☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Commission File Number | Name of Registrant; State or Other Jurisdiction of Incorporation; Address of Principal Executive Offices; and Telephone Number | IRS Employer Identification Number | ||||||||||||
EXELON CORPORATION | 23-2990190 | |||||||||||||
(a Pennsylvania corporation) 10 South Dearborn Street P.O. Box 805379 Chicago, Illinois 60680-5379 (800) 483-3220 | ||||||||||||||
333-85496 | EXELON GENERATION COMPANY, LLC | 23-3064219 | ||||||||||||
(a Pennsylvania limited liability company) 300 Exelon Way Kennett Square, Pennsylvania 19348-2473 (610) 765-5959 | ||||||||||||||
COMMONWEALTH EDISON COMPANY | 36-0938600 | |||||||||||||
(an Illinois corporation) 440 South LaSalle Street Chicago, Illinois 60605-1028 (312) 394-4321 | ||||||||||||||
000-16844 | PECO ENERGY COMPANY | 23-0970240 | ||||||||||||
(a Pennsylvania corporation) P.O. Box 8699 2301 Market Street Philadelphia, Pennsylvania 19101-8699 (215) 841-4000 | ||||||||||||||
BALTIMORE GAS AND ELECTRIC COMPANY | 52-0280210 | |||||||||||||
(a Maryland corporation) 2 Center Plaza 110 West Fayette Street Baltimore, Maryland 21201-3708 (410) 234-5000 | ||||||||||||||
001-31403 | PEPCO HOLDINGS LLC | 52-2297449 | ||||||||||||
(a Delaware limited liability company) 701 Ninth Street, N.W. Washington, District of Columbia 20068 (202) 872-2000 | ||||||||||||||
001-01072 | POTOMAC ELECTRIC POWER COMPANY | 53-0127880 | ||||||||||||
(a District of Columbia and Virginia corporation) 701 Ninth Street, N.W. Washington, District of Columbia 20068 (202) 872-2000 | ||||||||||||||
001-01405 | DELMARVA POWER & LIGHT COMPANY | 51-0084283 | ||||||||||||
(a Delaware and Virginia corporation) 500 North Wakefield Drive Newark, Delaware 19702 (202) 872-2000 | ||||||||||||||
001-03559 | ATLANTIC CITY ELECTRIC COMPANY | 21-0398280 | ||||||||||||
(a New Jersey corporation) 500 North Wakefield Drive Newark, Delaware 19702 (202) 872-2000 |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
EXELON CORPORATION: | ||||||||||||||
Common Stock, without par value | EXC | The Nasdaq Stock Market LLC | ||||||||||||
PECO ENERGY COMPANY: | ||||||||||||||
Trust Receipts of PECO Energy Capital Trust III, each representing a 7.38% Cumulative Preferred Security, Series D, $25 stated value, issued by PECO Energy Capital, L.P. and unconditionally guaranteed by PECO Energy Company | EXC/28 | New York Stock Exchange |
Exelon Corporation | Large Accelerated Filer | x | Accelerated Filer | ☐ | Non-accelerated Filer | ☐ | Smaller Reporting Company | ☐ | Emerging Growth Company | ☐ | ||||||||||||||||||||||
Exelon Generation Company, LLC | Large Accelerated Filer | ☐ | Accelerated Filer | ☐ | x | Smaller Reporting Company | ☐ | Emerging Growth Company | ☐ | |||||||||||||||||||||||
Commonwealth Edison Company | Large Accelerated Filer | ☐ | Accelerated Filer | ☐ | x | Smaller Reporting Company | ☐ | Emerging Growth Company | ☐ | |||||||||||||||||||||||
PECO Energy Company | Large Accelerated Filer | ☐ | Accelerated Filer | ☐ | x | Smaller Reporting Company | ☐ | Emerging Growth Company | ☐ | |||||||||||||||||||||||
Baltimore Gas and Electric Company | Large Accelerated Filer | ☐ | Accelerated Filer | ☐ | x | Smaller Reporting Company | ☐ | Emerging Growth Company | ☐ | |||||||||||||||||||||||
Pepco Holdings LLC | Large Accelerated Filer | ☐ | Accelerated Filer | ☐ | x | Smaller Reporting Company | ☐ | Emerging Growth Company | ☐ | |||||||||||||||||||||||
Potomac Electric Power Company | Large Accelerated Filer | ☐ | Accelerated Filer | ☐ | x | Smaller Reporting Company | ☐ | Emerging Growth Company | ☐ | |||||||||||||||||||||||
Delmarva Power & Light Company | Large Accelerated Filer | ☐ | Accelerated Filer | ☐ | x | Smaller Reporting Company | ☐ | Emerging Growth Company | ☐ | |||||||||||||||||||||||
Atlantic City Electric Company | Large Accelerated Filer | ☐ | Accelerated Filer | ☐ | x | Smaller Reporting Company | ☐ | Emerging Growth Company | ☐ |
Exelon Corporation Common Stock, without par value | |||||
Exelon Generation Company, LLC | not applicable | ||||
Commonwealth Edison Company Common Stock, $12.50 par value | |||||
PECO Energy Company Common Stock, without par value | 170,478,507 | ||||
Baltimore Gas and Electric Company Common Stock, without par value | 1,000 | ||||
Pepco Holdings LLC | not applicable | ||||
Potomac Electric Power Company Common Stock, | 100 | ||||
Delmarva Power & Light Company Common Stock, $2.25 par value | 1,000 | ||||
Atlantic City Electric Company Common Stock, $3.00 par value | 8,546,017 |
Page No. | ||||||||
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MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS | |||||||||
GLOSSARY OF TERMS AND ABBREVIATIONS | ||||||||
Exelon Corporation and Related Entities | ||||||||
Exelon | Exelon Corporation | |||||||
Generation | Exelon Generation Company, LLC | |||||||
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 | |||||||
Delmarva Power & Light Company | ||||||||
ACE | Atlantic City Electric Company | |||||||
Exelon, Generation, ComEd, PECO, BGE, PHI, Pepco, DPL, and ACE, collectively | ||||||||
Utility Registrants | ComEd, PECO, BGE, Pepco, DPL, and ACE, collectively | |||||||
Antelope Valley | Antelope Valley Solar Ranch One | |||||||
BSC | Exelon Business Services Company, LLC | |||||||
CENG | Constellation Energy Nuclear Group, LLC | |||||||
Constellation | Constellation Energy Group, Inc. | |||||||
EGR IV | ExGen Renewables IV, LLC | |||||||
EGRP | ExGen Renewables Partners, LLC | |||||||
Exelon Corporate | Exelon in its corporate capacity as a holding company | |||||||
FitzPatrick | James A. FitzPatrick nuclear generating station | |||||||
NER | NewEnergy Receivables LLC | |||||||
PCI | Potomac Capital Investment Corporation and its subsidiaries | |||||||
PECO Trust III | PECO Energy Capital Trust III | |||||||
PECO Trust IV | PECO Energy Capital Trust IV | |||||||
Pepco Energy Services | Pepco Energy Services, Inc. and its subsidiaries | |||||||
PHI Corporate | PHI in its corporate capacity as a holding company | |||||||
PHISCO | PHI Service Company | |||||||
RPG | Renewable Power Generation | |||||||
SolGen | SolGen, LLC | |||||||
TMI | Three Mile Island nuclear facility | |||||||
GLOSSARY OF TERMS AND ABBREVIATIONS | ||||||||
Other Terms and Abbreviations | ||||||||
Note | Reference to specific Combined Note to Consolidated Financial Statements within | |||||||
Alternative Energy Credit that is issued for each megawatt hour of generation from a qualified alternative energy source | ||||||||
Alberta Electric Systems Operator | ||||||||
AFUDC | Allowance for Funds Used During Construction | |||||||
AMI | Advanced Metering Infrastructure | |||||||
AOCI | Accumulated Other Comprehensive Income (Loss) | |||||||
ARC | Asset Retirement Cost | |||||||
ARO | Asset Retirement Obligation | |||||||
BGS | Basic Generation Service | |||||||
CERCLA | Comprehensive Environmental Response, Compensation, and Liability Act of 1980, as amended | |||||||
CES | Clean Energy Standard | |||||||
Clean Water Act | Federal Water Pollution Control Amendments of 1972, as amended | |||||||
D.C. Circuit Court | United States Court of Appeals for the District of Columbia Circuit | |||||||
DC PLUG | District of Columbia Power Line Undergrounding Initiative | |||||||
DOE | United States Department of Energy | |||||||
District of Columbia Department of Energy & Environment | ||||||||
DOJ | United States Department of Justice | |||||||
Deferred Purchase Price | ||||||||
DPSC | Delaware Public Service Commission |
Electricite de France SA and its subsidiaries | ||||||||
Energy Infrastructure Modernization Act (Illinois Senate Bill 1652 and Illinois House Bill 3036) | ||||||||
EPA | United States Environmental Protection Agency | |||||||
ERCOT | Electric Reliability Council of Texas | |||||||
FASB | Financial Accounting Standards Board | |||||||
FEJA | Illinois Public Act 99-0906 or Future Energy Jobs Act | |||||||
FERC | Federal Energy Regulatory Commission | |||||||
FRCC | Florida Reliability Coordinating Council | |||||||
Fixed Resource Requirement | ||||||||
GAAP | Generally Accepted Accounting Principles in the United States | |||||||
GCR | Gas Cost Rate | |||||||
GSA | Generation Supply Adjustment | |||||||
IBEW | International Brotherhood of Electrical Workers | |||||||
ICC | Illinois Commerce Commission | |||||||
ICE | Intercontinental Exchange | |||||||
IPA | Illinois Power Agency | |||||||
IRC | Internal Revenue Code | |||||||
IRS | Internal Revenue Service | |||||||
ISO | Independent System Operator | |||||||
ISO-NE | Independent System Operator New England Inc. | |||||||
GLOSSARY OF TERMS AND ABBREVIATIONS | ||||||||
Other Terms and Abbreviations | ||||||||
MDE | Maryland Department of the Environment | |||||||
MDPSC | Maryland Public Service Commission | |||||||
MGP | Manufactured Gas Plant | |||||||
MISO | Midcontinent Independent System Operator, Inc. | |||||||
mmcf | Million Cubic Feet | |||||||
MOPR | Minimum Offer Price Rule | |||||||
Megawatt | ||||||||
NAV | Net Asset Value | |||||||
Not applicable | ||||||||
NDT | Nuclear Decommissioning Trust | |||||||
NERC | North American Electric Reliability Corporation | |||||||
Natural Gas | ||||||||
NJBPU | New Jersey Board of Public Utilities | |||||||
Non-Regulatory | Nuclear generating units or portions thereof whose decommissioning-related activities are not subject to contractual elimination under regulatory accounting | |||||||
NOSA | Nuclear Operating Services Agreement | |||||||
Normal Purchase Normal Sale scope exception | ||||||||
NRC | Nuclear Regulatory Commission | |||||||
New York Independent System Operator Inc. | ||||||||
New York Mercantile Exchange | ||||||||
NYPSC | New York Public Service Commission | |||||||
OCI | Other Comprehensive Income | |||||||
OIESO | Ontario Independent Electricity System Operator | |||||||
OPEB | Other Postretirement Employee Benefits | |||||||
PAPUC | Pennsylvania Public Utility Commission | |||||||
PGC | Purchased Gas Cost Clause | |||||||
PG&E | Pacific Gas and Electric Company | |||||||
PJM | PJM Interconnection, LLC | |||||||
POLR | Provider of Last Resort | |||||||
PPA | Power Purchase Agreement | |||||||
PPE | Property, plant, and equipment | |||||||
Price-Anderson Act | Price-Anderson Nuclear Industries Indemnity Act of 1957 | |||||||
PRP | Potentially Responsible Parties | |||||||
Post-Shutdown Decommissioning Activities Report | ||||||||
PSEG | Public Service Enterprise Group Incorporated | |||||||
REC | Renewable Energy Credit which is issued for each megawatt hour of generation from a qualified renewable energy source | |||||||
Regulatory Agreement Units | Nuclear generating units or portions thereof whose decommissioning-related activities are subject to contractual elimination under regulatory accounting | |||||||
RFP | Request for Proposal | |||||||
Rider | Reconcilable Surcharge Recovery Mechanism | |||||||
Risk Management Committee |
Other Terms and Abbreviations | ||||||||
RNF | Revenues Net of Purchased Power and Fuel Expense | |||||||
ROE | Return on equity | |||||||
RTO | Regional Transmission Organization | |||||||
S&P | Standard & Poor’s Ratings Services | |||||||
SEC | United States Securities and Exchange Commission | |||||||
SERC | SERC Reliability Corporation (formerly Southeast Electric Reliability Council) | |||||||
Spent Nuclear Fuel | ||||||||
SOS | Standard Offer Service | |||||||
Maryland Strategic Infrastructure Development and | Enhancement Program | |||||||||
Transition Bonds | Transition Bonds issued by ACE Funding | |||||||||
VIE | Variable Interest Entity | |||||||||
WECC | Western Electric Coordinating Council | |||||||||
ZEC | Zero Emission Credit, or Zero Emission Certificate | |||||||||
ZES | Zero Emission Standard |
Three Months Ended September 30, | Nine Months Ended September 30, | Three Months Ended March 31, | ||||||||||||||||||||||||||||||||||||
(In millions, except per share data) | 2017 | 2016 | 2017 | 2016 | (In millions, except per share data) | 2021 | 2020 | |||||||||||||||||||||||||||||||
Operating revenues | Operating revenues | |||||||||||||||||||||||||||||||||||||
Competitive businesses revenues | $ | 4,456 | $ | 4,535 | $ | 12,924 | $ | 12,243 | Competitive businesses revenues | $ | 5,265 | $ | 4,404 | |||||||||||||||||||||||||
Rate-regulated utility revenues | 4,313 | 4,467 | 12,225 | 11,243 | Rate-regulated utility revenues | 4,496 | 4,276 | |||||||||||||||||||||||||||||||
Revenues from alternative revenue programs | Revenues from alternative revenue programs | 129 | 67 | |||||||||||||||||||||||||||||||||||
Total operating revenues | 8,769 | 9,002 | 25,149 | 23,486 | Total operating revenues | 9,890 | 8,747 | |||||||||||||||||||||||||||||||
Operating expenses | Operating expenses | |||||||||||||||||||||||||||||||||||||
Competitive businesses purchased power and fuel | 2,316 | 2,584 | 7,268 | 6,599 | Competitive businesses purchased power and fuel | 4,610 | 2,710 | |||||||||||||||||||||||||||||||
Rate-regulated utility purchased power and fuel | 1,226 | 1,170 | 3,259 | 2,863 | Rate-regulated utility purchased power and fuel | 1,358 | 1,157 | |||||||||||||||||||||||||||||||
Operating and maintenance | 2,300 | 2,338 | 7,732 | 7,677 | Operating and maintenance | 1,979 | 2,204 | |||||||||||||||||||||||||||||||
Depreciation and amortization | 1,002 | 1,195 | 2,814 | 2,821 | Depreciation and amortization | 1,697 | 1,021 | |||||||||||||||||||||||||||||||
Taxes other than income | 456 | 449 | 1,313 | 1,168 | ||||||||||||||||||||||||||||||||||
Taxes other than income taxes | Taxes other than income taxes | 438 | 437 | |||||||||||||||||||||||||||||||||||
Total operating expenses | 7,300 | 7,736 | 22,386 | 21,128 | Total operating expenses | 10,082 | 7,529 | |||||||||||||||||||||||||||||||
(Loss) Gain on sales of assets | (1 | ) | 1 | 4 | 41 | |||||||||||||||||||||||||||||||||
Bargain purchase gain | 7 | — | 233 | — | ||||||||||||||||||||||||||||||||||
Operating income | 1,475 | 1,267 | 3,000 | 2,399 | ||||||||||||||||||||||||||||||||||
Gain on sales of assets and businesses | Gain on sales of assets and businesses | 71 | 2 | |||||||||||||||||||||||||||||||||||
Operating (loss) income | Operating (loss) income | (121) | 1,220 | |||||||||||||||||||||||||||||||||||
Other income and (deductions) | Other income and (deductions) | |||||||||||||||||||||||||||||||||||||
Interest expense, net | (377 | ) | (506 | ) | (1,165 | ) | (1,148 | ) | Interest expense, net | (380) | (404) | |||||||||||||||||||||||||||
Interest expense to affiliates | (9 | ) | (10 | ) | (29 | ) | (31 | ) | Interest expense to affiliates | (6) | (6) | |||||||||||||||||||||||||||
Other, net | 237 | 120 | 725 | 377 | Other, net | 225 | (725) | |||||||||||||||||||||||||||||||
Total other income and (deductions) | (149 | ) | (396 | ) | (469 | ) | (802 | ) | Total other income and (deductions) | (161) | (1,135) | |||||||||||||||||||||||||||
Income before income taxes | 1,326 | 871 | 2,531 | 1,597 | ||||||||||||||||||||||||||||||||||
(Loss) income before income taxes | (Loss) income before income taxes | (282) | 85 | |||||||||||||||||||||||||||||||||||
Income taxes | 452 | 340 | 595 | 625 | Income taxes | (19) | (294) | |||||||||||||||||||||||||||||||
Equity in losses of unconsolidated affiliates | (7 | ) | (5 | ) | (25 | ) | (16 | ) | Equity in losses of unconsolidated affiliates | (1) | (3) | |||||||||||||||||||||||||||
Net income | 867 | 526 | 1,911 | 956 | ||||||||||||||||||||||||||||||||||
Net income attributable to noncontrolling interests and preference stock dividends | 43 | 36 | 12 | 26 | ||||||||||||||||||||||||||||||||||
Net income attributable to common shareholders | $ | 824 | $ | 490 | $ | 1,899 | $ | 930 | ||||||||||||||||||||||||||||||
Net (loss) income | Net (loss) income | (264) | 376 | |||||||||||||||||||||||||||||||||||
Net income (loss) attributable to noncontrolling interests | Net income (loss) attributable to noncontrolling interests | 25 | (206) | |||||||||||||||||||||||||||||||||||
Net (loss) income attributable to common shareholders | Net (loss) income attributable to common shareholders | $ | (289) | $ | 582 | |||||||||||||||||||||||||||||||||
Comprehensive income, net of income taxes | Comprehensive income, net of income taxes | |||||||||||||||||||||||||||||||||||||
Net income | $ | 867 | $ | 526 | $ | 1,911 | $ | 956 | ||||||||||||||||||||||||||||||
Net (loss) income | Net (loss) income | $ | (264) | $ | 376 | |||||||||||||||||||||||||||||||||
Other comprehensive income (loss), net of income taxes | Other comprehensive income (loss), net of income taxes | |||||||||||||||||||||||||||||||||||||
Pension and non-pension postretirement benefit plans: | Pension and non-pension postretirement benefit plans: | |||||||||||||||||||||||||||||||||||||
Prior service benefit reclassified to periodic benefit cost | (14 | ) | (12 | ) | (42 | ) | (35 | ) | Prior service benefit reclassified to periodic benefit cost | (1) | (10) | |||||||||||||||||||||||||||
Actuarial loss reclassified to periodic benefit cost | 49 | 47 | 147 | 140 | Actuarial loss reclassified to periodic benefit cost | 56 | 47 | |||||||||||||||||||||||||||||||
Pension and non-pension postretirement benefit plan valuation adjustment | 3 | — | (55 | ) | (3 | ) | Pension and non-pension postretirement benefit plan valuation adjustment | (2) | (7) | |||||||||||||||||||||||||||||
Unrealized gain (loss) on cash flow hedges | — | 3 | 5 | (4 | ) | |||||||||||||||||||||||||||||||||
Unrealized gain (loss) on equity investments | 1 | (4 | ) | 5 | (10 | ) | ||||||||||||||||||||||||||||||||
Unrealized gain on foreign currency translation | 4 | 2 | 7 | 8 | ||||||||||||||||||||||||||||||||||
Unrealized gain on marketable securities | 1 | — | 2 | — | ||||||||||||||||||||||||||||||||||
Unrealized loss on cash flow hedges | Unrealized loss on cash flow hedges | 0 | (1) | |||||||||||||||||||||||||||||||||||
Unrealized gain (loss) on foreign currency translation | Unrealized gain (loss) on foreign currency translation | 1 | (8) | |||||||||||||||||||||||||||||||||||
Other comprehensive income | 44 | 36 | 69 | 96 | Other comprehensive income | 54 | 21 | |||||||||||||||||||||||||||||||
Comprehensive income | 911 | 562 | 1,980 | 1,052 | ||||||||||||||||||||||||||||||||||
Comprehensive income attributable to noncontrolling interests and preference stock dividends | 43 | 31 | 10 | 21 | ||||||||||||||||||||||||||||||||||
Comprehensive income attributable to common shareholders | $ | 868 | $ | 531 | $ | 1,970 | $ | 1,031 | ||||||||||||||||||||||||||||||
Comprehensive (loss) income | Comprehensive (loss) income | (210) | 397 | |||||||||||||||||||||||||||||||||||
Comprehensive income (loss) attributable to noncontrolling interests | Comprehensive income (loss) attributable to noncontrolling interests | 25 | (206) | |||||||||||||||||||||||||||||||||||
Comprehensive (loss) income attributable to common shareholders | Comprehensive (loss) income attributable to common shareholders | $ | (235) | $ | 603 | |||||||||||||||||||||||||||||||||
Average shares of common stock outstanding: | Average shares of common stock outstanding: | |||||||||||||||||||||||||||||||||||||
Basic | 962 | 925 | 941 | 924 | Basic | 977 | 975 | |||||||||||||||||||||||||||||||
Diluted | 965 | 927 | 943 | 926 | ||||||||||||||||||||||||||||||||||
Earnings per average common share: | ||||||||||||||||||||||||||||||||||||||
Assumed exercise and/or distributions of stock-based awards | Assumed exercise and/or distributions of stock-based awards | 0 | 1 | |||||||||||||||||||||||||||||||||||
Diluted(a) | Diluted(a) | 977 | 976 | |||||||||||||||||||||||||||||||||||
(Losses) earnings per average common share | (Losses) earnings per average common share | |||||||||||||||||||||||||||||||||||||
Basic | $ | 0.86 | $ | 0.53 | $ | 2.02 | $ | 1.01 | Basic | $ | (0.30) | $ | 0.60 | |||||||||||||||||||||||||
Diluted | $ | 0.85 | $ | 0.53 | $ | 2.01 | $ | 1.00 | Diluted | $ | (0.30) | $ | 0.60 | |||||||||||||||||||||||||
Dividends declared per common share | $ | 0.33 | $ | 0.32 | $ | 0.98 | $ | 0.95 |
Nine Months Ended September 30, | Three Months Ended March 31, | |||||||||||||||||
(In millions) | 2017 | 2016 | (In millions) | 2021 | 2020 | |||||||||||||
Cash flows from operating activities | Cash flows from operating activities | |||||||||||||||||
Net income | $ | 1,911 | $ | 956 | ||||||||||||||
Net (loss) income | Net (loss) income | $ | (264) | $ | 376 | |||||||||||||
Adjustments to reconcile net income to net cash flows provided by operating activities: | Adjustments to reconcile net income to net cash flows provided by operating activities: | |||||||||||||||||
Depreciation, amortization and accretion, including nuclear fuel and energy contract amortization | 3,999 | 4,009 | ||||||||||||||||
Impairment of long-lived assets and losses on regulatory assets | 488 | 274 | ||||||||||||||||
Gain on sales of assets | (5 | ) | (41 | ) | ||||||||||||||
Bargain purchase gain | (233 | ) | — | |||||||||||||||
Depreciation, amortization, and accretion, including nuclear fuel and energy contract amortization | Depreciation, amortization, and accretion, including nuclear fuel and energy contract amortization | 2,104 | 1,378 | |||||||||||||||
Asset impairments | Asset impairments | 1 | 8 | |||||||||||||||
Gain on sales of assets and businesses | Gain on sales of assets and businesses | (71) | 0 | |||||||||||||||
Deferred income taxes and amortization of investment tax credits | 439 | 623 | Deferred income taxes and amortization of investment tax credits | (142) | (245) | |||||||||||||
Net fair value changes related to derivatives | 149 | 100 | Net fair value changes related to derivatives | (178) | (132) | |||||||||||||
Net realized and unrealized gains on nuclear decommissioning trust fund investments | (429 | ) | (243 | ) | ||||||||||||||
Net realized and unrealized (gains) losses on NDT funds | Net realized and unrealized (gains) losses on NDT funds | (118) | 651 | |||||||||||||||
Unrealized loss on equity investments | Unrealized loss on equity investments | 23 | 0 | |||||||||||||||
Other non-cash operating activities | 603 | 1,224 | Other non-cash operating activities | (170) | 273 | |||||||||||||
Changes in assets and liabilities: | Changes in assets and liabilities: | |||||||||||||||||
Accounts receivable | 224 | (296 | ) | Accounts receivable | (372) | 800 | ||||||||||||
Inventories | (87 | ) | 21 | Inventories | 77 | 81 | ||||||||||||
Accounts payable and accrued expenses | (593 | ) | 296 | Accounts payable and accrued expenses | (176) | (976) | ||||||||||||
Option premiums received (paid), net | 35 | (24 | ) | Option premiums received (paid), net | 16 | (38) | ||||||||||||
Collateral (posted) received, net | (100 | ) | 757 | |||||||||||||||
Collateral received (posted), net | Collateral received (posted), net | 273 | (21) | |||||||||||||||
Income taxes | 167 | 527 | Income taxes | 113 | (56) | |||||||||||||
Pension and non-pension postretirement benefit contributions | (344 | ) | (283 | ) | Pension and non-pension postretirement benefit contributions | (537) | (531) | |||||||||||
Other assets and liabilities | (547 | ) | (537 | ) | Other assets and liabilities | (1,840) | (488) | |||||||||||
Net cash flows provided by operating activities | 5,677 | 7,363 | ||||||||||||||||
Net cash flows (used in) provided by operating activities | Net cash flows (used in) provided by operating activities | (1,261) | 1,080 | |||||||||||||||
Cash flows from investing activities | Cash flows from investing activities | |||||||||||||||||
Capital expenditures | (5,556 | ) | (6,368 | ) | Capital expenditures | (2,140) | (2,016) | |||||||||||
Proceeds from nuclear decommissioning trust fund sales | 6,848 | 7,914 | ||||||||||||||||
Investment in nuclear decommissioning trust funds | (7,044 | ) | (8,093 | ) | ||||||||||||||
Acquisition of businesses, net | (208 | ) | (6,896 | ) | ||||||||||||||
Proceeds from sales of long-lived assets | 219 | 49 | ||||||||||||||||
Proceeds from termination of direct financing lease investment | — | 360 | ||||||||||||||||
Changes in restricted cash | (67 | ) | (75 | ) | ||||||||||||||
Proceeds from NDT fund sales | Proceeds from NDT fund sales | 2,908 | 1,183 | |||||||||||||||
Investment in NDT funds | Investment in NDT funds | (2,939) | (1,234) | |||||||||||||||
Collection of DPP | Collection of DPP | 1,574 | 0 | |||||||||||||||
Proceeds from sales of assets and businesses | Proceeds from sales of assets and businesses | 680 | 0 | |||||||||||||||
Other investing activities | (2 | ) | (110 | ) | Other investing activities | 12 | (8) | |||||||||||
Net cash flows used in investing activities | (5,810 | ) | (13,219 | ) | ||||||||||||||
Net cash flows provided by (used in) investing activities | Net cash flows provided by (used in) investing activities | 95 | (2,075) | |||||||||||||||
Cash flows from financing activities | Cash flows from financing activities | |||||||||||||||||
Changes in short-term borrowings | (570 | ) | (1,014 | ) | Changes in short-term borrowings | 597 | 109 | |||||||||||
Proceeds from short-term borrowings with maturities greater than 90 days | 621 | 195 | Proceeds from short-term borrowings with maturities greater than 90 days | 500 | 500 | |||||||||||||
Repayments on short-term borrowings with maturities greater than 90 days | (610 | ) | (452 | ) | ||||||||||||||
Issuance of long-term debt | 2,616 | 4,488 | Issuance of long-term debt | 1,705 | 2,652 | |||||||||||||
Retirement of long-term debt | (1,728 | ) | (944 | ) | Retirement of long-term debt | (79) | (1,032) | |||||||||||
Retirement of long-term debt to financing trust | (250 | ) | — | |||||||||||||||
Restricted proceeds from issuance of long-term debt | — | (30 | ) | |||||||||||||||
Redemption of preference stock | — | (190 | ) | |||||||||||||||
Sale of noncontrolling interest | 396 | — | ||||||||||||||||
Dividends paid on common stock | (921 | ) | (873 | ) | Dividends paid on common stock | (374) | (373) | |||||||||||
Common stock issued from treasury stock | 1,150 | — | ||||||||||||||||
Proceeds from employee stock plans | 61 | 36 | Proceeds from employee stock plans | 31 | 30 | |||||||||||||
Other financing activities | (64 | ) | 35 | Other financing activities | (46) | (21) | ||||||||||||
Net cash flows provided by financing activities | 701 | 1,251 | Net cash flows provided by financing activities | 2,334 | 1,865 | |||||||||||||
Increase (Decrease) in cash and cash equivalents | 568 | (4,605 | ) | |||||||||||||||
Cash and cash equivalents at beginning of period | 635 | 6,502 | ||||||||||||||||
Cash and cash equivalents at end of period | $ | 1,203 | $ | 1,897 | ||||||||||||||
Increase in cash, restricted cash, and cash equivalents | Increase in cash, restricted cash, and cash equivalents | 1,168 | 870 | |||||||||||||||
Cash, restricted cash, and cash equivalents at beginning of period | Cash, restricted cash, and cash equivalents at beginning of period | 1,166 | 1,122 | |||||||||||||||
Cash, restricted cash, and cash equivalents at end of period | Cash, restricted cash, and cash equivalents at end of period | $ | 2,334 | $ | 1,992 | |||||||||||||
Supplemental cash flow information | Supplemental cash flow information | |||||||||||||||||
Decrease in capital expenditures not paid | Decrease in capital expenditures not paid | $ | (324) | $ | (180) | |||||||||||||
Increase in DPP | Increase in DPP | 1,339 | 0 |
(In millions) | March 31, 2021 | December 31, 2020 | |||||||||
ASSETS | |||||||||||
Current assets | |||||||||||
Cash and cash equivalents | $ | 1,908 | $ | 663 | |||||||
Restricted cash and cash equivalents | 374 | 438 | |||||||||
Accounts receivable | |||||||||||
Customer accounts receivable | 4,017 | 3,597 | |||||||||
Customer allowance for credit losses | (442) | (366) | |||||||||
Customer accounts receivable, net | 3,575 | 3,231 | |||||||||
Other accounts receivable | 1,320 | 1,469 | |||||||||
Other allowance for credit losses | (79) | (71) | |||||||||
Other accounts receivable, net | 1,241 | 1,398 | |||||||||
Mark-to-market derivative assets | 568 | 644 | |||||||||
Unamortized energy contract assets | 38 | 38 | |||||||||
Inventories, net | |||||||||||
Fossil fuel and emission allowances | 205 | 297 | |||||||||
Materials and supplies | 1,427 | 1,425 | |||||||||
Regulatory assets | 1,269 | 1,228 | |||||||||
Renewable energy credits | 694 | 633 | |||||||||
Assets held for sale | 11 | 958 | |||||||||
Other | 1,687 | 1,609 | |||||||||
Total current assets | 12,997 | 12,562 | |||||||||
Property, plant, and equipment (net of accumulated depreciation and amortization of $28,121 and $26,727 as of March 31, 2021 and December 31, 2020, respectively) | 82,588 | 82,584 | |||||||||
Deferred debits and other assets | |||||||||||
Regulatory assets | 8,810 | 8,759 | |||||||||
Nuclear decommissioning trust funds | 14,688 | 14,464 | |||||||||
Investments | 431 | 440 | |||||||||
Goodwill | 6,677 | 6,677 | |||||||||
Mark-to-market derivative assets | 491 | 555 | |||||||||
Unamortized energy contract assets | 285 | 294 | |||||||||
Other | 3,033 | 2,982 | |||||||||
Total deferred debits and other assets | 34,415 | 34,171 | |||||||||
Total assets(a) | $ | 130,000 | $ | 129,317 |
(In millions) | September 30, 2017 | December 31, 2016 | |||||
ASSETS | |||||||
Current assets | |||||||
Cash and cash equivalents | $ | 1,203 | $ | 635 | |||
Restricted cash and cash equivalents | 320 | 253 | |||||
Deposit with IRS | 1,250 | 1,250 | |||||
Accounts receivable, net | |||||||
Customer | 3,854 | 4,158 | |||||
Other | 950 | 1,201 | |||||
Mark-to-market derivative assets | 699 | 917 | |||||
Unamortized energy contract assets | 81 | 88 | |||||
Inventories, net | |||||||
Fossil fuel and emission allowances | 387 | 364 | |||||
Materials and supplies | 1,281 | 1,274 | |||||
Regulatory assets | 1,264 | 1,342 | |||||
Other | 1,435 | 930 | |||||
Total current assets | 12,724 | 12,412 | |||||
Property, plant and equipment, net | 73,067 | 71,555 | |||||
Deferred debits and other assets | |||||||
Regulatory assets | 10,238 | 10,046 | |||||
Nuclear decommissioning trust funds | 12,966 | 11,061 | |||||
Investments | 634 | 629 | |||||
Goodwill | 6,677 | 6,677 | |||||
Mark-to-market derivative assets | 426 | 492 | |||||
Unamortized energy contract assets | 407 | 447 | |||||
Pledged assets for Zion Station decommissioning | 57 | 113 | |||||
Other | 1,277 | 1,472 | |||||
Total deferred debits and other assets | 32,682 | 30,937 | |||||
Total assets(a) | $ | 118,473 | $ | 114,904 |
(In millions) | September 30, 2017 | December 31, 2016 | (In millions) | March 31, 2021 | December 31, 2020 | |||||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||||||
Current liabilities | Current liabilities | |||||||||||||||||
Short-term borrowings | $ | 710 | $ | 1,267 | Short-term borrowings | $ | 3,128 | $ | 2,031 | |||||||||
Long-term debt due within one year | 3,164 | 2,430 | Long-term debt due within one year | 2,281 | 1,819 | |||||||||||||
Accounts payable | 3,132 | 3,441 | Accounts payable | 3,430 | 3,562 | |||||||||||||
Accrued expenses | 3,080 | 3,460 | Accrued expenses | 1,729 | 2,078 | |||||||||||||
Payables to affiliates | 5 | 8 | Payables to affiliates | 5 | 5 | |||||||||||||
Regulatory liabilities | 553 | 602 | Regulatory liabilities | 663 | 581 | |||||||||||||
Mark-to-market derivative liabilities | 178 | 282 | Mark-to-market derivative liabilities | 422 | 295 | |||||||||||||
Unamortized energy contract liabilities | 283 | 407 | Unamortized energy contract liabilities | 98 | 100 | |||||||||||||
Renewable energy credit obligation | 261 | 428 | Renewable energy credit obligation | 645 | 661 | |||||||||||||
PHI merger related obligation | 96 | 151 | ||||||||||||||||
Liabilities held for sale | Liabilities held for sale | 3 | 375 | |||||||||||||||
Other | 933 | 981 | Other | 1,176 | 1,264 | |||||||||||||
Total current liabilities | 12,395 | 13,457 | Total current liabilities | 13,580 | 12,771 | |||||||||||||
Long-term debt | 31,701 | 31,575 | Long-term debt | 36,248 | 35,093 | |||||||||||||
Long-term debt to financing trusts | 389 | 641 | Long-term debt to financing trusts | 390 | 390 | |||||||||||||
Deferred credits and other liabilities | Deferred credits and other liabilities | |||||||||||||||||
Deferred income taxes and unamortized investment tax credits | 19,250 | 18,138 | Deferred income taxes and unamortized investment tax credits | 13,129 | 13,035 | |||||||||||||
Asset retirement obligations | 9,733 | 9,111 | Asset retirement obligations | 12,405 | 12,300 | |||||||||||||
Pension obligations | 4,055 | 4,248 | Pension obligations | 3,951 | 4,503 | |||||||||||||
Non-pension postretirement benefit obligations | 1,977 | 1,848 | Non-pension postretirement benefit obligations | 1,988 | 2,011 | |||||||||||||
Spent nuclear fuel obligation | 1,142 | 1,024 | Spent nuclear fuel obligation | 1,208 | 1,208 | |||||||||||||
Regulatory liabilities | 4,549 | 4,187 | Regulatory liabilities | 9,130 | 9,485 | |||||||||||||
Mark-to-market derivative liabilities | 410 | 392 | Mark-to-market derivative liabilities | 453 | 473 | |||||||||||||
Unamortized energy contract liabilities | 656 | 830 | Unamortized energy contract liabilities | 217 | 238 | |||||||||||||
Payable for Zion Station decommissioning | — | 14 | ||||||||||||||||
Other | 1,899 | 1,827 | Other | 2,988 | 2,942 | |||||||||||||
Total deferred credits and other liabilities | 43,671 | 41,619 | Total deferred credits and other liabilities | 45,469 | 46,195 | |||||||||||||
Total liabilities(a) | 88,156 | 87,292 | Total liabilities(a) | 95,687 | 94,449 | |||||||||||||
Commitments and contingencies | Commitments and contingencies | 0 | 0 | |||||||||||||||
Shareholders’ equity | Shareholders’ equity | |||||||||||||||||
Common stock (No par value, 2000 shares authorized, 961 shares and 924 shares outstanding at September 30, 2017 and December 31, 2016, respectively) | 18,862 | 18,794 | ||||||||||||||||
Treasury stock, at cost (2 shares and 35 shares at September 30, 2017 and December 31, 2016, respectively) | (123 | ) | (2,327 | ) | ||||||||||||||
Common stock (NaN par value, 2,000 shares authorized, 977 shares and 976 shares outstanding at March 31, 2021 and December 31, 2020, respectively) | Common stock (NaN par value, 2,000 shares authorized, 977 shares and 976 shares outstanding at March 31, 2021 and December 31, 2020, respectively) | 19,412 | 19,373 | |||||||||||||||
Treasury stock, at cost (2 shares at March 31, 2021 and December 31, 2020) | Treasury stock, at cost (2 shares at March 31, 2021 and December 31, 2020) | (123) | (123) | |||||||||||||||
Retained earnings | 11,950 | 12,030 | Retained earnings | 16,072 | 16,735 | |||||||||||||
Accumulated other comprehensive loss, net | (2,589 | ) | (2,660 | ) | Accumulated other comprehensive loss, net | (3,346) | (3,400) | |||||||||||
Total shareholders’ equity | 28,100 | 25,837 | Total shareholders’ equity | 32,015 | 32,585 | |||||||||||||
Noncontrolling interests | 2,217 | 1,775 | Noncontrolling interests | 2,298 | 2,283 | |||||||||||||
Total equity | 30,317 | 27,612 | Total equity | 34,313 | 34,868 | |||||||||||||
Total liabilities and shareholders’ equity | $ | 118,473 | $ | 114,904 | Total liabilities and shareholders’ equity | $ | 130,000 | $ | 129,317 |
Three Months Ended March 31, 2021 | |||||||||||||||||||||||||||||||||||||||||
(In millions, shares in thousands) | Issued Shares | Common Stock | Treasury Stock | Retained Earnings | Accumulated Other Comprehensive Loss, net | Noncontrolling Interests | Total Shareholders' Equity | ||||||||||||||||||||||||||||||||||
Balance, December 31, 2020 | 977,466 | $ | 19,373 | $ | (123) | $ | 16,735 | $ | (3,400) | $ | 2,283 | $ | 34,868 | ||||||||||||||||||||||||||||
Net (loss) income | — | — | — | (289) | — | 25 | (264) | ||||||||||||||||||||||||||||||||||
Long-term incentive plan activity | 640 | 5 | — | — | — | — | 5 | ||||||||||||||||||||||||||||||||||
Employee stock purchase plan issuances | 902 | 34 | — | — | — | — | 34 | ||||||||||||||||||||||||||||||||||
Changes in equity of noncontrolling interests | — | — | — | — | — | (10) | (10) | ||||||||||||||||||||||||||||||||||
Common stock dividends ($0.38/common share) | — | — | — | (374) | — | — | (374) | ||||||||||||||||||||||||||||||||||
Other comprehensive income, net of income taxes | — | — | — | — | 54 | — | 54 | ||||||||||||||||||||||||||||||||||
Balance, March 31, 2021 | 979,008 | $ | 19,412 | $ | (123) | $ | 16,072 | $ | (3,346) | $ | 2,298 | $ | 34,313 | ||||||||||||||||||||||||||||
Three Months Ended March 31, 2020 | |||||||||||||||||||||||||||||||||||||||||
(In millions, shares in thousands) | Issued Shares | Common Stock | Treasury Stock | Retained Earnings | Accumulated Other Comprehensive Loss, net | Noncontrolling Interests | Total Shareholders' Equity | ||||||||||||||||||||||||||||||||||
Balance, December 31, 2019 | 974,416 | $ | 19,274 | $ | (123) | $ | 16,267 | $ | (3,194) | $ | 2,349 | $ | 34,573 | ||||||||||||||||||||||||||||
Net income (loss) | — | — | — | 582 | — | (206) | 376 | ||||||||||||||||||||||||||||||||||
Long-term incentive plan activity | 1,354 | (4) | — | — | — | — | (4) | ||||||||||||||||||||||||||||||||||
Employee stock purchase plan issuances | 470 | 31 | — | — | — | — | 31 | ||||||||||||||||||||||||||||||||||
Changes in equity of noncontrolling interests | — | — | — | — | — | (9) | (9) | ||||||||||||||||||||||||||||||||||
Sale of noncontrolling interests | — | 2 | — | — | — | — | 2 | ||||||||||||||||||||||||||||||||||
Common stock dividends ($0.38/common share) | — | — | — | (374) | — | — | (374) | ||||||||||||||||||||||||||||||||||
Other comprehensive income, net of income taxes | — | — | — | — | 21 | — | 21 | ||||||||||||||||||||||||||||||||||
Balance, March 31, 2020 | 976,240 | $ | 19,303 | $ | (123) | $ | 16,475 | $ | (3,173) | $ | 2,134 | $ | 34,616 | ||||||||||||||||||||||||||||
(In millions, shares in thousands) | Issued Shares | Common Stock | Treasury Stock | Retained Earnings | Accumulated Other Comprehensive Loss, net | Noncontrolling Interests | Total Shareholders' Equity | |||||||||||||||||||
Balance, December 31, 2016 | 958,778 | $ | 18,794 | $ | (2,327 | ) | $ | 12,030 | $ | (2,660 | ) | $ | 1,775 | $ | 27,612 | |||||||||||
Net income | — | — | — | 1,899 | — | 12 | 1,911 | |||||||||||||||||||
Long-term incentive plan activity | 2,911 | 43 | — | — | — | — | 43 | |||||||||||||||||||
Employee stock purchase plan issuances | 996 | 61 | — | — | — | — | 61 | |||||||||||||||||||
Common stock issued from treasury stock | — | — | 2,204 | (1,054 | ) | — | — | 1,150 | ||||||||||||||||||
Changes in equity of noncontrolling interests | — | — | — | — | — | (11 | ) | (11 | ) | |||||||||||||||||
Sale of noncontrolling interests | — | (36 | ) | — | — | — | 443 | 407 | ||||||||||||||||||
Common stock dividends | — | — | — | (925 | ) | — | — | (925 | ) | |||||||||||||||||
Other comprehensive income (loss), net of income taxes | — | — | — | — | 71 | (2 | ) | 69 | ||||||||||||||||||
Balance, September 30, 2017 | 962,685 | $ | 18,862 | $ | (123 | ) | $ | 11,950 | $ | (2,589 | ) | $ | 2,217 | $ | 30,317 |
Three Months Ended March 31, | |||||||||||||||||||||||
(In millions) | 2021 | 2020 | |||||||||||||||||||||
Operating revenues | |||||||||||||||||||||||
Operating revenues | $ | 5,264 | $ | 4,403 | |||||||||||||||||||
Operating revenues from affiliates | 295 | 330 | |||||||||||||||||||||
Total operating revenues | 5,559 | 4,733 | |||||||||||||||||||||
Operating expenses | |||||||||||||||||||||||
Purchased power and fuel | 4,610 | 2,710 | |||||||||||||||||||||
Purchased power and fuel from affiliates | 0 | (6) | |||||||||||||||||||||
Operating and maintenance | 856 | 1,121 | |||||||||||||||||||||
Operating and maintenance from affiliates | 145 | 142 | |||||||||||||||||||||
Depreciation and amortization | 940 | 304 | |||||||||||||||||||||
Taxes other than income taxes | 121 | 129 | |||||||||||||||||||||
Total operating expenses | 6,672 | 4,400 | |||||||||||||||||||||
Gain on sales of assets and businesses | 71 | 0 | |||||||||||||||||||||
Operating (loss) income | (1,042) | 333 | |||||||||||||||||||||
Other income and (deductions) | |||||||||||||||||||||||
Interest expense, net | (68) | (100) | |||||||||||||||||||||
Interest expense to affiliates | (4) | (9) | |||||||||||||||||||||
Other, net | 167 | (771) | |||||||||||||||||||||
Total other income and (deductions) | 95 | (880) | |||||||||||||||||||||
Loss before income taxes | (947) | (547) | |||||||||||||||||||||
Income taxes | (179) | (389) | |||||||||||||||||||||
Equity in losses of unconsolidated affiliates | (1) | (3) | |||||||||||||||||||||
Net loss | (769) | (161) | |||||||||||||||||||||
Net income (loss) attributable to noncontrolling interests | 24 | (206) | |||||||||||||||||||||
Net (loss) income attributable to membership interest | $ | (793) | $ | 45 | |||||||||||||||||||
Comprehensive income, net of income taxes | |||||||||||||||||||||||
Net loss | $ | (769) | $ | (161) | |||||||||||||||||||
Other comprehensive income (loss), net of income taxes | |||||||||||||||||||||||
Unrealized loss on cash flow hedges | 0 | (1) | |||||||||||||||||||||
Unrealized gain (loss) on foreign currency translation | 1 | (8) | |||||||||||||||||||||
Other comprehensive income (loss), net of income taxes | 1 | (9) | |||||||||||||||||||||
Comprehensive loss | (768) | (170) | |||||||||||||||||||||
Comprehensive income (loss) attributable to noncontrolling interests | 24 | (206) | |||||||||||||||||||||
Comprehensive (loss) income attributable to membership interest | $ | (792) | $ | 36 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
(In millions) | 2017 | 2016 | 2017 | 2016 | |||||||||||
Operating revenues | |||||||||||||||
Operating revenues | $ | 4,455 | $ | 4,533 | $ | 12,918 | $ | 12,234 | |||||||
Operating revenues from affiliates | 296 | 502 | 894 | 1,129 | |||||||||||
Total operating revenues | 4,751 | 5,035 | 13,812 | 13,363 | |||||||||||
Operating expenses | |||||||||||||||
Purchased power and fuel | 2,315 | 2,584 | 7,267 | 6,599 | |||||||||||
Purchased power and fuel from affiliates | 16 | 5 | 19 | 10 | |||||||||||
Operating and maintenance | 1,203 | 1,189 | 4,335 | 3,855 | |||||||||||
Operating and maintenance from affiliates | 171 | 147 | 536 | 478 | |||||||||||
Depreciation and amortization | 410 | 632 | 1,046 | 1,329 | |||||||||||
Taxes other than income | 141 | 136 | 425 | 380 | |||||||||||
Total operating expenses | 4,256 | 4,693 | 13,628 | 12,651 | |||||||||||
(Loss) gain on sales of assets | (2 | ) | — | 3 | 31 | ||||||||||
Bargain purchase gain | 7 | — | 233 | — | |||||||||||
Operating income | 500 | 342 | 420 | 743 | |||||||||||
Other income and (deductions) | |||||||||||||||
Interest expense, net | (103 | ) | (67 | ) | (313 | ) | (243 | ) | |||||||
Interest expense to affiliates | (10 | ) | (10 | ) | (29 | ) | (30 | ) | |||||||
Other, net | 209 | 185 | 648 | 395 | |||||||||||
Total other income and (deductions) | 96 | 108 | 306 | 122 | |||||||||||
Income before income taxes | 596 | 450 | 726 | 865 | |||||||||||
Income taxes | 240 | 173 | 209 | 293 | |||||||||||
Equity in losses of unconsolidated affiliates | (8 | ) | (6 | ) | (26 | ) | (16 | ) | |||||||
Net income | 348 | 271 | 491 | 556 | |||||||||||
Net income attributable to noncontrolling interests | 43 | 35 | 12 | 18 | |||||||||||
Net income attributable to membership interest | $ | 305 | $ | 236 | $ | 479 | $ | 538 | |||||||
Comprehensive income, net of income taxes | |||||||||||||||
Net income | $ | 348 | $ | 271 | $ | 491 | $ | 556 | |||||||
Other comprehensive income (loss), net of income taxes | |||||||||||||||
Unrealized gain (loss) on cash flow hedges | — | 1 | 5 | (3 | ) | ||||||||||
Unrealized gain (loss) on equity investments | — | — | 4 | (4 | ) | ||||||||||
Unrealized gain on foreign currency translation | 4 | 2 | 7 | 8 | |||||||||||
Unrealized gain on marketable securities | — | 1 | — | 1 | |||||||||||
Other comprehensive income | 4 | 4 | 16 | 2 | |||||||||||
Comprehensive income | 352 | 275 | 507 | 558 | |||||||||||
Comprehensive income attributable to noncontrolling interests | 43 | 30 | 10 | 13 | |||||||||||
Comprehensive income attributable to membership interest | $ | 309 | $ | 245 | $ | 497 | $ | 545 |
Three Months Ended March 31, | |||||||||||
(In millions) | 2021 | 2020 | |||||||||
Cash flows from operating activities | |||||||||||
Net loss | $ | (769) | $ | (161) | |||||||
Adjustments to reconcile net income to net cash flows provided by operating activities: | |||||||||||
Depreciation, amortization, and accretion, including nuclear fuel and energy contract amortization | 1,346 | 661 | |||||||||
Asset impairments | 1 | 8 | |||||||||
Gain on sales of assets and businesses | (71) | 0 | |||||||||
Deferred income taxes and amortization of investment tax credits | (123) | (329) | |||||||||
Net fair value changes related to derivatives | (178) | (127) | |||||||||
Net realized and unrealized (gains) losses on NDT funds | (118) | 651 | |||||||||
Unrealized loss on equity investments | 23 | 0 | |||||||||
Other non-cash operating activities | (202) | 205 | |||||||||
Changes in assets and liabilities: | |||||||||||
Accounts receivable | (453) | 787 | |||||||||
Receivables from and payables to affiliates, net | 59 | 34 | |||||||||
Inventories | 50 | 39 | |||||||||
Accounts payable and accrued expenses | 208 | (614) | |||||||||
Option premiums received (paid), net | 16 | (38) | |||||||||
Collateral received (posted), net | 270 | (22) | |||||||||
Income taxes | (55) | (58) | |||||||||
Pension and non-pension postretirement benefit contributions | (205) | (232) | |||||||||
Other assets and liabilities | (1,411) | (184) | |||||||||
Net cash flows (used in) provided by operating activities | (1,612) | 620 | |||||||||
Cash flows from investing activities | |||||||||||
Capital expenditures | (382) | (558) | |||||||||
Proceeds from NDT fund sales | 2,908 | 1,183 | |||||||||
Investment in NDT funds | (2,939) | (1,234) | |||||||||
Collection of DPP | 1,574 | 0 | |||||||||
Proceeds from sales of assets and businesses | 680 | 0 | |||||||||
Changes in Exelon intercompany money pool | 0 | (254) | |||||||||
Other investing activities | (2) | (8) | |||||||||
Net cash flows provided by (used in) investing activities | 1,839 | (871) | |||||||||
Cash flows from financing activities | |||||||||||
Changes in short-term borrowings | 997 | 275 | |||||||||
Proceeds from short-term borrowings with maturities greater than 90 days | 0 | 500 | |||||||||
Issuance of long-term debt | 1 | 1,502 | |||||||||
Retirement of long-term debt | (35) | (1,028) | |||||||||
Changes in Exelon intercompany money pool | (285) | 0 | |||||||||
Distributions to member | (458) | (468) | |||||||||
Other financing activities | (12) | (8) | |||||||||
Net cash flows provided by financing activities | 208 | 773 | |||||||||
Increase in cash, restricted cash, and cash equivalents | 435 | 522 | |||||||||
Cash, restricted cash, and cash equivalents at beginning of period | 327 | 449 | |||||||||
Cash, restricted cash, and cash equivalents at end of period | $ | 762 | $ | 971 | |||||||
Supplemental cash flow information | |||||||||||
Decrease in capital expenditures not paid | $ | (37) | $ | (56) | |||||||
Increase in DPP | 1,339 | 0 | |||||||||
Nine Months Ended September 30, | |||||||
(In millions) | 2017 | 2016 | |||||
Cash flows from operating activities | |||||||
Net income | $ | 491 | $ | 556 | |||
Adjustments to reconcile net income to net cash flows provided by operating activities: | |||||||
Depreciation, amortization and accretion, including nuclear fuel and energy contract amortization | 2,231 | 2,516 | |||||
Impairment of long-lived assets | 485 | 209 | |||||
Gain on sales of assets | (3 | ) | (31 | ) | |||
Bargain purchase gain | (233 | ) | — | ||||
Deferred income taxes and amortization of investment tax credits | (184 | ) | (133 | ) | |||
Net fair value changes related to derivatives | 160 | 112 | |||||
Net realized and unrealized gains on nuclear decommissioning trust fund investments | (429 | ) | (243 | ) | |||
Other non-cash operating activities | 132 | 129 | |||||
Changes in assets and liabilities: | |||||||
Accounts receivable | 106 | 26 | |||||
Receivables from and payables to affiliates, net | 27 | (56 | ) | ||||
Inventories | (43 | ) | 18 | ||||
Accounts payable and accrued expenses | (257 | ) | 9 | ||||
Option premiums received (paid), net | 35 | (24 | ) | ||||
Collateral (posted) received, net | (77 | ) | 759 | ||||
Income taxes | 154 | 202 | |||||
Pension and non-pension postretirement benefit contributions | (122 | ) | (122 | ) | |||
Other assets and liabilities | (203 | ) | (204 | ) | |||
Net cash flows provided by operating activities | 2,270 | 3,723 | |||||
Cash flows from investing activities | |||||||
Capital expenditures | (1,654 | ) | (2,651 | ) | |||
Proceeds from nuclear decommissioning trust fund sales | 6,848 | 7,914 | |||||
Investment in nuclear decommissioning trust funds | (7,044 | ) | (8,093 | ) | |||
Acquisition of businesses, net | (208 | ) | (255 | ) | |||
Proceeds from sale of long-lived assets | 218 | 30 | |||||
Changes in restricted cash | (28 | ) | (39 | ) | |||
Other investing activities | (35 | ) | (184 | ) | |||
Net cash flows used in investing activities | (1,903 | ) | (3,278 | ) | |||
Cash flows from financing activities | |||||||
Changes in short-term borrowings | (620 | ) | — | ||||
Proceeds from short-term borrowings with maturities greater than 90 days | 121 | 195 | |||||
Repayments of short-term borrowings with maturities greater than 90 days | (110 | ) | (152 | ) | |||
Issuance of long-term debt | 789 | 338 | |||||
Retirement of long-term debt | (541 | ) | (164 | ) | |||
Changes in Exelon intercompany money pool | 91 | (785 | ) | ||||
Distributions to member | (494 | ) | (167 | ) | |||
Contributions from member | 102 | 142 | |||||
Sale of noncontrolling interest | 396 | — | |||||
Other financing activities | (31 | ) | 92 | ||||
Net cash flows used in financing activities | (297 | ) | (501 | ) | |||
Increase (Decrease) in cash and cash equivalents | 70 | (56 | ) | ||||
Cash and cash equivalents at beginning of period | 290 | 431 | |||||
Cash and cash equivalents at end of period | $ | 360 | $ | 375 |
(In millions) | March 31, 2021 | December 31, 2020 | |||||||||
ASSETS | |||||||||||
Current assets | |||||||||||
Cash and cash equivalents | $ | 721 | $ | 226 | |||||||
Restricted cash and cash equivalents | 41 | 89 | |||||||||
Accounts receivable | |||||||||||
Customer accounts receivable | 1,857 | 1,330 | |||||||||
Customer allowance for credit losses | (65) | (32) | |||||||||
Customer accounts receivable, net | 1,792 | 1,298 | |||||||||
Other accounts receivable | 348 | 352 | |||||||||
Other accounts receivable, net | 348 | 352 | |||||||||
Mark-to-market derivative assets | 569 | 644 | |||||||||
Receivables from affiliates | 106 | 153 | |||||||||
Unamortized energy contract assets | 38 | 38 | |||||||||
Inventories, net | |||||||||||
Fossil fuel and emission allowances | 175 | 233 | |||||||||
Materials and supplies | 973 | 978 | |||||||||
Renewable energy credits | 676 | 621 | |||||||||
Assets held for sale | 11 | 958 | |||||||||
Other | 1,290 | 1,357 | |||||||||
Total current assets | 6,740 | 6,947 | |||||||||
Property, plant, and equipment (net of accumulated depreciation and amortization of $14,355 and $13,370 as of March 31, 2021 and December 31, 2020, respectively) | 21,311 | 22,214 | |||||||||
Deferred debits and other assets | |||||||||||
Nuclear decommissioning trust funds | 14,688 | 14,464 | |||||||||
Investments | 178 | 184 | |||||||||
Goodwill | 47 | 47 | |||||||||
Mark-to-market derivative assets | 491 | 555 | |||||||||
Prepaid pension asset | 1,736 | 1,558 | |||||||||
Unamortized energy contract assets | 285 | 293 | |||||||||
Deferred income taxes | 15 | 6 | |||||||||
Other | 1,835 | 1,826 | |||||||||
Total deferred debits and other assets | 19,275 | 18,933 | |||||||||
Total assets(a) | $ | 47,326 | $ | 48,094 |
(In millions) | September 30, 2017 | December 31, 2016 | |||||
ASSETS | |||||||
Current assets | |||||||
Cash and cash equivalents | $ | 360 | $ | 290 | |||
Restricted cash and cash equivalents | 186 | 158 | |||||
Accounts receivable, net | |||||||
Customer | 2,339 | 2,433 | |||||
Other | 275 | 558 | |||||
Mark-to-market derivative assets | 699 | 917 | |||||
Receivables from affiliates | 127 | 156 | |||||
Unamortized energy contract assets | 81 | 88 | |||||
Inventories, net | |||||||
Fossil fuel and emission allowances | 298 | 292 | |||||
Materials and supplies | 917 | 935 | |||||
Other | 1,157 | 701 | |||||
Total current assets | 6,439 | 6,528 | |||||
Property, plant and equipment, net | 24,793 | 25,585 | |||||
Deferred debits and other assets | |||||||
Nuclear decommissioning trust funds | 12,966 | 11,061 | |||||
Investments | 429 | 418 | |||||
Goodwill | 47 | 47 | |||||
Mark-to-market derivative assets | 416 | 476 | |||||
Prepaid pension asset | 1,535 | 1,595 | |||||
Pledged assets for Zion Station decommissioning | 57 | 113 | |||||
Unamortized energy contract assets | 406 | 447 | |||||
Deferred income taxes | 8 | 16 | |||||
Other | 648 | 688 | |||||
Total deferred debits and other assets | 16,512 | 14,861 | |||||
Total assets(a) | $ | 47,744 | $ | 46,974 |
(In millions) | September 30, 2017 | December 31, 2016 | (In millions) | March 31, 2021 | December 31, 2020 | |||||||||||||
LIABILITIES AND EQUITY | LIABILITIES AND EQUITY | |||||||||||||||||
Current liabilities | Current liabilities | |||||||||||||||||
Short-term borrowings | $ | 92 | $ | 699 | Short-term borrowings | $ | 1,837 | $ | 840 | |||||||||
Long-term debt due within one year | 1,659 | 1,117 | Long-term debt due within one year | 699 | 197 | |||||||||||||
Accounts payable | 1,492 | 1,610 | Accounts payable | 1,529 | 1,253 | |||||||||||||
Accrued expenses | 797 | 989 | Accrued expenses | 692 | 788 | |||||||||||||
Payables to affiliates | 136 | 137 | Payables to affiliates | 125 | 107 | |||||||||||||
Borrowings from Exelon intercompany money pool | 146 | 55 | Borrowings from Exelon intercompany money pool | 0 | 285 | |||||||||||||
Mark-to-market derivative liabilities | 158 | 263 | Mark-to-market derivative liabilities | 392 | 262 | |||||||||||||
Unamortized energy contract liabilities | 52 | 72 | Unamortized energy contract liabilities | 5 | 7 | |||||||||||||
Renewable energy credit obligation | 261 | 428 | Renewable energy credit obligation | 645 | 661 | |||||||||||||
Liabilities held for sale | Liabilities held for sale | 3 | 375 | |||||||||||||||
Other | 266 | 313 | Other | 371 | 444 | |||||||||||||
Total current liabilities | 5,059 | 5,683 | Total current liabilities | 6,298 | 5,219 | |||||||||||||
Long-term debt | 6,956 | 7,202 | Long-term debt | 5,038 | 5,566 | |||||||||||||
Long-term debt to affiliate | 913 | 922 | ||||||||||||||||
Long-term debt to affiliates | Long-term debt to affiliates | 323 | 324 | |||||||||||||||
Deferred credits and other liabilities | Deferred credits and other liabilities | |||||||||||||||||
Deferred income taxes and unamortized investment tax credits | 5,596 | 5,585 | Deferred income taxes and unamortized investment tax credits | 3,542 | 3,656 | |||||||||||||
Asset retirement obligations | 9,548 | 8,922 | Asset retirement obligations | 12,157 | 12,054 | |||||||||||||
Non-pension postretirement benefit obligations | 919 | 930 | Non-pension postretirement benefit obligations | 857 | 858 | |||||||||||||
Spent nuclear fuel obligation | 1,142 | 1,024 | Spent nuclear fuel obligation | 1,208 | 1,208 | |||||||||||||
Payables to affiliates | 2,972 | 2,608 | Payables to affiliates | 2,865 | 3,017 | |||||||||||||
Mark-to-market derivative liabilities | 153 | 153 | Mark-to-market derivative liabilities | 190 | 205 | |||||||||||||
Unamortized energy contract liabilities | 57 | 80 | Unamortized energy contract liabilities | 3 | 3 | |||||||||||||
Payable for Zion Station decommissioning | — | 14 | ||||||||||||||||
Other | 632 | 595 | Other | 1,405 | 1,308 | |||||||||||||
Total deferred credits and other liabilities | 21,019 | 19,911 | Total deferred credits and other liabilities | 22,227 | 22,309 | |||||||||||||
Total liabilities(a) | 33,947 | 33,718 | Total liabilities(a) | 33,886 | 33,418 | |||||||||||||
Commitments and contingencies | Commitments and contingencies | 0 | 0 | |||||||||||||||
Equity | Equity | |||||||||||||||||
Member’s equity | Member’s equity | |||||||||||||||||
Membership interest | 9,357 | 9,261 | Membership interest | 9,624 | 9,624 | |||||||||||||
Undistributed earnings | 2,260 | 2,275 | Undistributed earnings | 1,554 | 2,805 | |||||||||||||
Accumulated other comprehensive loss, net | (36 | ) | (54 | ) | Accumulated other comprehensive loss, net | (29) | (30) | |||||||||||
Total member’s equity | 11,581 | 11,482 | Total member’s equity | 11,149 | 12,399 | |||||||||||||
Noncontrolling interests | 2,216 | 1,774 | Noncontrolling interests | 2,291 | 2,277 | |||||||||||||
Total equity | 13,797 | 13,256 | Total equity | 13,440 | 14,676 | |||||||||||||
Total liabilities and equity | $ | 47,744 | $ | 46,974 | Total liabilities and equity | $ | 47,326 | $ | 48,094 |
Three Months Ended March 31, 2021 | |||||||||||||||||||||||||||||
Member’s Equity | |||||||||||||||||||||||||||||
(In millions) | Membership Interest | Undistributed Earnings | Accumulated Other Comprehensive Loss, net | Noncontrolling Interests | Total Equity | ||||||||||||||||||||||||
Balance, December 31, 2020 | $ | 9,624 | $ | 2,805 | $ | (30) | $ | 2,277 | $ | 14,676 | |||||||||||||||||||
Net (loss) income | — | (793) | — | 24 | (769) | ||||||||||||||||||||||||
Changes in equity of noncontrolling interests | — | — | — | (10) | (10) | ||||||||||||||||||||||||
Distributions to member | — | (458) | — | — | (458) | ||||||||||||||||||||||||
Other comprehensive income, net of income taxes | — | 0 | 1 | 0 | 1 | ||||||||||||||||||||||||
Balance, March 31, 2021 | $ | 9,624 | $ | 1,554 | $ | (29) | $ | 2,291 | $ | 13,440 | |||||||||||||||||||
Three Months Ended March 31, 2020 | |||||||||||||||||||||||||||||
Member’s Equity | |||||||||||||||||||||||||||||
(In millions) | Membership Interest | Undistributed Earnings | Accumulated Other Comprehensive Loss, net | Noncontrolling Interests | Total Equity | ||||||||||||||||||||||||
Balance, December 31, 2019 | $ | 9,566 | $ | 3,950 | $ | (32) | $ | 2,346 | $ | 15,830 | |||||||||||||||||||
Net income (loss) | — | 45 | — | (206) | (161) | ||||||||||||||||||||||||
Changes in equity of noncontrolling interests | — | — | — | (11) | (11) | ||||||||||||||||||||||||
Sale of noncontrolling interests | 2 | — | — | — | 2 | ||||||||||||||||||||||||
Distributions to member | — | (468) | — | — | (468) | ||||||||||||||||||||||||
Other comprehensive loss, net of income taxes | — | 0 | (9) | 0 | (9) | ||||||||||||||||||||||||
Balance, March 31, 2020 | $ | 9,568 | $ | 3,527 | $ | (41) | $ | 2,129 | $ | 15,183 | |||||||||||||||||||
Member’s Equity | |||||||||||||||||||
(In millions) | Membership Interest | Undistributed Earnings | Accumulated Other Comprehensive Loss, net | Noncontrolling Interests | Total Equity | ||||||||||||||
Balance, December 31, 2016 | $ | 9,261 | $ | 2,275 | $ | (54 | ) | $ | 1,774 | $ | 13,256 | ||||||||
Net income | — | 479 | — | 12 | 491 | ||||||||||||||
Changes in equity of noncontrolling interests | — | — | — | (11 | ) | (11 | ) | ||||||||||||
Sale of noncontrolling interest | (36 | ) | — | — | 443 | 407 | |||||||||||||
Distribution of net retirement benefit obligation to member | 33 | — | — | — | 33 | ||||||||||||||
Allocation of tax benefit from member | 99 | — | — | — | 99 | ||||||||||||||
Distributions to member | — | (494 | ) | — | — | (494 | ) | ||||||||||||
Other comprehensive income (loss), net of income taxes | — | — | 18 | (2 | ) | 16 | |||||||||||||
Balance, September 30, 2017 | $ | 9,357 | $ | 2,260 | $ | (36 | ) | $ | 2,216 | $ | 13,797 |
Three Months Ended March 31, | |||||||||||||||||||||||
(In millions) | 2021 | 2020 | |||||||||||||||||||||
Operating revenues | |||||||||||||||||||||||
Electric operating revenues | $ | 1,475 | $ | 1,422 | |||||||||||||||||||
Revenues from alternative revenue programs | 54 | 12 | |||||||||||||||||||||
Operating revenues from affiliates | 6 | 5 | |||||||||||||||||||||
Total operating revenues | 1,535 | 1,439 | |||||||||||||||||||||
Operating expenses | |||||||||||||||||||||||
Purchased power | 442 | 389 | |||||||||||||||||||||
Purchased power from affiliate | 85 | 97 | |||||||||||||||||||||
Operating and maintenance | 245 | 243 | |||||||||||||||||||||
Operating and maintenance from affiliates | 71 | 74 | |||||||||||||||||||||
Depreciation and amortization | 292 | 273 | |||||||||||||||||||||
Taxes other than income taxes | 75 | 75 | |||||||||||||||||||||
Total operating expenses | 1,210 | 1,151 | |||||||||||||||||||||
Operating income | 325 | 288 | |||||||||||||||||||||
Other income and (deductions) | |||||||||||||||||||||||
Interest expense, net | (93) | (91) | |||||||||||||||||||||
Interest expense to affiliates | (3) | (3) | |||||||||||||||||||||
Other, net | 7 | 10 | |||||||||||||||||||||
Total other income and (deductions) | (89) | (84) | |||||||||||||||||||||
Income before income taxes | 236 | 204 | |||||||||||||||||||||
Income taxes | 39 | 36 | |||||||||||||||||||||
Net income | $ | 197 | $ | 168 | |||||||||||||||||||
Comprehensive income | $ | 197 | $ | 168 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
(In millions) | 2017 | 2016 | 2017 | 2016 | |||||||||||
Operating revenues | |||||||||||||||
Electric operating revenues | $ | 1,568 | $ | 1,493 | $ | 4,215 | $ | 4,019 | |||||||
Operating revenues from affiliates | 3 | 4 | 12 | 12 | |||||||||||
Total operating revenues | 1,571 | 1,497 | 4,227 | 4,031 | |||||||||||
Operating expenses | |||||||||||||||
Purchased power | 489 | 435 | 1,178 | 1,104 | |||||||||||
Purchased power from affiliate | 40 | 19 | 63 | 37 | |||||||||||
Operating and maintenance | 277 | 327 | 897 | 950 | |||||||||||
Operating and maintenance from affiliate | 69 | 50 | 199 | 163 | |||||||||||
Depreciation and amortization | 212 | 196 | 631 | 574 | |||||||||||
Taxes other than income | 80 | 82 | 223 | 222 | |||||||||||
Total operating expenses | 1,167 | 1,109 | 3,191 | 3,050 | |||||||||||
Gain on sales of assets | — | 1 | — | 6 | |||||||||||
Operating income | 404 | 389 | 1,036 | 987 | |||||||||||
Other income and (deductions) | |||||||||||||||
Interest expense, net | (86 | ) | (194 | ) | (265 | ) | (364 | ) | |||||||
Interest expense to affiliates | (3 | ) | (3 | ) | (10 | ) | (10 | ) | |||||||
Other, net | 5 | (80 | ) | 14 | (72 | ) | |||||||||
Total other income and (deductions) | (84 | ) | (277 | ) | (261 | ) | (446 | ) | |||||||
Income before income taxes | 320 | 112 | 775 | 541 | |||||||||||
Income taxes | 131 | 75 | 328 | 244 | |||||||||||
Net income | $ | 189 | $ | 37 | $ | 447 | $ | 297 | |||||||
Comprehensive income | $ | 189 | $ | 37 | $ | 447 | $ | 297 |
Three Months Ended March 31, | |||||||||||
(In millions) | 2021 | 2020 | |||||||||
Cash flows from operating activities | |||||||||||
Net income | $ | 197 | $ | 168 | |||||||
Adjustments to reconcile net income to net cash flows provided by operating activities: | |||||||||||
Depreciation and amortization | 292 | 273 | |||||||||
Deferred income taxes and amortization of investment tax credits | 63 | 42 | |||||||||
