EXELON CORP

For the period ended Dec 31, 2023. Filed Feb 21, 2024.

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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2023 · Filed Feb 21, 2024

EXC$45.62-2.0%Stored close · as of Nov 6, 2026

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Contents

Consolidated Statements of Changes in Members Equity

Consolidated Statements of Changes in Equity

(In millions)	Membership Interest	Undistributed (Losses)/Gains	Total Member's Equity
Balance at December 31, 2020	$10,112	$(68)	$10,044
Net income	—	561	561
Distribution to member	—	(703)	(703)
Contributions from member	683	—	683
Balance at December 31, 2021	$10,795	$(210)	$10,585
Net Income	—	608	608
Distribution to member	—	(750)	(750)
Contributions from member	787	—	787
Balance at December 31, 2022	$11,582	$(352)	$11,230
Net income	—	590	590
Distribution to member	—	(513)	(513)
Contributions from member	475	—	475
Balance at December 31, 2023	$12,057	$(275)	$11,782

	For the Years Ended December 31,
(In millions)	2023	2022	2021
Operating revenues
Electric operating revenues	$2,793	$2,557	$2,216
Revenues from alternative revenue programs	22	(31)	53
Operating revenues from affiliates	9	5	5
Total operating revenues	2,824	2,531	2,274
Operating expenses
Purchased power	974	795	353
Purchased power from affiliate	—	39	271
Operating and maintenance	336	284	258
Operating and maintenance from affiliates	236	223	213
Depreciation and amortization	441	417	403
Taxes other than income taxes	390	382	373
Total operating expenses	2,377	2,140	1,871
Gain on sales of assets	9	—	—
Operating income	456	391	403
Other income and (deductions)
Interest expense, net	(165)	(150)	(140)
Other, net	66	55	48
Total other income and (deductions)	(99)	(95)	(92)
Income before income taxes	357	296	311
Income taxes	51	(9)	15
Net income	$306	$305	$296
Comprehensive income	$306	$305	$296

	For the Years Ended December 31,
(In millions)	2023	2022	2021
Cash flows from operating activities
Net income	$306	$305	$296
Adjustments to reconcile net income to net cash flows provided by operating activities:
Depreciation and amortization	441	417	403
Gain on sales of assets	(9)	—	—
Deferred income taxes and amortization of investment tax credits	(15)	(17)	(8)
Other non-cash operating activities	53	36	(52)
Changes in assets and liabilities:
Accounts receivable	(29)	(104)	(28)
Receivables from and payables to affiliates, net	(3)	(33)	6
Inventories	(24)	(16)	(8)
Accounts payable and accrued expenses	6	24	16
Collateral (paid) received, net	(25)	24	2
Income taxes	60	(19)	11
Regulatory assets and liabilities, net	(45)	(69)	(81)
Pension and non-pension postretirement benefit contributions	(12)	(11)	(11)
Other assets and liabilities	(5)	(66)	(84)
Net cash flows provided by operating activities	699	471	462
Cash flows from investing activities
Capital expenditures	(957)	(874)	(843)
Proceeds from sale of long-lived assets	10	—	—
Other investing activities	8	3	(1)
Net cash flows used in investing activities	(939)	(871)	(844)
Cash flows from financing activities
Changes in short-term borrowings	(167)	124	140
Issuance of long-term debt	350	625	275
Retirement of long-term debt	—	(310)	—
Dividends paid on common stock	(252)	(463)	(268)
Contributions from parent	308	465	244
Other financing activities	(26)	(10)	(6)
Net cash flows provided by financing activities	213	431	385
(Decrease) increase in cash, restricted cash, and cash equivalents	(27)	31	3
Cash, restricted cash, and cash equivalents at beginning of period	99	68	65
Cash, restricted cash, and cash equivalents at end of period	$72	$99	$68
Supplemental cash flow information
(Decrease) increase in capital expenditures not paid	$(55)	$65	$30

	December 31,
(In millions)	2023	2022
ASSETS
Current assets
Cash and cash equivalents	$48	$45
Restricted cash and cash equivalents	24	54
Accounts receivable
Customer accounts receivable	369	351
Customer allowance for credit losses	(52)	(47)
Customer accounts receivable, net	317	304
Other accounts receivable	166	180
Other allowance for credit losses	(28)	(25)
Other accounts receivable, net	138	155
Receivables from affiliates	2	—
Inventories, net	159	135
Regulatory assets	150	235
Other	51	53
Total current assets	889	981
Property, plant, and equipment (net of accumulated depreciation and amortization of $4,284 and $4,067 as of December 31, 2023 and 2022, respectively)	9,430	8,794
Deferred debits and other assets
Regulatory assets	450	437
Investments	124	119
Prepaid pension asset	246	273
Other	55	53
Total deferred debits and other assets	875	882
Total assets	$11,194	$10,657

