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Constellation Energy Corp

For the period ended Mar 31, 2024. Filed May 9, 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.

Mar 31, 2024 · Filed May 9, 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-Q

☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended March 31, 2024

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

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 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 is a shell company (as defined in Rule 12b-2 of the Act). Yes☐ Nox

The number of shares outstanding of each registrant’s common stock as of April 30, 2024 was as follows:

Constellation Energy Corporation Common Stock, without par value315,234,850
Constellation Energy Generation, LLCNot applicable

TABLE OF CONTENTS

Page No.
GLOSSARY OF TERMS AND ABBREVIATIONS1
FILING FORMAT4
CAUTIONARY STATEMENTS REGARDING FORWARD-LOOKING INFORMATION4
WHERE TO FIND MORE INFORMATION4
PART IFINANCIAL INFORMATION5
ITEM 1.FINANCIAL STATEMENTS5
Constellation Energy Corporation
Consolidated Statements of Operations and Comprehensive Income6
Consolidated Statements of Cash Flows7
Consolidated Balance Sheets8
Consolidated Statements of Changes in Equity10
Constellation Energy Generation, LLC
Consolidated Statements of Operations and Comprehensive Income11
Consolidated Statements of Cash Flows12
Consolidated Balance Sheets13
Consolidated Statements of Changes in Equity15
Combined Notes to Consolidated Financial Statements
1. Basis of Presentation16
2. Mergers, Acquisitions, and Dispositions16
3. Revenue from Contracts with Customers17
4. Segment Information18
5. Government Assistance20
6. Accounts Receivable21
7. Nuclear Decommissioning22
8. Income Taxes24
9. Retirement Benefits25
10. Derivative Financial Instruments25
11. Debt and Credit Agreements30
12. Fair Value of Financial Assets and Liabilities32
13. Commitments and Contingencies37
14. Shareholders' Equity38
15. Variable Interest Entities39
16. Supplemental Financial Information42
ITEM 2.MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS46
Executive Overview46
Significant Transactions and Developments46
Other Key Business Drivers46
Critical Accounting Policies and Estimates47
Financial Results of Operations47
Liquidity and Capital Resources56
ITEM 3.QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK62
ITEM 4.CONTROLS AND PROCEDURES66
PART IIOTHER INFORMATION66
ITEM 1.LEGAL PROCEEDINGS66
ITEM 1A.RISK FACTORS66
ITEM 2.UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS66
ITEM 4.MINE SAFETY DISCLOSURES67
ITEM 5.OTHER INFORMATION67
ITEM 6.EXHIBITS68
SIGNATURES69
Constellation Energy Corporation69
Constellation Energy Generation, LLC70
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.