Other non-cash operating activities | (9) | 16 | |||||||||
Changes in assets and liabilities: | |||||||||||
Accounts receivable | 23 | 9 | |||||||||
Receivables from and payables to affiliates, net | (15) | (6) | |||||||||
Inventories | (1) | (2) | |||||||||
Accounts payable and accrued expenses | (176) | (147) | |||||||||
Collateral received (posted), net | 5 | 3 | |||||||||
Income taxes | (23) | (7) | |||||||||
Pension and non-pension postretirement benefit contributions | (171) | (143) | |||||||||
Other assets and liabilities | (159) | (132) | |||||||||
Net cash flows provided by operating activities | 26 | 74 | |||||||||
Cash flows from investing activities | |||||||||||
Capital expenditures | (613) | (506) | |||||||||
Other investing activities | 7 | 5 | |||||||||
Net cash flows used in investing activities | (606) | (501) | |||||||||
Cash flows from financing activities | |||||||||||
Changes in short-term borrowings | (188) | (130) | |||||||||
Issuance of long-term debt | 700 | 1,000 | |||||||||
Dividends paid on common stock | (127) | (125) | |||||||||
Contributions from parent | 198 | 125 | |||||||||
Other financing activities | (9) | (13) | |||||||||
Net cash flows provided by financing activities | 574 | 857 | |||||||||
(Decrease) increase in cash, restricted cash, and cash equivalents | (6) | 430 | |||||||||
Cash, restricted cash, and cash equivalents at beginning of period | 405 | 403 | |||||||||
Cash, restricted cash, and cash equivalents at end of period | $ | 399 | $ | 833 | |||||||
Supplemental cash flow information | |||||||||||
Decrease in capital expenditures not paid | $ | (107) | $ | (5) | |||||||
Nine Months Ended September 30, | |||||||
(In millions) | 2017 | 2016 | |||||
Cash flows from operating activities | |||||||
Net income | $ | 447 | $ | 297 | |||
Adjustments to reconcile net income to net cash flows provided by operating activities: | |||||||
Depreciation and amortization | 631 | 574 | |||||
Deferred income taxes and amortization of investment tax credits | 455 | 398 | |||||
Other non-cash operating activities | 112 | 122 | |||||
Changes in assets and liabilities: | |||||||
Accounts receivable | 31 | (55 | ) | ||||
Receivables from and payables to affiliates, net | 346 | (9 | ) | ||||
Inventories | 6 | 4 | |||||
Accounts payable and accrued expenses | (706 | ) | 145 | ||||
Collateral posted, net | (22 | ) | (2 | ) | |||
Income taxes | (205 | ) | 206 | ||||
Pension and non-pension postretirement benefit contributions | (38 | ) | (35 | ) | |||
Other assets and liabilities | 63 | 104 | |||||
Net cash flows provided by operating activities | 1,120 | 1,749 | |||||
Cash flows from investing activities | |||||||
Capital expenditures | (1,698 | ) | (1,950 | ) | |||
Changes in restricted cash | (50 | ) | — | ||||
Other investing activities | 17 | 31 | |||||
Net cash flows used in investing activities | (1,731 | ) | (1,919 | ) | |||
Cash flows from financing activities | |||||||
Changes in short-term borrowings | — | (284 | ) | ||||
Issuance of long-term debt | 1,000 | 1,200 | |||||
Retirement of long-term debt | (425 | ) | (665 | ) | |||
Contributions from parent | 567 | 188 | |||||
Dividends paid on common stock | (316 | ) | (275 | ) | |||
Other financing activities | (14 | ) | (17 | ) | |||
Net cash flows provided by financing activities | 812 | 147 | |||||
Increase (Decrease) in cash and cash equivalents | 201 | (23 | ) | ||||
Cash and cash equivalents at beginning of period | 56 | 67 | |||||
Cash and cash equivalents at end of period | $ | 257 | $ | 44 |
(In millions) | March 31, 2021 | December 31, 2020 | |||||||||
ASSETS | |||||||||||
Current assets | |||||||||||
Cash and cash equivalents | $ | 86 | $ | 83 | |||||||
Restricted cash and cash equivalents | 270 | 279 | |||||||||
Accounts receivable | |||||||||||
Customer accounts receivable | 626 | 656 | |||||||||
Customer allowance for credit losses | (103) | (97) | |||||||||
Customer accounts receivable, net | 523 | 559 | |||||||||
Other accounts receivable | 243 | 239 | |||||||||
Other allowance for credit losses | (22) | (21) | |||||||||
Other accounts receivable, net | 221 | 218 | |||||||||
Receivables from affiliates | 21 | 22 | |||||||||
Inventories, net | 170 | 170 | |||||||||
Regulatory assets | 294 | 279 | |||||||||
Other | 55 | 49 | |||||||||
Total current assets | 1,640 | 1,659 | |||||||||
Property, plant, and equipment (net of accumulated depreciation and amortization of $5,811 and $5,672 as of March 31, 2021 and December 31, 2020, respectively) | 24,840 | 24,557 | |||||||||
Deferred debits and other assets | |||||||||||
Regulatory assets | 1,840 | 1,749 | |||||||||
Investments | 6 | 6 | |||||||||
Goodwill | 2,625 | 2,625 | |||||||||
Receivables from affiliates | 2,375 | 2,541 | |||||||||
Prepaid pension asset | 1,165 | 1,022 | |||||||||
Other | 334 | 307 | |||||||||
Total deferred debits and other assets | 8,345 | 8,250 | |||||||||
Total assets | $ | 34,825 | $ | 34,466 |
(In millions) | September 30, 2017 | December 31, 2016 | |||||
ASSETS | |||||||
Current assets | |||||||
Cash and cash equivalents | $ | 257 | $ | 56 | |||
Restricted cash | 52 | 2 | |||||
Accounts receivable, net | |||||||
Customer | 496 | 528 | |||||
Other | 172 | 218 | |||||
Receivables from affiliates | 18 | 356 | |||||
Inventories, net | 152 | 159 | |||||
Regulatory assets | 187 | 190 | |||||
Other | 67 | 45 | |||||
Total current assets | 1,401 | 1,554 | |||||
Property, plant and equipment, net | 20,353 | 19,335 | |||||
Deferred debits and other assets | |||||||
Regulatory assets | 1,387 | 977 | |||||
Investments | 6 | 6 | |||||
Goodwill | 2,625 | 2,625 | |||||
Receivables from affiliates | 2,438 | 2,170 | |||||
Prepaid pension asset | 1,236 | 1,343 | |||||
Other | 203 | 325 | |||||
Total deferred debits and other assets | 7,895 | 7,446 | |||||
Total assets | $ | 29,649 | $ | 28,335 |
(In millions) | March 31, 2021 | December 31, 2020 | |||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||
Current liabilities | |||||||||||
Short-term borrowings | $ | 135 | $ | 323 | |||||||
Long-term debt due within one year | 350 | 350 | |||||||||
Accounts payable | 533 | 683 | |||||||||
Accrued expenses | 242 | 390 | |||||||||
Payables to affiliates | 80 | 96 | |||||||||
Customer deposits | 84 | 86 | |||||||||
Regulatory liabilities | 360 | 289 | |||||||||
Mark-to-market derivative liabilities | 31 | 33 | |||||||||
Other | 128 | 143 | |||||||||
Total current liabilities | 1,943 | 2,393 | |||||||||
Long-term debt | 9,324 | 8,633 | |||||||||
Long-term debt to financing trust | 205 | 205 | |||||||||
Deferred credits and other liabilities | |||||||||||
Deferred income taxes and unamortized investment tax credits | 4,427 | 4,341 | |||||||||
Asset retirement obligations | 127 | 126 | |||||||||
Non-pension postretirement benefits obligations | 177 | 173 | |||||||||
Regulatory liabilities | 6,172 | 6,403 | |||||||||
Mark-to-market derivative liabilities | 264 | 268 | |||||||||
Other | 589 | 595 | |||||||||
Total deferred credits and other liabilities | 11,756 | 11,906 | |||||||||
Total liabilities | 23,228 | 23,137 | |||||||||
Commitments and contingencies | 0 | 0 | |||||||||
Shareholders’ equity | |||||||||||
Common stock | 1,588 | 1,588 | |||||||||
Other paid-in capital | 8,483 | 8,285 | |||||||||
Retained deficit unappropriated | (1,639) | (1,639) | |||||||||
Retained earnings appropriated | 3,165 | 3,095 | |||||||||
Total shareholders’ equity | 11,597 | 11,329 | |||||||||
Total liabilities and shareholders’ equity | $ | 34,825 | $ | 34,466 |
(In millions) | September 30, 2017 | December 31, 2016 | |||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||
Current liabilities | |||||||
Long-term debt due within one year | $ | 840 | $ | 425 | |||
Accounts payable | 579 | 645 | |||||
Accrued expenses | 305 | 1,250 | |||||
Payables to affiliates | 51 | 65 | |||||
Customer deposits | 114 | 121 | |||||
Regulatory liabilities | 249 | 329 | |||||
Mark-to-market derivative liability | 20 | 19 | |||||
Other | 88 | 84 | |||||
Total current liabilities | 2,246 | 2,938 | |||||
Long-term debt | 6,760 | 6,608 | |||||
Long-term debt to financing trust | 205 | 205 | |||||
Deferred credits and other liabilities | |||||||
Deferred income taxes and unamortized investment tax credits | 6,091 | 5,364 | |||||
Asset retirement obligations | 110 | 119 | |||||
Non-pension postretirement benefits obligations | 224 | 239 | |||||
Regulatory liabilities | 3,735 | 3,369 | |||||
Mark-to-market derivative liability | 257 | 239 | |||||
Other | 577 | 529 | |||||
Total deferred credits and other liabilities | 10,994 | 9,859 | |||||
Total liabilities | 20,205 | 19,610 | |||||
Commitments and contingencies | |||||||
Shareholders’ equity | |||||||
Common stock | 1,588 | 1,588 | |||||
Other paid-in capital | 6,738 | 6,150 | |||||
Retained deficit unappropriated | (1,639 | ) | (1,639 | ) | |||
Retained earnings appropriated | 2,757 | 2,626 | |||||
Total shareholders’ equity | 9,444 | 8,725 | |||||
Total liabilities and shareholders’ equity | $ | 29,649 | $ | 28,335 |
Three Months Ended March 31, 2021 | |||||||||||||||||||||||||||||
(In millions) | Common Stock | Other Paid-In Capital | Retained Deficit Unappropriated | Retained Earnings Appropriated | Total Shareholders’ Equity | ||||||||||||||||||||||||
Balance, December 31, 2020 | $ | 1,588 | $ | 8,285 | $ | (1,639) | $ | 3,095 | $ | 11,329 | |||||||||||||||||||
Net income | — | — | 197 | — | 197 | ||||||||||||||||||||||||
Appropriation of retained earnings for future dividends | — | — | (197) | 197 | 0 | ||||||||||||||||||||||||
Common stock dividends | — | — | — | (127) | (127) | ||||||||||||||||||||||||
Contributions from parent | — | 198 | — | — | 198 | ||||||||||||||||||||||||
Balance, March 31, 2021 | $ | 1,588 | $ | 8,483 | $ | (1,639) | $ | 3,165 | $ | 11,597 | |||||||||||||||||||
Three Months Ended March 31, 2020 | |||||||||||||||||||||||||||||
(In millions) | Common Stock | Other Paid-In Capital | Retained Deficit Unappropriated | Retained Earnings Appropriated | Total Shareholders’ Equity | ||||||||||||||||||||||||
Balance, December 31, 2019 | $ | 1,588 | $ | 7,572 | $ | (1,639) | $ | 3,156 | $ | 10,677 | |||||||||||||||||||
Net income | — | — | 168 | — | 168 | ||||||||||||||||||||||||
Appropriation of retained earnings for future dividends | — | — | (168) | 168 | 0 | ||||||||||||||||||||||||
Common stock dividends | — | — | — | (125) | (125) | ||||||||||||||||||||||||
Contributions from parent | — | 125 | — | — | 125 | ||||||||||||||||||||||||
Balance, March 31, 2020 | $ | 1,588 | $ | 7,697 | $ | (1,639) | $ | 3,199 | $ | 10,845 | |||||||||||||||||||
(In millions) | Common Stock | Other Paid-In Capital | Retained Deficit Unappropriated | Retained Earnings Appropriated | Total Shareholders’ Equity | ||||||||||||||
Balance, December 31, 2016 | $ | 1,588 | $ | 6,150 | $ | (1,639 | ) | $ | 2,626 | $ | 8,725 | ||||||||
Net income | — | — | 447 | — | 447 | ||||||||||||||
Appropriation of retained earnings for future dividends | — | — | (447 | ) | 447 | — | |||||||||||||
Common stock dividends | — | — | — | (316 | ) | (316 | ) | ||||||||||||
Contributions from parent | — | 567 | — | — | 567 | ||||||||||||||
Parent tax matter indemnification | — | 21 | — | — | 21 | ||||||||||||||
Balance, September 30, 2017 | $ | 1,588 | $ | 6,738 | $ | (1,639 | ) | $ | 2,757 | $ | 9,444 |
Three Months Ended March 31, | |||||||||||||||||||||||
(In millions) | 2021 | 2020 | |||||||||||||||||||||
Operating revenues | |||||||||||||||||||||||
Electric operating revenues | $ | 649 | $ | 600 | |||||||||||||||||||
Natural gas operating revenues | 228 | 209 | |||||||||||||||||||||
Revenues from alternative revenue programs | 10 | 2 | |||||||||||||||||||||
Operating revenues from affiliates | 2 | 2 | |||||||||||||||||||||
Total operating revenues | 889 | 813 | |||||||||||||||||||||
Operating expenses | |||||||||||||||||||||||
Purchased power | 189 | 164 | |||||||||||||||||||||
Purchased fuel | 86 | 83 | |||||||||||||||||||||
Purchased power from affiliate | 41 | 36 | |||||||||||||||||||||
Operating and maintenance | 193 | 179 | |||||||||||||||||||||
Operating and maintenance from affiliates | 41 | 38 | |||||||||||||||||||||
Depreciation and amortization | 86 | 86 | |||||||||||||||||||||
Taxes other than income taxes | 43 | 39 | |||||||||||||||||||||
Total operating expenses | 679 | 625 | |||||||||||||||||||||
Operating income | 210 | 188 | |||||||||||||||||||||
Other income and (deductions) | |||||||||||||||||||||||
Interest expense, net | (35) | (33) | |||||||||||||||||||||
Interest expense to affiliates | (3) | (3) | |||||||||||||||||||||
Other, net | 5 | 3 | |||||||||||||||||||||
Total other income and (deductions) | (33) | (33) | |||||||||||||||||||||
Income before income taxes | 177 | 155 | |||||||||||||||||||||
Income taxes | 10 | 15 | |||||||||||||||||||||
Net income | $ | 167 | $ | 140 | |||||||||||||||||||
Comprehensive income | $ | 167 | $ | 140 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
(In millions) | 2017 | 2016 | 2017 | 2016 | |||||||||||
Operating revenues | |||||||||||||||
Electric operating revenues | $ | 660 | $ | 738 | $ | 1,798 | $ | 1,966 | |||||||
Natural gas operating revenues | 53 | 48 | 338 | 322 | |||||||||||
Operating revenues from affiliates | 2 | 2 | 5 | 5 | |||||||||||
Total operating revenues | 715 | 788 | 2,141 | 2,293 | |||||||||||
Operating expenses | |||||||||||||||
Purchased power | 190 | 171 | 483 | 466 | |||||||||||
Purchased fuel | 14 | 10 | 126 | 110 | |||||||||||
Purchased power from affiliate | 31 | 91 | 110 | 233 | |||||||||||
Operating and maintenance | 161 | 168 | 488 | 501 | |||||||||||
Operating and maintenance from affiliates | 36 | 31 | 107 | 103 | |||||||||||
Depreciation and amortization | 72 | 67 | 213 | 201 | |||||||||||
Taxes other than income | 42 | 46 | 116 | 126 | |||||||||||
Total operating expenses | 546 | 584 | 1,643 | 1,740 | |||||||||||
Operating income | 169 | 204 | 498 | 553 | |||||||||||
Other income and (deductions) | |||||||||||||||
Interest expense, net | (28 | ) | (27 | ) | (84 | ) | (83 | ) | |||||||
Interest expense to affiliates | (3 | ) | (3 | ) | (9 | ) | (9 | ) | |||||||
Other, net | 2 | 2 | 6 | 6 | |||||||||||
Total other income and (deductions) | (29 | ) | (28 | ) | (87 | ) | (86 | ) | |||||||
Income before income taxes | 140 | 176 | 411 | 467 | |||||||||||
Income taxes | 28 | 54 | 84 | 121 | |||||||||||
Net income | $ | 112 | $ | 122 | $ | 327 | $ | 346 | |||||||
Comprehensive income | $ | 112 | $ | 122 | $ | 327 | $ | 346 |
Three Months Ended March 31, | |||||||||||
(In millions) | 2021 | 2020 | |||||||||
Cash flows from operating activities | |||||||||||
Net income | $ | 167 | $ | 140 | |||||||
Adjustments to reconcile net income to net cash flows provided by operating activities: | |||||||||||
Depreciation and amortization | 86 | 86 | |||||||||
Deferred income taxes and amortization of investment tax credits | 6 | 2 | |||||||||
Other non-cash operating activities | 12 | 22 | |||||||||
Changes in assets and liabilities: | |||||||||||
Accounts receivable | (5) | 14 | |||||||||
Receivables from and payables to affiliates, net | (2) | (3) | |||||||||
Inventories | 13 | 15 | |||||||||
Accounts payable and accrued expenses | (36) | (45) | |||||||||
Income taxes | 3 | 14 | |||||||||
Pension and non-pension postretirement benefit contributions | (16) | (16) | |||||||||
Other assets and liabilities | (103) | (84) | |||||||||
Net cash flows provided by operating activities | 125 | 145 | |||||||||
Cash flows from investing activities | |||||||||||
Capital expenditures | (295) | (259) | |||||||||
Changes in Exelon intercompany money pool | (48) | (22) | |||||||||
Other investing activities | 1 | 1 | |||||||||
Net cash flows used in investing activities | (342) | (280) | |||||||||
Cash flows from financing activities | |||||||||||
Issuance of long-term debt | 375 | 0 | |||||||||
Changes in Exelon intercompany money pool | (40) | 0 | |||||||||
Dividends paid on common stock | (85) | (85) | |||||||||
Contributions from parent | 0 | 231 | |||||||||
Other financing activities | (4) | 0 | |||||||||
Net cash flows provided by financing activities | 246 | 146 | |||||||||
Increase in cash, restricted cash, and cash equivalents | 29 | 11 | |||||||||
Cash, restricted cash, and cash equivalents at beginning of period | 26 | 27 | |||||||||
Cash, restricted cash, and cash equivalents at end of period | $ | 55 | $ | 38 | |||||||
Supplemental cash flow information | |||||||||||
Decrease in capital expenditures not paid | $ | (44) | $ | (11) | |||||||
Nine Months Ended September 30, | |||||||
(In millions) | 2017 | 2016 | |||||
Cash flows from operating activities | |||||||
Net income | $ | 327 | $ | 346 | |||
Adjustments to reconcile net income to net cash flows provided by operating activities: | |||||||
Depreciation and amortization | 213 | 201 | |||||
Deferred income taxes and amortization of investment tax credits | 37 | 69 | |||||
Other non-cash operating activities | 38 | 49 | |||||
Changes in assets and liabilities: | |||||||
Accounts receivable | 45 | (50 | ) | ||||
Receivables from and payables to affiliates, net | (10 | ) | 9 | ||||
Inventories | (5 | ) | 5 | ||||
Accounts payable and accrued expenses | (41 | ) | (12 | ) | |||
Income taxes | 51 | 43 | |||||
Pension and non-pension postretirement benefit contributions | (23 | ) | (29 | ) | |||
Other assets and liabilities | (29 | ) | (49 | ) | |||
Net cash flows provided by operating activities | 603 | 582 | |||||
Cash flows from investing activities | |||||||
Capital expenditures | (537 | ) | (448 | ) | |||
Changes in Exelon intercompany money pool | 74 | — | |||||
Other investing activities | 6 | 10 | |||||
Net cash flows used in investing activities | (457 | ) | (438 | ) | |||
Cash flows from financing activities | |||||||
Issuance of long-term debt | 325 | 300 | |||||
Restricted proceeds from issuance of long-term debt | — | (30 | ) | ||||
Contributions from parent | 16 | 18 | |||||
Dividends paid on common stock | (216 | ) | (208 | ) | |||
Other financing activities | (4 | ) | (3 | ) | |||
Net cash flows provided by financing activities | 121 | 77 | |||||
Increase in cash and cash equivalents | 267 | 221 | |||||
Cash and cash equivalents at beginning of period | 63 | 295 | |||||
Cash and cash equivalents at end of period | $ | 330 | $ | 516 |
(In millions) | March 31, 2021 | December 31, 2020 | |||||||||
ASSETS | |||||||||||
Current assets | |||||||||||
Cash and cash equivalents | $ | 48 | $ | 19 | |||||||
Restricted cash and cash equivalents | 7 | 7 | |||||||||
Accounts receivable | |||||||||||
Customer accounts receivable | 499 | 511 | |||||||||
Customer allowance for credit losses | (130) | (116) | |||||||||
Customer accounts receivable, net | 369 | 395 | |||||||||
Other accounts receivable | 140 | 130 | |||||||||
Other allowance for credit losses | (11) | (8) | |||||||||
Other accounts receivable, net | 129 | 122 | |||||||||
Receivables from affiliates | 0 | 2 | |||||||||
Receivable from Exelon intercompany money pool | 48 | 0 | |||||||||
Inventories, net | |||||||||||
Fossil fuel | 15 | 33 | |||||||||
Materials and supplies | 43 | 38 | |||||||||
Prepaid utility taxes | 103 | 0 | |||||||||
Regulatory assets | 29 | 25 | |||||||||
Other | 22 | 21 | |||||||||
Total current assets | 813 | 662 | |||||||||
Property, plant, and equipment (net of accumulated depreciation and amortization of $3,897 and $3,843 as of March 31, 2021 and December 31, 2020, respectively) | 10,352 | 10,181 | |||||||||
Deferred debits and other assets | |||||||||||
Regulatory assets | 828 | 776 | |||||||||
Investments | 30 | 30 | |||||||||
Receivables from affiliates | 490 | 475 | |||||||||
Prepaid pension asset | 389 | 375 | |||||||||
Other | 35 | 32 | |||||||||
Total deferred debits and other assets | 1,772 | 1,688 | |||||||||
Total assets | $ | 12,937 | $ | 12,531 |
(In millions) | September 30, 2017 | December 31, 2016 | |||||
ASSETS | |||||||
Current assets | |||||||
Cash and cash equivalents | $ | 330 | $ | 63 | |||
Restricted cash and cash equivalents | 4 | 4 | |||||
Accounts receivable, net | |||||||
Customer | 240 | 306 | |||||
Other | 125 | 131 | |||||
Receivables from affiliates | — | 4 | |||||
Receivable from Exelon intercompany pool | 57 | 131 | |||||
Inventories, net | |||||||
Fossil fuel | 36 | 35 | |||||
Materials and supplies | 31 | 27 | |||||
Prepaid utility taxes | 41 | 9 | |||||
Regulatory assets | 36 | 29 | |||||
Other | 16 | 18 | |||||
Total current assets | 916 | 757 | |||||
Property, plant and equipment, net | 7,875 | 7,565 | |||||
Deferred debits and other assets | |||||||
Regulatory assets | 1,773 | 1,681 | |||||
Investments | 24 | 25 | |||||
Receivable from affiliates | 533 | 438 | |||||
Prepaid pension asset | 347 | 345 | |||||
Other | 12 | 20 | |||||
Total deferred debits and other assets | 2,689 | 2,509 | |||||
Total assets | $ | 11,480 | $ | 10,831 |
(In millions) | March 31, 2021 | December 31, 2020 | |||||||||
LIABILITIES AND SHAREHOLDER'S EQUITY | |||||||||||
Current liabilities | |||||||||||
Long-term debt due within one year | $ | 300 | $ | 300 | |||||||
Accounts payable | 431 | 479 | |||||||||
Accrued expenses | 100 | 129 | |||||||||
Payables to affiliates | 46 | 50 | |||||||||
Borrowings from Exelon intercompany money pool | 0 | 40 | |||||||||
Customer deposits | 54 | 59 | |||||||||
Regulatory liabilities | 127 | 121 | |||||||||
Other | 31 | 30 | |||||||||
Total current liabilities | 1,089 | 1,208 | |||||||||
Long-term debt | 3,825 | 3,453 | |||||||||
Long-term debt to financing trusts | 184 | 184 | |||||||||
Deferred credits and other liabilities | |||||||||||
Deferred income taxes and unamortized investment tax credits | 2,297 | 2,242 | |||||||||
Asset retirement obligations | 29 | 29 | |||||||||
Non-pension postretirement benefits obligations | 286 | 286 | |||||||||
Regulatory liabilities | 519 | 503 | |||||||||
Other | 93 | 93 | |||||||||
Total deferred credits and other liabilities | 3,224 | 3,153 | |||||||||
Total liabilities | 8,322 | 7,998 | |||||||||
Commitments and contingencies | 0 | 0 | |||||||||
Shareholder’s equity | |||||||||||
Common stock | 3,014 | 3,014 | |||||||||
Retained earnings | 1,601 | 1,519 | |||||||||
Total shareholder’s equity | 4,615 | 4,533 | |||||||||
Total liabilities and shareholder's equity | $ | 12,937 | $ | 12,531 |
(In millions) | September 30, 2017 | December 31, 2016 | |||||
LIABILITIES AND SHAREHOLDER'S EQUITY | |||||||
Current liabilities | |||||||
Long-term debt due within one year | $ | 500 | $ | — | |||
Accounts payable | 285 | 342 | |||||
Accrued expenses | 132 | 104 | |||||
Payables to affiliates | 48 | 63 | |||||
Customer deposits | 64 | 61 | |||||
Regulatory liabilities | 159 | 127 | |||||
Other | 28 | 30 | |||||
Total current liabilities | 1,216 | 727 | |||||
Long-term debt | 2,402 | 2,580 | |||||
Long-term debt to financing trusts | 184 | 184 | |||||
Deferred credits and other liabilities | |||||||
Deferred income taxes and unamortized investment tax credits | 3,170 | 3,006 | |||||
Asset retirement obligations | 27 | 28 | |||||
Non-pension postretirement benefits obligations | 289 | 289 | |||||
Regulatory liabilities | 560 | 517 | |||||
Other | 90 | 85 | |||||
Total deferred credits and other liabilities | 4,136 | 3,925 | |||||
Total liabilities | 7,938 | 7,416 | |||||
Commitments and contingencies | |||||||
Shareholder’s equity | |||||||
Common stock | 2,489 | 2,473 | |||||
Retained earnings | 1,052 | 941 | |||||
Accumulated other comprehensive income, net | 1 | 1 | |||||
Total shareholder’s equity | 3,542 | 3,415 | |||||
Total liabilities and shareholder's equity | $ | 11,480 | $ | 10,831 |
Three Months Ended March 31, 2021 | |||||||||||||||||||||||
(In millions) | Common Stock | Retained Earnings | Total Shareholder's Equity | ||||||||||||||||||||
Balance, December 31, 2020 | $ | 3,014 | $ | 1,519 | $ | 4,533 | |||||||||||||||||
Net income | — | 167 | 167 | ||||||||||||||||||||
Common stock dividends | — | (85) | (85) | ||||||||||||||||||||
Balance, March 31, 2021 | $ | 3,014 | $ | 1,601 | $ | 4,615 | |||||||||||||||||
Three Months Ended March 31, 2020 | |||||||||||||||||||||||
(In millions) | Common Stock | Retained Earnings | Total Shareholder's Equity | ||||||||||||||||||||
Balance, December 31, 2019 | $ | 2,766 | $ | 1,412 | $ | 4,178 | |||||||||||||||||
Net income | — | 140 | 140 | ||||||||||||||||||||
Common stock dividends | — | (85) | (85) | ||||||||||||||||||||
Contributions from parent | 231 | — | 231 | ||||||||||||||||||||
Balance, March 31, 2020 | $ | 2,997 | $ | 1,467 | $ | 4,464 | |||||||||||||||||
(In millions) | Common Stock | Retained Earnings | Accumulated Other Comprehensive Income, net | Total Shareholder's Equity | |||||||||||
Balance, December 31, 2016 | $ | 2,473 | $ | 941 | $ | 1 | $ | 3,415 | |||||||
Net income | — | 327 | — | 327 | |||||||||||
Common stock dividends | — | (216 | ) | — | (216 | ) | |||||||||
Allocation of tax benefit from parent | 16 | — | — | 16 | |||||||||||
Balance, September 30, 2017 | $ | 2,489 | $ | 1,052 | $ | 1 | $ | 3,542 |
Three Months Ended March 31, | |||||||||||||||||||||||
(In millions) | 2021 | 2020 | |||||||||||||||||||||
Operating revenues | |||||||||||||||||||||||
Electric operating revenues | $ | 620 | $ | 595 | |||||||||||||||||||
Natural gas operating revenues | 330 | 300 | |||||||||||||||||||||
Revenues from alternative revenue programs | 18 | 36 | |||||||||||||||||||||
Operating revenues from affiliates | 6 | 6 | |||||||||||||||||||||
Total operating revenues | 974 | 937 | |||||||||||||||||||||
Operating expenses | |||||||||||||||||||||||
Purchased power | 162 | 114 | |||||||||||||||||||||
Purchased fuel | 99 | 76 | |||||||||||||||||||||
Purchased power and fuel from affiliate | 70 | 98 | |||||||||||||||||||||
Operating and maintenance | 152 | 146 | |||||||||||||||||||||
Operating and maintenance from affiliates | 45 | 42 | |||||||||||||||||||||
Depreciation and amortization | 152 | 143 | |||||||||||||||||||||
Taxes other than income taxes | 72 | 69 | |||||||||||||||||||||
Total operating expenses | 752 | 688 | |||||||||||||||||||||
Operating income | 222 | 249 | |||||||||||||||||||||
Other income and (deductions) | |||||||||||||||||||||||
Interest expense, net | (34) | (32) | |||||||||||||||||||||
Other, net | 8 | 5 | |||||||||||||||||||||
Total other income and (deductions) | (26) | (27) | |||||||||||||||||||||
Income before income taxes | 196 | 222 | |||||||||||||||||||||
Income taxes | (13) | 41 | |||||||||||||||||||||
Net income | $ | 209 | $ | 181 | |||||||||||||||||||
Comprehensive income | $ | 209 | $ | 181 | |||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
(In millions) | 2017 | 2016 | 2017 | 2016 | |||||||||||
Operating revenues | |||||||||||||||
Electric operating revenues | $ | 657 | $ | 733 | $ | 1,890 | $ | 1,993 | |||||||
Natural gas operating revenues | 78 | 72 | 461 | 412 | |||||||||||
Operating revenues from affiliates | 3 | 7 | 12 | 16 | |||||||||||
Total operating revenues | 738 | 812 | 2,363 | 2,421 | |||||||||||
Operating expenses | |||||||||||||||
Purchased power | 159 | 164 | 407 | 399 | |||||||||||
Purchased fuel | 13 | 14 | 118 | 109 | |||||||||||
Purchased power from affiliate | 97 | 182 | 328 | 486 | |||||||||||
Operating and maintenance | 138 | 150 | 421 | 494 | |||||||||||
Operating and maintenance from affiliates | 37 | 28 | 111 | 94 | |||||||||||
Depreciation and amortization | 109 | 101 | 348 | 307 | |||||||||||
Taxes other than income | 61 | 58 | 180 | 172 | |||||||||||
Total operating expenses | 614 | 697 | 1,913 | 2,061 | |||||||||||
Operating income | 124 | 115 | 450 | 360 | |||||||||||
Other income and (deductions) | |||||||||||||||
Interest expense, net | (24 | ) | (24 | ) | (69 | ) | (64 | ) | |||||||
Interest expense to affiliates | (2 | ) | (4 | ) | (11 | ) | (12 | ) | |||||||
Other, net | 4 | 5 | 12 | 16 | |||||||||||
Total other income and (deductions) | (22 | ) | (23 | ) | (68 | ) | (60 | ) | |||||||
Income before income taxes | 102 | 92 | 382 | 300 | |||||||||||
Income taxes | 40 | 36 | 151 | 109 | |||||||||||
Net income | 62 | 56 | 231 | 191 | |||||||||||
Preference stock dividends | — | 2 | — | 8 | |||||||||||
Net income attributable to common shareholder | $ | 62 | $ | 54 | $ | 231 | $ | 183 | |||||||
Comprehensive income | $ | 62 | $ | 56 | $ | 231 | $ | 191 | |||||||
Comprehensive income attributable to preference stock dividends | — | 2 | — | 8 | |||||||||||
Comprehensive income attributable to common shareholder | $ | 62 | $ | 54 | $ | 231 | $ | 183 |
Three Months Ended March 31, | |||||||||||
(In millions) | 2021 | 2020 | |||||||||
Cash flows from operating activities | |||||||||||
Net income | $ | 209 | $ | 181 | |||||||
Adjustments to reconcile net income to net cash flows provided by operating activities: | |||||||||||
Depreciation and amortization | 152 | 143 | |||||||||
Deferred income taxes and amortization of investment tax credits | (4) | 33 | |||||||||
Other non-cash operating activities | 2 | (8) | |||||||||
Changes in assets and liabilities: | |||||||||||
Accounts receivable | 12 | (28) | |||||||||
Receivables from and payables to affiliates, net | (15) | (13) | |||||||||
Inventories | 9 | 20 | |||||||||
Accounts payable and accrued expenses | (59) | (9) | |||||||||
Income taxes | (9) | 7 | |||||||||
Pension and non-pension postretirement benefit contributions | (65) | (64) | |||||||||
Other assets and liabilities | (103) | 10 | |||||||||
Net cash flows provided by operating activities | 129 | 272 | |||||||||
Cash flows from investing activities | |||||||||||
Capital expenditures | (336) | (283) | |||||||||
Other investing activities | 2 | (6) | |||||||||
Net cash flows used in investing activities | (334) | (289) | |||||||||
Cash flows from financing activities | |||||||||||
Changes in short-term borrowings | 156 | 66 | |||||||||
Dividends paid on common stock | (74) | (62) | |||||||||
Net cash flows provided by financing activities | 82 | 4 | |||||||||
Decrease in cash, restricted cash, and cash equivalents | (123) | (13) | |||||||||
Cash, restricted cash, and cash equivalents at beginning of period | 145 | 25 | |||||||||
Cash, restricted cash, and cash equivalents at end of period | $ | 22 | $ | 12 | |||||||
Supplemental cash flow information | |||||||||||
Decrease in capital expenditures not paid | $ | (80) | $ | (35) | |||||||
Nine Months Ended September 30, | |||||||
(In millions) | 2017 | 2016 | |||||
Cash flows from operating activities | |||||||
Net income | $ | 231 | $ | 191 | |||
Adjustments to reconcile net income to net cash flows provided by operating activities: | |||||||
Depreciation and amortization | 348 | 307 | |||||
Impairment of long-lived assets and losses on regulatory assets | — | 52 | |||||
Deferred income taxes and amortization of investment tax credits | 141 | 54 | |||||
Other non-cash operating activities | 52 | 109 | |||||
Changes in assets and liabilities: | |||||||
Accounts receivable | 95 | (50 | ) | ||||
Receivables from and payables to affiliates, net | (13 | ) | (10 | ) | |||
Inventories | (18 | ) | (7 | ) | |||
Accounts payable and accrued expenses | (25 | ) | 43 | ||||
Income taxes | 12 | 19 | |||||
Pension and non-pension postretirement benefit contributions | (50 | ) | (46 | ) | |||
Other assets and liabilities | (69 | ) | (2 | ) | |||
Net cash flows provided by operating activities | 704 | 660 | |||||
Cash flows from investing activities | |||||||
Capital expenditures | (615 | ) | (611 | ) | |||
Changes in restricted cash | 23 | (22 | ) | ||||
Other investing activities | 6 | 19 | |||||
Net cash flows used in investing activities | (586 | ) | (614 | ) | |||
Cash flows from financing activities | |||||||
Changes in short-term borrowings | (45 | ) | (210 | ) | |||
Issuance of long-term debt | 300 | 850 | |||||
Retirement of long-term debt | (41 | ) | (39 | ) | |||
Retirement of long-term debt to financing trust | (250 | ) | — | ||||
Redemption of preference stock | — | (190 | ) | ||||
Dividends paid on preference stock | — | (8 | ) | ||||
Dividends paid on common stock | (148 | ) | (134 | ) | |||
Contributions from parent | 77 | 28 | |||||
Other financing activities | (5 | ) | (11 | ) | |||
Net cash flows (used in) provided by financing activities | (112 | ) | 286 | ||||
Increase in cash and cash equivalents | 6 | 332 | |||||
Cash and cash equivalents at beginning of period | 23 | 9 | |||||
Cash and cash equivalents at end of period | $ | 29 | $ | 341 |
(In millions) | March 31, 2021 | December 31, 2020 | |||||||||
ASSETS | |||||||||||
Current assets | |||||||||||
Cash and cash equivalents | $ | 21 | $ | 144 | |||||||
Restricted cash and cash equivalents | 1 | 1 | |||||||||
Accounts receivable | |||||||||||
Customer accounts receivable | 476 | 487 | |||||||||
Customer allowance for credit losses | (43) | (35) | |||||||||
Customer accounts receivable, net | 433 | 452 | |||||||||
Other accounts receivable | 125 | 117 | |||||||||
Other allowance for credit losses | (9) | (9) | |||||||||
Other accounts receivable, net | 116 | 108 | |||||||||
Receivables from affiliates | 0 | 3 | |||||||||
Inventories, net | |||||||||||
Fossil fuel | 12 | 25 | |||||||||
Materials and supplies | 45 | 41 | |||||||||
Prepaid utility taxes | 43 | 0 | |||||||||
Regulatory assets | 179 | 168 | |||||||||
Other | 9 | 6 | |||||||||
Total current assets | 859 | 948 | |||||||||
Property, plant, and equipment (net of accumulated depreciation and amortization of $4,115 and $4,034 as of March 31, 2021 and December 31, 2020, respectively) | 10,026 | 9,872 | |||||||||
Deferred debits and other assets | |||||||||||
Regulatory assets | 481 | 481 | |||||||||
Investments | 10 | 10 | |||||||||
Prepaid pension asset | 314 | 270 | |||||||||
Other | 69 | 69 | |||||||||
Total deferred debits and other assets | 874 | 830 | |||||||||
Total assets | $ | 11,759 | $ | 11,650 |
(In millions) | September 30, 2017 | December 31, 2016 | |||||
ASSETS | |||||||
Current assets | |||||||
Cash and cash equivalents | $ | 29 | $ | 23 | |||
Restricted cash and cash equivalents | 1 | 24 | |||||
Accounts receivable, net | |||||||
Customer | 288 | 395 | |||||
Other | 86 | 102 | |||||
Inventories, net | |||||||
Gas held in storage | 46 | 30 | |||||
Materials and supplies | 40 | 38 | |||||
Prepaid utility taxes | — | 15 | |||||
Regulatory assets | 208 | 208 | |||||
Other | 4 | 7 | |||||
Total current assets | 702 | 842 | |||||
Property, plant and equipment, net | 7,418 | 7,040 | |||||
Deferred debits and other assets | |||||||
Regulatory assets | 497 | 504 | |||||
Investments | 5 | 12 | |||||
Prepaid pension asset | 297 | 297 | |||||
Other | 4 | 9 | |||||
Total deferred debits and other assets | 803 | 822 | |||||
Total assets(a) | $ | 8,923 | $ | 8,704 |
(In millions) | March 31, 2021 | December 31, 2020 | |||||||||
LIABILITIES AND SHAREHOLDER'S EQUITY | |||||||||||
Current liabilities | |||||||||||
Short-term borrowings | $ | 156 | $ | 0 | |||||||
Long-term debt due within one year | 300 | 300 | |||||||||
Accounts payable | 266 | 346 | |||||||||
Accrued expenses | 142 | 205 | |||||||||
Payables to affiliates | 43 | 61 | |||||||||
Customer deposits | 105 | 110 | |||||||||
Regulatory liabilities | 41 | 30 | |||||||||
Other | 83 | 91 | |||||||||
Total current liabilities | 1,136 | 1,143 | |||||||||
Long-term debt | 3,365 | 3,364 | |||||||||
Deferred credits and other liabilities | |||||||||||
Deferred income taxes and unamortized investment tax credits | 1,609 | 1,521 | |||||||||
Asset retirement obligations | 24 | 23 | |||||||||
Non-pension postretirement benefits obligations | 182 | 189 | |||||||||
Regulatory liabilities | 1,016 | 1,109 | |||||||||
Other | 95 | 104 | |||||||||
Total deferred credits and other liabilities | 2,926 | 2,946 | |||||||||
Total liabilities | 7,427 | 7,453 | |||||||||
Commitments and contingencies | 0 | 0 | |||||||||
Shareholder's equity | |||||||||||
Common stock | 2,318 | 2,318 | |||||||||
Retained earnings | 2,014 | 1,879 | |||||||||
Total shareholder's equity | 4,332 | 4,197 | |||||||||
Total liabilities and shareholder's equity | $ | 11,759 | $ | 11,650 |
(In millions) | September 30, 2017 | December 31, 2016 | |||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||
Current liabilities | |||||||
Short-term borrowings | $ | — | $ | 45 | |||
Long-term debt due within one year | — | 41 | |||||
Accounts payable | 218 | 205 | |||||
Accrued expenses | 147 | 175 | |||||
Payables to affiliates | 42 | 55 | |||||
Customer deposits | 114 | 110 | |||||
Regulatory liabilities | 63 | 50 | |||||
Other | 28 | 26 | |||||
Total current liabilities | 612 | 707 | |||||
Long-term debt | 2,577 | 2,281 | |||||
Long-term debt to financing trust | — | 252 | |||||
Deferred credits and other liabilities | |||||||
Deferred income taxes and unamortized investment tax credits | 2,366 | 2,219 | |||||
Asset retirement obligations | 23 | 21 | |||||
Non-pension postretirement benefits obligations | 201 | 205 | |||||
Regulatory liabilities | 84 | 110 | |||||
Other | 52 | 61 | |||||
Total deferred credits and other liabilities | 2,726 | 2,616 | |||||
Total liabilities(a) | 5,915 | 5,856 | |||||
Commitments and contingencies | |||||||
Shareholders’ equity | |||||||
Common stock | 1,498 | 1,421 | |||||
Retained earnings | 1,510 | 1,427 | |||||
Total shareholders' equity | 3,008 | 2,848 | |||||
Total liabilities and shareholders’ equity | $ | 8,923 | $ | 8,704 |
Three Months Ended March 31, 2021 | |||||||||||||||||||||||||||||
(In millions) | Common Stock | Retained Earnings | Total Shareholder's Equity | ||||||||||||||||||||||||||
Balance, December 31, 2020 | $ | 2,318 | $ | 1,879 | $ | 4,197 | |||||||||||||||||||||||
Net income | — | 209 | 209 | ||||||||||||||||||||||||||
Common stock dividends | — | (74) | (74) | ||||||||||||||||||||||||||
Balance, March 31, 2021 | $ | 2,318 | $ | 2,014 | $ | 4,332 | |||||||||||||||||||||||
Three Months Ended March 31, 2020 | |||||||||||||||||||||||||||||
(In millions) | Common Stock | Retained Earnings | Total Shareholder's Equity | ||||||||||||||||||||||||||
Balance, December 31, 2019 | $ | 1,907 | $ | 1,776 | $ | 3,683 | |||||||||||||||||||||||
Net income | — | 181 | 181 | ||||||||||||||||||||||||||
Common stock dividends | — | (62) | (62) | ||||||||||||||||||||||||||
Balance, March 31, 2020 | $ | 1,907 | $ | 1,895 | $ | 3,802 |
(In millions) | Common Stock | Retained Earnings | Total Shareholders’ Equity | ||||||||
Balance, December 31, 2016 | $ | 1,421 | $ | 1,427 | $ | 2,848 | |||||
Net income | — | 231 | 231 | ||||||||
Common stock dividends | — | (148 | ) | (148 | ) | ||||||
Contributions from parent | 77 | — | 77 | ||||||||
Balance, September 30, 2017 | $ | 1,498 | $ | 1,510 | $ | 3,008 |
Three Months Ended March 31, | |||||||||||||||||||||||
(In millions) | 2021 | 2020 | |||||||||||||||||||||
Operating revenues | |||||||||||||||||||||||
Electric operating revenues | $ | 1,124 | $ | 1,086 | |||||||||||||||||||
Natural gas operating revenues | 71 | 64 | |||||||||||||||||||||
Revenues from alternative revenue programs | 46 | 18 | |||||||||||||||||||||
Operating revenues from affiliates | 3 | 3 | |||||||||||||||||||||
Total operating revenues | 1,244 | 1,171 | |||||||||||||||||||||
Operating expenses | |||||||||||||||||||||||
Purchased power | 348 | 300 | |||||||||||||||||||||
Purchased fuel | 33 | 31 | |||||||||||||||||||||
Purchased power from affiliates | 98 | 104 | |||||||||||||||||||||
Operating and maintenance | 216 | 219 | |||||||||||||||||||||
Operating and maintenance from affiliates | 40 | 38 | |||||||||||||||||||||
Depreciation and amortization | 210 | 194 | |||||||||||||||||||||
Taxes other than income taxes | 113 | 114 | |||||||||||||||||||||
Total operating expenses | 1,058 | 1,000 | |||||||||||||||||||||
Gain on sales of assets | 0 | 2 | |||||||||||||||||||||
Operating income | 186 | 173 | |||||||||||||||||||||
Other income and (deductions) | |||||||||||||||||||||||
Interest expense, net | (67) | (67) | |||||||||||||||||||||
Other, net | 17 | 13 | |||||||||||||||||||||
Total other income and (deductions) | (50) | (54) | |||||||||||||||||||||
Income before income taxes | 136 | 119 | |||||||||||||||||||||
Income taxes | 8 | 11 | |||||||||||||||||||||
Net income | $ | 128 | $ | 108 | |||||||||||||||||||
Comprehensive income | $ | 128 | $ | 108 |
Successor | Predecessor | ||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | March 24 to September 30, | January 1 to March 23, | ||||||||||||||||||
(In millions) | 2017 | 2016 | 2017 | 2016 | 2016 | ||||||||||||||||
Operating revenues | |||||||||||||||||||||
Electric operating revenues | $ | 1,280 | $ | 1,366 | $ | 3,417 | $ | 2,485 | $ | 1,096 | |||||||||||
Natural gas operating revenues | 18 | 17 | 105 | 46 | 57 | ||||||||||||||||
Operating revenues from affiliates | 12 | 11 | 35 | 34 | — | ||||||||||||||||
Total operating revenues | 1,310 | 1,394 | 3,557 | 2,565 | 1,153 | ||||||||||||||||
Operating expenses | |||||||||||||||||||||
Purchased power | 354 | 370 | 901 | 658 | 471 | ||||||||||||||||
Purchased fuel | 7 | 6 | 46 | 17 | 26 | ||||||||||||||||
Purchased power and fuel from affiliates | 112 | 207 | 371 | 362 | — | ||||||||||||||||
Operating and maintenance | 214 | 200 | 666 | 870 | 294 | ||||||||||||||||
Operating and maintenance from affiliates | 37 | 26 | 108 | 51 | — | ||||||||||||||||
Depreciation and amortization | 179 | 182 | 511 | 355 | 152 | ||||||||||||||||
Taxes other than income | 122 | 124 | 344 | 248 | 105 | ||||||||||||||||
Total operating expenses | 1,025 | 1,115 | 2,947 | 2,561 | 1,048 | ||||||||||||||||
Gain on sales of assets | — | — | 1 | — | — | ||||||||||||||||
Operating income | 285 | 279 | 611 | 4 | 105 | ||||||||||||||||
Other income and (deductions) | |||||||||||||||||||||
Interest expense, net | (62 | ) | (64 | ) | (183 | ) | (135 | ) | (65 | ) | |||||||||||
Other, net | 13 | 19 | 40 | 31 | (4 | ) | |||||||||||||||
Total other income and (deductions) | (49 | ) | (45 | ) | (143 | ) | (104 | ) | (69 | ) | |||||||||||
Income (loss) before income taxes | 236 | 234 | 468 | (100 | ) | 36 | |||||||||||||||
Income taxes | 83 | 68 | 109 | (9 | ) | 17 | |||||||||||||||
Net income (loss) | $ | 153 | $ | 166 | $ | 359 | $ | (91 | ) | $ | 19 | ||||||||||
Comprehensive income (loss), net of income taxes | |||||||||||||||||||||
Net income (loss) | $ | 153 | $ | 166 | $ | 359 | $ | (91 | ) | $ | 19 | ||||||||||
Other comprehensive income, net of income taxes | |||||||||||||||||||||
Pension and non-pension postretirement benefit plans: | |||||||||||||||||||||
Actuarial loss reclassified to periodic cost | — | — | — | — | 1 | ||||||||||||||||
Other comprehensive income | — | — | — | — | 1 | ||||||||||||||||
Comprehensive income (loss) | $ | 153 | $ | 166 | $ | 359 | $ | (91 | ) | $ | 20 |
Three Months Ended March 31, | |||||||||||
(In millions) | 2021 | 2020 | |||||||||
Cash flows from operating activities | |||||||||||
Net income | $ | 128 | $ | 108 | |||||||
Adjustments to reconcile net income to net cash flows from operating activities: | |||||||||||
Depreciation and amortization | 210 | 194 | |||||||||
Deferred income taxes and amortization of investment tax credits | 4 | (4) | |||||||||
Other non-cash operating activities | (25) | 7 | |||||||||
Changes in assets and liabilities: | |||||||||||
Accounts receivable | 56 | 36 | |||||||||
Receivables from and payables to affiliates, net | (18) | (17) | |||||||||
Inventories | 5 | 8 | |||||||||
Accounts payable and accrued expenses | (24) | (16) | |||||||||
Income taxes | 3 | 15 | |||||||||
Pension and non-pension postretirement benefit contributions | (36) | (27) | |||||||||
Other assets and liabilities | (94) | (72) | |||||||||
Net cash flows provided by operating activities | 209 | 232 | |||||||||
Cash flows from investing activities | |||||||||||
Capital expenditures | (456) | (376) | |||||||||
Other investing activities | 1 | 1 | |||||||||
Net cash flows used in investing activities | (455) | (375) | |||||||||
Cash flows from financing activities | |||||||||||
Changes in short-term borrowings | (368) | (100) | |||||||||
Issuance of long-term debt | 625 | 150 | |||||||||
Retirement of long-term debt | (44) | (6) | |||||||||
Changes in Exelon intercompany money pool | 3 | 7 | |||||||||
Distributions to member | (81) | (134) | |||||||||
Contributions from member | 560 | 144 | |||||||||
Other financing activities | (5) | (1) | |||||||||
Net cash flows provided by financing activities | 690 | 60 | |||||||||
Increase (decrease) in cash, restricted cash, and cash equivalents | 444 | (83) | |||||||||
Cash, restricted cash, and cash equivalents at beginning of period | 160 | 181 | |||||||||
Cash, restricted cash, and cash equivalents at end of period | $ | 604 | $ | 98 | |||||||
Supplemental cash flow information | |||||||||||
Decrease in capital expenditures not paid | $ | (33) | $ | (57) | |||||||
Successor | Predecessor | |||||||||||
Nine Months Ended September 30, | March 24 to September 30, | January 1 to March 23, | ||||||||||
(In millions) | 2017 | 2016 | 2016 | |||||||||
Cash flows from operating activities | ||||||||||||
Net income (loss) | $ | 359 | $ | (91 | ) | $ | 19 | |||||
Adjustments to reconcile net income (loss) to net cash flows provided by operating activities: | ||||||||||||
Depreciation and amortization | 511 | 355 | 152 | |||||||||
Deferred income taxes and amortization of investment tax credits | 190 | 237 | 19 | |||||||||
Net fair value changes related to derivatives | — | — | 18 | |||||||||
Other non-cash operating activities | 66 | 441 | 46 | |||||||||
Changes in assets and liabilities: | ||||||||||||
Accounts receivable | (42 | ) | (94 | ) | (28 | ) | ||||||
Receivables from and payables to affiliates, net | (13 | ) | 39 | — | ||||||||
Inventories | (29 | ) | — | (4 | ) | |||||||
Accounts payable and accrued expenses | (49 | ) | (23 | ) | 42 | |||||||
Income taxes | 82 | (57 | ) | 12 | ||||||||
Pension and non-pension postretirement benefit contributions | (74 | ) | (13 | ) | (4 | ) | ||||||
Other assets and liabilities | (204 | ) | (248 | ) | (8 | ) | ||||||
Net cash flows provided by operating activities | 797 | 546 | 264 | |||||||||
Cash flows from investing activities | ||||||||||||
Capital expenditures | (995 | ) | (624 | ) | (273 | ) | ||||||
Proceeds from sales of long-lived assets | 1 | 19 | — | |||||||||
Changes in restricted cash | (1 | ) | (39 | ) | 3 | |||||||
Purchases of investments | — | — | (68 | ) | ||||||||
Other investing activities | 4 | 13 | (5 | ) | ||||||||
Net cash flows used in investing activities | (991 | ) | (631 | ) | (343 | ) | ||||||
Cash flows from financing activities | ||||||||||||
Changes in short-term borrowings | 96 | (520 | ) | (121 | ) | |||||||
Proceeds from short-term borrowings with maturities greater than 90 days | — | — | 500 | |||||||||
Repayments of short-term borrowings with maturities greater than 90 days | (500 | ) | (300 | ) | — | |||||||
Issuance of long-term debt | 202 | 2 | — | |||||||||
Retirement of long-term debt | (127 | ) | (29 | ) | (11 | ) | ||||||
Common stock issued for the Direct Stock Purchase and Dividend Reinvestment Plan and employee-related compensation | — | — | 2 | |||||||||
Distributions to member | (267 | ) | (174 | ) | — | |||||||
Contributions from member | 758 | 1,088 | — | |||||||||
Change in Exelon intercompany money pool | 1 | 1 | — | |||||||||
Other financing activities | (2 | ) | (3 | ) | 2 | |||||||
Net cash flows provided by financing activities | 161 | 65 | 372 | |||||||||
(Decrease) Increase in cash and cash equivalents | (33 | ) | (20 | ) | 293 | |||||||
Cash and cash equivalents at beginning of period | 170 | 319 | 26 | |||||||||
Cash and cash equivalents at end of period | $ | 137 | $ | 299 | $ | 319 |
(In millions) | March 31, 2021 | December 31, 2020 | |||||||||
ASSETS | |||||||||||
Current assets | |||||||||||
Cash and cash equivalents | $ | 558 | $ | 111 | |||||||
Restricted cash and cash equivalents | 37 | 39 | |||||||||
Accounts receivable | |||||||||||
Customer accounts receivable | 557 | 611 | |||||||||
Customer allowance for credit losses | (101) | (86) | |||||||||
Customer accounts receivable, net | 456 | 525 | |||||||||
Other accounts receivable | 261 | 260 | |||||||||
Other allowance for credit losses | (37) | (33) | |||||||||
Other accounts receivable, net | 224 | 227 | |||||||||
Receivables from affiliates | 0 | 8 | |||||||||
Inventories, net | |||||||||||
Fossil fuel | 3 | 6 | |||||||||
Materials and supplies | 196 | 198 | |||||||||
Regulatory assets | 450 | 440 | |||||||||
Other | 52 | 45 | |||||||||
Total current assets | 1,976 | 1,599 | |||||||||
Property, plant, and equipment (net of accumulated depreciation and amortization of $1,930 and $1,811 as of March 31, 2021 and December 31, 2020, respectively) | 15,651 | 15,377 | |||||||||
Deferred debits and other assets | |||||||||||
Regulatory assets | 1,912 | 1,933 | |||||||||
Investments | 141 | 140 | |||||||||
Goodwill | 4,005 | 4,005 | |||||||||
Prepaid pension asset | 383 | 365 | |||||||||
Deferred income taxes | 9 | 10 | |||||||||
Other | 310 | 307 | |||||||||
Total deferred debits and other assets | 6,760 | 6,760 | |||||||||
Total assets(a) | $ | 24,387 | $ | 23,736 |
Successor | |||||||
(In millions) | September 30, 2017 | December 31, 2016 | |||||
ASSETS | |||||||
Current assets | |||||||
Cash and cash equivalents | $ | 137 | $ | 170 | |||
Restricted cash and cash equivalents | 43 | 43 | |||||
Accounts receivable, net | |||||||
Customer | 490 | 496 | |||||
Other | 209 | 283 | |||||
Inventories, net | |||||||
Gas held in storage | 9 | 6 | |||||
Materials and supplies | 141 | 116 | |||||
Regulatory assets | 568 | 653 | |||||
Other | 59 | 71 | |||||
Total current assets | 1,656 | 1,838 | |||||
Property, plant and equipment, net | 12,219 | 11,598 | |||||
Deferred debits and other assets | |||||||
Regulatory assets | 2,692 | 2,851 | |||||
Investments | 132 | 133 | |||||
Goodwill | 4,005 | 4,005 | |||||
Long-term note receivable | 4 | 4 | |||||
Prepaid pension asset | 510 | 509 | |||||
Deferred income taxes | 6 | 6 | |||||
Other | 77 | 81 | |||||
Total deferred debits and other assets | 7,426 | 7,589 | |||||
Total assets(a) | $ | 21,301 | $ | 21,025 |
Successor | ||||||||||||||||||
(In millions) | September 30, 2017 | December 31, 2016 | (In millions) | March 31, 2021 | December 31, 2020 | |||||||||||||
LIABILITIES AND MEMBER'S EQUITY | LIABILITIES AND MEMBER'S EQUITY | |||||||||||||||||
Current liabilities | Current liabilities | |||||||||||||||||
Short-term borrowings | $ | 118 | $ | 522 | Short-term borrowings | $ | 0 | $ | 368 | |||||||||
Long-term debt due within one year | 159 | 253 | Long-term debt due within one year | 304 | 347 | |||||||||||||
Accounts payable | 397 | 458 | Accounts payable | 503 | 539 | |||||||||||||
Accrued expenses | 294 | 272 | Accrued expenses | 279 | 299 | |||||||||||||
Payables to affiliates | 79 | 94 | Payables to affiliates | 78 | 104 | |||||||||||||
Borrowings from Exelon intercompany money pool | Borrowings from Exelon intercompany money pool | 24 | 21 | |||||||||||||||
Customer deposits | Customer deposits | 96 | 106 | |||||||||||||||
Regulatory liabilities | Regulatory liabilities | 130 | 137 | |||||||||||||||
Unamortized energy contract liabilities | 231 | 335 | Unamortized energy contract liabilities | 92 | 92 | |||||||||||||
Borrowings from Exelon intercompany money pool | 1 | — | ||||||||||||||||
Customer deposits | 119 | 123 | ||||||||||||||||
Merger related obligation | 53 | 101 | ||||||||||||||||
Regulatory liabilities | 65 | 79 | ||||||||||||||||
Other | 41 | 47 | Other | 137 | 141 | |||||||||||||
Total current liabilities | 1,557 | 2,284 | Total current liabilities | 1,643 | 2,154 | |||||||||||||
Long-term debt | 5,771 | 5,645 | Long-term debt | 7,273 | 6,659 | |||||||||||||
Deferred credits and other liabilities | Deferred credits and other liabilities | |||||||||||||||||
Regulatory liabilities | 146 | 158 | ||||||||||||||||
Deferred income taxes and unamortized investment tax credits | 4,003 | 3,775 | Deferred income taxes and unamortized investment tax credits | 2,481 | 2,439 | |||||||||||||
Asset retirement obligations | 17 | 14 | Asset retirement obligations | 59 | 59 | |||||||||||||
Non-pension postretirement benefit obligations | 128 | 134 | Non-pension postretirement benefit obligations | 80 | 86 | |||||||||||||
Regulatory liabilities | Regulatory liabilities | 1,391 | 1,438 | |||||||||||||||
Unamortized energy contract liabilities | 599 | 750 | Unamortized energy contract liabilities | 214 | 235 | |||||||||||||
Other | 214 | 249 | Other | 595 | 622 | |||||||||||||
Total deferred credits and other liabilities | 5,107 | 5,080 | Total deferred credits and other liabilities | 4,820 | 4,879 | |||||||||||||
Total liabilities(a) | 12,435 | 13,009 | Total liabilities(a) | 13,736 | 13,692 | |||||||||||||
Commitments and contingencies | Commitments and contingencies | 0 | 0 | |||||||||||||||
Member's equity | Member's equity | |||||||||||||||||
Membership interest | 8,835 | 8,077 | Membership interest | 10,672 | 10,112 | |||||||||||||
Undistributed earnings (losses) | 31 | (61 | ) | |||||||||||||||
Undistributed losses | Undistributed losses | (21) | (68) | |||||||||||||||
Total member's equity | 8,866 | 8,016 | Total member's equity | 10,651 | 10,044 | |||||||||||||
Total liabilities and member's equity | $ | 21,301 | $ | 21,025 | Total liabilities and member's equity | $ | 24,387 | $ | 23,736 |
Three Months Ended March 31, 2021 | |||||||||||||||||||||||
(In millions) | Membership Interest | Undistributed (Losses)/Earnings | Total Member's Equity | ||||||||||||||||||||
Balance, December 31, 2020 | $ | 10,112 | $ | (68) | $ | 10,044 | |||||||||||||||||
Net income | — | 128 | 128 | ||||||||||||||||||||
Distributions to member | — | (81) | (81) | ||||||||||||||||||||
Contributions from member | 560 | — | 560 | ||||||||||||||||||||
Balance, March 31, 2021 | $ | 10,672 | $ | (21) | $ | 10,651 | |||||||||||||||||
(In millions) | Membership Interest | Undistributed Earnings (Losses) | Member's Equity | ||||||||
Successor | |||||||||||
Balance, December 31, 2016 | $ | 8,077 | $ | (61 | ) | $ | 8,016 | ||||
Net income | — | 359 | 359 | ||||||||
Distribution to member | — | (267 | ) | (267 | ) | ||||||
Contribution from member | 751 | — | 751 | ||||||||
Allocation of tax benefit from member | 7 | — | 7 | ||||||||
Balance, September 30, 2017 | $ | 8,835 | $ | 31 | $ | 8,866 |
Three Months Ended March 31, 2020 | |||||||||||||||||||||||
(In millions) | Membership Interest | Undistributed (Losses)/Earnings | Total Member's Equity | ||||||||||||||||||||
Balance, December 31, 2019 | $ | 9,618 | $ | (10) | $ | 9,608 | |||||||||||||||||
Net income | — | 108 | 108 | ||||||||||||||||||||
Distributions to member | — | (134) | (134) | ||||||||||||||||||||
Contributions from member | 144 | — | 144 | ||||||||||||||||||||
Balance, March 31, 2020 | $ | 9,762 | $ | (36) | $ | 9,726 | |||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||||||||||||||||||||
(In millions) | 2021 | 2020 | |||||||||||||||||||||||||||||||||
Operating revenues | |||||||||||||||||||||||||||||||||||
Electric operating revenues | $ | 526 | $ | 528 | |||||||||||||||||||||||||||||||
Revenues from alternative revenue programs | 26 | 15 | |||||||||||||||||||||||||||||||||
Operating revenues from affiliates | 1 | 1 | |||||||||||||||||||||||||||||||||
Total operating revenues | 553 | 544 | |||||||||||||||||||||||||||||||||
Operating expenses | |||||||||||||||||||||||||||||||||||
Purchased power | 92 | 85 | |||||||||||||||||||||||||||||||||
Purchased power from affiliate | 74 | 79 | |||||||||||||||||||||||||||||||||
Operating and maintenance | 56 | 60 | |||||||||||||||||||||||||||||||||
Operating and maintenance from affiliates | 52 | 51 | |||||||||||||||||||||||||||||||||
Depreciation and amortization | 102 | 95 | |||||||||||||||||||||||||||||||||
Taxes other than income taxes | 90 | 92 | |||||||||||||||||||||||||||||||||
Total operating expenses | 466 | 462 | |||||||||||||||||||||||||||||||||
Operating income | 87 | 82 | |||||||||||||||||||||||||||||||||
Other income and (deductions) | |||||||||||||||||||||||||||||||||||
Interest expense, net | (34) | (34) | |||||||||||||||||||||||||||||||||
Other, net | 12 | 9 | |||||||||||||||||||||||||||||||||
Total other income and (deductions) | (22) | (25) | |||||||||||||||||||||||||||||||||
Income before income taxes | 65 | 57 | |||||||||||||||||||||||||||||||||
Income taxes | 6 | 5 | |||||||||||||||||||||||||||||||||
Net income | $ | 59 | $ | 52 | |||||||||||||||||||||||||||||||
Comprehensive income | $ | 59 | $ | 52 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
(In millions) | 2017 | 2016 | 2017 | 2016 | |||||||||||
Operating revenues | |||||||||||||||
Electric operating revenues | $ | 603 | $ | 634 | $ | 1,645 | $ | 1,692 | |||||||
Operating revenues from affiliates | 1 | 1 | 4 | 3 | |||||||||||
Total operating revenues | 604 | 635 | 1,649 | 1,695 | |||||||||||
Operating expenses | |||||||||||||||
Purchased power | 111 | 84 | 268 | 340 | |||||||||||
Purchased power from affiliates | 57 | 129 | 210 | 223 | |||||||||||
Operating and maintenance | 89 | 100 | 296 | 488 | |||||||||||
Operating and maintenance from affiliates | 14 | 9 | 40 | 20 | |||||||||||
Depreciation and amortization | 82 | 76 | 242 | 221 | |||||||||||
Taxes other than income | 102 | 105 | 282 | 287 | |||||||||||
Total operating expenses | 455 | 503 | 1,338 | 1,579 | |||||||||||
Gain on sales of assets | — | — | 1 | 8 | |||||||||||
Operating income | 149 | 132 | 312 | 124 | |||||||||||
Other income and (deductions) | |||||||||||||||
Interest expense, net | (31 | ) | (30 | ) | (89 | ) | (98 | ) | |||||||
Other, net | 7 | 12 | 22 | 28 | |||||||||||
Total other income and (deductions) | (24 | ) | (18 | ) | (67 | ) | (70 | ) | |||||||
Income before income taxes | 125 | 114 | 245 | 54 | |||||||||||
Income taxes | 38 | 35 | 57 | 34 | |||||||||||
Net income | $ | 87 | $ | 79 | $ | 188 | $ | 20 | |||||||
Comprehensive income | $ | 87 | $ | 79 | $ | 188 | $ | 20 |
Three Months Ended March 31, | |||||||||||
(In millions) | 2021 | 2020 | |||||||||
Cash flows from operating activities | |||||||||||
Net income | $ | 59 | $ | 52 | |||||||
Adjustments to reconcile net income to net cash flows provided by operating activities: | |||||||||||
Depreciation and amortization | 102 | 95 | |||||||||
Deferred income taxes and amortization of investment tax credits | 4 | (2) | |||||||||
Other non-cash operating activities | (25) | (11) | |||||||||
Changes in assets and liabilities: | |||||||||||
Accounts receivable | 26 | 14 | |||||||||
Receivables from and payables to affiliates, net | (9) | (11) | |||||||||
Inventories | 1 | 3 | |||||||||
Accounts payable and accrued expenses | 0 | 6 | |||||||||
Income taxes | 2 | 6 | |||||||||
Pension and non-pension postretirement benefit contributions | (5) | (4) | |||||||||
Other assets and liabilities | (58) | (38) | |||||||||
Net cash flows provided by operating activities | 97 | 110 | |||||||||
Cash flows from investing activities | |||||||||||
Capital expenditures | (220) | (180) | |||||||||
Changes in PHI intercompany money pool | 0 | (114) | |||||||||
Other investing activities | 1 | (4) | |||||||||
Net cash flows used in investing activities | (219) | (298) | |||||||||
Cash flows from financing activities | |||||||||||
Changes in short-term borrowings | (35) | (82) | |||||||||
Issuance of long-term debt | 150 | 150 | |||||||||
Dividends paid on common stock | (28) | (28) | |||||||||
Contributions from parent | 138 | 137 | |||||||||
Other financing activities | (1) | (1) | |||||||||
Net cash flows provided by financing activities | 224 | 176 | |||||||||
Increase (decrease) in cash, restricted cash, and cash equivalents | 102 | (12) | |||||||||
Cash, restricted cash, and cash equivalents at beginning of period | 65 | 63 | |||||||||
Cash, restricted cash, and cash equivalents at end of period | $ | 167 | $ | 51 | |||||||
Supplemental cash flow information | |||||||||||
Decrease in capital expenditures not paid | $ | (16) | $ | (43) | |||||||
Nine Months Ended September 30, | |||||||
(In millions) | 2017 | 2016 | |||||
Cash flows from operating activities | |||||||
Net income | $ | 188 | $ | 20 | |||
Adjustments to reconcile net income to net cash flows provided by operating activities: | |||||||
Depreciation and amortization | 242 | 221 | |||||
Deferred income taxes and amortization of investment tax credits | 90 | 96 | |||||
Other non-cash operating activities | 8 | 168 | |||||
Changes in assets and liabilities: | |||||||
Accounts receivable | (43 | ) | (105 | ) | |||
Receivables from and payables to affiliates, net | (10 | ) | 44 | ||||
Inventories | (15 | ) | 3 | ||||
Accounts payable and accrued expenses | (24 | ) | 7 | ||||
Income taxes | 80 | 139 | |||||
Pension and non-pension postretirement benefit contributions | (69 | ) | (6 | ) | |||
Other assets and liabilities | (99 | ) | (83 | ) | |||
Net cash flows provided by operating activities | 348 | 504 | |||||
Cash flows from investing activities | |||||||
Capital expenditures | (439 | ) | (392 | ) | |||
Proceeds from sale of long-lived asset | 1 | 12 | |||||
Purchases of investments | — | (32 | ) | ||||
Changes in restricted cash | (1 | ) | (31 | ) | |||
Other investing activities | — | 8 | |||||
Net cash flows used in investing activities | (439 | ) | (435 | ) | |||
Cash flows from financing activities | |||||||
Changes in short-term borrowings | (23 | ) | (64 | ) | |||
Issuance of long-term debt | 202 | 2 | |||||
Retirement of long-term debt | (7 | ) | (5 | ) | |||
Dividends paid on common stock | (133 | ) | (92 | ) | |||
Contribution from parent | 161 | 187 | |||||
Other financing activities | (1 | ) | — | ||||
Net cash flows provided by financing activities | 199 | 28 | |||||
Increase in cash and cash equivalents | 108 | 97 | |||||
Cash and cash equivalents at beginning of period | 9 | 5 | |||||
Cash and cash equivalents at end of period | $ | 117 | $ | 102 |
(In millions) | March 31, 2021 | December 31, 2020 | |||||||||
ASSETS | |||||||||||
Current assets | |||||||||||
Cash and cash equivalents | $ | 134 | $ | 30 | |||||||
Restricted cash and cash equivalents | 33 | 35 | |||||||||
Accounts receivable | |||||||||||
Customer accounts receivable | 252 | 279 | |||||||||
Customer allowance for credit losses | (41) | (32) | |||||||||
Customer accounts receivable, net | 211 | 247 | |||||||||
Other accounts receivable | 138 | 131 | |||||||||
Other allowance for credit losses | (15) | (13) | |||||||||
Other accounts receivable, net | 123 | 118 | |||||||||
Receivables from affiliates | 0 | 2 | |||||||||
Inventories, net | 110 | 111 | |||||||||
Regulatory assets | 224 | 214 | |||||||||
Other | 19 | 13 | |||||||||
Total current assets | 854 | 770 | |||||||||
Property, plant, and equipment (net of accumulated depreciation and amortization of $3,746 and $3,697 as of March 31, 2021 and December 31, 2020, respectively) | 7,606 | 7,456 | |||||||||
Deferred debits and other assets | |||||||||||
Regulatory assets | 563 | 570 | |||||||||
Investments | 116 | 115 | |||||||||
Prepaid pension asset | 283 | 284 | |||||||||
Other | 71 | 69 | |||||||||
Total deferred debits and other assets | 1,033 | 1,038 | |||||||||
Total assets | $ | 9,493 | $ | 9,264 |
(In millions) | September 30, 2017 | December 31, 2016 | |||||