	December 31,
(In millions)	2023	2022
LIABILITIES AND SHAREHOLDER'S EQUITY
Current liabilities
Short-term borrowings	$132	$299
Long-term debt due within one year	405	4
Accounts payable	321	382
Accrued expenses	191	125
Payables to affiliates	32	34
Customer deposits	47	39
Regulatory liabilities	15	6
Merger related obligation	25	26
Other	61	93
Total current liabilities	1,229	1,008
Long-term debt	3,691	3,747
Deferred credits and other liabilities
Deferred income taxes and unamortized investment tax credits	1,431	1,382
Regulatory liabilities	382	455
Asset retirement obligations	37	39
Other	280	244
Total deferred credits and other liabilities	2,130	2,120
Total liabilities	7,050	6,875
Commitments and contingencies
Shareholder's equity
Common stock ($0.01 par value, 200 shares authorized, 0 shares(a) outstanding as of December 31, 2023 and 2022)	3,075	2,767
Retained earnings	1,069	1,015
Total shareholder's equity	4,144	3,782
Total liabilities and shareholder's equity	$11,194	$10,657

(a)In millions, shares round to zero. Number of shares is 100 outstanding as of December 31, 2023 and 2022.

(In millions)	Common Stock	Retained Earnings	Total Shareholder's Equity
Balance at December 31, 2020	$2,058	$1,145	$3,203
Net income	—	296	296
Common stock dividends	—	(268)	(268)
Contributions from parent	244	—	244
Balance at December 31, 2021	$2,302	$1,173	$3,475
Net income	—	305	305
Common stock dividends	—	(463)	(463)
Contributions from parent	465	—	465
Balance at December 31, 2022	$2,767	$1,015	$3,782
Net income	—	306	306
Common stock dividends	—	(252)	(252)
Contributions from parent	308	—	308
Balance at December 31, 2023	$3,075	$1,069	$4,144

	For the Years Ended December 31,
(In millions)	2023	2022	2021
Operating revenues
Electric operating revenues	$1,460	$1,360	$1,191
Natural gas operating revenues	205	238	168
Revenues from alternative revenue programs	15	(9)	14
Operating revenues from affiliates	8	6	7
Total operating revenues	1,688	1,595	1,380
Operating expenses
Purchased power	639	567	387
Purchased fuel	98	129	73
Purchased power from affiliates	—	10	79
Operating and maintenance	193	183	183
Operating and maintenance from affiliates	171	166	162
Depreciation and amortization	244	232	210
Taxes other than income taxes	75	72	67
Total operating expenses	1,420	1,359	1,161
Operating income	268	236	219
Other income and (deductions)
Interest expense, net	(74)	(66)	(61)
Other, net	18	13	12
Total other income and (deductions)	(56)	(53)	(49)
Income before income taxes	212	183	170
Income taxes	35	14	42
Net income	$177	$169	$128
Comprehensive income	$177	$169	$128

	For the Years Ended December 31,
(In millions)	2023	2022	2021
Cash flows from operating activities
Net income	$177	$169	$128
Adjustments to reconcile net income to net cash flows provided by operating activities:
Depreciation and amortization	244	232	210
Deferred income taxes and amortization of investment tax credits	4	16	39
Other non-cash operating activities	13	29	3
Changes in assets and liabilities:
Accounts receivable	6	(59)	15
Receivables from and payables to affiliates, net	2	(10)	(3)
Inventories	(5)	(11)	(8)
Accounts payable and accrued expenses	(7)	19	16
Collateral (paid) received, net	(121)	78	43
Income taxes	26	—	13
Regulatory assets and liabilities, net	25	(34)	(43)
Pension and non-pension postretirement benefit contributions	(4)	(1)	(1)
Other assets and liabilities	13	(10)	(27)
Net cash flows provided by operating activities	373	418	385
Cash flows from investing activities
Capital expenditures	(562)	(430)	(429)
Other investing activities	—	3	4
Net cash flows used in investing activities	(562)	(427)	(425)
Cash flows from financing activities
Changes in short-term borrowings	(52)	(34)	3
Issuance of long-term debt	650	125	125
Retirement of long-term debt	(500)	—	—
Dividends paid on common stock	(133)	(143)	(147)
Contributions from parent	99	147	120
Other financing activities	(11)	(5)	(5)
Net cash flows provided by financing activities	53	90	96
(Decrease) increase in cash, restricted cash, and cash equivalents	(136)	81	56
Cash, restricted cash, and cash equivalents at beginning of period	152	71	15
Cash, restricted cash, and cash equivalents at end of period	$16	$152	$71
Supplemental cash flow information
(Decrease) increase in capital expenditures not paid	$(6)	$23	$(18)

	December 31,
(In millions)	2023	2022
ASSETS
Current assets
Cash and cash equivalents	$16	$31
Restricted cash and cash equivalents	—	121
Accounts receivable
Customer accounts receivable	183	204
Customer allowance for credit losses	(19)	(21)
Customer accounts receivable, net	164	183
Other accounts receivable	52	52
Other allowance for credit losses	(8)	(7)
Other accounts receivable, net	44	45
Receivables from affiliates	1	—
Inventories, net
Fossil fuel	9	18
Materials and supplies	72	58
Prepaid utility taxes	24	23
Regulatory assets	54	80
Other	14	14
Total current assets	398	573
Property, plant, and equipment, (net of accumulated depreciation and amortization of $1,925 and $1,772 as of December 31, 2023 and 2022, respectively)	5,165	4,820
Deferred debits and other assets
Regulatory assets	218	202
Prepaid pension asset	135	153
Other	50	54
Total deferred debits and other assets	403	409
Total assets	$5,966	$5,802

