EXELON CORP

For the period ended Mar 31, 2024. Filed May 2, 2024.

About this filing

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

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

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Contents

Consolidated Statements of Changes in Member's Equity

	Three Months Ended March 31, 2024
(In millions)	Membership Interest	Undistributed (Losses)/Gains	Total Member's Equity
Balance at December 31, 2023	$12,057	$(275)	$11,782
Net income	—	168	168
Distributions to member	—	(118)	(118)
Contributions from member	487	—	487
Balance at March 31, 2024	$12,544	$(225)	$12,319

	Three Months Ended March 31, 2023
(In millions)	Membership Interest	Undistributed (Losses)/Gains	Total Member's Equity
Balance at December 31, 2022	$11,582	$(352)	$11,230
Net income	—	155	155
Distributions to member	—	(112)	(112)
Contributions from member	405	—	405
Balance at March 31, 2023	$11,987	$(309)	$11,678

	Three Months Ended March 31,
(In millions)	2024	2023
Operating revenues
Electric operating revenues	$728	$670
Revenues from alternative revenue programs	29	39
Operating revenues from affiliates	2	1
Total operating revenues	759	710
Operating expenses
Purchased power	281	258
Operating and maintenance	86	93
Operating and maintenance from affiliates	64	57
Depreciation and amortization	107	108
Taxes other than income taxes	102	94
Total operating expenses	640	610
Operating income	119	100
Other income and (deductions)
Interest expense, net	(45)	(39)
Other, net	15	16
Total other income and (deductions)	(30)	(23)
Income before income taxes	89	77
Income taxes	14	12
Net income	$75	$65
Comprehensive income	$75	$65

	Three Months EndedMarch 31,
(In millions)	2024	2023
Cash flows from operating activities
Net income	$75	$65
Adjustments to reconcile net income to net cash flows provided by operating activities:
Depreciation and amortization	107	108
Deferred income taxes and amortization of investment tax credits	3	3
Other non-cash operating activities	(13)	(10)
Changes in assets and liabilities:
Accounts receivable	21	52
Receivables from and payables to affiliates, net	6	3
Inventories	(10)	(3)
Accounts payable and accrued expenses	—	(27)
Collateral paid, net	(1)	(25)
Income taxes	12	8
Regulatory assets and liabilities, net	6	(3)
Pension and non-pension postretirement benefit contributions	(4)	(4)
Other assets and liabilities	(19)	11
Net cash flows provided by operating activities	183	178
Cash flows from investing activities
Capital expenditures	(229)	(264)
Changes in PHI intercompany money pool	(134)	—
Other investing activities	—	8
Net cash flows used in investing activities	(363)	(256)
Cash flows from financing activities
Changes in short-term borrowings	(132)	(299)
Issuance of long-term debt	675	250
Retirement of long-term debt	(400)	—
Dividends paid on common stock	(51)	(48)
Contributions from parent	251	243
Other financing activities	(15)	(14)
Net cash flows provided by financing activities	328	132
Increase in cash, restricted cash, and cash equivalents	148	54
Cash, restricted cash, and cash equivalents at beginning of period	72	99
Cash, restricted cash, and cash equivalents at end of period	$220	$153
Supplemental cash flow information
Decrease in capital expenditures not paid	$(11)	$(43)

(In millions)	March 31, 2024	December 31, 2023
ASSETS
Current assets
Cash and cash equivalents	$198	$48
Restricted cash and cash equivalents	22	24
Accounts receivable
Customer accounts receivable	349	369
Customer allowance for credit losses	(52)	(52)
Customer accounts receivable, net	297	317
Other accounts receivable	156	166
Other allowance for credit losses	(35)	(28)
Other accounts receivable, net	121	138
Receivables from affiliates	1	2
Receivable from PHI intercompany money pool	134	—
Inventories, net	169	159
Regulatory assets	133	150
Other	35	51
Total current assets	1,110	889
Property, plant, and equipment (net of accumulated depreciation and amortization of $4,341 and $4,284 as of March 31, 2024 and December 31, 2023, respectively)	9,584	9,430
Deferred debits and other assets
Regulatory assets	467	450
Investments	127	124
Prepaid pension asset	240	246
Other	57	55
Total deferred debits and other assets	891	875
Total assets	$11,585	$11,194

(In millions)	March 31, 2024	December 31, 2023
LIABILITIES AND SHAREHOLDER'S EQUITY
Current liabilities
Short-term borrowings	$—	$132
Long-term debt due within one year	5	405
Accounts payable	304	321
Accrued expenses	209	191
Payables to affiliates	37	32
Customer deposits	49	47
Regulatory liabilities	23	15
Merger related obligation	23	25
Other	35	61
Total current liabilities	685	1,229
Long-term debt	4,354	3,691
Deferred credits and other liabilities
Deferred income taxes and unamortized investment tax credits	1,448	1,431
Regulatory liabilities	368	382
Asset retirement obligations	38	37
Other	273	280
Total deferred credits and other liabilities	2,127	2,130
Total liabilities	7,166	7,050
Commitments and contingencies
Shareholder's equity
Common stock	3,326	3,075
Retained earnings	1,093	1,069
Total shareholder's equity	4,419	4,144
Total liabilities and shareholder's equity	$11,585	$11,194

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