ASSETS | |||||||
Current assets | |||||||
Cash and cash equivalents | $ | 117 | $ | 9 | |||
Restricted cash and cash equivalents | 34 | 33 | |||||
Accounts receivable, net | |||||||
Customer | 265 | 235 | |||||
Other | 92 | 150 | |||||
Inventories, net | 78 | 63 | |||||
Regulatory assets | 181 | 162 | |||||
Other | 10 | 32 | |||||
Total current assets | 777 | 684 | |||||
Property, plant and equipment, net | 5,866 | 5,571 | |||||
Deferred debits and other assets | |||||||
Regulatory assets | 699 | 690 | |||||
Investments | 102 | 102 | |||||
Prepaid pension asset | 327 | 282 | |||||
Other | 4 | 6 | |||||
Total deferred debits and other assets | 1,132 | 1,080 | |||||
Total assets | $ | 7,775 | $ | 7,335 |
(In millions) | March 31, 2021 | December 31, 2020 | |||||||||
LIABILITIES AND SHAREHOLDER'S EQUITY | |||||||||||
Current liabilities | |||||||||||
Short-term borrowings | $ | 0 | $ | 35 | |||||||
Long-term debt due within one year | 4 | 3 | |||||||||
Accounts payable | 213 | 226 | |||||||||
Accrued expenses | 165 | 164 | |||||||||
Payables to affiliates | 44 | 55 | |||||||||
Customer deposits | 45 | 51 | |||||||||
Regulatory liabilities | 39 | 46 | |||||||||
Merger related obligation | 33 | 33 | |||||||||
Current portion of DC PLUG obligation | 30 | 30 | |||||||||
Other | 30 | 31 | |||||||||
Total current liabilities | 603 | 674 | |||||||||
Long-term debt | 3,313 | 3,162 | |||||||||
Deferred credits and other liabilities | |||||||||||
Deferred income taxes and unamortized investment tax credits | 1,209 | 1,189 | |||||||||
Asset retirement obligations | 39 | 39 | |||||||||
Non-pension postretirement benefit obligations | 9 | 13 | |||||||||
Regulatory liabilities | 624 | 644 | |||||||||
Other | 324 | 340 | |||||||||
Total deferred credits and other liabilities | 2,205 | 2,225 | |||||||||
Total liabilities | 6,121 | 6,061 | |||||||||
Commitments and contingencies | 0 | 0 | |||||||||
Shareholder's equity | |||||||||||
Common stock | 2,196 | 2,058 | |||||||||
Retained earnings | 1,176 | 1,145 | |||||||||
Total shareholder's equity | 3,372 | 3,203 | |||||||||
Total liabilities and shareholder's equity | $ | 9,493 | $ | 9,264 |
(In millions) | September 30, 2017 | December 31, 2016 | |||||
LIABILITIES AND SHAREHOLDER'S EQUITY | |||||||
Current liabilities | |||||||
Short-term borrowings | $ | — | $ | 23 | |||
Long-term debt due within one year | 19 | 16 | |||||
Accounts payable | 168 | 209 | |||||
Accrued expenses | 153 | 113 | |||||
Payables to affiliates | 64 | 74 | |||||
Customer deposits | 53 | 53 | |||||
Regulatory liabilities | 5 | 11 | |||||
Merger related obligation | 42 | 68 | |||||
Other | 20 | 29 | |||||
Total current liabilities | 524 | 596 | |||||
Long-term debt | 2,527 | 2,333 | |||||
Deferred credits and other liabilities | |||||||
Regulatory liabilities | 21 | 20 | |||||
Deferred income taxes and unamortized investment tax credits | 2,024 | 1,910 | |||||
Non-pension postretirement benefit obligations | 37 | 43 | |||||
Other | 126 | 133 | |||||
Total deferred credits and other liabilities | 2,208 | 2,106 | |||||
Total liabilities | 5,259 | 5,035 | |||||
Commitments and contingencies | |||||||
Shareholder's equity | |||||||
Common stock | 1,470 | 1,309 | |||||
Retained earnings | 1,046 | 991 | |||||
Total shareholder's equity | 2,516 | 2,300 | |||||
Total liabilities and shareholder's equity | $ | 7,775 | $ | 7,335 |
Three Months Ended March 31, 2021 | |||||||||||||||||||||||
(In millions) | Common Stock | Retained Earnings | Total Shareholder's Equity | ||||||||||||||||||||
Balance, December 31, 2020 | $ | 2,058 | $ | 1,145 | $ | 3,203 | |||||||||||||||||
Net income | — | 59 | 59 | ||||||||||||||||||||
Common stock dividends | — | (28) | (28) | ||||||||||||||||||||
Contributions from parent | 138 | — | 138 | ||||||||||||||||||||
Balance, March 31, 2021 | $ | 2,196 | $ | 1,176 | $ | 3,372 |
Three Months Ended March 31, 2020 | |||||||||||||||||||||||
(In millions) | Common Stock | Retained Earnings | Total Shareholder's Equity | ||||||||||||||||||||
Balance, December 31, 2019 | $ | 1,796 | $ | 1,111 | $ | 2,907 | |||||||||||||||||
Net income | — | 52 | 52 | ||||||||||||||||||||
Common stock dividends | — | (28) | (28) | ||||||||||||||||||||
Contributions from parent | 137 | — | 137 | ||||||||||||||||||||
Balance, March 31, 2020 | $ | 1,933 | $ | 1,135 | $ | 3,068 | |||||||||||||||||
(In millions) | Common Stock | Retained Earnings | Total Shareholder's Equity | ||||||||
Balance, December 31, 2016 | $ | 1,309 | $ | 991 | $ | 2,300 | |||||
Net income | — | 188 | 188 | ||||||||
Common stock dividends | — | (133 | ) | (133 | ) | ||||||
Contributions from parent | 161 | — | 161 | ||||||||
Balance, September 30, 2017 | $ | 1,470 | $ | 1,046 | $ | 2,516 |
Three Months Ended March 31, | |||||||||||||||||||||||
(In millions) | 2021 | 2020 | |||||||||||||||||||||
Operating revenues | |||||||||||||||||||||||
Electric operating revenues | $ | 300 | $ | 283 | |||||||||||||||||||
Natural gas operating revenues | 71 | 64 | |||||||||||||||||||||
Revenues from alternative revenue programs | 9 | 1 | |||||||||||||||||||||
Operating revenues from affiliates | 2 | 2 | |||||||||||||||||||||
Total operating revenues | 382 | 350 | |||||||||||||||||||||
Operating expenses | |||||||||||||||||||||||
Purchased power | 103 | 88 | |||||||||||||||||||||
Purchased fuel | 33 | 31 | |||||||||||||||||||||
Purchased power from affiliates | 20 | 22 | |||||||||||||||||||||
Operating and maintenance | 44 | 42 | |||||||||||||||||||||
Operating and maintenance from affiliates | 39 | 37 | |||||||||||||||||||||
Depreciation and amortization | 53 | 48 | |||||||||||||||||||||
Taxes other than income taxes | 17 | 16 | |||||||||||||||||||||
Total operating expenses | 309 | 284 | |||||||||||||||||||||
Operating income | 73 | 66 | |||||||||||||||||||||
Other income and (deductions) | |||||||||||||||||||||||
Interest expense, net | (15) | (16) | |||||||||||||||||||||
Other, net | 3 | 2 | |||||||||||||||||||||
Total other income and (deductions) | (12) | (14) | |||||||||||||||||||||
Income before income taxes | 61 | 52 | |||||||||||||||||||||
Income taxes | 5 | 7 | |||||||||||||||||||||
Net income | $ | 56 | $ | 45 | |||||||||||||||||||
Comprehensive income | $ | 56 | $ | 45 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
(In millions) | 2017 | 2016 | 2017 | 2016 | |||||||||||
Operating revenues | |||||||||||||||
Electric operating revenues | $ | 307 | $ | 312 | $ | 860 | $ | 866 | |||||||
Natural gas operating revenues | 18 | 17 | 105 | 102 | |||||||||||
Operating revenues from affiliates | 2 | 2 | 6 | 6 | |||||||||||
Total operating revenues | 327 | 331 | 971 | 974 | |||||||||||
Operating expenses | |||||||||||||||
Purchased power | 75 | 81 | 215 | 297 | |||||||||||
Purchased fuel | 7 | 6 | 46 | 41 | |||||||||||
Purchased power from affiliate | 47 | 63 | 138 | 110 | |||||||||||
Operating and maintenance | 71 | 50 | 204 | 327 | |||||||||||
Operating and maintenance from affiliates | 8 | 5 | 23 | 11 | |||||||||||
Depreciation and amortization | 45 | 44 | 124 | 120 | |||||||||||
Taxes other than income | 15 | 14 | 43 | 42 | |||||||||||
Total operating expenses | 268 | 263 | 793 | 948 | |||||||||||
Gain on sale of asset | — | 4 | — | 4 | |||||||||||
Operating income | 59 | 72 | 178 | 30 | |||||||||||
Other income and (deductions) | |||||||||||||||
Interest expense, net | (13 | ) | (12 | ) | (38 | ) | (37 | ) | |||||||
Other, net | 4 | 3 | 10 | 9 | |||||||||||
Total other income and (deductions) | (9 | ) | (9 | ) | (28 | ) | (28 | ) | |||||||
Income before income taxes | 50 | 63 | 150 | 2 | |||||||||||
Income taxes | 19 | 19 | 43 | 18 | |||||||||||
Net income (loss) | $ | 31 | $ | 44 | $ | 107 | $ | (16 | ) | ||||||
Comprehensive income (loss) | $ | 31 | $ | 44 | $ | 107 | $ | (16 | ) |
Three Months Ended March 31, | |||||||||||
(In millions) | 2021 | 2020 | |||||||||
Cash flows from operating activities | |||||||||||
Net income | $ | 56 | $ | 45 | |||||||
Adjustments to reconcile net income to net cash flows provided by operating activities: | |||||||||||
Depreciation and amortization | 53 | 48 | |||||||||
Deferred income taxes and amortization of investment tax credits | 2 | 0 | |||||||||
Other non-cash operating activities | (1) | 2 | |||||||||
Changes in assets and liabilities: | |||||||||||
Accounts receivable | 15 | 14 | |||||||||
Receivables from and payables to affiliates, net | (11) | (9) | |||||||||
Inventories | 2 | 3 | |||||||||
Accounts payable and accrued expenses | 11 | 4 | |||||||||
Income taxes | 3 | 7 | |||||||||
Other assets and liabilities | (26) | (10) | |||||||||
Net cash flows provided by operating activities | 104 | 104 | |||||||||
Cash flows from investing activities | |||||||||||
Capital expenditures | (112) | (95) | |||||||||
Other investing activities | 0 | (4) | |||||||||
Net cash flows used in investing activities | (112) | (99) | |||||||||
Cash flows from financing activities | |||||||||||
Changes in short-term borrowings | (146) | (2) | |||||||||
Issuance of long-term debt | 125 | 0 | |||||||||
Changes in PHI intercompany money pool | 0 | 37 | |||||||||
Dividends paid on common stock | (40) | (52) | |||||||||
Contributions from parent | 120 | 6 | |||||||||
Other financing activities | (2) | 0 | |||||||||
Net cash flows provided by (used in) financing activities | 57 | (11) | |||||||||
Increase (decrease) in cash and cash equivalents | 49 | (6) | |||||||||
Cash and cash equivalents at beginning of period | 15 | 13 | |||||||||
Cash and cash equivalents at end of period | $ | 64 | $ | 7 | |||||||
Supplemental cash flow information | |||||||||||
Decrease in capital expenditures not paid | $ | (15) | $ | (9) | |||||||
Nine Months Ended September 30, | |||||||
(In millions) | 2017 | 2016 | |||||
Cash flows from operating activities | |||||||
Net income (loss) | $ | 107 | $ | (16 | ) | ||
Adjustments to reconcile net income (loss) to net cash flows provided by operating activities: | |||||||
Depreciation and amortization | 124 | 120 | |||||
Deferred income taxes and amortization of investment tax credits | 61 | 69 | |||||
Other non-cash operating activities | 6 | 99 | |||||
Changes in assets and liabilities: | |||||||
Accounts receivable | 7 | 8 | |||||
Receivables from and payables to affiliates, net | — | 12 | |||||
Inventories | (6 | ) | — | ||||
Accounts payable and accrued expenses | — | (8 | ) | ||||
Collateral received | — | 1 | |||||
Income Taxes | 33 | 52 | |||||
Other assets and liabilities | (40 | ) | (70 | ) | |||
Net cash flows provided by operating activities | 292 | 267 | |||||
Cash flows from investing activities | |||||||
Capital expenditures | (294 | ) | (260 | ) | |||
Proceeds from sale of long-lived asset | — | 4 | |||||
Other investing activities | 1 | 2 | |||||
Net cash flows used in investing activities | (293 | ) | (254 | ) | |||
Cash flows from financing activities | |||||||
Changes in short-term borrowings | 54 | (88 | ) | ||||
Retirement of long-term debt | (14 | ) | — | ||||
Dividends paid on common stock | (82 | ) | (39 | ) | |||
Contribution from parent | — | 113 | |||||
Net cash flows used in financing activities | (42 | ) | (14 | ) | |||
Decrease in cash and cash equivalents | (43 | ) | (1 | ) | |||
Cash and cash equivalents at beginning of period | 46 | 5 | |||||
Cash and cash equivalents at end of period | $ | 3 | $ | 4 |
(In millions) | March 31, 2021 | December 31, 2020 | |||||||||
ASSETS | |||||||||||
Current assets | |||||||||||
Cash and cash equivalents | $ | 64 | $ | 15 | |||||||
Accounts receivable | |||||||||||
Customer accounts receivable | 160 | 176 | |||||||||
Customer allowance for credit losses | (25) | (22) | |||||||||
Customer accounts receivable, net | 135 | 154 | |||||||||
Other accounts receivable | 66 | 68 | |||||||||
Other allowance for credit losses | (10) | (9) | |||||||||
Other accounts receivable, net | 56 | 59 | |||||||||
Receivables from affiliates | 0 | 1 | |||||||||
Inventories, net | |||||||||||
Fossil fuel | 2 | 6 | |||||||||
Materials and supplies | 53 | 51 | |||||||||
Prepaid utility taxes | 10 | 11 | |||||||||
Regulatory assets | 65 | 58 | |||||||||
Renewable energy credits | 14 | 10 | |||||||||
Other | 2 | 3 | |||||||||
Total current assets | 401 | 368 | |||||||||
Property, plant, and equipment (net of accumulated depreciation and amortization of $1,563 and $1,533 as of March 31, 2021 and December 31, 2020, respectively) | 4,368 | 4,314 | |||||||||
Deferred debits and other assets | |||||||||||
Regulatory assets | 226 | 222 | |||||||||
Goodwill | 8 | 8 | |||||||||
Prepaid pension asset | 161 | 162 | |||||||||
Other | 68 | 66 | |||||||||
Total deferred debits and other assets | 463 | 458 | |||||||||
Total assets | $ | 5,232 | $ | 5,140 |
(In millions) | September 30, 2017 | December 31, 2016 | |||||
ASSETS | |||||||
Current assets | |||||||
Cash and cash equivalents | $ | 3 | $ | 46 | |||
Accounts receivable, net | |||||||
Customer | 118 | 136 | |||||
Other | 36 | 63 | |||||
Receivables from affiliates | — | 3 | |||||
Inventories, net | |||||||
Gas held in storage | 9 | 7 | |||||
Materials and supplies | 35 | 32 | |||||
Regulatory assets | 69 | 59 | |||||
Other | 16 | 24 | |||||
Total current assets | 286 | 370 | |||||
Property, plant and equipment, net | 3,480 | 3,273 | |||||
Deferred debits and other assets | |||||||
Regulatory assets | 300 | 289 | |||||
Goodwill | 8 | 8 | |||||
Prepaid pension asset | 197 | 206 | |||||
Other | 5 | 7 | |||||
Total deferred debits and other assets | 510 | 510 | |||||
Total assets | $ | 4,276 | $ | 4,153 |
(In millions) | March 31, 2021 | December 31, 2020 | |||||||||
LIABILITIES AND SHAREHOLDER'S EQUITY | |||||||||||
Current liabilities | |||||||||||
Short-term borrowings | $ | 0 | $ | 146 | |||||||
Long-term debt due within one year | 82 | 82 | |||||||||
Accounts payable | 119 | 126 | |||||||||
Accrued expenses | 49 | 46 | |||||||||
Payables to affiliates | 24 | 36 | |||||||||
Customer deposits | 30 | 32 | |||||||||
Regulatory liabilities | 49 | 47 | |||||||||
Other | 19 | 20 | |||||||||
Total current liabilities | 372 | 535 | |||||||||
Long-term debt | 1,720 | 1,595 | |||||||||
Deferred credits and other liabilities | |||||||||||
Deferred income taxes and unamortized investment tax credits | 734 | 715 | |||||||||
Asset retirement obligations | 14 | 14 | |||||||||
Non-pension postretirement benefits obligations | 14 | 15 | |||||||||
Regulatory liabilities | 474 | 493 | |||||||||
Other | 92 | 97 | |||||||||
Total deferred credits and other liabilities | 1,328 | 1,334 | |||||||||
Total liabilities | 3,420 | 3,464 | |||||||||
Commitments and contingencies | 0 | 0 | |||||||||
Shareholder's equity | |||||||||||
Common stock | 1,209 | 1,089 | |||||||||
Retained earnings | 603 | 587 | |||||||||
Total shareholder's equity | 1,812 | 1,676 | |||||||||
Total liabilities and shareholder's equity | $ | 5,232 | $ | 5,140 |
(In millions) | September 30, 2017 | December 31, 2016 | |||||
LIABILITIES AND SHAREHOLDER'S EQUITY | |||||||
Current liabilities | |||||||
Short-term borrowings | $ | 54 | $ | — | |||
Long-term debt due within one year | 109 | 119 | |||||
Accounts payable | 95 | 88 | |||||
Accrued expenses | 52 | 36 | |||||
Payables to affiliates | 35 | 38 | |||||
Customer deposits | 35 | 36 | |||||
Regulatory liabilities | 42 | 43 | |||||
Merger related obligation | 3 | 13 | |||||
Other | 7 | 8 | |||||
Total current liabilities | 432 | 381 | |||||
Long-term debt | 1,217 | 1,221 | |||||
Deferred credits and other liabilities | |||||||
Regulatory liabilities | 86 | 97 | |||||
Deferred income taxes and unamortized investment tax credits | 1,125 | 1,056 | |||||
Non-pension postretirement benefit obligations | 17 | 19 | |||||
Other | 48 | 53 | |||||
Total deferred credits and other liabilities | 1,276 | 1,225 | |||||
Total liabilities | 2,925 | 2,827 | |||||
Commitments and contingencies | |||||||
Shareholder's equity | |||||||
Common stock | 764 | 764 | |||||
Retained earnings | 587 | 562 | |||||
Total shareholder's equity | 1,351 | 1,326 | |||||
Total liabilities and shareholder's equity | $ | 4,276 | $ | 4,153 |
Three Months Ended March 31, 2021 | |||||||||||||||||||||||
(In millions) | Common Stock | Retained Earnings | Total Shareholder's Equity | ||||||||||||||||||||
Balance, December 31, 2020 | $ | 1,089 | $ | 587 | $ | 1,676 | |||||||||||||||||
Net income | — | 56 | 56 | ||||||||||||||||||||
Common stock dividends | — | (40) | (40) | ||||||||||||||||||||
Contributions from parent | 120 | — | 120 | ||||||||||||||||||||
Balance, March 31, 2021 | $ | 1,209 | $ | 603 | $ | 1,812 |
Three Months Ended March 31, 2020 | |||||||||||||||||||||||
(In millions) | Common Stock | Retained Earnings | Total Shareholder's Equity | ||||||||||||||||||||
Balance, December 31, 2019 | $ | 977 | $ | 603 | $ | 1,580 | |||||||||||||||||
Net income | — | 45 | 45 | ||||||||||||||||||||
Common stock dividends | — | (52) | (52) | ||||||||||||||||||||
Contributions from parent | 6 | — | 6 | ||||||||||||||||||||
Balance, March 31, 2020 | $ | 983 | $ | 596 | $ | 1,579 |
(In millions) | Common Stock | Retained Earnings | Total Shareholder's Equity | ||||||||
Balance, December 31, 2016 | $ | 764 | $ | 562 | $ | 1,326 | |||||
Net income | — | 107 | 107 | ||||||||
Common stock dividends | — | (82 | ) | (82 | ) | ||||||
Balance, September 30, 2017 | $ | 764 | $ | 587 | $ | 1,351 |
Three Months Ended March 31, | |||||||||||||||||||||||
(In millions) | 2021 | 2020 | |||||||||||||||||||||
Operating revenues | |||||||||||||||||||||||
Electric operating revenues | $ | 298 | $ | 274 | |||||||||||||||||||
Revenues from alternative revenue programs | 11 | 1 | |||||||||||||||||||||
Operating revenues from affiliates | 1 | 1 | |||||||||||||||||||||
Total operating revenues | 310 | 276 | |||||||||||||||||||||
Operating expenses | |||||||||||||||||||||||
Purchased power | 153 | 126 | |||||||||||||||||||||
Purchased power from affiliate | 4 | 2 | |||||||||||||||||||||
Operating and maintenance | 42 | 45 | |||||||||||||||||||||
Operating and maintenance from affiliates | 34 | 33 | |||||||||||||||||||||
Depreciation and amortization | 47 | 43 | |||||||||||||||||||||
Taxes other than income taxes | 2 | 2 | |||||||||||||||||||||
Total operating expenses | 282 | 251 | |||||||||||||||||||||
Gain on sale of assets | 0 | 2 | |||||||||||||||||||||
Operating income | 28 | 27 | |||||||||||||||||||||
Other income and (deductions) | |||||||||||||||||||||||
Interest expense, net | (15) | (14) | |||||||||||||||||||||
Interest expense to affiliates, net | 0 | (1) | |||||||||||||||||||||
Other, net | 1 | 2 | |||||||||||||||||||||
Total other income and (deductions) | (14) | (13) | |||||||||||||||||||||
Income before income taxes | 14 | 14 | |||||||||||||||||||||
Income taxes | 0 | 1 | |||||||||||||||||||||
Net income | $ | 14 | $ | 13 | |||||||||||||||||||
Comprehensive income | $ | 14 | $ | 13 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
(In millions) | 2017 | 2016 | 2017 | 2016 | |||||||||||
Operating revenues | |||||||||||||||
Electric operating revenues | $ | 370 | $ | 420 | $ | 913 | $ | 979 | |||||||
Operating revenues from affiliates | — | 1 | 2 | 3 | |||||||||||
Total operating revenues | 370 | 421 | 915 | 982 | |||||||||||
Operating expenses | |||||||||||||||
Purchased power | 169 | 206 | 418 | 491 | |||||||||||
Purchased power from affiliates | 7 | 15 | 24 | 29 | |||||||||||
Operating and maintenance | 66 | 62 | 205 | 336 | |||||||||||
Operating and maintenance from affiliates | 6 | 5 | 20 | 10 | |||||||||||
Depreciation and amortization | 41 | 49 | 113 | 130 | |||||||||||
Taxes other than income | 2 | 1 | 6 | 6 | |||||||||||
Total operating expenses | 291 | 338 | 786 | 1,002 | |||||||||||
Gain on sale of assets | — | — | — | 1 | |||||||||||
Operating income (loss) | 79 | 83 | 129 | (19 | ) | ||||||||||
Other income and (deductions) | |||||||||||||||
Interest expense, net | (15 | ) | (15 | ) | (46 | ) | (47 | ) | |||||||
Other, net | 1 | 2 | 6 | 8 | |||||||||||
Total other income and (deductions) | (14 | ) | (13 | ) | (40 | ) | (39 | ) | |||||||
Income (loss) before income taxes | 65 | 70 | 89 | (58 | ) | ||||||||||
Income taxes | 24 | 23 | 12 | (8 | ) | ||||||||||
Net income (loss) | $ | 41 | $ | 47 | $ | 77 | $ | (50 | ) | ||||||
Comprehensive income (loss) | $ | 41 | $ | 47 | $ | 77 | $ | (50 | ) |
Three Months Ended March 31, | |||||||||||
(In millions) | 2021 | 2020 | |||||||||
Cash flows from operating activities | |||||||||||
Net income | $ | 14 | $ | 13 | |||||||
Adjustments to reconcile net income to net cash flows provided by operating activities: | |||||||||||
Depreciation and amortization | 47 | 43 | |||||||||
Deferred income taxes and amortization of investment tax credits | (1) | (1) | |||||||||
Other non-cash operating activities | (7) | 4 | |||||||||
Changes in assets and liabilities: | |||||||||||
Accounts receivable | 13 | 11 | |||||||||
Receivables from and payables to affiliates, net | 1 | 3 | |||||||||
Inventories | 3 | 2 | |||||||||
Accounts payable and accrued expenses | (11) | 3 | |||||||||
Income taxes | 1 | 2 | |||||||||
Pension and non-pension postretirement benefit contributions | (3) | (2) | |||||||||
Other assets and liabilities | (3) | (22) | |||||||||
Net cash flows provided by operating activities | 54 | 56 | |||||||||
Cash flows from investing activities | |||||||||||
Capital expenditures | (123) | (101) | |||||||||
Other investing activities | 0 | 6 | |||||||||
Net cash flows used in investing activities | (123) | (95) | |||||||||
Cash flows from financing activities | |||||||||||
Changes in short-term borrowings | (187) | (16) | |||||||||
Issuance of long-term debt | 350 | 0 | |||||||||
Retirement of long-term debt | (44) | (5) | |||||||||
Changes in PHI intercompany money pool | 0 | 77 | |||||||||
Dividends paid on common stock | (14) | (23) | |||||||||
Contributions from parent | 303 | 1 | |||||||||
Other financing activities | (3) | 0 | |||||||||
Net cash flows provided by financing activities | 405 | 34 | |||||||||
Increase (decrease) in cash, restricted cash, and cash equivalents | 336 | (5) | |||||||||
Cash, restricted cash, and cash equivalents at beginning of period | 30 | 28 | |||||||||
Cash, restricted cash, and cash equivalents at end of period | $ | 366 | $ | 23 | |||||||
Supplemental cash flow information | |||||||||||
Decrease in capital expenditures not paid | $ | (2) | $ | (4) | |||||||
Nine Months Ended September 30, | |||||||
(In millions) | 2017 | 2016 | |||||
Cash flows from operating activities | |||||||
Net income (loss) | $ | 77 | $ | (50 | ) | ||
Adjustments to reconcile net income (loss) to net cash flows provided by operating activities: | |||||||
Depreciation and amortization | 113 | 130 | |||||
Deferred income taxes and amortization of investment tax credits | 28 | 14 | |||||
Other non-cash operating activities | 21 | 138 | |||||
Changes in assets and liabilities: | |||||||
Accounts receivable | (7 | ) | (32 | ) | |||
Receivables from and payables to affiliates, net | (5 | ) | 9 | ||||
Inventories | (7 | ) | (1 | ) | |||
Accounts payable and accrued expenses | 9 | 10 | |||||
Income taxes | (9 | ) | 184 | ||||
Other assets and liabilities | (62 | ) | (87 | ) | |||
Net cash flows provided by operating activities | 158 | 315 | |||||
Cash flows from investing activities | |||||||
Capital expenditures | (242 | ) | (227 | ) | |||
Proceeds from sale of long-lived asset | — | 2 | |||||
Changes in restricted cash | 1 | (4 | ) | ||||
Other investing activities | — | 2 | |||||
Net cash flows used in investing activities | (241 | ) | (227 | ) | |||
Cash flows from financing activities | |||||||
Changes in short-term borrowings | 65 | (5 | ) | ||||
Retirement of long-term debt | (25 | ) | (35 | ) | |||
Dividends paid on common stock | (53 | ) | (24 | ) | |||
Contribution from parent | — | 139 | |||||
Other financing activities | — | (1 | ) | ||||
Net cash flows (used in) provided by financing activities | (13 | ) | 74 | ||||
(Decrease) Increase in cash and cash equivalents | (96 | ) | 162 | ||||
Cash and cash equivalents at beginning of period | 101 | 3 | |||||
Cash and cash equivalents at end of period | $ | 5 | $ | 165 |
(In millions) | March 31, 2021 | December 31, 2020 | |||||||||
ASSETS | |||||||||||
Current assets | |||||||||||
Cash and cash equivalents | $ | 353 | $ | 17 | |||||||
Restricted cash and cash equivalents | 4 | 3 | |||||||||
Accounts receivable | |||||||||||
Customer accounts receivable | 146 | 156 | |||||||||
Customer allowance for credit losses | (35) | (32) | |||||||||
Customer accounts receivable, net | 111 | 124 | |||||||||
Other accounts receivable | 69 | 72 | |||||||||
Other allowance for credit losses | (12) | (11) | |||||||||
Other accounts receivable, net | 57 | 61 | |||||||||
Receivables from affiliates | 1 | 6 | |||||||||
Inventories, net | 34 | 37 | |||||||||
Regulatory assets | 69 | 75 | |||||||||
Other | 2 | 3 | |||||||||
Total current assets | 631 | 326 | |||||||||
Property, plant, and equipment (net of accumulated depreciation and amortization of $1,329 and $1,303 as of March 31, 2021 and December 31, 2020, respectively) | 3,552 | 3,475 | |||||||||
Deferred debits and other assets | |||||||||||
Regulatory assets | 407 | 395 | |||||||||
Prepaid pension asset | 39 | 40 | |||||||||
Other | 50 | 50 | |||||||||
Total deferred debits and other assets | 496 | 485 | |||||||||
Total assets(a) | $ | 4,679 | $ | 4,286 |
(In millions) | September 30, 2017 | December 31, 2016 | |||||
ASSETS | |||||||
Current assets | |||||||
Cash and cash equivalents | $ | 5 | $ | 101 | |||
Restricted cash and cash equivalents | 9 | 9 | |||||
Accounts receivable, net | |||||||
Customer | 107 | 125 | |||||
Other | 54 | 44 | |||||
Inventories, net | 29 | 22 | |||||
Prepaid utility taxes | 15 | — | |||||
Regulatory assets | 87 | 96 | |||||
Other | 3 | 2 | |||||
Total current assets | 309 | 399 | |||||
Property, plant and equipment, net | 2,662 | 2,521 | |||||
Deferred debits and other assets | |||||||
Regulatory assets | 417 | 405 | |||||
Long-term note receivable | 4 | 4 | |||||
Prepaid pension asset | 76 | 84 | |||||
Other | 42 | 44 | |||||
Total deferred debits and other assets | 539 | 537 | |||||
Total assets(a) | $ | 3,510 | $ | 3,457 |
(In millions) | September 30, 2017 | December 31, 2016 | (In millions) | March 31, 2021 | December 31, 2020 | |||||||||||||
LIABILITIES AND SHAREHOLDER'S EQUITY | LIABILITIES AND SHAREHOLDER'S EQUITY | |||||||||||||||||
Current liabilities | Current liabilities | |||||||||||||||||
Short-term borrowings | $ | 65 | $ | — | Short-term borrowings | $ | 0 | $ | 187 | |||||||||
Long-term debt due within one year | 32 | 35 | Long-term debt due within one year | 218 | 261 | |||||||||||||
Accounts payable | 122 | 132 | Accounts payable | 162 | 177 | |||||||||||||
Accrued expenses | 39 | 38 | Accrued expenses | 48 | 46 | |||||||||||||
Payables to affiliates | 24 | 29 | Payables to affiliates | 27 | 31 | |||||||||||||
Customer deposits | 31 | 33 | Customer deposits | 21 | 23 | |||||||||||||
Regulatory liabilities | 18 | 25 | Regulatory liabilities | 41 | 44 | |||||||||||||
Merger related obligation | 8 | 20 | ||||||||||||||||
Other | 6 | 8 | Other | 9 | 11 | |||||||||||||
Total current liabilities | 345 | 320 | Total current liabilities | 526 | 780 | |||||||||||||
Long-term debt | 1,098 | 1,120 | Long-term debt | 1,500 | 1,152 | |||||||||||||
Deferred credits and other liabilities | Deferred credits and other liabilities | |||||||||||||||||
Deferred income taxes and unamortized investment tax credits | 951 | 917 | Deferred income taxes and unamortized investment tax credits | 629 | 624 | |||||||||||||
Non-pension postretirement benefit obligations | 33 | 34 | Non-pension postretirement benefit obligations | 16 | 17 | |||||||||||||
Regulatory liabilities | Regulatory liabilities | 266 | 274 | |||||||||||||||
Other | 25 | 32 | Other | 48 | 48 | |||||||||||||
Total deferred credits and other liabilities | 1,009 | 983 | Total deferred credits and other liabilities | 959 | 963 | |||||||||||||
Total liabilities(a) | 2,452 | 2,423 | Total liabilities(a) | 2,985 | 2,895 | |||||||||||||
Commitments and contingencies | Commitments and contingencies | 0 | 0 | |||||||||||||||
Shareholder's equity | Shareholder's equity | |||||||||||||||||
Common stock | 912 | 912 | Common stock | 1,574 | 1,271 | |||||||||||||
Retained earnings | 146 | 122 | Retained earnings | 120 | 120 | |||||||||||||
Total shareholder's equity | 1,058 | 1,034 | Total shareholder's equity | 1,694 | 1,391 | |||||||||||||
Total liabilities and shareholder's equity | $ | 3,510 | $ | 3,457 | Total liabilities and shareholder's equity | $ | 4,679 | $ | 4,286 |
Three Months Ended March 31, 2021 | |||||||||||||||||||||||
(In millions) | Common Stock | Retained Earnings | Total Shareholder's Equity | ||||||||||||||||||||
Balance, December 31, 2020 | $ | 1,271 | $ | 120 | $ | 1,391 | |||||||||||||||||
Net income | — | 14 | 14 | ||||||||||||||||||||
Common stock dividends | — | (14) | (14) | ||||||||||||||||||||
Contributions from parent | 303 | — | 303 | ||||||||||||||||||||
Balance, March 31, 2021 | $ | 1,574 | $ | 120 | $ | 1,694 |
Three Months Ended March 31, 2020 | |||||||||||||||||||||||
(In millions) | Common Stock | Retained Earnings | Total Shareholder's Equity | ||||||||||||||||||||
Balance, December 31, 2019 | $ | 1,154 | $ | 122 | $ | 1,276 | |||||||||||||||||
Net income | — | 13 | 13 | ||||||||||||||||||||
Common stock dividends | — | (23) | (23) | ||||||||||||||||||||
Contributions from parent | 1 | — | 1 | ||||||||||||||||||||
Balance, March 31, 2020 | $ | 1,155 | $ | 112 | $ | 1,267 |
(In millions) | Common Stock | Retained Earnings | Total Shareholder's Equity | ||||||||
Balance, December 31, 2016 | $ | 912 | $ | 122 | $ | 1,034 | |||||
Net income | — | 77 | 77 | ||||||||
Common stock dividends | — | (53 | ) | (53 | ) | ||||||
Balance, September 30, 2017 | $ | 912 | $ | 146 | $ | 1,058 |
Registrant | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 | 20 |
Exelon Corporation | . | . | . | . | . | . | . | . | . | . | . | . | . | . | . | . | . | . | . | . |
Exelon Generation Company, LLC | . | . | . | . | . | . | . | . | . | . | . | . | . | . | . | . | . | . | ||
Commonwealth Edison Company | . | . | . | . | . | . | . | . | . | . | . | . | . | |||||||
PECO Energy Company | . | . | . | . | . | . | . | . | . | . | . | . | . | . | ||||||
Baltimore Gas and Electric Company | . | . | . | . | . | . | . | . | . | . | . | . | . | |||||||
Pepco Holdings LLC | . | . | . | . | . | . | . | . | . | . | . | . | . | . | . | . | ||||
Potomac Electric Power Company | . | . | . | . | . | . | . | . | . | . | . | . | . | . | ||||||
Delmarva Power & Light Company | . | . | . | . | . | . | . | . | . | . | . | . | . | . | ||||||
Atlantic City Electric Company | . | . | . | . | . | . | . | . | . | . | . | . | . |
Name of Registrant | Business | Service Territories | ||||||||||||
Exelon Generation Company, LLC | Generation, physical delivery and marketing of power across multiple geographical regions through its customer-facing business, Constellation, which sells electricity to both wholesale and retail customers. Generation also sells natural gas, renewable energy, and other energy-related products and services. | Five reportable segments: Mid-Atlantic, Midwest, New York, ERCOT, and Other Power Regions | ||||||||||||
Commonwealth Edison Company | Purchase and regulated retail sale of electricity | Northern Illinois, including the City of Chicago | ||||||||||||
Transmission and distribution of electricity to retail customers | ||||||||||||||
PECO Energy Company | Purchase and regulated retail sale of electricity and natural gas | Southeastern Pennsylvania, including the City of Philadelphia (electricity) | ||||||||||||
Transmission and distribution of electricity and distribution of natural gas to retail customers | Pennsylvania counties surrounding the City of Philadelphia (natural gas) | |||||||||||||
Baltimore Gas and Electric Company | Purchase and regulated retail sale of electricity and natural gas | Central Maryland, including the City of Baltimore (electricity and natural gas) | ||||||||||||
Transmission and distribution of electricity and distribution of natural gas to retail customers | ||||||||||||||
Pepco Holdings LLC | Utility services holding company engaged, through its reportable segments Pepco, DPL, and ACE | Service Territories of Pepco, DPL, and ACE | ||||||||||||
Potomac Electric Power Company | Purchase and regulated retail sale of electricity | District of Columbia, and major portions of Montgomery and Prince George’s Counties, Maryland | ||||||||||||
Transmission and distribution of electricity to retail customers | ||||||||||||||
Delmarva Power & Light Company | Purchase and regulated retail sale of electricity and natural gas | Portions of Delaware and Maryland (electricity) | ||||||||||||
Transmission and distribution of electricity and distribution of natural gas to retail customers | Portions of New Castle County, Delaware (natural gas) | |||||||||||||
Atlantic City Electric Company | Purchase and regulated retail sale of electricity | Portions of Southern New Jersey | ||||||||||||
Transmission and distribution of electricity to retail customers |
Registrant/Jurisdiction | Filing Date | Service | Requested Revenue Requirement (Decrease) Increase | Approved Revenue Requirement (Decrease) Increase | Approved ROE | Approval Date | Rate Effective Date | |||||||||||||||||||||||||||||||||||||
ComEd - Illinois(a) | April 16, 2020 | Electric | $ | (11) | $ | (14) | 8.38 | % | December 9, 2020 | January 1, 2021 | ||||||||||||||||||||||||||||||||||
BGE - Maryland(b) | May 15, 2020 (amended September 11, 2020) | Electric | 137 | 81 | 9.50 | % | December 16, 2020 | January 1, 2021 | ||||||||||||||||||||||||||||||||||||
Natural Gas | 91 | 21 | 9.65 | % | ||||||||||||||||||||||||||||||||||||||||
September 30, 2017 | December 31, 2016 | ||||||||||||||||||||||||||||||||||
Successor | Successor | ||||||||||||||||||||||||||||||||||
Exelon(a) | Generation | PHI (a) | ACE | Exelon(a)(b) | Generation | BGE | PHI (a) | ACE | |||||||||||||||||||||||||||
Current assets | $ | 657 | $ | 644 | $ | 13 | $ | 9 | $ | 954 | $ | 916 | $ | 23 | $ | 14 | $ | 9 | |||||||||||||||||
Noncurrent assets | 9,252 | 9,222 | 30 | 22 | 8,563 | 8,525 | 3 | 35 | 23 | ||||||||||||||||||||||||||
Total assets | $ | 9,909 | $ | 9,866 | $ | 43 | $ | 31 | $ | 9,517 | $ | 9,441 | $ | 26 | $ | 49 | $ | 32 | |||||||||||||||||
Current liabilities | $ | 404 | $ | 367 | $ | 37 | $ | 33 | $ | 885 | $ | 802 | $ | 42 | $ | 42 | $ | 37 | |||||||||||||||||
Noncurrent liabilities | 3,290 | 3,215 | 75 | 67 | 2,713 | 2,612 | — | 101 | 89 | ||||||||||||||||||||||||||
Total liabilities | $ | 3,694 | $ | 3,582 | $ | 112 | $ | 100 | $ | 3,598 | $ | 3,414 | $ | 42 | $ | 143 | $ | 126 |
September 30, 2017 | December 31, 2016 | ||||||||||||||||||||||||||||||||||
Successor | Successor | ||||||||||||||||||||||||||||||||||
Exelon (a) | Generation | PHI (a) | ACE | Exelon(a)(b) | Generation | BGE | PHI (a) | ACE | |||||||||||||||||||||||||||
Cash and cash equivalents | $ | 130 | $ | 130 | $ | — | $ | — | $ | 150 | $ | 150 | $ | — | $ | — | $ | — | |||||||||||||||||
Restricted cash | 85 | 76 | 9 | 9 | 59 | 27 | 23 | 9 | 9 | ||||||||||||||||||||||||||
Accounts receivable, net | |||||||||||||||||||||||||||||||||||
Customer | 139 | 139 | — | — | 371 | 371 | — | — | — | ||||||||||||||||||||||||||
Other | 25 | 25 | — | — | 48 | 48 | — | — | — | ||||||||||||||||||||||||||
Mark-to-market derivatives assets | — | — | — | — | 31 | 31 | — | — | — | ||||||||||||||||||||||||||
Inventory | |||||||||||||||||||||||||||||||||||
Materials and supplies | 196 | 196 | — | — | 199 | 199 | — | — | — | ||||||||||||||||||||||||||
Other current assets | 56 | 52 | 4 | — | 50 | 44 | — | 5 | — | ||||||||||||||||||||||||||
Total current assets | 631 | 618 | 13 | 9 | 908 | 870 | 23 | 14 | 9 | ||||||||||||||||||||||||||
Property, plant and equipment, net | 6,213 | 6,213 | — | — | 5,415 | 5,415 | — | — | — | ||||||||||||||||||||||||||
Nuclear decommissioning trust funds | 2,415 | 2,415 | — | — | 2,185 | 2,185 | — | — | — | ||||||||||||||||||||||||||
Goodwill | — | — | — | — | 47 | 47 | — | — | — | ||||||||||||||||||||||||||
Mark-to-market derivative assets | — | — | — | — | 23 | 23 | — | — | — | ||||||||||||||||||||||||||
Other noncurrent assets | 261 | 231 | 30 | 22 | 315 | 277 | 3 | 35 | 23 | ||||||||||||||||||||||||||
Total noncurrent assets | 8,889 | 8,859 | 30 | 22 | 7,985 | 7,947 | 3 | 35 | 23 | ||||||||||||||||||||||||||
Total assets | $ | 9,520 | $ | 9,477 | $ | 43 | $ | 31 | $ | 8,893 | $ | 8,817 | $ | 26 | $ | 49 | $ | 32 | |||||||||||||||||
Long-term debt due within one year | $ | 182 | $ | 146 | $ | 36 | $ | 32 | $ | 181 | $ | 99 | $ | 41 | $ | 40 | $ | 35 | |||||||||||||||||
Accounts payable | 104 | 104 | — | — | 269 | 269 | — | — | — | ||||||||||||||||||||||||||
Accrued expenses | 90 | 89 | 1 | 1 | 119 | 116 | 1 | 2 | 2 | ||||||||||||||||||||||||||
Mark-to-market derivative liabilities | — | — | — | — | 60 | 60 | — | — | — | ||||||||||||||||||||||||||
Unamortized energy contract liabilities | 17 | 17 | — | — | 15 | 15 | — | — | — | ||||||||||||||||||||||||||
Other current liabilities | 11 | 11 | — | — | 30 | 30 | — | — | — | ||||||||||||||||||||||||||
Total current liabilities | 404 | 367 | 37 | 33 | 674 | 589 | 42 | 42 | 37 | ||||||||||||||||||||||||||
Long-term debt | 1,172 | 1,097 | 75 | 67 | 641 | 540 | — | 101 | 89 | ||||||||||||||||||||||||||
Asset retirement obligations | 2,009 | 2,009 | — | — | 1,904 | 1,904 | — | — | — | ||||||||||||||||||||||||||
Pension obligation(c) | — | — | — | — | 9 | 9 | — | — | — | ||||||||||||||||||||||||||
Unamortized energy contract liabilities | 9 | 9 | — | — | 22 | 22 | — | — | — | ||||||||||||||||||||||||||
Other noncurrent liabilities | 94 | 94 | — | — | 106 | 106 | — | — | — | ||||||||||||||||||||||||||
Total noncurrent liabilities | 3,284 | 3,209 | 75 | 67 | 2,682 | 2,581 | — | 101 | 89 | ||||||||||||||||||||||||||
Total liabilities | $ | 3,688 | $ | 3,576 | $ | 112 | $ | 100 | $ | 3,356 | $ | 3,170 | $ | 42 | $ | 143 | $ | 126 |
September 30, 2017 | Commercial Agreement VIEs | Equity Investment VIEs | Total | ||||||||
Total assets(a) | $ | 635 | $ | 519 | $ | 1,154 | |||||
Total liabilities(a) | 39 | 229 | 268 | ||||||||
Exelon's ownership interest in VIE(a) | — | 259 | 259 | ||||||||
Other ownership interests in VIE(a) | 596 | 31 | 627 | ||||||||
Registrants’ maximum exposure to loss: | |||||||||||
Carrying amount of equity method investments | — | 259 | 259 | ||||||||
Contract intangible asset | 9 | — | 9 | ||||||||
Debt and payment guarantees | — | — | — | ||||||||
Net assets pledged for Zion Station decommissioning(b) | 4 | — | 4 |
December 31, 2016 | Commercial Agreement VIEs | Equity Investment VIEs | Total | ||||||||
Total assets(a) | $ | 638 | $ | 567 | $ | 1,205 | |||||
Total liabilities(a) | 215 | 287 | 502 | ||||||||
Exelon's ownership interest in VIE(a) | — | 248 | 248 | ||||||||
Other ownership interests in VIE(a) | 423 | 32 | 455 | ||||||||
Registrants’ maximum exposure to loss: | |||||||||||
Carrying amount of equity method investments | — | 264 | 264 | ||||||||
Contract intangible asset | 9 | — | 9 | ||||||||
Debt and payment guarantees | — | 3 | 3 | ||||||||
Net assets pledged for Zion Station decommissioning(b) | 9 | — | 9 |
Cash paid for purchase price | $ | 110 | ||
Cash paid for net cost reimbursement | 125 | |||
Nuclear fuel transfer | 54 | |||
Total consideration transferred | $ | 289 | ||
Identifiable assets acquired and liabilities assumed | ||||
Current assets | $ | 60 | ||
Property, plant and equipment | 298 | |||
Nuclear decommissioning trust funds | 807 | |||
Other assets(a) | 114 | |||
Total assets | $ | 1,279 | ||
Current liabilities | $ | 6 | ||
Nuclear decommissioning ARO | 444 | |||
Pension and OPEB obligations | 33 | |||
Deferred income taxes | 149 | |||
Spent nuclear fuel obligation | 110 | |||
Other liabilities | 15 | |||
Total liabilities | $ | 757 | ||
Total net identifiable assets, at fair value | $ | 522 | ||
Bargain purchase gain (after-tax) | $ | 233 |
Total consideration transferred | $ | 257 | ||
Identifiable assets acquired and liabilities assumed | ||||
Working capital assets | $ | 204 | ||
Property, plant and equipment | 2 | |||
Mark-to-market derivative assets | 6 | |||
Unamortized energy contract assets | 100 | |||
Customer relationships | 9 | |||
Other assets | 1 | |||
Total assets | $ | 322 | ||
Mark-to-market derivative liabilities | $ | 65 | ||
Total liabilities | $ | 65 | ||
Total net identifiable assets, at fair value | $ | 257 |
Registrant/Jurisdiction | Filing Date | Service | Requested Revenue Requirement Increase | Requested ROE | Expected Approval Timing | |||||||||||||||||||||||||||
ComEd - Illinois(a) | April 16, 2021 | Electric | $ | 51 | 7.36 | % | Fourth quarter of 2021 | |||||||||||||||||||||||||
PECO - Pennsylvania | March 30, 2021 | Electric | 246 | 10.95 | % | Fourth quarter of 2021 | ||||||||||||||||||||||||||
PECO - Pennsylvania | September 30, 2020 | Natural Gas | 69 | 10.95 | % | Second quarter of 2021 | ||||||||||||||||||||||||||
Pepco - District of Columbia(b) | May 30, 2019 (amended June 1, 2020) | Electric | 136 | 9.7 | % | Second quarter of 2021 | ||||||||||||||||||||||||||
Pepco - Maryland(c) | October 26, 2020 (amended March 31, 2021) | Electric | 104 | 10.2 | % | Second quarter of 2021 | ||||||||||||||||||||||||||
DPL - Delaware(d) | March 6, 2020 (amended February 2, 2021) | Electric | 23 | 10.3 | % | Third quarter of 2021 | ||||||||||||||||||||||||||
ACE - New Jersey(e) | December 9, 2020 (amended February 26, 2021) | Electric | 67 | 10.3 | % | Fourth quarter of 2021 |
Expected Payment Period | Successor | ||||||||||||||||||||
Description | Pepco | DPL | ACE | PHI | Exelon | ||||||||||||||||
Rate credits | 2016 - 2017 | $ | 91 | $ | 67 | $ | 101 | $ | 259 | $ | 259 | ||||||||||
Energy efficiency | 2016 - 2021 | — | — | — | — | 122 | |||||||||||||||
Charitable contributions | 2016 - 2026 | 28 | 12 | 10 | 50 | 50 | |||||||||||||||
Delivery system modernization | Q2 2017 | — | — | — | — | 22 | |||||||||||||||
Green sustainability fund | Q2 2017 | — | — | — | — | 14 | |||||||||||||||
Workforce development | 2016 - 2020 | — | — | — | — | 17 | |||||||||||||||
Other | 1 | 5 | — | 6 | 29 | ||||||||||||||||
Total | $ | 120 | $ | 84 | $ | 111 | $ | 315 | $ | 513 |
(In millions of dollars, except per share data) | Total Consideration | ||
Cash paid to PHI shareholders at $27.25 per share (254 million shares outstanding at March 23, 2016) | $ | 6,933 | |
Cash paid for PHI preferred stock | 180 | ||
Cash paid for PHI stock-based compensation equity awards(a) | 29 | ||
Total purchase price | $ | 7,142 |
Purchase Price Allocation(a) | |||
Current assets | $ | 1,441 | |
Property, plant and equipment | 11,088 | ||
Regulatory assets | 5,015 | ||
Other assets | 248 | ||
Goodwill | 4,005 | ||
Total assets | $ | 21,797 | |
Current liabilities | $ | 2,752 | |
Unamortized energy contracts | 1,515 | ||
Regulatory liabilities | 297 | ||
Long-term debt, including current maturities | 5,636 | ||
Deferred income taxes | 3,447 | ||
Pension and OPEB obligations | 821 | ||
Other liabilities | 187 | ||
Total liabilities | $ | 14,655 | |
Total purchase price | $ | 7,142 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Operating revenues | $ | 1,347 | $ | 1,437 | $ | 3,679 | $ | 2,656 | |||||||
Net income (loss) | 176 | 169 | 382 | (92 | ) |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
Acquisition, Integration and Financing Costs(a) | 2017 | 2016 | 2017 | 2016 | |||||||||||
Exelon | $ | (8 | ) | $ | 20 | $ | 10 | $ | 123 | ||||||
Generation | 5 | 9 | 18 | 29 | |||||||||||
ComEd(b) | — | — | 1 | (6 | ) | ||||||||||
PECO | 1 | 1 | 3 | 3 | |||||||||||
BGE(c) | 1 | 1 | 3 | (3 | ) | ||||||||||
Pepco(d) | (8 | ) | 3 | (6 | ) | 26 | |||||||||
DPL(e) | 1 | 2 | (6 | ) | 18 | ||||||||||
ACE(f) | (8 | ) | 2 | (6 | ) | 17 |
Successor | Predecessor | |||||||||||||||||||
Acquisition, Integration and Financing Costs(a) | Three Months Ended September 30, 2017 | Three Months Ended September 30, 2016 | Nine Months Ended September 30, 2017 | March 24, 2016 to September 30, 2016 | January 1, 2016 to March 23, 2016 | |||||||||||||||
PHI(g) | $ | (15 | ) | $ | 7 | $ | (17 | ) | $ | 63 | $ | 29 |
Three Months Ended September 30, | Nine Months Ended September 30, | Year Ended December 31, | |||||||||
2016(a) | 2016(a) | 2016(b) | |||||||||
Total operating revenues | $ | 9,002 | $ | 24,468 | $ | 32,342 | |||||
Net income attributable to common shareholders | 501 | 1,346 | 1,562 | ||||||||
Basic earnings per share | $ | 0.54 | $ | 1.46 | $ | 1.69 | |||||
Diluted earnings per share | 0.54 | 1.45 | 1.69 |
Registrant(a) | Initial Revenue Requirement Increase | Annual Reconciliation Increase | Total Revenue Requirement Increase | Allowed Return on Rate Base(b) | Allowed ROE(c) | |||||||||||||||||||||||||||
ComEd | $ | 33 | $ | 12 | $ | 45 | 8.20 | % | 11.50 | % | ||||||||||||||||||||||
Exelon | ComEd(a) | PECO | BGE(b) | PHI | Pepco(c) | DPL(c) | ACE | ||||||||||||||||||||||||||||||||||||||||
March 31, 2021 | $ | 49 | $ | 0 | $ | 0 | $ | 43 | $ | 6 | $ | 3 | $ | 3 | $ | 0 | |||||||||||||||||||||||||||||||
December 31, 2020 | 51 | (1) | 0 | 45 | 7 | 4 | 3 | 0 |
2017 | |||||||||||||||||||
Annual Transmission Filings(a) | ComEd | BGE | Pepco | DPL | ACE | ||||||||||||||
Initial revenue requirement increase | $ | 44 | $ | 31 | $ | 5 | $ | 6 | $ | 20 | |||||||||
Annual reconciliation (decrease) increase | (33 | ) | 3 | 15 | 8 | 22 | |||||||||||||
Dedicated facilities decrease(b) | — | (8 | ) | — | — | — | |||||||||||||
Total revenue requirement increase | $ | 11 | $ | 26 | $ | 20 | $ | 14 | $ | 42 | |||||||||
Allowed return on rate base(c) | 8.43 | % | 7.47 | % | 7.92 | % | 7.16 | % | 8.02 | % | |||||||||
Allowed ROE(d) | 11.50 | % | 10.50 | % | 10.50 | % | 10.50 | % | 10.50 | % |
Exelon | Generation | |||||||||||||||||||||||||
Balance as of December 31, 2020 | $ | 144 | $ | 144 | ||||||||||||||||||||||
Amounts reclassified to receivables | (16) | (16) | ||||||||||||||||||||||||
Revenues recognized | 13 | 13 | ||||||||||||||||||||||||
Amounts previously held-for-sale | 12 | 12 | ||||||||||||||||||||||||
Balance as of March 31, 2021 | $ | 153 | $ | 153 | ||||||||||||||||||||||
Exelon | Generation | |||||||||||||||||||||||||
Balance as of December 31, 2019 | $ | 174 | $ | 174 | ||||||||||||||||||||||
Amounts reclassified to receivables | (19) | (19) | ||||||||||||||||||||||||
Revenues recognized | 17 | 17 | ||||||||||||||||||||||||
Balance as of March 31, 2020 | $ | 172 | $ | 172 |
Successor | |||||||||||||||||||||||||||||||
September 30, 2017 | Exelon | ComEd | PECO | BGE | PHI | Pepco | DPL | ACE | |||||||||||||||||||||||
Regulatory assets | |||||||||||||||||||||||||||||||
Pension and other postretirement benefits(a) | $ | 4,020 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||
Deferred income taxes(b) | 2,423 | 347 | 1,678 | 100 | 298 | 195 | 45 | 58 | |||||||||||||||||||||||
AMI programs | 660 | 159 | 40 | 219 | 242 | 163 | 79 | — | |||||||||||||||||||||||
Under-recovered distribution service costs(c) | 256 | 256 | — | — | — | — | — | — | |||||||||||||||||||||||
Energy efficiency costs | 78 | 78 | — | — | — | — | — | — | |||||||||||||||||||||||
Debt costs | 120 | 38 | 1 | 12 | 75 | 16 | 8 | 5 | |||||||||||||||||||||||
Fair value of long-term debt | 773 | — | — | — | 632 | — | — | — | |||||||||||||||||||||||
Fair value of PHI's unamortized energy contracts | 830 | — | — | — | 830 | — | — | — | |||||||||||||||||||||||
Severance | 2 | — | — | 2 | — | — | — | — | |||||||||||||||||||||||
Asset retirement obligations | 108 | 73 | 22 | 13 | — | — | — | — | |||||||||||||||||||||||
MGP remediation costs | 300 | 277 | 23 | — | — | — | — | — | |||||||||||||||||||||||
Under-recovered uncollectible accounts | 70 | 60 | — | — | 10 | — | — | 10 | |||||||||||||||||||||||
Renewable energy | 277 | 277 | — | — | — | — | — | — | |||||||||||||||||||||||
Energy and transmission programs (d)(e)(f)(g)(h)(i) | 65 | 3 | — | 26 | 36 | 6 | 9 | 21 | |||||||||||||||||||||||
Deferred storm costs | 31 | — | — | — | 31 | 9 | 5 | 17 | |||||||||||||||||||||||
Electric generation-related regulatory asset | 3 | — | — | 3 | — | — | — | — | |||||||||||||||||||||||
Energy efficiency and demand response programs | 599 | — | 1 | 284 | 314 | 233 | 81 | — | |||||||||||||||||||||||
Merger integration costs(j)(k)(l)(m) | 47 | — | — | 7 | 40 | 20 | 11 | 9 | |||||||||||||||||||||||
Under-recovered revenue decoupling(n) | 72 | — | — | 34 | 38 | 33 | 5 | — | |||||||||||||||||||||||
COPCO acquisition adjustment | 6 | — | — | — | 6 | — | 6 | — | |||||||||||||||||||||||
Workers compensation and long-term disability cost | 33 | — | — | — | 33 | 33 | — | — | |||||||||||||||||||||||
Vacation accrual | 38 | — | 14 | — | 24 | — | 14 | 10 | |||||||||||||||||||||||
Securitized stranded costs | 93 | — | — | — | 93 | — | — | 93 | |||||||||||||||||||||||
CAP arrearage | 9 | — | 9 | — | — | — | — | — | |||||||||||||||||||||||
Removal costs | 518 | — | — | — | 518 | 144 | 98 | 277 | |||||||||||||||||||||||
Other | 71 | 6 | 21 | 5 | 40 | 28 | 8 | 4 | |||||||||||||||||||||||
Total regulatory assets | 11,502 | 1,574 | 1,809 | 705 | 3,260 | 880 | 369 | 504 | |||||||||||||||||||||||
Less: current portion | 1,264 | 187 | 36 | 208 | 568 | 181 | 69 | 87 | |||||||||||||||||||||||
Total noncurrent regulatory assets | $ | 10,238 | $ | 1,387 | $ | 1,773 | $ | 497 | $ | 2,692 | $ | 699 | $ | 300 | $ | 417 |
Successor | |||||||||||||||||||||||||||||||
September 30, 2017 | Exelon | ComEd | PECO | BGE | PHI | Pepco | DPL | ACE | |||||||||||||||||||||||
Regulatory liabilities | |||||||||||||||||||||||||||||||
Other postretirement benefits | $ | 41 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||
Nuclear decommissioning | 2,971 | 2,438 | 533 | — | — | — | — | — | |||||||||||||||||||||||
Removal costs | 1,588 | 1,337 | — | 119 | 132 | 22 | 110 | — | |||||||||||||||||||||||
Deferred rent | 37 | — | — | — | 37 | — | — | — | |||||||||||||||||||||||
Energy efficiency and demand response programs | 62 | 33 | 29 | — | — | — | — | — | |||||||||||||||||||||||
DLC program costs | 8 | — | 8 | — | — | — | — | — | |||||||||||||||||||||||
Electric distribution tax repairs | 50 | — | 50 | — | — | — | — | — | |||||||||||||||||||||||
Gas distribution tax repairs | 14 | — | 14 | — | — | — | — | — | |||||||||||||||||||||||
Energy and transmission programs (d)(e)(f)(g)(h)(i) | 139 | 54 | 68 | — | 17 | 3 | 9 | 5 | |||||||||||||||||||||||
Renewable portfolio standards costs | 46 | 46 | — | — | — | — | — | — | |||||||||||||||||||||||
Zero emission credit costs | 71 | 71 | — | — | — | — | — | — | |||||||||||||||||||||||
Other | 75 | 5 | 17 | 28 | 25 | 1 | 9 | 13 | |||||||||||||||||||||||
Total regulatory liabilities | 5,102 | 3,984 | 719 | 147 | 211 | 26 | 128 | 18 | |||||||||||||||||||||||
Less: current portion | 553 | 249 | 159 | 63 | 65 | 5 | 42 | 18 | |||||||||||||||||||||||
Total noncurrent regulatory liabilities | $ | 4,549 | $ | 3,735 | $ | 560 | $ | 84 | $ | 146 | $ | 21 | $ | 86 | $ | — |
Exelon | Generation | PHI | Pepco | DPL | ACE | |||||||||||||||||||||||||||||||||
Balance as of December 31, 2020 | $ | 151 | $ | 84 | $ | 118 | $ | 94 | $ | 12 | $ | 12 | ||||||||||||||||||||||||||
Consideration received or due | 20 | 31 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||
Revenues recognized | (27) | (64) | (2) | (2) | 0 | 0 | ||||||||||||||||||||||||||||||||
Amounts previously held-for-sale | 3 | 3 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||
Balance as of March 31, 2021 | $ | 147 | $ | 54 | $ | 116 | $ | 92 | $ | 12 | $ | 12 | ||||||||||||||||||||||||||
Exelon | Generation | PHI | Pepco | DPL | ACE | |||||||||||||||||||||||||||||||||
Balance as of December 31, 2019 | $ | 33 | $ | 71 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | ||||||||||||||||||||||||||
Consideration received or due | 20 | 55 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||
Revenues recognized | (24) | (70) | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||
Balance as of March 31, 2020 | $ | 29 | $ | 56 | $ | 0 | $ | 0 | $ | 0 | $ | 0 |
Three Months Ended March 31, | |||||||||||
2021 | 2020 | ||||||||||
Exelon | $ | 17 | $ | 9 | |||||||
Generation | 39 | 19 | |||||||||
PHI | 2 | 0 | |||||||||
Pepco | 2 | 0 | |||||||||
2021 | 2022 | 2023 | 2024 | 2025 and thereafter | Total | ||||||||||||||||||||||||||||||
Exelon | $ | 233 | $ | 100 | $ | 56 | $ | 41 | $ | 330 | $ | 760 | |||||||||||||||||||||||
Generation | 286 | 131 | 56 | 35 | 243 | 751 | |||||||||||||||||||||||||||||
PHI | 7 | 8 | 8 | 6 | 87 | 116 | |||||||||||||||||||||||||||||
Pepco | 5 | 6 | 6 | 5 | 70 | 92 | |||||||||||||||||||||||||||||
DPL | 1 | 1 | 1 | 0 | 9 | 12 | |||||||||||||||||||||||||||||
ACE | 1 | 1 | 1 | 1 | 8 | 12 |
Successor | |||||||||||||||||||||||||||||||
December 31, 2016 | Exelon | ComEd | PECO | BGE | PHI | Pepco | DPL | ACE | |||||||||||||||||||||||
Regulatory assets | |||||||||||||||||||||||||||||||
Pension and other postretirement benefits (a) | $ | 4,162 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||
Deferred income taxes (b) | 2,016 | 75 | 1,583 | 98 | 260 | 171 | 38 | 51 | |||||||||||||||||||||||
AMI programs | 701 | 164 | 49 | 230 | 258 | 174 | 84 | — | |||||||||||||||||||||||
Under-recovered distribution service costs (c) | 188 | 188 | — | — | — | — | — | — | |||||||||||||||||||||||
Debt costs | 124 | 42 | 1 | 7 | 81 | 17 | 9 | 6 | |||||||||||||||||||||||
Fair value of long-term debt | 812 | — | — | — | 671 | — | — | — | |||||||||||||||||||||||
Fair value of PHI's unamortized energy contracts | 1,085 | — | — | — | 1,085 | — | — | — | |||||||||||||||||||||||
Severance | 5 | — | — | 5 | — | — | — | — | |||||||||||||||||||||||
Asset retirement obligations | 111 | 76 | 23 | 12 | — | — | — | — | |||||||||||||||||||||||
MGP remediation costs | 305 | 278 | 26 | 1 | — | — | — | — | |||||||||||||||||||||||
Under-recovered uncollectible accounts | 56 | 56 | — | — | — | — | — | — | |||||||||||||||||||||||
Renewable energy | 260 | 258 | — | — | 2 | — | — | 2 | |||||||||||||||||||||||
Energy and transmission programs (d)(e)(f)(g)(h)(i) | 89 | 23 | — | 38 | 28 | 6 | 5 | 17 | |||||||||||||||||||||||
Deferred storm costs | 36 | — | — | 1 | 35 | 12 | 5 | 18 | |||||||||||||||||||||||
Electric generation-related regulatory asset | 10 | — | — | 10 | — | — | — | — | |||||||||||||||||||||||
Rate stabilization deferral | 7 | — | — | 7 | — | — | — | — | |||||||||||||||||||||||
Energy efficiency and demand response programs | 621 | — | 1 | 285 | 335 | 250 | 85 | — | |||||||||||||||||||||||
Merger integration costs(j)(k)(l)(m) | 25 | — | — | 10 | 15 | 11 | 4 | — | |||||||||||||||||||||||
Under-recovered revenue decoupling(n) | 27 | — | — | 3 | 24 | 21 | 3 | — | |||||||||||||||||||||||
COPCO acquisition adjustment | 8 | — | — | — | 8 | — | 8 | — | |||||||||||||||||||||||
Workers compensation and long-term disability costs | 34 | — | — | — | 34 | 34 | — | — | |||||||||||||||||||||||
Vacation accrual | 31 | — | 7 | — | 24 | — | 14 | 10 | |||||||||||||||||||||||
Securitized stranded costs | 138 | — | — | — | 138 | — | — | 138 | |||||||||||||||||||||||
CAP arrearage | 11 | — | 11 | — | — | — | — | — | |||||||||||||||||||||||
Removal costs | 477 | — | — | — | 477 | 134 | 88 | 255 | |||||||||||||||||||||||
Other | 49 | 7 | 9 | 5 | 29 | 22 | 5 | 4 | |||||||||||||||||||||||
Total regulatory assets | 11,388 | 1,167 | 1,710 | 712 | 3,504 | 852 | 348 | 501 | |||||||||||||||||||||||
Less: current portion | 1,342 | 190 | 29 | 208 | 653 | 162 | 59 | 96 | |||||||||||||||||||||||
Total noncurrent regulatory assets | $ | 10,046 | $ | 977 | $ | 1,681 | $ | 504 | $ | 2,851 | $ | 690 | $ | 289 | $ | 405 |
Successor | |||||||||||||||||||||||||||||||
December 31, 2016 | Exelon | ComEd | PECO | BGE | PHI | Pepco | DPL | ACE | |||||||||||||||||||||||
Regulatory liabilities | |||||||||||||||||||||||||||||||
Other postretirement benefits | $ | 47 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||
Nuclear decommissioning | 2,607 | 2,169 | 438 | — | — | — | — | — | |||||||||||||||||||||||
Removal costs | 1,601 | 1,324 | — | 141 | 136 | 18 | 118 | — | |||||||||||||||||||||||
Deferred rent | 39 | — | — | — | 39 | — | — | — | |||||||||||||||||||||||
Energy efficiency and demand response programs | 185 | 141 | 41 | — | 3 | 3 | — | — | |||||||||||||||||||||||
DLC program costs | 8 | — | 8 | — | — | — | — | — | |||||||||||||||||||||||
Electric distribution tax repairs | 76 | — | 76 | — | — | — | — | — | |||||||||||||||||||||||
Gas distribution tax repairs | 20 | — | 20 | — | — | — | — | — | |||||||||||||||||||||||
Energy and transmission programs (d)(e)(f)(g)(h)(i) | 134 | 60 | 56 | — | 18 | 8 | 5 | 5 | |||||||||||||||||||||||
Other | 72 | 4 | 5 | 19 | 41 | 2 | 17 | 20 | |||||||||||||||||||||||
Total regulatory liabilities | 4,789 | 3,698 | 644 | 160 | 237 | 31 | 140 | 25 | |||||||||||||||||||||||
Less: current portion | 602 | 329 | 127 | 50 | 79 | 11 | 43 | 25 | |||||||||||||||||||||||
Total noncurrent regulatory liabilities | $ | 4,187 | $ | 3,369 | $ | 517 | $ | 110 | $ | 158 | $ | 20 | $ | 97 | $ | — |
Exelon | ComEd(a) | PECO | BGE(b) | PHI | Pepco(c) | DPL(c) | ACE | ||||||||||||||||||||||||
September 30, 2017 | $ | 71 | $ | 7 | $ | — | $ | 54 | $ | 10 | $ | 6 | $ | 4 | $ | — | |||||||||||||||
Exelon | ComEd(a) | PECO | BGE(b) | PHI | Pepco(c) | DPL(c) | ACE | ||||||||||||||||||||||||
December 31, 2016 | $ | 72 | $ | 5 | $ | — | $ | 57 | $ | 10 | $ | 6 | $ | 4 | $ | — |
Generation | ComEd | PECO | BGE | PHI | Other(a) | Intersegment Eliminations | Exelon | ||||||||||||||||||||||||||||||||||||||||
Operating revenues(b): | |||||||||||||||||||||||||||||||||||||||||||||||
2021 | |||||||||||||||||||||||||||||||||||||||||||||||
Competitive businesses electric revenues | $ | 4,187 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | (293) | $ | 3,894 | |||||||||||||||||||||||||||||||
Competitive businesses natural gas revenues | 1,326 | 0 | 0 | 0 | 0 | 0 | 0 | 1,326 | |||||||||||||||||||||||||||||||||||||||
Competitive businesses other revenues | 46 | 0 | 0 | 0 | 0 | 0 | (1) | 45 | |||||||||||||||||||||||||||||||||||||||
Rate-regulated electric revenues | 0 | 1,535 | 661 | 632 | 1,170 | 0 | (10) | 3,988 | |||||||||||||||||||||||||||||||||||||||
Rate-regulated natural gas revenues | 0 | 0 | 228 | 342 | 71 | 0 | (4) | 637 | |||||||||||||||||||||||||||||||||||||||
Shared service and other revenues | 0 | 0 | 0 | 0 | 3 | 491 | (494) | 0 | |||||||||||||||||||||||||||||||||||||||
Total operating revenues | $ | 5,559 | $ | 1,535 | $ | 889 | $ | 974 | $ | 1,244 | $ | 491 | $ | (802) | $ | 9,890 | |||||||||||||||||||||||||||||||
2020 | |||||||||||||||||||||||||||||||||||||||||||||||
Competitive businesses electric revenues | $ | 3,752 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | (326) | $ | 3,426 | |||||||||||||||||||||||||||||||
Competitive businesses natural gas revenues | 672 | 0 | 0 | 0 | 0 | 0 | (3) | 669 | |||||||||||||||||||||||||||||||||||||||
Competitive businesses other revenues | 309 | 0 | 0 | 0 | 0 | 0 | (1) | 308 | |||||||||||||||||||||||||||||||||||||||
Rate-regulated electric revenues | 0 | 1,439 | 604 | 613 | 1,104 | 0 | (12) | 3,748 | |||||||||||||||||||||||||||||||||||||||
Rate-regulated natural gas revenues | 0 | 0 | 209 | 324 | 64 | 0 | (2) | 595 | |||||||||||||||||||||||||||||||||||||||
Shared service and other revenues | 0 | 0 | 0 | 0 | 3 | 480 | (482) | 1 | |||||||||||||||||||||||||||||||||||||||
Total operating revenues | $ | 4,733 | $ | 1,439 | $ | 813 | $ | 937 | $ | 1,171 | $ | 480 | $ | (826) | $ | 8,747 | |||||||||||||||||||||||||||||||
Intersegment revenues(c): | |||||||||||||||||||||||||||||||||||||||||||||||
2021 | $ | 295 | $ | 6 | $ | 2 | $ | 6 | $ | 3 | $ | 487 | $ | (799) | $ | 0 | |||||||||||||||||||||||||||||||
2020 | 330 | 5 | 2 | 6 | 3 | 479 | (824) | 1 | |||||||||||||||||||||||||||||||||||||||
Depreciation and amortization: |
Generation | ComEd | PECO | BGE | PHI | Other(a) | Intersegment Eliminations | Exelon | ||||||||||||||||||||||||||||||||||||||||
2021 | $ | 940 | $ | 292 | $ | 86 | $ | 152 | $ | 210 | $ | 17 | $ | 0 | $ | 1,697 | |||||||||||||||||||||||||||||||
2020 | 304 | 273 | 86 | 143 | 194 | 21 | 0 | 1,021 | |||||||||||||||||||||||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||||||||||||||||||||||||||
2021 | $ | 6,672 | $ | 1,210 | $ | 679 | $ | 752 | $ | 1,058 | $ | 492 | $ | (781) | $ | 10,082 | |||||||||||||||||||||||||||||||
2020 | 4,400 | 1,151 | 625 | 688 | 1,000 | 481 | (816) | 7,529 | |||||||||||||||||||||||||||||||||||||||
Interest expense, net: | |||||||||||||||||||||||||||||||||||||||||||||||
2021 | $ | 72 | $ | 96 | $ | 38 | $ | 34 | $ | 67 | $ | 79 | $ | 0 | $ | 386 | |||||||||||||||||||||||||||||||
2020 | 109 | 94 | 36 | 32 | 67 | 72 | 0 | 410 | |||||||||||||||||||||||||||||||||||||||
Income (loss) before income taxes: | |||||||||||||||||||||||||||||||||||||||||||||||
2021 | $ | (947) | $ | 236 | $ | 177 | $ | 196 | $ | 136 | $ | (80) | $ | 0 | $ | (282) | |||||||||||||||||||||||||||||||
2020 | (547) | 204 | 155 | 222 | 119 | (69) | 1 | 85 | |||||||||||||||||||||||||||||||||||||||
Income Taxes: | |||||||||||||||||||||||||||||||||||||||||||||||
2021 | $ | (179) | $ | 39 | $ | 10 | $ | (13) | $ | 8 | $ | 116 | $ | 0 | $ | (19) | |||||||||||||||||||||||||||||||
2020 | (389) | 36 | 15 | 41 | 11 | (8) | 0 | (294) | |||||||||||||||||||||||||||||||||||||||
Net income (loss): | |||||||||||||||||||||||||||||||||||||||||||||||
2021 | $ | (769) | $ | 197 | $ | 167 | $ | 209 | $ | 128 | $ | (196) | $ | 0 | $ | (264) | |||||||||||||||||||||||||||||||
2020 | (161) | 168 | 140 | 181 | 108 | (61) | 1 | 376 | |||||||||||||||||||||||||||||||||||||||
Capital Expenditures: | |||||||||||||||||||||||||||||||||||||||||||||||
2021 | $ | 382 | $ | 613 | $ | 295 | $ | 336 | $ | 456 | $ | 58 | $ | 0 | $ | 2,140 | |||||||||||||||||||||||||||||||
2020 | 558 | 506 | 259 | 283 | 376 | 34 | 0 | 2,016 | |||||||||||||||||||||||||||||||||||||||
Total assets: | |||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2021 | $ | 47,326 | $ | 34,825 | $ | 12,937 | $ | 11,759 | $ | 24,387 | $ | 8,788 | $ | (10,022) | $ | 130,000 | |||||||||||||||||||||||||||||||
December 31, 2020 | 48,094 | 34,466 | 12,531 | 11,650 | 23,736 | 9,005 | (10,165) | 129,317 |
Pepco | DPL | ACE | Other(a) | Intersegment Eliminations | PHI | ||||||||||||||||||||||||||||||
Operating revenues(b): | |||||||||||||||||||||||||||||||||||
2021 | |||||||||||||||||||||||||||||||||||
Rate-regulated electric revenues | $ | 553 | $ | 311 | $ | 310 | $ | 0 | $ | (4) | $ | 1,170 | |||||||||||||||||||||||
Rate-regulated natural gas revenues | 0 | 71 | 0 | 0 | 0 | 71 | |||||||||||||||||||||||||||||
Shared service and other revenues | 0 | 0 | 0 | 95 | (92) | 3 | |||||||||||||||||||||||||||||
Total operating revenues | $ | 553 | $ | 382 | $ | 310 | $ | 95 | $ | (96) | $ | 1,244 | |||||||||||||||||||||||
2020 | |||||||||||||||||||||||||||||||||||
Rate-regulated electric revenues | $ | 544 | $ | 286 | $ | 276 | $ | 0 | $ | (2) | $ | 1,104 | |||||||||||||||||||||||
Rate-regulated natural gas revenues | 0 | 64 | 0 | 0 | 0 | 64 | |||||||||||||||||||||||||||||
