EXELON CORP
For the period ended Sep 30, 2024. Filed Oct 30, 2024.
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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.
Sep 30, 2024 · Filed Oct 30, 2024
EXC$45.62-2.0%Stored close · as of Nov 6, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Consolidated Statements of Changes in Shareholders’ Equity
| Nine Months Ended September 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 | |
| Net income | — | — | — | 707 | — | 707 | |
| Long-term incentive plan activity | 7 | 7 | — | — | — | 7 | |
| Employee stock purchase plan issuances | 349 | 13 | — | — | — | 13 | |
| Issuance of common stock | 3,980 | 148 | — | — | — | 148 | |
| Common stock dividends($0.38/common share) | — | — | — | (381) | — | (381) | |
| Other comprehensive income, net of income taxes | — | — | — | — | (24) | (24) | |
| Balance at September 30, 2024 | 1,006,666 | $21,320 | $(123) | $6,161 | $(736) | $26,622 | |
| Nine Months Ended September 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 |
| Net Income | — | — | — | 700 | — | 700 |
| Long-term incentive plan activity | (84) | 3 | — | — | — | 3 |
| Employee stock purchase plan issuances | 302 | 12 | — | — | — | 12 |
| Common stock dividends($0.36/common share) | — | — | — | (358) | — | (358) |
| Other comprehensive income, net of income taxes | — | — | — | — | 34 | 34 |
| Balance at September 30, 2023 | 997,270 | $20,956 | $(123) | $5,233 | $(596) | $25,470 |
| Three Months Ended September 30, | Nine Months EndedSeptember 30, | |||
|---|---|---|---|---|
| (In millions) | 2024 | 2023 | 2024 | 2023 |
| Operating revenues | ||||
| Electric operating revenues | $2,303 | $2,124 | $6,497 | $5,417 |
| Revenues from alternative revenue programs | (76) | 135 | (100) | 405 |
| Operating revenues from affiliates | 2 | 9 | 6 | 14 |
| Total operating revenues | 2,229 | 2,268 | 6,403 | 5,836 |
| Operating expenses | ||||
| Purchased power | 835 | 896 | 2,504 | 2,068 |
| Operating and maintenance | 307 | 293 | 970 | 814 |
| Operating and maintenance from affiliates | 103 | 92 | 307 | 263 |
| Depreciation and amortization | 387 | 357 | 1,124 | 1,045 |
| Taxes other than income taxes | 99 | 100 | 287 | 282 |
| Total operating expenses | 1,731 | 1,738 | 5,192 | 4,472 |
| Gain on sale of assets | — | — | 5 | — |
| Operating income | 498 | 530 | 1,216 | 1,364 |
| Other income and (deductions) | ||||
| Interest expense, net | (125) | (116) | (364) | (347) |
| Interest expense to affiliates | (3) | (3) | (10) | (10) |
| Other, net | 26 | 16 | 66 | 50 |
| Total other income and (deductions) | (102) | (103) | (308) | (307) |
| Income before income taxes | 396 | 427 | 908 | 1,057 |
| Income taxes | 36 | 94 | 85 | 235 |
| Net income | $360 | $333 | $823 | $822 |
| Comprehensive income | $360 | $333 | $823 | $822 |
| Nine Months EndedSeptember 30, | ||
|---|---|---|
| (In millions) | 2024 | 2023 |
| Cash flows from operating activities | ||
| Net income | $823 | $822 |
| Adjustments to reconcile net income to net cash flows provided by operating activities: | ||
| Depreciation and amortization | 1,124 | 1,045 |
| Gain on sales of assets | (5) | — |
| Deferred income taxes and amortization of investment tax credits | (16) | 164 |
| Other non-cash operating activities | 161 | (392) |
| Changes in assets and liabilities: | ||
| Accounts receivable | (327) | (111) |
| Receivables from and payables to affiliates, net | 43 | (12) |
| Inventories | (17) | (64) |
| Accounts payable and accrued expenses | (207) | (199) |
| Collateral received, net | 21 | 28 |
| Income taxes | (109) | 50 |
| Regulatory assets and liabilities, net | 422 | (248) |
| Pension and non-pension postretirement benefit contributions | (11) | (26) |
