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 Shareholder's Equity

	Three Months Ended March 31, 2024
(In millions)	CommonStock	RetainedEarnings	TotalShareholder'sEquity
Balance at December 31, 2023	$4,050	$2,019	$6,069
Net income	—	149	149
Common stock dividends	—	(100)	(100)
Contributions from parent	580	—	580
Balance at March 31, 2024	$4,630	$2,068	$6,698
	Three Months Ended March 31, 2023
(In millions)	CommonStock	RetainedEarnings	TotalShareholder'sEquity
Balance at December 31, 2022	$3,702	$1,861	$5,563
Net income	—	166	166
Common stock dividends	—	(101)	(101)
Contributions from parent	330	—	330
Balance at March 31, 2023	$4,032	$1,926	$5,958

	Three Months EndedMarch 31,
(In millions)	2024	2023
Operating revenues
Electric operating revenues	$857	$780
Natural gas operating revenues	395	409
Revenues from alternative revenue programs	43	65
Operating revenues from affiliates	2	3
Total operating revenues	1,297	1,257
Operating expenses
Purchased power	377	343
Purchased fuel	87	149
Operating and maintenance	205	168
Operating and maintenance from affiliates	59	54
Depreciation and amortization	150	167
Taxes other than income taxes	89	83
Total operating expenses	967	964
Operating income	330	293
Other income and (deductions)
Interest expense, net	(50)	(44)
Other, net	8	3
Total other income and (deductions)	(42)	(41)
Income before income taxes	288	252
Income taxes	24	52
Net income	$264	$200
Comprehensive income	$264	$200

	Three Months EndedMarch 31,
(In millions)	2024	2023
Cash flows from operating activities
Net income	$264	$200
Adjustments to reconcile net income to net cash flows provided by operating activities:
Depreciation and amortization	150	167
Deferred income taxes and amortization of investment tax credits	(4)	24
Other non-cash operating activities	(21)	(32)
Changes in assets and liabilities:
Accounts receivable	(95)	43
Receivables from and payables to affiliates, net	2	(3)
Inventories	14	62
Accounts payable and accrued expenses	21	(96)
Collateral paid, net	—	(22)
Income taxes	29	29
Regulatory assets and liabilities, net	—	(31)
Pension and non-pension postretirement benefit contributions	(25)	(8)
Other assets and liabilities	(18)	(24)
Net cash flows provided by operating activities	317	309
Cash flows from investing activities
Capital expenditures	(324)	(350)
Other investing activities	8	3
Net cash flows used in investing activities	(316)	(347)
Cash flows from financing activities
Changes in short-term borrowings	70	(165)
Dividends paid on common stock	(92)	(80)
Contributions from parent	—	237
Net cash flows used in financing activities	(22)	(8)
Decrease in cash, restricted cash, and cash equivalents	(21)	(46)
Cash, restricted cash, and cash equivalents at beginning of period	48	67
Cash, restricted cash, and cash equivalents at end of period	$27	$21
Supplemental cash flow information
Decrease in capital expenditures not paid	$(8)	$(70)

(In millions)	March 31, 2024	December 31, 2023
ASSETS
Current assets
Cash and cash equivalents	$27	$47
Restricted cash and cash equivalents	—	1
Accounts receivable
Customer accounts receivable	618	527
Customer allowance for credit losses	(52)	(46)
Customer accounts receivable, net	566	481
Other accounts receivable	104	106
Other allowance for credit losses	(7)	(7)
Other accounts receivable, net	97	99
Inventories, net
Fossil fuel	13	35
Materials and supplies	82	74
Prepaid utility taxes	54	56
Regulatory assets	237	229
Other	18	25
Total current assets	1,094	1,047
Property, plant, and equipment (net of accumulated depreciation and amortization of $4,817 and $4,744 as of March 31, 2024 and December 31, 2023, respectively)	12,291	12,102
Deferred debits and other assets
Regulatory assets	742	727
Investments	10	9
Prepaid pension asset	253	248
Other	54	51
Total deferred debits and other assets	1,059	1,035
Total assets	$14,444	$14,184

(In millions)	March 31, 2024	December 31, 2023
LIABILITIES AND SHAREHOLDER'S EQUITY
Current liabilities
Short-term borrowings	$406	$336
Accounts payable	338	344
Accrued expenses	249	203
Payables to affiliates	37	35
Customer deposits	115	114
Regulatory liabilities	26	27
Other	24	34
Total current liabilities	1,195	1,093
Long-term debt	4,602	4,602
Deferred credits and other liabilities
Deferred income taxes and unamortized investment tax credits	2,016	1,945
Regulatory liabilities	699	773
Asset retirement obligations	32	32
Non-pension postretirement benefits obligations	153	158
Other	85	91
Total deferred credits and other liabilities	2,985	2,999
Total liabilities	8,782	8,694
Commitments and contingencies
Shareholder's equity
Common stock	3,246	3,246
Retained earnings	2,416	2,244
Total shareholder's equity	5,662	5,490
Total liabilities and shareholder's equity	$14,444	$14,184

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