EXELON CORP
For the period ended Mar 31, 2024. Filed May 2, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed May 2, 2024
Contents
4. 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.
An analysis and reconciliation of the Registrants’ reportable segment information to the respective information in the consolidated financial statements for the three months ended March 31, 2024 and 2023 is as follows:
| ComEd · PECO · BGE · PHI · Other(a) · IntersegmentEliminations · Exelon | |||||||
|---|---|---|---|---|---|---|---|
| Operating revenues(b): | |||||||
| Electric revenues | $2,095 | $782 | $881 | $1,532 | $— | $(6) | $5,284 |
| Natural gas revenues | — | 272 | 416 | 72 | — | (1) | 759 |
| Shared service and other revenues | — | — | — | 2 | 459 | (461) | — |
| Total operating revenues | $2,095 | $1,054 | $1,297 | $1,606 | $459 | $(468) | $6,043 |
| Electric revenues | $1,667 | $795 | $814 | $1,436 | $— | $(5) | $4,707 |
| Natural gas revenues | — | 317 | 443 | 97 | — | (1) | 856 |
| Shared service and other revenues | — | — | — | 3 | 437 | (440) | — |
| Total operating revenues | $1,667 | $1,112 | $1,257 | $1,536 | $437 | $(446) | $5,563 |
| Intersegment revenues(c): | |||||||
| 2024 | $2 | $2 | $2 | $3 | $457 | $(466) | $— |
| 2023 | 3 | 2 | 3 | 3 | 434 | (445) | — |
| Depreciation and amortization: | |||||||
| 2024 | $362 | $104 | $150 | $246 | $17 | $— | $879 |
| 2023 | 338 | 98 | 167 | 241 | 16 | — | 860 |
| Operating expenses: | |||||||
| 2024 | $1,781 | $851 | $967 | $1,335 | $472 | $(475) | $4,931 |
| 2023 | 1,256 | 902 | 964 | 1,297 | 485 | (447) | 4,457 |
| Interest expense, net: | |||||||
| 2024 | $122 | $55 | $50 | $90 | $151 | $— | $468 |
| 2023 | 117 | 48 | 44 | 76 | 127 | — | 412 |
| Income taxes: | |||||||
| 2024 | $19 | $10 | $24 | $40 | $(30) | $— | $63 |
| 2023 | 71 | 4 | 52 | 34 | (27) | — | 134 |
| Net income (loss): | |||||||
| 2024 | $193 | $149 | $264 | $168 | $(116) | $— | $658 |
| 2023 | 241 | 166 | 200 | 155 | (93) | — | 669 |
| Capital expenditures: | |||||||
| 2024 | $594 | $361 | $324 | $453 | $35 | $— | $1,767 |
| 2023 | 617 | 335 | 350 | 561 | 18 | — | 1,881 |
| Total assets: | |||||||
| March 31, 2024 | $43,132 | $16,116 | $14,444 | $27,535 | $6,376 | $(4,392) | $103,211 |
| December 31, 2023 | 42,827 | 15,595 | 14,184 | 26,903 | 6,374 | (4,337) | 101,546 |
(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 14 — Supplemental Financial Information for additional information on total utility taxes.
(c)See Note 15 — Related Party Transactions for additional information on intersegment revenues.
PHI:
| Pepco · DPL · ACE · Other(a) · IntersegmentEliminations · PHI | ||||||
|---|---|---|---|---|---|---|
| Operating revenues(b): | ||||||
| Electric revenues | $759 | $419 | $358 | $— | $(4) | $1,532 |
| Natural gas revenues | — | 72 | — | — | — | 72 |
| Shared service and other revenues | — | — | — | 109 | (107) | 2 |
| Total operating revenues | $759 | $491 | $358 | $109 | $(111) | $1,606 |
| Electric revenues | $710 | $377 | $353 | $— | $(4) | $1,436 |
| Natural gas revenues | — | 97 | — | — | — | 97 |
| Shared service and other revenues | — | — | — | 102 | (99) | 3 |
| Total operating revenues | $710 | $474 | $353 | $102 | $(103) | $1,536 |
| Intersegment revenues(c): | ||||||
| 2024 | $2 | $2 | $1 | $109 | $(111) | $3 |
| 2023 | 1 | 2 | 1 | 102 | (103) | 3 |
| Depreciation and amortization: | ||||||
| 2024 | $107 | $61 | $74 | $4 | $— | $246 |
| 2023 | 108 | 60 | 67 | 6 | — | 241 |
| Operating expenses: | ||||||
| 2024 | $640 | $391 | $303 | $111 | $(110) | $1,335 |
| 2023 | 610 | 388 | 298 | 104 | (103) | 1,297 |
| Interest expense, net: | ||||||
| 2024 | $45 | $22 | $20 | $3 | $— | $90 |
| 2023 | 39 | 17 | 16 | 4 | — | 76 |
| Income taxes: | ||||||
| 2024 | $14 | $17 | $11 | $(2) | $— | $40 |
| 2023 | 12 | 12 | 11 | (1) | — | 34 |
| Net income (loss): | ||||||
| 2024 | $75 | $66 | $29 | $(2) | $— | $168 |
| 2023 | 65 | 60 | 33 | (3) | — | 155 |
| Capital expenditures: | ||||||
| 2024 | $229 | $134 | $89 | $1 | $— | $453 |
| 2023 | 264 | 134 | 161 | 2 | — | 561 |
| Total assets: | ||||||
| March 31, 2024 | $11,585 | $6,291 | $5,253 | $4,718 | $(312) | $27,535 |
| December 31, 2023 | 11,194 | 5,966 | 5,157 | 4,627 | (41) | 26,903 |
(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 14 — 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.
