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
EXC$45.62-2.0%Stored close · as of Nov 6, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Consolidated Statements of Changes in Shareholders’ Equity
| Three Months Ended March 31, 2024 | |||||||
|---|---|---|---|---|---|---|---|
| (In millions, sharesin thousands) · IssuedShares · CommonStock · TreasuryStock · RetainedEarnings · AccumulatedOtherComprehensiveLoss, net · Total Shareholders'Equity | |||||||
| Balance at December 31, 2023 | 1,001,249 | $21,114 | $(123) | $5,490 | $(726) | $25,755 | |
| Net income | — | — | — | 658 | — | 658 | |
| Long-term incentive plan activity | 333 | 2 | — | — | — | 2 | |
| Employee stock purchase plan issuances | 276 | 13 | — | — | — | 13 | |
| Common stock dividends($0.38/common share) | — | — | — | (381) | (381) | ||
| Other comprehensive income, net of income taxes | — | — | — | — | 14 | 14 | |
| Balance at March 31, 2024 | 1,001,858 | $21,129 | $(123) | $5,767 | $(712) | $26,061 | |
| Three Months Ended March 31, 2023 | ||||||
|---|---|---|---|---|---|---|
| (In millions, sharesin thousands) | IssuedShares | CommonStock | TreasuryStock | RetainedEarnings | AccumulatedOtherComprehensiveLoss, net | Total Shareholders'Equity |
| Balance at December 31, 2022 | 995,830 | $20,908 | $(123) | $4,597 | $(638) | $24,744 |
| Net income | — | — | — | 669 | — | 669 |
| Long-term incentive plan activity | 306 | 1 | — | — | — | 1 |
| Employee stock purchase plan issuances | 266 | 12 | — | — | — | 12 |
| Common stock dividends($0.36/common share) | — | — | — | (359) | — | (359) |
| Other comprehensive loss, net of income taxes | — | — | — | — | (1) | (1) |
| Balance at March 31, 2023 | 996,402 | $20,921 | $(123) | $4,907 | $(639) | $25,066 |
| Three Months EndedMarch 31, | ||
|---|---|---|
| (In millions) | 2024 | 2023 |
| Operating revenues | ||
| Electric operating revenues | $2,074 | $1,511 |
| Revenues from alternative revenue programs | 19 | 153 |
| Operating revenues from affiliates | 2 | 3 |
| Total operating revenues | 2,095 | 1,667 |
| Operating expenses | ||
| Purchased power | 907 | 488 |
| Operating and maintenance | 318 | 254 |
| Operating and maintenance from affiliates | 100 | 83 |
| Depreciation and amortization | 362 | 338 |
| Taxes other than income taxes | 94 | 93 |
| Total operating expenses | 1,781 | 1,256 |
| Operating income | 314 | 411 |
| Other income and (deductions) | ||
| Interest expense, net | (119) | (114) |
| Interest expense to affiliates | (3) | (3) |
| Other, net | 20 | 18 |
| Total other income and (deductions) | (102) | (99) |
| Income before income taxes | 212 | 312 |
| Income taxes | 19 | 71 |
| Net income | $193 | $241 |
| Comprehensive income | $193 | $241 |
| Three Months EndedMarch 31, | ||
|---|---|---|
| (In millions) | 2024 | 2023 |
| Cash flows from operating activities | ||
| Net income | $193 | $241 |
| Adjustments to reconcile net income to net cash flows provided by (used in) operating activities: | ||
| Depreciation and amortization | 362 | 338 |
| Deferred income taxes and amortization of investment tax credits | (1) | 55 |
| Other non-cash operating activities | (6) | (153) |
| Changes in assets and liabilities: | ||
| Accounts receivable | (133) | 96 |
| Receivables from and payables to affiliates, net | — | 10 |
| Inventories | (11) | (21) |
| Accounts payable and accrued expenses | (116) | (306) |
| Collateral received (paid), net | 8 | (4) |
| Income taxes | 21 | 15 |
| Regulatory assets and liabilities, net | 315 | (338) |
| Pension and non-pension postretirement benefit contributions | (5) | (23) |
| Other assets and liabilities | (67) | (22) |
