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 Shareholders’ Equity

	Six Months Ended June 30, 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
Net income	—	—	—	448	—		448
Long-term incentive plan activity	76	11	—	—	—		11
Employee stock purchase plan issuances	396	12	—	—	—		12
Common stock dividends($0.38/common share)	—	—	—	(380)	—		(380)
Balance at June 30, 2024	1,002,330	$21,152	$(123)	$5,835	$(712)		$26,152

	Six Months Ended June 30, 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
Net income	—	—	—	343	—	343
Long-term incentive plan activity	372	9	—	—	—	9
Employee stock purchase plan issuances	278	11	—	—	—	11
Common stock dividends($0.36/common share)	—	—	—	(359)	—	(359)
Other comprehensive income, net of income taxes	—	—	—	—	9	9
Balance at June 30, 2023	997,052	$20,941	$(123)	$4,891	$(630)	$25,079

	Three Months Ended June 30,		Six Months EndedJune 30,
(In millions)	2024	2023	2024	2023
Operating revenues
Electric operating revenues	$2,120	$1,781	$4,194	$3,293
Revenues from alternative revenue programs	(43)	118	(24)	270
Operating revenues from affiliates	2	2	4	5
Total operating revenues	2,079	1,901	4,174	3,568
Operating expenses
Purchased power	763	685	1,670	1,172
Operating and maintenance	345	267	663	521
Operating and maintenance from affiliates	104	88	204	171
Depreciation and amortization	374	350	737	688
Taxes other than income taxes	94	88	188	182
Total operating expenses	1,680	1,478	3,462	2,734
Gain on sale of assets	5	—	5	—
Operating income	404	423	717	834
Other income and (deductions)
Interest expense, net	(120)	(117)	(239)	(230)
Interest expense to affiliates	(3)	(3)	(7)	(7)
Other, net	20	17	41	34
Total other income and (deductions)	(103)	(103)	(205)	(203)
Income before income taxes	301	320	512	631
Income taxes	31	71	49	142
Net income	$270	$249	$463	$489
Comprehensive income	$270	$249	$463	$489

	Six Months EndedJune 30,
(In millions)	2024	2023
Cash flows from operating activities
Net income	$463	$489
Adjustments to reconcile net income to net cash flows provided by operating activities:
Depreciation and amortization	737	688
Gain on sales of assets	(5)	—
Deferred income taxes and amortization of investment tax credits	(8)	106
Other non-cash operating activities	69	(260)
Changes in assets and liabilities:
Accounts receivable	(278)	(30)
Receivables from and payables to affiliates, net	3	(3)
Inventories	(16)	(43)
Accounts payable and accrued expenses	(73)	(311)
Collateral received, net	12	25
Income taxes	(108)	16
Regulatory assets and liabilities, net	446	(459)
Pension and non-pension postretirement benefit contributions	(10)	(24)
Other assets and liabilities	70	110
Net cash flows provided by operating activities	1,302	304
Cash flows from investing activities
Capital expenditures	(1,111)	(1,262)
Other investing activities	11	3
Net cash flows used in investing activities	(1,100)	(1,259)
Cash flows from financing activities
Changes in short-term borrowings	(124)	(130)
Proceeds from short-term borrowings with maturities greater than 90 days	—	400
Repayments on short-term borrowings with maturities greater than 90 days	(400)	(150)
Issuance of long-term debt	800	975
Dividends paid on common stock	(388)	(374)
Contributions from parent	78	372
Other financing activities	(11)	(13)
Net cash flows (used in) provided by financing activities	(45)	1,080
Increase in cash, restricted cash, and cash equivalents	157	125
Cash, restricted cash, and cash equivalents at beginning of period	686	511
Cash, restricted cash, and cash equivalents at end of period	$843	$636
Supplemental cash flow information
Decrease in capital expenditures not paid	$(70)	$(7)

(In millions)	June 30, 2024	December 31, 2023
ASSETS
Current assets
Cash and cash equivalents	$326	$110
Restricted cash and cash equivalents	446	402
Accounts receivable
Customer accounts receivable	1,132	860
Customer allowance for credit losses	(112)	(69)
Customer accounts receivable, net	1,020	791
Other accounts receivable	251	242
Other allowance for credit losses	(29)	(17)
Other accounts receivable, net	222	225
Receivables from affiliates	4	3
Inventories, net	294	279
Regulatory assets	1,089	1,335
Other	147	123
Total current assets	3,548	3,268
Property, plant, and equipment (net of accumulated depreciation and amortization of $7,577 and $7,222 as of June 30, 2024 and December 31, 2023, respectively)	29,642	29,088
Deferred debits and other assets
Regulatory assets	2,701	2,794
Goodwill	2,625	2,625
Receivable related to Regulatory Agreement Units	3,566	2,954
Investments	6	6
Prepaid pension asset	1,194	1,217
Other	966	875
Total deferred debits and other assets	11,058	10,471
Total assets	$44,248	$42,827

(In millions)	June 30, 2024	December 31, 2023
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities
Short-term borrowings	$78	$602
Long-term debt due within one year	250	250
Accounts payable	806	867
Accrued expenses	393	576
Payables to affiliates	76	72
Customer deposits	123	118
Regulatory liabilities	241	191
Mark-to-market derivative liabilities	23	27
Other	251	219
Total current liabilities	2,241	2,922
Long-term debt	12,026	11,236
Long-term debt to financing trust	206	205
Deferred credits and other liabilities
Deferred income taxes and unamortized investment tax credits	5,453	5,327
Regulatory liabilities	8,245	7,493
Asset retirement obligations	152	149
Non-pension postretirement benefits obligations	164	161
Mark-to-market derivative liabilities	116	106
Other	1,129	865
Total deferred credits and other liabilities	15,259	14,101
Total liabilities	29,732	28,464
Commitments and contingencies
Shareholders’ equity
Common stock	1,588	1,588
Other paid-in capital	10,479	10,401
Retained earnings	2,449	2,374
Total shareholders’ equity	14,516	14,363
Total liabilities and shareholders’ equity	$44,248	$42,827

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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.