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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ITEM 1. FINANCIAL STATEMENTS
| Three Months Ended September 30, | Nine Months EndedSeptember 30, | |||
|---|---|---|---|---|
| (In millions, except per share data) | 2024 | 2023 | 2024 | 2023 |
| Operating revenues | ||||
| Electric operating revenues | $6,012 | $5,684 | $16,379 | $14,579 |
| Natural gas operating revenues | 196 | 188 | 1,207 | 1,268 |
| Revenues from alternative revenue programs | (54) | 108 | (29) | 513 |
| Total operating revenues | 6,154 | 5,980 | 17,557 | 16,360 |
| Operating expenses | ||||
| Purchased power | 2,349 | 2,364 | 6,483 | 5,766 |
| Purchased fuel | 34 | 33 | 301 | 449 |
| Operating and maintenance | 1,275 | 1,187 | 3,756 | 3,535 |
| Depreciation and amortization | 908 | 890 | 2,681 | 2,616 |
| Taxes other than income taxes | 395 | 383 | 1,127 | 1,063 |
| Total operating expenses | 4,961 | 4,857 | 14,348 | 13,429 |
| Gain on sale of assets | 3 | — | 12 | — |
| Operating income | 1,196 | 1,123 | 3,221 | 2,931 |
| Other income and (deductions) | ||||
| Interest expense, net | (490) | (431) | (1,428) | (1,259) |
| Interest expense to affiliates | (6) | (6) | (18) | (18) |
| Other, net | 57 | 81 | 196 | 331 |
| Total other income and (deductions) | (439) | (356) | (1,250) | (946) |
| Income before income taxes | 757 | 767 | 1,971 | 1,985 |
| Income taxes | 50 | 67 | 158 | 274 |
| Net income attributable to common shareholders | $707 | $700 | $1,813 | $1,711 |
| Comprehensive income, net of income taxes | ||||
| Net income | $707 | $700 | $1,813 | $1,711 |
| Other comprehensive (loss) income, net of income taxes | ||||
| Pension and non-pension postretirement benefit plans: | ||||
| Actuarial losses reclassified to periodic benefit cost | 5 | 16 | 15 | 22 |
| Pension and non-pension postretirement benefit plans valuation adjustments | — | (3) | (26) | (16) |
| Unrealized (loss) gain on cash flow hedges | (29) | 21 | 1 | 36 |
| Other comprehensive (loss) income | (24) | 34 | (10) | 42 |
| Comprehensive income attributable to common shareholders | $683 | $734 | $1,803 | $1,753 |
| Average shares of common stock outstanding: | ||||
| Basic | 1,003 | 996 | 1,002 | 996 |
| Assumed exercise and/or distributions of stock-based awards(a) | 1 | 1 | — | — |
| Diluted | 1,004 | 997 | 1,002 | 996 |
| Earnings per average common share | ||||
| Basic | $0.70 | $0.70 | $1.81 | $1.72 |
| Diluted | $0.70 | $0.70 | $1.81 | $1.72 |
(a)The dilutive effects of stock-based compensation awards are calculated using the treasury stock method for all periods presented.
| Nine Months EndedSeptember 30, | ||
|---|---|---|
| (In millions) | 2024 | 2023 |
| Cash flows from operating activities | ||
| Net income | $1,813 | $1,711 |
| Adjustments to reconcile net income to net cash flows provided by operating activities: | ||
| Depreciation, amortization, and accretion | 2,683 | 2,616 |
| Gain on sales of assets | (12) | — |
| Deferred income taxes and amortization of investment tax credits | 102 | 210 |
| Net fair value changes related to derivatives | 1 | 21 |
| Other non-cash operating activities | 441 | (237) |
| Changes in assets and liabilities: | ||
| Accounts receivable | (489) | 82 |
| Inventories | (57) | (8) |
| Accounts payable and accrued expenses | (309) | (454) |
| Collateral received (paid), net | 21 | (183) |
| Income taxes | (18) | 50 |
| Regulatory assets and liabilities, net | 194 | (395) |
| Pension and non-pension postretirement benefit contributions | (140) | (97) |
| Other assets and liabilities | (87) | (24) |
| Net cash flows provided by operating activities | 4,143 | 3,292 |
| Cash flows from investing activities | ||
| Capital expenditures | (5,161) | (5,540) |
| Proceeds from sales of assets and businesses | 38 | — |
| Other investing activities | 9 | 25 |
| Net cash flows used in investing activities | (5,114) | (5,515) |
| Cash flows from financing activities | ||
| Changes in short-term borrowings | (1,093) | (1,116) |