Shared service and other revenues | 0 | 0 | 0 | 93 | (90) | 3 | |||||||||||||||||||||||||||||
Total operating revenues | $ | 544 | $ | 350 | $ | 276 | $ | 93 | $ | (92) | $ | 1,171 | |||||||||||||||||||||||
Intersegment revenues(c): | |||||||||||||||||||||||||||||||||||
2021 | $ | 1 | $ | 2 | $ | 1 | $ | 95 | $ | (96) | $ | 3 | |||||||||||||||||||||||
2020 | 1 | 2 | 1 | 92 | (93) | 3 | |||||||||||||||||||||||||||||
Depreciation and amortization: | |||||||||||||||||||||||||||||||||||
2021 | $ | 102 | $ | 53 | $ | 47 | $ | 8 | $ | 0 | $ | 210 | |||||||||||||||||||||||
2020 | 95 | 48 | 43 | 9 | (1) | 194 | |||||||||||||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||||||||||||||
2021 | $ | 466 | $ | 309 | $ | 282 | $ | 97 | $ | (96) | $ | 1,058 | |||||||||||||||||||||||
2020 | 462 | 284 | 251 | 93 | (90) | 1,000 | |||||||||||||||||||||||||||||
Interest expense, net: | |||||||||||||||||||||||||||||||||||
2021 | $ | 34 | $ | 15 | $ | 15 | $ | 3 | $ | 0 | $ | 67 | |||||||||||||||||||||||
2020 | 34 | 16 | 15 | 3 | (1) | 67 | |||||||||||||||||||||||||||||
Income (loss) before income taxes: | |||||||||||||||||||||||||||||||||||
2021 | $ | 65 | $ | 61 | $ | 14 | $ | (4) | $ | 0 | $ | 136 | |||||||||||||||||||||||
2020(d) | 57 | 52 | 14 | (4) | 0 | 119 | |||||||||||||||||||||||||||||
Income Taxes: | |||||||||||||||||||||||||||||||||||
2021 | $ | 6 | $ | 5 | $ | 0 | $ | (3) | $ | 0 | $ | 8 | |||||||||||||||||||||||
2020 | 5 | 7 | 1 | (2) | 0 | 11 | |||||||||||||||||||||||||||||
Net income (loss): | |||||||||||||||||||||||||||||||||||
2021 | $ | 59 | $ | 56 | $ | 14 | $ | (1) | $ | 0 | $ | 128 | |||||||||||||||||||||||
2020 | 52 | 45 | 13 | (2) | 0 | 108 | |||||||||||||||||||||||||||||
Capital Expenditures: | |||||||||||||||||||||||||||||||||||
2021 | $ | 220 | $ | 112 | $ | 123 | $ | 1 | $ | 0 | $ | 456 | |||||||||||||||||||||||
2020 | 180 | 95 | 101 | 0 | 0 | 376 | |||||||||||||||||||||||||||||
Total assets: | |||||||||||||||||||||||||||||||||||
March 31, 2021 | $ | 9,493 | $ | 5,232 | $ | 4,679 | $ | 5,020 | $ | (37) | $ | 24,387 | |||||||||||||||||||||||
December 31, 2020 | 9,264 | 5,140 | 4,286 | 5,079 | (33) | 23,736 |
Three Months Ended March 31, 2021 | |||||||||||||||||||||||||||||
Revenues from external customers(a) | Intersegment Revenues | Total Revenues | |||||||||||||||||||||||||||
Contracts with customers | Other(b) | Total | |||||||||||||||||||||||||||
Mid-Atlantic | $ | 1,174 | $ | (14) | $ | 1,160 | $ | 5 | $ | 1,165 | |||||||||||||||||||
Midwest | 1,009 | (11) | 998 | 0 | 998 | ||||||||||||||||||||||||
New York | 382 | (45) | 337 | 0 | 337 | ||||||||||||||||||||||||
ERCOT | 353 | (101) | 252 | 5 | 257 | ||||||||||||||||||||||||
Other Power Regions | 1,172 | 268 | 1,440 | (10) | 1,430 | ||||||||||||||||||||||||
Total Competitive Businesses Electric Revenues | 4,090 | 97 | 4,187 | 0 | 4,187 | ||||||||||||||||||||||||
Competitive Businesses Natural Gas Revenues | 864 | 462 | 1,326 | 0 | 1,326 | ||||||||||||||||||||||||
Competitive Businesses Other Revenues(c) | 89 | (43) | 46 | 0 | 46 | ||||||||||||||||||||||||
Total Generation Consolidated Operating Revenues | $ | 5,043 | $ | 516 | $ | 5,559 | $ | 0 | $ | 5,559 |
Three Months Ended March 31, 2020 | |||||||||||||||||||||||||||||
Revenues from external customers(a) | Intersegment revenues | Total Revenues | |||||||||||||||||||||||||||
Contracts with customers | Other(b) | Total | |||||||||||||||||||||||||||
Mid-Atlantic | $ | 1,264 | $ | (96) | $ | 1,168 | $ | 6 | $ | 1,174 | |||||||||||||||||||
Midwest | 944 | 64 | 1,008 | (6) | 1,002 | ||||||||||||||||||||||||
New York | 335 | (21) | 314 | 0 | 314 | ||||||||||||||||||||||||
ERCOT | 155 | 28 | 183 | 7 | 190 | ||||||||||||||||||||||||
Other Power Regions | 1,007 | 72 | 1,079 | (7) | 1,072 | ||||||||||||||||||||||||
Total Competitive Businesses Electric Revenues | 3,705 | 47 | 3,752 | 0 | 3,752 | ||||||||||||||||||||||||
Competitive Businesses Natural Gas Revenues | 503 | 169 | 672 | 0 | 672 | ||||||||||||||||||||||||
Competitive Businesses Other Revenues(c) | 99 | 210 | 309 | 0 | 309 | ||||||||||||||||||||||||
Total Generation Consolidated Operating Revenues | $ | 4,307 | $ | 426 | $ | 4,733 | $ | 0 | $ | 4,733 |
Three Months Ended March 31, 2021 | Three Months Ended March 31, 2020 | ||||||||||||||||||||||||||||||||||
RNF from external customers(a) | Intersegment RNF | Total RNF | RNF from external customers(a) | Intersegment RNF | Total RNF | ||||||||||||||||||||||||||||||
Mid-Atlantic | $ | 562 | $ | 5 | $ | 567 | $ | 559 | $ | 8 | $ | 567 | |||||||||||||||||||||||
Midwest | 702 | 0 | 702 | 732 | (5) | 727 | |||||||||||||||||||||||||||||
New York | 240 | 2 | 242 | 189 | 4 | 193 | |||||||||||||||||||||||||||||
ERCOT | (1,036) | (148) | (1,184) | 76 | 4 | 80 | |||||||||||||||||||||||||||||
Other Power Regions | 250 | (33) | 217 | 177 | (19) | 158 | |||||||||||||||||||||||||||||
Total Revenues net of purchased power and fuel expense for Reportable Segments | 718 | (174) | 544 | 1,733 | (8) | 1,725 | |||||||||||||||||||||||||||||
Other(b) | 231 | 174 | 405 | 296 | 8 | 304 | |||||||||||||||||||||||||||||
Total Generation Revenues net of purchased power and fuel expense | $ | 949 | $ | 0 | $ | 949 | $ | 2,029 | $ | 0 | $ | 2,029 |
Three Months Ended March 31, 2021 | |||||||||||||||||||||||||||||||||||||||||
Revenues from contracts with customers | ComEd | PECO | BGE | PHI | Pepco | DPL | ACE | ||||||||||||||||||||||||||||||||||
Rate-regulated electric revenues | |||||||||||||||||||||||||||||||||||||||||
Residential | $ | 741 | $ | 433 | $ | 362 | $ | 605 | $ | 253 | $ | 190 | $ | 162 | |||||||||||||||||||||||||||
Small commercial & industrial | 367 | 100 | 69 | 118 | 33 | 46 | 39 | ||||||||||||||||||||||||||||||||||
Large commercial & industrial | 134 | 57 | 105 | 248 | 184 | 21 | 43 | ||||||||||||||||||||||||||||||||||
Public authorities & electric railroads | 11 | 9 | 7 | 13 | 6 | 4 | 3 | ||||||||||||||||||||||||||||||||||
Other(a) | 220 | 52 | 77 | 143 | 51 | 41 | 52 | ||||||||||||||||||||||||||||||||||
Total rate-regulated electric revenues(b) | $ | 1,473 | $ | 651 | $ | 620 | $ | 1,127 | $ | 527 | $ | 302 | $ | 299 | |||||||||||||||||||||||||||
Rate-regulated natural gas revenues | |||||||||||||||||||||||||||||||||||||||||
Residential | $ | 0 | $ | 160 | $ | 216 | $ | 46 | $ | 0 | $ | 46 | $ | 0 | |||||||||||||||||||||||||||
Small commercial & industrial | 0 | 59 | 35 | 18 | 0 | 18 | 0 | ||||||||||||||||||||||||||||||||||
Large commercial & industrial | 0 | 0 | 54 | 2 | 0 | 2 | 0 | ||||||||||||||||||||||||||||||||||
Transportation | 0 | 7 | 0 | 4 | 0 | 4 | 0 | ||||||||||||||||||||||||||||||||||
Other(c) | 0 | 2 | 31 | 1 | 0 | 1 | 0 | ||||||||||||||||||||||||||||||||||
Total rate-regulated natural gas revenues(d) | $ | 0 | $ | 228 | $ | 336 | $ | 71 | $ | 0 | $ | 71 | $ | 0 | |||||||||||||||||||||||||||
Total rate-regulated revenues from contracts with customers | $ | 1,473 | $ | 879 | $ | 956 | $ | 1,198 | $ | 527 | $ | 373 | $ | 299 | |||||||||||||||||||||||||||
Other revenues | |||||||||||||||||||||||||||||||||||||||||
Revenues from alternative revenue programs | $ | 54 | $ | 10 | $ | 18 | $ | 46 | $ | 26 | $ | 9 | $ | 11 | |||||||||||||||||||||||||||
Other rate-regulated electric revenues(e) | 8 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||
Other rate-regulated natural gas revenues(e) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||
Total other revenues | $ | 62 | $ | 10 | $ | 18 | $ | 46 | $ | 26 | $ | 9 | $ | 11 | |||||||||||||||||||||||||||
Total rate-regulated revenues for reportable segments | $ | 1,535 | $ | 889 | $ | 974 | $ | 1,244 | $ | 553 | $ | 382 | $ | 310 |
Three Months Ended March 31, 2020 | |||||||||||||||||||||||||||||||||||||||||
Revenues from contracts with customers | ComEd | PECO | BGE | PHI | Pepco | DPL | ACE | ||||||||||||||||||||||||||||||||||
Rate-regulated electric revenues | |||||||||||||||||||||||||||||||||||||||||
Residential | $ | 701 | $ | 382 | $ | 339 | $ | 534 | $ | 236 | $ | 161 | $ | 137 | |||||||||||||||||||||||||||
Small commercial & industrial | 362 | 99 | 67 | 115 | 35 | 43 | 37 | ||||||||||||||||||||||||||||||||||
Large commercial & industrial | 134 | 53 | 103 | 253 | 188 | 23 | 42 | ||||||||||||||||||||||||||||||||||
Public authorities & electric railroads | 13 | 7 | 7 | 15 | 9 | 3 | 3 | ||||||||||||||||||||||||||||||||||
Other(a) | 211 | 58 | 79 | 169 | 60 | 54 | 55 | ||||||||||||||||||||||||||||||||||
Total rate-regulated electric revenues(b) | $ | 1,421 | $ | 599 | $ | 595 | $ | 1,086 | $ | 528 | $ | 284 | $ | 274 | |||||||||||||||||||||||||||
Rate-regulated natural gas revenues | |||||||||||||||||||||||||||||||||||||||||
Residential | $ | 0 | $ | 150 | $ | 206 | $ | 40 | $ | 0 | $ | 40 | $ | 0 | |||||||||||||||||||||||||||
Small commercial & industrial | 0 | 51 | 34 | 17 | 0 | 17 | 0 | ||||||||||||||||||||||||||||||||||
Large commercial & industrial | 0 | 0 | 51 | 1 | 0 | 1 | 0 | ||||||||||||||||||||||||||||||||||
Transportation | 0 | 6 | 0 | 4 | 0 | 4 | 0 | ||||||||||||||||||||||||||||||||||
Other(c) | 0 | 1 | 9 | 2 | 0 | 2 | 0 | ||||||||||||||||||||||||||||||||||
Total rate-regulated natural gas revenues(d) | $ | 0 | $ | 208 | $ | 300 | $ | 64 | $ | 0 | $ | 64 | $ | 0 | |||||||||||||||||||||||||||
Total rate-regulated revenues from contracts with customers | $ | 1,421 | $ | 807 | $ | 895 | $ | 1,150 | $ | 528 | $ | 348 | $ | 274 | |||||||||||||||||||||||||||
Other revenues | |||||||||||||||||||||||||||||||||||||||||
Revenues from alternative revenue programs | $ | 12 | $ | 2 | $ | 36 | $ | 18 | $ | 15 | $ | 1 | $ | 1 | |||||||||||||||||||||||||||
Other rate-regulated electric revenues(e) | 6 | 3 | 3 | 3 | 1 | 1 | 1 | ||||||||||||||||||||||||||||||||||
Other rate-regulated natural gas revenues(e) | 0 | 1 | 3 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||
Total other revenues | $ | 18 | $ | 6 | $ | 42 | $ | 21 | $ | 16 | $ | 2 | $ | 2 | |||||||||||||||||||||||||||
Total rate-regulated revenues for reportable segments | $ | 1,439 | $ | 813 | $ | 937 | $ | 1,171 | $ | 544 | $ | 350 | $ | 276 |
Three Months Ended March 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Exelon | Generation | ComEd | PECO | BGE | PHI | Pepco | DPL | ACE | |||||||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2020 | $ | 366 | $ | 32 | $ | 97 | $ | 116 | $ | 35 | $ | 86 | $ | 32 | $ | 22 | $ | 32 | |||||||||||||||||||||||||||||||||||
Plus: Current period provision for expected credit losses(a) | 104 | 34 | 21 | 20 | 9 | 20 | 11 | 6 | 3 | ||||||||||||||||||||||||||||||||||||||||||||
Less: Write-offs, net of recoveries(b) | 28 | 1 | 15 | 6 | 1 | 5 | 2 | 3 | 0 | ||||||||||||||||||||||||||||||||||||||||||||
Balance as of March 31, 2021 | $ | 442 | $ | 65 | $ | 103 | $ | 130 | $ | 43 | $ | 101 | $ | 41 | $ | 25 | $ | 35 | |||||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Exelon | Generation | ComEd | PECO | BGE | PHI | Pepco | DPL | ACE | |||||||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2019 | $ | 243 | $ | 80 | $ | 59 | $ | 55 | $ | 12 | $ | 37 | $ | 13 | $ | 11 | $ | 13 | |||||||||||||||||||||||||||||||||||
Plus: Current period provision for expected credit losses | 55 | 4 | 18 | 18 | 8 | 7 | 3 | 2 | 2 | ||||||||||||||||||||||||||||||||||||||||||||
Less: Write-offs, net of recoveries(b) | 20 | 3 | 6 | 7 | 2 | 2 | 1 | 0 | 1 | ||||||||||||||||||||||||||||||||||||||||||||
Balance as of March 31, 2020 | $ | 278 | $ | 81 | $ | 71 | $ | 66 | $ | 18 | $ | 42 | $ | 15 | $ | 13 | $ | 14 |
Three Months Ended March 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Exelon | Generation | ComEd | PECO | BGE | PHI | Pepco | DPL | ACE | |||||||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2020 | $ | 71 | $ | 0 | $ | 21 | $ | 8 | $ | 9 | $ | 33 | $ | 13 | $ | 9 | $ | 11 | |||||||||||||||||||||||||||||||||||
Plus: Current period provision for expected credit losses | 10 | 0 | 1 | 4 | 1 | 4 | 2 | 1 | 1 | ||||||||||||||||||||||||||||||||||||||||||||
Less: Write-offs, net of recoveries(a) | 2 | 0 | 0 | 1 | 1 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||
Balance as of March 31, 2021 | $ | 79 | $ | 0 | $ | 22 | $ | 11 | $ | 9 | $ | 37 | $ | 15 | $ | 10 | $ | 12 | |||||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Exelon | Generation | ComEd | PECO | BGE | PHI | Pepco | DPL | ACE | |||||||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2019 | $ | 48 | $ | 0 | $ | 20 | $ | 7 | $ | 5 | $ | 16 | $ | 7 | $ | 4 | $ | 5 | |||||||||||||||||||||||||||||||||||
Plus: Current period provision for expected credit losses | 8 | 0 | 3 | 1 | 2 | 2 | 1 | 0 | 1 | ||||||||||||||||||||||||||||||||||||||||||||
Less: Write-offs, net of recoveries(a) | 4 | 0 | 1 | 1 | 2 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||
Balance as of March 31, 2020 | $ | 52 | $ | 0 | $ | 22 | $ | 7 | $ | 5 | $ | 18 | $ | 8 | $ | 4 | $ | 6 |
Unbilled customer revenues(a) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Exelon | Generation | ComEd | PECO | BGE | PHI | Pepco | DPL | ACE | |||||||||||||||||||||||||||||||||||||||||||||
March 31, 2021 | $ | 1,178 | $ | 671 | $ | 161 | $ | 102 | $ | 126 | $ | 118 | $ | 58 | $ | 38 | $ | 22 | |||||||||||||||||||||||||||||||||||
December 31, 2020 | 998 | 258 | 218 | 147 | 197 | 178 | 87 | 62 | 29 |
March 31, 2021 | December 31, 2020 | ||||||||||
Derecognized receivables transferred at fair value | $ | 1,301 | $ | 1,139 | |||||||
Cash proceeds received | 900 | 500 | |||||||||
DPP | 401 | 639 |
Three Months Ended March 31, 2021 | |||||||||||
Loss on sale of receivables(a) | $ | 17 |
Three Months Ended March 31, 2021 | |||||
Proceeds from new transfers(a) | $ | 1,036 | |||
Cash collections received on DPP and reinvested in the Facility(b) | 1,174 | ||||
Cash collections reinvested in the Facility | 2,210 |
Successor | |||||||||||||||||||||||||||||||
As of September 30, 2017 | Exelon | ComEd | PECO | BGE | PHI | Pepco | DPL | ACE | |||||||||||||||||||||||
Purchased receivables | $ | 312 | $ | 89 | $ | 68 | $ | 55 | $ | 100 | $ | 66 | $ | 10 | $ | 24 | |||||||||||||||
Allowance for uncollectible accounts(a) | (33 | ) | (13 | ) | (5 | ) | (4 | ) | (11 | ) | (6 | ) | (1 | ) | (4 | ) | |||||||||||||||
Purchased receivables, net | $ | 279 | $ | 76 | $ | 63 | $ | 51 | $ | 89 | $ | 60 | $ | 9 | $ | 20 |
Successor | |||||||||||||||||||||||||||||||
As of December 31, 2016 | Exelon | ComEd | PECO | BGE | PHI | Pepco | DPL | ACE | |||||||||||||||||||||||
Purchased receivables | $ | 313 | $ | 87 | $ | 72 | $ | 59 | $ | 95 | $ | 63 | $ | 10 | $ | 22 | |||||||||||||||
Allowance for uncollectible accounts(a) | (37 | ) | (14 | ) | (6 | ) | (4 | ) | (13 | ) | (7 | ) | (2 | ) | (4 | ) | |||||||||||||||
Purchased receivables, net | $ | 276 | $ | 73 | $ | 66 | $ | 55 | $ | 82 | $ | 56 | $ | 8 | $ | 18 |
Three Months Ended March 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Exelon | Generation | ComEd | PECO | BGE | PHI | Pepco | DPL | ACE | |||||||||||||||||||||||||||||||||||||||||||||
Total receivables purchased | $ | 1,011 | $ | 0 | $ | 266 | $ | 290 | $ | 199 | $ | 268 | $ | 166 | $ | 56 | $ | 46 | |||||||||||||||||||||||||||||||||||
Total receivables sold | 69 | 81 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||
Related party transactions: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables purchased from Generation | — | — | 0 | 0 | 12 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||
Receivables sold to the Utility Registrants | — | 12 | — | — | — | — | — | — | — |
Three Months Ended March 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Exelon | Generation | ComEd | PECO | BGE | PHI | Pepco | DPL | ACE | |||||||||||||||||||||||||||||||||||||||||||||
Total receivables purchased | $ | 781 | $ | 0 | $ | 280 | $ | 284 | $ | 195 | $ | 264 | $ | 165 | $ | 53 | $ | 46 | |||||||||||||||||||||||||||||||||||
Total receivables sold | 507 | 749 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||
Related party transactions: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables purchased from Generation | — | — | 34 | 67 | 69 | 72 | 51 | 13 | 8 | ||||||||||||||||||||||||||||||||||||||||||||
Receivables sold to the Utility Registrants | — | 242�� | — | — | — | — | — | — | — |
Income statement expense (pre-tax) | Q3 2017 | YTD 2017 | |||||
Depreciation and amortization | |||||||
Accelerated depreciation(a) | $ | 106 | $ | 141 | |||
Accelerated nuclear fuel amortization | 6 | 8 | |||||
Total | $ | 112 | $ | 149 |
Income statement expense (pre-tax) | Three Months Ended March 31, 2021(a) | |||||||||||||||||||
Depreciation and amortization | ||||||||||||||||||||
Accelerated depreciation(a) | $ | 620 | ||||||||||||||||||
Accelerated nuclear fuel amortization | 54 | |||||||||||||||||||
Operating and maintenance | ||||||||||||||||||||
Other charges | 2 | |||||||||||||||||||
Contractual offset(b) | (226) | |||||||||||||||||||
Total | $ | 450 | ||||||||||||||||||
Income statement expense (pre-tax) | Q2 2016 | Q3 2016 | Q4 2016 | YTD 2016 | ||||||||||||
Depreciation and amortization | ||||||||||||||||
Accelerated depreciation(a) | $ | 115 | $ | 344 | $ | 253 | $ | 712 | ||||||||
Accelerated Nuclear Fuel amortization | 9 | 28 | 23 | 60 | ||||||||||||
Operating and maintenance | ||||||||||||||||
One time charges(b) | 141 | 5 | (120 | ) | 26 | |||||||||||
ARO accretion, net of contractual offset(c) | — | 2 | — | 2 | ||||||||||||
Contractual offset for ARC depreciation(c) | (14 | ) | (41 | ) | (31 | ) | (86 | ) | ||||||||
Total | $ | 251 | $ | 338 | $ | 125 | $ | 714 |
Braidwood | LaSalle | Total | ||||||||||||||||||||||||||||||
Asset Balances | ||||||||||||||||||||||||||||||||
Materials and supplies inventory, net | $ | 83 | $ | 103 | $ | 186 | ||||||||||||||||||||||||||
Nuclear fuel inventory, net | 165 | 264 | 429 | |||||||||||||||||||||||||||||
Completed plant, net | 1,379 | 1,566 | 2,945 | |||||||||||||||||||||||||||||
Construction work in progress | 33 | 70 | 103 | |||||||||||||||||||||||||||||
Liability Balances | ||||||||||||||||||||||||||||||||
Asset retirement obligation | (577) | (964) | (1,541) | |||||||||||||||||||||||||||||
NRC License First Renewal Term | 2046 (Unit 1) | 2042 (Unit 1) | ||||||||||||||||||||||||||||||
2047 (Unit 2) | 2043 (Unit 2) |
September 30, 2017 | |||||||||||||||||||
Carrying Amount | Fair Value | ||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||
Short-term liabilities | $ | 710 | $ | — | $ | 710 | $ | — | $ | 710 | |||||||||
Long-term debt (including amounts due within one year)(a) | 34,865 | — | 34,686 | 1,949 | 36,635 | ||||||||||||||
Long-term debt to financing trusts(b) | 389 | — | — | 423 | 423 | ||||||||||||||
SNF obligation | 1,142 | — | 857 | — | 857 |
Nuclear decommissioning ARO at December 31, 2020(a) | $ | 11,922 | |||
Accretion expense | 124 | ||||
Costs incurred related to decommissioning plants | (20) | ||||
Nuclear decommissioning ARO at March 31, 2021(a) | $ | 12,026 |
December 31, 2016 | |||||||||||||||||||
Carrying Amount | Fair Value | ||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||
Short-term liabilities | $ | 1,267 | $ | — | $ | 1,267 | $ | — | $ | 1,267 | |||||||||
Long-term debt (including amounts due within one year)(a) | 34,005 | 1,113 | 31,741 | 1,959 | 34,813 | ||||||||||||||
Long-term debt to financing trusts(b) | 641 | — | — | 667 | 667 | ||||||||||||||
SNF obligation | 1,024 | — | 732 | — | 732 |
September 30, 2017 | |||||||||||||||||||
Carrying Amount | Fair Value | ||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||
Short-term liabilities | $ | 92 | $ | — | $ | 92 | $ | — | $ | 92 | |||||||||
Long-term debt (including amounts due within one year)(a) | 9,528 | — | 7,915 | 1,652 | 9,567 | ||||||||||||||
SNF obligation | 1,142 | — | 857 | — | 857 |
December 31, 2016 | |||||||||||||||||||
Carrying Amount | Fair Value | ||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||
Short-term liabilities | $ | 699 | $ | — | $ | 699 | $ | — | $ | 699 | |||||||||
Long-term debt (including amounts due within one year)(a) | 9,241 | — | 7,482 | 1,670 | 9,152 | ||||||||||||||
SNF obligation | 1,024 | — | 732 | — | 732 |
September 30, 2017 | |||||||||||||||||||
Carrying Amount | Fair Value | ||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||
Long-term debt (including amounts due within one year)(a) | $ | 7,600 | $ | — | $ | 8,353 | $ | — | $ | 8,353 | |||||||||
Long-term debt to financing trusts(b) | 205 | — | — | 226 | 226 |
December 31, 2016 | |||||||||||||||||||
Carrying Amount | Fair Value | ||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||
Long-term debt (including amounts due within one year)(a) | $ | 7,033 | $ | — | $ | 7,585 | $ | — | $ | 7,585 | |||||||||
Long-term debt to financing trusts(b) | 205 | — | — | 215 | 215 |
September 30, 2017 | |||||||||||||||||||
Carrying Amount | Fair Value | ||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||
Long-term debt (including amounts due within one year)(a) | $ | 2,902 | $ | — | $ | 3,181 | $ | — | $ | 3,181 | |||||||||
Long-term debt to financing trusts | 184 | — | — | 197 | 197 |
Three Months Ended March 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exelon(a) | Generation(a) | ComEd(b) | PECO(b) | BGE(b),(c) | PHI(b) | Pepco(b) | DPL(b) | ACE(b) | ||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Federal statutory rate | 21.0% | 21.0% | 21.0% | 21.0% | 21.0% | 21.0% | 21.0% | 21.0% | 21.0% | |||||||||||||||||||||||||||||||||||||||||||||||
Increase (decrease) due to: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
State income taxes, net of Federal income tax benefit | 14.6 | 4.4 | 6.8 | (1.6) | (10.1) | 6.1 | 5.5 | 6.4 | 6.9 | |||||||||||||||||||||||||||||||||||||||||||||||
Qualified NDT fund income | (18.4) | (5.5) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||
Amortization of investment tax credit, including deferred taxes on basis difference | 2.4 | 0.6 | (0.1) | 0 | (0.1) | (0.1) | 0 | (0.2) | (0.2) | |||||||||||||||||||||||||||||||||||||||||||||||
Plant basis differences | 8.8 | 0 | (0.6) | (10.5) | (1.4) | (1.5) | (2.1) | (0.7) | (0.9) | |||||||||||||||||||||||||||||||||||||||||||||||
Production tax credits and other credits | 6.7 | 1.8 | (0.2) | 0 | (0.4) | (0.2) | (0.2) | (0.1) | (0.3) | |||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling interests | 0.6 | 0.2 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||
Excess deferred tax amortization | 27.9 | 0 | (6.9) | (3.2) | (15.5) | (19.3) | (15.1) | (18.5) | (28.7) | |||||||||||||||||||||||||||||||||||||||||||||||
Other(d) | (56.9) | (3.6) | (3.5) | (0.1) | (0.1) | (0.1) | 0.1 | 0.3 | 2.2 | |||||||||||||||||||||||||||||||||||||||||||||||
Effective income tax rate | 6.7% | 18.9% | 16.5% | 5.6% | (6.6)% | 5.9% | 9.2% | 8.2% | 0% |
Three Months Ended March 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Exelon(b) | Generation(e) | ComEd(b) | PECO(b) | BGE(b) | PHI(b) | Pepco(b) | DPL(b) | ACE(b) | |||||||||||||||||||||||||||||||||||||||||||||
U.S. Federal statutory rate | 21.0% | 21.0% | 21.0% | 21.0% | 21.0% | 21.0% | 21.0% | 21.0% | 21.0% | ||||||||||||||||||||||||||||||||||||||||||||
Increase (decrease) due to: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
State income taxes, net of Federal income tax benefit | 34.0 | 0.7 | 8.3 | 0.1 | 5.7 | 5.8 | 4.7 | 6.6 | 6.7 | ||||||||||||||||||||||||||||||||||||||||||||
Qualified NDT fund income | (235.8) | 36.4 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||
Amortization of investment tax credit, including deferred taxes on basis difference | (4.5) | 0.5 | (0.2) | 0 | (0.1) | (0.1) | 0 | (0.2) | (0.2) | ||||||||||||||||||||||||||||||||||||||||||||
Plant basis differences | (23.0) | 0 | (1.1) | (8.4) | (1.2) | (1.4) | (2.1) | (0.7) | (0.8) | ||||||||||||||||||||||||||||||||||||||||||||
Production tax credits and other credits | (9.9) | 1.3 | (0.2) | 0 | (0.2) | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling interests | 10.6 | (1.6) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||
Excess deferred tax amortization | (71.7) | 0 | (10.5) | (3.0) | (7.3) | (15.5) | (14.2) | (12.7) | (18.8) | ||||||||||||||||||||||||||||||||||||||||||||
Tax Settlements | (79.1) | 12.2 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||
Other | 12.5 | 0.6 | 0.3 | 0 | 0.6 | (0.6) | (0.6) | (0.5) | (0.8) | ||||||||||||||||||||||||||||||||||||||||||||
Effective income tax rate | (345.9)% | 71.1% | 17.6% | 9.7% | 18.5% | 9.2% | 8.8% | 13.5% | 7.1% |
December 31, 2016 | |||||||||||||||||||
Carrying Amount | Fair Value | ||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||
Long-term debt (including amounts due within one year)(a) | $ | 2,580 | $ | — | $ | 2,794 | $ | — | $ | 2,794 | |||||||||
Long-term debt to financing trusts | 184 | — | — | 192 | 192 |
September 30, 2017 | |||||||||||||||||||
Carrying Amount | Fair Value | ||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||
Long-term debt (including amounts due within one year)(a) | $ | 2,577 | $ | — | $ | 2,817 | $ | — | $ | 2,817 |
December 31, 2016 | |||||||||||||||||||
Carrying Amount | Fair Value | ||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||
Short-term liabilities | $ | 45 | $ | — | $ | 45 | $ | — | $ | 45 | |||||||||
Long-term debt (including amounts due within one year)(a) | 2,322 | — | 2,467 | — | 2,467 | ||||||||||||||
Long-term debt to financing trusts(b) | 252 | — | — | 260 | 260 |
September 30, 2017 | |||||||||||||||||||
Carrying Amount | Fair Value | ||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||
Short-term liabilities | $ | 118 | $ | — | $ | 118 | $ | — | $ | 118 | |||||||||
Long-term debt (including amounts due within one year)(a) | 5,930 | — | 5,729 | 297 | 6,026 |
December 31, 2016 | |||||||||||||||||||
Carrying Amount | Fair Value | ||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||
Short-term liabilities | $ | 522 | $ | — | $ | 522 | $ | — | $ | 522 | |||||||||
Long-term debt (including amounts due within one year)(a) | 5,898 | — | 5,520 | 289 | 5,809 |
September 30, 2017 | |||||||||||||||||||
Carrying Amount | Fair Value | ||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||
Long-term debt (including amounts due within one year)(a) | $ | 2,546 | $ | — | $ | 3,087 | $ | 9 | $ | 3,096 |
December 31, 2016 | |||||||||||||||||||
Carrying Amount | Fair Value | ||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||
Short-term liabilities | $ | 23 | $ | — | $ | 23 | $ | — | $ | 23 | |||||||||
Long-term debt (including amounts due within one year)(a) | 2,349 | — | 2,788 | 8 | 2,796 |
September 30, 2017 | |||||||||||||||||||
Carrying Amount | Fair Value | ||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||
Short-term liabilities | $ | 54 | $ | — | $ | 54 | $ | — | $ | 54 | |||||||||
Long-term debt (including amounts due within one year)(a) | 1,326 | — | 1,407 | — | 1,407 |
December 31, 2016 | |||||||||||||||||||
Carrying Amount | Fair Value | ||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||
Long-term debt (including amounts due within one year)(a) | $ | 1,340 | $ | — | $ | 1,383 | $ | — | $ | 1,383 |
September 30, 2017 | |||||||||||||||||||
Carrying Amount | Fair Value | ||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||
Short-term liabilities | $ | 65 | $ | — | $ | 65 | $ | — | $ | 65 | |||||||||
Long-term debt (including amounts due within one year)(a) | 1,130 | — | 969 | 288 | 1,257 |
December 31, 2016 | |||||||||||||||||||
Carrying Amount | Fair Value | ||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||
Long-term debt (including amounts due within one year)(a) | $ | 1,155 | $ | — | $ | 1,007 | $ | 280 | $ | 1,287 |
0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
PHI | ACE | ||||||||||||||||||||||||||||
March 31, 2021 | $ | 52 | $ | 15 | |||||||||||||||||||||||||
December 31, 2020 | 52 | 15 |
Pension Benefits | OPEB | ||||||||||||||||||||||
Three Months Ended March 31, | Three Months Ended March 31, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Components of net periodic benefit cost: | |||||||||||||||||||||||
Service cost | $ | 110 | $ | 97 | $ | 21 | $ | 23 | |||||||||||||||
Interest cost | 161 | 189 | 28 | 38 | |||||||||||||||||||
Expected return on assets | (336) | (318) | (40) | (41) | |||||||||||||||||||
Amortization of: | |||||||||||||||||||||||
Prior service cost (credit) | 1 | 1 | (8) | (31) | |||||||||||||||||||
Actuarial loss | 150 | 128 | 9 | 12 | |||||||||||||||||||
Curtailment benefits | 0 | 0 | (1) | 0 | |||||||||||||||||||
Net periodic benefit cost | $ | 86 | $ | 97 | $ | 9 | $ | 1 |
Three Months Ended March 31, | ||||||||||||||||||||||||||
Pension and OPEB Costs | 2021 | 2020 | ||||||||||||||||||||||||
Exelon | $ | 95 | $ | 98 | ||||||||||||||||||||||
Generation | 26 | 27 | ||||||||||||||||||||||||
ComEd | 32 | 28 | ||||||||||||||||||||||||
PECO | 2 | 1 | ||||||||||||||||||||||||
BGE | 15 | 16 | ||||||||||||||||||||||||
PHI | 12 | 17 | ||||||||||||||||||||||||
Pepco | 2 | 3 | ||||||||||||||||||||||||
DPL | 1 | 1 | ||||||||||||||||||||||||
ACE | 3 | 3 |
Three Months Ended March 31, | ||||||||||||||||||||||||||
Savings Plans Matching Contributions | 2021 | 2020 | ||||||||||||||||||||||||
Exelon | $ | 33 | $ | 33 | ||||||||||||||||||||||
Generation | 13 | 13 | ||||||||||||||||||||||||
ComEd | 8 | 7 | ||||||||||||||||||||||||
PECO | 3 | 3 | ||||||||||||||||||||||||
BGE | 2 | 2 | ||||||||||||||||||||||||
PHI | 3 | 3 | ||||||||||||||||||||||||
Pepco | 1 | 1 | ||||||||||||||||||||||||
DPL | 1 | 1 | ||||||||||||||||||||||||
Generation | Exelon | ||||||||||||||||||||||||||||||||||||||
As of September 30, 2017 | Level 1 | Level 2 | Level 3 | Not subject to leveling | Total | Level 1 | Level 2 | Level 3 | Not subject to leveling | Total | |||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||||||
Cash equivalents(a) | $ | 80 | $ | — | $ | — | $ | — | $ | 80 | $ | 944 | $ | — | $ | — | $ | — | $ | 944 | |||||||||||||||||||
NDT fund investments | |||||||||||||||||||||||||||||||||||||||
Cash equivalents(b) | 149 | 86 | — | — | 235 | 149 | 86 | — | — | 235 | |||||||||||||||||||||||||||||
Equities | 3,935 | 840 | — | 2,088 | 6,863 | 3,935 | 840 | — | 2,088 | 6,863 | |||||||||||||||||||||||||||||
Fixed income | |||||||||||||||||||||||||||||||||||||||
Corporate debt | — | 1,651 | 255 | — | 1,906 | — | 1,651 | 255 | — | 1,906 | |||||||||||||||||||||||||||||
U.S. Treasury and agencies | 1,951 | 28 | — | — | 1,979 | 1,951 | 28 | — | — | 1,979 | |||||||||||||||||||||||||||||
Foreign governments | — | 70 | — | — | 70 | — | 70 | — | — | 70 | |||||||||||||||||||||||||||||
State and municipal debt | — | 246 | — | — | 246 | — | 246 | — | — | 246 | |||||||||||||||||||||||||||||
Other(c) | — | 46 | — | 509 | 555 | — | 46 | — | 509 | 555 | |||||||||||||||||||||||||||||
Fixed income subtotal | 1,951 | 2,041 | 255 | 509 | 4,756 | 1,951 | 2,041 | 255 | 509 | 4,756 | |||||||||||||||||||||||||||||
Middle market lending | — | — | 416 | 87 | 503 | — | — | 416 | 87 | 503 | |||||||||||||||||||||||||||||
Private equity | — | — | — | 212 | 212 | — | — | — | 212 | 212 | |||||||||||||||||||||||||||||
Real estate | — | — | — | 449 | 449 | — | — | — | 449 | 449 | |||||||||||||||||||||||||||||
NDT fund investments subtotal(d) | 6,035 | 2,967 | 671 | 3,345 | 13,018 | 6,035 | 2,967 | 671 | 3,345 | 13,018 | |||||||||||||||||||||||||||||
Pledged assets for Zion Station decommissioning | |||||||||||||||||||||||||||||||||||||||
Cash equivalents | 15 | — | — | — | 15 | 15 | — | — | — | 15 |
Generation | Exelon | ||||||||||||||||||||||||||||||||||||||
As of September 30, 2017 | Level 1 | Level 2 | Level 3 | Not subject to leveling | Total | Level 1 | Level 2 | Level 3 | Not subject to leveling | Total | |||||||||||||||||||||||||||||
Middle market lending | — | — | 17 | 25 | 42 | — | — | 17 | 25 | 42 | |||||||||||||||||||||||||||||
Pledged assets for Zion Station decommissioning subtotal(e) | 15 | — | 17 | 25 | 57 | 15 | — | 17 | 25 | 57 | |||||||||||||||||||||||||||||
Rabbi trust investments | |||||||||||||||||||||||||||||||||||||||
Cash equivalents | 5 | — | — | — | 5 | 77 | — | — | — | 77 | |||||||||||||||||||||||||||||
Mutual funds | 22 | — | — | — | 22 | 56 | — | — | — | 56 | |||||||||||||||||||||||||||||
Fixed income | — | — | — | — | — | — | 13 | — | — | 13 | |||||||||||||||||||||||||||||
Life insurance contracts | — | 21 | — | — | 21 | — | 68 | 21 | — | 89 | |||||||||||||||||||||||||||||
Rabbi trust investments subtotal | 27 | 21 | — | — | 48 | 133 | 81 | 21 | — | 235 | |||||||||||||||||||||||||||||
Commodity derivative assets | |||||||||||||||||||||||||||||||||||||||
Economic hedges | 487 | 2,076 | 1,628 | — | 4,191 | 487 | 2,076 | 1,628 | — | 4,191 | |||||||||||||||||||||||||||||
Proprietary trading | 2 | 41 | 42 | — | 85 | 2 | 41 | 42 | — | 85 | |||||||||||||||||||||||||||||
Effect of netting and allocation of collateral(f) (g) | (501 | ) | (1,828 | ) | (837 | ) | — | (3,166 | ) | (501 | ) | (1,828 | ) | (837 | ) | — | (3,166 | ) | |||||||||||||||||||||
Commodity derivative assets subtotal | (12 | ) | 289 | 833 | — | 1,110 | (12 | ) | 289 | 833 | — | 1,110 | |||||||||||||||||||||||||||
Interest rate and foreign currency derivative assets | |||||||||||||||||||||||||||||||||||||||
Derivatives designated as hedging instruments | — | — | — | — | — | — | 10 | — | — | 10 | |||||||||||||||||||||||||||||
Economic hedges | 3 | 13 | — | — | 16 | 3 | 13 | — | — | 16 | |||||||||||||||||||||||||||||
Effect of netting and allocation of collateral | (3 | ) | (8 | ) | — | — | (11 | ) | (3 | ) | (8 | ) | — | — | (11 | ) | |||||||||||||||||||||||
Interest rate and foreign currency derivative assets subtotal | — | 5 | — | — | 5 | — | 15 | — | — | 15 | |||||||||||||||||||||||||||||
Other investments | — | — | 43 | — | 43 | — | — | 43 | — | 43 | |||||||||||||||||||||||||||||
Total assets | 6,145 | 3,282 | 1,564 | 3,370 | 14,361 | 7,115 | 3,352 | 1,585 | 3,370 | 15,422 | |||||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||||||||
Commodity derivative liabilities | |||||||||||||||||||||||||||||||||||||||
Economic hedges | (559 | ) | (2,062 | ) | (1,189 | ) | — | (3,810 | ) | (559 | ) | (2,062 | ) | (1,466 | ) | — | (4,087 | ) | |||||||||||||||||||||
Proprietary trading | (3 | ) | (43 | ) | (27 | ) | — | (73 | ) | (3 | ) | (43 | ) | (27 | ) | — | (73 | ) | |||||||||||||||||||||
Effect of netting and allocation of collateral(f) (g) | 560 | 2,043 | 978 | — | 3,581 | 560 | 2,043 | 978 | — | 3,581 | |||||||||||||||||||||||||||||
Commodity derivative liabilities subtotal | (2 | ) | (62 | ) | (238 | ) | — | (302 | ) | (2 | ) | (62 | ) | (515 | ) | — | (579 | ) | |||||||||||||||||||||
Interest rate and foreign currency derivative liabilities | |||||||||||||||||||||||||||||||||||||||
Economic hedges | (2 | ) | (17 | ) | — | — | (19 | ) | (2 | ) | (17 | ) | — | — | (19 | ) | |||||||||||||||||||||||
Effect of netting and allocation of collateral | 2 | 8 | — | — | 10 | 2 | 8 | — | — | 10 | |||||||||||||||||||||||||||||
Interest rate and foreign currency derivative liabilities subtotal | — | (9 | ) | — | — | (9 | ) | — | (9 | ) | — | — | (9 | ) | |||||||||||||||||||||||||
Deferred compensation obligation | — | (35 | ) | — | — | (35 | ) | — | (137 | ) | — | — | (137 | ) | |||||||||||||||||||||||||
Total liabilities | (2 | ) | (106 | ) | (238 | ) | — | (346 | ) | (2 | ) | (208 | ) | (515 | ) | — | (725 | ) | |||||||||||||||||||||
Total net assets | $ | 6,143 | $ | 3,176 | $ | 1,326 | $ | 3,370 | $ | 14,015 | $ | 7,113 | $ | 3,144 | $ | 1,070 | $ | 3,370 | $ | 14,697 |
Generation | Exelon | ||||||||||||||||||||||||||||||||||||||
As of December 31, 2016 | Level 1 | Level 2 | Level 3 | Not subject to leveling | Total | Level 1 | Level 2 | Level 3 | Not subject to leveling | Total | |||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||||||
Cash equivalents(a) | $ | 39 | $ | — | $ | — | $ | — | $ | 39 | $ | 373 | $ | — | $ | — | $ | — | $ | 373 | |||||||||||||||||||
NDT fund investments | |||||||||||||||||||||||||||||||||||||||
Cash equivalents(b) | 110 | 19 | — | — | 129 | 110 | 19 | — | — | 129 | |||||||||||||||||||||||||||||
Equities | 3,551 | 452 | — | 2,011 | 6,014 | 3,551 | 452 | — | 2,011 | 6,014 | |||||||||||||||||||||||||||||
Fixed income | |||||||||||||||||||||||||||||||||||||||
Corporate debt | — | 1,554 | 250 | — | 1,804 | — | 1,554 | 250 | — | 1,804 | |||||||||||||||||||||||||||||
U.S. Treasury and agencies | 1,291 | 29 | — | — | 1,320 | 1,291 | 29 | — | — | 1,320 | |||||||||||||||||||||||||||||
Foreign governments | — | 37 | — | — | 37 | — | 37 | — | — | 37 | |||||||||||||||||||||||||||||
State and municipal debt | — | 264 | — | — | 264 | — | 264 | — | — | 264 | |||||||||||||||||||||||||||||
Other(c) | — | 59 | — | 493 | 552 | — | 59 | — | 493 | 552 | |||||||||||||||||||||||||||||
Fixed income subtotal | 1,291 | 1,943 | 250 | 493 | 3,977 | 1,291 | 1,943 | 250 | 493 | 3,977 | |||||||||||||||||||||||||||||
Middle market lending | — | — | 427 | 71 | 498 | — | — | 427 | 71 | 498 | |||||||||||||||||||||||||||||
Private equity | — | — | — | 148 | 148 | — | — | — | 148 | 148 | |||||||||||||||||||||||||||||
Real estate | — | — | — | 326 | 326 | — | — | — | 326 | 326 | |||||||||||||||||||||||||||||
NDT fund investments subtotal(d) | 4,952 | 2,414 | 677 | 3,049 | 11,092 | 4,952 | 2,414 | 677 | 3,049 | 11,092 | |||||||||||||||||||||||||||||
Pledged assets for Zion Station decommissioning | |||||||||||||||||||||||||||||||||||||||
Cash equivalents | 11 | — | — | — | 11 | 11 | — | — | — | 11 | |||||||||||||||||||||||||||||
Equities | — | 2 | — | — | 2 | — | 2 | — | — | 2 | |||||||||||||||||||||||||||||
Fixed Income - U.S. Treasury and agencies | 16 | 1 | — | — | 17 | 16 | 1 | — | — | 17 | |||||||||||||||||||||||||||||
Middle market lending | — | — | 19 | 64 | 83 | — | — | 19 | 64 | 83 | |||||||||||||||||||||||||||||
Pledged assets for Zion Station decommissioning subtotal(e) | 27 | 3 | 19 | 64 | 113 | 27 | 3 | 19 | 64 | 113 | |||||||||||||||||||||||||||||
Rabbi trust investments | |||||||||||||||||||||||||||||||||||||||
Cash equivalents | 2 | — | — | — | 2 | 74 | — | — | — | 74 | |||||||||||||||||||||||||||||
Mutual funds | 19 | — | — | — | 19 | 50 | — | — | — | 50 | |||||||||||||||||||||||||||||
Fixed income | — | — | — | — | — | — | 16 | — | — | 16 | |||||||||||||||||||||||||||||
Life insurance contracts | — | 18 | — | — | 18 | — | 64 | 20 | — | 84 | |||||||||||||||||||||||||||||
Rabbi trust investments subtotal | 21 | 18 | — | — | 39 | 124 | 80 | 20 | — | 224 | |||||||||||||||||||||||||||||
Commodity derivative assets | |||||||||||||||||||||||||||||||||||||||
Economic hedges | 1,356 | 2,505 | 1,229 | — | 5,090 | 1,358 | 2,505 | 1,229 | — | 5,092 | |||||||||||||||||||||||||||||
Proprietary trading | 3 | 50 | 23 | — | 76 | 3 | 50 | 23 | — | 76 | |||||||||||||||||||||||||||||
Effect of netting and allocation of collateral(f) (g) | (1,162 | ) | (2,142 | ) | (481 | ) | — | (3,785 | ) | (1,164 | ) | (2,142 | ) | (481 | ) | — | (3,787 | ) | |||||||||||||||||||||
Commodity derivative assets subtotal | 197 | 413 | 771 | — | 1,381 | 197 | 413 | 771 | — | 1,381 | |||||||||||||||||||||||||||||
Interest rate and foreign currency derivative assets | |||||||||||||||||||||||||||||||||||||||
Derivatives designated as hedging instruments | — | — | — | — | — | — | 16 | — | — | 16 | |||||||||||||||||||||||||||||
Economic hedges | — | 28 | — | — | 28 | — | 28 | — | — | 28 | |||||||||||||||||||||||||||||
Proprietary trading | 3 | 2 | — | — | 5 | 3 | 2 | — | — | 5 | |||||||||||||||||||||||||||||
Effect of netting and allocation of collateral | (2 | ) | (19 | ) | — | — | (21 | ) | (2 | ) | (19 | ) | — | — | (21 | ) | |||||||||||||||||||||||
Interest rate and foreign currency derivative assets subtotal | 1 | 11 | — | — | 12 | 1 | 27 | — | — | 28 | |||||||||||||||||||||||||||||
Other investments | — | — | 42 | — | 42 | — | — | 42 | — | 42 | |||||||||||||||||||||||||||||
Total assets | 5,237 | 2,859 | 1,509 | 3,113 | 12,718 | 5,674 | 2,937 | 1,529 | 3,113 | 13,253 |
Generation | Exelon | ||||||||||||||||||||||||||||||||||||||
As of December 31, 2016 | Level 1 | Level 2 | Level 3 | Not subject to leveling | Total | Level 1 | Level 2 | Level 3 | Not subject to leveling | Total | |||||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||||||||
Commodity derivative liabilities | |||||||||||||||||||||||||||||||||||||||
Economic hedges | (1,267 | ) | (2,378 | ) | (794 | ) | — | (4,439 | ) | (1,267 | ) | (2,378 | ) | (1,052 | ) | — | (4,697 | ) | |||||||||||||||||||||
Proprietary trading | (3 | ) | (50 | ) | (26 | ) | — | (79 | ) | (3 | ) | (50 | ) | (26 | ) | — | (79 | ) | |||||||||||||||||||||
Effect of netting and allocation of collateral(f) (g) | 1,233 | 2,339 | 542 | — | 4,114 | 1,233 | 2,339 | 542 | — | 4,114 | |||||||||||||||||||||||||||||
Commodity derivative liabilities subtotal | (37 | ) | (89 | ) | (278 | ) | — | (404 | ) | (37 | ) | (89 | ) | (536 | ) | — | (662 | ) | |||||||||||||||||||||
Interest rate and foreign currency derivative liabilities | |||||||||||||||||||||||||||||||||||||||
Derivatives designated as hedging instruments | — | (10 | ) | — | — | (10 | ) | — | (10 | ) | — | — | (10 | ) | |||||||||||||||||||||||||
Economic hedges | — | (21 | ) | — | — | (21 | ) | — | (21 | ) | — | — | (21 | ) | |||||||||||||||||||||||||
Proprietary trading | (4 | ) | — | — | — | (4 | ) | (4 | ) | — | — | — | (4 | ) | |||||||||||||||||||||||||
Effect of netting and allocation of collateral | 4 | 19 | — | — | 23 | 4 | 19 | — | — | 23 | |||||||||||||||||||||||||||||
Interest rate and foreign currency derivative liabilities subtotal | — | (12 | ) | — | — | (12 | ) | — | (12 | ) | — | — | (12 | ) | |||||||||||||||||||||||||
Deferred compensation obligation | — | (34 | ) | — | — | (34 | ) | — | (136 | ) | — | — | (136 | ) | |||||||||||||||||||||||||
Total liabilities | (37 | ) | (135 | ) | (278 | ) | — | (450 | ) | (37 | ) | (237 | ) | (536 | ) | — | (810 | ) | |||||||||||||||||||||
Total net assets | $ | 5,200 | $ | 2,724 | $ | 1,231 | $ | 3,113 | $ | 12,268 | $ | 5,637 | $ | 2,700 | $ | 993 | $ | 3,113 | $ | 12,443 |
ComEd | PECO | BGE | |||||||||||||||||||||||||||||||||||||||||||||
As of September 30, 2017 | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||||||||||||||
Cash equivalents(a) | $ | 273 | $ | — | $ | — | $ | 273 | $ | 314 | $ | — | $ | — | $ | 314 | $ | 18 | $ | — | $ | — | $ | 18 | |||||||||||||||||||||||
Rabbi trust investments | |||||||||||||||||||||||||||||||||||||||||||||||
Mutual funds | — | — | — | — | 7 | — | — | 7 | 5 | — | — | 5 | |||||||||||||||||||||||||||||||||||
Life insurance contracts | — | — | — | — | — | 10 | — | 10 | — | — | — | — | |||||||||||||||||||||||||||||||||||
Rabbi trust investments subtotal | — | — | — | — | 7 | 10 | — | 17 | 5 | — | — | 5 | |||||||||||||||||||||||||||||||||||
Total assets | 273 | — | — | 273 | 321 | 10 | — | 331 | 23 | — | — | 23 | |||||||||||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||||||||||||||||
Deferred compensation obligation | — | (7 | ) | — | (7 | ) | — | (10 | ) | — | (10 | ) | — | (4 | ) | — | (4 | ) | |||||||||||||||||||||||||||||
Mark-to-market derivative liabilities(b) | — | — | (277 | ) | (277 | ) | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Total liabilities | — | (7 | ) | (277 | ) | (284 | ) | — | (10 | ) | — | (10 | ) | — | (4 | ) | — | (4 | ) | ||||||||||||||||||||||||||||
Total net assets (liabilities) | $ | 273 | $ | (7 | ) | $ | (277 | ) | $ | (11 | ) | $ | 321 | $ | — | $ | — | $ | 321 | $ | 23 | $ | (4 | ) | $ | — | $ | 19 |
ComEd | PECO | BGE | |||||||||||||||||||||||||||||||||||||||||||||
As of December 31, 2016 | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||||||||||||||
Cash equivalents(a) | $ | 20 | $ | — | $ | — | $ | 20 | $ | 45 | $ | — | $ | — | $ | 45 | $ | 36 | $ | — | $ | — | $ | 36 | |||||||||||||||||||||||
Rabbi trust investments | |||||||||||||||||||||||||||||||||||||||||||||||
Mutual funds | — | — | — | — | 7 | — | — | 7 | 4 | — | — | 4 | |||||||||||||||||||||||||||||||||||
Life insurance contracts | — | — | — | — | — | 10 | — | 10 | — | — | — | — | |||||||||||||||||||||||||||||||||||
Rabbi trust investments subtotal | — | — | — | — | 7 | 10 | — | 17 | 4 | — | — | 4 | |||||||||||||||||||||||||||||||||||
Total assets | 20 | — | — | 20 | 52 | 10 | — | 62 | 40 | — | — | 40 | |||||||||||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||||||||||||||||
Deferred compensation obligation | — | (8 | ) | — | (8 | ) | — | (11 | ) | — | (11 | ) | — | (4 | ) | — | (4 | ) | |||||||||||||||||||||||||||||
Mark-to-market derivative liabilities(b) | — | — | (258 | ) | (258 | ) | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Total liabilities | — | (8 | ) | (258 | ) | (266 | ) | — | (11 | ) | — | (11 | ) | — | (4 | ) | — | (4 | ) | ||||||||||||||||||||||||||||
Total net assets (liabilities) | $ | 20 | $ | (8 | ) | $ | (258 | ) | $ | (246 | ) | $ | 52 | $ | (1 | ) | $ | — | $ | 51 | $ | 40 | $ | (4 | ) | $ | — | $ | 36 |
Successor | |||||||||||||||||||||||||||||||
As of September 30, 2017 | As of December 31, 2016 | ||||||||||||||||||||||||||||||
PHI | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||
Cash equivalents(a) | $ | 184 | $ | — | $ | — | $ | 184 | $ | 217 | $ | — | $ | — | $ | 217 | |||||||||||||||
Mark-to-market derivative assets(b) | — | — | — | — | 2 | — | — | 2 | |||||||||||||||||||||||
Effect of netting and allocation of collateral | — | — | — | — | (2 | ) | — | — | (2 | ) | |||||||||||||||||||||
Mark-to-market derivative assets subtotal | — | — | — | — | — | — | — | — | |||||||||||||||||||||||
Rabbi trust investments | |||||||||||||||||||||||||||||||
Cash equivalents | 72 | — | — | 72 | 73 | — | — | 73 | |||||||||||||||||||||||
Fixed income | — | 13 | — | 13 | — | 16 | — | 16 | |||||||||||||||||||||||
Life insurance contracts | — | 23 | 21 | 44 | — | 22 | 20 | 42 | |||||||||||||||||||||||
Rabbi trust investments subtotal | 72 | 36 | 21 | 129 | 73 | 38 | 20 | 131 | |||||||||||||||||||||||
Total assets | 256 | 36 | 21 | 313 | 290 | 38 | 20 | 348 | |||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||
Deferred compensation obligation | — | (24 | ) | — | (24 | ) | — | (28 | ) | — | (28 | ) | |||||||||||||||||||
Total liabilities | — | (24 | ) | — | (24 | ) | — | (28 | ) | — | (28 | ) | |||||||||||||||||||
Total net assets | $ | 256 | $ | 12 | $ | 21 | $ | 289 | $ | 290 | $ | 10 | $ | 20 | $ | 320 |
Pepco | DPL | ACE | |||||||||||||||||||||||||||||||||||||||||||||
As of September 30, 2017 | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||||||||||||||
Cash equivalents(a) | $ | 144 | $ | — | $ | — | $ | 144 | $ | — | $ | — | $ | — | $ | — | $ | 31 | $ | — | $ | — | $ | 31 | |||||||||||||||||||||||
Rabbi trust investments | |||||||||||||||||||||||||||||||||||||||||||||||
Cash equivalents | 43 | — | — | 43 | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
Fixed income | — | 13 | — | 13 | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
Life insurance contracts | — | 23 | 21 | 44 | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
Rabbi trust investments subtotal | 43 | 36 | 21 | 100 | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
Total assets | 187 | 36 | 21 | 244 | — | — | — | — | 31 | — | — | 31 | |||||||||||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||||||||||||||||
Deferred compensation obligation | — | (4 | ) | — | (4 | ) | — | (1 | ) | — | (1 | ) | — | — | — | — | |||||||||||||||||||||||||||||||
Total liabilities | — | (4 | ) | — | (4 | ) | — | (1 | ) | — | (1 | ) | — | — | — | — | |||||||||||||||||||||||||||||||
Total net assets (liabilities) | $ | 187 | $ | 32 | $ | 21 | $ | 240 | $ | — | $ | (1 | ) | $ | — | $ | (1 | ) | $ | 31 | $ | — | $ | — | $ | 31 |
Pepco | DPL | ACE | |||||||||||||||||||||||||||||||||||||||||||||
As of December 31, 2016 | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||||||||||||||
Cash equivalents(a) | $ | 33 | $ | — | $ | — | $ | 33 | $ | 42 | $ | — | $ | — | $ | 42 | $ | 130 | $ | — | $ | — | $ | 130 | |||||||||||||||||||||||
Mark-to-market derivative assets(b) | — | — | — | — | 2 | — | — | 2 | — | — | — | — | |||||||||||||||||||||||||||||||||||
Effect of netting and allocation of collateral | — | — | — | — | (2 | ) | — | — | (2 | ) | — | — | — | — | |||||||||||||||||||||||||||||||||
Mark-to-market derivative assets subtotal | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
Rabbi trust investments | |||||||||||||||||||||||||||||||||||||||||||||||
Cash equivalents | 43 | — | — | 43 | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
Fixed income | — | 16 | — | 16 | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
Life insurance contracts | — | 22 | 19 | 41 | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
Rabbi trust investments subtotal | 43 | 38 | 19 | 100 | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
Total assets | 76 | 38 | 19 | 133 | 42 | — | — | 42 | 130 | — | — | 130 | |||||||||||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||||||||||||||||
Deferred compensation obligation | — | (5 | ) | — | (5 | ) | — | (1 | ) | — | (1 | ) | — | — | — | — | |||||||||||||||||||||||||||||||
Total liabilities | — | (5 | ) | — | (5 | ) | — | (1 | ) | — | (1 | ) | — | — | — | — | |||||||||||||||||||||||||||||||
Total net assets (liabilities) | $ | 76 | $ | 33 | $ | 19 | $ | 128 | $ | 42 | $ | (1 | ) | $ | — | $ | 41 | $ | 130 | $ | — | $ | — | $ | 130 |
Successor | |||||||||||||||||||||||||||||||||||
Generation | ComEd | PHI | Exelon | ||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2017 | NDT Fund Investments | Pledged Assets for Zion Station Decommissioning | Mark-to-Market Derivatives | Other Investments | Total Generation | Mark-to-Market Derivatives | Life Insurance Contracts | Eliminated in Consolidation | Total | ||||||||||||||||||||||||||
Balance as of June 30, 2017 | $ | 683 | $ | 21 | $ | 589 | $ | 41 | $ | 1,334 | $ | (256 | ) | $ | 20 | $ | — | $ | 1,098 | ||||||||||||||||
Total realized / unrealized gains (losses) | |||||||||||||||||||||||||||||||||||
Included in net income | — | — | (82 | ) | (a) | 1 | (81 | ) | — | 1 | — | (80 | ) | ||||||||||||||||||||||
Included in payable for Zion Station decommissioning | — | (4 | ) | — | — | (4 | ) | — | — | — | (4 | ) | |||||||||||||||||||||||
Included in regulatory assets | — | — | — | — | — | (21 | ) | (b) | — | — | (21 | ) | |||||||||||||||||||||||
Change in collateral | — | — | 11 | — | 11 | — | — | — | 11 | ||||||||||||||||||||||||||
Purchases, sales, issuances and settlements | |||||||||||||||||||||||||||||||||||
Purchases | 19 | — | 57 | 1 | 77 | — | — | — | 77 | ||||||||||||||||||||||||||
Settlements | (31 | ) | — | 10 | (c) | — | (21 | ) | — | — | — | (21 | ) | ||||||||||||||||||||||
Transfers out of Level 3 | — | — | 10 | — | 10 | — | — | — | 10 | ||||||||||||||||||||||||||
Balance at September 30, 2017 | $ | 671 | $ | 17 | $ | 595 | $ | 43 | $ | 1,326 | $ | (277 | ) | $ | 21 | $ | — | $ | 1,070 | ||||||||||||||||
The amount of total gains (losses) included in income attributed to the change in unrealized gains (losses) related to assets and liabilities as of September 30, 2017 | $ | — | $ | — | $ | 24 | $ | 1 | $ | 25 | $ | — | $ | 1 | $ | — | $ | 26 |
Successor | |||||||||||||||||||||||||||||||||||
Generation | ComEd | PHI | Exelon | ||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2017 | NDT Fund Investments | Pledged Assets for Zion Station Decommissioning | Mark-to-Market Derivatives | Other Investments | Total Generation | Mark-to-Market Derivatives | Life Insurance Contracts | Eliminated in Consolidation | �� | Total | |||||||||||||||||||||||||
Balance as of December 31, 2016 | $ | 677 | $ | 19 | $ | 493 | $ | 42 | $ | 1,231 | $ | (258 | ) | $ | 20 | $ | — | $ | 993 | ||||||||||||||||
Total realized / unrealized gains (losses) | |||||||||||||||||||||||||||||||||||
Included in net income | 4 | — | (110 | ) | (a) | 2 | (104 | ) | — | 2 | — | (102 | ) | ||||||||||||||||||||||
Included in noncurrent payables to affiliates | 13 | — | — | — | 13 | — | — | (13 | ) | — | |||||||||||||||||||||||||
Included in payable for Zion Station decommissioning | — | (3 | ) | — | — | (3 | ) | — | — | — | (3 | ) | |||||||||||||||||||||||
Included in regulatory assets | — | — | — | — | — | (19 | ) | (b) | — | 13 | (6 | ) | |||||||||||||||||||||||
Change in collateral | — | — | 81 | — | 81 | — | — | — | 81 | ||||||||||||||||||||||||||
Purchases, sales, issuances and settlements | |||||||||||||||||||||||||||||||||||
Purchases | 54 | 1 | 146 | 4 | 205 | — | — | — | 205 | ||||||||||||||||||||||||||
Sales | — | — | (15 | ) | — | (15 | ) | — | — | — | (15 | ) | |||||||||||||||||||||||
Issuances | — | — | — | — | — | — | (1 | ) | — | (1 | ) | ||||||||||||||||||||||||
Settlements | (77 | ) | — | (8 | ) | (c) | — | (85 | ) | — | — | — | (85 | ) | |||||||||||||||||||||
Transfers into Level 3 | — | — | (9 | ) | — | (9 | ) | — | — | — | (9 | ) | |||||||||||||||||||||||
Transfers out of Level 3 | — | — | 17 | (5 | ) | 12 | — | — | — | 12 | |||||||||||||||||||||||||
Balance as of September 30, 2017 | $ | 671 | $ | 17 | $ | 595 | $ | 43 | $ | 1,326 | $ | (277 | ) | $ | 21 | $ | — | $ | 1,070 | ||||||||||||||||
The amount of total gains (losses) included in income attributed to the change in unrealized gains (losses) related to assets and liabilities as of September 30, 2017 | $ | 2 | $ | — | $ | 161 | $ | 2 | $ | 165 | $ | — | $ | 2 | $ | — | $ | 167 |
Successor | |||||||||||||||||||||||||||||||||||
Generation | ComEd | PHI | Exelon | ||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2016 | NDT Fund Investments | Pledged Assets for Zion Station Decommissioning | Mark-to-Market Derivatives | Other Investments | Total Generation | Mark-to-Market Derivatives | Life Insurance Contracts | Eliminated in Consolidation | Total | ||||||||||||||||||||||||||
Balance as of June 30, 2016 | $ | 715 | $ | 25 | $ | 609 | $ | 37 | $ | 1,386 | $ | (221 | ) | $ | 20 | $ | — | $ | 1,185 | ||||||||||||||||
Total realized / unrealized gains (losses) | |||||||||||||||||||||||||||||||||||
Included in net income | (4 | ) | — | 95 | (a) | 1 | 92 | — | 1 | — | 93 | ||||||||||||||||||||||||
Included in noncurrent payables to affiliates | 6 | — | — | — | 6 | — | — | (6 | ) | — | |||||||||||||||||||||||||
Included in payable for Zion Station decommissioning | — | (1 | ) | — | — | (1 | ) | — | — | — | (1 | ) | |||||||||||||||||||||||
Included in regulatory assets | — | — | — | — | — | (23 | ) | (b) | — | 6 | (17 | ) | |||||||||||||||||||||||
Change in collateral | — | — | 31 | — | 31 | — | — | — | 31 | ||||||||||||||||||||||||||
Purchases, sales, issuances and settlements | |||||||||||||||||||||||||||||||||||
Purchases | 4 | — | 207 | (c) | 3 | 214 | — | — | — | 214 | |||||||||||||||||||||||||
Sales | — | (5 | ) | (2 | ) | — | (7 | ) | — | — | — | (7 | ) | ||||||||||||||||||||||
Issuances | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
Settlements | (28 | ) | — | — | — | (28 | ) | — | — | — | (28 | ) | |||||||||||||||||||||||
Transfers into Level 3 | — | — | (1 | ) | 1 | — | — | — | — | — | |||||||||||||||||||||||||
Transfers out of Level 3 | — | — | (4 | ) | — | (4 | ) | — | — | — | (4 | ) | |||||||||||||||||||||||
Balance as of September 30, 2016 | $ | 693 | $ | 19 | $ | 935 | $ | 42 | $ | 1,689 | $ | (244 | ) | $ | 21 | $ | — | $ | 1,466 | ||||||||||||||||
The amount of total gains (losses) included in income attributed to the change in unrealized gains (losses) related to assets and liabilities as of September 30, 2016 | $ | 3 | $ | — | $ | 285 | $ | — | $ | 288 | $ | — | $ | — | $ | — | $ | 288 |
Successor | |||||||||||||||||||||||||||||||||||
Generation | ComEd | PHI(d) | Exelon | ||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2016 | NDT Fund Investments | Pledged Assets for Zion Station Decommissioning | Mark-to-Market Derivatives | Other Investments | Total Generation | Mark-to-Market Derivatives | Life Insurance Contracts | Eliminated in Consolidation | Total | ||||||||||||||||||||||||||
Balance as of December 31, 2015 | $ | 670 | $ | 22 | $ | 1,051 | $ | 33 | $ | 1,776 | $ | (247 | ) | $ | — | $ | — | $ | 1,529 | ||||||||||||||||
Included due to merger | — | — | — | — | — | — | 20 | — | 20 | ||||||||||||||||||||||||||
Total realized / unrealized gains (losses) | |||||||||||||||||||||||||||||||||||
Included in net income | 2 | — | (339 | ) | (a) | 1 | (336 | ) | — | 2 | — | (334 | ) | ||||||||||||||||||||||
Included in noncurrent payables to affiliates | 18 | — | — | — | 18 | — | — | (18 | ) | — | |||||||||||||||||||||||||
Included in payable for Zion Station decommissioning | — | 1 | — | — | 1 | — | — | — | 1 | ||||||||||||||||||||||||||
Included in regulatory assets | — | — | — | — | — | 3 | (b) | — | 18 | 21 | |||||||||||||||||||||||||
Change in collateral | — | — | (51 | ) | — | (51 | ) | — | — | — | (51 | ) | |||||||||||||||||||||||
Purchases, sales, issuances and settlements | |||||||||||||||||||||||||||||||||||
Purchases | 123 | 1 | 289 | (c) | 7 | 420 | — | — | — | 420 | |||||||||||||||||||||||||
Sales | (1 | ) | (5 | ) | (5 | ) | — | (11 | ) | — | — | — | (11 | ) | |||||||||||||||||||||
Issuances | — | — | — | — | — | — | (1 | ) | — | (1 | ) | ||||||||||||||||||||||||
Settlements | (119 | ) | — | — | — | (119 | ) | — | — | — | (119 | ) | |||||||||||||||||||||||
Transfers into Level 3 | — | — | 1 | 1 | 2 | — | — | — | 2 | ||||||||||||||||||||||||||
Transfers out of Level 3 | — | — | (11 | ) | — | (11 | ) | — | — | — | (11 | ) | |||||||||||||||||||||||
Balance as of September 30, 2016 | $ | 693 | $ | 19 | $ | 935 | $ | 42 | $ | 1,689 | $ | (244 | ) | $ | 21 | $ | — | $ | 1,466 | ||||||||||||||||
The amount of total gains (losses) included in income attributed to the change in unrealized gains (losses) related to assets and liabilities as of September 30, 2016 | $ | 7 | $ | — | $ | 240 | $ | — | $ | 247 | $ | — | $ | 1 | $ | — | $ | 248 |
Predecessor | ||||||||
January 1, 2016 to March 23, 2016 | ||||||||
PHI | Preferred Stock | Life Insurance Contracts | ||||||
Beginning Balance | $ | 18 | $ | 19 | ||||
Total realized / unrealized gains (losses) | ||||||||
Included in net income | (18 | ) | 1 | |||||
Ending Balance | $ | — | $ | 20 | ||||
The amount of total gains (losses) included in income attributed to the change in unrealized gains (losses) related to assets and liabilities for the period | $ | — | $ | 1 |
Life Insurance Contracts | |||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
Pepco | 2017 | 2016 | 2017 | 2016 | |||||||||||
Beginning balance | $ | 20 | $ | 20 | $ | 20 | $ | 19 | |||||||
Total realized / unrealized gains (losses) | |||||||||||||||
Included in net income | 1 | 1 | 2 | 3 | |||||||||||
Purchases, sales, issuances and settlements | |||||||||||||||
Issuances | — | — | (1 | ) | (1 | ) | |||||||||
Ending balance | $ | 21 | $ | 21 | $ | 21 | $ | 21 | |||||||
The amount of total gains (losses) included in income attributed to the change in unrealized gains (losses) related to assets and liabilities for the period | $ | 1 | $ | — | $ | 2 | $ | 2 |
Successor | |||||||||||||||||||||||||||
Generation | PHI | Exelon | |||||||||||||||||||||||||
Operating Revenues | Purchased Power and Fuel | Other, net(a) | Other, net(a) | Operating Revenues | Purchased Power and Fuel | Other, net(a) | |||||||||||||||||||||
Total gains (losses) included in net income for the three months ended September 30, 2017 | $ | (3 | ) | $ | (69 | ) | $ | 1 | $ | 1 | $ | (3 | ) | $ | (69 | ) | $ | 2 | |||||||||
Total gains (losses) included in net income for the nine months ended September 30, 2017 | 34 | (152 | ) | 6 | 2 | 34 | (152 | ) | 8 | ||||||||||||||||||
Change in the unrealized gains (losses) relating to assets and liabilities held for the three months ended September 30, 2017 | 47 | (23 | ) | 1 | 1 | 47 | (23 | ) | 2 | ||||||||||||||||||
Change in the unrealized gains (losses) relating to assets and liabilities held for the nine months ended September 30, 2017 | 222 | (61 | ) | 4 | 2 | 222 | (61 | ) | 6 |
Successor | |||||||||||||||||||||||||||
Generation | PHI | Exelon | |||||||||||||||||||||||||
Operating Revenues | Purchased Power and Fuel | Other, net(a) | Other, net(a) | Operating Revenues | Purchased Power and Fuel | Other, net(a) | |||||||||||||||||||||
Total gains (losses) included in net income for the three months ended September 30, 2016 | $ | 180 | $ | (85 | ) | $ | (4 | ) | $ | 1 | $ | 180 | $ | (85 | ) | $ | (3 | ) | |||||||||
Total gains (losses) included in net income for the nine months ended September 30, 2016 | (232 | ) | (107 | ) | 2 | 2 | (232 | ) | (107 | ) | 4 | ||||||||||||||||
Change in the unrealized gains (losses) relating to assets and liabilities held for the three months ended September 30, 2016 | 323 | (38 | ) | 3 | — | 323 | (38 | ) | 3 | ||||||||||||||||||
Change in the unrealized gains (losses) relating to assets and liabilities held for the nine months ended September 30, 2016 | 303 | (63 | ) | 7 | 1 | 303 | (63 | ) | 8 |
Predecessor | |||||||||||||||||||
PHI | Pepco | ||||||||||||||||||
January 1, 2016 to March 23, 2016 | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||||||
Other, net(a) | Other, net(a) | ||||||||||||||||||
Total gains (losses) included in net income | $ | (17 | ) | $ | 1 | $ | 1 | $ | 2 | $ | 3 | ||||||||
Change in the unrealized gains (losses) relating to assets and liabilities held | 1 | 1 | — | 2 | 2 |
Type of trade | Fair Value at September 30, 2017 | Valuation Technique | Unobservable Input | Range | ||||||||
Mark-to-market derivatives — Economic Hedges (Exelon and Generation)(a)(b) | $ | 439 | Discounted Cash Flow | Forward power price | $7 | - | $124 | |||||
Forward gas price | $1.84 | - | $9.43 | |||||||||
Option Model | Volatility percentage | 9% | - | 114% | ||||||||
Mark-to-market derivatives — Proprietary trading (Exelon and Generation)(a)(b) | $ | 15 | Discounted Cash Flow | Forward power price | $12 | - | $69 | |||||
Mark-to-market derivatives (Exelon and ComEd) | $ | (277 | ) | Discounted Cash Flow | Forward heat rate(c) | 9x | - | 10x | ||||
Marketability reserve | 3% | - | 8% | |||||||||
Renewable factor | 88% | - | 125% |
Type of trade | Fair Value at December 31, 2016 | Valuation Technique | Unobservable Input | Range | ||||||||
Mark-to-market derivatives — Economic Hedges (Exelon and Generation)(a)(b) | $ | 435 | Discounted Cash Flow | Forward power price | $11 | - | $130 | |||||
Forward gas price | $1.72 | - | $9.20 | |||||||||
Option Model | Volatility percentage | 8% | - | 173% | ||||||||
Mark-to-market derivatives — Proprietary trading (Exelon and Generation)(a)(b) | $ | (3 | ) | Discounted Cash Flow | Forward power price | $19 | - | $79 | ||||
Mark-to-market derivatives (Exelon and ComEd) | $ | (258 | ) | Discounted Cash Flow | Forward heat rate(c) | 8x | - | 9x | ||||
Marketability reserve | 3% | - | 8% | |||||||||
Renewable factor | 89% | - | 121% |
Registrant | Commodity | Accounting Treatment | Hedging Instrument | ||||||||
ComEd | Electricity | NPNS | Fixed price contracts based on all requirements in the IPA procurement plans. | ||||||||
Electricity | Changes in fair value of economic hedge recorded to an offsetting regulatory asset or liability(a) | 20-year floating-to-fixed energy swap contracts beginning June 2012 based on the renewable energy resource procurement requirements in the Illinois Settlement Legislation of approximately 1.3 million MWhs per year. | |||||||||
