EXELON CORP
For the period ended Sep 30, 2024. Filed Oct 30, 2024.
View on SEC.govAbout 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.
Sep 30, 2024 · Filed Oct 30, 2024
EXC$45.62-2.0%Stored close · as of Nov 6, 2026
Contents
Statements of Changes in Shareholder's Equity
| Nine Months Ended September 30, 2024 | |||
|---|---|---|---|
| (In millions) | CommonStock | RetainedEarnings | TotalShareholder'sEquity |
| Balance at December 31, 2023 | $3,246 | $2,244 | $5,490 |
| Net income | — | 264 | 264 |
| Common stock dividends | — | (92) | (92) |
| Balance at March 31, 2024 | $3,246 | $2,416 | $5,662 |
| Net income | — | 44 | 44 |
| Common stock dividends | — | (92) | (92) |
| Contributions from parent | 197 | — | 197 |
| Balance at June 30, 2024 | $3,443 | $2,368 | $5,811 |
| Net income | — | 45 | 45 |
| Common stock dividends | — | (92) | (92) |
| Contributions from parent | 40 | — | 40 |
| Balance at September 30, 2024 | $3,483 | $2,321 | $5,804 |
| Nine Months Ended September 30, 2023 | |||
| (In millions) | CommonStock | RetainedEarnings | TotalShareholder'sEquity |
| Balance at December 31, 2022 | $2,861 | $2,075 | $4,936 |
| Net income | — | 200 | 200 |
| Common stock dividends | — | (80) | (80) |
| Contributions from parent | 237 | — | 237 |
| Balance at March 31, 2023 | $3,098 | $2,195 | $5,293 |
| Net income | — | 42 | 42 |
| Common stock dividends | — | (79) | (79) |
| Balance at June 30, 2023 | $3,098 | $2,158 | $5,256 |
| Net income | — | 45 | 45 |
| Common stock dividends | — | (79) | (79) |
| Balance at September 30, 2023 | $3,098 | $2,124 | $5,222 |
| Three Months Ended September 30, | Nine Months EndedSeptember 30, | |||
|---|---|---|---|---|
| (In millions) | 2024 | 2023 | 2024 | 2023 |
| Operating revenues | ||||
| Electric operating revenues | $1,828 | $1,762 | $4,769 | $4,399 |
| Natural gas operating revenues | 23 | 24 | 122 | 150 |
| Revenues from alternative revenue programs | 8 | (15) | 40 | 59 |
| Operating revenues from affiliates | 3 | 2 | 7 | 7 |
| Total operating revenues | 1,862 | 1,773 | 4,938 | 4,615 |
| Operating expenses | ||||
| Purchased power | 735 | 701 | 1,895 | 1,729 |
| Purchased fuel | 7 | 9 | 44 | 76 |
| Operating and maintenance | 275 | 288 | 780 | 815 |
| Operating and maintenance from affiliates | 47 | 51 | 147 | 137 |
| Depreciation and amortization | 235 | 257 | 716 | 741 |
| Taxes other than income taxes | 140 | 134 | 395 | 366 |
| Total operating expenses | 1,439 | 1,440 | 3,977 | 3,864 |
| Operating income | 423 | 333 | 961 | 751 |
| Other income and (deductions) | ||||
| Interest expense, net | (95) | (80) | (279) | (238) |
| Other, net | 22 | 28 | 79 | 80 |
| Total other income and (deductions) | (73) | (52) | (200) | (158) |
| Income before income taxes | 350 | 281 | 761 | 593 |
| Income taxes | 72 | 49 | 158 | 103 |
| Net income | $278 | $232 | $603 | $490 |
| Comprehensive income | $278 | $232 | $603 | $490 |
| Nine Months EndedSeptember 30, | ||
|---|---|---|
| (In millions) | 2024 | 2023 |
| Cash flows from operating activities | ||
| Net income | $603 | $490 |
| Adjustments to reconcile net income to net cash flows provided by operating activities: | ||
| Depreciation and amortization | 716 | 741 |
| Deferred income taxes and amortization of investment tax credits | 56 | 44 |
| Other non-cash operating activities | 96 | 80 |
| Changes in assets and liabilities: | ||
| Accounts receivable | (116) | (160) |
| Receivables from and payables to affiliates, net | (8) | (8) |
| Inventories | (32) | (22) |
| Accounts payable and accrued expenses | 37 | 23 |
| Collateral received (paid), net | 1 | (191) |
| Income taxes | (55) | 37 |
| Regulatory assets and liabilities, net | (158) | (2) |
| Pension and non-pension postretirement benefit contributions | (79) | (15) |