| Three Months Ended March 31, 2024 | |||||||
|---|---|---|---|---|---|---|---|
| Revenues from contracts with customers | ComEd | PECO | BGE | PHI | Pepco | DPL | ACE |
| Electric revenues | |||||||
| Residential | $918 | $520 | $534 | $775 | $345 | $256 | $174 |
| Small commercial & industrial | 594 | 126 | 90 | 158 | 46 | 62 | 50 |
| Large commercial & industrial | 320 | 57 | 132 | 340 | 262 | 29 | 49 |
| Public authorities & electric railroads | 17 | 7 | 7 | 20 | 11 | 4 | 5 |
| Other(a) | 227 | 74 | 93 | 192 | 64 | 63 | 67 |
| Total electric revenues(b) | $2,076 | $784 | $856 | $1,485 | $728 | $414 | $345 |
| Natural gas revenues | |||||||
| Residential | $— | $193 | $271 | $46 | $— | $46 | $— |
| Small commercial & industrial | — | 64 | 47 | 17 | — | 17 | — |
| Large commercial & industrial | — | — | 72 | 2 | — | 2 | — |
| Transportation | — | 8 | — | 5 | — | 5 | — |
| Other(c) | — | 7 | 5 | 2 | — | 2 | — |
| Total natural gas revenues(d) | $— | $272 | $395 | $72 | $— | $72 | $— |
| Total revenues from contracts with customers | $2,076 | $1,056 | $1,251 | $1,557 | $728 | $486 | $345 |
| Other revenues | |||||||
| Revenues from alternative revenue programs | $19 | $(2) | $43 | $46 | $29 | $4 | $13 |
| Other electric revenues(e) | — | — | 2 | 3 | 2 | 1 | — |
| Other natural gas revenues(e) | — | — | 1 | — | — | — | — |
| Total other revenues | $19 | $(2) | $46 | $49 | $31 | $5 | $13 |
| Total revenues for reportable segments | $2,095 | $1,054 | $1,297 | $1,606 | $759 | $491 | $358 |
| Three Months Ended March 31, 2023 | |||||||
|---|---|---|---|---|---|---|---|
| Revenues from contracts with customers | ComEd | PECO | BGE | PHI | Pepco | DPL | ACE |
| Electric revenues | |||||||
| Residential | $836 | $519 | $434 | $639 | $283 | $210 | $146 |
| Small commercial & industrial | 361 | 135 | 92 | 160 | 39 | 62 | 59 |
| Large commercial & industrial | 84 | 65 | 149 | 378 | 282 | 33 | 63 |
| Public authorities & electric railroads | 10 | 8 | 7 | 17 | 8 | 4 | 5 |
| Other(a) | 217 | 68 | 96 | 176 | 56 | 58 | 63 |
| Total electric revenues(b) | $1,508 | $795 | $778 | $1,370 | $668 | $367 | $336 |
| Natural gas revenues | |||||||
| Residential | $— | $223 | $278 | $60 | $— | $60 | $— |
| Small commercial & industrial | — | 75 | 41 | 26 | — | 26 | — |
| Large commercial & industrial | — | 1 | 70 | 1 | — | 1 | — |
| Transportation | — | 8 | — | 4 | — | 4 | — |
| Other(c) | — | 9 | 19 | 6 | — | 6 | — |
| Total natural gas revenues(d) | $— | $316 | $408 | $97 | $— | $97 | $— |
| Total revenues from contracts with customers | $1,508 | $1,111 | $1,186 | $1,467 | $668 | $464 | $336 |
| Other revenues | |||||||
| Revenues from alternative revenue programs | $153 | $(4) | $65 | $65 | $39 | $9 | $17 |
| Other electric revenues(e) | 6 | 4 | 4 | 4 | 3 | 1 | — |
| Other natural gas revenues(e) | — | 1 | 2 | — | — | — | — |
| Total other revenues | $159 | $1 | $71 | $69 | $42 | $10 | $17 |
| Total revenues for reportable segments | $1,667 | $1,112 | $1,257 | $1,536 | $710 | $474 | $353 |
(a)Includes revenues from transmission revenue from PJM, wholesale electric revenue and mutual assistance revenue.
(b)Includes operating revenues from affiliates in 2024 and 2023 respectively of:
$2 million, $3 million at ComEd
$2 million, $1 million at PECO
$1 million, $2 million at BGE
$3 million, $3 million at PHI
$2 million, $1 million at Pepco
$2 million, $2 million at DPL
$1 million, $1 million at ACE
(c)Includes revenues from off-system natural gas sales.
(d)Includes operating revenues from affiliates in 2024 and 2023 respectively of:
less than $1 million, $1 million at PECO
$1 million, $1 million at BGE
(e)Includes late payment charge revenues.
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