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)	CommonStock	RetainedEarnings	TotalShareholder'sEquity
Balance at December 31, 2023	$3,246	$2,244	$5,490
Net income	—	264	264
Common stock dividends	—	(92)	(92)
Balance at March 31, 2024	$3,246	$2,416	$5,662
	Three Months Ended March 31, 2023
(In millions)	CommonStock	RetainedEarnings	TotalShareholder'sEquity
Balance at December 31, 2022	$2,861	$2,075	$4,936
Net income	—	200	200
Common stock dividends	—	(80)	(80)
Contributions from parent	237	—	237
Balance at March 31, 2023	$3,098	$2,195	$5,293

	Three Months Ended March 31,
(In millions)	2024	2023
Operating revenues
Electric operating revenues	$1,485	$1,371
Natural gas operating revenues	72	97
Revenues from alternative revenue programs	46	65
Operating revenues from affiliates	3	3
Total operating revenues	1,606	1,536
Operating expenses
Purchased power	607	572
Purchased fuel	29	55
Operating and maintenance	274	267
Operating and maintenance from affiliates	51	42
Depreciation and amortization	246	241
Taxes other than income taxes	128	120
Total operating expenses	1,335	1,297
Operating income	271	239
Other income and (deductions)
Interest expense, net	(90)	(76)
Other, net	27	26
Total other income and (deductions)	(63)	(50)
Income before income taxes	208	189
Income taxes	40	34
Net income	$168	$155
Comprehensive income	$168	$155

	Three Months EndedMarch 31,
(In millions)	2024	2023
Cash flows from operating activities
Net income	$168	$155
Adjustments to reconcile net income to net cash flows provided by operating activities:
Depreciation and amortization	246	241
Deferred income taxes and amortization of investment tax credits	16	13
Other non-cash operating activities	9	(7)
Changes in assets and liabilities:
Accounts receivable	1	98
Inventories	(11)	4
Accounts payable and accrued expenses	(23)	(88)
Collateral paid, net	—	(189)
Income taxes	24	20
Regulatory assets and liabilities, net	(42)	27
Pension and non-pension postretirement benefit contributions	(72)	(7)
Other assets and liabilities	(27)	(11)
Net cash flows provided by operating activities	289	256
Cash flows from investing activities
Capital expenditures	(453)	(561)
Other investing activities	—	8
Net cash flows used in investing activities	(453)	(553)
Cash flows from financing activities
Changes in short-term borrowings	(394)	(414)
Issuance of long-term debt	925	450
Retirement of long-term debt	(400)	—
Changes in Exelon intercompany money pool	8	8
Distributions to member	(118)	(112)
Contributions from member	487	405
Other financing activities	(21)	(17)
Net cash flows provided by financing activities	487	320
Increase in cash, restricted cash, and cash equivalents	323	23
Cash, restricted cash, and cash equivalents at beginning of period	204	373
Cash, restricted cash, and cash equivalents at end of period	$527	$396
Supplemental cash flow information
Decrease in capital expenditures not paid	$(11)	$(76)

(In millions)	March 31, 2024	December 31, 2023
ASSETS
Current assets
Cash and cash equivalents	$504	$180
Restricted cash and cash equivalents	23	24
Accounts receivable
Customer accounts receivable	714	745
Customer allowance for credit losses	(105)	(107)
Customer accounts receivable, net	609	638
Other accounts receivable	321	310
Other allowance for credit losses	(57)	(50)
Other accounts receivable, net	264	260
Receivables from affiliates	4	3
Inventories, net
Fossil fuel	3	9
Materials and supplies	304	287
Regulatory assets	342	337
Other	82	100
Total current assets	2,135	1,838
Property, plant, and equipment (net of accumulated depreciation and amortization of $3,302 and $3,175 as of March 31, 2024 and December 31, 2023, respectively)	19,121	18,851
Deferred debits and other assets
Regulatory assets	1,606	1,587
Goodwill	4,005	4,005
Investments	145	143
Prepaid pension asset	314	268
Other	209	211
Total deferred debits and other assets	6,279	6,214
Total assets	$27,535	$26,903

(In millions)	March 31, 2024	December 31, 2023
LIABILITIES AND MEMBER'S EQUITY
Current liabilities
Short-term borrowings	$—	$394
Long-term debt due within one year	244	644
Accounts payable	668	683
Accrued expenses	344	338
Payables to affiliates	60	59
Borrowings from Exelon intercompany money pool	73	65
Customer deposits	104	100
Regulatory liabilities	89	71
Unamortized energy contract liabilities	7	8
PPA termination obligation	31	49
Other	108	138
Total current liabilities	1,728	2,549
Long-term debt	8,909	8,004
Deferred credits and other liabilities
Deferred income taxes and unamortized investment tax credits	3,071	3,031
Regulatory liabilities	878	904
Asset retirement obligations	56	55
Non-pension postretirement benefit obligations	37	40
Unamortized energy contract liabilities	25	27
Other	512	511
Total deferred credits and other liabilities	4,579	4,568
Total liabilities	15,216	15,121
Commitments and contingencies
Member's equity
Membership interest	12,544	12,057
Undistributed losses	(225)	(275)
Total member's equity	12,319	11,782
Total liabilities and member's equity	$27,535	$26,903

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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.