| Proceeds from short-term borrowings with maturities greater than 90 days | 150 | 400 |
| Repayments on short-term borrowings with maturities greater than 90 days | (549) | (150) |
| Issuance of long-term debt | 4,975 | 5,300 |
| Retirement of long-term debt | (1,336) | (1,209) |
| Issuance of common stock | 148 | — |
| Dividends paid on common stock | (1,142) | (1,074) |
| Proceeds from employee stock plans | 33 | 30 |
| Other financing activities | (83) | (101) |
| Net cash flows provided by financing activities | 1,103 | 2,080 |
| Increase (decrease) in cash, restricted cash, and cash equivalents | 132 | (143) |
| Cash, restricted cash, and cash equivalents at beginning of period | 1,101 | 1,090 |
| Cash, restricted cash, and cash equivalents at end of period | $1,233 | $947 |
| Supplemental cash flow information | ||
| Increase (decrease) in capital expenditures not paid | 6 | (169) |
| Increase (decrease) in PP&E related to ARO update | 16 | (4) |
| (In millions) | September 30, 2024 | December 31, 2023 |
|---|---|---|
| ASSETS | ||
| Current assets | ||
| Cash and cash equivalents | $616 | $445 |
| Restricted cash and cash equivalents | 552 | 482 |
| Accounts receivable | ||
| Customer accounts receivable | 2,971 | 2,659 |
| Customer allowance for credit losses | (426) | (317) |
| Customer accounts receivable, net | 2,545 | 2,342 |
| Other accounts receivable | 1,226 | 1,101 |
| Other allowance for credit losses | (111) | (82) |
| Other accounts receivable, net | 1,115 | 1,019 |
| Inventories, net | ||
| Fossil fuel | 78 | 94 |
| Materials and supplies | 777 | 707 |
| Regulatory assets | 1,869 | 2,215 |
| Other | 471 | 473 |
| Total current assets | 8,023 | 7,777 |
| Property, plant, and equipment (net of accumulated depreciation and amortization of $18,227 and $17,251 as of September 30, 2024 and December 31, 2023, respectively) | 76,661 | 73,593 |
| Deferred debits and other assets | ||
| Regulatory assets | 8,657 | 8,698 |
| Goodwill | 6,630 | 6,630 |
| Receivable related to Regulatory Agreement Units | 4,322 | 3,232 |
| Investments | 279 | 251 |
| Other | 1,498 | 1,365 |
| Total deferred debits and other assets | 21,386 | 20,176 |
| Total assets | $106,070 | $101,546 |
| (In millions) | September 30, 2024 | December 31, 2023 |
|---|---|---|
| LIABILITIES AND SHAREHOLDERS’ EQUITY | ||
| Current liabilities | ||
| Short-term borrowings | $1,031 | $2,523 |
| Long-term debt due within one year | 954 | 1,403 |
| Accounts payable | 2,648 | 2,846 |
| Accrued expenses | 1,284 | 1,375 |
| Payables to affiliates | 5 | 5 |
| Customer deposits | 432 | 411 |
| Regulatory liabilities | 430 | 389 |
| Mark-to-market derivative liabilities | 25 | 74 |
| Unamortized energy contract liabilities | 6 | 8 |
| Other | 569 | 557 |
| Total current liabilities | 7,384 | 9,591 |
| Long-term debt | 43,701 | 39,692 |
| Long-term debt to financing trusts | 390 | 390 |
| Deferred credits and other liabilities | ||
| Deferred income taxes and unamortized investment tax credits | 12,551 | 11,956 |
| Regulatory liabilities | 10,563 | 9,576 |
| Pension obligations | 1,553 | 1,571 |
| Non-pension postretirement benefit obligations | 528 | 527 |
| Asset retirement obligations | 289 | 267 |
| Mark-to-market derivative liabilities | 180 | 106 |
| Unamortized energy contract liabilities | 22 | 27 |
| Other | 2,287 | 2,088 |
| Total deferred credits and other liabilities | 27,973 | 26,118 |
| Total liabilities | 79,448 | 75,791 |
| Commitments and contingencies | ||
| Shareholders’ equity | ||
| Common stock (No par value, 2,000 shares authorized, 1,005 shares and 999 shares outstanding as of September 30, 2024 and December 31, 2023, respectively) | 21,320 | 21,114 |
| Treasury stock, at cost (2 shares as of September 30, 2024 and December 31, 2023) | (123) | (123) |
| Retained earnings | 6,161 | 5,490 |
| Accumulated other comprehensive loss, net | (736) | (726) |
| Total shareholders’ equity | 26,622 | 25,755 |
| Total liabilities and shareholders’ equity | $106,070 | $101,546 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.