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 Shareholders' Equity

	Three Months Ended March 31, 2024
(In millions)	CommonStock	OtherPaid-InCapital	RetainedEarnings	TotalShareholders’Equity
Balance at December 31, 2023	$1,588	$10,401	$2,374	$14,363
Net income	—	—	193	193
Common stock dividends	—	—	(194)	(194)
Contributions from parent	—	39	—	39
Balance at March 31, 2024	$1,588	$10,440	$2,373	$14,401
	Three Months Ended March 31, 2023
(In millions)	CommonStock	OtherPaid-InCapital	RetainedEarnings	TotalShareholders’Equity
Balance at December 31, 2022	$1,588	$9,746	$2,030	$13,364
Net income	—	—	241	241
Common stock dividends	—	—	(187)	(187)
Contributions from parent	—	186	—	186
Balance at March 31, 2023	$1,588	$9,932	$2,084	$13,604

	Three Months Ended March 31,
(In millions)	2024	2023
Operating revenues
Electric operating revenues	$782	$798
Natural gas operating revenues	272	316
Revenues from alternative revenue programs	(2)	(4)
Operating revenues from affiliates	2	2
Total operating revenues	1,054	1,112
Operating expenses
Purchased power	306	330
Purchased fuel	97	154
Operating and maintenance	235	219
Operating and maintenance from affiliates	58	51
Depreciation and amortization	104	98
Taxes other than income taxes	51	50
Total operating expenses	851	902
Gain on sales of assets	2	—
Operating income	205	210
Other income and (deductions)
Interest expense, net	(52)	(45)
Interest expense to affiliates	(3)	(3)
Other, net	9	8
Total other income and (deductions)	(46)	(40)
Income before income taxes	159	170
Income taxes	10	4
Net income	$149	$166
Comprehensive income	$149	$166

	Three Months EndedMarch 31,
(In millions)	2024	2023
Cash flows from operating activities
Net income	$149	$166
Adjustments to reconcile net income to net cash flows provided by operating activities:
Depreciation and amortization	104	98
Gain on sales of assets	(2)	—
Deferred income taxes and amortization of investment tax credits	(8)	(16)
Other non-cash operating activities	20	32
Changes in assets and liabilities:
Accounts receivable	(75)	36
Receivables from and payables to affiliates, net	4	8
Inventories	19	60
Accounts payable and accrued expenses	(63)	(176)
Income taxes	19	20
Regulatory assets and liabilities, net	(20)	15
Pension and non-pension postretirement benefit contributions	(2)	—
Other assets and liabilities	(104)	(75)
Net cash flows provided by operating activities	41	168
Cash flows from investing activities
Capital expenditures	(361)	(335)
Other investing activities	2	—
Net cash flows used in investing activities	(359)	(335)
Cash flows from financing activities
Changes in short-term borrowings	(165)	(94)
Dividends paid on common stock	(100)	(101)
Contributions from parent	580	330
Net cash flows provided by financing activities	315	135
Decrease in cash, restricted cash, and cash equivalents	(3)	(32)
Cash, restricted cash, and cash equivalents at beginning of period	51	68
Cash, restricted cash, and cash equivalents at end of period	$48	$36
Supplemental cash flow information
Increase (decrease) in capital expenditures not paid	$5	$(9)

(In millions)	March 31, 2024	December 31, 2023
ASSETS
Current assets
Cash and cash equivalents	$39	$42
Restricted cash and cash equivalents	9	9
Accounts receivable
Customer accounts receivable	562	527
Customer allowance for credit losses	(107)	(95)
Customer accounts receivable, net	455	432
Other accounts receivable	160	117
Other allowance for credit losses	(13)	(8)
Other accounts receivable, net	147	109
Receivables from affiliates	—	2
Inventories, net
Fossil fuel	22	50
Materials and supplies	76	67
Prepaid utility taxes	128	2
Regulatory assets	128	127
Other	78	63
Total current assets	1,082	903
Property, plant, and equipment (net of accumulated depreciation and amortization of $4,149 and $4,097 as of March 31, 2024 and December 31, 2023, respectively)	13,399	13,128
Deferred debits and other assets
Regulatory assets	834	793
Receivable related to Regulatory Agreement Units	304	278
Investments	37	35
Prepaid pension asset	432	429
Other	28	29
Total deferred debits and other assets	1,635	1,564
Total assets	$16,116	$15,595

(In millions)	March 31, 2024	December 31, 2023
LIABILITIES AND SHAREHOLDER'S EQUITY
Current liabilities
Short-term borrowings	$—	$165
Accounts payable	524	512
Accrued expenses	198	236
Payables to affiliates	41	39
Customer deposits	78	79
Renewable energy credit obligation	54	36
Regulatory liabilities	83	92
Other	31	23
Total current liabilities	1,009	1,182
Long-term debt	5,134	5,134
Long-term debt to financing trusts	184	184
Deferred credits and other liabilities
Deferred income taxes and unamortized investment tax credits	2,349	2,321
Regulatory liabilities	340	314
Asset retirement obligations	27	26
Non-pension postretirement benefits obligations	287	286
Other	88	79
Total deferred credits and other liabilities	3,091	3,026
Total liabilities	9,418	9,526
Commitments and contingencies
Shareholder’s equity
Common stock	4,630	4,050
Retained earnings	2,068	2,019
Total shareholder’s equity	6,698	6,069
Total liabilities and shareholder's equity	$16,116	$15,595

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