| Other assets and liabilities | 134 | (72) |
| Net cash flows provided by operating activities | 2,036 | 985 |
| Cash flows from investing activities | ||
| Capital expenditures | (1,619) | (1,926) |
| Other investing activities | 8 | 8 |
| Net cash flows used in investing activities | (1,611) | (1,918) |
| Cash flows from financing activities | ||
| Changes in short-term borrowings | (129) | (150) |
| 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 |
| Retirement of long-term debt | (250) | — |
| Dividends paid on common stock | (582) | (560) |
| Contributions from parent | 117 | 570 |
| Other financing activities | (12) | (12) |
| Net cash flows (used in) provided by financing activities | (456) | 1,073 |
| (Decrease) increase in cash, restricted cash, and cash equivalents | (31) | 140 |
| Cash, restricted cash, and cash equivalents at beginning of period | 686 | 511 |
| Cash, restricted cash, and cash equivalents at end of period | $655 | $651 |
| Supplemental cash flow information | ||
| Decrease in capital expenditures not paid | $(31) | $(27) |
| (In millions) | September 30, 2024 | December 31, 2023 |
|---|---|---|
| ASSETS | ||
| Current assets | ||
| Cash and cash equivalents | $109 | $110 |
| Restricted cash and cash equivalents | 481 | 402 |
| Accounts receivable | ||
| Customer accounts receivable | 1,116 | 860 |
| Customer allowance for credit losses | (121) | (69) |
| Customer accounts receivable, net | 995 | 791 |
| Other accounts receivable | 321 | 242 |
| Other allowance for credit losses | (39) | (17) |
| Other accounts receivable, net | 282 | 225 |
| Receivables from affiliates | 4 | 3 |
| Inventories, net | 294 | 279 |
| Regulatory assets | 1,050 | 1,335 |
| Other | 151 | 123 |
| Total current assets | 3,366 | 3,268 |
| Property, plant, and equipment (net of accumulated depreciation and amortization of $7,663 and $7,222 as of September 30, 2024 and December 31, 2023, respectively) | 29,874 | 29,088 |
| Deferred debits and other assets | ||
| Regulatory assets | 2,665 | 2,794 |
| Goodwill | 2,625 | 2,625 |
| Receivable related to Regulatory Agreement Units | 3,983 | 2,954 |
| Investments | 6 | 6 |
| Prepaid pension asset | 1,180 | 1,217 |
| Other | 1,019 | 875 |
| Total deferred debits and other assets | 11,478 | 10,471 |
| Total assets | $44,718 | $42,827 |
| (In millions) | September 30, 2024 | December 31, 2023 |
|---|---|---|
| LIABILITIES AND SHAREHOLDERS’ EQUITY | ||
| Current liabilities | ||
| Short-term borrowings | $73 | $602 |
| Long-term debt due within one year | — | 250 |
| Accounts payable | 736 | 867 |
| Accrued expenses | 367 | 576 |
| Payables to affiliates | 116 | 72 |
| Customer deposits | 127 | 118 |
| Regulatory liabilities | 247 | 191 |
| Mark-to-market derivative liabilities | 25 | 27 |
| Other | 260 | 219 |
| Total current liabilities | 1,951 | 2,922 |
| Long-term debt | 12,028 | 11,236 |
| Long-term debt to financing trust | 206 | 205 |
| Deferred credits and other liabilities | ||
| Deferred income taxes and unamortized investment tax credits | 5,539 | 5,327 |
| Regulatory liabilities | 8,592 | 7,493 |
| Asset retirement obligations | 165 | 149 |
| Non-pension postretirement benefits obligations | 166 | 161 |
| Mark-to-market derivative liabilities | 140 | 106 |
| Other | 1,210 | 865 |
| Total deferred credits and other liabilities | 15,812 | 14,101 |
| Total liabilities | 29,997 | 28,464 |
| Commitments and contingencies | ||
| Shareholders’ equity | ||
| Common stock | 1,588 | 1,588 |
| Other paid-in capital | 10,518 | 10,401 |
| Retained earnings | 2,615 | 2,374 |
| Total shareholders’ equity | 14,721 | 14,363 |
| Total liabilities and shareholders’ equity | $44,718 | $42,827 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.