| Net cash flows provided by (used in) operating activities | 560 | (112) |
| Cash flows from investing activities | ||
| Capital expenditures | (594) | (617) |
| Other investing activities | 1 | 1 |
| Net cash flows used in investing activities | (593) | (616) |
| Cash flows from financing activities | ||
| Changes in short-term borrowings | 128 | (18) |
| Repayments on short-term borrowings with maturities greater than 90 days | — | (150) |
| Issuance of long-term debt | — | 975 |
| Dividends paid on common stock | (194) | (187) |
| Contributions from parent | 39 | 186 |
| Other financing activities | 1 | (11) |
| Net cash flows (used in) provided by financing activities | (26) | 795 |
| (Decrease) increase in cash, restricted cash, and cash equivalents | (59) | 67 |
| Cash, restricted cash, and cash equivalents at beginning of period | 686 | 511 |
| Cash, restricted cash, and cash equivalents at end of period | $627 | $578 |
| Supplemental cash flow information | ||
| Decrease in capital expenditures not paid | $(74) | $(35) |
| (In millions) | March 31, 2024 | December 31, 2023 |
|---|---|---|
| ASSETS | ||
| Current assets | ||
| Cash and cash equivalents | $100 | $110 |
| Restricted cash and cash equivalents | 428 | 402 |
| Accounts receivable | ||
| Customer accounts receivable | 1,003 | 860 |
| Customer allowance for credit losses | (82) | (69) |
| Customer accounts receivable, net | 921 | 791 |
| Other accounts receivable | 230 | 242 |
| Other allowance for credit losses | (19) | (17) |
| Other accounts receivable, net | 211 | 225 |
| Receivables from affiliates | 3 | 3 |
| Inventories, net | 289 | 279 |
| Regulatory assets | 1,137 | 1,335 |
| Other | 141 | 123 |
| Total current assets | 3,230 | 3,268 |
| Property, plant, and equipment (net of accumulated depreciation and amortization of $7,409 and $7,222 as of March 31, 2024 and December 31, 2023, respectively) | 29,371 | 29,088 |
| Deferred debits and other assets | ||
| Regulatory assets | 2,706 | 2,794 |
| Goodwill | 2,625 | 2,625 |
| Receivable related to Regulatory Agreement Units | 3,078 | 2,954 |
| Investments | 6 | 6 |
| Prepaid pension asset | 1,207 | 1,217 |
| Other | 909 | 875 |
| Total deferred debits and other assets | 10,531 | 10,471 |
| Total assets | $43,132 | $42,827 |
| (In millions) | March 31, 2024 | December 31, 2023 |
|---|---|---|
| LIABILITIES AND SHAREHOLDERS’ EQUITY | ||
| Current liabilities | ||
| Short-term borrowings | $730 | $602 |
| Long-term debt due within one year | 250 | 250 |
| Accounts payable | 859 | 867 |
| Accrued expenses | 414 | 576 |
| Payables to affiliates | 72 | 72 |
| Customer deposits | 122 | 118 |
| Regulatory liabilities | 191 | 191 |
| Mark-to-market derivative liabilities | 29 | 27 |
| Other | 214 | 219 |
| Total current liabilities | 2,881 | 2,922 |
| Long-term debt | 11,237 | 11,236 |
| Long-term debt to financing trust | 205 | 205 |
| Deferred credits and other liabilities | ||
| Deferred income taxes and unamortized investment tax credits | 5,384 | 5,327 |
| Regulatory liabilities | 7,697 | 7,493 |
| Asset retirement obligations | 150 | 149 |
| Non-pension postretirement benefits obligations | 163 | 161 |
| Mark-to-market derivative liabilities | 79 | 106 |
| Other | 935 | 865 |
| Total deferred credits and other liabilities | 14,408 | 14,101 |
| Total liabilities | 28,731 | 28,464 |
| Commitments and contingencies | ||
| Shareholders’ equity | ||
| Common stock | 1,588 | 1,588 |
| Other paid-in capital | 10,440 | 10,401 |
| Retained earnings | 2,373 | 2,374 |
| Total shareholders’ equity | 14,401 | 14,363 |
| Total liabilities and shareholders’ equity | $43,132 | $42,827 |
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