PECO | Electricity | NPNS | Fixed price contracts for default supply requirements through full requirements contracts. | ||||||||
Gas | NPNS | Fixed price contracts to cover about 10% of planned natural gas purchases in support of projected firm sales. | |||||||||
BGE | Electricity | NPNS | Fixed price contracts for all SOS requirements through full requirements contracts. | ||||||||
Gas | NPNS | Fixed price contracts for between 10-20% of forecasted system supply requirements for flowing (i.e., non-storage) gas for the November through March period. | |||||||||
Pepco | Electricity | NPNS | Fixed price contracts for all SOS requirements through full requirements contracts. | ||||||||
DPL | Electricity | NPNS | Fixed price contracts for all SOS requirements through full requirements contracts. | ||||||||
Gas | NPNS | Fixed and Index priced contracts through full requirements contracts. | |||||||||
Changes in fair value of economic hedge recorded to an offsetting regulatory asset or liability(b) | Exchange traded future contracts for up to 50% of estimated monthly purchase requirements each month, including purchases for storage injections. | ||||||||||
ACE | Electricity | NPNS | Fixed price contracts for all BGS requirements through full requirements contracts. |
Exelon | Generation | ComEd | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2021 | Total Derivatives | Economic Hedges | Proprietary Trading | Collateral(a)(b) | Netting(a) | Subtotal | Economic Hedges | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mark-to-market derivative assets (current assets) | $ | 569 | $ | 2,566 | $ | 28 | $ | 24 | $ | (2,049) | $ | 569 | $ | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mark-to-market derivative assets (noncurrent assets) | 488 | 1,400 | 5 | 45 | (962) | 488 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total mark-to-market derivative assets | 1,057 | 3,966 | 33 | 69 | (3,011) | 1,057 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mark-to-market derivative liabilities (current liabilities) | (418) | (2,472) | (13) | 49 | 2,049 | (387) | (31) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mark-to-market derivative liabilities (noncurrent liabilities) | (454) | (1,179) | (1) | 28 | 962 | (190) | (264) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total mark-to-market derivative liabilities | (872) | (3,651) | (14) | 77 | 3,011 | (577) | (295) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total mark-to-market derivative net assets (liabilities) | $ | 185 | $ | 315 | $ | 19 | $ | 146 | $ | 0 | $ | 480 | $ | (295) |
Exelon | Generation | ComEd | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2020 | Total Derivatives | Economic Hedges | Proprietary Trading | Collateral(a)(b) | Netting(a) | Subtotal | Economic Hedges | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mark-to-market derivative assets (current assets) | $ | 639 | $ | 2,757 | $ | 40 | $ | 103 | $ | (2,261) | $ | 639 | $ | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mark-to-market derivative assets (noncurrent assets) | 554 | 1,501 | 4 | 64 | (1,015) | 554 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total mark-to-market derivative assets | 1,193 | 4,258 | 44 | 167 | (3,276) | 1,193 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mark-to-market derivative liabilities (current liabilities) | (293) | (2,629) | (23) | 131 | 2,261 | (260) | (33) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mark-to-market derivative liabilities (noncurrent liabilities) | (472) | (1,335) | (2) | 118 | 1,015 | (204) | (268) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total mark-to-market derivative liabilities | (765) | (3,964) | (25) | 249 | 3,276 | (464) | (301) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total mark-to-market derivative net assets (liabilities) | $ | 428 | $ | 294 | $ | 19 | $ | 416 | $ | 0 | $ | 729 | $ | (301) |
Three Months Ended March 31, | ||||||||||||||||||||||||||
2021 | 2020 | |||||||||||||||||||||||||
Income Statement Location | Gain (Loss) | |||||||||||||||||||||||||
Operating revenues | $ | (83) | $ | 175 | ||||||||||||||||||||||
Purchased power and fuel | 265 | (47) | ||||||||||||||||||||||||
Total Exelon and Generation | $ | 182 | $ | 128 |
Generation | Exelon Corporate | Exelon | ||||||||||||||||||||||||||
Description | Derivatives Designated as Hedging Instruments | Economic Hedges | Proprietary Trading(a) | Collateral and Netting(b) | Subtotal | Derivatives Designated as Hedging Instruments | Total | |||||||||||||||||||||
Mark-to-market derivative assets (current assets) | $ | — | $ | 15 | $ | — | $ | (10 | ) | $ | 5 | $ | — | $ | 5 | |||||||||||||
Mark-to-market derivative assets (noncurrent assets) | — | 1 | — | (1 | ) | — | 10 | 10 | ||||||||||||||||||||
Total mark-to-market derivative assets | — | 16 | — | (11 | ) | 5 | 10 | 15 | ||||||||||||||||||||
Mark-to-market derivative liabilities (current liabilities) | — | (17 | ) | — | 9 | (8 | ) | — | (8 | ) | ||||||||||||||||||
Mark-to-market derivative liabilities (noncurrent liabilities) | — | (2 | ) | — | 1 | (1 | ) | — | (1 | ) | ||||||||||||||||||
Total mark-to-market derivative liabilities | — | (19 | ) | — | 10 | (9 | ) | — | (9 | ) | ||||||||||||||||||
Total mark-to-market derivative net assets (liabilities) | $ | — | $ | (3 | ) | $ | — | $ | (1 | ) | $ | (4 | ) | $ | 10 | $ | 6 |
Generation | Exelon Corporate | Exelon | ||||||||||||||||||||||||||
Description | Derivatives Designated as Hedging Instruments | Economic Hedges | Proprietary Trading(a) | Collateral and Netting(b) | Subtotal | Derivatives Designated as Hedging Instruments | Total | |||||||||||||||||||||
Mark-to-market derivative assets (current assets) | $ | — | $ | 17 | $ | 4 | $ | (13 | ) | $ | 8 | $ | — | $ | 8 | |||||||||||||
Mark-to-market derivative assets (noncurrent assets) | — | 11 | 1 | (8 | ) | 4 | 16 | 20 | ||||||||||||||||||||
Total mark-to-market derivative assets | — | 28 | 5 | (21 | ) | 12 | 16 | 28 | ||||||||||||||||||||
Mark-to-market derivative liabilities (current liabilities) | (7 | ) | (13 | ) | (2 | ) | 14 | (8 | ) | — | (8 | ) | ||||||||||||||||
Mark-to-market derivative liabilities (noncurrent liabilities) | (3 | ) | (8 | ) | (2 | ) | 9 | (4 | ) | — | (4 | ) | ||||||||||||||||
Total mark-to-market derivative liabilities | (10 | ) | (21 | ) | (4 | ) | 23 | (12 | ) | — | (12 | ) | ||||||||||||||||
Total mark-to-market derivative net assets (liabilities) | $ | (10 | ) | $ | 7 | $ | 1 | $ | 2 | $ | — | $ | 16 | $ | 16 |
Three Months Ended September 30, | |||||||||||||||||
Income Statement Location | 2017 | 2016 | 2017 | 2016 | |||||||||||||
Gain (loss) on Swaps | Gain (loss) on Borrowings | ||||||||||||||||
Exelon | Interest expense | $ | (2 | ) | $ | (8 | ) | $ | 6 | $ | 14 | ||||||
Nine Months Ended September 30, | |||||||||||||||||
Income Statement Location | 2017 | 2016 | 2017 | 2016 | |||||||||||||
Gain (loss) on Swaps | Gain (loss) on Borrowings | ||||||||||||||||
Exelon | Interest expense | $ | (6 | ) | $ | 15 | $ | 17 | $ | (3 | ) |
Successor | ||||||||||||||||||||||||||||||||||||||||
Generation | ComEd | DPL | PHI | Exelon | ||||||||||||||||||||||||||||||||||||
Derivatives | Economic Hedges | Proprietary Trading | Collateral and Netting(a) (e) | Subtotal(b) | Economic Hedges(c) | Economic Hedges(d) | Collateral and Netting(a) | Subtotal | Subtotal | Total Derivatives | ||||||||||||||||||||||||||||||
Mark-to-market derivative assets (current assets) | $ | 2,608 | $ | 55 | $ | (1,969 | ) | $ | 694 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 694 | |||||||||||||||||||
Mark-to-market derivative assets (noncurrent assets) | 1,583 | 30 | (1,197 | ) | 416 | — | — | — | — | — | 416 | |||||||||||||||||||||||||||||
Total mark-to-market derivative assets | 4,191 | 85 | (3,166 | ) | 1,110 | — | — | — | — | — | 1,110 | |||||||||||||||||||||||||||||
Mark-to-market derivative liabilities (current liabilities) | (2,334 | ) | (46 | ) | 2,230 | (150 | ) | (20 | ) | — | — | — | — | (170 | ) | |||||||||||||||||||||||||
Mark-to-market derivative liabilities (noncurrent liabilities) | (1,476 | ) | (27 | ) | 1,351 | (152 | ) | (257 | ) | — | — | — | — | (409 | ) | |||||||||||||||||||||||||
Total mark-to-market derivative liabilities | (3,810 | ) | (73 | ) | 3,581 | (302 | ) | (277 | ) | — | — | — | — | (579 | ) | |||||||||||||||||||||||||
Total mark-to-market derivative net assets (liabilities) | $ | 381 | $ | 12 | $ | 415 | $ | 808 | $ | (277 | ) | $ | — | $ | — | $ | — | $ | — | $ | 531 |
Successor | ||||||||||||||||||||||||||||||||||||||||
Generation | ComEd | DPL | PHI | Exelon | ||||||||||||||||||||||||||||||||||||
Description | Economic Hedges | Proprietary Trading | Collateral and Netting(a) (e) | Subtotal(b) | Economic Hedges(c) | Economic Hedges(d) | Collateral and Netting(a) | Subtotal | Subtotal | Total Derivatives | ||||||||||||||||||||||||||||||
Mark-to-market derivative assets (current assets) | $ | 3,623 | $ | 55 | $ | (2,769 | ) | $ | 909 | $ | — | $ | 2 | $ | (2 | ) | $ | — | $ | — | $ | 909 | ||||||||||||||||||
Mark-to-market derivative assets (noncurrent assets) | 1,467 | 21 | (1,016 | ) | 472 | — | — | — | — | — | 472 | |||||||||||||||||||||||||||||
Total mark-to-market derivative assets | 5,090 | 76 | (3,785 | ) | 1,381 | — | 2 | (2 | ) | — | — | 1,381 | ||||||||||||||||||||||||||||
Mark-to-market derivative liabilities (current liabilities) | (3,165 | ) | (54 | ) | 2,964 | (255 | ) | (19 | ) | — | — | — | — | (274 | ) | |||||||||||||||||||||||||
Mark-to-market derivative liabilities (noncurrent liabilities) | (1,274 | ) | (25 | ) | 1,150 | (149 | ) | (239 | ) | — | — | — | — | (388 | ) | |||||||||||||||||||||||||
Total mark-to-market derivative liabilities | (4,439 | ) | (79 | ) | 4,114 | (404 | ) | (258 | ) | — | — | — | — | (662 | ) | |||||||||||||||||||||||||
Total mark-to-market derivative net assets (liabilities) | $ | 651 | $ | (3 | ) | $ | 329 | $ | 977 | $ | (258 | ) | $ | 2 | $ | (2 | ) | $ | — | $ | — | $ | 719 |
Total Cash Flow Hedge OCI Activity, Net of Income Tax | ||||||||||||
Generation | Exelon | |||||||||||
Three Months Ended September 30, 2017 | Income Statement Location | Total Cash Flow Hedges | Total Cash Flow Hedges | |||||||||
Accumulated OCI derivative loss at June 30, 2017 | $ | (14 | ) | $ | (12 | ) | ||||||
Effective portion of changes in fair value | 1 | 1 | ||||||||||
Reclassifications from AOCI to net income | Interest Expense | (1 | ) | (a) | (1 | ) | (a) | |||||
Accumulated OCI derivative loss at September 30, 2017 | $ | (14 | ) | $ | (12 | ) |
Total Cash Flow Hedge OCI Activity, Net of Income Tax | ||||||||||||
Generation | Exelon | |||||||||||
Nine Months Ended September 30, 2017 | Income Statement Location | Total Cash Flow Hedges | Total Cash Flow Hedges | |||||||||
Accumulated OCI derivative loss at December 31, 2016 | $ | (19 | ) | $ | (17 | ) | ||||||
Effective portion of changes in fair value | 2 | 2 | ||||||||||
Reclassifications from AOCI to net income | Interest Expense | 3 | (b) | 3 | (b) | |||||||
Accumulated OCI derivative loss at September 30, 2017 | $ | (14 | ) | $ | (12 | ) |
Total Cash Flow Hedge OCI Activity, Net of Income Tax | ||||||||||||
Generation | Exelon | |||||||||||
Three Months Ended September 30, 2016 | Income Statement Location | Total Cash Flow Hedges | Total Cash Flow Hedges | |||||||||
Accumulated OCI derivative loss at June 30, 2016 | $ | (25 | ) | $ | (26 | ) | ||||||
Effective portion of changes in fair value | 1 | 3 | ||||||||||
Accumulated OCI derivative loss at September 30, 2016 | $ | (24 | ) | $ | (23 | ) |
Total Cash Flow Hedge OCI Activity, Net of Income Tax | ||||||||||||
Generation | Exelon | |||||||||||
Nine Months Ended September 30, 2016 | Income Statement Location | Total Cash Flow Hedges | Total Cash Flow Hedges | |||||||||
Accumulated OCI derivative loss at December 31, 2015 | $ | (21 | ) | $ | (19 | ) | ||||||
Effective portion of changes in fair value | — | (1 | ) | |||||||||
Reclassifications from AOCI to net income | Interest Expense | (3 | ) | (c) | (3 | ) | (c) | |||||
Accumulated OCI derivative loss at September 30, 2016 | $ | (24 | ) | $ | (23 | ) |
Generation | Exelon | |||||||||||||||
Three Months Ended September 30, 2017 | Operating Revenues | Purchased Power and Fuel | Total | Total | ||||||||||||
Change in fair value of commodity positions | $ | 132 | $ | 45 | $ | 177 | $ | 177 | ||||||||
Reclassification to realized at settlement of commodity positions | (77 | ) | (24 | ) | (101 | ) | (101 | ) | ||||||||
Net commodity mark-to-market gains (losses) | 55 | 21 | 76 | 76 | ||||||||||||
Change in fair value of treasury positions | (3 | ) | — | (3 | ) | (3 | ) | |||||||||
Reclassification to realized at settlement of treasury positions | — | — | — | — | ||||||||||||
Net treasury mark-to-market gains (losses) | (3 | ) | — | (3 | ) | (3 | ) | |||||||||
Net mark-to-market gains (losses) | $ | 52 | $ | 21 | $ | 73 | $ | 73 |
Generation | Exelon | |||||||||||||||
Nine Months Ended September 30, 2017 | Operating Revenues | Purchased Power and Fuel | Total | Total | ||||||||||||
Change in fair value of commodity positions | $ | 123 | $ | (153 | ) | $ | (30 | ) | $ | (30 | ) | |||||
Reclassification to realized of commodity positions | (164 | ) | 39 | (125 | ) | (125 | ) | |||||||||
Net commodity mark-to-market gains (losses) | (41 | ) | (114 | ) | (155 | ) | (155 | ) | ||||||||
Change in fair value of treasury positions | (4 | ) | — | (4 | ) | (4 | ) | |||||||||
Reclassification to realized of treasury positions | (2 | ) | — | (2 | ) | (2 | ) | |||||||||
Net treasury mark-to-market gains (losses) | (6 | ) | — | (6 | ) | (6 | ) | |||||||||
Net mark-to-market gains (losses) | $ | (47 | ) | $ | (114 | ) | $ | (161 | ) | $ | (161 | ) |
Generation | Exelon | |||||||||||||||
Three Months Ended September 30, 2016 | Operating Revenues | Purchased Power and Fuel | Total | Total | ||||||||||||
Change in fair value of commodity positions | $ | 280 | $ | (73 | ) | $ | 207 | $ | 207 | |||||||
Reclassification to realized at settlement of commodity positions | (92 | ) | (26 | ) | (118 | ) | (118 | ) | ||||||||
Net commodity mark-to-market gains (losses) | 188 | (99 | ) | 89 | 89 | |||||||||||
Change in fair value of treasury positions | 1 | — | 1 | 1 | ||||||||||||
Reclassification to realized at settlement of treasury positions | (2 | ) | — | (2 | ) | (2 | ) | |||||||||
Net treasury mark-to-market gains (losses) | (1 | ) | — | (1 | ) | (1 | ) | |||||||||
Net mark-to-market gains (losses) | $ | 187 | $ | (99 | ) | $ | 88 | $ | 88 |
Generation | Exelon | |||||||||||||||
Nine Months Ended September 30, 2016 | Operating Revenues | Purchased Power and Fuel | Total | Total | ||||||||||||
Change in fair value of commodity positions | $ | 127 | $ | 36 | $ | 163 | $ | 163 | ||||||||
Reclassification to realized of commodity positions | (484 | ) | 217 | (267 | ) | (267 | ) | |||||||||
Net commodity mark-to-market gains (losses) | (357 | ) | 253 | (104 | ) | (104 | ) | |||||||||
Change in fair value of treasury positions | (3 | ) | — | (3 | ) | (3 | ) | |||||||||
Reclassification to realized of treasury positions | (6 | ) | — | (6 | ) | (6 | ) | |||||||||
Net treasury mark-to-market gains (losses) | (9 | ) | — | (9 | ) | (9 | ) | |||||||||
Net mark-to-market gains (losses) | $ | (366 | ) | $ | 253 | $ | (113 | ) | $ | (113 | ) |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
Change in fair value of commodity positions | $ | 11 | $ | 4 | $ | 17 | $ | 18 | ||||||||
Reclassification to realized of commodity positions | (6 | ) | (6 | ) | (13 | ) | (17 | ) | ||||||||
Net commodity mark-to-market gains (losses) | 5 | (2 | ) | 4 | 1 | |||||||||||
Change in fair value of treasury positions | (1 | ) | — | (2 | ) | (2 | ) | |||||||||
Reclassification to realized of treasury positions | 1 | 1 | 1 | 2 | ||||||||||||
Net treasury mark-to-market gains (losses) | — | 1 | (1 | ) | — | |||||||||||
Total net mark-to-market gains (losses) | $ | 5 | $ | (1 | ) | $ | 3 | $ | 1 |
Rating as of September 30, 2017 | Total Exposure Before Credit Collateral | Credit Collateral(a) | Net Exposure | Number of Counterparties Greater than 10% of Net Exposure | Net Exposure of Counterparties Greater than 10% of Net Exposure | |||||||||||||||||||||||||||||||||||||||||||||
Rating as of March 31, 2021 | Rating as of March 31, 2021 | Total Exposure Before Credit Collateral | Credit Collateral(a) | Net Exposure | Number of Counterparties Greater than 10% of Net Exposure | Net Exposure of Counterparties Greater than 10% of Net Exposure | ||||||||||||||||||||||||||||||||||||||||||||
Investment grade | $ | 828 | $ | 9 | $ | 819 | 1 | $ | 278 | Investment grade | $ | 431 | $ | 31 | $ | 400 | 0 | $ | 0 | |||||||||||||||||||||||||||||||
Non-investment grade | 44 | 4 | 40 | Non-investment grade | 43 | 4 | 39 | |||||||||||||||||||||||||||||||||||||||||||
No external ratings | No external ratings | |||||||||||||||||||||||||||||||||||||||||||||||||
Internally rated — investment grade | 316 | — | 316 | Internally rated — investment grade | 146 | 1 | 145 | |||||||||||||||||||||||||||||||||||||||||||
Internally rated — non-investment grade | 100 | 18 | 82 | Internally rated — non-investment grade | 70 | 25 | 45 | |||||||||||||||||||||||||||||||||||||||||||
Total | $ | 1,288 | $ | 31 | $ | 1,257 | 1 | $ | 278 | Total | $ | 690 | $ | 61 | $ | 629 | 0 | $ | 0 |
Net Credit Exposure by Type of Counterparty | As of September 30, 2017 | ||
Financial institutions | $ | 48 | |
Investor-owned utilities, marketers, power producers | 538 | ||
Energy cooperatives and municipalities | 525 | ||
Other | 146 | ||
Total | $ | 1,257 |
As of | ||||||||
Investor-owned utilities, marketers, power producers | $ | 451 | ||||||
Energy cooperatives and | 123 | |||||||
Other | 55 | |||||||
Total | $ | 629 |
Credit-Risk Related Contingent Features | March 31, 2021 | December 31, 2020 | ||||||||||||
Gross fair value of derivative contracts containing this feature(a) | $ | (948) | $ | (834) | ||||||||||
Offsetting fair value of in-the-money contracts under master netting arrangements(b) | 518 | 537 | ||||||||||||
Net fair value of derivative contracts containing this feature(c) | $ | (430) | $ | (297) |
Credit-Risk Related Contingent Feature | September 30, 2017 | December 31, 2016 | |||||
Gross fair value of derivative contracts containing this feature(a) | $ | (916 | ) | $ | (960 | ) | |
Offsetting fair value of in-the-money contracts under master netting arrangements(b) | 638 | 627 | |||||
Net fair value of derivative contracts containing this feature(c) | $ | (278 | ) | $ | (333 | ) |
(b)Amount represents the offsetting fair value of in-the-money derivative contracts under legally enforceable master netting agreements with the same counterparty, which reduces the amount of any liability for which |
March 31, 2021 | December 31, 2020 | |||||||||||||
Cash collateral posted | $ | 232 | $ | 511 | ||||||||||
Letters of credit posted | 242 | 226 | ||||||||||||
Cash collateral held | 101 | 110 | ||||||||||||
Letters of credit held | 41 | 40 | ||||||||||||
Additional collateral required in the event of a credit downgrade below investment grade | 1,379 | 1,432 |
Nuclear decommissioning ARO at December 31, 2020(a) | $ | 11,922 | |||
Accretion expense | 124 | ||||
Costs incurred related to decommissioning plants | (20) | ||||
Nuclear decommissioning ARO at March 31, 2021(a) | $ | 12,026 |
Commercial Paper Borrowings | September 30, 2017 | December 31, 2016 | ||||||
Exelon | $ | 118 | $ | 688 | ||||
Generation | — | 620 | ||||||
BGE | — | 45 | ||||||
PHI | 118 | 23 | ||||||
Pepco | — | 23 | ||||||
DPL | 54 | — | ||||||
ACE | 65 | — |
Company | Type | Interest Rate | Maturity | Amount | Use of Proceeds | ||||||||
Exelon | Junior Subordinated Notes(a) | 3.50 | % | June 1, 2022 | $ | 1,150 | Refinance Exelon's Junior Subordinated Notes issued in June 2014. | ||||||
Generation | Albany Green Energy Project Financing | LIBOR + 1.25% | November 17, 2017 | $ | 14 | Albany Green Energy biomass generation development. | |||||||
Generation | Energy Efficiency Project Financing | 3.90 | % | February 1, 2018 | $ | 17 | Funding to install energy conservation measures for the Naval Station Great Lakes project. | ||||||
Generation | Energy Efficiency Project Financing | 2.61 | % | September 30, 2018 | $ | 10 | Funding to install energy conservation measures for the Pensacola project. | ||||||
Generation | Energy Efficiency Project Financing | 3.53 | % | April 1, 2019 | $ | 8 | Funding to install energy conservation measures for the State Department project. | ||||||
Generation | Energy Efficiency Project Financing | 3.72 | % | May 1, 2018 | $ | 4 | Funding to install energy conservation measures for the Smithsonian Zoo project. | ||||||
Generation | Senior Notes | 2.95 | % | January 15, 2020 | $ | 250 | Repay outstanding commercial paper obligations and for general corporate purposes. | ||||||
Generation | Senior Notes | 3.40 | % | March 15, 2022 | $ | 500 | Repay outstanding commercial paper obligations and for general corporate purposes. | ||||||
Generation | ExGen Texas Power Nonrecourse Debt | LIBOR + 4.75% | September 18, 2021 | $ | 6 | Funding for general corporate purposes. | |||||||
ComEd | First Mortgage Bonds, Series 122 | 2.95 | % | August 15, 2027 | $ | 350 | Refinance maturing first mortgage bonds, to repay a portion of ComEd’s outstanding commercial paper obligations and for general corporate purposes. | ||||||
ComEd | First Mortgage Bonds, Series 123 | 3.75 | % | August 15, 2047 | $ | 650 | Refinance maturing first mortgage bonds, to repay a portion of ComEd’s outstanding commercial paper obligations and for general corporate purposes. | ||||||
PECO | First and Refunding Mortgage Bonds | 3.70 | % | September 15, 2047 | $ | 325 | General corporate purposes. | ||||||
BGE | Notes | 3.75 | % | August 15, 2047 | $ | 300 | Redeem $250 million in principal amount of the 6.20% Deferrable Interest Subordinated Debentures due October 15, 2043 issued by BGE's affiliate BGE Capital Trust II, repay commercial paper obligations and for general corporate purposes. | ||||||
Pepco | Energy Efficiency Project Financing | 3.30 | % | December 15, 2017 | $ | 2 | Funding to install energy conservation measures for the DOE Germantown project. | ||||||
Pepco | First Mortgage Bonds | 4.15 | % | March 15, 2043 | $ | 200 | Funding to repay outstanding commercial paper and for general corporate purposes. |
Three Months Ended March 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exelon(a) | Generation(a) | ComEd(b) | PECO(b) | BGE(b),(c) | PHI(b) | Pepco(b) | DPL(b) | ACE(b) | ||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Federal statutory rate | 21.0% | 21.0% | 21.0% | 21.0% | 21.0% | 21.0% | 21.0% | 21.0% | 21.0% | |||||||||||||||||||||||||||||||||||||||||||||||
Increase (decrease) due to: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
State income taxes, net of Federal income tax benefit | 14.6 | 4.4 | 6.8 | (1.6) | (10.1) | 6.1 | 5.5 | 6.4 | 6.9 | |||||||||||||||||||||||||||||||||||||||||||||||
Qualified NDT fund income | (18.4) | (5.5) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||
Amortization of investment tax credit, including deferred taxes on basis difference | 2.4 | 0.6 | (0.1) | 0 | (0.1) | (0.1) | 0 | (0.2) | (0.2) | |||||||||||||||||||||||||||||||||||||||||||||||
Plant basis differences | 8.8 | 0 | (0.6) | (10.5) | (1.4) | (1.5) | (2.1) | (0.7) | (0.9) | |||||||||||||||||||||||||||||||||||||||||||||||
Production tax credits and other credits | 6.7 | 1.8 | (0.2) | 0 | (0.4) | (0.2) | (0.2) | (0.1) | (0.3) | |||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling interests | 0.6 | 0.2 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||
Excess deferred tax amortization | 27.9 | 0 | (6.9) | (3.2) | (15.5) | (19.3) | (15.1) | (18.5) | (28.7) | |||||||||||||||||||||||||||||||||||||||||||||||
Other(d) | (56.9) | (3.6) | (3.5) | (0.1) | (0.1) | (0.1) | 0.1 | 0.3 | 2.2 | |||||||||||||||||||||||||||||||||||||||||||||||
Effective income tax rate | 6.7% | 18.9% | 16.5% | 5.6% | (6.6)% | 5.9% | 9.2% | 8.2% | 0% |
Three Months Ended September 30, 2017 | |||||||||||||||||
Successor | |||||||||||||||||
Exelon | Generation | ComEd | PECO | BGE | PHI | Pepco | DPL | ACE | |||||||||
U.S. Federal statutory rate | 35.0% | 35.0% | 35.0% | 35.0% | 35.0% | 35.0% | 35.0% | 35.0% | 35.0% | ||||||||
Increase (decrease) due to: | |||||||||||||||||
State income taxes, net of Federal income tax benefit | 2.2 | 5.6 | 6.6 | (0.1) | 5.3 | 5.1 | 2.2 | 5.3 | 5.6 | ||||||||
Qualified nuclear decommissioning trust fund income | 2.6 | 5.8 | — | — | — | — | — | — | — | ||||||||
Amortization of investment tax credit, including deferred taxes on basis difference | (1.1) | (2.2) | (0.2) | (0.1) | (0.1) | (0.2) | (0.1) | (0.2) | (0.4) | ||||||||
Plant basis differences | (2.6) | — | (0.3) | (14.6) | (0.8) | (4.9) | (6.7) | (1.9) | (3.4) | ||||||||
Production tax credits and other credits | (2.2) | (4.8) | — | — | — | — | — | — | — | ||||||||
Noncontrolling interests | 0.5 | 1.0 | — | — | — | — | — | — | — | ||||||||
FitzPatrick bargain purchase gain | (0.2) | (0.4) | — | — | — | — | — | — | — | ||||||||
Other | (0.1) | 0.3 | (0.2) | (0.2) | (0.2) | 0.2 | — | (0.2) | 0.1 | ||||||||
Effective income tax rate | 34.1% | 40.3% | 40.9% | 20.0% | 39.2% | 35.2% | 30.4% | 38.0% | 36.9% |
Three Months Ended March 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Exelon(b) | Generation(e) | ComEd(b) | PECO(b) | BGE(b) | PHI(b) | Pepco(b) | DPL(b) | ACE(b) | |||||||||||||||||||||||||||||||||||||||||||||
U.S. Federal statutory rate | 21.0% | 21.0% | 21.0% | 21.0% | 21.0% | 21.0% | 21.0% | 21.0% | 21.0% | ||||||||||||||||||||||||||||||||||||||||||||
Increase (decrease) due to: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
State income taxes, net of Federal income tax benefit | 34.0 | 0.7 | 8.3 | 0.1 | 5.7 | 5.8 | 4.7 | 6.6 | 6.7 | ||||||||||||||||||||||||||||||||||||||||||||
Qualified NDT fund income | (235.8) | 36.4 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||
Amortization of investment tax credit, including deferred taxes on basis difference | (4.5) | 0.5 | (0.2) | 0 | (0.1) | (0.1) | 0 | (0.2) | (0.2) | ||||||||||||||||||||||||||||||||||||||||||||
Plant basis differences | (23.0) | 0 | (1.1) | (8.4) | (1.2) | (1.4) | (2.1) | (0.7) | (0.8) | ||||||||||||||||||||||||||||||||||||||||||||
Production tax credits and other credits | (9.9) | 1.3 | (0.2) | 0 | (0.2) | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling interests | 10.6 | (1.6) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||
Excess deferred tax amortization | (71.7) | 0 | (10.5) | (3.0) | (7.3) | (15.5) | (14.2) | (12.7) | (18.8) | ||||||||||||||||||||||||||||||||||||||||||||
Tax Settlements | (79.1) | 12.2 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||
Other | 12.5 | 0.6 | 0.3 | 0 | 0.6 | (0.6) | (0.6) | (0.5) | (0.8) | ||||||||||||||||||||||||||||||||||||||||||||
Effective income tax rate | (345.9)% | 71.1% | 17.6% | 9.7% | 18.5% | 9.2% | 8.8% | 13.5% | 7.1% |
Three Months Ended September 30, 2016 | |||||||||||||||||
Successor | |||||||||||||||||
Exelon | Generation | ComEd | PECO | BGE | PHI | Pepco | DPL | ACE | |||||||||
U.S. Federal statutory rate | 35.0% | 35.0% | 35.0% | 35.0% | 35.0% | 35.0% | 35.0% | 35.0% | 35.0% | ||||||||
Increase (decrease) due to: | |||||||||||||||||
State income taxes, net of Federal income tax benefit | 3.8 | 2.6 | 7.3 | 2.4 | 5.2 | 5.6 | 5.6 | 5.2 | 6.1 | ||||||||
Qualified nuclear decommissioning trust fund income | 4.0 | 7.8 | — | — | — | — | — | — | — | ||||||||
Amortization of investment tax credit, including deferred taxes on basis difference | (0.9) | (1.6) | (0.6) | (0.1) | (0.2) | (0.1) | — | (0.2) | (0.1) | ||||||||
Plant basis differences | (3.0) | — | (1.9) | (6.7) | (0.5) | (5.0) | (6.7) | (1.3) | (4.6) | ||||||||
Production tax credits and other credits | (2.9) | (5.7) | (0.1) | — | — | — | — | — | — | ||||||||
Noncontrolling interest | 0.2 | 0.5 | — | — | — | — | — | — | — | ||||||||
Statute of limitations expiration | (0.1) | 0.3 | — | — | — | — | — | — | — | ||||||||
Penalties | 4.3 | — | 27.2 | — | — | — | — | — | — | ||||||||
Merger expenses | (0.6) | — | — | — | — | (5.7) | (2.3) | (8.6) | (2.9) | ||||||||
Other | (0.8) | (0.5) | 0.1 | 0.1 | (0.4) | (0.7) | (0.9) | 0.1 | (0.6) | ||||||||
Effective income tax rate | 39.0% | 38.4% | 67.0% | 30.7% | 39.1% | 29.1% | 30.7% | 30.2% | 32.9% |
Nine Months Ended September 30, 2017 | |||||||||||||||||
Successor | |||||||||||||||||
Exelon | Generation | ComEd | PECO | BGE | PHI | Pepco | DPL | ACE | |||||||||
U.S. Federal statutory rate | 35.0% | 35.0% | 35.0% | 35.0% | 35.0% | 35.0% | 35.0% | 35.0% | 35.0% | ||||||||
Increase (decrease) due to: | |||||||||||||||||
State income taxes, net of Federal income tax benefit | 0.7 | 2.1 | 5.9 | (0.1) | 5.2 | 4.9 | 3.0 | 5.1 | 5.6 | ||||||||
Qualified nuclear decommissioning trust fund income | 4.0 | 14.0 | — | — | — | — | — | — | — | ||||||||
Amortization of investment tax credit, including deferred taxes on basis difference | (0.9) | (2.7) | (0.2) | (0.1) | (0.1) | (0.2) | (0.1) | (0.2) | (0.4) | ||||||||
Plant basis differences | (3.4) | — | (0.3) | (14.4) | (0.8) | (4.6) | (6.3) | (1.8) | (3.4) | ||||||||
Production tax credits and other credits | (1.8) | (6.2) | — | — | — | — | — | — | — | ||||||||
Noncontrolling interests | 0.2 | 0.7 | — | — | — | — | — | — | — | ||||||||
Merger expenses | (5.4) | (2.5) | — | — | — | (11.8) | (8.0) | (10.0) | (23.0) | ||||||||
FitzPatrick bargain purchase gain | (3.2) | (11.2) | — | — | — | — | — | — | — | ||||||||
Like-kind exchange(a) | (1.7) | — | 1.7 | — | — | — | — | — | — | ||||||||
Other | — | (0.4) | 0.2 | — | 0.2 | — | (0.3) | 0.6 | (0.3) | ||||||||
Effective income tax rate | 23.5% | 28.8% | 42.3% | 20.4% | 39.5% | 23.3% | 23.3% | 28.7% | 13.5% |
Successor | Predecessor | ||||||||||||||||||
Nine Months Ended September 30, 2016 | March 24, 2016 to September 30, 2016 | January 1, 2016 to March 23, 2016 | |||||||||||||||||
Exelon | Generation | ComEd | PECO | BGE | Pepco | DPL(b) | ACE(b) | PHI(b) | PHI | ||||||||||
U.S. Federal statutory rate | 35.0% | 35.0% | 35.0% | 35.0% | 35.0% | 35.0% | 35.0% | 35.0% | 35.0% | 35.0% | |||||||||
Increase (decrease) due to: | |||||||||||||||||||
State income taxes, net of Federal income tax benefit(c) | 2.5 | 2.6 | 5.4 | 1.3 | 4.8 | 23.0 | 310.5 | 5.5 | 4.4 | 11.9 | |||||||||
Qualified nuclear decommissioning trust fund income | 4.8 | 8.8 | — | — | — | — | — | — | — | — | |||||||||
Amortization of investment tax credit, including deferred taxes on basis difference | (1.3) | (2.0) | (0.3) | (0.1) | (0.2) | (0.2) | (17.9) | 0.5 | 0.5 | (0.9) | |||||||||
Plant basis differences | (4.5) | — | (0.6) | (8.8) | (3.3) | (29.0) | (98.6) | 7.8 | 17.5 | (13.5) | |||||||||
Production tax credits and other credits | (4.1) | (7.6) | — | — | — | — | — | — | — | — | |||||||||
Noncontrolling interest | 0.5 | 0.9 | — | — | — | — | — | — | — | — | |||||||||
Statute of limitations expiration | (0.5) | (1.7) | — | — | — | — | — | — | — | — | |||||||||
Penalties | 2.3 | — | 5.6 | — | — | — | — | — | — | — | |||||||||
Merger expenses | 6.2 | — | — | — | — | 36.7 | 635.9 | (35.4) | (49.8) | 11.1 | |||||||||
Other | (1.8) | (2.1) | — | (1.5) | — | (2.5) | 35.1 | 0.4 | 1.4 | 3.6 | |||||||||
Effective income tax rate | 39.1% | 33.9% | 45.1% | 25.9% | 36.3% | 63.0% | 900.0% | 13.8% | 9.0% | 47.2% |
0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Successor | |||||||||||||||||||||||||||||||||||
Exelon | Generation | ComEd | PECO | BGE | PHI | Pepco | DPL | ACE | |||||||||||||||||||||||||||
September 30, 2017 | $ | 738 | $ | 468 | $ | 2 | $ | — | $ | 120 | $ | 120 | $ | 59 | $ | 21 | $ | 8 |
Successor | |||||||||||||||||||||||||||||||||||
Exelon | Generation | ComEd | PECO | BGE | PHI | Pepco | DPL | ACE | |||||||||||||||||||||||||||
December 31, 2016 | $ | 916 | $ | 490 | $ | (12 | ) | $ | — | $ | 120 | $ | 172 | $ | 80 | $ | 37 | $ | 22 |
PHI | ACE | ||||||||||||||||||||||||||||
March 31, 2021 | $ | 52 | $ | 15 | |||||||||||||||||||||||||
December 31, 2020 | 52 | 15 |
Pension Benefits | OPEB | ||||||||||||||||||||||
Three Months Ended March 31, | Three Months Ended March 31, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Components of net periodic benefit cost: | |||||||||||||||||||||||
Service cost | $ | 110 | $ | 97 | $ | 21 | $ | 23 | |||||||||||||||
Interest cost | 161 | 189 | 28 | 38 | |||||||||||||||||||
Expected return on assets | (336) | (318) | (40) | (41) | |||||||||||||||||||
Amortization of: | |||||||||||||||||||||||
Prior service cost (credit) | 1 | 1 | (8) | (31) | |||||||||||||||||||
Actuarial loss | 150 | 128 | 9 | 12 | |||||||||||||||||||
Curtailment benefits | 0 | 0 | (1) | 0 | |||||||||||||||||||
Net periodic benefit cost | $ | 86 | $ | 97 | $ | 9 | $ | 1 |
Three Months Ended March 31, | ||||||||||||||||||||||||||
Pension and OPEB Costs | 2021 | 2020 | ||||||||||||||||||||||||
Exelon | $ | 95 | $ | 98 | ||||||||||||||||||||||
Generation | 26 | 27 | ||||||||||||||||||||||||
ComEd | 32 | 28 | ||||||||||||||||||||||||
PECO | 2 | 1 | ||||||||||||||||||||||||
BGE | 15 | 16 | ||||||||||||||||||||||||
PHI | 12 | 17 | ||||||||||||||||||||||||
Pepco | 2 | 3 | ||||||||||||||||||||||||
DPL | 1 | 1 | ||||||||||||||||||||||||
ACE | 3 | 3 |
Three Months Ended March 31, | ||||||||||||||||||||||||||
Savings Plans Matching Contributions | 2021 | 2020 | ||||||||||||||||||||||||
Exelon | $ | 33 | $ | 33 | ||||||||||||||||||||||
Generation | 13 | 13 | ||||||||||||||||||||||||
ComEd | 8 | 7 | ||||||||||||||||||||||||
PECO | 3 | 3 | ||||||||||||||||||||||||
BGE | 2 | 2 | ||||||||||||||||||||||||
PHI | 3 | 3 | ||||||||||||||||||||||||
Pepco | 1 | 1 | ||||||||||||||||||||||||
DPL | 1 | 1 | ||||||||||||||||||||||||
Registrant | Commodity | Accounting Treatment | Hedging Instrument | ||||||||
ComEd | Electricity | NPNS | Fixed price contracts based on all requirements in the IPA procurement plans. | ||||||||
Electricity | Changes in fair value of economic hedge recorded to an offsetting regulatory asset or liability(a) | 20-year floating-to-fixed energy swap contracts beginning June 2012 based on the renewable energy resource procurement requirements in the Illinois Settlement Legislation of approximately 1.3 million MWhs per year. | |||||||||
PECO | Electricity | NPNS | Fixed price contracts for default supply requirements through full requirements contracts. | ||||||||
Gas | NPNS | Fixed price contracts to cover about 10% of planned natural gas purchases in support of projected firm sales. | |||||||||
BGE | Electricity | NPNS | Fixed price contracts for all SOS requirements through full requirements contracts. | ||||||||
Gas | NPNS | Fixed price contracts for between 10-20% of forecasted system supply requirements for flowing (i.e., non-storage) gas for the November through March period. | |||||||||
Pepco | Electricity | NPNS | Fixed price contracts for all SOS requirements through full requirements contracts. | ||||||||
DPL | Electricity | NPNS | Fixed price contracts for all SOS requirements through full requirements contracts. | ||||||||
Gas | NPNS | Fixed and Index priced contracts through full requirements contracts. | |||||||||
Changes in fair value of economic hedge recorded to an offsetting regulatory asset or liability(b) | Exchange traded future contracts for up to 50% of estimated monthly purchase requirements each month, including purchases for storage injections. | ||||||||||
ACE | Electricity | NPNS | Fixed price contracts for all BGS requirements through full requirements contracts. |
Exelon | Generation | ComEd | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2021 | Total Derivatives | Economic Hedges | Proprietary Trading | Collateral(a)(b) | Netting(a) | Subtotal | Economic Hedges | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mark-to-market derivative assets (current assets) | $ | 569 | $ | 2,566 | $ | 28 | $ | 24 | $ | (2,049) | $ | 569 | $ | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mark-to-market derivative assets (noncurrent assets) | 488 | 1,400 | 5 | 45 | (962) | 488 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total mark-to-market derivative assets | 1,057 | 3,966 | 33 | 69 | (3,011) | 1,057 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mark-to-market derivative liabilities (current liabilities) | (418) | (2,472) | (13) | 49 | 2,049 | (387) | (31) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mark-to-market derivative liabilities (noncurrent liabilities) | (454) | (1,179) | (1) | 28 | 962 | (190) | (264) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total mark-to-market derivative liabilities | (872) | (3,651) | (14) | 77 | 3,011 | (577) | (295) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total mark-to-market derivative net assets (liabilities) | $ | 185 | $ | 315 | $ | 19 | $ | 146 | $ | 0 | $ | 480 | $ | (295) |
Exelon | Generation | ComEd | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2020 | Total Derivatives | Economic Hedges | Proprietary Trading | Collateral(a)(b) | Netting(a) | Subtotal | Economic Hedges | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mark-to-market derivative assets (current assets) | $ | 639 | $ | 2,757 | $ | 40 | $ | 103 | $ | (2,261) | $ | 639 | $ | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mark-to-market derivative assets (noncurrent assets) | 554 | 1,501 | 4 | 64 | (1,015) | 554 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total mark-to-market derivative assets | 1,193 | 4,258 | 44 | 167 | (3,276) | 1,193 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mark-to-market derivative liabilities (current liabilities) | (293) | (2,629) | (23) | 131 | 2,261 | (260) | (33) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mark-to-market derivative liabilities (noncurrent liabilities) | (472) | (1,335) | (2) | 118 | 1,015 | (204) | (268) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total mark-to-market derivative liabilities | (765) | (3,964) | (25) | 249 | 3,276 | (464) | (301) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total mark-to-market derivative net assets (liabilities) | $ | 428 | $ | 294 | $ | 19 | $ | 416 | $ | 0 | $ | 729 | $ | (301) |
Three Months Ended March 31, | ||||||||||||||||||||||||||
2021 | 2020 | |||||||||||||||||||||||||
Income Statement Location | Gain (Loss) | |||||||||||||||||||||||||
Operating revenues | $ | (83) | $ | 175 | ||||||||||||||||||||||
Purchased power and fuel | 265 | (47) | ||||||||||||||||||||||||
Total Exelon and Generation | $ | 182 | $ | 128 |
Rating as of March 31, 2021 | Total Exposure Before Credit Collateral | Credit Collateral(a) | Net Exposure | Number of Counterparties Greater than 10% of Net Exposure | Net Exposure of Counterparties Greater than 10% of Net Exposure | |||||||||||||||||||||||||||
Investment grade | $ | 431 | $ | 31 | $ | 400 | 0 | $ | 0 | |||||||||||||||||||||||
Non-investment grade | 43 | 4 | 39 | |||||||||||||||||||||||||||||
No external ratings | ||||||||||||||||||||||||||||||||
Internally rated — investment grade | 146 | 1 | 145 | |||||||||||||||||||||||||||||
Internally rated — non-investment grade | 70 | 25 | 45 | |||||||||||||||||||||||||||||
Total | $ | 690 | $ | 61 | $ | 629 | 0 | $ | 0 |
Net Credit Exposure by Type of Counterparty | As of March 31, 2021 | |||||||
Investor-owned utilities, marketers, power producers | $ | 451 | ||||||
Energy cooperatives and municipalities | 123 | |||||||
Other | 55 | |||||||
Total | $ | 629 |
Credit-Risk Related Contingent Features | March 31, 2021 | December 31, 2020 | ||||||||||||
Gross fair value of derivative contracts containing this feature(a) | $ | (948) | $ | (834) | ||||||||||
Offsetting fair value of in-the-money contracts under master netting arrangements(b) | 518 | 537 | ||||||||||||
Net fair value of derivative contracts containing this feature(c) | $ | (430) | $ | (297) |
March 31, 2021 | December 31, 2020 | |||||||||||||
Cash collateral posted | $ | 232 | $ | 511 | ||||||||||
Letters of credit posted | 242 | 226 | ||||||||||||
Cash collateral held | 101 | 110 | ||||||||||||
Letters of credit held | 41 | 40 | ||||||||||||
Additional collateral required in the event of a credit downgrade below investment grade | 1,379 | 1,432 |
Nuclear decommissioning ARO at December 31, 2016(a) | $ | 8,734 | |
Acquisition of FitzPatrick | 444 | ||
Accretion expense | 342 | ||
Net decrease due to changes in, and timing of, estimated cash flows | (148 | ) | |
Costs incurred to decommission retired plants | (6 | ) | |
Nuclear decommissioning ARO at September 30, 2017(a) | $ | 9,366 |
Nuclear decommissioning ARO at December 31, 2020(a)
_________ (a)Includes $80 million as the current portion |
Exelon and Generation | Exelon and Generation | ||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Net unrealized gains on decommissioning trust funds — Regulatory Agreement Units(a) | $ | 44 | $ | 155 | $ | 253 | $ | 286 | |||||||
Net unrealized gains on decommissioning trust funds — Non-Regulatory Agreement Units(b)(c) | 111 | 116 | 347 | 216 |
Exelon and Generation | |||||||
September 30, 2017 | December 31, 2016 | ||||||
Carrying value of Zion Station pledged assets | $ | 57 | $ | 113 | |||
Payable to Zion Solutions(a) | 53 | 104 | |||||
Current portion of payable to Zion Solutions(b) | 53 | 90 | |||||
Cumulative withdrawals by Zion Solutions to pay decommissioning costs(c) | 928 | 878 |
Three Months Ended March 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exelon(a) | Generation(a) | ComEd(b) | PECO(b) | BGE(b),(c) | PHI(b) | Pepco(b) | DPL(b) | ACE(b) | ||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Federal statutory rate | 21.0% | 21.0% | 21.0% | 21.0% | 21.0% | 21.0% | 21.0% | 21.0% | 21.0% | |||||||||||||||||||||||||||||||||||||||||||||||
Increase (decrease) due to: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
State income taxes, net of Federal income tax benefit | 14.6 | 4.4 | 6.8 | (1.6) | (10.1) | 6.1 | 5.5 | 6.4 | 6.9 | |||||||||||||||||||||||||||||||||||||||||||||||
Qualified NDT fund income | (18.4) | (5.5) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||
Amortization of investment tax credit, including deferred taxes on basis difference | 2.4 | 0.6 | (0.1) | 0 | (0.1) | (0.1) | 0 | (0.2) | (0.2) | |||||||||||||||||||||||||||||||||||||||||||||||
Plant basis differences | 8.8 | 0 | (0.6) | (10.5) | (1.4) | (1.5) | (2.1) | (0.7) | (0.9) | |||||||||||||||||||||||||||||||||||||||||||||||
Production tax credits and other credits | 6.7 | 1.8 | (0.2) | 0 | (0.4) | (0.2) | (0.2) | (0.1) | (0.3) | |||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling interests | 0.6 | 0.2 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||
Excess deferred tax amortization | 27.9 | 0 | (6.9) | (3.2) | (15.5) | (19.3) | (15.1) | (18.5) | (28.7) | |||||||||||||||||||||||||||||||||||||||||||||||
Other(d) | (56.9) | (3.6) | (3.5) | (0.1) | (0.1) | (0.1) | 0.1 | 0.3 | 2.2 | |||||||||||||||||||||||||||||||||||||||||||||||
Effective income tax rate | 6.7% | 18.9% | 16.5% | 5.6% | (6.6)% | 5.9% | 9.2% | 8.2% | 0% |
Three Months Ended March 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Exelon(b) | Generation(e) | ComEd(b) | PECO(b) | BGE(b) | PHI(b) | Pepco(b) | DPL(b) | ACE(b) | |||||||||||||||||||||||||||||||||||||||||||||
U.S. Federal statutory rate | 21.0% | 21.0% | 21.0% | 21.0% | 21.0% | 21.0% | 21.0% | 21.0% | 21.0% | ||||||||||||||||||||||||||||||||||||||||||||
Increase (decrease) due to: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
State income taxes, net of Federal income tax benefit | 34.0 | 0.7 | 8.3 | 0.1 | 5.7 | 5.8 | 4.7 | 6.6 | 6.7 | ||||||||||||||||||||||||||||||||||||||||||||
Qualified NDT fund income | (235.8) | 36.4 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||
Amortization of investment tax credit, including deferred taxes on basis difference | (4.5) | 0.5 | (0.2) | 0 | (0.1) | (0.1) | 0 | (0.2) | (0.2) | ||||||||||||||||||||||||||||||||||||||||||||
Plant basis differences | (23.0) | 0 | (1.1) | (8.4) | (1.2) | (1.4) | (2.1) | (0.7) | (0.8) | ||||||||||||||||||||||||||||||||||||||||||||
Production tax credits and other credits | (9.9) | 1.3 | (0.2) | 0 | (0.2) | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling interests | 10.6 | (1.6) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||
Excess deferred tax amortization | (71.7) | 0 | (10.5) | (3.0) | (7.3) | (15.5) | (14.2) | (12.7) | (18.8) | ||||||||||||||||||||||||||||||||||||||||||||
Tax Settlements | (79.1) | 12.2 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||
Other | 12.5 | 0.6 | 0.3 | 0 | 0.6 | (0.6) | (0.6) | (0.5) | (0.8) | ||||||||||||||||||||||||||||||||||||||||||||
Effective income tax rate | (345.9)% | 71.1% | 17.6% | 9.7% | 18.5% | 9.2% | 8.8% | 13.5% | 7.1% |
0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
PHI | ACE | ||||||||||||||||||||||||||||
March 31, 2021 | $ | 52 | $ | 15 | |||||||||||||||||||||||||
December 31, 2020 | 52 | 15 |
Pension Benefits Three Months Ended September 30, | Other Postretirement Benefits Three Months Ended September 30, | ||||||||||||||
2017(a) | 2016(b) | 2017(a) | 2016(b) | ||||||||||||
Components of net periodic benefit cost: | |||||||||||||||
Service cost | $ | 98 | $ | 92 | $ | 26 | $ | 27 | |||||||
Interest cost | 211 | 215 | 45 | 47 | |||||||||||
Expected return on assets | (300 | ) | (293 | ) | (39 | ) | (42 | ) | |||||||
Amortization of: | |||||||||||||||
Prior service (benefit) cost | (1 | ) | 3 | (47 | ) | (48 | ) | ||||||||
Actuarial loss | 152 | 142 | 15 | 18 | |||||||||||
Settlement charges | 1 | — | — | — | |||||||||||
Net periodic benefit cost | $ | 161 | $ | 159 | $ | — | $ | 2 |
Pension Benefits Nine Months Ended September 30, | Other Postretirement Benefits Nine Months Ended September 30, | ||||||||||||||
2017(a) | 2016(b) | 2017(a) | 2016(b) | ||||||||||||
Components of net periodic benefit cost: | |||||||||||||||
Service cost | $ | 290 | $ | 262 | $ | 79 | $ | 80 | |||||||
Interest cost | 632 | 616 | 136 | 138 | |||||||||||
Expected return on assets | (898 | ) | (847 | ) | (121 | ) | (121 | ) | |||||||
Amortization of: | |||||||||||||||
Prior service cost (benefit) | — | 10 | (140 | ) | (138 | ) | |||||||||
Actuarial loss | 455 | 411 | 46 | 47 | |||||||||||
Settlement charges | 3 | — | — | — | |||||||||||
Net periodic benefit cost | $ | 482 | $ | 452 | $ | — | $ | 6 |
Predecessor | ||||||||||||||||||||||||||||||
PHI | Pension Benefits | OPEB | ||||||||||||||||||||||||||||
Pension Benefits | Other Postretirement Benefits | Three Months Ended March 31, | Three Months Ended March 31, | |||||||||||||||||||||||||||
January 1, 2016 to March 23, 2016 | January 1, 2016 to March 23, 2016 | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||
Components of net periodic benefit cost: | Components of net periodic benefit cost: | |||||||||||||||||||||||||||||
Service cost | $ | 12 | $ | 1 | Service cost | $ | 110 | $ | 97 | $ | 21 | $ | 23 | |||||||||||||||||
Interest cost | 26 | 6 | Interest cost | 161 | 189 | 28 | 38 | |||||||||||||||||||||||
Expected return on assets | (30 | ) | (5 | ) | Expected return on assets | (336) | (318) | (40) | (41) | |||||||||||||||||||||
Amortization of: | Amortization of: | |||||||||||||||||||||||||||||
Prior service cost (benefit) | — | (3 | ) | |||||||||||||||||||||||||||
Prior service cost (credit) | Prior service cost (credit) | 1 | 1 | (8) | (31) | |||||||||||||||||||||||||
Actuarial loss | 14 | 2 | Actuarial loss | 150 | 128 | 9 | 12 | |||||||||||||||||||||||
Curtailment benefits | Curtailment benefits | 0 | 0 | (1) | 0 | |||||||||||||||||||||||||
Net periodic benefit cost | $ | 22 | $ | 1 | Net periodic benefit cost | $ | 86 | $ | 97 | $ | 9 | $ | 1 |
Three Months Ended March 31, | ||||||||||||||||||||||||||
Pension and OPEB Costs | 2021 | 2020 | ||||||||||||||||||||||||
Exelon | $ | 95 | $ | 98 | ||||||||||||||||||||||
Generation | 26 | 27 | ||||||||||||||||||||||||
ComEd | 32 | 28 | ||||||||||||||||||||||||
PECO | 2 | 1 | ||||||||||||||||||||||||
BGE | 15 | 16 | ||||||||||||||||||||||||
PHI | 12 | 17 | ||||||||||||||||||||||||
Pepco | 2 | 3 | ||||||||||||||||||||||||
DPL | 1 | 1 | ||||||||||||||||||||||||
ACE | 3 | 3 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
Pension and Other Postretirement Benefit Costs | 2017 | 2016 | 2017 | 2016 | |||||||||||
Exelon | $ | 161 | $ | 161 | $ | 482 | $ | 458 | |||||||
Generation(a) | 57 | 54 | 170 | 163 | |||||||||||
ComEd | 44 | 41 | 131 | 124 | |||||||||||
PECO | 7 | 8 | 21 | 25 | |||||||||||
BGE | 16 | 17 | 48 | 51 | |||||||||||
BSC(b) | 13 | 13 | 40 | 37 | |||||||||||
Pepco(c) | 6 | 8 | 19 | 24 | |||||||||||
DPL(c) | 3 | 4 | 10 | 13 | |||||||||||
ACE(c) | 3 | 4 | 10 | 11 | |||||||||||
PHISCO(c)(d) | 12 | 12 | 33 | 33 |
Successor | Predecessor | |||||||||||||||||||
Pension and Other Postretirement Benefit Costs | Three Months Ended September 30, 2017 | Three Months Ended September 30, 2016 | Nine Months Ended September 30, 2017 | March 24, 2016 to September 30, 2016 | January 1, 2016 to March 23, 2016 | |||||||||||||||
PHI | $ | 24 | $ | 28 | $ | 72 | $ | 58 | $ | 23 |
Three Months Ended March 31, | ||||||||||||||||||||||||||
Savings Plans Matching Contributions | 2021 | 2020 | ||||||||||||||||||||||||
Exelon | $ | 33 | $ | 33 | ||||||||||||||||||||||
Generation | 13 | 13 | ||||||||||||||||||||||||
ComEd | 8 | 7 | ||||||||||||||||||||||||
PECO | 3 | 3 | ||||||||||||||||||||||||
BGE | 2 | 2 | ||||||||||||||||||||||||
PHI | 3 | 3 | ||||||||||||||||||||||||
Pepco | 1 | 1 | ||||||||||||||||||||||||
DPL | 1 | 1 | ||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
Savings Plan Matching Contributions | 2017 | 2016 | 2017 | 2016 | |||||||||||
Exelon | $ | 34 | $ | 51 | $ | 97 | $ | 107 | |||||||
Generation | 14 | 31 | 42 | 56 | |||||||||||
ComEd | 9 | 10 | 24 | 23 | |||||||||||
PECO | 3 | 3 | 7 | 7 | |||||||||||
BGE | 3 | 2 | 7 | 5 | |||||||||||
BSC(a) | 2 | 2 | 7 | 9 | |||||||||||
Pepco(b) | 1 | — | 3 | 2 | |||||||||||
DPL(b) | 1 | 1 | 2 | 2 | |||||||||||
ACE | — | — | 1 | 1 | |||||||||||
PHISCO(b)(c) | 1 | 2 | 4 | 5 |
Successor | Predecessor | |||||||||||||||||||
Savings Plan Matching Contributions | Three Months Ended September 30, 2017 | Three Months Ended September 30, 2016 | Nine Months Ended September 30, 2017 | March 24, 2016 to September 30, 2016 | January 1, 2016 to March 23, 2016 | |||||||||||||||
PHI | $ | 3 | $ | 3 | $ | 10 | $ | 7 | $ | 3 |
Successor | |||||||||||||||||||||||||||
Exelon | Generation(a) | ComEd(a) | PHI | Pepco(a) | DPL(a) | ACE(a) | |||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||||||
September 30, 2017 | $ | 1 | $ | — | $ | — | $ | 1 | $ | 1 | $ | — | $ | — | |||||||||||||
September 30, 2016 | 8 | 7 | — | 1 | — | — | — | ||||||||||||||||||||
Nine Months Ended | |||||||||||||||||||||||||||
September 30, 2017 | $ | 10 | $ | 4 | $ | 2 | $ | 4 | $ | 2 | $ | 1 | $ | 1 | |||||||||||||
September 30, 2016 | 12 | 10 | 1 | 1 | — | — | — |
Exelon | Generation | ComEd | PECO | BGE | |||||||||||||||
Three Months Ended | |||||||||||||||||||
September 30, 2017(a) | $ | 7 | $ | 7 | $ | — | $ | — | $ | — | |||||||||
September 30, 2016(b) | 1 | 1 | — | — | — | ||||||||||||||
Nine Months Ended | |||||||||||||||||||
September 30, 2017(a) | $ | 6 | $ | 6 | $ | — | $ | — | $ | — | |||||||||
September 30, 2016(b) | 18 | 13 | 3 | 1 | 1 |
Successor | |||||||||||||||||||||||||||||||||||
Exelon | Generation | ComEd | PECO | BGE | PHI | Pepco | DPL | ACE | |||||||||||||||||||||||||||
Nine Months Ended September 30, 2016 | |||||||||||||||||||||||||||||||||||
Severance costs(a) | $ | 55 | $ | 9 | $ | 2 | $ | 1 | $ | 1 | $ | 42 | $ | 20 | $ | 12 | $ | 10 |
Accounting Treatment | Hedging Instrument | ||||||||||
ComEd | Electricity | NPNS | Fixed price contracts based on all requirements in the IPA procurement plans. | ||||||||
Electricity | Changes in fair value of economic hedge recorded to an offsetting regulatory asset or liability(a) | 20-year floating-to-fixed energy swap contracts beginning June 2012 based on the renewable energy resource procurement requirements in the Illinois Settlement Legislation of approximately 1.3 million MWhs per year. | |||||||||
PECO | Electricity | NPNS | Fixed price contracts for | ||||||||
Gas | NPNS | Fixed price contracts to cover about 10% of planned natural gas purchases in support of projected firm sales. | |||||||||
BGE | Electricity | NPNS | Fixed price contracts for | ||||||||
Gas | NPNS | Fixed price contracts for between 10-20% of forecasted system supply requirements for flowing (i.e., non-storage) gas for the | |||||||||
Pepco | Electricity | NPNS | Fixed price contracts for all SOS requirements through full requirements contracts. | ||||||||
DPL | Electricity | NPNS | Fixed price contracts for all SOS requirements through full requirements contracts. | ||||||||
Gas | NPNS | Fixed and Index priced contracts through full requirements contracts. | |||||||||
Changes in fair value of economic hedge recorded to an offsetting regulatory asset or liability(b) | Exchange traded future contracts for up to 50% of estimated monthly purchase requirements each month, including purchases for storage injections. | ||||||||||
ACE | Electricity | NPNS | Fixed price contracts for all BGS requirements through full requirements contracts. |
Exelon | Generation | ComEd | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2021 | Total Derivatives | Economic Hedges | Proprietary Trading | Collateral(a)(b) | Netting(a) | Subtotal | Economic Hedges | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mark-to-market derivative assets (current assets) | $ | 569 | $ | 2,566 | $ | 28 | $ | 24 | $ | (2,049) | $ | 569 | $ | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mark-to-market derivative assets (noncurrent assets) | 488 | 1,400 | 5 | 45 | (962) | 488 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total mark-to-market derivative assets | 1,057 | 3,966 | 33 | 69 | (3,011) | 1,057 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mark-to-market derivative liabilities (current liabilities) | (418) | (2,472) | (13) | 49 | 2,049 | (387) | (31) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mark-to-market derivative liabilities (noncurrent liabilities) | (454) | (1,179) | (1) | 28 | 962 | (190) | (264) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total mark-to-market derivative liabilities | (872) | (3,651) | (14) | 77 | 3,011 | (577) | (295) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total mark-to-market derivative net assets (liabilities) | $ | 185 | $ | 315 | $ | 19 | $ | 146 | $ | 0 | $ | 480 | $ | (295) |
Successor | |||||||||||||||||||||||||||||||||||
Severance Liability | Exelon | Generation | ComEd | PECO | BGE | PHI | Pepco | DPL | ACE | ||||||||||||||||||||||||||
Balance at December 31, 2016 | $ | 88 | $ | 36 | $ | 3 | $ | — | $ | — | $ | 29 | $ | — | $ | — | $ | — | |||||||||||||||||
Severance charges(a) | 33 | 25 | 1 | — | — | 3 | — | — | — | ||||||||||||||||||||||||||
Payments | (24 | ) | (7 | ) | (1 | ) | — | — | (11 | ) | — | — | — | ||||||||||||||||||||||
Balance at September 30, 2017 | $ | 97 | $ | 54 | $ | 3 | $ | — | $ | — | $ | 21 | $ | — | $ | — | $ | — |
Exelon | Generation | ComEd | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2020 | Total Derivatives | Economic Hedges | Proprietary Trading | Collateral(a)(b) | Netting(a) | Subtotal | Economic Hedges | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mark-to-market derivative assets (current assets) | $ | 639 | $ | 2,757 | $ | 40 | $ | 103 | $ | (2,261) | $ | 639 | $ | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mark-to-market derivative assets (noncurrent assets) | 554 | 1,501 | 4 | 64 | (1,015) | 554 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total mark-to-market derivative assets | 1,193 | 4,258 | 44 | 167 | (3,276) | 1,193 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mark-to-market derivative liabilities (current liabilities) | (293) | (2,629) | (23) | 131 | 2,261 | (260) | (33) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mark-to-market derivative liabilities (noncurrent liabilities) | (472) | (1,335) | (2) | 118 | 1,015 | (204) | (268) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total mark-to-market derivative liabilities | (765) | (3,964) | (25) | 249 | 3,276 | (464) | (301) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total mark-to-market derivative net assets (liabilities) | $ | 428 | $ | 294 | $ | 19 | $ | 416 | $ | 0 | $ | 729 | $ | (301) |
Three Months Ended March 31, | ||||||||||||||||||||||||||
2021 | 2020 | |||||||||||||||||||||||||
Income Statement Location | Gain (Loss) | |||||||||||||||||||||||||
Operating revenues | $ | (83) | $ | 175 | ||||||||||||||||||||||
Purchased power and fuel | 265 | (47) | ||||||||||||||||||||||||
Total Exelon and Generation | $ | 182 | $ | 128 |
Nine Months Ended September 30, 2017 | Gains and (losses) on Cash Flow Hedges | Unrealized Gains and (losses) on Marketable Securities | Pension and Non-Pension Postretirement Benefit Plan Items | Foreign Currency Items | AOCI of Equity Investments | Total | |||||||||||||||||
Exelon(a) | |||||||||||||||||||||||
Beginning balance | $ | (17 | ) | $ | 4 | $ | (2,610 | ) | $ | (30 | ) | $ | (7 | ) | $ | (2,660 | ) | ||||||
OCI before reclassifications | 2 | 2 | (55 | ) | 7 | 7 | (37 | ) | |||||||||||||||
Amounts reclassified from AOCI(b) | 3 | — | 105 | — | — | 108 | |||||||||||||||||
Net current-period OCI | 5 | 2 | 50 | 7 | 7 | 71 | |||||||||||||||||
Ending balance | $ | (12 | ) | $ | 6 | $ | (2,560 | ) | $ | (23 | ) | $ | — | $ | (2,589 | ) | |||||||
Generation(a) | |||||||||||||||||||||||
Beginning balance | $ | (19 | ) | $ | 2 | $ | — | $ | (30 | ) | $ | (7 | ) | $ | (54 | ) | |||||||
OCI before reclassifications | 2 | — | — | 7 | 6 | 15 | |||||||||||||||||
Amounts reclassified from AOCI(b) | 3 | — | — | — | — | 3 | |||||||||||||||||
Net current-period OCI | 5 | — | — | 7 | 6 | 18 | |||||||||||||||||
Ending balance | $ | (14 | ) | $ | 2 | $ | — | $ | (23 | ) | $ | (1 | ) | $ | (36 | ) | |||||||
PECO(a) | |||||||||||||||||||||||
Beginning balance | $ | — | $ | 1 | $ | — | $ | — | $ | — | $ | 1 | |||||||||||
OCI before reclassifications | — | — | — | — | — | — | |||||||||||||||||
Amounts reclassified from AOCI(b) | — | — | — | — | — | — | |||||||||||||||||
Net current-period OCI | — | — | — | — | — | — | |||||||||||||||||
Ending balance | $ | — | $ | 1 | $ | — | $ | — | $ | — | $ | 1 |
Nine Months Ended September 30, 2016 | Gains and (losses) on Cash Flow Hedges | Unrealized Gains and (losses) on Marketable Securities | Pension and Non-Pension Postretirement Benefit Plan Items | Foreign Currency Items | AOCI of Equity Investments | Total | |||||||||||||||||
Exelon(a) | |||||||||||||||||||||||
Beginning balance | $ | (19 | ) | $ | 3 | $ | (2,565 | ) | $ | (40 | ) | $ | (3 | ) | $ | (2,624 | ) | ||||||
OCI before reclassifications | (9 | ) | — | (2 | ) | 3 | (5 | ) | (13 | ) | |||||||||||||
Amounts reclassified from AOCI(b) | 5 | — | 104 | 5 | — | 114 | |||||||||||||||||
Net current-period OCI | (4 | ) | — | 102 | 8 | (5 | ) | 101 | |||||||||||||||
Ending balance | $ | (23 | ) | $ | 3 | $ | (2,463 | ) | $ | (32 | ) | $ | (8 | ) | $ | (2,523 | ) | ||||||
Generation(a) | |||||||||||||||||||||||
Beginning balance | $ | (21 | ) | $ | 1 | $ | — | $ | (40 | ) | $ | (3 | ) | $ | (63 | ) | |||||||
OCI before reclassifications | (8 | ) | 1 | — | 3 | 1 | (3 | ) | |||||||||||||||
Amounts reclassified from AOCI(b) | 5 | — | — | 5 | — | 10 | |||||||||||||||||
Net current-period OCI | (3 | ) | 1 | — | 8 | 1 | 7 | ||||||||||||||||
Ending balance | $ | (24 | ) | $ | 2 | $ | — | $ | (32 | ) | $ | (2 | ) | $ | (56 | ) | |||||||
PECO(a) | |||||||||||||||||||||||
Beginning balance | $ | — | $ | 1 | $ | — | $ | — | $ | — | $ | 1 | |||||||||||
OCI before reclassifications | — | — | — | — | — | — | |||||||||||||||||
Amounts reclassified from AOCI(b) | — | — | — | — | — | — | |||||||||||||||||
Net current-period OCI | — | — | — | — | — | — | |||||||||||||||||
Ending balance | $ | — | $ | 1 | $ | — | $ | — | $ | — | $ | 1 | |||||||||||
PHI Predecessor(a) | |||||||||||||||||||||||
Beginning balance January 1, 2016 | $ | (8 | ) | $ | — | $ | (28 | ) | $ | — | $ | — | $ | (36 | ) | ||||||||
OCI before reclassifications | — | — | — | — | — | — | |||||||||||||||||
Amounts reclassified from AOCI(b) | — | — | 1 | — | — | 1 | |||||||||||||||||
Net current-period OCI | — | — | 1 | — | — | 1 | |||||||||||||||||
Ending balance March 23, 2016(c) | $ | (8 | ) | $ | — | $ | (27 | ) | $ | — | $ | — | $ | (35 | ) |
Rating as of March 31, 2021 | Total Exposure Before Credit Collateral | Credit Collateral(a) | Net Exposure | Number of Counterparties Greater than 10% of Net Exposure | Net Exposure of Counterparties Greater than 10% of Net Exposure | |||||||||||||||||||||||||||
Investment grade | $ | 431 | $ | 31 | $ | 400 | 0 | $ | 0 | |||||||||||||||||||||||
Non-investment grade | 43 | 4 | 39 | |||||||||||||||||||||||||||||
No external ratings | ||||||||||||||||||||||||||||||||
Internally rated — investment grade | 146 | 1 | 145 | |||||||||||||||||||||||||||||
Internally rated — non-investment grade | 70 | 25 | 45 | |||||||||||||||||||||||||||||
Total | $ | 690 | $ | 61 | $ | 629 | 0 | $ | 0 |
Net Credit Exposure by Type of Counterparty | As of March 31, 2021 | |||||||
Investor-owned utilities, marketers, power producers | $ | 451 | ||||||
Energy cooperatives and municipalities | 123 | |||||||
Other | 55 | |||||||
Total | $ | 629 |
Details about AOCI components | Items reclassified out of AOCI(a) | Affected line item in the Statement of Operations and Comprehensive Income | ||||||||
Exelon | Generation | |||||||||
Gains (losses) on cash flow hedges | ||||||||||
Other cash flow hedges | $ | 2 | $ | 2 | Interest expense | |||||
Total before tax | 2 | 2 | ||||||||
Tax benefit | (1 | ) | (1 | ) | ||||||
Net of tax | $ | 1 | $ | 1 | Comprehensive income | |||||
Amortization of pension and other postretirement benefit plan items | ||||||||||
Prior service costs(b) | $ | 23 | $ | — | ||||||
Actuarial losses(b) | (81 | ) | — | |||||||
Total before tax | (58 | ) | — | |||||||
Tax benefit | 23 | — | ||||||||
Net of tax | $ | (35 | ) | $ | — | |||||
Total Reclassifications for the period | $ | (34 | ) | $ | 1 | Comprehensive income |
Details about AOCI components | Items reclassified out of AOCI(a) | Affected line item in the Statement of Operations and Comprehensive Income | ||||||||
Exelon | Generation | |||||||||
Gains and (losses) on cash flow hedges | ||||||||||
Other cash flow hedges | $ | (5 | ) | $ | (5 | ) | Interest expense | |||
Total before tax | (5 | ) | (5 | ) | ||||||
Tax benefit | 2 | 2 | ||||||||
Net of tax | $ | (3 | ) | $ | (3 | ) | Comprehensive income | |||
Amortization of pension and other postretirement benefit plan items | ||||||||||
Prior service costs(b) | $ | 69 | $ | — | ||||||
Actuarial losses(b) | (243 | ) | — | |||||||
Total before tax | (174 | ) | — | |||||||
Tax benefit | 69 | — | ||||||||
Net of tax | $ | (105 | ) | $ | — | |||||
Total Reclassifications | $ | (108 | ) | $ | (3 | ) | Comprehensive income |
Details about AOCI components | Items reclassified out of AOCI(a) | Affected line item in the Statement of Operations and Comprehensive Income | ||||||||
