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Midas Edge

ATLANTIC CITY ELECTRIC CO

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

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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.

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Contents

Consolidated Statements of Changes in Shareholders' Equity

Six Months Ended June 30, 2025
(In millions)CommonStockOtherPaid-InCapitalRetainedEarningsTotalShareholders’Equity
Balance at December 31, 2024$1,588$10,628$2,664$14,880
Net income——302302
Common stock dividends——(203)(203)
Contributions from parent—87—87
Balance at March 31, 2025$1,588$10,715$2,763$15,066
Net income——228228
Common stock dividends——(204)(204)
Contributions from parent————
Balance at June 30, 2025$1,588$10,715$2,787$15,090
Six Months Ended June 30, 2024
(In millions)CommonStockOtherPaid-InCapitalRetainedEarningsTotalShareholders’Equity
Balance at December 31, 2023$1,588$10,401$2,374$14,363
Net income——193193
Common stock dividends——(194)(194)
Contributions from parent—39—39
Balance at March 31, 2024$1,588$10,440$2,373$14,401
Net income——270270
Common stock dividends——(194)(194)
Contributions from parent—39—39
Balance at June 30, 2024$1,588$10,479$2,449$14,516
Three Months Ended June 30,Six Months EndedJune 30,
(In millions)2025202420252024
Operating revenues
Electric operating revenues$876$795$1,839$1,576
Natural gas operating revenues12094496367
Revenues from alternative revenue programs1—(8)(2)
Operating revenues from affiliates3264
Total operating revenues1,0008912,3331,945
Operating expenses
Purchased power304298665604
Purchased fuel3525176123
Operating and maintenance242209507444
Operating and maintenance from affiliates6361124119
Depreciation and amortization112107221210
Taxes other than income taxes5452115103
Total operating expenses8107521,8081,603
Gain on sales of assets—2—4
Operating income190141525346
Other income and (deductions)
Interest expense, net(57)(54)(117)(106)
Interest expense to affiliates(3)(3)(7)(6)
Other, net1091818
Total other income and (deductions)(50)(48)(106)(94)
Income before income taxes14093419252
Income taxes431713
Net income$136$90$402$239
Comprehensive income$136$90$402$239
Six Months EndedJune 30,
(In millions)20252024
Cash flows from operating activities
Net income$402$239
Adjustments to reconcile net income to net cash flows provided by operating activities:
Depreciation and amortization221210
Gain on sales of assets—(4)
Deferred income taxes and amortization of investment tax credits(32)(14)
Other non-cash operating activities5337
Changes in assets and liabilities:
Accounts receivable(101)(83)
Receivables from and payables to affiliates, net41
Inventories213
Accounts payable and accrued expenses2(57)
Collateral (paid) received, net6—
Income taxes3(19)
Regulatory assets and liabilities, net21(15)
Pension and non-pension postretirement benefit contributions(9)(3)
Other assets and liabilities(66)(65)
Net cash flows provided by operating activities506240
Cash flows from investing activities
Capital expenditures(832)(743)
Other investing activities25
Net cash flows used in investing activities(830)(738)
Cash flows from financing activities
Changes in short-term borrowings1195
Dividends paid on common stock(273)(200)
Contributions from parent563580
Net cash flows provided by financing activities301475
Decrease in cash, restricted cash, and cash equivalents(23)(23)
Cash, restricted cash, and cash equivalents at beginning of period4851
Cash, restricted cash, and cash equivalents at end of period$25$28
Supplemental cash flow information
Increase in capital expenditures not paid$95$21
(In millions)June 30, 2025December 31, 2024
ASSETS
Current assets
Cash and cash equivalents$25$48
Accounts receivable
Customer accounts receivable742670
Customer allowance for credit losses(154)(133)
Customer accounts receivable, net588537
Other accounts receivable156145
Other allowance for credit losses(19)(18)
Other accounts receivable, net137127
Inventories, net
Fossil fuel2737
Materials and supplies8479
Prepaid utility taxes752
Prepaid renewable energy credits4951
Regulatory assets6265
Other6627
Total current assets1,113973
Property, plant, and equipment (net of accumulated depreciation and amortization of $4,113 and $4,042 as of June 30, 2025 and December 31, 2024, respectively)15,11014,392
Deferred debits and other assets
Regulatory assets1,1081,003
Receivable related to Regulatory Agreement Units379247
Investments4041
Prepaid pension asset442435
Other3832
Total deferred debits and other assets2,0071,758
Total assets$18,230$17,123
(In millions)June 30, 2025December 31, 2024
LIABILITIES AND SHAREHOLDER'S EQUITY
Current liabilities
Short-term borrowings$203$192
Long-term debt due within one year350350
Accounts payable769639
Accrued expenses146166
Payables to affiliates4541
Customer deposits9080
Renewable energy credit obligations9652
Regulatory liabilities146122
Other4028
Total current liabilities1,8851,670
Long-term debt5,3555,354
Long-term debt to financing trusts184184
Deferred credits and other liabilities
Deferred income taxes and unamortized investment tax credits2,5112,433
Regulatory liabilities385253
Asset retirement obligations2827
Non-pension postretirement benefit obligations288287
Other87100
Total deferred credits and other liabilities3,2993,100
Total liabilities10,72310,308
Commitments and contingencies
Shareholder’s equity
Common stock5,2084,645
Retained earnings2,2992,170
Total shareholder’s equity7,5076,815
Total liabilities and shareholder's equity$18,230$17,123
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.