ATLANTIC CITY ELECTRIC CO

For the period ended Jun 30, 2025. Filed Jul 31, 2025.

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, 2025 · Filed Jul 31, 2025

EXC$45.62-2.0%Stored close · as of Nov 6, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

See the whole filing, with its images and exhibits

Contents

Consolidated Statements of Changes in Member's Equity

	Six Months Ended June 30, 2025
(In millions)	Membership Interest	Undistributed (Losses)/Gains	Total Member's Equity
Balance at December 31, 2024	$12,562	$(240)	$12,322
Net income	—	194	194
Distributions to member	—	(132)	(132)
Contributions from member	352	—	352
Balance at March 31, 2025	$12,914	$(178)	$12,736
Net income	—	143	143
Distributions to member	—	(160)	(160)
Contributions from member	170	—	170
Balance at June 30, 2025	$13,084	$(195)	$12,889

	Six Months Ended June 30, 2024
(In millions)	Membership Interest	Undistributed (Losses)/Gains	Total Member's Equity
Balance at December 31, 2023	$12,057	$(275)	$11,782
Net income	—	168	168
Distributions to member	—	(118)	(118)
Contributions from member	487	—	487
Balance at March 31, 2024	$12,544	$(225)	$12,319
Net income	—	158	158
Distributions to member	—	(164)	(164)
Balance at June 30, 2024	$12,544	$(231)	$12,313

	Three Months Ended June 30,		Six Months EndedJune 30,
(In millions)	2025	2024	2025	2024
Operating revenues
Electric operating revenues	$791	691	$1,645	$1,419
Revenues from alternative revenue programs	(16)	7	(14)	37
Operating revenues from affiliates	1	2	4	3
Total operating revenues	776	700	1,635	1,459
Operating expenses
Purchased power	256	234	574	514
Operating and maintenance	91	37	187	123
Operating and maintenance from affiliates	64	65	126	129
Depreciation and amortization	107	98	212	205
Taxes other than income taxes	109	100	222	203
Total operating expenses	627	534	1,321	1,174
Gain on sale of assets	2	—	1	—
Operating income	151	166	315	285
Other income and (deductions)
Interest expense, net	(54)	(46)	(106)	(92)
Other, net	9	16	20	32
Total other income and (deductions)	(45)	(30)	(86)	(60)
Income before income taxes	106	136	229	225
Income taxes	22	28	48	42
Net income	$84	$108	$181	$183
Comprehensive income	$84	$108	$181	$183

	Six Months EndedJune 30,
(In millions)	2025	2024
Cash flows from operating activities
Net income	$181	$183
Adjustments to reconcile net income to net cash flows provided by operating activities:
Depreciation and amortization	212	205
Deferred income taxes and amortization of investment tax credits	14	10
Other non-cash operating activities	46	(23)
Changes in assets and liabilities:
Accounts receivable	(73)	(30)
Receivables from and payables to affiliates, net	—	7
Inventories	(18)	(12)
Accounts payable and accrued expenses	17	47
Collateral received, net	2	—
Income taxes	(38)	(45)
Regulatory assets and liabilities, net	(27)	(48)
Pension and non-pension postretirement benefit contributions	(6)	(5)
Other assets and liabilities	6	(34)
Net cash flows provided by operating activities	316	255
Cash flows from investing activities
Capital expenditures	(469)	(454)
Proceeds from sales of long-lived assets	2	—
Changes in PHI intercompany money pool	—	(57)
Net cash flows used in investing activities	(467)	(511)
Cash flows from financing activities
Changes in short-term borrowings	(51)	(132)
Issuance of long-term debt	200	675
Retirement of long-term debt	—	(400)
Dividends paid on common stock	(158)	(153)
Contributions from parent	157	251
Other financing activities	(4)	(17)
Net cash flows provided by financing activities	144	224
Decrease in cash, restricted cash, and cash equivalents	(7)	(32)
Cash, restricted cash, and cash equivalents at beginning of period	51	72
Cash, restricted cash, and cash equivalents at end of period	$44	$40
Supplemental cash flow information
Decrease in capital expenditures not paid	$(64)	$(18)

(In millions)	June 30, 2025	December 31, 2024
ASSETS
Current assets
Cash and cash equivalents	$22	$30
Restricted cash and cash equivalents	22	21
Accounts receivable
Customer accounts receivable	456	395
Customer allowance for credit losses	(69)	(59)
Customer accounts receivable, net	387	336
Other accounts receivable	148	142
Other allowance for credit losses	(28)	(27)
Other accounts receivable, net	120	115
Receivables from affiliates	1	1
Inventories, net	187	169
Regulatory assets	154	157
Prepaid renewable energy credits	86	165
Other	17	55
Total current assets	996	1,049
Property, plant, and equipment (net of accumulated depreciation and amortization of $4,651 and $4,522 as of June 30, 2025 and December 31, 2024, respectively)	10,327	10,097
Deferred debits and other assets
Regulatory assets	425	446
Investments	137	135
Prepaid pension asset	208	222
Other	56	51
Total deferred debits and other assets	826	854
Total assets	$12,149	$12,000

(In millions)	June 30, 2025	December 31, 2024
LIABILITIES AND SHAREHOLDER'S EQUITY
Current liabilities
Short-term borrowings	$149	$200
Long-term debt due within one year	6	6
Accounts payable	316	360
Accrued expenses	160	201
Payables to affiliates	34	37
Customer deposits	58	55
Regulatory liabilities	8	17
Merger related obligation	21	22
Renewable energy credit obligations	87	169
Other	45	51
Total current liabilities	884	1,118
Long-term debt	4,552	4,356
Deferred credits and other liabilities
Deferred income taxes and unamortized investment tax credits	1,543	1,509
Regulatory liabilities	293	310
Asset retirement obligations	50	49
Other	212	223
Total deferred credits and other liabilities	2,098	2,091
Total liabilities	7,534	7,565
Commitments and contingencies
Shareholder's equity
Common stock	3,492	3,335
Retained earnings	1,123	1,100
Total shareholder's equity	4,615	4,435
Total liabilities and shareholder's equity	$12,149	$12,000

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.