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

Statements of Changes in Shareholder’s Equity

	Three Months Ended March 31, 2024
(In millions)	Common Stock	Retained Earnings	Total Shareholder's Equity
Balance at December 31, 2023	$1,455	$638	$2,093
Net income	—	66	66
Common stock dividends	—	(45)	(45)
Contributions from parent	154	—	154
Balance at March 31, 2024	$1,609	$659	$2,268

	Three Months Ended March 31, 2023
(In millions)	Common Stock	Retained Earnings	Total Shareholder's Equity
Balance at December 31, 2022	$1,356	$594	$1,950
Net income	—	60	60
Common stock dividends	—	(42)	(42)
Contributions from parent	99	—	99
Balance at March 31, 2023	$1,455	$612	$2,067

	Three Months Ended March 31,
(In millions)	2024	2023
Operating revenues
Electric operating revenues	$344	$335
Revenues from alternative revenue programs	13	17
Operating revenues from affiliates	1	1
Total operating revenues	358	353
Operating expenses
Purchased power	140	148
Operating and maintenance	47	44
Operating and maintenance from affiliates	40	37
Depreciation and amortization	74	67
Taxes other than income taxes	2	2
Total operating expenses	303	298
Operating income	55	55
Other income and (deductions)
Interest expense, net	(20)	(16)
Other, net	5	5
Total other income and (deductions)	(15)	(11)
Income before income taxes	40	44
Income taxes	11	11
Net income	$29	$33
Comprehensive income	$29	$33

	Three Months EndedMarch 31,
(In millions)	2024	2023
Cash flows from operating activities
Net income	$29	$33
Adjustments to reconcile net income to net cash flows provided by operating activities:
Depreciation and amortization	74	67
Deferred income taxes and amortization of investment tax credits	7	6
Other non-cash operating activities	2	(9)
Changes in assets and liabilities:
Accounts receivable	(12)	24
Receivables from and payables to affiliates, net	(5)	(1)
Inventories	(3)	(3)
Accounts payable and accrued expenses	(1)	(15)
Collateral received (paid), net	1	(44)
Income taxes	3	5
Regulatory assets and liabilities, net	(47)	3
Pension and non-pension postretirement benefit contributions	(7)	(1)
Other assets and liabilities	(13)	(21)
Net cash flows provided by operating activities	28	44
Cash flows from investing activities
Capital expenditures	(89)	(161)
Net cash flows used in investing activities	(89)	(161)
Cash flows from financing activities
Changes in short-term borrowings	(199)	—
Issuance of long-term debt	75	75
Changes in PHI intercompany money pool	134	—
Dividends paid on common stock	(22)	(21)
Contributions from parent	81	63
Other financing activities	(2)	(1)
Net cash flows provided by financing activities	67	116
Increase (decrease) in cash and cash equivalents	6	(1)
Cash and cash equivalents at beginning of period	21	72
Cash and cash equivalents at end of period	$27	$71
Supplemental cash flow information
Increase (decrease) in capital expenditures not paid	$4	$(30)

(In millions)	March 31, 2024	December 31, 2023
ASSETS
Current assets
Cash and cash equivalents	$27	$21
Accounts receivable
Customer accounts receivable	178	194
Customer allowance for credit losses	(36)	(36)
Customer accounts receivable, net	142	158
Other accounts receivable	115	92
Other allowance for credit losses	(14)	(14)
Other accounts receivable, net	101	78
Receivables from affiliates	4	3
Inventories, net	58	55
Regulatory assets	145	125
Other	7	5
Total current assets	484	445
Property, plant, and equipment (net of accumulated depreciation and amortization of $1,702 and $1,684 as of March 31, 2024 and December 31, 2023, respectively)	4,232	4,192
Deferred debits and other assets
Regulatory assets	497	483
Prepaid pension asset	6	3
Other	34	34
Total deferred debits and other assets	537	520
Total assets	$5,253	$5,157

(In millions)	March 31, 2024	December 31, 2023
LIABILITIES AND SHAREHOLDER'S EQUITY
Current liabilities
Short-term borrowings	$—	$199
Long-term debt due within one year	154	154
Accounts payable	195	192
Accrued expenses	45	42
Payables to affiliates	22	25
Borrowings from PHI intercompany money pool	134	—
Customer deposits	23	23
Regulatory liabilities	5	6
PPA termination obligation	31	49
Other	11	12
Total current liabilities	620	702
Long-term debt	1,755	1,679
Deferred credits and other liabilities
Deferred income taxes and unamortized investment tax credits	780	771
Regulatory liabilities	137	140
Non-pension postretirement benefit obligations	3	4
Other	58	49
Total deferred credits and other liabilities	978	964
Total liabilities	3,353	3,345
Commitments and contingencies
Shareholder's equity
Common stock	1,911	1,830
Retained deficit	(11)	(18)
Total shareholder's equity	1,900	1,812
Total liabilities and shareholder's equity	$5,253	$5,157

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