EXELON CORP

For the period ended Jun 30, 2024. Filed Aug 1, 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.

Jun 30, 2024 · Filed Aug 1, 2024

EXC$45.62-2.0%Stored close · as of Nov 6, 2026

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Contents

Consolidated Statements of Changes in Member's Equity

	Six Months Ended June 30, 2024
(In millions)	Membership Interest	Undistributed (Losses)/Gains	Total Member's Equity
Balance at December 31, 2023	$12,057	$(275)	$11,782
Net income	—	168	168
Distributions to member	—	(118)	(118)
Contributions from member	487	—	487
Balance at March 31, 2024	$12,544	$(225)	$12,319
Net income	—	158	158
Distributions to member	—	(164)	(164)
Balance at June 30, 2024	$12,544	$(231)	$12,313

	Six Months Ended June 30, 2023
(In millions)	Membership Interest	Undistributed (Losses)/Gains	Total Member's Equity
Balance at December 31, 2022	$11,582	$(352)	$11,230
Net income	—	155	155
Distributions to member	—	(112)	(112)
Contributions from member	405	—	405
Balance at March 31, 2023	$11,987	$(309)	$11,678
Net income	—	103	103
Distributions to member	—	(100)	(100)
Balance at June 30, 2023	$11,987	$(306)	$11,681

	Three Months Ended June 30,		Six Months EndedJune 30,
(In millions)	2024	2023	2024	2023
Operating revenues
Electric operating revenues	$691	$633	$1,419	$1,302
Revenues from alternative revenue programs	7	7	37	46
Operating revenues from affiliates	2	2	3	3
Total operating revenues	700	642	1,459	1,351
Operating expenses
Purchased power	234	204	514	462
Operating and maintenance	37	82	123	175
Operating and maintenance from affiliates	65	58	129	115
Depreciation and amortization	98	109	205	216
Taxes other than income taxes	100	88	203	183
Total operating expenses	534	541	1,174	1,151
Operating income	166	101	285	200
Other income and (deductions)
Interest expense, net	(46)	(43)	(92)	(81)
Other, net	16	16	32	33
Total other income and (deductions)	(30)	(27)	(60)	(48)
Income before income taxes	136	74	225	152
Income taxes	28	10	42	22
Net income	$108	$64	$183	$130
Comprehensive income	$108	$64	$183	$130

	Six Months EndedJune 30,
(In millions)	2024	2023
Cash flows from operating activities
Net income	$183	$130
Adjustments to reconcile net income to net cash flows provided by operating activities:
Depreciation and amortization	205	216
Deferred income taxes and amortization of investment tax credits	10	12
Other non-cash operating activities	(23)	3
Changes in assets and liabilities:
Accounts receivable	(30)	12
Receivables from and payables to affiliates, net	7	(2)
Inventories	(12)	(10)
Accounts payable and accrued expenses	47	(21)
Collateral paid, net	—	(26)
Income taxes	(45)	(1)
Regulatory assets and liabilities, net	(48)	(6)
Pension and non-pension postretirement benefit contributions	(5)	(8)
Other assets and liabilities	(34)	7
Net cash flows provided by operating activities	255	306
Cash flows from investing activities
Capital expenditures	(454)	(483)
Changes in PHI intercompany money pool	(57)	—
Other investing activities	—	8
Net cash flows used in investing activities	(511)	(475)
Cash flows from financing activities
Changes in short-term borrowings	(132)	(299)
Issuance of long-term debt	675	250
Retirement of long-term debt	(400)	—
Changes in PHI intercompany money pool	—	52
Dividends paid on common stock	(153)	(115)
Contributions from parent	251	243
Other financing activities	(17)	(19)
Net cash flows provided by financing activities	224	112
Decrease in cash, restricted cash, and cash equivalents	(32)	(57)
Cash, restricted cash, and cash equivalents at beginning of period	72	99
Cash, restricted cash, and cash equivalents at end of period	$40	$42
Supplemental cash flow information
Decrease in capital expenditures not paid	$(18)	$(43)

(In millions)	June 30, 2024	December 31, 2023
ASSETS
Current assets
Cash and cash equivalents	$19	$48
Restricted cash and cash equivalents	21	24
Accounts receivable
Customer accounts receivable	392	369
Customer allowance for credit losses	(53)	(52)
Customer accounts receivable, net	339	317
Other accounts receivable	164	166
Other allowance for credit losses	(34)	(28)
Other accounts receivable, net	130	138
Receivables from affiliates	—	2
Receivable from PHI intercompany money pool	57	—
Inventories, net	171	159
Regulatory assets	151	150
Other	17	51
Total current assets	905	889
Property, plant, and equipment (net of accumulated depreciation and amortization of $4,399 and $4,284 as of June 30, 2024 and December 31, 2023, respectively)	9,730	9,430
Deferred debits and other assets
Regulatory assets	488	450
Investments	130	124
Prepaid pension asset	234	246
Other	55	55
Total deferred debits and other assets	907	875
Total assets	$11,542	$11,194

(In millions)	June 30, 2024	December 31, 2023
LIABILITIES AND SHAREHOLDER'S EQUITY
Current liabilities
Short-term borrowings	$—	$132
Long-term debt due within one year	6	405
Accounts payable	309	321
Accrued expenses	174	191
Payables to affiliates	37	32
Customer deposits	52	47
Regulatory liabilities	16	15
Merger related obligation	22	25
Other	39	61
Total current liabilities	655	1,229
Long-term debt	4,356	3,691
Deferred credits and other liabilities
Deferred income taxes and unamortized investment tax credits	1,468	1,431
Regulatory liabilities	354	382
Asset retirement obligations	38	37
Other	246	280
Total deferred credits and other liabilities	2,106	2,130
Total liabilities	7,117	7,050
Commitments and contingencies
Shareholder's equity
Common stock	3,326	3,075
Retained earnings	1,099	1,069
Total shareholder's equity	4,425	4,144
Total liabilities and shareholder's equity	$11,542	$11,194

ContentsView on SEC.gov

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