| Other assets and liabilities | (74) | (98) |
| Net cash flows provided by operating activities | 987 | 919 |
| Cash flows from investing activities | ||
| Capital expenditures | (1,343) | (1,510) |
| Other investing activities | — | 8 |
| Net cash flows used in investing activities | (1,343) | (1,502) |
| Cash flows from financing activities | ||
| Changes in short-term borrowings | (176) | (241) |
| Issuance of long-term debt | 1,100 | 550 |
| Retirement of long-term debt | (583) | — |
| Changes in Exelon intercompany money pool | 10 | 18 |
| Distributions to member | (549) | (410) |
| Contributions from member | 505 | 475 |
| Other financing activities | (33) | (36) |
| Net cash flows provided by financing activities | 274 | 356 |
| Decrease in cash, restricted cash, and cash equivalents | (82) | (227) |
| Cash, restricted cash, and cash equivalents at beginning of period | 204 | 373 |
| Cash, restricted cash, and cash equivalents at end of period | $122 | $146 |
| Supplemental cash flow information | ||
| Decrease in capital expenditures not paid | $(27) | $(96) |
| (In millions) | September 30, 2024 | December 31, 2023 |
|---|---|---|
| ASSETS | ||
| Current assets | ||
| Cash and cash equivalents | $100 | $180 |
| Restricted cash and cash equivalents | 22 | 24 |
| Accounts receivable | ||
| Customer accounts receivable | 806 | 745 |
| Customer allowance for credit losses | (110) | (107) |
| Customer accounts receivable, net | 696 | 638 |
| Other accounts receivable | 321 | 310 |
| Other allowance for credit losses | (46) | (50) |
| Other accounts receivable, net | 275 | 260 |
| Receivables from affiliates | 6 | 3 |
| Inventories, net | ||
| Fossil fuel | 7 | 9 |
| Materials and supplies | 320 | 287 |
| Regulatory assets | 326 | 337 |
| Other | 70 | 100 |
| Total current assets | 1,822 | 1,838 |
| Property, plant, and equipment (net of accumulated depreciation and amortization of $3,574 and $3,175 as of September 30, 2024 and December 31, 2023, respectively) | 19,632 | 18,851 |
| Deferred debits and other assets | ||
| Regulatory assets | 1,597 | 1,587 |
| Goodwill | 4,005 | 4,005 |
| Investments | 151 | 143 |
| Prepaid pension asset | 272 | 268 |
| Other | 193 | 211 |
| Total deferred debits and other assets | 6,218 | 6,214 |
| Total assets | $27,672 | $26,903 |
| (In millions) | September 30, 2024 | December 31, 2023 |
|---|---|---|
| LIABILITIES AND MEMBER'S EQUITY | ||
| Current liabilities | ||
| Short-term borrowings | $218 | $394 |
| Long-term debt due within one year | 140 | 644 |
| Accounts payable | 635 | 683 |
| Accrued expenses | 330 | 338 |
| Payables to affiliates | 54 | 59 |
| Borrowings from Exelon intercompany money pool | 75 | 65 |
| Customer deposits | 111 | 100 |
| Regulatory liabilities | 73 | 71 |
| Unamortized energy contract liabilities | 6 | 8 |
| PPA termination obligation | 10 | 49 |
| Other | 102 | 138 |
| Total current liabilities | 1,754 | 2,549 |
| Long-term debt | 8,995 | 8,004 |
| Deferred credits and other liabilities | ||
| Deferred income taxes and unamortized investment tax credits | 3,157 | 3,031 |
| Regulatory liabilities | 828 | 904 |
| Asset retirement obligations | 56 | 55 |
| Non-pension postretirement benefit obligations | 36 | 40 |
| Unamortized energy contract liabilities | 23 | 27 |
| Other | 481 | 511 |
| Total deferred credits and other liabilities | 4,581 | 4,568 |
| Total liabilities | 15,330 | 15,121 |
| Commitments and contingencies | ||
| Member's equity | ||
| Membership interest | 12,562 | 12,057 |
| Undistributed losses | (220) | (275) |
| Total member's equity | 12,342 | 11,782 |
| Total liabilities and member's equity | $27,672 | $26,903 |
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