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Constellation Energy Corp

For the period ended Dec 31, 2023. Filed Feb 27, 2024.

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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2023 · Filed Feb 27, 2024

CEG$249.95+4.3%Stored close · as of Nov 6, 2026

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UNITED STATES SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-K

For the Fiscal Year Ended December 31, 2023

or

☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
CommissionFile NumberName of Registrant; State or Other Jurisdiction of Incorporation; Address of Principal Executive Offices; and Telephone NumberIRS Employer Identification Number
001-41137CONSTELLATION ENERGY CORPORATION87-1210716
333-85496CONSTELLATION ENERGY GENERATION, LLC23-3064219
(a Pennsylvania limited liability company)200 Exelon WayKennett Square, Pennsylvania 19348-2473(833) 883-0162

Securities registered pursuant to Section 12(b) of the Act:

Title of each classTrading Symbol(s)Name of each exchange on which registered
CONSTELLATION ENERGY CORPORATION:
Common Stock, without par valueCEGThe Nasdaq Stock Market LLC

Securities registered pursuant to Section 12(g) of the Act: None

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.

Constellation Energy CorporationYesxNo☐
Constellation Energy Generation, LLCYes☐Nox

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.

Constellation Energy CorporationYes☐Nox
Constellation Energy Generation, LLCYes☐Nox

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Constellation Energy CorporationYesxNo☐
Constellation Energy Generation, LLCYesxNo☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ý No¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Constellation Energy CorporationLarge Accelerated FilerxAccelerated Filer☐Non-accelerated Filer☐Smaller Reporting Company☐Emerging Growth Company☐
Constellation Energy Generation, LLCLarge Accelerated Filer☐Accelerated Filer☐Non-accelerated FilerxSmaller Reporting Company☐Emerging Growth Company☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act by the registered public accounting firm that prepared or issued its audit report.☒

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. o

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes☐ Nox

The estimated aggregate market value of the voting and non-voting common equity held by nonaffiliates of each registrant as of June 30,2023 was as follows:

Constellation Energy Corporation$29,396,464,132
Constellation Energy Generation, LLCNot applicable

The number of shares outstanding of each registrant’s common stock as of January 31, 2024 was as follows:

Constellation Energy Corporation Common Stock, without par value316,666,538
Constellation Energy Generation, LLCNot applicable

Documents Incorporated by Reference

Portions of the Registrants’ Definitive Proxy Statement relating to the 2024 Annual Meeting of Shareholders are incorporated by reference into Part III of this report. The Registrants expect to file the Definitive Proxy Statement with the Securities and Exchange Commission within 120 days after December 31, 2023.

TABLE OF CONTENTS

Page No.
GLOSSARY OF TERMS AND ABBREVIATIONS1
FILING FORMAT5
CAUTIONARY STATEMENTS REGARDING FORWARD-LOOKING INFORMATION5
WHERE TO FIND MORE INFORMATION5
PART I
ITEM 1.BUSINESS6
General6
Constellations Strategy and Outlook17
Employees19
Environmental Matters and Regulation22
ITEM 1A.RISK FACTORS33
ITEM 1B.UNRESOLVED STAFF COMMENTS28
ITEM 1C.CYBERSECURITY28
ITEM 2.PROPERTIES30
ITEM 3.LEGAL PROCEEDINGS32
ITEM 4.MINE SAFETY DISCLOSURES46
PART II
ITEM 5.MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS, AND ISSUER PURCHASES OF EQUITY SECURITIES46
ITEM 6.RESERVED48
ITEM 7.MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS48
Executive Overview48
Significant Transactions and Developments49
Other Key Business Drivers50
Critical Accounting Policies and Estimates50
Financial Results of Operations58
Liquidity and Capital Resources67
ITEM 7A.QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK76
ITEM 8.FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA81
Management's Report on Internal Control Over Financial Reporting81
Report of Independent Registered Public Accounting Firm82
Constellation Energy Corporation86
Constellation Energy Generation, LLC91
Combined Notes to Consolidated Financial Statements96
1. Basis of Presentation96
2. Mergers, Acquisitions, and Dispositions103
3. Regulatory Matters106
4. Revenue from Contracts with Customers108
5. Segment Information111
6. Accounts Receivable114
7. Early Plant Retirements115
8. Property, Plant, and Equipment117
9. Jointly Owned Electric Plant118
10. Asset Retirement Obligations118
11. Leases124
12. Asset Impairments125
13. Intangible Assets126
14. Income Taxes127
15. Retirement Benefits130
16. Derivative Financial Instruments140
17. Debt and Credit Agreements144
18. Fair Value of Financial Assets and Liabilities149
19. Commitments and Contingencies157
20. Shareholders' Equity162
21. Stock-Based Compensation Plans163
22. Variable Interest Entities166
23. Supplemental Financial Information169
24. Related Party Transactions173
ITEM 9.CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE174
ITEM 9A.CONTROLS AND PROCEDURES174
ITEM 9B.OTHER INFORMATION174
ITEM 9C.DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS174
PART III
ITEM 10.DIRECTORS, EXECUTIVE OFFICERS, AND CORPORATE GOVERNANCE175
ITEM 11.EXECUTIVE COMPENSATION176
ITEM 12.SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS176
ITEM 13.CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS AND DIRECTOR INDEPENDENCE177
ITEM 14.PRINCIPAL ACCOUNTING FEES AND SERVICES177
PART IV
ITEM 15.EXHIBITS, FINANCIAL STATEMENT SCHEDULES177
SIGNATURES185
Constellation Energy Corporation185
Constellation Energy Generation, LLC186
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.