Exelon CORP 10-Q Filing

Ticker: EXC · Form: 10-Q · Filed: May 2, 2024 · CIK: 1109357

Exelon CORP 10-Q Filing Summary
FieldDetail
CompanyExelon CORP (EXC)
Form Type10-Q
Filed DateMay 2, 2024
Pages15
Reading Time18 min
Key Dollar Amounts$25, $12.50, $0.01, $2.25, $3.00
Sentimentneutral

Sentiment: neutral

FAQ

What type of filing is this?

This is a 10-Q filing submitted by Exelon CORP (ticker: EXC) to the SEC on May 2, 2024.

What are the key financial figures in this filing?

Key dollar amounts include: $25 (mulative Preferred Security, Series D , $25 stated value, issued by PECO Energy Cap); $12.50 (mmonwealth Edison Company Common Stock, $12.50 par value 127,021,409 PECO Energy Comp); $0.01 (ac Electric Power Company Common Stock, $0.01 par value 100 Delmarva Power & Light C); $2.25 (rva Power & Light Company Common Stock, $2.25 par value 1,000 Atlantic City Electric); $3.00 (tic City Electric Company Common Stock, $3.00 par value 8,546,017 TABLE OF CONTENTS).

How long is this filing?

Exelon CORP's 10-Q filing is 15 pages with approximately 4,436 words. Estimated reading time is 18 minutes.

Where can I view the full 10-Q filing?

The complete filing is available on SEC EDGAR. You can also read the AI-decoded analysis with risk assessment and key highlights on ReadTheFiling.

Filing Stats: 4,436 words · 18 min read · ~15 pages · Grade level 20 · Accepted 2024-05-02 15:00:15

Key Financial Figures

Filing Documents

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS 8 Exelon Corporation Consolidated Statements of Operations and Comprehensive Income 9 Consolidated Statements of Cash Flows 10 Consolidated Balance Sheets 11 Consolidated Statements of Changes in Shareholders' Equity 13 Commonwealth Edison Company Consolidated Statements of Operations and Comprehensive Income 14 Consolidated Statements of Cash Flows 15 Consolidated Balance Sheets 16 Consolidated Statements of Changes in Shareholders' Equity 18 PECO Energy Company Consolidated Statements of Operations and Comprehensive Income 19 Consolidated Statements of Cash Flows 20 Consolidated Balance Sheets 21 Consolidated Statements of Changes in Shareholder's Equity 23 Baltimore Gas and Electric Company 24 25 Balance Sheets 26 28 Pepco Holdings LLC Consolidated Statements of Operations and Comprehensive Income 29 Consolidated Statements of Cash Flows 30 Consolidated Balance Sheets 31 Consolidated Statements of Changes in Member's Equity 33 1 Page No. Potomac Electric Power Company 34 35 Balance Sheets 36 38 Delmarva Power & Light Company 39 40 Balance Sheets 41 43 Atlantic City Electric Company Consolidated Statements of Operations and Comprehensive Income 44 Consolidated Statements of Cash Flows 45 Consolidated Balance Sheets 46 Consolidated Statements of Changes in Shareholder's Equity 48 Combined Notes to Consolidated Financial Statements 1. Significant Accounting Policies 49 2. Regulatory Matters 50 3. Revenue from Contracts with Customers 57 4. Segment Information 58

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 94 Exelon Corporation 94 Executive Overview 94 Financial Results of Operations 94 Significant 2024 Transactions and Developments 95 Other Key Business Drivers and Management Strategies 98 Critical Accounting Policies and Estimates 99 Results of Operations By Registrant 100 Commonwealth Edison Company 100 PECO Energy Company 103 Baltimore Gas and Electric Company 107 Pepco Holdings LLC 110 Potomac Electric Power Company 111 Delmarva Power & Light Company 114 Atlantic City Electric Company 118 Liquidity and Capital Resources 121 ITEM 3.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 129 ITEM 4.

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 130 PART II. OTHER INFORMATION 130 ITEM 1.

LEGAL PROCEEDINGS

LEGAL PROCEEDINGS 130 ITEM 1A.