	December 31,
(In millions)	2023	2022
LIABILITIES AND SHAREHOLDER'S EQUITY
Current liabilities
Short-term borrowings	$63	$115
Long-term debt due within one year	84	584
Accounts payable	159	172
Accrued expenses	64	41
Payables to affiliates	25	22
Customer deposits	31	29
Regulatory liabilities	50	44
Other	21	136
Total current liabilities	497	1,143
Long-term debt	1,996	1,354
Deferred credits and other liabilities
Deferred income taxes and unamortized investment tax credits	904	869
Regulatory liabilities	365	380
Asset retirement obligations	12	13
Non-pension postretirement benefit obligations	6	9
Other	93	84
Total deferred credits and other liabilities	1,380	1,355
Total liabilities	3,873	3,852
Commitments and contingencies
Shareholder's equity
Common stock ($2.25 par value, 0 shares(a) authorized, 0 shares(a) outstanding as of December 31, 2023 and 2022, respectively)	1,455	1,356
Retained earnings	638	594
Total shareholder's equity	2,093	1,950
Total liabilities and shareholder's equity	$5,966	$5,802

(a)In millions, shares round to zero. Number of shares is 1,000 authorized and outstanding as of December 31, 2023 and 2022.

(In millions)	Common Stock	Retained Earnings	Total Shareholder's Equity
Balance at December 31, 2020	$1,089	$587	$1,676
Net income	—	128	128
Common stock dividends	—	(147)	(147)
Contributions from parent	120	—	120
Balance at December 31, 2021	$1,209	$568	$1,777
Net income	—	169	169
Common stock dividends	—	(143)	(143)
Contributions from parent	147	—	147
Balance at December 31, 2022	$1,356	$594	$1,950
Net income	—	177	177
Common stock dividends	—	(133)	(133)
Contributions from parent	99	—	99
Balance at December 31, 2023	$1,455	$638	$2,093

	For the Years Ended December 31,
(In millions)	2023	2022	2021
Operating revenues
Electric operating revenues	$1,493	$1,448	$1,362
Revenues from alternative revenue programs	27	(19)	24
Operating revenues from affiliates	2	2	2
Total operating revenues	1,522	1,431	1,388
Operating expenses
Purchased power	637	622	677
Purchased power from affiliate	—	2	17
Operating and maintenance	233	189	179
Operating and maintenance from affiliates	153	142	141
Depreciation and amortization	283	261	179
Taxes other than income taxes	8	9	8
Total operating expenses	1,314	1,225	1,201
Operating income	208	206	187
Other income and (deductions)
Interest expense, net	(72)	(66)	(58)
Other, net	20	11	4
Total other income and (deductions)	(52)	(55)	(54)
Income before income taxes	156	151	133
Income taxes	36	3	(13)
Net income	$120	$148	$146
Comprehensive income	$120	$148	$146

	For the Years Ended December 31,
(In millions)	2023	2022	2021
Cash flows from operating activities
Net income	$120	$148	$146
Adjustments to reconcile net income to net cash flows provided by operating activities:
Depreciation and amortization	283	261	179
Deferred income taxes and amortization of investment tax credits	27	(2)	(15)
Other non-cash operating activities	—	46	—
Changes in assets and liabilities:
Accounts receivable	(57)	(19)	(37)
Receivables from and payables to affiliates, net	(4)	(4)	4
Inventories	(12)	(7)	1
Accounts payable and accrued expenses	27	(9)	3
Collateral (paid) received, net	(50)	46	4
Income taxes	—	11	—
Regulatory assets and liabilities, net	(47)	(19)	24
Pension and non-pension postretirement benefit contributions	(3)	(7)	(3)
Other assets and liabilities	(83)	(61)	(11)
Net cash flows provided by operating activities	201	384	295
Cash flows from investing activities
Capital expenditures	(460)	(398)	(445)
Other investing activities	—	1	1
Net cash flows used in investing activities	(460)	(397)	(444)
Cash flows from financing activities
Changes in short-term borrowings	199	(144)	(43)
Issuance of long-term debt	75	175	425
Retirement of long-term debt	—	—	(260)
Dividends paid on common stock	(126)	(145)	(288)
Contributions from parent	65	175	319
Other financing activities	(5)	(5)	(5)
Net cash flows provided by financing activities	208	56	148
(Decrease) increase in cash, restricted cash, and cash equivalents	(51)	43	(1)
Cash, restricted cash, and cash equivalents at beginning of period	72	29	30
Cash, restricted cash, and cash equivalents at end of period	$21	$72	$29
Supplemental cash flow information
(Decrease) increase in capital expenditures not paid	$(47)	$48	$(18)

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