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

Statements of Changes in Shareholder’s Equity

	Six Months Ended June 30, 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
Net income	—	34	34
Common stock dividends	—	(39)	(39)
Balance at June 30, 2024	$1,609	$654	$2,263

	Six Months Ended June 30, 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
Net income	—	25	25
Common stock dividends	—	(18)	(18)
Balance at June 30, 2023	$1,455	$619	$2,074

	Three Months Ended June 30,		Six Months EndedJune 30,
(In millions)	2024	2023	2024	2023
Operating revenues
Electric operating revenues	$403	$317	$748	$653
Revenues from alternative revenue programs	(21)	(1)	(9)	16
Operating revenues from affiliates	1	1	1	1
Total operating revenues	383	317	740	670
Operating expenses
Purchased power	172	124	312	273
Operating and maintenance	50	48	97	91
Operating and maintenance from affiliates	42	37	81	74
Depreciation and amortization	72	68	146	135
Taxes other than income taxes	2	3	5	4
Total operating expenses	338	280	641	577
Operating income	45	37	99	93
Other income and (deductions)
Interest expense, net	(20)	(17)	(39)	(34)
Other, net	4	4	8	9
Total other income and (deductions)	(16)	(13)	(31)	(25)
Income before income taxes	29	24	68	68
Income taxes	8	6	18	17
Net income	$21	$18	$50	$51
Comprehensive income	$21	$18	$50	$51

	Six Months EndedJune 30,
(In millions)	2024	2023
Cash flows from operating activities
Net income	$50	$51
Adjustments to reconcile net income to net cash flows provided by operating activities:
Depreciation and amortization	146	135
Deferred income taxes and amortization of investment tax credits	12	12
Other non-cash operating activities	30	(3)
Changes in assets and liabilities:
Accounts receivable	(50)	(5)
Receivables from and payables to affiliates, net	(2)	(5)
Inventories	(3)	(9)
Accounts payable and accrued expenses	26	15
Collateral received (paid), net	2	(45)
Income taxes	(10)	(4)
Regulatory assets and liabilities, net	(51)	(12)
Pension and non-pension postretirement benefit contributions	(8)	—
Other assets and liabilities	(60)	(89)
Net cash flows provided by operating activities	82	41
Cash flows from investing activities
Capital expenditures	(180)	(275)
Net cash flows used in investing activities	(180)	(275)
Cash flows from financing activities
Changes in short-term borrowings	(199)	37
Issuance of long-term debt	75	75
Changes in PHI intercompany money pool	182	50
Dividends paid on common stock	(44)	(36)
Contributions from parent	81	63
Other financing activities	(3)	(3)
Net cash flows provided by financing activities	92	186
Decrease in cash and cash equivalents	(6)	(48)
Cash and cash equivalents at beginning of period	21	72
Cash and cash equivalents at end of period	$15	$24
Supplemental cash flow information
Decrease in capital expenditures not paid	$(5)	$(44)

(In millions)	June 30, 2024	December 31, 2023
ASSETS
Current assets
Cash and cash equivalents	$15	$21
Accounts receivable
Customer accounts receivable	241	194
Customer allowance for credit losses	(34)	(36)
Customer accounts receivable, net	207	158
Other accounts receivable	92	92
Other allowance for credit losses	(13)	(14)
Other accounts receivable, net	79	78
Receivables from affiliates	3	3
Inventories, net	58	55
Prepaid utility taxes	41	—
Regulatory assets	116	125
Other	7	5
Total current assets	526	445
Property, plant, and equipment (net of accumulated depreciation and amortization of $1,728 and $1,684 as of June 30, 2024 and December 31, 2023, respectively)	4,268	4,192
Deferred debits and other assets
Regulatory assets	497	483
Prepaid pension asset	2	3
Other	34	34
Total deferred debits and other assets	533	520
Total assets	$5,327	$5,157

(In millions)	June 30, 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	206	192
Accrued expenses	45	42
Payables to affiliates	24	25
Borrowings from PHI intercompany money pool	182	—
Customer deposits	22	23
Regulatory liabilities	6	6
PPA termination obligation	20	49
Other	10	12
Total current liabilities	669	702
Long-term debt	1,755	1,679
Deferred credits and other liabilities
Deferred income taxes and unamortized investment tax credits	785	771
Regulatory liabilities	150	140
Non-pension postretirement benefit obligations	2	4
Other	67	49
Total deferred credits and other liabilities	1,004	964
Total liabilities	3,428	3,345
Commitments and contingencies
Shareholder's equity
Common stock	1,911	1,830
Retained deficit	(12)	(18)
Total shareholder's equity	1,899	1,812
Total liabilities and shareholder's equity	$5,327	$5,157

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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.