Exelon | Generation | |||||||||
Gains and (losses) on cash flow hedges | ||||||||||
Other cash flow hedges | $ | (3 | ) | $ | (3 | ) | Interest expense | |||
Total before tax | (3 | ) | (3 | ) | ||||||
Tax expense | 1 | 1 | ||||||||
Net of tax | $ | (2 | ) | $ | (2 | ) | Comprehensive income | |||
Amortization of pension and other postretirement benefit plan items | ||||||||||
Prior service costs(b) | $ | 19 | $ | — | ||||||
Actuarial losses(b) | (76 | ) | — | |||||||
Total before tax | (57 | ) | — | |||||||
Tax benefit | 22 | — | ||||||||
Net of tax | $ | (35 | ) | $ | — | |||||
Gains and (losses) on foreign currency translation | ||||||||||
Other | $ | (5 | ) | $ | (5 | ) | Other Income and (deductions) | |||
Total before tax | (5 | ) | (5 | ) | ||||||
Tax expense | — | — | ||||||||
Net of tax | $ | (5 | ) | $ | (5 | ) | Comprehensive income | |||
Total Reclassifications for the period | $ | (42 | ) | $ | (7 | ) | Comprehensive income |
Credit-Risk Related Contingent Features | March 31, 2021 | December 31, 2020 | ||||||||||||
Gross fair value of derivative contracts containing this feature(a) | $ | (948) | $ | (834) | ||||||||||
Offsetting fair value of in-the-money contracts under master netting arrangements(b) | 518 | 537 | ||||||||||||
Net fair value of derivative contracts containing this feature(c) | $ | (430) | $ | (297) |
March 31, 2021 | December 31, 2020 | |||||||||||||
Cash collateral posted | $ | 232 | $ | 511 | ||||||||||
Letters of credit posted | 242 | 226 | ||||||||||||
Cash collateral held | 101 | 110 | ||||||||||||
Letters of credit held | 41 | 40 | ||||||||||||
Additional collateral required in the event of a credit downgrade below investment grade | 1,379 | 1,432 |
Outstanding Commercial Paper as of | Average Interest Rate on Commercial Paper Borrowings as of | ||||||||||||||||||||||
Commercial Paper Issuer | March 31, 2021 | December 31, 2020 | March 31, 2021 | December 31, 2020 | |||||||||||||||||||
Exelon(a)(b) | $ | 1,628 | $ | 1,031 | 0.52 | % | 0.25 | % | |||||||||||||||
Generation(b) | 1,337 | 340 | 0.60 | % | 0.27 | % | |||||||||||||||||
ComEd | 135 | 323 | 0.16 | % | 0.23 | % | |||||||||||||||||
BGE | 156 | 0 | 0.15 | % | 0 | % | |||||||||||||||||
PHI(c) | 0 | 368 | 0 | % | 0.24 | % | |||||||||||||||||
Pepco | 0 | 35 | 0 | % | 0.22 | % | |||||||||||||||||
DPL | 0 | 146 | 0 | % | 0.24 | % | |||||||||||||||||
ACE | 0 | 187 | 0 | % | 0.25 | % |
Details about AOCI components | Items reclassified out of AOCI(a) | Affected line item in the Statement of Operations and Comprehensive Income | ||||||||||||
Predecessor | ||||||||||||||
Exelon | Generation | PHI | ||||||||||||
Gains and (losses) on cash flow hedges | ||||||||||||||
Other cash flow hedges | $ | (8 | ) | $ | (8 | ) | $ | — | Interest expense | |||||
Total before tax | (8 | ) | (8 | ) | — | |||||||||
Tax benefit | 3 | 3 | — | |||||||||||
Net of tax | $ | (5 | ) | $ | (5 | ) | $ | — | Comprehensive income | |||||
Amortization of pension and other postretirement benefit plan items | ||||||||||||||
Prior service costs(b) | $ | 57 | $ | — | $ | — | ||||||||
Actuarial losses(b) | (227 | ) | — | (1 | ) | |||||||||
Total before tax | (170 | ) | — | (1 | ) | |||||||||
Tax benefit | 66 | — | — | |||||||||||
Net of tax | $ | (104 | ) | $ | — | $ | (1 | ) | ||||||
Gains and (losses) on foreign currency translation | ||||||||||||||
Other | $ | (5 | ) | $ | (5 | ) | $ | — | Other income and (deductions) | |||||
Total before tax | (5 | ) | (5 | ) | — | |||||||||
Tax expense | — | — | — | |||||||||||
Net of tax | $ | (5 | ) | $ | (5 | ) | $ | — | ||||||
Total Reclassifications | $ | (114 | ) | $ | (10 | ) | $ | (1 | ) | Comprehensive income |
Company | Type | Interest Rate | Maturity | Amount | Use of Proceeds | ||||||||||||||||||||||||||||||
Exelon | Long-Term Software License Agreements | 3.62 | % | December 1, 2025 | $ | 4 | Procurement of software licenses. | ||||||||||||||||||||||||||||
Generation | Energy Efficiency Project Financing(a) | 2.53 | % | May 31, 2021 | 1 | Funding to install energy conservation measures for the Fort AP Hill project. | |||||||||||||||||||||||||||||
ComEd | First Mortgage Bonds, Series 130 | 3.13 | % | March 15, 2051 | 700 | Repay a portion of outstanding commercial paper obligations and two outstanding term loans, and to fund other general corporate purposes. | |||||||||||||||||||||||||||||
PECO | First and Refunding Mortgage Bonds | 3.05 | % | March 15, 2051 | 375 | Funding for general corporate purposes. | |||||||||||||||||||||||||||||
Pepco(b) | First Mortgage Bonds | 2.32 | % | March 30, 2031 | 150 | Repay existing indebtedness and for general corporate purposes. | |||||||||||||||||||||||||||||
DPL | First Mortgage Bonds | 3.24 | % | March 30, 2051 | 125 | Repay existing indebtedness and for general corporate purposes. | |||||||||||||||||||||||||||||
ACE | First Mortgage Bonds | 2.30 | % | March 15, 2031 | 350 | Refinance existing indebtedness, repay outstanding commercial paper obligations, and for general corporate purposes. | |||||||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Exelon | |||||||||||||||
Pension and non-pension postretirement benefit plans: | |||||||||||||||
Prior service benefit reclassified to periodic benefit cost | $ | 9 | $ | 7 | $ | 27 | $ | 22 | |||||||
Actuarial loss reclassified to periodic benefit cost | (32 | ) | (29 | ) | (96 | ) | (88 | ) | |||||||
Pension and non-pension postretirement benefit plans valuation adjustment | — | 1 | 2 | 1 | |||||||||||
Change in unrealized (loss)/gain on cash flow hedges | — | (1 | ) | (3 | ) | 3 | |||||||||
Change in unrealized (loss)/gain on equity investments | 1 | — | (2 | ) | 3 | ||||||||||
Change in unrealized (loss)/gain on marketable securities | — | (1 | ) | (2 | ) | (1 | ) | ||||||||
Total | $ | (22 | ) | $ | (23 | ) | $ | (74 | ) | $ | (60 | ) | |||
Generation | |||||||||||||||
Change in unrealized (loss)/gain on cash flow hedges | $ | — | $ | (2 | ) | $ | (3 | ) | $ | 1 | |||||
Change in unrealized (loss)/gain on equity investments | — | — | (2 | ) | 3 | ||||||||||
Change in unrealized gain on marketable securities | — | — | (1 | ) | — | ||||||||||
Total | $ | — | $ | (2 | ) | $ | (6 | ) | $ | 4 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Exelon | |||||||||||||||
Net income attributable to common shareholders | $ | 824 | $ | 490 | $ | 1,899 | $ | 930 | |||||||
Weighted average common shares outstanding — basic | 962 | 925 | 941 | 924 | |||||||||||
Assumed exercise and/or distributions of stock-based awards | 3 | 2 | 2 | 2 | |||||||||||
Weighted average common shares outstanding — diluted | 965 | 927 | 943 | 926 |
March 31, 2021 | December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||
Carrying Amount | Fair Value | Carrying Amount | Fair Value | |||||||||||||||||||||||||||||||||||||||||||||||
Level 2 | Level 3 | Total | Level 2 | Level 3 | Total | |||||||||||||||||||||||||||||||||||||||||||||
Long-Term Debt, including amounts due within one year(a) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Exelon | $ | 38,529 | $ | 39,255 | $ | 3,115 | $ | 42,370 | $ | 36,912 | $ | 40,688 | $ | 3,064 | $ | 43,752 | ||||||||||||||||||||||||||||||||||
Generation | 6,060 | 5,497 | 1,158 | 6,655 | 6,087 | 5,648 | 1,208 | 6,856 | ||||||||||||||||||||||||||||||||||||||||||
ComEd | 9,674 | 10,853 | 0 | 10,853 | 8,983 | 11,117 | 0 | 11,117 | ||||||||||||||||||||||||||||||||||||||||||
PECO | 4,125 | 4,491 | 50 | 4,541 | 3,753 | 4,553 | 50 | 4,603 | ||||||||||||||||||||||||||||||||||||||||||
BGE | 3,665 | 3,991 | 0 | 3,991 | 3,664 | 4,366 | 0 | 4,366 | ||||||||||||||||||||||||||||||||||||||||||
PHI | 7,577 | 6,050 | 1,907 | 7,957 | 7,006 | 6,099 | 1,806 | 7,905 | ||||||||||||||||||||||||||||||||||||||||||
Pepco | 3,317 | 3,112 | 823 | 3,935 | 3,165 | 3,336 | 748 | 4,084 | ||||||||||||||||||||||||||||||||||||||||||
DPL | 1,802 | 1,386 | 524 | 1,910 | 1,677 | 1,484 | 455 | 1,939 | ||||||||||||||||||||||||||||||||||||||||||
ACE | 1,718 | 1,302 | 560 | 1,862 | 1,413 | 1,018 | 602 | 1,620 | ||||||||||||||||||||||||||||||||||||||||||
Long-Term Debt to Financing Trusts(a) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Exelon | $ | 390 | $ | 0 | $ | 465 | $ | 465 | $ | 390 | $ | 0 | $ | 467 | $ | 467 | ||||||||||||||||||||||||||||||||||
ComEd | 205 | 0 | 243 | 243 | 205 | 0 | 246 | 246 | ||||||||||||||||||||||||||||||||||||||||||
PECO | 184 | 0 | 222 | 222 | 184 | 0 | 221 | 221 | ||||||||||||||||||||||||||||||||||||||||||
SNF Obligation | ||||||||||||||||||||||||||||||||||||||||||||||||||
Exelon | $ | 1,208 | $ | 979 | $ | 0 | $ | 979 | $ | 1,208 | $ | 909 | $ | 0 | $ | 909 | ||||||||||||||||||||||||||||||||||
Generation | 1,208 | 979 | 0 | 979 | 1,208 | 909 | 0 | 909 |
Exelon | Generation | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
As of March 31, 2021 | Level 1 | Level 2 | Level 3 | Not subject to leveling | Total | Level 1 | Level 2 | Level 3 | Not subject to leveling | Total | |||||||||||||||||||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash equivalents(a) | $ | 968 | $ | 0 | $ | 0 | $ | 0 | $ | 968 | $ | 125 | $ | 0 | $ | 0 | $ | 0 | $ | 125 | |||||||||||||||||||||||||||||||||||||||
NDT fund investments | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash equivalents(b) | 509 | 95 | 0 | 0 | 604 | 509 | 95 | 0 | 0 | 604 | |||||||||||||||||||||||||||||||||||||||||||||||||
Equities | 4,439 | 1,574 | 0 | 1,555 | 7,568 | 4,439 | 1,574 | 0 | 1,555 | 7,568 | |||||||||||||||||||||||||||||||||||||||||||||||||
Fixed income | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate debt(c) | 0 | 1,023 | 283 | 0 | 1,306 | 0 | 1,023 | 283 | 0 | 1,306 | |||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury and agencies | 2,030 | 41 | 0 | 0 | 2,071 | 2,030 | 41 | 0 | 0 | 2,071 | |||||||||||||||||||||||||||||||||||||||||||||||||
Foreign governments | 0 | 51 | 0 | 0 | 51 | 0 | 51 | 0 | 0 | 51 | |||||||||||||||||||||||||||||||||||||||||||||||||
State and municipal debt | 0 | 40 | 0 | 0 | 40 | 0 | 40 | 0 | 0 | 40 | |||||||||||||||||||||||||||||||||||||||||||||||||
Other | 40 | 35 | 0 | 1,285 | 1,360 | 40 | 35 | 0 | 1,285 | 1,360 | |||||||||||||||||||||||||||||||||||||||||||||||||
Fixed income subtotal | 2,070 | 1,190 | 283 | 1,285 | 4,828 | 2,070 | 1,190 | 283 | 1,285 | 4,828 | |||||||||||||||||||||||||||||||||||||||||||||||||
Private credit | 0 | 0 | 196 | 617 | 813 | 0 | 0 | 196 | 617 | 813 | |||||||||||||||||||||||||||||||||||||||||||||||||
Private equity | 0 | 0 | 0 | 532 | 532 | 0 | 0 | 0 | 532 | 532 | |||||||||||||||||||||||||||||||||||||||||||||||||
Real estate | 0 | 0 | 0 | 686 | 686 | 0 | 0 | 0 | 686 | 686 | |||||||||||||||||||||||||||||||||||||||||||||||||
NDT fund investments subtotal(d)(e) | 7,018 | 2,859 | 479 | 4,675 | 15,031 | 7,018 | 2,859 | 479 | 4,675 | 15,031 | |||||||||||||||||||||||||||||||||||||||||||||||||
Rabbi trust investments | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash equivalents | 60 | 0 | 0 | 0 | 60 | 4 | 0 | 0 | 0 | 4 | |||||||||||||||||||||||||||||||||||||||||||||||||
Mutual funds | 95 | 0 | 0 | 0 | 95 | 31 | 0 | 0 | 0 | 31 | |||||||||||||||||||||||||||||||||||||||||||||||||
Fixed income | 0 | 10 | 0 | 0 | 10 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||
Life insurance contracts | 0 | 89 | 35 | 0 | 124 | 0 | 29 | 0 | 0 | 29 | |||||||||||||||||||||||||||||||||||||||||||||||||
Rabbi trust investments subtotal | 155 | 99 | 35 | 0 | 289 | 35 | 29 | 0 | 0 | 64 | |||||||||||||||||||||||||||||||||||||||||||||||||
Investments in equities(f) | 177 | 0 | 0 | 0 | 177 | 177 | 0 | 0 | 0 | 177 | |||||||||||||||||||||||||||||||||||||||||||||||||
Commodity derivative assets | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Economic hedges | 478 | 1,748 | 1,740 | 0 | 3,966 | 478 | 1,748 | 1,740 | 0 | 3,966 | |||||||||||||||||||||||||||||||||||||||||||||||||
Proprietary trading | 0 | 16 | 17 | 0 | 33 | 0 | 16 | 17 | 0 | 33 | |||||||||||||||||||||||||||||||||||||||||||||||||
Effect of netting and allocation of collateral(g)(h) | (356) | (1,387) | (1,199) | 0 | (2,942) | (356) | (1,387) | (1,199) | 0 | (2,942) | |||||||||||||||||||||||||||||||||||||||||||||||||
Commodity derivative assets subtotal | 122 | 377 | 558 | 0 | 1,057 | 122 | 377 | 558 | 0 | 1,057 | |||||||||||||||||||||||||||||||||||||||||||||||||
DPP consideration | 0 | 401 | 0 | 0 | 401 | 0 | 401 | 0 | 0 | 401 |
Exelon | Generation | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
As of March 31, 2021 | Level 1 | Level 2 | Level 3 | Not subject to leveling | Total | Level 1 | Level 2 | Level 3 | Not subject to leveling | Total | |||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | 8,440 | 3,736 | 1,072 | 4,675 | 17,923 | 7,477 | 3,666 | 1,037 | 4,675 | 16,855 | |||||||||||||||||||||||||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commodity derivative liabilities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Economic hedges | (359) | (1,642) | (1,945) | 0 | (3,946) | (359) | (1,642) | (1,650) | 0 | (3,651) | |||||||||||||||||||||||||||||||||||||||||||||||||
Proprietary trading | 0 | (9) | (5) | 0 | (14) | 0 | (9) | (5) | 0 | (14) | |||||||||||||||||||||||||||||||||||||||||||||||||
Effect of netting and allocation of collateral(g)(h) | 252 | 1,532 | 1,304 | 0 | 3,088 | 252 | 1,532 | 1,304 | 0 | 3,088 | |||||||||||||||||||||||||||||||||||||||||||||||||
Commodity derivative liabilities subtotal | (107) | (119) | (646) | 0 | (872) | (107) | (119) | (351) | 0 | (577) | |||||||||||||||||||||||||||||||||||||||||||||||||
Deferred compensation obligation | 0 | (146) | 0 | 0 | (146) | 0 | (43) | 0 | 0 | (43) | |||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities | (107) | (265) | (646) | 0 | (1,018) | (107) | (162) | (351) | 0 | (620) | |||||||||||||||||||||||||||||||||||||||||||||||||
Total net assets | $ | 8,333 | $ | 3,471 | $ | 426 | $ | 4,675 | $ | 16,905 | $ | 7,370 | $ | 3,504 | $ | 686 | $ | 4,675 | $ | 16,235 |
Exelon | Generation | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
As of December 31, 2020 | Level 1 | Level 2 | Level 3 | Not subject to leveling | Total | Level 1 | Level 2 | Level 3 | Not subject to leveling | Total | |||||||||||||||||||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash equivalents(a) | $ | 686 | $ | 0 | $ | 0 | $ | 0 | $ | 686 | $ | 124 | $ | 0 | $ | 0 | $ | 0 | $ | 124 | |||||||||||||||||||||||||||||||||||||||
NDT fund investments | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash equivalents(b) | 210 | 95 | 0 | 0 | 305 | 210 | 95 | 0 | 0 | 305 | |||||||||||||||||||||||||||||||||||||||||||||||||
Equities | 3,886 | 2,077 | 0 | 1,562 | 7,525 | 3,886 | 2,077 | 0 | 1,562 | 7,525 | |||||||||||||||||||||||||||||||||||||||||||||||||
Fixed income | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate debt(c) | 0 | 1,485 | 285 | 0 | 1,770 | 0 | 1,485 | 285 | 0 | 1,770 | |||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury and agencies | 1,871 | 126 | 0 | 0 | 1,997 | 1,871 | 126 | 0 | 0 | 1,997 | |||||||||||||||||||||||||||||||||||||||||||||||||
Foreign governments | 0 | 56 | 0 | 0 | 56 | 0 | 56 | 0 | 0 | 56 | |||||||||||||||||||||||||||||||||||||||||||||||||
State and municipal debt | 0 | 101 | 0 | 0 | 101 | 0 | 101 | 0 | 0 | 101 | |||||||||||||||||||||||||||||||||||||||||||||||||
Other | 0 | 41 | 0 | 961 | 1,002 | 0 | 41 | 0 | 961 | 1,002 | |||||||||||||||||||||||||||||||||||||||||||||||||
Fixed income subtotal | 1,871 | 1,809 | 285 | 961 | 4,926 | 1,871 | 1,809 | 285 | 961 | 4,926 | |||||||||||||||||||||||||||||||||||||||||||||||||
Private credit | 0 | 0 | 212 | 629 | 841 | 0 | 0 | 212 | 629 | 841 | |||||||||||||||||||||||||||||||||||||||||||||||||
Private equity | 0 | 0 | 0 | 504 | 504 | 0 | 0 | 0 | 504 | 504 | |||||||||||||||||||||||||||||||||||||||||||||||||
Real estate | 0 | 0 | 0 | 679 | 679 | 0 | 0 | 0 | 679 | 679 | |||||||||||||||||||||||||||||||||||||||||||||||||
NDT fund investments subtotal(d)(e) | 5,967 | 3,981 | 497 | 4,335 | 14,780 | 5,967 | 3,981 | 497 | 4,335 | 14,780 | |||||||||||||||||||||||||||||||||||||||||||||||||
Rabbi trust investments | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash equivalents | 60 | 0 | 0 | 0 | 60 | 4 | 0 | 0 | 0 | 4 | |||||||||||||||||||||||||||||||||||||||||||||||||
Mutual funds | 91 | 0 | 0 | 0 | 91 | 29 | 0 | 0 | 0 | 29 | |||||||||||||||||||||||||||||||||||||||||||||||||
Fixed income | 0 | 11 | 0 | 0 | 11 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||
Life insurance contracts | 0 | 87 | 34 | 0 | 121 | 0 | 28 | 0 | 0 | 28 | |||||||||||||||||||||||||||||||||||||||||||||||||
Rabbi trust investments subtotal | 151 | 98 | 34 | 0 | 283 | 33 | 28 | 0 | 0 | 61 | |||||||||||||||||||||||||||||||||||||||||||||||||
Investments in equities(f) | 195 | 0 | 0 | 0 | 195 | 195 | 0 | 0 | 0 | 195 | |||||||||||||||||||||||||||||||||||||||||||||||||
Commodity derivative assets | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Economic hedges | 745 | 1,914 | 1,599 | 0 | 4,258 | 745 | 1,914 | 1,599 | 0 | 4,258 | |||||||||||||||||||||||||||||||||||||||||||||||||
Proprietary trading | 0 | 17 | 27 | 0 | 44 | 0 | 17 | 27 | 0 | 44 | |||||||||||||||||||||||||||||||||||||||||||||||||
Effect of netting and allocation of collateral(g)(h) | (607) | (1,597) | (905) | 0 | (3,109) | (607) | (1,597) | (905) | 0 | (3,109) | |||||||||||||||||||||||||||||||||||||||||||||||||
Commodity derivative assets subtotal | 138 | 334 | 721 | 0 | 1,193 | 138 | 334 | 721 | 0 | 1,193 | |||||||||||||||||||||||||||||||||||||||||||||||||
DPP consideration | 0 | 639 | 0 | 0 | 639 | 0 | 639 | 0 | 0 | 639 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | 7,137 | 5,052 | 1,252 | 4,335 | 17,776 | 6,457 | 4,982 | 1,218 | 4,335 | 16,992 | |||||||||||||||||||||||||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commodity derivative liabilities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Economic hedges | (682) | (1,928) | (1,655) | 0 | (4,265) | (682) | (1,928) | (1,354) | 0 | (3,964) | |||||||||||||||||||||||||||||||||||||||||||||||||
Proprietary trading | 0 | (21) | (4) | 0 | (25) | 0 | (21) | (4) | 0 | (25) | |||||||||||||||||||||||||||||||||||||||||||||||||
Effect of netting and allocation of collateral(g)(h) | 540 | 1,918 | 1,067 | 0 | 3,525 | 540 | 1,918 | 1,067 | 0 | 3,525 | |||||||||||||||||||||||||||||||||||||||||||||||||
Commodity derivative liabilities subtotal | (142) | (31) | (592) | 0 | (765) | (142) | (31) | (291) | 0 | (464) | |||||||||||||||||||||||||||||||||||||||||||||||||
Deferred compensation obligation | 0 | (145) | 0 | 0 | (145) | 0 | (42) | 0 | 0 | (42) | |||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities | (142) | (176) | (592) | 0 | (910) | (142) | (73) | (291) | 0 | (506) | |||||||||||||||||||||||||||||||||||||||||||||||||
Total net assets | $ | 6,995 | $ | 4,876 | $ | 660 | $ | 4,335 | $ | 16,866 | $ | 6,315 | $ | 4,909 | $ | 927 | $ | 4,335 | $ | 16,486 |
ComEd | PECO | BGE | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
As of March 31, 2021 | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash equivalents(a) | $ | 300 | $ | 0 | $ | 0 | $ | 300 | $ | 7 | $ | 0 | $ | 0 | $ | 7 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | |||||||||||||||||||||||||||||||||||||||||||||||
Rabbi trust investments | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mutual funds | 0 | 0 | 0 | 0 | 9 | 0 | 0 | 9 | 11 | 0 | 0 | 11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Life insurance contracts | 0 | 0 | 0 | 0 | 0 | 13 | 0 | 13 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Rabbi trust investments subtotal | 0 | 0 | 0 | 0 | 9 | 13 | 0 | 22 | 11 | 0 | 0 | 11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | 300 | 0 | 0 | 300 | 16 | 13 | 0 | 29 | 11 | 0 | 0 | 11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred compensation obligation | 0 | (8) | 0 | (8) | 0 | (9) | 0 | (9) | 0 | (6) | 0 | (6) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mark-to-market derivative liabilities(b) | 0 | 0 | (295) | (295) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities | 0 | (8) | (295) | (303) | 0 | (9) | 0 | (9) | 0 | (6) | 0 | (6) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total net assets (liabilities) | $ | 300 | $ | (8) | $ | (295) | $ | (3) | $ | 16 | $ | 4 | $ | 0 | $ | 20 | $ | 11 | $ | (6) | $ | 0 | $ | 5 |
ComEd | PECO | BGE | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
As of December 31, 2020 | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash equivalents(a) | $ | 285 | $ | 0 | $ | 0 | $ | 285 | $ | 8 | $ | 0 | $ | 0 | $ | 8 | $ | 120 | $ | 0 | $ | 0 | $ | 120 | |||||||||||||||||||||||||||||||||||||||||||||||
Rabbi trust investments | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mutual funds | 0 | 0 | 0 | 0 | 9 | 0 | 0 | 9 | 10 | 0 | 0 | 10 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Life insurance contracts | 0 | 0 | 0 | 0 | 0 | 13 | 0 | 13 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Rabbi trust investments subtotal | 0 | 0 | 0 | 0 | 9 | 13 | 0 | 22 | 10 | 0 | 0 | 10 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | 285 | 0 | 0 | 285 | 17 | 13 | 0 | 30 | 130 | 0 | 0 | 130 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred compensation obligation | 0 | (8) | 0 | (8) | 0 | (9) | 0 | (9) | 0 | (5) | 0 | (5) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mark-to-market derivative liabilities(b) | 0 | 0 | (301) | (301) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities | 0 | (8) | (301) | (309) | 0 | (9) | 0 | (9) | 0 | (5) | 0 | (5) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total net assets (liabilities) | $ | 285 | $ | (8) | $ | (301) | $ | (24) | $ | 17 | $ | 4 | $ | 0 | $ | 21 | $ | 130 | $ | (5) | $ | 0 | $ | 125 |
As of March 31, 2021 | As of December 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||
PHI | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||||||||||||||
Cash equivalents(a) | $ | 527 | $ | 0 | $ | 0 | $ | 527 | $ | 86 | $ | 0 | $ | 0 | $ | 86 | |||||||||||||||||||||||||||||||
Rabbi trust investments | |||||||||||||||||||||||||||||||||||||||||||||||
Cash equivalents | 53 | 0 | 0 | 53 | 55 | 0 | 0 | 55 | |||||||||||||||||||||||||||||||||||||||
Mutual funds | 15 | 0 | 0 | 15 | 14 | 0 | 0 | 14 | |||||||||||||||||||||||||||||||||||||||
Fixed income | 0 | 10 | 0 | 10 | 0 | 11 | 0 | 11 | |||||||||||||||||||||||||||||||||||||||
Life insurance contracts | 0 | 26 | 35 | 61 | 0 | 26 | 34 | 60 | |||||||||||||||||||||||||||||||||||||||
Rabbi trust investments subtotal | 68 | 36 | 35 | 139 | 69 | 37 | 34 | 140 | |||||||||||||||||||||||||||||||||||||||
Total assets | 595 | 36 | 35 | 666 | 155 | 37 | 34 | 226 | |||||||||||||||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||||||||||||||||
Deferred compensation obligation | 0 | (16) | 0 | (16) | 0 | (17) | 0 | (17) | |||||||||||||||||||||||||||||||||||||||
Total liabilities | 0 | (16) | 0 | (16) | 0 | (17) | 0 | (17) | |||||||||||||||||||||||||||||||||||||||
Total net assets | $ | 595 | $ | 20 | $ | 35 | $ | 650 | $ | 155 | $ | 20 | $ | 34 | $ | 209 |
Pepco | DPL | ACE | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
As of March 31, 2021 | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash equivalents(a) | $ | 128 | $ | 0 | $ | 0 | $ | 128 | $ | 50 | $ | 0 | $ | 0 | $ | 50 | $ | 349 | $ | 0 | $ | 0 | $ | 349 | |||||||||||||||||||||||||||||||||||||||||||||||
Rabbi trust investments | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash equivalents | 53 | 0 | 0 | 53 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed income | 0 | 2 | 0 | 2 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Life insurance contracts | 0 | 26 | 35 | 61 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Rabbi trust investments subtotal | 53 | 28 | 35 | 116 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | 181 | 28 | 35 | 244 | 50 | 0 | 0 | 50 | 349 | 0 | 0 | 349 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred compensation obligation | 0 | (2) | 0 | (2) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities | 0 | (2) | 0 | (2) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total net assets | $ | 181 | $ | 26 | $ | 35 | $ | 242 | $ | 50 | $ | 0 | $ | 0 | $ | 50 | $ | 349 | $ | 0 | $ | 0 | $ | 349 |
Pepco | DPL | ACE | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
As of December 31, 2020 | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash equivalents(a) | $ | 35 | $ | 0 | $ | 0 | $ | 35 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 13 | $ | 0 | $ | 0 | $ | 13 | |||||||||||||||||||||||||||||||||||||||||||||||
Rabbi trust investments | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash equivalents | 53 | 0 | 0 | 53 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed income | 0 | 2 | 0 | 2 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Life insurance contracts | — | 26 | 34 | 60 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Rabbi trust investments subtotal | 53 | 28 | 34 | 115 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | 88 | 28 | 34 | 150 | 0 | 0 | 0 | 0 | 13 | 0 | 0 | 13 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred compensation obligation | 0 | (2) | 0 | (2) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities | 0 | (2) | 0 | (2) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total net assets | $ | 88 | $ | 26 | $ | 34 | $ | 148 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 13 | $ | 0 | $ | 0 | $ | 13 |
Exelon | Generation | ComEd | PHI and Pepco | ||||||||||||||||||||||||||||||||||||||||||||||||||
Three months ended March 31, 2021 | Total | NDT Fund Investments | Mark-to-Market Derivatives | Total Generation | Mark-to-Market Derivatives | Life Insurance Contracts | Eliminated in Consolidation | ||||||||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2020 | $ | 660 | $ | 497 | $ | 430 | $ | 927 | $ | (301) | $ | 34 | $ | 0 | |||||||||||||||||||||||||||||||||||||||
Total realized / unrealized gains (losses) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Included in net income | (276) | 1 | (278) | (a) | (277) | 0 | 1 | 0 | |||||||||||||||||||||||||||||||||||||||||||||
Included in noncurrent payables to affiliates | 0 | 1 | 0 | 1 | 0 | 0 | (1) | ||||||||||||||||||||||||||||||||||||||||||||||
Included in regulatory assets | 7 | 0 | 0 | 0 | 6 | (b) | 0 | 1 | |||||||||||||||||||||||||||||||||||||||||||||
Change in collateral | (57) | 0 | (57) | (57) | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||
Purchases, sales, issuances and settlements | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Purchases | 109 | 0 | 109 | 109 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||
Sales | 1 | 0 | 1 | 1 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||
Settlements | (20) | (20) | 0 | (20) | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||
Transfers out of Level 3 | 2 | 0 | 2 | (c) | 2 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||
Balance as of March 31, 2021 | $ | 426 | $ | 479 | $ | 207 | $ | 686 | $ | (295) | $ | 35 | $ | 0 | |||||||||||||||||||||||||||||||||||||||
The amount of total (losses) gains included in income attributed to the change in unrealized gains (losses) related to assets and liabilities as of March 31, 2021 | $ | (147) | $ | 1 | $ | (149) | $ | (148) | $ | 0 | $ | 1 | $ | 0 |
Exelon | Generation | ComEd | PHI and Pepco | ||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2020 | Total | NDT Fund Investments | Mark-to-Market Derivatives | Total Generation | Mark-to-Market Derivatives | Life Insurance Contracts | Eliminated in Consolidation | ||||||||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2019 | $ | 1,068 | $ | 511 | $ | 817 | $ | 1,328 | $ | (301) | $ | 41 | $ | 0 | |||||||||||||||||||||||||||||||||||||||
Total realized / unrealized gains (losses) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Included in net income | 10 | (1) | 10 | (a) | 9 | 0 | 1 | 0 | |||||||||||||||||||||||||||||||||||||||||||||
Included in noncurrent payables to affiliates | 0 | (1) | 0 | (1) | 0 | 0 | 1 | ||||||||||||||||||||||||||||||||||||||||||||||
Included in regulatory assets | (14) | 0 | 0 | 0 | (13) | (b) | 0 | (1) | |||||||||||||||||||||||||||||||||||||||||||||
Change in collateral | 1 | 0 | 1 | 1 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||
Purchases, sales, issuances and settlements | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Purchases | 42 | 3 | 39 | 42 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||
Sales | (22) | 0 | (22) | (22) | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||
Settlements | (14) | (14) | 0 | (14) | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||
Transfers into Level 3 | 2 | 0 | 2 | (c) | 2 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||
Transfers out of Level 3 | 15 | 0 | 15 | (c) | 15 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||
Balance as of March 31, 2020 | $ | 1,088 | $ | 498 | $ | 862 | $ | 1,360 | $ | (314) | $ | 42 | $ | 0 | |||||||||||||||||||||||||||||||||||||||
The amount of total gains (losses) included in income attributed to the change in unrealized gains (losses) related to assets and liabilities as of March 31, 2020 | $ | 187 | $ | (1) | $ | 187 | $ | 186 | $ | 0 | $ | 1 | $ | 0 |
Exelon | Generation | PHI and Pepco | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating Revenues | Purchased Power and Fuel | Operating and Maintenance | Other, net | Operating Revenues | Purchased Power and Fuel | Other, net | Operating and Maintenance | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total (losses) gains for the three months ended March 31, 2021 | $ | (116) | $ | (162) | $ | 1 | $ | 1 | $ | (116) | $ | (162) | $ | 1 | $ | 1 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total unrealized (losses) gains for the three months ended March 31, 2021 | (65) | (84) | 1 | 1 | (65) | (84) | 1 | 1 |
Exelon | Generation | PHI and Pepco | |||||||||||||||||||||||||||||||||||||||||||||
Operating Revenues | Purchased Power and Fuel | Operating and Maintenance | Other, net | Operating Revenues | Purchased Power and Fuel | Other, net | Operating and Maintenance | ||||||||||||||||||||||||||||||||||||||||
Total gains (losses) for the three months ended March 31, 2020 | $ | 72 | $ | (62) | $ | 1 | $ | (1) | $ | 72 | $ | (62) | $ | (1) | $ | 1 | |||||||||||||||||||||||||||||||
Total unrealized gains (losses) gains for the three months ended March 31, 2020 | 205 | (18) | 1 | (1) | 205 | (18) | (1) | 1 |
Type of trade | Fair Value at March 31, 2021 | Fair Value at December 31, 2020 | Valuation Technique | Unobservable Input | 2021 Range & Arithmetic Average | 2020 Range & Arithmetic Average | ||||||||||||||||||||||||||||||||||||||||||||||||||
Mark-to-market derivatives — Economic Hedges (Exelon and Generation)(a)(b) | $ | 90 | $ | 245 | Discounted Cash Flow | Forward power price | $1.35 | - | $235 | $32 | $2.25 | - | $163 | $30 | ||||||||||||||||||||||||||||||||||||||||||
Forward gas price | $1.42 | - | $8.18 | $2.59 | $1.57 | - | $7.88 | $2.59 | ||||||||||||||||||||||||||||||||||||||||||||||||
Option Model | Volatility percentage | 11% | - | 116% | 27% | 11% | - | 237% | 32% | |||||||||||||||||||||||||||||||||||||||||||||||
Mark-to-market derivatives — Proprietary trading (Exelon and Generation)(a)(b) | $ | 12 | $ | 23 | Discounted Cash Flow | Forward power price | $9 | - | $102 | $30 | $10 | - | $106 | $27 | ||||||||||||||||||||||||||||||||||||||||||
Mark-to-market derivatives (Exelon and ComEd) | $ | (295) | $ | (301) | Discounted Cash Flow | Forward heat rate(c) | 8x | - | 9x | 8.85x | 8x | - | 9x | 8.85x | ||||||||||||||||||||||||||||||||||||||||||
Marketability reserve | 3% | - | 8% | 4.93% | 3% | - | 8% | 4.93% | ||||||||||||||||||||||||||||||||||||||||||||||||
Renewable factor | 90% | - | 123% | 99% | 91% | - | 123% | 99% |
Description | Exelon | PHI | Pepco | DPL | ACE | ||||||||||||||||||||||||
Total commitments | $ | 513 | $ | 320 | $ | 120 | $ | 89 | $ | 111 | |||||||||||||||||||
Remaining commitments(a) | 79 | 64 | 53 | 7 | 4 | ||||||||||||||||||||||||
Total | |||
2017 (remainder of year) | $ | 12 | |
2018 | 6 | ||
2019 | 3 | ||
Total | $ | 21 |
Expiration within | |||||||||||||||||||||||||||||||||||||||||
Total | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 and beyond | |||||||||||||||||||||||||||||||||||
Exelon | |||||||||||||||||||||||||||||||||||||||||
Letters of credit | $ | 1,639 | $ | 1,156 | $ | 483 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | |||||||||||||||||||||||||||
Surety bonds(a) | 1,077 | 919 | 158 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||
Financing trust guarantees | 378 | 0 | 0 | 0 | 0 | 0 | 378 | ||||||||||||||||||||||||||||||||||
Guaranteed lease residual values(b) | 29 | 0 | 3 | 4 | 6 | 5 | 11 | ||||||||||||||||||||||||||||||||||
Total commercial commitments | $ | 3,123 | $ | 2,075 | $ | 644 | $ | 4 | $ | 6 | $ | 5 | $ | 389 | |||||||||||||||||||||||||||
Generation | |||||||||||||||||||||||||||||||||||||||||
Letters of credit | $ | 1,623 | $ | 1,141 | $ | 482 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | |||||||||||||||||||||||||||
Surety bonds(a) | 932 | 794 | 138 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||
Total commercial commitments | $ | 2,555 | $ | 1,935 | $ | 620 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | |||||||||||||||||||||||||||
ComEd | |||||||||||||||||||||||||||||||||||||||||
Letters of credit | $ | 7 | $ | 7 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | |||||||||||||||||||||||||||
Surety bonds(a) | 17 | 14 | 3 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||
Financing trust guarantees | 200 | 0 | 0 | 0 | 0 | 0 | 200 | ||||||||||||||||||||||||||||||||||
Total commercial commitments | $ | 224 | $ | 21 | $ | 3 | $ | 0 | $ | 0 | $ | 0 | $ | 200 | |||||||||||||||||||||||||||
PECO | |||||||||||||||||||||||||||||||||||||||||
Surety bonds(a) | $ | 2 | $ | 2 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | |||||||||||||||||||||||||||
Financing trust guarantees | 178 | 0 | 0 | 0 | 0 | 0 | 178 | ||||||||||||||||||||||||||||||||||
Total commercial commitments | $ | 180 | $ | 2 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 178 | |||||||||||||||||||||||||||
BGE | |||||||||||||||||||||||||||||||||||||||||
Letters of credit | $ | 3 | $ | 2 | $ | 1 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | |||||||||||||||||||||||||||
Surety bonds(a) | 3 | 3 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||
Total commercial commitments | $ | 6 | $ | 5 | $ | 1 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | |||||||||||||||||||||||||||
PHI | |||||||||||||||||||||||||||||||||||||||||
Surety bonds(a) | $ | 23 | $ | 20 | $ | 3 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | |||||||||||||||||||||||||||
Guaranteed lease residual values(b) | 29 | 0 | 3 | 4 | 6 | 5 | 11 | ||||||||||||||||||||||||||||||||||
Total commercial commitments | $ | 52 | $ | 20 | $ | 6 | $ | 4 | $ | 6 | $ | 5 | $ | 11 | |||||||||||||||||||||||||||
Pepco | |||||||||||||||||||||||||||||||||||||||||
Surety bonds(a) | $ | 14 | $ | 14 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | |||||||||||||||||||||||||||
Guaranteed lease residual values(b) | 10 | 0 | 1 | 1 | 2 | 2 | 4 | ||||||||||||||||||||||||||||||||||
Total commercial commitments | $ | 24 | $ | 14 | $ | 1 | $ | 1 | $ | 2 | $ | 2 | $ | 4 | |||||||||||||||||||||||||||
DPL | |||||||||||||||||||||||||||||||||||||||||
Surety bonds(a) | $ | 5 | $ | 2 | $ | 3 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | |||||||||||||||||||||||||||
Guaranteed lease residual values(b) | 12 | 0 | 1 | 2 | 3 | 2 | 4 | ||||||||||||||||||||||||||||||||||
Total commercial commitments | $ | 17 | $ | 2 | $ | 4 | $ | 2 | $ | 3 | $ | 2 | $ | 4 | |||||||||||||||||||||||||||
ACE | |||||||||||||||||||||||||||||||||||||||||
Surety bonds(a) | $ | 4 | $ | 4 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | |||||||||||||||||||||||||||
Guaranteed lease residual values(b) | 7 | 0 | 1 | 1 | 1 | 1 | 3 | ||||||||||||||||||||||||||||||||||
Total commercial commitments | $ | 11 | $ | 4 | $ | 1 | $ | 1 | $ | 1 | $ | 1 | $ | 3 |
Successor | |||||||||||||||||||||||||||||||||||
Exelon | Generation | ComEd | PECO | BGE | PHI | Pepco | DPL | ACE | |||||||||||||||||||||||||||
Letters of credit (non-debt)(a) | $ | 1,276 | $ | 1,193 | $ | 14 | $ | 22 | $ | 2 | $ | 1 | $ | 1 | $ | — | $ | — | |||||||||||||||||
Surety bonds(b) | 1,206 | 1,079 | 20 | 40 | 11 | 21 | 13 | 4 | 4 | ||||||||||||||||||||||||||
Financing trust guarantees | 378 | — | 200 | 178 | — | — | — | — | — | ||||||||||||||||||||||||||
Guaranteed lease residual values(c) | 19 | — | — | — | — | 19 | 6 | 7 | 5 | ||||||||||||||||||||||||||
Total commercial commitments | $ | 2,879 | $ | 2,272 | $ | 234 | $ | 240 | $ | 13 | $ | 41 | $ | 20 | $ | 11 | $ | 9 |
September 30, 2017 | Total Environmental Investigation and Remediation Reserve | Portion of Total Related to MGP Investigation and Remediation | |||||
Exelon | $ | 429 | $ | 327 | |||
Generation | 76 | — | |||||
ComEd | 294 | 293 | |||||
PECO | 33 | 32 | |||||
BGE | 3 | 2 | |||||
PHI (Successor) | 23 | — | |||||
Pepco | 21 | — | |||||
DPL | 1 | — | |||||
ACE | 1 | — |
December 31, 2016 | Total Environmental Investigation and Remediation Reserve | Portion of Total Related to MGP Investigation and Remediation | |||||
Exelon | $ | 429 | $ | 325 | |||
Generation | 72 | — | |||||
ComEd | 292 | 291 | |||||
PECO | 33 | 31 | |||||
BGE | 2 | 2 | |||||
PHI (Successor) | 30 | 1 | |||||
Pepco | 27 | — | |||||
DPL | 2 | 1 | |||||
ACE | 1 | — |
March 31, 2021 | December 31, 2020 | ||||||||||||||||||||||
Total environmental investigation and remediation liabilities | Portion of total related to MGP investigation and remediation | Total environmental investigation and remediation liabilities | Portion of total related to MGP investigation and remediation | ||||||||||||||||||||
Exelon | $ | 473 | $ | 306 | $ | 483 | $ | 314 | |||||||||||||||
Generation | 119 | 0 | 121 | 0 | |||||||||||||||||||
ComEd | 281 | 280 | 293 | 293 | |||||||||||||||||||
PECO | 23 | 21 | 23 | 21 | |||||||||||||||||||
BGE | 6 | 5 | 2 | 0 | |||||||||||||||||||
PHI | 44 | 0 | 44 | 0 | |||||||||||||||||||
Pepco | 42 | 0 | 42 | 0 | |||||||||||||||||||
DPL | 1 | 0 | 1 | 0 | |||||||||||||||||||
ACE | 1 | 0 | 1 | 0 |
Three Months Ended March 31, 2021 | Losses on Cash Flow Hedges | Pension and Non-Pension Postretirement Benefit Plan Items (a) | Foreign Currency Items | Total | |||||||||||||||||||||||||
Beginning balance | $ | (5) | $ | (3,372) | $ | (23) | $ | (3,400) | |||||||||||||||||||||
OCI before reclassifications | 0 | (2) | 1 | (1) | |||||||||||||||||||||||||
Amounts reclassified from AOCI | 0 | 55 | 0 | 55 | |||||||||||||||||||||||||
Net current-period OCI | 0 | 53 | 1 | 54 | |||||||||||||||||||||||||
Ending balance | $ | (5) | $ | (3,319) | $ | (22) | $ | (3,346) |
Three Months Ended March 31, 2020 | Losses on Cash Flow Hedges | Pension and Non-Pension Postretirement Benefit Plan Items (a) | Foreign Currency Items | Total | |||||||||||||||||||||||||
Beginning balance | $ | (2) | $ | (3,165) | $ | (27) | $ | (3,194) | |||||||||||||||||||||
OCI before reclassifications | (1) | (7) | (8) | (16) | |||||||||||||||||||||||||
Amounts reclassified from AOCI | 0 | 37 | 0 | 37 | |||||||||||||||||||||||||
Net current-period OCI | (1) | 30 | (8) | 21 | |||||||||||||||||||||||||
Ending balance | $ | (3) | $ | (3,135) | $ | (35) | $ | (3,173) |
Three Months Ended March 31, | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
Pension and non-pension postretirement benefit plans: | |||||||||||||||||||||||
Prior service benefit reclassified to periodic benefit cost | $ | 1 | $ | 4 | |||||||||||||||||||
Actuarial loss reclassified to periodic benefit cost | (19) | (17) | |||||||||||||||||||||
Pension and non-pension postretirement benefit plans valuation adjustment | 0 | 3 |
March 31, 2021 | December 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||
Exelon | Generation | PHI (a) | ACE | Exelon | Generation | PHI (a) | ACE | ||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 175 | $ | 175 | $ | 0 | $ | 0 | $ | 98 | $ | 98 | $ | 0 | $ | 0 | |||||||||||||||||||||||||||||||
Restricted cash and cash equivalents | 37 | 33 | 4 | 4 | 47 | 44 | 3 | 3 | |||||||||||||||||||||||||||||||||||||||
Accounts receivable | |||||||||||||||||||||||||||||||||||||||||||||||
Customer | 145 | 145 | 0 | 0 | 148 | 148 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||
Other | 35 | 35 | 0 | 0 | 36 | 36 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||
Unamortized energy contract assets | 22 | 22 | 0 | 0 | 22 | 22 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||
Inventories, net | |||||||||||||||||||||||||||||||||||||||||||||||
Materials and supplies | 242 | 242 | 0 | 0 | 244 | 244 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||
Assets held for sale(b) | 0 | 0 | 0 | 0 | 101 | 101 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||
Other current assets | 448 | 443 | 5 | 0 | 674 | 669 | 5 | 0 | |||||||||||||||||||||||||||||||||||||||
Total current assets | 1,104 | 1,095 | 9 | 4 | 1,370 | 1,362 | 8 | 3 | |||||||||||||||||||||||||||||||||||||||
Property, plant, and equipment, net | 5,747 | 5,747 | 0 | — | 5,803 | 5,803 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||
Nuclear decommissioning trust funds | 3,089 | 3,089 | 0 | 0 | 3,007 | 3,007 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||
Unamortized energy contract assets | 243 | 243 | 0 | 0 | 249 | 249 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||
Other noncurrent assets | 47 | 38 | 9 | 9 | 52 | 42 | 10 | 10 | |||||||||||||||||||||||||||||||||||||||
Total noncurrent assets | 9,126 | 9,117 | 9 | 9 | 9,111 | 9,101 | 10 | 10 | |||||||||||||||||||||||||||||||||||||||
Total assets(c) | $ | 10,230 | $ | 10,212 | $ | 18 | $ | 13 | $ | 10,481 | $ | 10,463 | $ | 18 | $ | 13 | |||||||||||||||||||||||||||||||
Long-term debt due within one year | $ | 90 | $ | 69 | $ | 21 | $ | 16 | $ | 94 | $ | 68 | $ | 26 | $ | 21 | |||||||||||||||||||||||||||||||
Accounts payable | 95 | 95 | 0 | 0 | 81 | 81 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||
Accrued expenses | 67 | 67 | 0 | 0 | 70 | 70 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||
Unamortized energy contract liabilities | 3 | 3 | 0 | 0 | 4 | 4 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||
Liabilities held for sale(b) | 0 | 0 | 0 | 0 | 16 | 16 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||
Other current liabilities | 1 | 1 | 0 | 0 | 5 | 5 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||
Total current liabilities | 256 | 235 | 21 | 16 | 270 | 244 | 26 | 21 | |||||||||||||||||||||||||||||||||||||||
Long-term debt | 861 | 861 | 0 | 0 | 889 | 889 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||
Asset retirement obligations | 2,347 | 2,347 | 0 | 0 | 2,318 | 2,318 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||
Other noncurrent liabilities | 116 | 116 | 0 | 0 | 129 | 129 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||
Total noncurrent liabilities | 3,324 | 3,324 | 0 | 0 | 3,336 | 3,336 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||
Total liabilities(d) | $ | 3,580 | $ | 3,559 | $ | 21 | $ | 16 | $ | 3,606 | $ | 3,580 | $ | 26 | $ | 21 |
Consolidated VIE or VIE groups: | Reason entity is a VIE: | Reason Generation is primary beneficiary: | ||||||
CENG - A joint venture between Generation and EDF. Generation has a 50.01% equity ownership in CENG. See additional discussion below. | Disproportionate relationship between equity interest and operational control as a result of the NOSA described further below. | Generation conducts the operational activities. | ||||||
EGRP - A collection of wind and solar project entities. Generation has a 51% equity ownership in EGRP. See additional discussion below. | Similar structure to a limited partnership and the limited partners do not have kick out rights with respect to the general partner. | Generation conducts the operational activities. | ||||||
Bluestem Wind Energy Holdings, LLC - A Tax Equity structure which is consolidated by EGRP. Generation has a noncontrolling interest. | Similar structure to a limited partnership and the limited partners do not have kick out rights with respect to the general partner. | Generation conducts the operational activities. | ||||||
Antelope Valley - A solar generating facility, which is 100% owned by Generation. Antelope Valley sells all of its output to PG&E through a PPA. | The PPA contract absorbs variability through a performance guarantee. | Generation conducts all activities. | ||||||
Equity investment in distributed energy company - Generation has a 31% equity ownership. This distributed energy company has an interest in an unconsolidated VIE. (See Unconsolidated VIEs disclosure below). Generation fully impaired this investment in 2019. | Similar structure to a limited partnership and the limited partners do not have kick out rights with respect to the general partner. | Generation conducts the operational activities. | ||||||
NER - A bankruptcy remote, special purpose entity which is 100% owned by Generation, which purchases certain of Generation’s customer accounts receivable arising from the sale of retail electricity. NER’s assets will be available first and foremost to satisfy the claims of the creditors of NER. See Note 6 - Accounts Receivable for additional information on the sale of receivables. | Equity capitalization is insufficient to support its operations. | Generation conducts all activities. |
Consolidated VIEs: | Reason entity is a VIE: | Reason ACE is the primary beneficiary: | ||||||
ACE Funding - A special purpose entity formed by ACE for the purpose of securitizing authorized portions of ACE’s recoverable stranded costs through the issuance and sale of Transition Bonds. Proceeds from the sale of each series of Transition Bonds by ATF were transferred to ACE in exchange for the transfer by ACE to ATF of the right to collect a non-bypassable Transition Bond Charge from ACE customers pursuant to bondable stranded costs rate orders issued by the NJBPU in an amount sufficient to fund the principal and interest payments on Transition Bonds and related taxes, expenses and fees. | ACE’s equity investment is a variable interest as, by design, it absorbs any initial variability of ATF. The bondholders also have a variable interest for the investment made to purchase the Transition Bonds. | ACE controls the servicing activities. |
March 31, 2021 | December 31, 2020 | ||||||||||||||||||||||||||||||||||
Commercial Agreement VIEs | Equity Investment VIEs | Total | Commercial Agreement VIEs | Equity Investment VIEs | Total | ||||||||||||||||||||||||||||||
Total assets(a) | $ | 789 | $ | 386 | $ | 1,175 | $ | 777 | $ | 401 | $ | 1,178 | |||||||||||||||||||||||
Total liabilities(a) | 95 | 218 | 313 | 61 | 223 | 284 | |||||||||||||||||||||||||||||
Exelon's ownership interest in VIE(a) | 0 | 150 | 150 | 0 | 157 | 157 | |||||||||||||||||||||||||||||
Other ownership interests in VIE(a) | 694 | 18 | 712 | 716 | 21 | 737 | |||||||||||||||||||||||||||||
Unconsolidated VIE groups: | Reason entity is a VIE: | Reason Generation is not the primary beneficiary: | ||||||
Equity investments in distributed energy companies - 1) Generation has a 90% equity ownership in a distributed energy company. 2) Generation, via a consolidated VIE, has a 90% equity ownership in another distributed energy company (See Consolidated VIEs disclosure above). Generation fully impaired this investment in 2019. | Similar structures to a limited partnership and the limited partners do not have kick out rights with respect to the general partner. | Generation does not conduct the operational activities. | ||||||
Energy Purchase and Sale agreements - Generation has several energy purchase and sale agreements with generating facilities. | PPA contracts that absorb variability through fixed pricing. | Generation does not conduct the operational activities. |
Operating revenues | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Exelon | Generation | PHI | DPL | ||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating lease income | $ | 4 | $ | 3 | $ | 1 | $ | 1 | |||||||||||||||||||||||||||||||||||||||||||||
Variable lease income | 64 | 64 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating lease income | $ | 5 | $ | 3 | $ | 1 | $ | 1 | |||||||||||||||||||||||||||||||||||||||||||||
Variable lease income | 69 | 69 | 0 | 0 |
Three Months Ended September 30, 2017 | |||||||||||||||||||||||||||||||||||
Successor | |||||||||||||||||||||||||||||||||||
Exelon | Generation | ComEd | PECO | BGE | PHI | Pepco | DPL | ACE | |||||||||||||||||||||||||||
Other, Net | |||||||||||||||||||||||||||||||||||
Decommissioning-related activities: | |||||||||||||||||||||||||||||||||||
Net realized income on decommissioning trust funds(a) | |||||||||||||||||||||||||||||||||||
Regulatory agreement units | $ | 159 | $ | 159 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||
Non-regulatory agreement units | 59 | 59 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
Net unrealized gains on decommissioning trust funds | |||||||||||||||||||||||||||||||||||
Regulatory agreement units | 44 | 44 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
Non-regulatory agreement units | 111 | 111 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
Net unrealized losses on pledged assets | |||||||||||||||||||||||||||||||||||
Zion Station decommissioning | (4 | ) | (4 | ) | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Regulatory offset to decommissioning trust fund-related activities(b) | (161 | ) | (161 | ) | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Total decommissioning-related activities | 208 | 208 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
Investment income | 2 | 1 | — | — | — | 1 | 1 | — | — | ||||||||||||||||||||||||||
Interest income related to uncertain income tax positions | 4 | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
AFUDC — Equity | 17 | — | 2 | 2 | 4 | 9 | 6 | 2 | 1 | ||||||||||||||||||||||||||
Other | 6 | — | 3 | — | — | 3 | — | 2 | — | ||||||||||||||||||||||||||
Other, net | $ | 237 | $ | 209 | $ | 5 | $ | 2 | $ | 4 | $ | 13 | $ | 7 | $ | 4 | $ | 1 |
Taxes other than income taxes | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Exelon | Generation | ComEd | PECO | BGE | PHI | Pepco | DPL | ACE | |||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Utility taxes(a) | $ | 217 | $ | 24 | $ | 59 | $ | 35 | $ | 25 | $ | 74 | $ | 67 | $ | 6 | $ | 1 | |||||||||||||||||||||||||||||||||||
Property | 154 | 68 | 8 | 4 | 42 | 32 | 21 | 10 | 1 | ||||||||||||||||||||||||||||||||||||||||||||
Payroll | 61 | 28 | 7 | 4 | 5 | 7 | 2 | 1 | 0 | ||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Utility taxes(a) | $ | 218 | $ | 26 | $ | 60 | $ | 31 | $ | 26 | $ | 75 | $ | 69 | $ | 6 | $ | 0 | |||||||||||||||||||||||||||||||||||
Property | 150 | 69 | 7 | 4 | 39 | 31 | 21 | 9 | 1 | ||||||||||||||||||||||||||||||||||||||||||||
Payroll | 63 | 31 | 7 | 4 | 4 | 8 | 2 | 1 | 1 |
Nine Months Ended September 30, 2017 | |||||||||||||||||||||||||||||||||||
Successor | |||||||||||||||||||||||||||||||||||
Exelon | Generation | ComEd | PECO | BGE | PHI | Pepco | DPL | ACE | |||||||||||||||||||||||||||
Other, Net | |||||||||||||||||||||||||||||||||||
Decommissioning-related activities: | |||||||||||||||||||||||||||||||||||
Net realized income on decommissioning trust funds(a) | |||||||||||||||||||||||||||||||||||
Regulatory agreement units | $ | 439 | $ | 439 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||
Non-regulatory agreement units | 165 | 165 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
Net unrealized gains on decommissioning trust funds | |||||||||||||||||||||||||||||||||||
Regulatory agreement units | 253 | 253 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
Non-regulatory agreement units | 347 | 347 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
Net unrealized losses on pledged assets | |||||||||||||||||||||||||||||||||||
Zion Station decommissioning | (5 | ) | (5 | ) | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Regulatory offset to decommissioning trust fund-related activities(b) | (558 | ) | (558 | ) | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Total decommissioning-related activities | 641 | 641 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
Investment income | 6 | 4 | — | — | — | 2 | 1 | — | — | ||||||||||||||||||||||||||
Interest income related to uncertain income tax positions | 3 | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
Benefit related to uncertain income tax positions(c) | 2 | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
AFUDC — Equity | 51 | — | 6 | 6 | 12 | 27 | 17 | 5 | 5 | ||||||||||||||||||||||||||
Other | 22 | 3 | 8 | — | — | 11 | 4 | 5 | 1 | ||||||||||||||||||||||||||
Other, net | $ | 725 | $ | 648 | $ | 14 | $ | 6 | $ | 12 | $ | 40 | $ | 22 | $ | 10 | $ | 6 |
Three Months Ended September 30, 2016 | |||||||||||||||||||||||||||||||||||
Successor | |||||||||||||||||||||||||||||||||||
Exelon | Generation | ComEd | PECO | BGE | PHI | Pepco | DPL | ACE | |||||||||||||||||||||||||||
Other, Net | |||||||||||||||||||||||||||||||||||
Decommissioning-related activities: | |||||||||||||||||||||||||||||||||||
Net realized income on decommissioning trust funds(a) | |||||||||||||||||||||||||||||||||||
Regulatory agreement units | $ | 57 | $ | 57 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||
Non-regulatory agreement units | 35 | 35 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
Net unrealized gains on decommissioning trust funds | |||||||||||||||||||||||||||||||||||
Regulatory agreement units | 155 | 155 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
Non-regulatory agreement units | 116 | 116 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
Net unrealized losses on pledged assets | |||||||||||||||||||||||||||||||||||
Zion Station decommissioning | (5 | ) | (5 | ) | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Regulatory offset to decommissioning trust fund-related activities(b) | (168 | ) | (168 | ) | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Total decommissioning-related activities | 190 | 190 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
Investment income (expense) | 2 | 1 | — | (1 | ) | — | — | — | — | — | |||||||||||||||||||||||||
Interest income related to uncertain income tax positions | 8 | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
Penalty related to uncertain income tax positions(c) | (106 | ) | — | (86 | ) | — | — | — | — | — | — | ||||||||||||||||||||||||
AFUDC — Equity | 19 | — | 5 | 2 | 5 | 7 | 5 | 1 | 1 | ||||||||||||||||||||||||||
Other | 7 | (6 | ) | 1 | 1 | — | 12 | 7 | 2 | 1 | |||||||||||||||||||||||||
Other, net | $ | 120 | $ | 185 | $ | (80 | ) | $ | 2 | $ | 5 | $ | 19 | $ | 12 | $ | 3 | $ | 2 |
Successor | Predecessor | |||||||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2016 | March 24, 2016 to September 30, 2016 | January 1, 2016 to March 23, 2016 | ||||||||||||||||||||||||||||||||||||||
Exelon | Generation | ComEd | PECO | BGE | Pepco | DPL | ACE | PHI | PHI | |||||||||||||||||||||||||||||||
Other, Net | ||||||||||||||||||||||||||||||||||||||||
Decommissioning-related activities: | ||||||||||||||||||||||||||||||||||||||||
Net realized income on decommissioning trust funds(a) | ||||||||||||||||||||||||||||||||||||||||
Regulatory agreement units | $ | 181 | $ | 181 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||
Non-regulatory agreement units | 95 | 95 | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Net unrealized gains on decommissioning trust funds | ||||||||||||||||||||||||||||||||||||||||
Regulatory agreement units | 286 | 286 | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Non-regulatory agreement units | 216 | 216 | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Net unrealized losses on pledged assets | ||||||||||||||||||||||||||||||||||||||||
Zion Station decommissioning | (2 | ) | (2 | ) | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Regulatory offset to decommissioning trust fund-related activities(b) | (380 | ) | (380 | ) | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Total decommissioning-related activities | 396 | 396 | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Investment income (expense) | 14 | 6 | — | (1 | ) | 2 | — | — | — | 1 | — | |||||||||||||||||||||||||||||
Long-term lease income | 4 | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Interest income related to uncertain income tax positions | 13 | — | — | — | — | 1 | — | 1 | — | — | ||||||||||||||||||||||||||||||
Penalty related to uncertain income tax positions(c) | (106 | ) | — | (86 | ) | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
AFUDC — Equity | 43 | — | 8 | 6 | 14 | 14 | 3 | 5 | 15 | 7 | ||||||||||||||||||||||||||||||
Loss on debt extinguishment | (3 | ) | (2 | ) | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Other | 16 | (5 | ) | 6 | 1 | — | 13 | 6 | 2 | 15 | (11 | ) | ||||||||||||||||||||||||||||
Other, net | $ | 377 | $ | 395 | $ | (72 | ) | $ | 6 | $ | 16 | $ | 28 | $ | 9 | $ | 8 | $ | 31 | $ | (4 | ) |
Three Months Ended September 30, 2017 | |||||||||||||||||||||||||||||||||||
Successor | |||||||||||||||||||||||||||||||||||
Exelon | Generation | ComEd | PECO | BGE | PHI | Pepco | DPL | ACE | |||||||||||||||||||||||||||
Utility taxes | $ | 245 | $ | 35 | $ | 65 | $ | 35 | $ | 22 | $ | 88 | $ | 83 | $ | 5 | $ | — |
Nine Months Ended September 30, 2017 | |||||||||||||||||||||||||||||||||||
Successor | |||||||||||||||||||||||||||||||||||
Exelon | Generation | ComEd | PECO | BGE | PHI | Pepco | DPL | ACE | |||||||||||||||||||||||||||
Utility taxes | $ | 682 | $ | 97 | $ | 181 | $ | 95 | $ | 69 | $ | 240 | $ | 226 | $ | 14 | $ | — |
Other, net | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Exelon | Generation | ComEd | PECO | BGE | PHI | Pepco | DPL | ACE | |||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Decommissioning-related activities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Net realized income on NDT funds(a) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Regulatory Agreement Units | $ | 291 | $ | 291 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | |||||||||||||||||||||||||||||||||||
Non-Regulatory Agreement Units | 203 | 203 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||
Net unrealized gains on NDT funds | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Regulatory Agreement Units | (82) | (82) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||
Non-Regulatory Agreement Units | (66) | (66) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||
Regulatory offset to NDT fund-related activities(b) | (167) | (167) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||
Decommissioning-related activities | 179 | 179 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||
AFUDC — Equity | 28 | 0 | 4 | 6 | 7 | 11 | 9 | 1 | 1 | ||||||||||||||||||||||||||||||||||||||||||||
Non-service net periodic benefit cost | 20 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Decommissioning-related activities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Net realized income on NDT funds(a) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Regulatory Agreement Units | $ | 47 | $ | 47 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | |||||||||||||||||||||||||||||||||||
Non-Regulatory Agreement Units | 82 | 82 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||
Net unrealized gains on NDT funds | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Regulatory Agreement Units | (932) | (932) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||
Non-Regulatory Agreement Units | (706) | (706) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||
Regulatory offset to NDT fund-related activities(b) | 709 | 709 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||
Decommissioning-related activities | (800) | (800) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||
AFUDC — Equity | 23 | 0 | 6 | 3 | 5 | 9 | 6 | 1 | 2 | ||||||||||||||||||||||||||||||||||||||||||||
Non-service net periodic benefit cost | 10 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2016 | |||||||||||||||||||||||||||||||||||
Successor | |||||||||||||||||||||||||||||||||||
Exelon | Generation | ComEd | PECO | BGE | PHI | Pepco | DPL | ACE | |||||||||||||||||||||||||||
Utility taxes | $ | 255 | $ | 35 | $ | 67 | $ | 40 | $ | 21 | $ | 92 | $ | 87 | $ | 5 | $ | — |
Successor | Predecessor | |||||||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2016 | March 24, 2016 to September 30, 2016 | January 1, 2016 to March 23, 2016 | ||||||||||||||||||||||||||||||||||||||
Exelon | Generation | ComEd | PECO | BGE | Pepco | DPL | ACE | PHI | PHI | |||||||||||||||||||||||||||||||
Utility taxes | $ | 624 | $ | 90 | $ | 186 | $ | 106 | $ | 66 | $ | 240 | $ | 14 | $ | — | $ | 176 | $ | 78 |
Depreciation, amortization and accretion | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Exelon | Generation | ComEd | PECO | BGE | PHI | Pepco | DPL | ACE | |||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, plant, and equipment(a) | $ | 1,522 | $ | 928 | $ | 239 | $ | 82 | $ | 106 | $ | 154 | $ | 67 | $ | 42 | $ | 37 | |||||||||||||||||||||||||||||||||||
Amortization of regulatory assets(a) | 160 | 0 | 53 | 4 | 46 | 56 | 35 | 11 | 10 | ||||||||||||||||||||||||||||||||||||||||||||
Amortization of intangible assets, net(a) | 15 | 12 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||
Amortization of energy contract assets and liabilities(b) | 4 | 3 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||
Nuclear fuel(c) | 276 | 276 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||
ARO accretion(d) | 127 | 127 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||
Total depreciation, amortization and accretion | $ | 2,104 | $ | 1,346 | $ | 292 | $ | 86 | $ | 152 | $ | 210 | $ | 102 | $ | 53 | $ | 47 | |||||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, plant, and equipment(a) | $ | 856 | $ | 290 | $ | 228 | $ | 79 | $ | 97 | $ | 144 | $ | 64 | $ | 38 | $ | 34 | |||||||||||||||||||||||||||||||||||
Amortization of regulatory assets(a) | 149 | 0 | 45 | 7 | 46 | 50 | 31 | 10 | 9 | ||||||||||||||||||||||||||||||||||||||||||||
Amortization of intangible assets, net(a) | 16 | 14 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||
Amortization of energy contract assets and liabilities(b) | 2 | 2 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||
Nuclear fuel(c) | 231 | 231 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||
ARO accretion(d) | 124 | 124 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||
Total depreciation, amortization and accretion | $ | 1,378 | $ | 661 | $ | 273 | $ | 86 | $ | 143 | $ | 194 | $ | 95 | $ | 48 | $ | 43 |
Nine Months Ended September 30, 2017 | |||||||||||||||||||||||||||||||||||
Successor | |||||||||||||||||||||||||||||||||||
Exelon | Generation | ComEd | PECO | BGE | PHI | Pepco | DPL | ACE | |||||||||||||||||||||||||||
Depreciation, amortization and accretion | |||||||||||||||||||||||||||||||||||
