural gas revenues(d) | $— | $539 | $816 | $168 | $— | $168 | $— |
| Total revenues from contracts with customers | $6,334 | $3,168 | $3,315 | $4,945 | $2,218 | $1,364 | $1,364 |
| Other revenues | |||||||
| Revenues from alternative revenue programs | $42 | $26 | $12 | $91 | $53 | $14 | $24 |
| Other electric revenues(e) | 30 | 4 | 11 | 5 | 3 | 2 | — |
| Other natural gas revenues(e) | — | — | 3 | — | — | — | — |
| Total other revenues | $72 | $30 | $26 | $96 | $56 | $16 | $24 |
| Total revenues for reportable segments | $6,406 | $3,198 | $3,341 | $5,041 | $2,274 | $1,380 | $1,388 |
(a)Includes revenues from transmission revenue from PJM, wholesale electric revenue and mutual assistance revenue.
(b)Includes operating revenues from affiliates in 2023, 2022, and 2021 respectively of:
$16 million, $16 million, and $41 million at ComEd
$7 million, $7 million, and $20 million at PECO
$6 million, $7 million, and $13 million at BGE
$9 million, $10 million, and $13 million at PHI
$9 million, $5 million, and $5 million at Pepco
$8 million, $6 million, and $7 million at DPL
$2 million, $2 million, and $2 million at ACE
(c)Includes revenues from off-system natural gas sales.
(d)Includes operating revenues from affiliates in 2023, 2022, and 2021 respectively of:
$2 million, less than $1 million, and $1 million at PECO
$3 million, $8 million, and $18 million at BGE
(e)Includes late payment charge revenues.
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