RISK FACTORS

RISK FACTORS 130 ITEM 5. OTHER INFORMATION 131 ITEM 6. EXHIBITS 131

SIGNATURES

SIGNATURES 134 Exelon Corporation 134 Commonwealth Edison Company 135 PECO Energy Company 136 Baltimore Gas and Electric Company 137 Pepco Holdings LLC 138 Potomac Electric Power Company 139 Delmarva Power & Light Company 140 Atlantic City Electric Company 141 3 Table of Contents GLOSSARY OF TERMS AND ABBREVIATIONS Exelon Corporation and Related Entities Exelon Exelon Corporation ComEd Commonwealth Edison Company PECO PECO Energy Company BGE Baltimore Gas and Electric Company Pepco Holdings or PHI Pepco Holdings LLC Pepco Potomac Electric Power Company DPL Delmarva Power & Light Company ACE Atlantic City Electric Company Registrants Exelon, ComEd, PECO, BGE, PHI, Pepco, DPL, and ACE, collectively Utility Registrants ComEd, PECO, BGE, Pepco, DPL, and ACE, collectively BSC Exelon Business Services Company, LLC Exelon Corporate Exelon in its corporate capacity as a holding company PCI Potomac Capital Investment Corporation and its subsidiaries PECO Trust III PECO Energy Capital Trust III PECO Trust IV PECO Energy Capital Trust IV PHI Corporate PHI in its corporate capacity as a holding company PHISCO PHI Service Company Former Related Entities Constellation Constellation Energy Corporation Generation Constellation Energy Generation, LLC (formerly Exelon Generation Company, LLC, a subsidiary of Exelon prior to separation on February 1, 2022) 4 Table of Contents GLOSSARY OF TERMS AND ABBREVIATIONS Other Terms and Abbreviations Note - of the 2023 Form 10-K Reference to specific Combined Note to Consolidated Financial Statements within Exelon's 2023 Annual Report on Form 10-K ABO Accumulated Benefit Obligation AFUDC Allowance for Funds Used During Construction AMI Advanced Metering Infrastructure AOCI Accumulated Other Comprehensive Income (Loss) ARO Asset Retirement Obligation ATM At the market BGS Basic Generation Service BSA Bill Stabilization Adjustment CEJA Climate and Equitable Jobs Act; Illinois

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS 8 Table of Contents EXELON CORPORATION AND SUBSIDIARY COMPANIES CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (Unaudited) Three Months Ended March 31, (In millions, except per share data) 2024 2023 Operating revenues Electric operating revenues $ 5,198 $ 4,462 Natural gas operating revenues 739 822 Revenues from alternative revenue programs 106 279 Total operating revenues 6,043 5,563 Operating expenses Purchased power 2,197 1,733 Purchased fuel 213 358 Operating and maintenance 1,271 1,151 Depreciation and amortization 879 860 Taxes other than income taxes 371 355 Total operating expenses 4,931 4,457 Gain on sale of assets and businesses 2 — Operating income 1,114 1,106 Other income and (deductions) Interest expense, net ( 462 ) ( 406 ) Interest expense to affiliates ( 6 ) ( 6 ) Other, net 75 109 Total other income and (deductions) ( 393 ) ( 303 ) Income before income taxes 721 803 Income taxes 63 134 Net income attributable to common shareholders $ 658 $ 669 Comprehensive income, net of income taxes Net income $ 658 $ 669 Other comprehensive income (loss), net of income taxes Pension and non-pension postretirement benefit plans: Actuarial losses reclassified to periodic benefit cost 5 3 Pension and non-pension postretirement benefit plans valuation adjustments ( 24 ) ( 10 ) Unrealized gains on cash flow hedges 33 6 Other comprehensive income (loss) 14 ( 1 ) Comprehensive income attributable to common shareholders $ 672 $ 668 Average shares of common stock outstanding: Basic 1,000 995 Assumed exercise and/or distributions of stock-based awards (a) 1 1 Diluted 1,001 996 Earnings per average common share Basic $ 0.66 $ 0.67 Diluted $ 0.66 $ 0.67 __________ (a) The dilutive effects of stock-based compensation awards are calculated using the treasury stock method for all periods presented. See the Combined Notes to Consolidated Financial Statements 9 Table of

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