Property, plant and equipment(a) | $ | 2,416 | $ | 1,010 | $ | 579 | $ | 194 | $ | 233 | $ | 342 | $ | 153 | $ | 92 | $ | 66 | |||||||||||||||||
Amortization of regulatory assets(a) | 355 | — | 52 | 19 | 115 | 169 | 89 | 32 | 47 | ||||||||||||||||||||||||||
Amortization of intangible assets, net(a) | 43 | 36 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
Amortization of energy contract assets and liabilities(b) | 19 | 19 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
Nuclear fuel(c) | 816 | 816 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
ARO accretion(d) | 350 | 350 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
Total depreciation, amortization and accretion | $ | 3,999 | $ | 2,231 | $ | 631 | $ | 213 | $ | 348 | $ | 511 | $ | 242 | $ | 124 | $ | 113 |
Successor | Predecessor | |||||||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2016 | March 24, 2016 to September 30, 2016 | January 1, 2016 to March 23, 2016 | ||||||||||||||||||||||||||||||||||||||
Exelon | Generation | ComEd | PECO | BGE | Pepco | DPL | ACE | PHI | PHI | |||||||||||||||||||||||||||||||
Depreciation, amortization and accretion | ||||||||||||||||||||||||||||||||||||||||
Property, plant and equipment(a) | $ | 2,490 | $ | 1,297 | $ | 524 | $ | 181 | $ | 223 | $ | 128 | $ | 82 | $ | 61 | $ | 215 | $ | 94 | ||||||||||||||||||||
Amortization of regulatory assets(a) | 293 | — | 49 | 20 | 84 | 93 | 38 | 69 | 140 | 58 | ||||||||||||||||||||||||||||||
Amortization of intangible assets, net(a) | 38 | 32 | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Amortization of energy contract assets and liabilities(b) | (7 | ) | (7 | ) | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Nuclear fuel(c) | 862 | 862 | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
ARO accretion(d) | 333 | 332 | 1 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Total depreciation, amortization and accretion | $ | 4,009 | $ | 2,516 | $ | 574 | $ | 201 | $ | 307 | $ | 221 | $ | 120 | $ | 130 | $ | 355 | $ | 152 |
Other non-cash operating activities | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Exelon | Generation | ComEd | PECO | BGE | PHI | Pepco | DPL | ACE | |||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pension and non-pension postretirement benefit costs | $ | 95 | $ | 26 | $ | 32 | $ | 2 | $ | 14 | $ | 12 | $ | 2 | $ | 1 | $ | 3 | |||||||||||||||||||||||||||||||||||
Allowance for credit losses | 85 | 34 | 13 | 24 | 4 | 10 | 5 | 4 | 1 | ||||||||||||||||||||||||||||||||||||||||||||
Other decommissioning-related activity(a) | (322) | (332) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||
Energy-related options(b) | 17 | 17 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||
True-up adjustments to decoupling mechanisms and formula rates(c) | (129) | 0 | (54) | (10) | (18) | (46) | (26) | (9) | (11) | ||||||||||||||||||||||||||||||||||||||||||||
Long-term incentive plan | 32 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||
Amortization of operating ROU asset | 37 | 21 | 0 | 0 | 7 | 7 | 1 | 3 | 1 | ||||||||||||||||||||||||||||||||||||||||||||
AFUDC - Equity | (28) | 0 | (4) | (6) | (7) | (11) | (9) | (1) | (1) | ||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pension and non-pension postretirement benefit costs | $ | 98 | $ | 27 | $ | 28 | $ | 1 | $ | 15 | $ | 17 | $ | 3 | $ | 1 | $ | 3 | |||||||||||||||||||||||||||||||||||
Allowance for credit losses | 45 | 4 | 7 | 17 | 7 | 10 | 4 | 3 | 3 | ||||||||||||||||||||||||||||||||||||||||||||
Other decommissioning-related activity(a) | 128 | 128 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||
Energy-related options(b) | 6 | 6 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||
True-up adjustments to decoupling mechanisms and formula rates(d) | (71) | 0 | (17) | 0 | (35) | (19) | (15) | (4) | 0 | ||||||||||||||||||||||||||||||||||||||||||||
Long-term incentive plan | (7) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||
Amortization of operating ROU asset | 51 | 35 | 0 | 0 | 8 | 5 | 2 | 2 | 1 | ||||||||||||||||||||||||||||||||||||||||||||
AFUDC - Equity | (23) | 0 | (6) | (3) | (5) | (9) | (6) | (1) | (2) | ||||||||||||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2017 | |||||||||||||||||||||||||||||||||||
Successor | |||||||||||||||||||||||||||||||||||
Exelon | Generation | ComEd | PECO | BGE | PHI | Pepco | DPL | ACE | |||||||||||||||||||||||||||
Other non-cash operating activities: | |||||||||||||||||||||||||||||||||||
Pension and non-pension postretirement benefit costs | $ | 482 | $ | 170 | $ | 131 | $ | 21 | $ | 47 | $ | 72 | $ | 19 | $ | 10 | $ | 10 | |||||||||||||||||
Loss from equity method investments | 26 | 26 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
Provision for uncollectible accounts | 103 | 31 | 25 | 17 | 4 | 26 | 11 | 1 | 14 | ||||||||||||||||||||||||||
Stock-based compensation costs | 76 | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
Other decommissioning-related activity(a) | (213 | ) | (213 | ) | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Energy-related options(b) | 15 | 15 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
Amortization of regulatory asset related to debt costs | 7 | — | 3 | 1 | — | 3 | 1 | 1 | 1 | ||||||||||||||||||||||||||
Amortization of rate stabilization deferral | (7 | ) | — | — | — | 7 | (14 | ) | (12 | ) | (2 | ) | — | ||||||||||||||||||||||
Amortization of debt fair value adjustment | (13 | ) | (9 | ) | — | — | — | (4 | ) | — | — | — | |||||||||||||||||||||||
Discrete impacts from EIMA and FEJA(c) | (61 | ) | — | (61 | ) | — | — | — | — | — | — | ||||||||||||||||||||||||
Amortization of debt costs | 57 | 33 | 3 | 1 | 1 | 1 | 1 | — | — | ||||||||||||||||||||||||||
Provision for excess and obsolete inventory | 52 | 50 | 1 | — | — | 1 | — | 1 | — | ||||||||||||||||||||||||||
Merger-related commitments(d) | — | — | — | — | — | (8 | ) | (6 | ) | (2 | ) | — | |||||||||||||||||||||||
Severance costs | 33 | 25 | — | — | — | 3 | — | — | — | ||||||||||||||||||||||||||
Other | 46 | 4 | 10 | (2 | ) | (7 | ) | (14 | ) | (6 | ) | (3 | ) | (4 | ) | ||||||||||||||||||||
Total other non-cash operating activities | $ | 603 | $ | 132 | $ | 112 | $ | 38 | $ | 52 | $ | 66 | $ | 8 | $ | 6 | $ | 21 | |||||||||||||||||
Non-cash investing and financing activities: | |||||||||||||||||||||||||||||||||||
Change in capital expenditures not paid | $ | (101 | ) | $ | 20 | $ | (79 | ) | $ | (29 | ) | $ | 16 | $ | (6 | ) | $ | 7 | $ | 14 | $ | (18 | ) | ||||||||||||
Fair value of pension obligation transferred in connection with the FitzPatrick acquisition | — | 33 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
Change in PPE related to ARO update | (141 | ) | (141 | ) | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Indemnification of like-kind exchange position(g) | — | — | 21 | — | — | — | — | — | — | ||||||||||||||||||||||||||
Non-cash financing of capital projects | 16 | 16 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
Dividends on stock compensation | 5 | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
Dissolution of financing trust due to long-term debt retirement | 8 | — | — | — | 8 | — | — | — | — | ||||||||||||||||||||||||||
Fair value adjustment of long-term debt due to retirement | (5 | ) | — | — | — | — | — | — | — | — |
Exelon | Generation | ComEd | PECO | BGE | PHI | Pepco | DPL | ACE | |||||||||||||||||||||||||||||||||||||||||||||
March 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 1,908 | $ | 721 | $ | 86 | $ | 48 | $ | 21 | $ | 558 | $ | 134 | $ | 64 | $ | 353 | |||||||||||||||||||||||||||||||||||
Restricted cash and cash equivalents | 374 | 41 | 270 | 7 | 1 | 37 | 33 | 0 | 4 | ||||||||||||||||||||||||||||||||||||||||||||
Restricted cash included in other long-term assets | 52 | 0 | 43 | 0 | 0 | 9 | 0 | 0 | 9 | ||||||||||||||||||||||||||||||||||||||||||||
Total cash, restricted cash, and cash equivalents | $ | 2,334 | $ | 762 | $ | 399 | $ | 55 | $ | 22 | $ | 604 | $ | 167 | $ | 64 | $ | 366 | |||||||||||||||||||||||||||||||||||
December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 663 | $ | 226 | $ | 83 | $ | 19 | $ | 144 | $ | 111 | $ | 30 | $ | 15 | $ | 17 | |||||||||||||||||||||||||||||||||||
Restricted cash and cash equivalents | 438 | 89 | 279 | 7 | 1 | 39 | 35 | 0 | 3 | ||||||||||||||||||||||||||||||||||||||||||||
Restricted cash included in other long-term assets | 53 | 0 | 43 | 0 | 0 | 10 | 0 | 0 | 10 | ||||||||||||||||||||||||||||||||||||||||||||
Cash, restricted cash, and cash equivalents - Held for Sale | 12 | 12 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||
Total cash, restricted cash, and cash equivalents | $ | 1,166 | $ | 327 | $ | 405 | $ | 26 | $ | 145 | $ | 160 | $ | 65 | $ | 15 | $ | 30 | |||||||||||||||||||||||||||||||||||
March 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 1,457 | $ | 821 | $ | 514 | $ | 31 | $ | 11 | $ | 49 | $ | 18 | $ | 7 | $ | 8 | |||||||||||||||||||||||||||||||||||
Restricted cash and cash equivalents | 414 | 150 | 211 | 7 | 1 | 37 | 33 | 0 | 3 | ||||||||||||||||||||||||||||||||||||||||||||
Restricted cash included in other long-term assets | 121 | 0 | 108 | 0 | 0 | 12 | 0 | 0 | 12 | ||||||||||||||||||||||||||||||||||||||||||||
Total cash, restricted cash, and cash equivalents | $ | 1,992 | $ | 971 | $ | 833 | $ | 38 | $ | 12 | $ | 98 | $ | 51 | $ | 7 | $ | 23 | |||||||||||||||||||||||||||||||||||
December 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 587 | $ | 303 | $ | 90 | $ | 21 | $ | 24 | $ | 131 | $ | 30 | $ | 13 | $ | 12 | |||||||||||||||||||||||||||||||||||
Restricted cash and cash equivalents | 358 | 146 | 150 | 6 | 1 | 36 | 33 | 0 | 2 | ||||||||||||||||||||||||||||||||||||||||||||
Restricted cash included in other long-term assets | 177 | 0 | 163 | 0 | 0 | 14 | 0 | 0 | 14 | ||||||||||||||||||||||||||||||||||||||||||||
Total cash, restricted cash, and cash equivalents | $ | 1,122 | $ | 449 | $ | 403 | $ | 27 | $ | 25 | $ | 181 | $ | 63 | $ | 13 | $ | 28 |
Successor | Predecessor | |||||||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2016 | March 24, 2016 to September 30, 2016 | January 1, 2016 to March 23, 2016 | ||||||||||||||||||||||||||||||||||||||
Exelon | Generation | ComEd | PECO | BGE | Pepco | DPL | ACE | PHI | PHI | |||||||||||||||||||||||||||||||
Other non-cash operating activities: | ||||||||||||||||||||||||||||||||||||||||
Pension and non-pension postretirement benefit costs | $ | 458 | $ | 163 | $ | 124 | $ | 25 | $ | 50 | $ | 24 | $ | 13 | $ | 11 | $ | 58 | $ | 23 | ||||||||||||||||||||
Loss from equity method investments | 15 | 16 | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Provision for uncollectible accounts | 107 | 14 | 31 | 24 | 12 | 15 | 12 | 18 | 27 | 16 | ||||||||||||||||||||||||||||||
Stock-based compensation costs | 88 | — | — | — | — | — | — | — | — | 3 | ||||||||||||||||||||||||||||||
Other decommissioning-related activity(a) | (237 | ) | (237 | ) | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Energy-related options(b) | (20 | ) | (20 | ) | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Amortization of regulatory asset related to debt costs | 7 | — | 3 | 1 | — | 2 | — | 1 | 2 | 1 | ||||||||||||||||||||||||||||||
Amortization of rate stabilization deferral | 62 | — | — | — | 62 | 3 | 3 | — | — | 5 | ||||||||||||||||||||||||||||||
Amortization of debt fair value adjustment | (9 | ) | (9 | ) | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Discrete impacts from EIMA (c) | (36 | ) | — | (36 | ) | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Amortization of debt costs | 26 | 12 | (3 | ) | 2 | 3 | — | — | — | — | — | |||||||||||||||||||||||||||||
Provision for excess and obsolete inventory | 74 | 70 | 4 | — | — | 1 | 1 | 1 | — | 1 | ||||||||||||||||||||||||||||||
Merger-related commitments (d)(e) | 508 | 3 | — | — | — | 125 | 73 | 110 | 308 | — | ||||||||||||||||||||||||||||||
Severance costs | 130 | 57 | — | — | — | — | — | — | 53 | — | ||||||||||||||||||||||||||||||
Asset retirement costs | — | — | — | — | — | — | 5 | 2 | — | — | ||||||||||||||||||||||||||||||
Lower of cost or net realizable value inventory adjustment | 36 | 36 | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Other | 15 | 24 | (1 | ) | (3 | ) | (18 | ) | (2 | ) | (8 | ) | (5 | ) | (7 | ) | (3 | ) | ||||||||||||||||||||||
Total other non-cash operating activities | $ | 1,224 | $ | 129 | $ | 122 | $ | 49 | $ | 109 | $ | 168 | $ | 99 | $ | 138 | $ | 441 | $ | 46 | ||||||||||||||||||||
Non-cash investing and financing activities: | ||||||||||||||||||||||||||||||||||||||||
Change in capital expenditures not paid | $ | (338 | ) | $ | (289 | ) | $ | (42 | ) | $ | (4 | ) | $ | 17 | $ | 15 | $ | (10 | ) | $ | 2 | $ | (5 | ) | $ | 11 | ||||||||||||||
Fair value of net assets contributed to Generation in connection with the PHI Merger, net of cash(d)(f) | — | 119 | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Fair value of net assets distributed to Exelon in connection with the PHI Merger, net of cash(d)(f) | — | — | — | — | — | — | — | — | 129 | — | ||||||||||||||||||||||||||||||
Fair value of pension obligation transferred in connection with the PHI Merger | — | — | — | — | — | — | — | — | 53 | — | ||||||||||||||||||||||||||||||
Assumption of member purchase liability | — | — | — | — | — | — | — | — | 29 | — | ||||||||||||||||||||||||||||||
Assumption of merger commitment liability | — | — | — | — | — | 33 | — | — | 33 | — | ||||||||||||||||||||||||||||||
Change in PPE related to ARO update | 476 | 476 | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Indemnification of like-kind exchange position(g) | — | — | 157 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Non-cash financing of capital projects | 84 | 84 | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Dividends on stock compensation | 2 | — | — | — | — | — | — | — | — | — |
Successor | |||||||||||||||||||||||||||||||||||
September 30, 2017 | Exelon | Generation | ComEd | PECO | BGE | PHI | Pepco | DPL | ACE | ||||||||||||||||||||||||||
Property, plant and equipment: | |||||||||||||||||||||||||||||||||||
Accumulated depreciation and amortization | $ | 20,591 | (a) | $ | 11,193 | (a) | $ | 4,191 | $ | 3,366 | $ | 3,351 | $ | 448 | $ | 3,171 | $ | 1,231 | $ | 1,060 | |||||||||||||||
Accounts receivable: | |||||||||||||||||||||||||||||||||||
Allowance for uncollectible accounts | $ | 339 | $ | 111 | $ | 72 | $ | 57 | $ | 25 | $ | 74 | $ | 29 | $ | 17 | $ | 28 |
Successor | |||||||||||||||||||||||||||||||||||
December 31, 2016 | Exelon | Generation | ComEd | PECO | BGE | PHI | Pepco | DPL | ACE | ||||||||||||||||||||||||||
Property, plant and equipment: | |||||||||||||||||||||||||||||||||||
Accumulated depreciation and amortization | $ | 19,169 | (b) | $ | 10,562 | (b) | $ | 3,937 | $ | 3,253 | $ | 3,254 | $ | 195 | $ | 3,050 | $ | 1,175 | $ | 1,016 | |||||||||||||||
Accounts receivable: | |||||||||||||||||||||||||||||||||||
Allowance for uncollectible accounts | $ | 334 | $ | 91 | $ | 70 | $ | 61 | $ | 32 | $ | 80 | $ | 29 | $ | 24 | $ | 27 |
Accrued expenses | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Exelon | Generation | ComEd | PECO | BGE | PHI | Pepco | DPL | ACE | |||||||||||||||||||||||||||||||||||||||||||||
March 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Compensation-related accruals(a) | $ | 581 | $ | 210 | $ | 91 | $ | 42 | $ | 49 | $ | 73 | $ | 26 | $ | 15 | $ | 12 | |||||||||||||||||||||||||||||||||||
Taxes accrued | 540 | 279 | 70 | 18 | 50 | 108 | 92 | 10 | 12 | ||||||||||||||||||||||||||||||||||||||||||||
Interest accrued | 424 | 76 | 65 | 36 | 41 | 79 | 37 | 20 | 20 | ||||||||||||||||||||||||||||||||||||||||||||
December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Compensation-related accruals(a) | $ | 1,069 | $ | 426 | $ | 170 | $ | 73 | $ | 84 | $ | 109 | $ | 36 | $ | 18 | $ | 17 | |||||||||||||||||||||||||||||||||||
Taxes accrued | 527 | 229 | 94 | 16 | 73 | 117 | 90 | 18 | 12 | ||||||||||||||||||||||||||||||||||||||||||||
Interest accrued | 331 | 44 | 109 | 37 | 46 | 51 | 26 | 7 | 12 |
Three Months Ended March 31, | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
Operating revenues from affiliates: | |||||||||||||||||||||||
ComEd(a)(b) | $ | 78 | $ | 90 | |||||||||||||||||||
PECO(c) | 42 | 37 | |||||||||||||||||||||
BGE(d) | 72 | 99 | |||||||||||||||||||||
PHI | 100 | 103 | |||||||||||||||||||||
Pepco(e) | 75 | 79 | |||||||||||||||||||||
DPL(f) | 21 | 22 | |||||||||||||||||||||
ACE(g) | 4 | 2 | |||||||||||||||||||||
Other | 3 | 1 | |||||||||||||||||||||
Total operating revenues from affiliates (Generation) | $ | 295 | $ | 330 |
Successor | |||||||||||||||||||||||||||||||
Generation(a) | ComEd | PECO | BGE | PHI(b) | Other(c) | Intersegment Eliminations | Exelon | ||||||||||||||||||||||||
Operating revenues(d): | |||||||||||||||||||||||||||||||
2017 | |||||||||||||||||||||||||||||||
Competitive businesses electric revenues | $ | 4,042 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | (295 | ) | $ | 3,747 | ||||||||||||||
Competitive businesses natural gas revenues | 460 | — | — | — | — | — | — | 460 | |||||||||||||||||||||||
Competitive businesses other revenues | 249 | — | — | — | — | — | — | 249 | |||||||||||||||||||||||
Rate-regulated electric revenues | — | 1,571 | 662 | 658 | 1,280 | — | (7 | ) | 4,164 | ||||||||||||||||||||||
Rate-regulated natural gas revenues | — | — | 53 | 80 | 18 | — | (2 | ) | 149 | ||||||||||||||||||||||
Shared service and other revenues | — | — | — | — | 12 | 446 | (458 | ) | — | ||||||||||||||||||||||
2016 | |||||||||||||||||||||||||||||||
Competitive businesses electric revenues | $ | 4,322 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | (499 | ) | $ | 3,823 | ||||||||||||||
Competitive businesses natural gas revenues | 326 | — | — | — | — | — | — | 326 | |||||||||||||||||||||||
Competitive businesses other revenues | 387 | — | — | — | — | — | (1 | ) | 386 | ||||||||||||||||||||||
Rate-regulated electric revenues | — | 1,497 | 740 | 735 | 1,366 | — | (8 | ) | 4,330 | ||||||||||||||||||||||
Rate-regulated natural gas revenues | — | — | 48 | 77 | 17 | — | (5 | ) | 137 | ||||||||||||||||||||||
Shared service and other revenues | — | — | — | — | 11 | 362 | (373 | ) | — | ||||||||||||||||||||||
Intersegment revenues(e): | |||||||||||||||||||||||||||||||
2017 | $ | 294 | $ | 3 | $ | 2 | $ | 3 | $ | 12 | $ | 445 | $ | (759 | ) | $ | — | ||||||||||||||
2016 | 500 | 4 | 2 | 7 | 11 | 362 | (885 | ) | 1 | ||||||||||||||||||||||
Net income (loss): | |||||||||||||||||||||||||||||||
2017 | $ | 348 | $ | 189 | $ | 112 | $ | 62 | $ | 153 | $ | 3 | $ | — | $ | 867 | |||||||||||||||
2016 | 271 | 37 | 122 | 56 | 166 | (125 | ) | (1 | ) | 526 | |||||||||||||||||||||
Total assets: | |||||||||||||||||||||||||||||||
September 30, 2017 | $ | 47,744 | $ | 29,649 | $ | 11,480 | $ | 8,923 | $ | 21,301 | $ | 10,662 | $ | (11,286 | ) | $ | 118,473 | ||||||||||||||
December 31, 2016 | 46,974 | 28,335 | 10,831 | 8,704 | 21,025 | 10,369 | (11,334 | ) | 114,904 |
Pepco | DPL | ACE | Other(b) | Intersegment Eliminations | PHI | ||||||||||||||||||
Operating revenues(a): | |||||||||||||||||||||||
Three Months Ended September 30, 2017 - Successor | |||||||||||||||||||||||
Rate-regulated electric revenues | $ | 604 | $ | 309 | $ | 370 | $ | — | $ | (3 | ) | $ | 1,280 | ||||||||||
Rate-regulated natural gas revenues | — | 18 | — | — | — | 18 | |||||||||||||||||
Shared service and other revenues | — | — | — | 12 | — | 12 | |||||||||||||||||
Three Months Ended September 30, 2016 - Successor | |||||||||||||||||||||||
Rate-regulated electric revenues | $ | 635 | $ | 314 | $ | 421 | $ | — | $ | (4 | ) | $ | 1,366 | ||||||||||
Rate-regulated natural gas revenues | — | 17 | — | — | — | 17 | |||||||||||||||||
Shared service and other revenues | — | — | — | 11 | — | 11 | |||||||||||||||||
Intersegment revenues: | |||||||||||||||||||||||
Three Months Ended September 30, 2017 - Successor | $ | 1 | $ | 2 | $ | — | $ | 13 | $ | (4 | ) | $ | 12 | ||||||||||
Three Months Ended September 30, 2016 - Successor | 1 | 2 | 1 | 11 | (4 | ) | 11 | ||||||||||||||||
Net income (loss): | |||||||||||||||||||||||
Three Months Ended September 30, 2017 - Successor | $ | 87 | $ | 31 | $ | 41 | $ | (18 | ) | $ | 12 | $ | 153 | ||||||||||
Three Months Ended September 30, 2016 - Successor | 79 | 44 | 47 | (15 | ) | 11 | 166 | ||||||||||||||||
Total assets: | |||||||||||||||||||||||
September 30, 2017 - Successor | $ | 7,775 | $ | 4,276 | $ | 3,510 | $ | 10,724 | $ | (4,984 | ) | $ | 21,301 | ||||||||||
December 31, 2016 - Successor | 7,335 | 4,153 | 3,457 | 10,804 | (4,724 | ) | 21,025 |
Three Months Ended September 30, 2017 | Three Months Ended September 30, 2016 | ||||||||||||||||||||||
Revenues from external customers(a) | Intersegment revenues | Total Revenues | Revenues from external customers(a) | Intersegment revenues | Total Revenues | ||||||||||||||||||
Mid-Atlantic | $ | 1,421 | $ | 11 | $ | 1,432 | $ | 1,813 | $ | (13 | ) | $ | 1,800 | ||||||||||
Midwest | 1,049 | (11 | ) | 1,038 | 1,163 | 1 | 1,164 | ||||||||||||||||
New England | 482 | (1 | ) | 481 | 455 | (4 | ) | 451 | |||||||||||||||
New York | 434 | (6 | ) | 428 | 331 | (8 | ) | 323 | |||||||||||||||
ERCOT | 308 | 6 | 314 | 289 | 6 | 295 | |||||||||||||||||
Other Power Regions | 348 | (13 | ) | 335 | 271 | (33 | ) | 238 | |||||||||||||||
Total Revenues for Reportable Segments | 4,042 | (14 | ) | 4,028 | 4,322 | (51 | ) | 4,271 | |||||||||||||||
Other(b) | 709 | 14 | 723 | 713 | 51 | 764 | |||||||||||||||||
Total Generation Consolidated Operating Revenues | $ | 4,751 | $ | — | $ | 4,751 | $ | 5,035 | $ | — | $ | 5,035 |
Three Months Ended September 30, 2017 | Three Months Ended September 30, 2016 | ||||||||||||||||||||||
RNF from external customers(a) | Intersegment RNF | Total RNF | RNF from external customers(a) | Intersegment RNF | Total RNF | ||||||||||||||||||
Mid-Atlantic | $ | 817 | $ | 38 | $ | 855 | $ | 881 | $ | 6 | $ | 887 | |||||||||||
Midwest | 697 | — | 697 | 782 | (1 | ) | 781 | ||||||||||||||||
New England | 151 | (6 | ) | 145 | 170 | (10 | ) | 160 | |||||||||||||||
New York | 296 | — | 296 | 195 | (1 | ) | 194 | ||||||||||||||||
ERCOT | 229 | (111 | ) | 118 | 144 | (51 | ) | 93 | |||||||||||||||
Other Power Regions | 118 | (50 | ) | 68 | 143 | (66 | ) | 77 | |||||||||||||||
Total Revenues net of purchased power and fuel for Reportable Segments | 2,308 | (129 | ) | 2,179 | 2,315 | (123 | ) | 2,192 | |||||||||||||||
Other(b) | 112 | 129 | 241 | 131 | 123 | 254 | |||||||||||||||||
Total Generation Revenues net of purchased power and fuel expense | $ | 2,420 | $ | — | $ | 2,420 | $ | 2,446 | $ | — | $ | 2,446 |
Successor | |||||||||||||||||||||||||||||||
Generation(a) | ComEd | PECO | BGE | PHI(b) | Other(c) | Intersegment Eliminations | Exelon | ||||||||||||||||||||||||
Operating revenues(d): | |||||||||||||||||||||||||||||||
2017 | |||||||||||||||||||||||||||||||
Competitive businesses electric revenues | $ | 11,485 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | (888 | ) | $ | 10,597 | ||||||||||||||
Competitive businesses natural gas revenues | 1,807 | — | — | — | — | — | — | 1,807 | |||||||||||||||||||||||
Competitive businesses other revenues | 520 | — | — | — | — | — | — | 520 | |||||||||||||||||||||||
Rate-regulated electric revenues | — | 4,227 | 1,802 | 1,895 | 3,417 | — | (23 | ) | 11,318 | ||||||||||||||||||||||
Rate-regulated natural gas revenues | — | — | 339 | 468 | 105 | — | (6 | ) | 906 | ||||||||||||||||||||||
Shared service and other revenues | — | — | — | — | 35 | 1,316 | (1,350 | ) | 1 | ||||||||||||||||||||||
2016 | |||||||||||||||||||||||||||||||
Competitive businesses electric revenues | $ | 11,677 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | (1,118 | ) | $ | 10,559 | ||||||||||||||
Competitive businesses natural gas revenues | 1,515 | — | — | — | — | — | — | 1,515 | |||||||||||||||||||||||
Competitive businesses other revenues | 171 | — | — | — | — | — | (2 | ) | 169 | ||||||||||||||||||||||
Rate-regulated electric revenues | — | 4,031 | 1,971 | 1,998 | 2,485 | — | (24 | ) | 10,461 | ||||||||||||||||||||||
Rate-regulated natural gas revenues | — | — | 322 | 423 | 46 | — | (10 | ) | 781 | ||||||||||||||||||||||
Shared service and other revenues | — | — | — | — | 34 | 1,166 | (1,199 | ) | 1 | ||||||||||||||||||||||
Intersegment revenues(e): | |||||||||||||||||||||||||||||||
2017 | $ | 888 | $ | 12 | $ | 5 | $ | 12 | $ | 35 | $ | 1,312 | $ | (2,262 | ) | $ | 2 | ||||||||||||||
2016 | 1,121 | 12 | 5 | 16 | 34 | 1,166 | (2,351 | ) | 3 | ||||||||||||||||||||||
Net income (loss): | |||||||||||||||||||||||||||||||
2017 | $ | 491 | $ | 447 | $ | 327 | $ | 231 | $ | 359 | $ | 58 | $ | (2 | ) | $ | 1,911 | ||||||||||||||
2016 | 556 | 297 | 346 | 191 | (91 | ) | (340 | ) | (3 | ) | 956 |
Pepco | DPL | ACE | Other(b) | Intersegment Eliminations | PHI | ||||||||||||||||||
Operating revenues(a): | |||||||||||||||||||||||
Nine Months Ended September 30, 2017 - Successor | |||||||||||||||||||||||
Rate-regulated electric revenues | $ | 1,649 | $ | 866 | $ | 915 | $ | — | $ | (13 | ) | $ | 3,417 | ||||||||||
Rate-regulated natural gas revenues | — | 105 | — | — | — | 105 | |||||||||||||||||
Shared service and other revenues | — | — | — | 37 | (2 | ) | 35 | ||||||||||||||||
March 24, 2016 to September 30, 2016 - Successor | |||||||||||||||||||||||
Rate-regulated electric revenues | $ | 1,184 | $ | 593 | $ | 714 | $ | 3 | $ | (9 | ) | $ | 2,485 | ||||||||||
Rate-regulated natural gas revenues | — | 46 | — | — | — | 46 | |||||||||||||||||
Shared service and other revenues | — | — | — | 34 | — | 34 | |||||||||||||||||
January 1, 2016 to March 23, 2016 - Predecessor | |||||||||||||||||||||||
Rate-regulated electric revenues | $ | 511 | $ | 279 | $ | 268 | $ | 42 | $ | (4 | ) | $ | 1,096 | ||||||||||
Rate-regulated natural gas revenues | — | 56 | — | 1 | — | 57 | |||||||||||||||||
Shared service and other revenues | — | — | — | — | — | — | |||||||||||||||||
Intersegment revenues: | |||||||||||||||||||||||
Nine Months Ended September 30, 2017 - Successor | $ | 4 | $ | 6 | $ | 2 | $ | 37 | $ | (14 | ) | $ | 35 | ||||||||||
March 24, 2016 to September 30, 2016 - Successor | 2 | 4 | 2 | 35 | (9 | ) | 34 | ||||||||||||||||
January 1, 2016 to March 23, 2016 - Predecessor | 1 | 2 | 1 | — | (4 | ) | — | ||||||||||||||||
Net income (loss): | |||||||||||||||||||||||
Nine Months Ended September 30, 2017 - Successor | $ | 188 | $ | 107 | $ | 77 | $ | (48 | ) | $ | 35 | $ | 359 | ||||||||||
March 24, 2016 to September 30, 2016 - Successor | (12 | ) | (42 | ) | (55 | ) | (16 | ) | 34 | (91 | ) | ||||||||||||
January 1, 2016 to March 23, 2016 - Predecessor | 32 | 26 | 5 | (44 | ) | — | 19 |
Nine Months Ended September 30, 2017 | Nine Months Ended September 30, 2016 | ||||||||||||||||||||||
Revenues from external customers(a) | Intersegment revenues | Total Revenues | Revenues from external customers(a) | Intersegment revenues | Total Revenues | ||||||||||||||||||
Mid-Atlantic | $ | 4,207 | $ | 15 | $ | 4,222 | $ | 4,776 | $ | (40 | ) | $ | 4,736 | ||||||||||
Midwest | 3,158 | (17 | ) | 3,141 | 3,330 | 13 | 3,343 | ||||||||||||||||
New England | 1,469 | (8 | ) | 1,461 | 1,278 | (6 | ) | 1,272 | |||||||||||||||
New York | 1,095 | (14 | ) | 1,081 | 906 | (33 | ) | 873 | |||||||||||||||
ERCOT | 749 | 4 | 753 | 659 | 6 | 665 | |||||||||||||||||
Other Power Regions | 807 | (28 | ) | 779 | 728 | (42 | ) | 686 | |||||||||||||||
Total Revenues for Reportable Segments | 11,485 | (48 | ) | 11,437 | 11,677 | (102 | ) | 11,575 | |||||||||||||||
Other(b) | 2,327 | 48 | 2,375 | 1,686 | 102 | 1,788 | |||||||||||||||||
Total Generation Consolidated Operating Revenues | $ | 13,812 | $ | — | $ | 13,812 | $ | 13,363 | $ | — | $ | 13,363 |
Nine Months Ended September 30, 2017 | Nine Months Ended September 30, 2016 | ||||||||||||||||||||||
RNF from external customers(a) | Intersegment RNF | Total RNF | RNF from external customers(a) | Intersegment RNF | Total RNF | ||||||||||||||||||
Mid-Atlantic | $ | 2,330 | $ | 81 | $ | 2,411 | $ | 2,541 | $ | 15 | $ | 2,556 | |||||||||||
Midwest | 2,129 | 11 | 2,140 | 2,225 | 4 | 2,229 | |||||||||||||||||
New England | 423 | (20 | ) | 403 | 373 | (23 | ) | 350 | |||||||||||||||
New York | 679 | (1 | ) | 678 | 607 | (15 | ) | 592 | |||||||||||||||
ERCOT | 446 | (188 | ) | 258 | 335 | (104 | ) | 231 | |||||||||||||||
Other Power Regions | 359 | (139 | ) | 220 | 357 | (104 | ) | 253 | |||||||||||||||
Total Revenues net of purchased power and fuel expense for Reportable Segments | 6,366 | (256 | ) | 6,110 | 6,438 | (227 | ) | 6,211 | |||||||||||||||
Other(b) | 160 | 256 | 416 | 316 | 227 | 543 | |||||||||||||||||
Total Generation Revenues net of purchased power and fuel expense | $ | 6,526 | $ | — | $ | 6,526 | $ | 6,754 | $ | — | $ | 6,754 |
Operating and maintenance from affiliates | Capitalized costs | |||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, | Three Months Ended March 31, | |||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||||||||||||||||||||
Exelon | ||||||||||||||||||||||||||||||||||||||||||||||||||
BSC | $ | 124 | $ | 113 | ||||||||||||||||||||||||||||||||||||||||||||||
PHISCO | 17 | 14 | ||||||||||||||||||||||||||||||||||||||||||||||||
Generation | ||||||||||||||||||||||||||||||||||||||||||||||||||
BSC | $ | 144 | $ | 140 | 10 | 11 | ||||||||||||||||||||||||||||||||||||||||||||
ComEd | ||||||||||||||||||||||||||||||||||||||||||||||||||
BSC | 71 | 72 | 45 | 42 | ||||||||||||||||||||||||||||||||||||||||||||||
PECO | ||||||||||||||||||||||||||||||||||||||||||||||||||
BSC | 39 | 37 | 17 | 16 | ||||||||||||||||||||||||||||||||||||||||||||||
BGE | ||||||||||||||||||||||||||||||||||||||||||||||||||
BSC | 43 | 41 | 20 | 28 | ||||||||||||||||||||||||||||||||||||||||||||||
PHI | ||||||||||||||||||||||||||||||||||||||||||||||||||
BSC | 39 | 37 | 32 | 16 | ||||||||||||||||||||||||||||||||||||||||||||||
PHISCO | 0 | 0 | 17 | 14 | ||||||||||||||||||||||||||||||||||||||||||||||
Pepco | ||||||||||||||||||||||||||||||||||||||||||||||||||
BSC | 22 | 21 | 13 | 6 | ||||||||||||||||||||||||||||||||||||||||||||||
PHISCO | 30 | 30 | 7 | 6 | ||||||||||||||||||||||||||||||||||||||||||||||
DPL | ||||||||||||||||||||||||||||||||||||||||||||||||||
BSC | 14 | 13 | 10 | 5 | ||||||||||||||||||||||||||||||||||||||||||||||
PHISCO | 25 | 24 | 5 | 4 | ||||||||||||||||||||||||||||||||||||||||||||||
ACE | ||||||||||||||||||||||||||||||||||||||||||||||||||
BSC | 12 | 11 | 8 | 4 | ||||||||||||||||||||||||||||||||||||||||||||||
PHISCO | 22 | 22 | 5 | 4 |
Receivables from affiliates: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Payables to affiliates: | Generation | ComEd | PECO | BGE | Pepco | DPL | ACE | BSC | PHISCO | Other | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Generation | $ | 17 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 84 | $ | 0 | $ | 24 | $ | 125 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ComEd | $ | 50 | (a) | 0 | 0 | 0 | 0 | 0 | 49 | 0 | 5 | 104 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PECO | 15 | 0 | 0 | 0 | 0 | 0 | 24 | 0 | 7 | 46 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BGE | 11 | 1 | 0 | 0 | 0 | 0 | 30 | 0 | 1 | 43 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PHI | 0 | 1 | 0 | 0 | 0 | 0 | 0 | 7 | 0 | 10 | 18 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pepco | 12 | 1 | 0 | 0 | 0 | 0 | 16 | 14 | 1 | 44 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DPL | 2 | 0 | 0 | 0 | 0 | 0 | 11 | 11 | 0 | 24 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ACE | 8 | 0 | 0 | 0 | 0 | 0 | 8 | 10 | 1 | 27 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | 8 | 1 | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 10 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 106 | $ | 21 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 1 | $ | 229 | $ | 35 | $ | 49 | $ | 441 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables from affiliates: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Payables to affiliates: | Generation | ComEd | PECO | BGE | Pepco | DPL | ACE | BSC | PHISCO | Other | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Generation | $ | 13 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 72 | $ | 0 | $ | 22 | $ | 107 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ComEd | $ | 78 | (a) | 0 | 0 | 0 | 0 | 0 | 59 | 0 | 9 | 146 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PECO | 17 | 1 | 0 | 0 | 0 | 0 | 28 | 0 | 4 | 50 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BGE | 11 | 0 | 0 | 0 | 0 | 0 | 47 | 0 | 3 | 61 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PHI | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4 | 0 | 11 | 15 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pepco | 13 | 2 | 0 | 1 | 0 | 0 | 25 | 14 | 0 | 55 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DPL | 3 | 1 | 0 | 0 | 0 | 0 | 21 | 10 | 1 | 36 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ACE | 6 | 0 | 0 | 0 | 0 | 0 | 15 | 9 | 1 | 31 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | 25 | 5 | 2 | 2 | 2 | 1 | 6 | 0 | 0 | 43 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 153 | $ | 22 | $ | 2 | $ | 3 | $ | 2 | $ | 1 | $ | 6 | $ | 271 | $ | 33 | $ | 51 | $ | 544 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2021 | December 31, 2020 | ||||||||||
ComEd | $ | 2,375 | $ | 2,541 | |||||||
PECO | 490 | 475 | |||||||||
March 31, 2021 | December 31, 2020 | ||||||||||||||||||||||||||||||||||
Exelon | ComEd | PECO | Exelon | ComEd | PECO | ||||||||||||||||||||||||||||||
ComEd Financing III | $ | 206 | $ | 205 | $ | 0 | $ | 206 | $ | 205 | $ | 0 | |||||||||||||||||||||||
PECO Trust III | 81 | 0 | 81 | 81 | 0 | 81 | |||||||||||||||||||||||||||||
PECO Trust IV | 103 | 0 | 103 | 103 | 0 | 103 | |||||||||||||||||||||||||||||
Total | $ | 390 | $ | 205 | $ | 184 | $ | 390 | $ | 205 | $ | 184 |
Three Months Ended September 30, | Favorable (Unfavorable) Variance | ||||||||||||||||||||||||||||||||||
2017 | 2016 | ||||||||||||||||||||||||||||||||||
Generation | ComEd | PECO | BGE | PHI | Other | Exelon | Exelon(b) | ||||||||||||||||||||||||||||
Operating revenues | $ | 4,751 | $ | 1,571 | $ | 715 | $ | 738 | $ | 1,310 | $ | (316 | ) | $ | 8,769 | $ | 9,002 | $ | (233 | ) | |||||||||||||||
Purchased power and fuel | 2,331 | 529 | 235 | 269 | 473 | (295 | ) | 3,542 | 3,754 | 212 | |||||||||||||||||||||||||
Revenue net of purchased power and fuel(a) | 2,420 | 1,042 | 480 | 469 | 837 | (21 | ) | 5,227 | 5,248 | (21 | ) | ||||||||||||||||||||||||
Other operating expenses | |||||||||||||||||||||||||||||||||||
Operating and maintenance | 1,374 | 346 | 197 | 175 | 251 | (43 | ) | 2,300 | 2,338 | 38 | |||||||||||||||||||||||||
Depreciation and amortization | 410 | 212 | 72 | 109 | 179 | 20 | 1,002 | 1,195 | 193 | ||||||||||||||||||||||||||
Taxes other than income | 141 | 80 | 42 | 61 | 122 | 10 | 456 | 449 | (7 | ) | |||||||||||||||||||||||||
Total other operating expenses | 1,925 | 638 | 311 | 345 | 552 | (13 | ) | 3,758 | 3,982 | 224 | |||||||||||||||||||||||||
(Loss) Gain on sales of assets | (2 | ) | — | — | — | — | 1 | (1 | ) | 1 | (2 | ) | |||||||||||||||||||||||
Bargain purchase gain | 7 | — | — | — | — | — | 7 | — | 7 | ||||||||||||||||||||||||||
Operating income (loss) | 500 | 404 | 169 | 124 | 285 | (7 | ) | 1,475 | 1,267 | 208 | |||||||||||||||||||||||||
Other income and (deductions) | |||||||||||||||||||||||||||||||||||
Interest expense, net | (113 | ) | (89 | ) | (31 | ) | (26 | ) | (62 | ) | (65 | ) | (386 | ) | (516 | ) | 130 | ||||||||||||||||||
Other, net | 209 | 5 | 2 | 4 | 13 | 4 | 237 | 120 | 117 | ||||||||||||||||||||||||||
Total other income and (deductions) | 96 | (84 | ) | (29 | ) | (22 | ) | (49 | ) | (61 | ) | (149 | ) | (396 | ) | 247 | |||||||||||||||||||
Income (loss) before income taxes | 596 | 320 | 140 | 102 | 236 | (68 | ) | 1,326 | 871 | 455 | |||||||||||||||||||||||||
Income taxes | 240 | 131 | 28 | 40 | 83 | (70 | ) | 452 | 340 | (112 | ) | ||||||||||||||||||||||||
Equity in (losses) earnings of unconsolidated affiliates | (8 | ) | — | — | — | — | 1 | (7 | ) | (5 | ) | (2 | ) | ||||||||||||||||||||||
Net income | 348 | 189 | 112 | 62 | 153 | 3 | 867 | 526 | 341 | ||||||||||||||||||||||||||
Net income attributable to noncontrolling interests and preference stock dividends | 43 | — | — | — | — | — | 43 | 36 | (7 | ) | |||||||||||||||||||||||||
Net income attributable to common shareholders | $ | 305 | $ | 189 | $ | 112 | $ | 62 | $ | 153 | $ | 3 | $ | 824 | $ | 490 | $ | 334 |
Nine Months Ended September 30, | Favorable (Unfavorable) Variance | ||||||||||||||||||||||||||||||||||
2017 | 2016 | ||||||||||||||||||||||||||||||||||
Generation | ComEd | PECO | BGE | PHI | Other | Exelon | Exelon(b) | ||||||||||||||||||||||||||||
Operating revenues | $ | 13,812 | $ | 4,227 | $ | 2,141 | $ | 2,363 | $ | 3,557 | $ | (951 | ) | $ | 25,149 | $ | 23,486 | $ | 1,663 | ||||||||||||||||
Purchased power and fuel expense | 7,286 | 1,241 | 719 | 853 | 1,318 | (890 | ) | 10,527 | 9,462 | (1,065 | ) | ||||||||||||||||||||||||
Revenue net of purchased power and fuel expense(a) | 6,526 | 2,986 | 1,422 | 1,510 | 2,239 | (61 | ) | 14,622 | 14,024 | 598 | |||||||||||||||||||||||||
Other operating expenses | |||||||||||||||||||||||||||||||||||
Operating and maintenance | 4,871 | 1,096 | 595 | 532 | 774 | (136 | ) | 7,732 | 7,677 | (55 | ) | ||||||||||||||||||||||||
Depreciation and amortization | 1,046 | 631 | 213 | 348 | 511 | 65 | 2,814 | 2,821 | 7 | ||||||||||||||||||||||||||
Taxes other than income | 425 | 223 | 116 | 180 | 344 | 25 | 1,313 | 1,168 | (145 | ) | |||||||||||||||||||||||||
Total other operating expenses | 6,342 | 1,950 | 924 | 1,060 | 1,629 | (46 | ) | 11,859 | 11,666 | (193 | ) | ||||||||||||||||||||||||
Gain on sales of assets | 3 | — | — | — | 1 | — | 4 | 41 | (37 | ) | |||||||||||||||||||||||||
Bargain purchase gain | 233 | — | — | — | — | — | 233 | — | 233 | ||||||||||||||||||||||||||
Operating income (loss) | 420 | 1,036 | 498 | 450 | 611 | (15 | ) | 3,000 | 2,399 | 601 | |||||||||||||||||||||||||
Other income and (deductions) | |||||||||||||||||||||||||||||||||||
Interest expense, net | (342 | ) | (275 | ) | (93 | ) | (80 | ) | (183 | ) | (221 | ) | (1,194 | ) | (1,179 | ) | (15 | ) | |||||||||||||||||
Other, net | 648 | 14 | 6 | 12 | 40 | 5 | 725 | 377 | 348 | ||||||||||||||||||||||||||
Total other income and (deductions) | 306 | (261 | ) | (87 | ) | (68 | ) | (143 | ) | (216 | ) | (469 | ) | (802 | ) | 333 | |||||||||||||||||||
Income (loss) before income taxes | 726 | 775 | 411 | 382 | 468 | (231 | ) | 2,531 | 1,597 | 934 | |||||||||||||||||||||||||
Income taxes | 209 | 328 | 84 | 151 | 109 | (286 | ) | 595 | 625 | 30 | |||||||||||||||||||||||||
Equity in (losses) earnings of unconsolidated affiliates | (26 | ) | — | — | — | — | 1 | (25 | ) | (16 | ) | (9 | ) | ||||||||||||||||||||||
Net income | 491 | 447 | 327 | 231 | 359 | 56 | 1,911 | 956 | 955 | ||||||||||||||||||||||||||
Net income attributable to noncontrolling interests and preference stock dividends | 12 | — | — | — | — | — | 12 | 26 | 14 | ||||||||||||||||||||||||||
Net income attributable to common shareholders | $ | 479 | $ | 447 | $ | 327 | $ | 231 | $ | 359 | $ | 56 | $ | 1,899 | $ | 930 | $ | 969 |
Three Months Ended March 31, | Favorable (unfavorable) variance | ||||||||||||||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||||||||||||||
Exelon | $ | (289) | $ | 582 | $ | (871) | |||||||||||||||||||||||||||||
Generation | (793) | 45 | (838) | ||||||||||||||||||||||||||||||||
ComEd | 197 | 168 | 29 | ||||||||||||||||||||||||||||||||
PECO | 167 | 140 | 27 | ||||||||||||||||||||||||||||||||
BGE | 209 | 181 | 28 | ||||||||||||||||||||||||||||||||
PHI | 128 | 108 | 20 | ||||||||||||||||||||||||||||||||
Pepco | 59 | 52 | 7 | ||||||||||||||||||||||||||||||||
DPL | 56 | 45 | 11 | ||||||||||||||||||||||||||||||||
ACE | 14 | 13 | 1 | ||||||||||||||||||||||||||||||||
Other(a) | (197) | (60) | (137) |
Three Months Ended September 30, | |||||||||||||||
2017 | 2016 | ||||||||||||||
(All amounts in millions after tax) | Earnings per Diluted Share | Earnings per Diluted Share | |||||||||||||
Net Income Attributable to Common Shareholders | $ | 824 | $ | 0.85 | $ | 490 | $ | 0.53 | |||||||
Mark-to-Market Impact of Economic Hedging Activities(a) (net of taxes of $29 and $35, respectively) | (45 | ) | (0.05 | ) | (54 | ) | (0.06 | ) | |||||||
Unrealized Gains Related to NDT Fund Investments(b) (net of taxes of $45 and $48, respectively) | (67 | ) | (0.07 | ) | (70 | ) | (0.07 | ) | |||||||
Amortization of Commodity Contract Intangibles(c) (net of taxes of $8 and $8, respectively) | 12 | 0.01 | 13 | 0.01 | |||||||||||
Merger and Integration Costs(d) (net of taxes of $1 and $10, respectively) | (1 | ) | — | 13 | 0.01 | ||||||||||
Merger Commitments(e) (net of taxes of $1) | — | — | 5 | 0.01 | |||||||||||
Long-Lived Asset Impairments(f) (net of taxes of $16 and $5, respectively) | 24 | 0.03 | 11 | 0.01 | |||||||||||
Plant Retirements and Divestitures(g) (net of taxes of $47 and $129, respectively) | 71 | 0.08 | 204 | 0.22 | |||||||||||
Cost Management Program(h) (net of taxes of $8 and $5, respectively) | 13 | 0.01 | 7 | 0.01 | |||||||||||
Like-Kind Exchange Tax Position(i) (net of taxes of $61) | — | — | 199 | 0.21 | |||||||||||
Asset Retirement Obligation(j) (net of taxes of $1) | (2 | ) | — | — | — | ||||||||||
Bargain Purchase Gain(k) (net of taxes of $0) | (7 | ) | (0.01 | ) | — | — | |||||||||
Reassessment of State Deferred Income Taxes(l) (entire amount represents tax expense) | (21 | ) | (0.02 | ) | — | — | |||||||||
Noncontrolling Interests(m) (net of taxes of $4 and $5, respectively) | 20 | 0.02 | 23 | 0.03 | |||||||||||
Adjusted (non-GAAP) Operating Earnings | $ | 821 | $ | 0.85 | $ | 841 | $ | 0.91 |
Three Months Ended March 31, | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
(In millions, except per share data) | Earnings per Diluted Share | Earnings per Diluted Share | |||||||||||||||||||||
Net Income (Loss) Attributable to Common Shareholders | $ | (289) | $ | (0.30) | $ | 582 | $ | 0.60 | |||||||||||||||
Mark-to-Market Impact of Economic Hedging Activities (net of taxes of $46 and $32, respectively) | (135) | (0.14) | (94) | (0.10) | |||||||||||||||||||
Unrealized Losses Related to NDT Fund Investments (net of taxes of $40 and $405, respectively)(a) | 43 | 0.04 | 485 | 0.50 | |||||||||||||||||||
Asset Impairments (net of taxes of $1) | — | — | 2 | — | |||||||||||||||||||
Plant Retirements and Divestitures (net of taxes of $103 and $4, respectively)(b) | 310 | 0.32 | 13 | 0.01 | |||||||||||||||||||
Cost Management Program (net of taxes of $0 and $3, respectively)(c) | 1 | — | 9 | 0.01 | |||||||||||||||||||
Change in Environmental Liabilities (net of taxes of $1) | 2 | — | — | — | |||||||||||||||||||
COVID-19 Direct Costs (net of taxes of $4)(d) | 10 | 0.01 | — | — | |||||||||||||||||||
Acquisition Related Costs (net of tax of $2)(e) | 6 | 0.01 | — | — | |||||||||||||||||||
ERP System Implementation Costs (net of taxes of $1)(f) | 5 | 0.01 | — | — | |||||||||||||||||||
Planned Separation Costs (net of taxes of $2)(g) | 7 | 0.01 | — | — | |||||||||||||||||||
Income Tax-Related Adjustments (entire amount represents tax expense) | (2) | — | (2) | — | |||||||||||||||||||
Noncontrolling Interests (net of taxes of $6 and $30, respectively)(h) | (17) | (0.02) | (144) | (0.15) | |||||||||||||||||||
Adjusted (non-GAAP) Operating Earnings (Loss) | $ | (60) | $ | (0.06) | $ | 851 | $ | 0.87 |
Nine Months Ended September 30, | |||||||||||||||
2017 | 2016 | ||||||||||||||
(All amounts in millions after tax) | Earnings per Diluted Share | Earnings per Diluted Share | |||||||||||||
Net Income Attributable to Common Shareholders | $ | 1,899 | $ | 2.01 | $ | 930 | $ | 1.00 | |||||||
Mark-to-Market Impact of Economic Hedging Activities(a) (net of taxes of $62 and $46, respectively) | 97 | 0.10 | 67 | 0.07 | |||||||||||
Unrealized Gains Related to NDT Fund Investments(b) (net of taxes of $137 and $89, respectively) | (211 | ) | (0.22 | ) | (127 | ) | (0.13 | ) | |||||||
Amortization of Commodity Contract Intangibles(c) (net of taxes of $17 and $6, respectively) | 27 | 0.03 | 8 | 0.01 | |||||||||||
Merger and Integration Costs(d) (net of taxes of $24 and $36, respectively) | 39 | 0.04 | 92 | 0.10 | |||||||||||
Merger Commitments(e) (net of taxes of $137 and $114, respectively) | (137 | ) | (0.15 | ) | 400 | 0.43 | |||||||||
Long-Lived Asset Impairments(f) (net of taxes of $188 and $67, respectively) | 293 | 0.31 | 104 | 0.11 | |||||||||||
Plant Retirements and Divestitures(g) (net of taxes of $89 and $214, respectively) | 137 | 0.15 | 338 | 0.37 | |||||||||||
Cost Management Program(h) (net of taxes of $15 and $17, respectively) | 24 | 0.03 | 26 | 0.03 | |||||||||||
Like-Kind Exchange Tax Position(i) (net of taxes of $66 and $61, respectively) | (26 | ) | (0.03 | ) | 199 | 0.21 | |||||||||
Asset Retirement Obligation(j) (net of taxes of $1) | (2 | ) | — | — | — | ||||||||||
Bargain Purchase Gain(k) (net of taxes of $0) | (233 | ) | (0.25 | ) | — | — | |||||||||
Reassessment of State Deferred Income Taxes(l) (entire amount represents tax expense) | (42 | ) | (0.04 | ) | — | — | |||||||||
Tax Settlements(n) (net of taxes of $1) | (5 | ) | (0.01 | ) | — | — | |||||||||
Noncontrolling Interests(m) (net of taxes of $16 and $8, respectively) | 75 | 0.08 | 41 | 0.04 | |||||||||||
Adjusted (non-GAAP) Operating Earnings | $ | 1,935 | $ | 2.05 | $ | 2,078 | $ | 2.24 |
Pre-tax Expense | ||||||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2017 | ||||||||||||||||||||||||||||||||||||
Merger, Integration and Acquisition Costs: | Exelon(a) | Generation(a) | ComEd | PECO | BGE | PHI(a)(b) | Pepco(a)(c) | DPL(a) | ACE(a)(d) | |||||||||||||||||||||||||||
Transaction(e) | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||
Other(f) | (3 | ) | 11 | — | 1 | 1 | (15 | ) | (8 | ) | 1 | (8 | ) | |||||||||||||||||||||||
Total | $ | (3 | ) | $ | 11 | $ | — | $ | 1 | $ | 1 | $ | (15 | ) | $ | (8 | ) | $ | 1 | $ | (8 | ) |
Pre-tax Expense | ||||||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2016 | ||||||||||||||||||||||||||||||||||||
Merger, Integration and Acquisition Costs: | Exelon(a) | Generation(a) | ComEd | PECO | BGE | PHI(a) | Pepco(a) | DPL(a) | ACE(a) | |||||||||||||||||||||||||||
Transaction(e) | $ | 1 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||
Employee-Related(g) | 1 | — | — | — | — | 1 | — | — | — | |||||||||||||||||||||||||||
Other(f) | 21 | 11 | — | 2 | 2 | 7 | 3 | 2 | 2 | |||||||||||||||||||||||||||
Total | $ | 23 | $ | 11 | $ | — | $ | 2 | $ | 2 | $ | 8 | $ | 3 | $ | 2 | $ | 2 |
Pre-tax Expense | ||||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2017 | ||||||||||||||||||||||||||||||||||||
Merger, Integration and Acquisition Costs: | Exelon(a) | Generation(a) | ComEd | PECO | BGE | PHI(a)(b) | Pepco(a)(c) | DPL(a)(h) | ACE(a)(d) | |||||||||||||||||||||||||||
Transaction(e) | $ | 5 | $ | 4 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||
Other(f) | 57 | 67 | 1 | 3 | 3 | (17 | ) | (6 | ) | (6 | ) | (6 | ) | |||||||||||||||||||||||
Total | $ | 62 | $ | 71 | $ | 1 | $ | 3 | $ | 3 | $ | (17 | ) | $ | (6 | ) | $ | (6 | ) | $ | (6 | ) |
Pre-tax Expense | ||||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2016 | ||||||||||||||||||||||||||||||||||||
Merger, Integration and Acquisition Costs: | Exelon(a) | Generation(a) | ComEd(i) | PECO | BGE(j) | PHI(a)(b) | Pepco(a)(c) | DPL(a)(h) | ACE(a) | |||||||||||||||||||||||||||
Transaction(e) | $ | 36 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||
Employee-Related(g) | 74 | 10 | 1 | 1 | 1 | 61 | 29 | 17 | 14 | |||||||||||||||||||||||||||
Other(f) | 16 | 21 | (8 | ) | 3 | (3 | ) | 2 | (3 | ) | 1 | 3 | ||||||||||||||||||||||||
Total | $ | 126 | $ | 31 | $ | (7 | ) | $ | 4 | $ | (2 | ) | $ | 63 | $ | 26 | $ | 18 | $ | 17 |
September 30, 2017 | Projected(a) | |||||||||||||||
Income statement expense (pre-tax) | 2017 | 2018 | 2019 | |||||||||||||
Depreciation and Amortization | ||||||||||||||||
Accelerated depreciation(b) | $ | 141 | $ | 250 | $ | 430 | $ | 325 | ||||||||
Accelerated nuclear fuel amortization | 8 | 10 | 20 | 5 | ||||||||||||
Total | $ | 149 | $ | 260 | $ | 450 | $ | 330 |
Company | Jurisdiction | Approved Revenue Requirement Increase (in millions) | Approved Return on Equity | Completion Date | Rate Effective Date | ||||||||
DPL | Maryland (Electric) | $ | 38 | 9.6 | % | February 15, 2017 | February 15, 2017 | ||||||
DPL | Delaware (Electric) | $ | 31.5 | 9.7 | % | May 23, 2017 | June 1, 2017 | ||||||
DPL | Delaware (Natural Gas) | $ | 4.9 | 9.7 | % | June 6, 2017 | July 1, 2017 | ||||||
Pepco | District of Columbia (Electric) | $ | 37 | 9.5 | % | July 25, 2017 | August 15, 2017 | ||||||
ACE | New Jersey (Electric) | $ | 43 | 9.6 | % | September 22, 2017 | October 1, 2017 | ||||||
Pepco | Maryland (Electric) | $ | 32 | 9.5 | % | October 27, 2017 | October 20, 2017 |
Company | Jurisdiction | Requested Revenue Requirement Increase (in millions) | Requested Return on Equity | Filing Date | Expected Completion Timing | ||||||||
ComEd | Illinois (Electric)(a) | $ | 96 | (b) | 8.4 | % | (c) | April 13, 2017 | Fourth quarter 2017 | ||||
DPL | Maryland (Electric) | $ | 22 | 10.1 | % | July 14, 2017 (Updated on September 28, 2017) | First quarter 2018 | ||||||
DPL | Delaware (Electric) | $ | 31 | 10.1 | % | August 17, 2017 (Updated on October 18, 2017) | Third quarter 2018 | ||||||
DPL | Delaware (Natural Gas) | $ | 13 | 10.1 | % | August 17, 2017 | Third quarter 2018 |
2017 | |||||||||||||||||||
Annual Transmission Filings(a) | ComEd | BGE | Pepco | DPL | ACE | ||||||||||||||
Initial revenue requirement increase | $ | 44 | $ | 31 | $ | 5 | $ | 6 | $ | 20 | |||||||||
Annual reconciliation (decrease) increase | (33 | ) | 3 | 15 | 8 | 22 | |||||||||||||
Dedicated facilities decrease(b) | — | (8 | ) | — | — | — | |||||||||||||
Total revenue requirement increase | $ | 11 | $ | 26 | $ | 20 | $ | 14 | $ | 42 | |||||||||
Allowed return on rate base(c) | 8.43 | % | 7.47 | % | 7.92 | % | 7.16 | % | 8.02 | % | |||||||||
Allowed ROE(d) | 11.50 | % | 10.50 | % | 10.50 | % | 10.50 | % | 10.50 | % |
Registrant/Jurisdiction | Filing Date | Service | Requested Revenue Requirement (Decrease) Increase | Approved Revenue Requirement (Decrease) Increase | Approved ROE | Approval Date | Rate Effective Date | |||||||||||||||||||||||||||||||||||||
ComEd - Illinois | April 16, 2020 | Electric | $ | (11) | $ | (14) | 8.38 | % | December 9, 2020 | January 1, 2021 | ||||||||||||||||||||||||||||||||||
BGE - Maryland | May 15, 2020 (amended September 11, 2020) | Electric | 137 | 81 | 9.50 | % | December 16, 2020 | January 1, 2021 | ||||||||||||||||||||||||||||||||||||
Natural Gas | 91 | 21 | 9.65 | % | ||||||||||||||||||||||||||||||||||||||||
Registrant/Jurisdiction | Filing Date | Service | Requested Revenue Requirement Increase | Requested ROE | Expected Approval Timing | |||||||||||||||||||||||||||
ComEd - Illinois | April 16, 2021 | Electric | $ | 51 | 7.36 | % | Fourth quarter of 2021 | |||||||||||||||||||||||||
PECO - Pennsylvania | March 30, 2021 | Electric | 246 | 10.95 | % | Fourth quarter of 2021 | ||||||||||||||||||||||||||
PECO - Pennsylvania | September 30, 2020 | Natural Gas | 69 | 10.95 | % | Second quarter of 2021 | ||||||||||||||||||||||||||
Pepco - District of Columbia | May 30, 2019 (amended June 1, 2020) | Electric | 136 | 9.7 | % | Second quarter of 2021 | ||||||||||||||||||||||||||
Pepco - Maryland | October 26, 2020 (amended March 31, 2021) | Electric | 104 | 10.2 | % | Second quarter of 2021 | ||||||||||||||||||||||||||
DPL - Delaware | March 6, 2020 (amended February 2, 2021) | Electric | 23 | 10.3 | % | Third quarter of 2021 | ||||||||||||||||||||||||||
ACE - New Jersey | December 9, 2020 (amended February 26, 2021) | Electric | 67 | 10.3 | % | Fourth quarter of 2021 |
Registrant | Initial Revenue Requirement Increase | Annual Reconciliation Increase | Total Revenue Requirement Increase | Allowed Return on Rate Base | Allowed ROE | ||||||||||||
ComEd | $ | 33 | $ | 12 | $ | 45 | 8.20 | % | 11.50 | % | |||||||
Three Months Ended September 30, | Favorable (Unfavorable) Variance | Nine Months Ended September 30, | Favorable (Unfavorable) Variance | ||||||||||||||||||||
2017 | 2016 | 2017 | 2016(a) | ||||||||||||||||||||
Exelon | $ | 824 | $ | 490 | $ | 334 | $ | 1,899 | $ | 930 | $ | 969 | |||||||||||
Generation | 305 | 236 | 69 | 479 | 538 | (59 | ) | ||||||||||||||||
ComEd | 189 | 37 | 152 | 447 | 297 | 150 | |||||||||||||||||
PECO | 112 | 122 | (10 | ) | 327 | 346 | (19 | ) | |||||||||||||||
BGE | 62 | 54 | 8 | 231 | 183 | 48 | |||||||||||||||||
Pepco | 87 | 79 | 8 | 188 | 20 | 168 | |||||||||||||||||
DPL | 31 | 44 | (13 | ) | 107 | (16 | ) | 123 | |||||||||||||||
ACE | 41 | 47 | (6 | ) | 77 | (50 | ) | 127 |
Successor | Predecessor | ||||||||||||||||||||
Three Months Ended September 30, 2017 | Three Months Ended September 30, 2016 | Nine Months Ended September 30, 2017 | March 24, 2016 to September 30, 2016 | January 1, 2016 to March 23, 2016 | |||||||||||||||||
PHI | $ | 153 | $ | 166 | $ | 359 | $ | (91 | ) | $ | 19 |
Three Months Ended September 30, | Favorable (Unfavorable) Variance | Nine Months Ended September 30, | Favorable (Unfavorable) Variance | Three Months Ended March 31, | Favorable (Unfavorable) Variance | |||||||||||||||||||||||||||||||||||||||||||||||||||||
2017 | 2016 | 2017 | 2016 | 2021 | 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating revenues | $ | 4,751 | $ | 5,035 | $ | (284 | ) | $ | 13,812 | $ | 13,363 | $ | 449 | Operating revenues | $ | 5,559 | $ | 4,733 | $ | 826 | ||||||||||||||||||||||||||||||||||||||
Purchased power and fuel expense | 2,331 | 2,589 | 258 | 7,286 | 6,609 | (677 | ) | Purchased power and fuel expense | 4,610 | 2,704 | (1,906) | |||||||||||||||||||||||||||||||||||||||||||||||
Revenues net of purchased power and fuel expense(a) | 2,420 | 2,446 | (26 | ) | 6,526 | 6,754 | (228 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues net of purchased power and fuel expense | Revenues net of purchased power and fuel expense | 949 | 2,029 | (1,080) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other operating expenses | Other operating expenses | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating and maintenance | 1,374 | 1,336 | (38 | ) | 4,871 | 4,333 | (538 | ) | Operating and maintenance | 1,001 | 1,263 | 262 | ||||||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | 410 | 632 | 222 | 1,046 | 1,329 | 283 | Depreciation and amortization | 940 | 304 | (636) | ||||||||||||||||||||||||||||||||||||||||||||||||
Taxes other than income | 141 | 136 | (5 | ) | 425 | 380 | (45 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Taxes other than income taxes | Taxes other than income taxes | 121 | 129 | 8 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total other operating expenses | 1,925 | 2,104 | 179 | 6,342 | 6,042 | (300 | ) | Total other operating expenses | 2,062 | 1,696 | (366) | |||||||||||||||||||||||||||||||||||||||||||||||
(Loss) Gain on sales of assets | (2 | ) | — | (2 | ) | 3 | 31 | (28 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||
Bargain purchase gain | 7 | — | 7 | 233 | — | 233 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating income | 500 | 342 | 158 | 420 | 743 | (323 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Gain on sales of assets and businesses | Gain on sales of assets and businesses | 71 | — | 71 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating (loss) income | Operating (loss) income | (1,042) | 333 | (1,375) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other income and (deductions) | Other income and (deductions) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense, net | (113 | ) | (77 | ) | (36 | ) | (342 | ) | (273 | ) | (69 | ) | Interest expense, net | (72) | (109) | 37 | ||||||||||||||||||||||||||||||||||||||||||
Other, net | 209 | 185 | 24 | 648 | 395 | 253 | Other, net | 167 | (771) | 938 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total other income and (deductions) | 96 | 108 | (12 | ) | 306 | 122 | 184 | Total other income and (deductions) | 95 | (880) | 975 | |||||||||||||||||||||||||||||||||||||||||||||||
Income before income taxes | 596 | 450 | 146 | 726 | 865 | (139 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Loss before income taxes | Loss before income taxes | (947) | (547) | (400) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income taxes | 240 | 173 | (67 | ) | 209 | 293 | 84 | Income taxes | (179) | (389) | (210) | |||||||||||||||||||||||||||||||||||||||||||||||
Equity in losses of unconsolidated affiliates | (8 | ) | (6 | ) | (2 | ) | (26 | ) | (16 | ) | (10 | ) | Equity in losses of unconsolidated affiliates | (1) | (3) | 2 | ||||||||||||||||||||||||||||||||||||||||||
Net income | 348 | 271 | 77 | 491 | 556 | (65 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to noncontrolling interests | 43 | 35 | (8 | ) | 12 | 18 | 6 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to membership interest | $ | 305 | $ | 236 | $ | 69 | $ | 479 | $ | 538 | $ | (59 | ) | |||||||||||||||||||||||||||||||||||||||||||||
Net loss | Net loss | (769) | (161) | (608) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) attributable to noncontrolling interests | Net income (loss) attributable to noncontrolling interests | 24 | (206) | 230 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net (loss) income attributable to membership interest | Net (loss) income attributable to membership interest | $ | (793) | $ | 45 | $ | (838) |
Three Months Ended March 31, | Variance | % Change | |||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||||||||||||||||||||||||||
Mid-Atlantic(a) | $ | 567 | $ | 567 | $ | — | — | % | |||||||||||||||||||||||||||||||||||||||
Midwest(b) | 702 | 727 | (25) | (3.4) | % | ||||||||||||||||||||||||||||||||||||||||||
New York | 242 | 193 | 49 | 25.4 | % | ||||||||||||||||||||||||||||||||||||||||||
ERCOT | (1,184) | 80 | (1,264) | (1,580.0) | % | ||||||||||||||||||||||||||||||||||||||||||
Other Power Regions | 217 | 158 | 59 | 37.3 | % | ||||||||||||||||||||||||||||||||||||||||||
Total electric revenues net of purchased power and fuel expense | 544 | 1,725 | (1,181) | (68.5) | % | ||||||||||||||||||||||||||||||||||||||||||
Mark-to-market gains | 175 | 131 | 44 | 33.6 | % | ||||||||||||||||||||||||||||||||||||||||||
Other | 230 | 173 | 57 | 32.9 | % | ||||||||||||||||||||||||||||||||||||||||||
Total revenue net of purchased power and fuel expense | $ | 949 | $ | 2,029 | $ | (1,080) | (53.2) | % |
Three Months Ended March 31, | Variance | % Change | |||||||||||||||||||||||||||||||||||||||||||||
Supply Source (GWhs) | 2021 | 2020 | |||||||||||||||||||||||||||||||||||||||||||||
Nuclear Generation(a) | |||||||||||||||||||||||||||||||||||||||||||||||
Mid-Atlantic | 13,254 | 12,784 | 470 | 3.7 | % | ||||||||||||||||||||||||||||||||||||||||||
Midwest | 23,155 | 23,598 | (443) | (1.9) | % | ||||||||||||||||||||||||||||||||||||||||||
New York | 7,057 | 6,173 | 884 | 14.3 | % | ||||||||||||||||||||||||||||||||||||||||||
Total Nuclear Generation | 43,466 | 42,555 | 911 | 2.1 | % | ||||||||||||||||||||||||||||||||||||||||||
Fossil and Renewables | |||||||||||||||||||||||||||||||||||||||||||||||
Mid-Atlantic | 662 | 853 | (191) | (22.4) | % | ||||||||||||||||||||||||||||||||||||||||||
Midwest | 323 | 388 | (65) | (16.8) | % | ||||||||||||||||||||||||||||||||||||||||||
New York | 1 | 1 | — | — | % | ||||||||||||||||||||||||||||||||||||||||||
ERCOT | 2,783 | 3,012 | (229) | (7.6) | % | ||||||||||||||||||||||||||||||||||||||||||
Other Power Regions | 2,964 | 3,508 | (544) | (15.5) | % | ||||||||||||||||||||||||||||||||||||||||||
Total Fossil and Renewables | 6,733 | 7,762 | (1,029) | (13.3) | % | ||||||||||||||||||||||||||||||||||||||||||
Purchased Power | |||||||||||||||||||||||||||||||||||||||||||||||
Mid-Atlantic | 4,483 | 5,943 | (1,460) | (24.6) | % | ||||||||||||||||||||||||||||||||||||||||||
Midwest | 179 | 288 | (109) | (37.8) | % | ||||||||||||||||||||||||||||||||||||||||||
ERCOT | 772 | 991 | (219) | (22.1) | % | ||||||||||||||||||||||||||||||||||||||||||
Other Power Regions | 12,834 | 12,167 | 667 | 5.5 | % | ||||||||||||||||||||||||||||||||||||||||||
Total Purchased Power | 18,268 | 19,389 | (1,121) | (5.8) | % | ||||||||||||||||||||||||||||||||||||||||||
Total Supply/Sales by Region | |||||||||||||||||||||||||||||||||||||||||||||||
Mid-Atlantic(b) | 18,399 | 19,580 | (1,181) | (6.0) | % | ||||||||||||||||||||||||||||||||||||||||||
Midwest(b) | 23,657 | 24,274 | (617) | (2.5) | % | ||||||||||||||||||||||||||||||||||||||||||
New York | 7,058 | 6,174 | 884 | 14.3 | % | ||||||||||||||||||||||||||||||||||||||||||
ERCOT | 3,555 | 4,003 | (448) | (11.2) | % | ||||||||||||||||||||||||||||||||||||||||||
Other Power Regions | 15,798 | 15,675 | 123 | 0.8 | % | ||||||||||||||||||||||||||||||||||||||||||
Total Supply/Sales by Region | 68,467 | 69,706 | (1,239) | (1.8) | % |
Three Months Ended September 30, | Variance | % Change | Nine Months Ended September 30, | Variance | % Change | ||||||||||||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||||||||||||||||
Mid-Atlantic(a) | $ | 855 | $ | 887 | $ | (32 | ) | (3.6 | )% | $ | 2,411 | $ | 2,556 | $ | (145 | ) | (5.7 | )% | |||||||||||
Midwest(b) | 697 | 781 | (84 | ) | (10.8 | )% | 2,140 | 2,229 | (89 | ) | (4.0 | )% | |||||||||||||||||
New England | 145 | 160 | (15 | ) | (9.4 | )% | 403 | 350 | 53 | 15.1 | % | ||||||||||||||||||
New York(d) | 296 | 194 | 102 | 52.6 | % | 678 | 592 | 86 | 14.5 | % | |||||||||||||||||||
ERCOT | 118 | 93 | 25 | 26.9 | % | 258 | 231 | 27 | 11.7 | % | |||||||||||||||||||
Other Power Regions | 68 | 77 | (9 | ) | (11.7 | )% | 220 | 253 | (33 | ) | (13.0 | )% | |||||||||||||||||
Total electric revenue net of purchased power and fuel expense | 2,179 | 2,192 | (13 | ) | (0.6 | )% | 6,110 | 6,211 | (101 | ) | (1.6 | )% | |||||||||||||||||
Proprietary Trading | 4 | 3 | 1 | 33.3 | % | 11 | 9 | 2 | 22.2 | % | |||||||||||||||||||
Mark-to-market (losses) gains | 73 | 88 | (15 | ) | (17.0 | )% | (161 | ) | (113 | ) | (48 | ) | 42.5 | % | |||||||||||||||
Other(c) | 164 | 163 | 1 | 0.6 | % | 566 | 647 | (81 | ) | (12.5 | )% | ||||||||||||||||||
Total revenue net of purchased power and fuel expense | $ | 2,420 | $ | 2,446 | $ | (26 | ) | (1.1 | )% | $ | 6,526 | $ | 6,754 | $ | (228 | ) | (3.4 | )% |
(Decrease)/ Increase | 2021 vs. 2020 |
Description | |||||||||||
$ | — | • increased capacity revenue, offset by • decreased load served | ||||||||||||
(25) | • decreased load served • decreased total ISO sales due to decreased generation | |||||||||||||
New York | 49 | • decreased nuclear outage days • increased ZEC revenues due to decreased nuclear outage days | ||||||||||||
ERCOT | (1,264) | • higher energy procurement costs due to the February 2021 extreme cold weather event, as well as the impact of ERCOT market participant defaults | ||||||||||||
Other | 59 | • increase in newly contracted load • higher portfolio optimization • higher realized energy prices, partially offset by • decreased capacity revenue | ||||||||||||
Mark-to-market(a) | 44 | • gains on economic hedging activities | ||||||||||||
Other | 57 | • higher natural gas portfolio optimization partially offset by penalties associated with operational flow orders and curtailments as a • increase in accelerated nuclear fuel amortization associated with announced early plant retirements • decreased revenue related to the |
Total | $ | (1,080) | ||||||||||||
Three Months Ended September 30, | Variance | % Change | Nine Months Ended September 30, | Variance | % Change | ||||||||||||||||||
Supply source (GWhs) | 2017 | 2016 | 2017 | 2016 | |||||||||||||||||||
Nuclear generation | |||||||||||||||||||||||
Mid-Atlantic(a) | 16,480 | 15,604 | 876 | 5.6 | % | 48,271 | 47,035 | 1,236 | 2.6 | % | |||||||||||||
Midwest | 24,362 | 24,262 | 100 | 0.4 | % | 69,422 | 70,925 | (1,503 | ) | (2.1 | )% | ||||||||||||
New York(a)(d) | 6,905 | 4,843 | 2,062 | 42.6 | % | 17,623 | 14,002 | 3,621 | 25.9 | % | |||||||||||||
Total Nuclear Generation | 47,747 | 44,709 | 3,038 | 6.8 | % | 135,316 | 131,962 | 3,354 | 2.5 | % | |||||||||||||
Fossil and Renewables | |||||||||||||||||||||||
Mid-Atlantic | 596 | 706 | (110 | ) | (15.6 | )% | 2,330 | 2,290 | 40 | 1.7 | % | ||||||||||||
Midwest | 218 | 273 | (55 | ) | (20.1 | )% | 1,053 | 1,046 | 7 | 0.7 | % | ||||||||||||
New England | 1,919 | 1,886 | 33 | 1.7 | % | 5,921 | 5,826 | 95 | 1.6 | % | |||||||||||||
New York | 1 | 1 | — | — | % | 3 | 3 | — | — | % | |||||||||||||
ERCOT | 5,703 | 2,472 | 3,231 | 130.7 | % | 9,388 | 5,726 | 3,662 | 64.0 | % | |||||||||||||
Other Power Regions | 2,149 | 2,103 | 46 | 2.2 | % | 5,656 | 6,245 | (589 | ) | (9.4 | )% | ||||||||||||
Total Fossil and Renewables | 10,586 | 7,441 | 3,145 | 42.3 | % | 24,351 | 21,136 | 3,215 | 15.2 | % | |||||||||||||
Purchased Power | |||||||||||||||||||||||
Mid-Atlantic | 2,541 | 7,139 | (4,598 | ) | (64.4 | )% | 8,840 | 14,024 | (5,184 | ) | (37.0 | )% | |||||||||||
Midwest | 217 | 461 | (244 | ) | (52.9 | )% | 1,018 | 1,855 | (837 | ) | (45.1 | )% | |||||||||||
New England | 4,513 | 3,927 | 586 | 14.9 | % | 13,920 | 11,863 | 2,057 | 17.3 | % | |||||||||||||
New York | — | — | — | — | % | 28 | — | 28 | — | % | |||||||||||||
ERCOT | 1,199 | 2,895 | (1,696 | ) | (58.6 | )% | 5,724 | 7,448 | (1,724 | ) | (23.1 | )% | |||||||||||
Other Power Regions | 3,982 | 3,803 | 179 | 4.7 | % | 10,357 | 10,281 | 76 | 0.7 | % | |||||||||||||
Total Purchased Power | 12,452 | 18,225 | (5,773 | ) | (31.7 | )% | 39,887 | 45,471 | (5,584 | ) | (12.3 | )% | |||||||||||
Total Supply/Sales by Region(b) | |||||||||||||||||||||||
Mid-Atlantic(c) | 19,617 | 23,449 | (3,832 | ) | (16.3 | )% | 59,441 | 63,349 | (3,908 | ) | (6.2 | )% | |||||||||||
Midwest(c) | 24,797 | 24,996 | (199 | ) | (0.8 | )% | 71,493 | 73,826 | (2,333 | ) | (3.2 | )% | |||||||||||
New England | 6,432 | 5,813 | 619 | 10.6 | % | 19,841 | 17,689 | 2,152 | 12.2 | % | |||||||||||||
New York | 6,906 | 4,844 | 2,062 | 42.6 | % | 17,654 | 14,005 | 3,649 | 26.1 | % | |||||||||||||
ERCOT | 6,902 | 5,367 | 1,535 | 28.6 | % | 15,112 | 13,174 | 1,938 | 14.7 | % | |||||||||||||
Other Power Regions | 6,131 | 5,906 | 225 | 3.8 | % | 16,013 | 16,526 | (513 | ) | (3.1 | )% | ||||||||||||
Total Supply/Sales by Region | 70,785 | 70,375 | 410 | 0.6 | % | 199,554 | 198,569 | 985 | 0.5 | % |
Three Months Ended March 31, | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
Nuclear fleet capacity factor | 95.3 | % | 93.9 | % | |||||||||||||||||||
Refueling outage days | 84 | 94 | |||||||||||||||||||||
Non-refueling outage days | 3 | 11 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||
Nuclear fleet capacity factor(a) | 96.1 | % | 96.3 | % | 93.7 | % | 94.8 | % | |||
Refueling outage days(a) | 13 | 17 | 233 | 174 | |||||||
Non-refueling outage days(a) | 15 | — | 35 | 31 |
Three Months Ended March 31, | |||||||||||
Increase (Decrease) | |||||||||||
Credit loss expense | $ | 47 | |||||||||
Labor, other benefits, contracting, and materials(a) | (27) | ||||||||||
Nuclear refueling outage costs, including the co-owned Salem plants | (51) | ||||||||||
Plant retirements and divestitures | (221) | ||||||||||
Other | (10) | ||||||||||
Total decrease | $ | (262) |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||
Increase (Decrease)(a) | Increase (Decrease)(a) | ||||||
Labor, other benefits, contracting, materials(b) | $ | (8 | ) | $ | 74 | ||
Nuclear refueling outage costs, including the co-owned Salem plants(c) | (12 | ) | 88 | ||||
Corporate allocations | 19 | 29 | |||||
Merger and integration costs(d) | (4 | ) | 36 | ||||
Merger commitments | — | (3 | ) | ||||
Plant retirements and divestitures(e) | 41 | (15 | ) | ||||
Cost management program | 5 | (7 | ) | ||||
ARO update | (3 | ) | (4 | ) | |||
Long-lived asset impairments(f) | 25 | 288 | |||||
Pension and non-pension postretirement benefits expense | 3 | 4 | |||||
Allowance for uncollectible accounts | 12 | 35 | |||||
Accretion expense(g) | 10 | 27 | |||||
Other | (50 | ) | (14 | ) | |||
Increase in operating and maintenance expense | $ | 38 | $ | 538 |
Three Months Ended March 31, | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
Net unrealized losses on NDT funds(a) | $ | (66) | $ | (706) | |||||||||||||||||||
Net realized gains on sale of NDT funds(a) | 185 | 55 | |||||||||||||||||||||
Interest and dividend income on NDT funds(a) | 18 | 27 | |||||||||||||||||||||
Contractual elimination of income tax expense(b) | 42 | (176) | |||||||||||||||||||||
Net unrealized losses from equity investments(c) | (23) | — | |||||||||||||||||||||
Other | 11 | 29 | |||||||||||||||||||||
Total other, net | $ | 167 | $ | (771) |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Net unrealized gains on decommissioning trust funds | $ | 111 | $ | 116 | $ | 347 | $ | 216 | |||||||
Net realized gains on sale of decommissioning trust funds | 33 | 12 | 82 | 26 |
Three Months Ended March 31, | Favorable (Unfavorable) Variance | ||||||||||||||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||||||||||||||
Operating revenues | $ | 1,535 | $ | 1,439 | $ | 96 | |||||||||||||||||||||||||||||
Operating expenses | |||||||||||||||||||||||||||||||||||
Purchased power expense | 527 | 486 | (41) | ||||||||||||||||||||||||||||||||
Operating and maintenance | 316 | 317 | 1 | ||||||||||||||||||||||||||||||||
Depreciation and amortization | 292 | 273 | (19) | ||||||||||||||||||||||||||||||||
Taxes other than income taxes | 75 | 75 | — | ||||||||||||||||||||||||||||||||
Total operating expenses | 1,210 | 1,151 | (59) | ||||||||||||||||||||||||||||||||
Operating income | 325 | 288 | 37 | ||||||||||||||||||||||||||||||||
Other income and (deductions) | |||||||||||||||||||||||||||||||||||
Interest expense, net | (96) | (94) | (2) | ||||||||||||||||||||||||||||||||
Other, net | 7 | 10 | (3) | ||||||||||||||||||||||||||||||||
Total other income and (deductions) | (89) | (84) | (5) | ||||||||||||||||||||||||||||||||
Income before income taxes | 236 | 204 | 32 | ||||||||||||||||||||||||||||||||
Income taxes | 39 | 36 | (3) | ||||||||||||||||||||||||||||||||
Net income | $ | 197 | $ | 168 | $ | 29 | |||||||||||||||||||||||||||||
Three Months Ended September 30, | Favorable (Unfavorable) Variance | Nine Months Ended September 30, | Favorable (Unfavorable) Variance | ||||||||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||||||||||
Operating revenues | $ | 1,571 | $ | 1,497 | $ | 74 | $ | 4,227 | $ | 4,031 | $ | 196 | |||||||||||
Purchased power expense | 529 | 454 | (75 | ) | 1,241 | 1,141 | (100 | ) | |||||||||||||||
Revenues net of purchased power expense(a)(b) | 1,042 | 1,043 | (1 | ) | 2,986 | 2,890 | 96 | ||||||||||||||||
Other operating expenses | |||||||||||||||||||||||
Operating and maintenance | 346 | 377 | 31 | 1,096 | 1,113 | 17 | |||||||||||||||||
Depreciation and amortization | 212 | 196 | (16 | ) | 631 | 574 | (57 | ) | |||||||||||||||
Taxes other than income | 80 | 82 | 2 | 223 | 222 | (1 | ) | ||||||||||||||||
Total other operating expenses | 638 | 655 | 17 | 1,950 | 1,909 | (41 | ) | ||||||||||||||||
Gain on sales of assets | — | 1 | (1 | ) | — | 6 | (6 | ) | |||||||||||||||
Operating income | 404 | 389 | 15 | 1,036 | 987 | 49 | |||||||||||||||||
Other income and (deductions) | |||||||||||||||||||||||
Interest expense, net | (89 | ) | (197 | ) | 108 | (275 | ) | (374 | ) | 99 | |||||||||||||
Other, net | 5 | (80 | ) | 85 | 14 | (72 | ) | 86 | |||||||||||||||
Total other income and (deductions) | (84 | ) | (277 | ) | 193 | (261 | ) | (446 | ) | 185 | |||||||||||||
Income before income taxes | 320 | 112 | 208 | 775 | 541 | 234 | |||||||||||||||||
Income taxes | 131 | 75 | (56 | ) | 328 | 244 | (84 | ) | |||||||||||||||
Net income | $ | 189 | $ | 37 | $ | 152 | $ | 447 | $ | 297 | $ | 150 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||
Electric | 68 | % | 70 | % | 70 | % | 72 | % |
September 30, 2017 | September 30, 2016 | ||||||||||
Number of customers | % of total retail customers | Number of customers | % of total retail customers | ||||||||
Electric | 1,360,800 | 34 | % | 1,526,900 | 39 | % |
Three Months Ended September 30, 2017 | Nine Months Ended September 30, 2017 | ||||||
Increase (Decrease) | Increase (Decrease) | ||||||
Weather(a) | $ | (34 | ) | $ | (37 | ) | |
Volume(a) | (5 | ) | (11 | ) | |||
Electric distribution revenue | 59 | 119 | |||||
Transmission revenue | 11 | 45 | |||||
Energy efficiency revenue(b) | 5 | 6 | |||||
Regulatory required programs(b) | (39 | ) | (24 | ) | |||
Uncollectible accounts recovery, net | (3 | ) | (5 | ) | |||
Pricing and customer mix(a) | — | (1 | ) | ||||
Other | 5 | 4 | |||||
Total increase (decrease) | $ | (1 | ) | $ | 96 |
Three Months Ended March 31, 2021 |
Increase | |||||||||||
Distribution | $ | 21 | |||||||||
Transmission | 2 | ||||||||||
Energy efficiency | 12 | ||||||||||
Other | 12 | ||||||||||
47 | |||||||||||
Regulatory required programs | 49 | ||||||||||
Total increase | $ | 96 |
Heating and Cooling Degree-Days | % Change | |||||||||||||
Three Months Ended September 30, | 2017 | 2016 | Normal | 2017 vs. 2016 | 2017 vs. Normal | |||||||||
Heating Degree-Days | 42 | 23 | 97 | 82.6 | % | (56.7 | )% | |||||||
Cooling Degree-Days | 699 | 840 | 641 | (16.8 | )% | 9.0 | % | |||||||
Nine Months Ended September 30, | ||||||||||||||
Heating Degree-Days | 3,269 | 3,678 | 3,972 | (11.1 | )% | (17.7 | )% | |||||||
Cooling Degree-Days | 962 | 1,130 | 882 | (14.9 | )% | 9.1 | % |
Three Months Ended September 30, | Increase (Decrease) | Nine Months Ended September 30, | Increase (Decrease) | ||||||||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||||||||||
Operating and maintenance expense — baseline | $ | 344 | $ | 336 | $ | 8 | $ | 1,000 | $ | 993 | $ | 7 | |||||||||||
Operating and maintenance expense — regulatory required programs(a) | 2 | 41 | $ | (39 | ) | 96 | 120 | (24 | ) | ||||||||||||||
Total operating and maintenance expense | $ | 346 | $ | 377 | $ | (31 | ) | $ | 1,096 | $ | 1,113 | $ | (17 | ) |
Three Months Ended September 30, 2017 | Nine Months Ended September 30, 2017 | ||||||
Increase (Decrease) | Increase (Decrease) | ||||||
Baseline | |||||||
Labor, other benefits, contracting and materials | $ | (5 | ) | $ | (11 | ) | |
Pension and non-pension postretirement benefits expense | 1 | 2 | |||||
Storm-related costs | 1 | 1 | |||||
Uncollectible accounts expense — provision(a) | (4 | ) | (8 | ) | |||
Uncollectible accounts expense — recovery, net(a) | 1 | 3 | |||||
BSC costs(b) | 21 | 35 | |||||
Other | (7 | ) | (15 | ) | |||
8 | 7 | ||||||
Regulatory required programs | |||||||
Energy efficiency and demand response programs(c) | (39 | ) | (24 | ) | |||
Decrease in operating and maintenance expense | $ | (31 | ) | $ | (17 | ) |
Three Months Ended March 31, 2021 | |||||||||||
(Decrease) Increase | |||||||||||
Storm-related costs | $ | (9) | |||||||||
Labor, other benefits, contracting and materials | 8 | ||||||||||
Pension and non-pension postretirement benefits expense | 1 |
Other | (6) | ||||||||||
(6) | |||||||||||
Regulatory required programs(a) | 5 | ||||||||||
Total decrease | $ | (1) |
Three Months Ended September 30, 2017 | Nine Months Ended September 30, 2017 | ||||||
Increase (Decrease) | Increase (Decrease) | ||||||
Depreciation expense(a) | $ | 14 | $ | 47 | |||
Regulatory asset amortization(b) | 1 | 2 | |||||
Other | 1 | 8 | |||||
Total increase | $ | 16 | $ | 57 |
Three Months Ended March 31, 2021 | |||||||||||
Increase | |||||||||||
Depreciation and | $ | 11 |
Regulatory asset amortization(b) | 8 | ||||||||||
Three Months Ended September 30, 2017 | Nine Months Ended September 30, 2017 | ||||||
Increase (Decrease) | Increase (Decrease) | ||||||
Interest expense related to uncertain tax positions(a) | $ | (110 | ) | $ | (103 | ) | |
Interest expense on debt (including financing trusts) | (1 | ) | 3 | ||||
Other | 3 | 1 | |||||
Decrease in interest expense, net | $ | (108 | ) | $ | (99 | ) |
Three Months Ended September 30, | % Change | Weather- Normal % Change | Nine Months Ended September 30, | % Change | Weather- Normal % Change | ||||||||||||||||||
Retail Deliveries to Customers (in GWhs) | 2017 | 2016 | 2017 | 2016 | |||||||||||||||||||
Retail Deliveries(a) | |||||||||||||||||||||||
Residential | 8,004 | 9,014 | (11.2 | )% | (0.6 | )% | 20,164 | 21,738 | (7.2 | )% | (1.3 | )% | |||||||||||
Small commercial & industrial | 8,488 | 8,833 | (3.9 | )% | (1.0 | )% | 23,634 | 24,447 | (3.3 | )% | (1.6 | )% | |||||||||||
Large commercial & industrial | 7,232 | 7,565 | (4.4 | )% | (2.5 | )% | 20,712 | 21,057 | (1.6 | )% | (0.5 | )% | |||||||||||
Public authorities & electric railroads | 302 | 308 | (1.9 | )% | (1.7 | )% | 928 | 947 | (2.0 | )% | (1.4 | )% | |||||||||||
Total retail deliveries | 24,026 | 25,720 | (6.6 | )% | (1.3 | )% | 65,438 | 68,189 | (4.0 | )% | (1.1 | )% |
As of September 30, | |||||
Number of Electric Customers | 2017 | 2016 | |||
Residential | 3,610,091 | 3,578,846 | |||
Small commercial & industrial | 376,309 | 372,603 | |||
Large commercial & industrial | 1,954 | 2,010 | |||
Public authorities & electric railroads | 4,763 | 4,738 | |||
Total | 3,993,117 | 3,958,197 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||
Electric Revenue | 2017 | 2016 | % Change | 2017 | 2016 | % Change | |||||||||||||||
Retail Sales(a) | |||||||||||||||||||||
Residential | $ | 825 | $ | 786 | 5.0 | % | $ | 2,108 | $ | 2,018 | 4.5 | % | |||||||||
Small commercial & industrial | 369 | 356 | 3.7 | % | 1,051 | 1,007 | 4.4 | % | |||||||||||||
Large commercial & industrial | 121 | 126 | (4.0 | )% | 352 | 350 | 0.6 | % | |||||||||||||
Public authorities & electric railroads | 11 | 10 | 10.0 | % | 34 | 33 | 3.0 | % | |||||||||||||
Total retail | 1,326 | 1,278 | 3.8 | % | 3,545 | 3,408 | 4.0 | % | |||||||||||||
Other revenue(b) | 245 | 219 | 11.9 | % | 682 | 623 | 9.5 | % | |||||||||||||
Total electric revenue(c) | $ | 1,571 | $ | 1,497 | 4.9 | % | $ | 4,227 | $ | 4,031 | 4.9 | % |
Three Months Ended March 31, | Favorable (Unfavorable) Variance | ||||||||||||||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||||||||||||||
Operating revenues | $ | 889 | $ | 813 | $ | 76 | |||||||||||||||||||||||||||||
Operating expenses | |||||||||||||||||||||||||||||||||||
Purchased power and fuel expense | 316 | 283 | (33) | ||||||||||||||||||||||||||||||||
Operating and maintenance | 234 | 217 | (17) | ||||||||||||||||||||||||||||||||
Depreciation and amortization | 86 | 86 | — | ||||||||||||||||||||||||||||||||
Taxes other than income taxes | 43 | 39 | (4) | ||||||||||||||||||||||||||||||||
Total operating expenses | 679 | 625 | (54) | ||||||||||||||||||||||||||||||||
Operating income | 210 | 188 | 22 | ||||||||||||||||||||||||||||||||
Other income and (deductions) | |||||||||||||||||||||||||||||||||||
Interest expense, net | (38) | (36) | (2) | ||||||||||||||||||||||||||||||||
Other, net | 5 | 3 | 2 | ||||||||||||||||||||||||||||||||
Total other income and (deductions) | (33) | (33) | — | ||||||||||||||||||||||||||||||||
Income before income taxes | 177 | 155 | 22 | ||||||||||||||||||||||||||||||||
Income taxes | 10 | 15 | 5 | ||||||||||||||||||||||||||||||||
Net income | $ | 167 | $ | 140 | $ | 27 |
Three Months Ended September 30, | Favorable (Unfavorable) Variance | Nine Months Ended September 30, | Favorable (Unfavorable) Variance | ||||||||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||||||||||
Operating revenues | $ | 715 | $ | 788 | $ | (73 | ) | $ | 2,141 | $ | 2,293 | $ | (152 | ) | |||||||||
Purchased power and fuel expense | 235 | 272 | 37 | 719 | 809 | 90 | |||||||||||||||||
Revenues net of purchased power and fuel expense(a) | 480 | 516 | (36 | ) | 1,422 | 1,484 | (62 | ) | |||||||||||||||
Other operating expenses | |||||||||||||||||||||||
Operating and maintenance | 197 | 199 | 2 | 595 | 604 | 9 | |||||||||||||||||
Depreciation and amortization | 72 | 67 | (5 | ) | 213 | 201 | (12 | ) | |||||||||||||||
Taxes other than income | 42 | 46 | 4 | 116 | 126 | 10 | |||||||||||||||||
Total other operating expenses | 311 | 312 | 1 | 924 | 931 | 7 | |||||||||||||||||
Operating income | 169 | 204 | (35 | ) | 498 | 553 | (55 | ) | |||||||||||||||
Other income and (deductions) | |||||||||||||||||||||||
Interest expense, net | (31 | ) | (30 | ) | (1 | ) | (93 | ) | (92 | ) | (1 | ) | |||||||||||
Other, net | 2 | 2 | — | 6 | 6 | — | |||||||||||||||||
Total other income and (deductions) | (29 | ) | (28 | ) | (1 | ) | (87 | ) | (86 | ) | (1 | ) | |||||||||||
Income before income taxes | 140 | 176 | (36 | ) | 411 | 467 | (56 | ) | |||||||||||||||
Income taxes | 28 | 54 | 26 | 84 | 121 | 37 | |||||||||||||||||
Net income | $ | 112 | $ | 122 | $ | (10 | ) | $ | 327 | $ | 346 | $ | (19 | ) |
Three Months Ended March 31, 2021 | |||||||||||||||||||||||||||||||||||
Increase (Decrease) | |||||||||||||||||||||||||||||||||||
Electric | Gas | Total | |||||||||||||||||||||||||||||||||
Weather | $ | 21 | $ | 16 | $ | 37 | |||||||||||||||||||||||||||||
Volume | 12 | 2 | 14 | ||||||||||||||||||||||||||||||||
Pricing | (6) | (1) | (7) | ||||||||||||||||||||||||||||||||
Transmission | 1 | — | 1 | ||||||||||||||||||||||||||||||||
Other | (2) | — | (2) | ||||||||||||||||||||||||||||||||
26 | 17 | 43 | |||||||||||||||||||||||||||||||||
Regulatory required programs | 31 | 2 | 33 | ||||||||||||||||||||||||||||||||
Total increase | $ | 57 | $ | 19 | $ | 76 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||
Electric | 70 | % | 69 | % | 71 | % | 70 | % | |||
Natural Gas | 29 | % | 31 | % | 26 | % | 26 | % |
September 30, 2017 | September 30, 2016 | ||||||||||
Number of customers | % of total retail customers | Number of customers | % of total retail customers | ||||||||
Electric | 570,500 | 35 | % | 581,600 | 36 | % | |||||
Natural Gas | 82,600 | 16 | % | 81,300 | 16 | % |
Three Months Ended September 30, 2017 | Nine Months Ended September 30, 2017 | ||||||||||||||||||||||
Increase (Decrease) | Increase (Decrease) | ||||||||||||||||||||||
Electric | Natural Gas | Total | Electric | Natural Gas | Total | ||||||||||||||||||
Weather | $ | (48 | ) | $ | — | $ | (48 | ) | $ | (45 | ) | $ | (3 | ) | $ | (48 | ) | ||||||
Volume | — | 1 | 1 | (12 | ) | 4 | (8 | ) | |||||||||||||||
Pricing | 9 | — | 9 | 13 | — | 13 | |||||||||||||||||
Regulatory required programs | (6 | ) | — | (6 | ) | (29 | ) | — | (29 | ) | |||||||||||||
Other | 7 | 1 | 8 | 10 | — | 10 | |||||||||||||||||
Total decrease | $ | (38 | ) | $ | 2 | $ | (36 | ) | $ | (63 | ) | $ | 1 | $ | (62 | ) |
Heating and Cooling Degree-Days | Normal | % Change | |||||||||||||||||||||||||||
2021 | 2020 | From 2020 | 2021 vs. Normal | ||||||||||||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||||||||||||||
Heating Degree-Days | 2,302 | 1,989 | 2,418 | 15.7 | % | (4.8) | % | ||||||||||||||||||||||
Cooling Degree-Days | 5 | — | 1 | n/a | 400.0 | % |
Heating and Cooling Degree-Days | Normal | % Change | ||||||||||||
Three Months Ended September 30, | 2017 | 2016 | 2017 vs. 2016 | 2017 vs. Normal | ||||||||||
Heating Degree-Days | 14 | 10 | 35 | 40.0 | % | (60.0 | )% | |||||||
Cooling Degree-Days | 989 | 1,288 | 923 | (23.2 | )% | 7.2 | % | |||||||
Nine Months Ended September 30, | ||||||||||||||
Heating Degree-Days | 2,437 | 2,616 | 2,974 | (6.8 | )% | (18.1 | )% | |||||||
Cooling Degree-Days | 1,404 | 1,684 | 1,271 | (16.6 | )% | 10.5 | % |
Electric Retail Deliveries to Customers (in GWhs) | Three Months Ended March 31, | % Change | Weather - Normal % Change(b) | ||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||||||||||||||||||||||||||
Residential | 3,767 | 3,254 | 15.8 | % | 6.2 | % | |||||||||||||||||||||||||||||||||||||||||
Small commercial & industrial | 1,881 | 1,905 | (1.3) | % | (5.1) | % | |||||||||||||||||||||||||||||||||||||||||
Large commercial & industrial | 3,272 | 3,421 | (4.4) | % | (5.0) | % | |||||||||||||||||||||||||||||||||||||||||
Public authorities & electric railroads | 149 | 151 | (1.3) | % | (1.4) | % | |||||||||||||||||||||||||||||||||||||||||
Total electric retail deliveries(a) | 9,069 | 8,731 | 3.9 | % | (0.6) | % |
As of March 31, | |||||||||||
Number of Electric Customers | 2021 | 2020 | |||||||||
Residential | 1,512,255 | 1,499,019 | |||||||||
Small commercial & industrial | 154,637 | 154,056 | |||||||||
Large commercial & industrial | 3,109 | 3,093 | |||||||||
Public authorities & electric railroads | 10,237 | 10,096 | |||||||||
Total | 1,680,238 | 1,666,264 |
Natural Gas Deliveries to Customers (in mmcf) | Three Months Ended March 31, | % Change | Weather - Normal % Change(b) | ||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||||||||||||||||||||||||||
Residential | 20,674 | 17,282 | 19.6 | % | 2.8 | % | |||||||||||||||||||||||||||||||||||||||||
Small commercial & industrial | 10,170 | 8,809 | 15.5 | % | (0.2) | % | |||||||||||||||||||||||||||||||||||||||||
Large commercial & industrial | 7 | 9 | (22.2) | % | (0.6) | % | |||||||||||||||||||||||||||||||||||||||||
Transportation | 7,650 | 7,135 | 7.2 | % | 0.4 | % | |||||||||||||||||||||||||||||||||||||||||
Total natural gas retail deliveries(a) | 38,501 | 33,235 | 15.8 | % | 1.5 | % |
As of March 31, | |||||||||||
Number of Natural Gas Customers | 2021 | 2020 | |||||||||
Residential | 493,857 | 489,063 | |||||||||
Small commercial & industrial | 44,604 | 44,509 | |||||||||
Large commercial & industrial | 5 | 5 | |||||||||
Transportation | 685 | 727 | |||||||||
Total | 539,151 | 534,304 |
Three Months Ended September 30, | Increase (Decrease) | Nine Months Ended September 30, | Increase (Decrease) | ||||||||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||||||||||
Operating and maintenance expense — baseline | $ | 183 | $ | 185 | $ | (2 | ) | $ | 552 | $ | 545 | $ | 7 | ||||||||||
Operating and maintenance expense — regulatory required programs(a) | 14 | 14 | — | 43 | 59 | (16 | ) | ||||||||||||||||
Total operating and maintenance expense | $ | 197 | $ | 199 | $ | (2 | ) | $ | 595 | $ | 604 | $ | (9 | ) |
Three Months Ended September 30, 2017 | Nine Months Ended September 30, 2017 | ||||||
Increase (Decrease) | Increase (Decrease) | ||||||
Baseline | |||||||
Labor, other benefits, contracting and materials | $ | 7 | $ | 14 | |||
Storm-related costs | (3 | ) | (7 | ) | |||
Pension and non-pension postretirement benefits expense | (1 | ) | (2 | ) | |||
PHI merger and integration costs | 1 | 1 | |||||
BSC costs | 5 | 6 | |||||
Uncollectible accounts expense | (6 | ) | (6 | ) | |||
Other | (5 | ) | 1 | ||||
(2 | ) | 7 | |||||
Regulatory Required Programs | |||||||
Energy efficiency | 1 | (15 | ) | ||||
Other | (1 | ) | (1 | ) | |||
— | (16 | ) | |||||
Total decrease | $ | (2 | ) | $ | (9 | ) |
Three Months Ended September 30, 2017 | Nine Months Ended September 30, 2017 | ||||||
Increase (Decrease) | Increase (Decrease) | ||||||
Depreciation and amortization expense | $ | 5 | $ | 13 | |||
Regulatory asset amortization | — | (1 | ) | ||||
Total increase | $ | 5 | $ | 12 |
Three Months Ended September 30, | % Change | Weather - Normal % Change | Nine Months Ended September 30, | % Change | Weather - Normal % Change | ||||||||||||||||||
Retail Deliveries to Customers (in GWhs) | 2017 | 2016 | 2017 | 2016 | |||||||||||||||||||
Retail Deliveries(a) | |||||||||||||||||||||||
Residential | 3,752 | 4,358 | (13.9 | )% | 0.2 | % | 9,939 | 10,682 | (7.0 | )% | (1.4 | )% | |||||||||||
Small commercial & industrial | 2,158 | 2,324 | (7.1 | )% | (1.0 | )% | 6,048 | 6,236 | (3.0 | )% | (1.1 | )% | |||||||||||
Large commercial & industrial | 4,137 | 4,234 | (2.3 | )% | 1.4 | % | 11,593 | 11,598 | — | % | 0.8 | % | |||||||||||
Public authorities & electric railroads | 198 | 240 | (17.5 | )% | (17.5 | )% | 618 | 672 | (8.0 | )% | (8.0 | )% | |||||||||||
Total retail deliveries | 10,245 | 11,156 | (8.2 | )% | — | % | 28,198 | 29,188 | (3.4 | )% | (0.6 | )% |
As of September 30, | |||||
Number of Electric Customers | 2017 | 2016 | |||
Residential | 1,463,906 | 1,451,533 | |||
Small commercial & industrial | 150,964 | 149,646 | |||
Large commercial & industrial | 3,112 | 3,094 | |||
Public authorities & electric railroads | 9,665 | 9,820 | |||
Total | 1,627,647 | 1,614,093 |
Three Months Ended September 30, | % Change | Nine Months Ended September 30, | % Change | ||||||||||||||||||
Electric Revenue | 2017 | 2016 | 2017 | 2016 | |||||||||||||||||
Retail Sales(a) | |||||||||||||||||||||
Residential | $ | 434 | $ | 513 | (15.4 | )% | $ | 1,147 | $ | 1,278 | (10.3 | )% | |||||||||
Small commercial & industrial | 106 | 109 | (2.8 | )% | 303 | 334 | (9.3 | )% | |||||||||||||
Large commercial & industrial | 59 | 59 | — | % | 168 | 182 | (7.7 | )% | |||||||||||||
Public authorities & electric railroads | 7 | 8 | (12.5 | )% | 23 | 25 | (8.0 | )% | |||||||||||||
Total retail | 606 | 689 | (12.0 | )% | 1,641 | 1,819 | (9.8 | )% | |||||||||||||
Other revenue(b) | 56 | 51 | 9.8 | % | 161 | 152 | 5.9 | % | |||||||||||||
Total electric revenue(c) | $ | 662 | $ | 740 | (10.5 | )% | $ | 1,802 | $ | 1,971 | (8.6 | )% |
Three Months Ended September 30, | % Change | Weather - Normal % Change | Nine Months Ended September 30, | % Change | Weather - Normal % Change | ||||||||||||||||||
Deliveries to Customers (in mmcf) | 2017 | 2016 | 2017 | 2016 | |||||||||||||||||||
Retail Delivery | |||||||||||||||||||||||
Retail sales(a) | 3,993 | 3,494 | 14.3 | % | 9.4 | % | 38,825 | 38,488 | 0.9 | % | 2.7 | % | |||||||||||
Transportation and other | 5,674 | 7,315 | (22.4 | )% | (14.5 | )% | 19,122 | 20,917 | (8.6 | )% | (5.9 | )% | |||||||||||
Total natural gas deliveries | 9,667 | 10,809 | (10.6 | )% | (6.0 | )% | 57,947 | 59,405 | (2.5 | )% | (0.1 | )% |
As of September 30, | |||||
Number of Natural Gas Customers | 2017 | 2016 | |||
Residential | 474,766 | 470,024 | |||
Commercial & industrial | 43,358 | 42,997 | |||
Total retail | 518,124 | 513,021 | |||
Transportation | 771 | 802 | |||
Total | 518,895 | 513,823 |
Three Months Ended September 30, | % Change | Nine Months Ended September 30, | % Change | ||||||||||||||||||
Natural Gas Revenue | 2017 | 2016 | 2017 | 2016 | |||||||||||||||||
Retail Sales | |||||||||||||||||||||
Retail sales(a) | $ | 46 | $ | 41 | 12.2 | % | $ | 315 | $ | 298 | 5.7 | % | |||||||||
Transportation and other | 7 | 7 | — | % | 24 | 24 | — | % | |||||||||||||
Total natural gas revenues(b) | $ | 53 | $ | 48 | 10.4 | % | $ | 339 | $ | 322 | 5.3 | % |
Three Months Ended September 30, | Favorable (Unfavorable) Variance | Nine Months Ended September 30, | Favorable (Unfavorable) Variance | ||||||||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||||||||||
Operating revenues | $ | 738 | $ | 812 | $ | (74 | ) | $ | 2,363 | $ | 2,421 | $ | (58 | ) | |||||||||
Purchased power and fuel expense | 269 | 360 | 91 | 853 | 994 | 141 | |||||||||||||||||
Revenues net of purchased power and fuel expense(a) | 469 | 452 | 17 | 1,510 | 1,427 | 83 | |||||||||||||||||
Other operating expenses | |||||||||||||||||||||||
Operating and maintenance | 175 | 178 | 3 | 532 | 588 | 56 | |||||||||||||||||
Depreciation and amortization | 109 | 101 | (8 | ) | 348 | 307 | (41 | ) | |||||||||||||||
Taxes other than income | 61 | 58 | (3 | ) | 180 | 172 | (8 | ) | |||||||||||||||
Total other operating expenses | 345 | 337 | (8 | ) | 1,060 | 1,067 | 7 | ||||||||||||||||
Operating income | 124 | 115 | 9 | 450 | 360 | 90 | |||||||||||||||||
Other income and (deductions) | |||||||||||||||||||||||
Interest expense, net | (26 | ) | (28 | ) | 2 | (80 | ) | (76 | ) | (4 | ) | ||||||||||||
Other, net | 4 | 5 | (1 | ) | 12 | 16 | (4 | ) | |||||||||||||||
Total other income and (deductions) | (22 | ) | (23 | ) | 1 | (68 | ) | (60 | ) | (8 | ) | ||||||||||||
Income before income taxes | 102 | 92 | 10 | 382 | 300 | 82 | |||||||||||||||||
Income taxes | 40 | 36 | (4 | ) | 151 | 109 | (42 | ) | |||||||||||||||
Net income | 62 | 56 | 6 | 231 | 191 | 40 | |||||||||||||||||
Preference stock dividends | — | 2 | 2 | — | 8 | 8 | |||||||||||||||||
Net income attributable to common shareholder | $ | 62 | $ | 54 | $ | 8 | $ | 231 | $ | 183 | $ | 48 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||
Electric | 60 | % | 58 | % | 60 | % | 59 | % | |||
Natural Gas | 74 | % | 80 | % | 57 | % | 59 | % |
September 30, 2017 | September 30, 2016 | ||||||||||
Number of Customers | % of total retail customers | Number of customers | % of total retail customers | ||||||||
Electric | 339,300 | 27 | % | 334,100 | 26 | % | |||||
Natural Gas | 148,600 | 22 | % | 150,000 | 23 | % |
Three Months Ended September 30, 2017 | Nine Months Ended September 30, 2017 | ||||||||||||||||||||||
Increase (Decrease) | Increase (Decrease) | ||||||||||||||||||||||
Electric | Gas | Total | Electric | Gas | Total | ||||||||||||||||||
Distribution rate increase | $ | — | $ | — | $ | — | $ | 21 | $ | 29 | $ | 50 | |||||||||||
Regulatory required programs | 2 | — | 2 | 11 | 1 | 12 | |||||||||||||||||
Transmission revenue | 7 | — | 7 | 10 | — | 10 | |||||||||||||||||
Other, net | 4 | 4 | 8 | 5 | 6 | 11 | |||||||||||||||||
Total increase | $ | 13 | $ | 4 | $ | 17 | $ | 47 | $ | 36 | $ | 83 |
Three Months Ended March 31, 2021 | |||||||||||
Increase (Decrease) | |||||||||||
Labor, other benefits, contracting and materials | 10 | ||||||||||
Credit loss expense | 7 | ||||||||||
Storm-related costs | 6 | ||||||||||
BSC costs | 3 | ||||||||||
Regulatory Required Programs | (2) | ||||||||||
Other | (7) | ||||||||||
Total increase | $ | 17 |
Heating and Cooling Degree-Days | % Change | |||||||||||||
Three Months Ended September 30, | 2017 | 2016 | Normal | 2017 vs. 2016 | 2017 vs. Normal | |||||||||
Heating Degree-Days | 64 | 24 | 78 | 166.7 | % | (17.9 | )% | |||||||
Cooling Degree-Days | 595 | 747 | 596 | (20.3 | )% | (0.2 | )% | |||||||
Nine Months Ended September 30, | ||||||||||||||
Heating Degree-Days | 2,524 | 2,878 | 2,992 | (12.3 | )% | (15.6 | )% | |||||||
Cooling Degree-Days | 877 | 966 | 850 | (9.2 | )% | 3.2 | % |
Three Months Ended March 31, 2021 | |||||||||||
Increase (Decrease) | |||||||||||
Depreciation and amortization(a) | $ | 3 | |||||||||
Regulatory asset amortization | (3) | ||||||||||
Total increase | $ | — |
Three Months Ended September 30, | Increase (Decrease) | Nine Months Ended September 30, | Increase (Decrease) | ||||||||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||||||||||
Operating and maintenance expense — baseline | $ | 167 | $ | 170 | $ | (3 | ) | $ | 499 | $ | 561 | $ | (62 | ) | |||||||||
Operating and maintenance expense — regulatory required programs(a) | 8 | 8 | — | 33 | 27 | 6 | |||||||||||||||||
Total operating and maintenance expense | $ | 175 | $ | 178 | $ | (3 | ) | $ | 532 | $ | 588 | $ | (56 | ) |
Three Months Ended September 30, 2017 | Nine Months Ended September 30, 2017 | ||||||
Increase (Decrease) | Increase (Decrease) | ||||||
Baseline | |||||||
Impairment on long-lived assets and losses on regulatory assets(a) | $ | 1 | $ | (50 | ) | ||
City of Baltimore conduit fees | (4 | ) | (12 | ) | |||
Storm-related costs | 3 | (11 | ) | ||||
Uncollectible accounts expense | (8 | ) | (8 | ) | |||
BSC costs | 8 | 10 | |||||
Other | (3 | ) | 9 | ||||
(3 | ) | (62 | ) | ||||
Regulatory Required Programs | |||||||
Other | $ | — | $ | 6 | |||
— | 6 | ||||||
Total decrease | $ | (3 | ) | $ | (56 | ) |
Three Months Ended September 30, 2017 | Nine Months Ended September 30, 2017 | ||||||
Increase (Decrease) | Increase (Decrease) | ||||||
Depreciation expense(a) | $ | 5 | $ | 10 | |||
Regulatory asset amortization(b) | 1 | 25 | |||||
Regulatory required programs(c) | 2 | 6 | |||||
Total increase | $ | 8 | $ | 41 |
Three Months Ended September 30, | % Change | Weather - Normal % Change | Nine Months Ended September 30, | % Change | Weather - Normal % Change | ||||||||||||||||||
Retail Deliveries to Customers (in GWhs) | 2017 | 2016 | 2017 | 2016 | |||||||||||||||||||
Retail Deliveries(a) | |||||||||||||||||||||||
Residential | 3,370 | 3,900 | (13.6 | )% | (2.9 | )% | 9,126 | 9,996 | (8.7 | )% | (4.3 | )% | |||||||||||
Small commercial & industrial | 785 | 877 | (10.5 | )% | (9.0 | )% | 2,210 | 2,343 | (5.7 | )% | (5.8 | )% | |||||||||||
Large commercial & industrial | 3,781 | 3,992 | (5.3 | )% | (3.9 | )% | 10,422 | 10,627 | (1.9 | )% | (2.6 | )% | |||||||||||
Public authorities & electric railroads | 64 | 72 | (11.1 | )% | (2.5 | )% | 204 | 215 | (5.1 | )% | (2.5 | )% | |||||||||||
Total electric deliveries | 8,000 | 8,841 | (9.5 | )% | (4.0 | )% | 21,962 | 23,181 | (5.3 | )% | (3.7 | )% |
As of September 30, | |||||
Number of Electric Customers | 2017 | 2016 | |||
Residential | 1,156,659 | 1,145,020 | |||
Small commercial & industrial | 113,224 | 112,609 | |||
Large commercial & industrial | 12,144 | 12,030 | |||
Public authorities & electric railroads | 274 | 282 | |||
Total | 1,282,301 | 1,269,941 |
Three Months Ended September 30, | % Change | Nine Months Ended September 30, | % Change | ||||||||||||||||||
Electric Revenue | 2017 | 2016 | 2017 | 2016 | |||||||||||||||||
Retail Sales(a) | |||||||||||||||||||||
Residential | $ | 376 | $ | 451 | (16.6 | )% | $ | 1,096 | $ | 1,203 | (8.9 | )% | |||||||||
Small commercial & industrial | 67 | 74 | (9.5 | )% | 202 | 212 | (4.7 | )% | |||||||||||||
Large commercial & industrial | 120 | 123 | (2.4 | )% | 343 | 337 | 1.8 | % | |||||||||||||
Public authorities & electric railroads | 8 | 9 | (11.1 | )% | 23 | 27 | (14.8 | )% | |||||||||||||
Total retail | 571 | 657 | (13.1 | )% | 1,664 | 1,779 | (6.5 | )% | |||||||||||||
Other revenue(b)(c) | 87 | 78 | 11.5 | % | 231 | 219 | 5.5 | % | |||||||||||||
Total electric revenue | $ | 658 | $ | 735 | (10.5 | )% | $ | 1,895 | $ | 1,998 | (5.2 | )% |
Three Months Ended September 30, | % Change | Weather - Normal % Change | Nine Months Ended September 30, | % Change | Weather - Normal % Change | ||||||||||||||||||
Deliveries to Customers (in mmcf) | 2017 | 2016 | 2017 | 2016 | |||||||||||||||||||
Retail Deliveries(a) | |||||||||||||||||||||||
Retail sales | 11,221 | 13,159 | (14.7 | )% | (14.3 | )% | 60,620 | 69,415 | (12.7 | )% | (5.3 | )% | |||||||||||
Transportation and other(b) | 68 | 1,311 | (94.8 | )% | n/a | 2,463 | 4,078 | (39.6 | )% | n/a | |||||||||||||
Total natural gas deliveries | 11,289 | 14,470 | (22.0 | )% | (14.3 | )% | 63,083 | 73,493 | (14.2 | )% | (5.3 | )% |
As of September 30, | |||||
Number of Gas Customers | 2017 | 2016 | |||
Residential | 626,039 | 619,837 | |||
Commercial & industrial | 43,973 | 43,957 | |||
Total | 670,012 | 663,794 |
Three Months Ended September 30, | % Change | Nine Months Ended September 30, | % Change | ||||||||||||||||||
Natural Gas Revenue | 2017 | 2016 | 2017 | 2016 | |||||||||||||||||
Retail Sales(a) | |||||||||||||||||||||
Retail sales | $ | 77 | $ | 71 | 8.5 | % | $ | 445 | $ | 403 | 10.4 | % | |||||||||
Transportation and other(b) | 3 | 6 | (50.0 | )% | 23 | 20 | 15.0 | % | |||||||||||||
Total natural gas revenues(c) | $ | 80 | $ | 77 | 3.9 | % | $ | 468 | $ | 423 | 10.6 | % |
Three Months Ended March 31, | Favorable (Unfavorable) Variance | ||||||||||||||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||||||||||||||
Operating revenues | $ | 974 | $ | 937 | $ | 37 | |||||||||||||||||||||||||||||
Operating expenses | |||||||||||||||||||||||||||||||||||
Purchased power and fuel expense | 331 | 288 | (43) | ||||||||||||||||||||||||||||||||
Operating and maintenance | 197 | 188 | (9) | ||||||||||||||||||||||||||||||||
Depreciation and amortization | 152 | 143 | (9) | ||||||||||||||||||||||||||||||||
Taxes other than income taxes | 72 | 69 | (3) | ||||||||||||||||||||||||||||||||
Total operating expenses | 752 | 688 | (64) | ||||||||||||||||||||||||||||||||
Operating income | 222 | 249 | (27) | ||||||||||||||||||||||||||||||||
Other income and (deductions) | |||||||||||||||||||||||||||||||||||
Interest expense, net | (34) | (32) | (2) | ||||||||||||||||||||||||||||||||
Other, net | 8 | 5 | 3 | ||||||||||||||||||||||||||||||||
Total other income and (deductions) | (26) | (27) | 1 | ||||||||||||||||||||||||||||||||
Income before income taxes | 196 | 222 | (26) | ||||||||||||||||||||||||||||||||
Income taxes | (13) | 41 | 54 | ||||||||||||||||||||||||||||||||
Net income | $ | 209 | $ | 181 | $ | 28 | |||||||||||||||||||||||||||||
Successor | Successor | Predecessor | ||||||||||||||||||||||
Three Months Ended September 30, | Favorable (Unfavorable) Variance | Nine Months Ended September 30, | March 24 to September 30, | January 1 to March 23, | ||||||||||||||||||||
2017 | 2016 | 2017 | 2016 | 2016 | ||||||||||||||||||||
Operating revenues | $ | 1,310 | $ | 1,394 | $ | (84 | ) | $ | 3,557 | $ | 2,565 | $ | 1,153 | |||||||||||
Purchased power and fuel expense | 473 | 583 | 110 | 1,318 | 1,037 | 497 | ||||||||||||||||||
Revenue net of purchased power and fuel expense(a) | 837 | 811 | 26 | 2,239 | 1,528 | 656 | ||||||||||||||||||
Other operating expenses | ||||||||||||||||||||||||
Operating and maintenance | 251 | 226 | (25 | ) | 774 | 921 | 294 | |||||||||||||||||
Depreciation and amortization | 179 | 182 | 3 | 511 | 355 | 152 | ||||||||||||||||||
Taxes other than income | 122 | 124 | 2 | 344 | 248 | 105 | ||||||||||||||||||
Total other operating expenses | 552 | 532 | (20 | ) | 1,629 | 1,524 | 551 | |||||||||||||||||
Gain on sales of assets | — | — | — | 1 | — | — | ||||||||||||||||||
Operating income | 285 | 279 | 6 | 611 | 4 | 105 | ||||||||||||||||||
Other income and (deductions) | ||||||||||||||||||||||||
Interest expense, net | (62 | ) | (64 | ) | 2 | (183 | ) | (135 | ) | (65 | ) | |||||||||||||
Other, net | 13 | 19 | (6 | ) | 40 | 31 | (4 | ) | ||||||||||||||||
Total other income and (deductions) | (49 | ) | (45 | ) | (4 | ) | (143 | ) | (104 | ) | (69 | ) | ||||||||||||
Income (loss) before income taxes | 236 | 234 | 2 | 468 | (100 | ) | 36 | |||||||||||||||||
Income taxes | 83 | 68 | (15 | ) | 109 | (9 | ) | 17 | ||||||||||||||||
Net income (loss) | $ | 153 | $ | 166 | $ | (13 | ) | $ | 359 | $ | (91 | ) | $ | 19 |
Three Months Ended September 30, | Favorable (Unfavorable) Variance | Nine Months Ended September 30, | Favorable (Unfavorable) Variance | ||||||||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||||||||||
Operating revenues | $ | 604 | $ | 635 | $ | (31 | ) | $ | 1,649 | $ | 1,695 | $ | (46 | ) | |||||||||
Purchased power expense | 168 | 213 | 45 | 478 | 563 | 85 | |||||||||||||||||
Revenue net of purchased power expense(a) | 436 | 422 | 14 | 1,171 | 1,132 | 39 | |||||||||||||||||
Other operating expenses | |||||||||||||||||||||||
Operating and maintenance | 103 | 109 | 6 | 336 | 508 | 172 | |||||||||||||||||
Depreciation and amortization | 82 | 76 | (6 | ) | 242 | 221 | (21 | ) | |||||||||||||||
Taxes other than income | 102 | 105 | 3 | 282 | 287 | 5 | |||||||||||||||||
Total other operating expenses | 287 | 290 | 3 | 860 | 1,016 | 156 | |||||||||||||||||
Gain on sales of assets | — | — | — | 1 | 8 | (7 | ) | ||||||||||||||||
Operating income | 149 | 132 | 17 | 312 | 124 | 188 | |||||||||||||||||
Other income and (deductions) | |||||||||||||||||||||||
Interest expense, net | (31 | ) | (30 | ) | (1 | ) | (89 | ) | (98 | ) | 9 | ||||||||||||
Other, net | 7 | 12 | (5 | ) | 22 | 28 | (6 | ) | |||||||||||||||
Total other income and (deductions) | (24 | ) | (18 | ) | (6 | ) | (67 | ) | (70 | ) | 3 | ||||||||||||
Income before income taxes | 125 | 114 | 11 | 245 | 54 | 191 | |||||||||||||||||
Income taxes | 38 | 35 | (3 | ) | 57 | 34 | (23 | ) | |||||||||||||||
Net income | $ | 87 | $ | 79 | $ | 8 | $ | 188 | $ | 20 | $ | 168 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||
Electric | 65 | % | 63 | % | 66 | % | 65 | % |
September 30, 2017 | September 30, 2016 | ||||||||||
Number of customers | % of total retail customers | Number of customers | % of total retail customers | ||||||||
Electric | 179,106 | 21 | % | 175,960 | 21 | % |
Three Months Ended September 30, 2017 | Nine Months Ended September 30, 2017 | ||||||
Increase (Decrease) | Increase (Decrease) | ||||||
Volume | $ | 5 | $ | 13 | |||
Distribution rate increase | 17 | 45 | |||||
Regulatory required programs | (6 | ) | (11 | ) | |||
Transmission revenues | 3 | 9 | |||||
Other | (5 | ) | (17 | ) | |||
Total increase | $ | 14 | $ | 39 |
Three Months Ended March 31, 2021 | |||||||||||||||||||||||||||||||||||
(Decrease) Increase | |||||||||||||||||||||||||||||||||||
Electric | Gas | Total | |||||||||||||||||||||||||||||||||
Distribution | $ | — | $ | (1) | $ | (1) | |||||||||||||||||||||||||||||
Transmission | 3 | — | 3 | ||||||||||||||||||||||||||||||||
Other | (7) | (1) | (8) | ||||||||||||||||||||||||||||||||
(4) | (2) | (6) | |||||||||||||||||||||||||||||||||
Regulatory required programs | 24 | 19 | 43 | ||||||||||||||||||||||||||||||||
Total increase | $ | 20 | $ | 17 | $ | 37 |
As of March 31, | |||||||||||
Number of Electric Customers | 2021 | 2020 | |||||||||
Residential | 1,192,470 | 1,181,329 | |||||||||
Small commercial & industrial | 114,819 | 114,697 | |||||||||
Large commercial & industrial | 12,505 | 12,376 | |||||||||
Public authorities & electric railroads | 266 | 265 | |||||||||
Total | 1,320,060 | 1,308,667 |
As of March 31, | |||||||||||
Number of Natural Gas Customers | 2021 | 2020 | |||||||||
Residential | 648,824 | 641,608 | |||||||||
Small commercial & industrial | 38,318 | 38,381 | |||||||||
Large commercial & industrial | 6,120 | 6,078 | |||||||||
Total | 693,262 | 686,067 |
% Change | ||||||||||||||
2017 | 2016 | Normal | 2017 vs. 2016 | 2017 vs. Normal | ||||||||||
Three Months Ended September 30, | ||||||||||||||
Heating Degree-Days | 8 | 1 | 19 | 700.0 | % | (57.9 | )% | |||||||
Cooling Degree-Days | 1,130 | 1,418 | 1,133 | (20.3 | )% | (0.3 | )% | |||||||
Nine Months Ended September 30, | ||||||||||||||
Heating Degree-Days | 1,963 | 2,408 | 2,477 | (18.5 | )% | (20.8 | )% | |||||||
Cooling Degree-Days | 1,679 | 1,872 | 1,611 | (10.3 | )% | 4.2 | % |
Three Months Ended March 31, 2021 | |||||||||||
Increase (Decrease) | |||||||||||
Storm-related costs | $ | 6 | |||||||||
BSC costs | 2 | ||||||||||
Credit loss expense | (2) | ||||||||||
Other | 3 | ||||||||||
Total increase | $ | 9 | |||||||||
Three Months Ended March 31, 2021 | |||||||||||
Increase | |||||||||||
Depreciation and amortization(a) | $ | 9 | |||||||||
Total increase | $ | 9 |
Three Months Ended March 31, | Favorable Variance | ||||||||||||||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||||||||||||||
PHI | $ | 128 | $ | 108 | $ | 20 | |||||||||||||||||||||||||||||
Pepco | 59 | 52 | 7 | ||||||||||||||||||||||||||||||||
DPL | 56 | 45 | 11 | ||||||||||||||||||||||||||||||||
ACE | 14 | 13 | 1 | ||||||||||||||||||||||||||||||||
Other(a) | (1) | (2) | 1 |
Three Months Ended March 31, | Favorable (Unfavorable) Variance | ||||||||||||||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||||||||||||||
Operating revenues | $ | 553 | $ | 544 | $ | 9 | |||||||||||||||||||||||||||||
Operating expenses | |||||||||||||||||||||||||||||||||||
Purchased power expense | 166 | 164 | (2) | ||||||||||||||||||||||||||||||||
Operating and maintenance | 108 | 111 | 3 | ||||||||||||||||||||||||||||||||
Depreciation and amortization | 102 | 95 | (7) | ||||||||||||||||||||||||||||||||
Taxes other than income taxes | 90 | 92 | 2 | ||||||||||||||||||||||||||||||||
Total operating expenses | 466 | 462 | (4) | ||||||||||||||||||||||||||||||||
Operating income | 87 | 82 | 5 | ||||||||||||||||||||||||||||||||
Other income and (deductions) | |||||||||||||||||||||||||||||||||||
Interest expense, net | (34) | (34) | — | ||||||||||||||||||||||||||||||||
Other, net | 12 | 9 | 3 | ||||||||||||||||||||||||||||||||
Total other income and (deductions) | (22) | (25) | 3 | ||||||||||||||||||||||||||||||||
Income before income taxes | 65 | 57 | 8 | ||||||||||||||||||||||||||||||||
Income taxes | 6 | 5 | (1) | ||||||||||||||||||||||||||||||||
Net income | $ | 59 | $ | 52 | $ | 7 |
Three Months Ended March 31, 2021 | |||||||||||
Increase (Decrease) | |||||||||||
Distribution | $ | 3 | |||||||||
Transmission | (3) | ||||||||||
Other | 4 | ||||||||||
4 | |||||||||||
Regulatory required programs | 5 | ||||||||||
Total increase | $ | 9 |
As of March 31, | |||||||||||
Number of Electric Customers | 2021 | 2020 | |||||||||
Residential | 835,415 | 820,283 | |||||||||
Small commercial & industrial | 53,738 | 54,304 | |||||||||
Large commercial & industrial | 22,492 | 22,248 | |||||||||
Public authorities & electric railroads | 174 | 169 | |||||||||
Total | 911,819 | 897,004 |
Three Months Ended September 30, | Increase (Decrease) | Nine Months Ended September 30, | Increase (Decrease) | ||||||||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||||||||||
Operating and maintenance expense - baseline | $ | 100 | $ | 106 | $ | (6 | ) | $ | 331 | $ | 500 | $ | (169 | ) | |||||||||
Operating and maintenance expense - regulatory required programs(a) | 3 | 3 | — | 5 | 8 | (3 | ) | ||||||||||||||||
Total operating and maintenance expense | $ | 103 | $ | 109 | $ | (6 | ) | $ | 336 | $ | 508 | $ | (172 | ) |
Three Months Ended September 30, 2017 | Nine Months Ended September 30, 2017 | ||||||
Increase (Decrease) | Increase (Decrease) | ||||||
Baseline | |||||||
Labor, other benefits, contracting and materials | $ | 2 | $ | 14 | |||
Storm-related costs | (1 | ) | — | ||||
Remeasurement of AMI-related regulatory asset(a) | (4 | ) | (11 | ) | |||
Uncollectible accounts expense | 1 | (1 | ) | ||||
Deferral of merger-related costs to regulatory asset | (8 | ) | (1 | ) | |||
Deferral of rate case and customer billing system costs | (6 | ) | (6 | ) | |||
BSC and PHISCO allocations(b) | 1 | (22 | ) | ||||
Merger commitments(c) | 13 | (132 | ) | ||||
Other | (4 | ) | (10 | ) | |||
(6 | ) | (169 | ) | ||||
Regulatory required programs | |||||||
Purchased power administrative costs | — | (3 | ) | ||||
Total decrease | $ | (6 | ) | $ | (172 | ) |
Three Months Ended September 30, 2017 | Nine Months Ended September 30, 2017 | ||||||
Increase (Decrease) | Increase (Decrease) | ||||||
Depreciation expense(a) | $ | 9 | $ | 25 | |||
Regulatory asset amortization | 3 | 4 | |||||
Regulatory required programs(b) | (6 | ) | (8 | ) | |||
Total increase | $ | 6 | $ | 21 |
Three Months Ended March 31, 2021 | |||||||||||
(Decrease) Increase | |||||||||||
Labor, other benefits, contracting and materials | $ | (6) | |||||||||
Pension and non-pension postretirement benefits expense | (1) | ||||||||||
BSC and PHISCO costs | 1 | ||||||||||
Credit loss expense | 2 | ||||||||||
Other | 1 | ||||||||||
Total decrease | $ | (3) |
Three Months Ended March 31, 2021 | |||||||||||
Increase (Decrease) | |||||||||||
Depreciation and amortization(a) | $ | 4 | |||||||||
Regulatory asset amortization | (1) | ||||||||||
Regulatory required programs | 4 | ||||||||||
Total increase | $ | 7 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
Retail Deliveries to Customers (in GWhs) | 2017 | 2016 | % Change | Weather - Normal % Change | 2017 | 2016 | % Change | Weather - Normal % Change | |||||||||||||||
Retail Deliveries(a) | |||||||||||||||||||||||
Residential | 2,281 | 2,675 | (14.7 | )% | (5.2 | )% | 6,038 | 6,652 | (9.2 | )% | (2.7 | )% | |||||||||||
Small commercial & industrial | 347 | 394 | (11.9 | )% | (7.2 | )% | 999 | 1,124 | (11.1 | )% | (8.4 | )% | |||||||||||
Large commercial & industrial | 4,146 | 4,314 | (3.9 | )% | 0.8 | % | 11,306 | 11,890 | (4.9 | )% | (3.0 | )% | |||||||||||
Public authorities & electric railroads | 180 | 180 | — | % | 1.1 | % | 542 | 544 | (0.4 | )% | (0.2 | )% | |||||||||||
Total retail deliveries | 6,954 | 7,563 | (8.1 | )% | (1.7 | )% | 18,885 | 20,210 | (6.6 | )% | (3.1 | )% |
As of September 30, | |||||
Number of Electric Customers | 2017 | 2016 | |||
Residential | 790,032 | 775,911 | |||
Small commercial & industrial | 53,543 | 53,425 | |||
Large commercial & industrial | 21,733 | 21,315 | |||
Public authorities & electric railroads | 143 | 129 | |||
Total | 865,451 | 850,780 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||
Electric Revenue | 2017 | 2016 | % Change | 2017 | 2016 | % Change | |||||||||||||||
Retail Sales(a) | |||||||||||||||||||||
Residential | $ | 283 | $ | 315 | (10.2 | )% | $ | 744 | $ | 791 | (5.9 | )% | |||||||||
Small commercial & industrial | 38 | 43 | (11.6 | )% | 113 | 116 | (2.6 | )% | |||||||||||||
Large commercial & industrial | 221 | 219 | 0.9 | % | 608 | 613 | (0.8 | )% | |||||||||||||
Public authorities & electric railroads | 8 | 7 | 14.3 | % | 24 | 23 | 4.3 | % | |||||||||||||
Total retail | 550 | 584 | (5.8 | )% | 1,489 | 1,543 | (3.5 | )% | |||||||||||||
Other revenue(b) | 54 | 51 | 5.9 | % | 160 | 152 | 5.3 | % | |||||||||||||
Total electric revenue(c) | $ | 604 | $ | 635 | (4.9 | )% | $ | 1,649 | $ | 1,695 | (2.7 | )% |
Three Months Ended March 31, | Favorable (Unfavorable) Variance | ||||||||||||||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||||||||||||||
Operating revenues | $ | 382 | $ | 350 | $ | 32 | |||||||||||||||||||||||||||||
Operating expenses | |||||||||||||||||||||||||||||||||||
Purchased power and fuel expense | 156 | 141 | (15) | ||||||||||||||||||||||||||||||||
Operating and maintenance | 83 | 79 | (4) | ||||||||||||||||||||||||||||||||
Depreciation and amortization | 53 | 48 | (5) | ||||||||||||||||||||||||||||||||
Taxes other than income taxes | 17 | 16 | (1) | ||||||||||||||||||||||||||||||||
Total operating expenses | 309 | 284 | (25) | ||||||||||||||||||||||||||||||||
Operating income | 73 | 66 | 7 | ||||||||||||||||||||||||||||||||
Other income and (deductions) | |||||||||||||||||||||||||||||||||||
Interest expense, net | (15) | (16) | 1 | ||||||||||||||||||||||||||||||||
Other, net | 3 | 2 | 1 | ||||||||||||||||||||||||||||||||
Total other income and (deductions) | (12) | (14) | 2 | ||||||||||||||||||||||||||||||||
Income before income taxes | 61 | 52 | 9 | ||||||||||||||||||||||||||||||||
Income taxes | 5 | 7 | 2 | ||||||||||||||||||||||||||||||||
Net income | $ | 56 | $ | 45 | $ | 11 |
Three Months Ended September 30, | Favorable (Unfavorable) Variance | Nine Months Ended September 30, | Favorable (Unfavorable) Variance | ||||||||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||||||||||
Operating revenues | $ | 327 | $ | 331 | $ | (4 | ) | $ | 971 | $ | 974 | $ | (3 | ) | |||||||||
Purchased power and fuel expense | 129 | 150 | 21 | 399 | 448 | 49 | |||||||||||||||||
Revenues net of purchased power and fuel expense(a) | 198 | 181 | 17 | 572 | 526 | 46 | |||||||||||||||||
Other operating expenses | |||||||||||||||||||||||
Operating and maintenance | 79 | 55 | (24 | ) | 227 | 338 | 111 | ||||||||||||||||
Depreciation and amortization | 45 | 44 | (1 | ) | 124 | 120 | (4 | ) | |||||||||||||||
Taxes other than income | 15 | 14 | (1 | ) | 43 | 42 | (1 | ) | |||||||||||||||
Total other operating expenses | 139 | 113 | (26 | ) | 394 | 500 | 106 | ||||||||||||||||
Gain on sales of asset | — | 4 | (4 | ) | — | 4 | (4 | ) | |||||||||||||||
Operating income | 59 | 72 | (13 | ) | 178 | 30 | 148 | ||||||||||||||||
Other income and (deductions) | |||||||||||||||||||||||
Interest expense, net | (13 | ) | (12 | ) | (1 | ) | (38 | ) | (37 | ) | (1 | ) | |||||||||||
Other, net | 4 | 3 | 1 | 10 | 9 | 1 | |||||||||||||||||
Total other income and (deductions) | (9 | ) | (9 | ) | — | (28 | ) | (28 | ) | — | |||||||||||||
Income before income taxes | 50 | 63 | (13 | ) | 150 | 2 | 148 | ||||||||||||||||
Income taxes | 19 | 19 | — | 43 | 18 | (25 | ) | ||||||||||||||||
Net income (loss) | $ | 31 | $ | 44 | $ | (13 | ) | $ | 107 | $ | (16 | ) | $ | 123 |
Three Months Ended March 31, 2021 | |||||||||||||||||||||||||||||||||||
Increase (Decrease) | |||||||||||||||||||||||||||||||||||
Electric | Gas | Total | |||||||||||||||||||||||||||||||||
Weather | $ | 4 | $ | 5 | $ | 9 | |||||||||||||||||||||||||||||
Volume | — | 1 | 1 | ||||||||||||||||||||||||||||||||
Distribution | 5 | — | 5 | ||||||||||||||||||||||||||||||||
Other | 1 | (1) | — | ||||||||||||||||||||||||||||||||
10 | 5 | 15 | |||||||||||||||||||||||||||||||||
Regulatory required programs | 15 | 2 | 17 | ||||||||||||||||||||||||||||||||
Total increase | $ | 25 | $ | 7 | $ | 32 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||
Electric | 51 | % | 49 | % | 52 | % | 51 | % | |||
Natural Gas | 53 | % | 51 | % | 35 | % | 32 | % |
September 30, 2017 | September 30, 2016 | ||||||||||
Number of customers | % of total retail customers | Number of customers | % of total retail customers | ||||||||
Electric | 78,426 | 15.0 | % | 79,501 | 15.4 | % | |||||
Natural Gas | 155 | 0.1 | % | 157 | 0.1 | % |
Three Months Ended September 30, 2017 | Nine Months Ended September 30, 2017 | ||||||||||||||||||||||
Increase (Decrease) | Increase (Decrease) | ||||||||||||||||||||||
Electric | Gas | Total | Electric | Gas | Total | ||||||||||||||||||
Weather | $ | (6 | ) | $ | 1 | $ | (5 | ) | $ | (9 | ) | $ | (13 | ) | $ | (22 | ) | ||||||
Volume | 2 | (1 | ) | 1 | 3 | 10 | 13 | ||||||||||||||||
Pricing - distribution revenues | 17 | — | 17 | 49 | 2 | 51 | |||||||||||||||||
Regulatory required programs | (3 | ) | — | (3 | ) | (2 | ) | — | (2 | ) | |||||||||||||
Transmission revenues | 5 | — | 5 | 4 | — | 4 | |||||||||||||||||
Other | 3 | (1 | ) | 2 | 5 | (3 | ) | 2 | |||||||||||||||
Total increase (decrease) | $ | 18 | $ | (1 | ) | $ | 17 | $ | 50 | $ | (4 | ) | $ | 46 |
Delaware Electric Service Territory | % Change | ||||||||||||||||||||||||||||
Three Months Ended March 31, | 2021 | 2020 | Normal | 2021 vs. 2020 | 2021 vs. Normal | ||||||||||||||||||||||||
Heating Degree-Days | 2,358 | 2,003 | 2,493 | 17.7 | % | (5.4) | % | ||||||||||||||||||||||
Cooling Degree-Days | 3 | — | — | n/a | n/a | ||||||||||||||||||||||||
Electric Service Territory | % Change | |||||||||||||
Three Months Ended September 30, | 2017 | 2016 | Normal | 2017 vs. 2016 | 2017 vs. Normal | |||||||||
Heating Degree-Days | 24 | 14 | 33 | 71.4 | % | (27.3 | )% | |||||||
Cooling Degree-Days | 867 | 1,103 | 856 | (21.4 | )% | 1.3 | % | |||||||
Nine Months Ended September 30, | ||||||||||||||
Heating Degree-Days | 2,384 | 2,812 | 2,933 | (15.2 | )% | (18.7 | )% | |||||||
Cooling Degree-Days | 1,228 | 1,410 | 1,184 | (12.9 | )% | 3.7 | % |
Delaware Natural Gas Service Territory | % Change | ||||||||||||||||||||||||||||
Three Months Ended March 31, | 2021 | 2020 | Normal | 2021 vs. 2020 | 2021 vs. Normal | ||||||||||||||||||||||||
Heating Degree-Days | 2,358 | 2,003 | 2,497 | 17.7 | % | (5.6) | % | ||||||||||||||||||||||
Natural Gas Service Territory | % Change | |||||||||||||
Three Months Ended September 30, | 2017 | 2016 | Normal | 2017 vs. 2016 | 2017 vs. Normal | |||||||||
Heating Degree-Days | 28 | 20 | 42 | 40.0 | % | (33.3 | )% | |||||||
Nine Months Ended September 30, | ||||||||||||||
Heating Degree-Days | 2,431 | 2,913 | 3,062 | (16.5 | )% | (20.6 | )% |
Electric Retail Deliveries to Delaware Customers (in GWhs) | Three Months Ended March 31, | % Change | Weather - Normal % Change(b) | ||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||||||||||||||||||||||||||
Residential | 854 | 743 | 14.9 | % | 4.5 | % | |||||||||||||||||||||||||||||||||||||||||
Small commercial & industrial | 342 | 296 | 15.5 | % | 10.5 | % | |||||||||||||||||||||||||||||||||||||||||
Large commercial & industrial | 689 | 823 | (16.3) | % | (17.2) | % | |||||||||||||||||||||||||||||||||||||||||
Public authorities & electric railroads | 9 | 8 | 12.5 | % | 7.7 | % | |||||||||||||||||||||||||||||||||||||||||
Total electric retail deliveries(a) | 1,894 | 1,870 | 1.3 | % | (3.6) | % |
As of March 31, | |||||||||||
Number of Total Electric Customers (Maryland and Delaware) | 2021 | 2020 | |||||||||
Residential | 473,917 | 469,082 | |||||||||
Small commercial & industrial | 62,647 | 61,769 | |||||||||
Large commercial & industrial | 1,208 | 1,414 | |||||||||
Public authorities & electric railroads | 608 | 612 | |||||||||
Total | 538,380 | 532,877 |
Natural Gas Retail Deliveries to Delaware Customers (in mmcf) | Three Months Ended March 31, | % Change | Weather - Normal % Change(b) | ||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||||||||||||||||||||||||||
Residential | 4,394 | 3,647 | 20.5 | % | 2.6 | % | |||||||||||||||||||||||||||||||||||||||||
Small commercial & industrial | 1,868 | 1,671 | 11.8 | % | (3.9) | % | |||||||||||||||||||||||||||||||||||||||||
Large commercial & industrial | 457 | 452 | 1.1 | % | 1.1 | % | |||||||||||||||||||||||||||||||||||||||||
Transportation | 2,224 | 2,108 | 5.5 | % | (0.9) | % | |||||||||||||||||||||||||||||||||||||||||
Total natural gas deliveries(a) | 8,943 | 7,878 | 13.5 | % | 0.2 | % |
As of March 31, | |||||||||||
Number of Delaware Natural Gas Customers | 2021 | 2020 | |||||||||
Residential | 127,522 | 126,209 | |||||||||
Small commercial & industrial | 10,043 | 10,004 | |||||||||
Large commercial & industrial | 19 | 17 | |||||||||
Transportation | 160 | 159 | |||||||||
Total | 137,744 | 136,389 |
Three Months Ended September 30, | Increase (Decrease) | Nine Months Ended September 30, | Increase (Decrease) | ||||||||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||||||||||
Operating and maintenance expense - baseline | $ | 76 | $ | 50 | $ | 26 | $ | 221 | $ | 328 | $ | (107 | ) | ||||||||||
Operating and maintenance expense - regulatory required programs(a) | 3 | 5 | (2 | ) | 6 | 10 | (4 | ) | |||||||||||||||
Total operating and maintenance expense | $ | 79 | $ | 55 | $ | 24 | $ | 227 | $ | 338 | $ | (111 | ) |
Three Months Ended September 30, 2017 | Nine Months Ended September 30, 2017 | ||||||
Increase (Decrease) | Increase (Decrease) | ||||||
Baseline | |||||||
Labor, other benefits, contracting and materials | $ | 3 | $ | 3 | |||
Storm-related costs | (2 | ) | 4 | ||||
Uncollectible accounts expense | (2 | ) | (7 | ) | |||
Remeasurement of AMI-related regulatory asset(a) | (1 | ) | (2 | ) | |||
Deferral of merger-related costs to regulatory asset | — | (6 | ) | ||||
BSC and PHISCO allocations(b) | (1 | ) | (15 | ) | |||
Merger commitments(c) | 27 | (79 | ) | ||||
Other | 2 | (5 | ) | ||||
26 | (107 | ) | |||||
Regulatory required programs | |||||||
Purchased power administrative costs | (2 | ) | (4 | ) | |||
Total increase (decrease) | $ | 24 | $ | (111 | ) |
Three Months Ended September 30, 2017 | Nine Months Ended September 30, 2017 | ||||||
Increase (Decrease) | Increase (Decrease) | ||||||
Depreciation expense(a) | $ | 3 | $ | 9 | |||
Regulatory asset amortization | — | (2 | ) | ||||
Regulatory required programs(b) | (2 | ) | (3 | ) | |||
Total increase | $ | 1 | $ | 4 |
Three Months Ended March 31, 2021 | |||||||||||
Increase (Decrease) | |||||||||||
Labor, other benefits, contracting and materials | $ | 2 | |||||||||
BSC and PHISCO costs | 2 | ||||||||||
Credit loss expense | 1 | ||||||||||
Pension and non-pension postretirement benefits expense | (1) | ||||||||||
Total increase | $ | 4 |
Three Months Ended March 31, 2021 | |||||||||||
Increase | |||||||||||
Depreciation and amortization(a) | $ | 3 | |||||||||
Regulatory required programs | 2 | ||||||||||
Total increase | $ | 5 |
Three Months Ended September 30, | % Change | Weather - Normal % Change | Nine Months Ended September 30, | % Change | Weather - Normal % Change | ||||||||||||||||||
Retail Deliveries to Customers (in GWhs) | 2017 | 2016 | 2017 | 2016 | |||||||||||||||||||
Retail Deliveries(a) | |||||||||||||||||||||||
Residential | 1,439 | 1,601 | (10.1 | )% | (2.2 | )% | 3,843 | 4,066 | (5.5 | )% | 0.4 | % | |||||||||||
Small commercial & industrial | 636 | 642 | (0.9 | )% | 3.2 | % | 1,693 | 1,746 | (3.0 | )% | (0.9 | )% | |||||||||||
Large commercial & industrial | 1,245 | 1,250 | (0.4 | )% | 4.1 | % | 3,440 | 3,492 | (1.5 | )% | 0.3 | % | |||||||||||
Public authorities & electric railroads | 10 | 9 | 11.1 | % | 11.1 | % | 35 | 35 | — | % | — | % | |||||||||||
Total retail deliveries | 3,330 | 3,502 | (4.9 | )% | 1.2 | % | 9,011 | 9,339 | (3.5 | )% | 0.1 | % |
As of September 30, | |||||
Number of Electric Customers | 2017 | 2016 | |||
Residential | 458,790 | 455,640 | |||
Small commercial & industrial | 60,542 | 60,034 | |||
Large commercial & industrial | 1,406 | 1,414 | |||
Public authorities & electric railroads | 633 | 643 | |||
Total | 521,371 | 517,731 |
Three Months Ended September 30, | % Change | Nine Months Ended September 30, | % Change | ||||||||||||||||||
Electric Revenue | 2017 | 2016 | 2017 | 2016 | |||||||||||||||||
Retail Sales(a) | |||||||||||||||||||||
Residential | $ | 183 | $ | 200 | (8.5 | )% | $ | 508 | $ | 522 | (2.7 | )% | |||||||||
Small commercial & industrial | 49 | 48 | 2.1 | % | 138 | 143 | (3.5 | )% | |||||||||||||
Large commercial & industrial | 26 | 24 | 8.3 | % | 77 | 74 | 4.1 | % | |||||||||||||
Public authorities & electric railroads | 3 | 2 | 50.0 | % | 11 | 9 | 22.2 | % | |||||||||||||
Total retail | 261 | 274 | (4.7 | )% | 734 | 748 | (1.9 | )% | |||||||||||||
Other revenue(b) | 48 | 40 | 20.0 | % | 132 | 124 | 6.5 | % | |||||||||||||
Total electric revenue(c) | $ | 309 | $ | 314 | (1.6 | )% | $ | 866 | $ | 872 | (0.7 | )% |
Three Months Ended September 30, | % Change | Weather - Normal % Change | Nine Months Ended September 30, | % Change | Weather - Normal % Change | ||||||||||||||||||
Retail Deliveries to Customers (in mmcf) | 2017 | 2016 | 2017 | 2016 | |||||||||||||||||||
Retail Deliveries | |||||||||||||||||||||||
Retail sales | 1,069 | 1,121 | (4.6 | )% | (6.4 | )% | 8,679 | 9,253 | (6.2 | )% | 6.5 | % | |||||||||||
Transportation & other | 1,197 | 1,166 | 2.7 | % | 2.4 | % | 4,690 | 4,455 | 5.3 | % | 7.9 | % | |||||||||||
Total natural gas deliveries | 2,266 | 2,287 | (0.9 | )% | (2.0 | )% | 13,369 | 13,708 | (2.5 | )% | 7.0 | % |
As of September 30, | |||||
Number of Gas Customers | 2017 | 2016 | |||
Residential | 121,238 | 120,075 | |||
Commercial & industrial | 9,700 | 9,656 | |||
Transportation & other | 155 | 157 | |||
Total | 131,093 | 129,888 |
Three Months Ended September 30, | % Change | Nine Months Ended September 30, | % Change | ||||||||||||||||||
Natural Gas Revenue | 2017 | 2016 | 2017 | 2016 | |||||||||||||||||
Retail Sales(a) | |||||||||||||||||||||
Retail sales | $ | 12 | $ | 13 | (7.7 | )% | $ | 87 | $ | 87 | — | % | |||||||||
Transportation & other(b) | 6 | 4 | 50.0 | % | 18 | 15 | 20.0 | % | |||||||||||||
Total natural gas revenues | $ | 18 | $ | 17 | 5.9 | % | $ | 105 | $ | 102 | 2.9 | % |
Three Months Ended March 31, | Favorable (Unfavorable) Variance | ||||||||||||||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||||||||||||||
Operating revenues | $ | 310 | $ | 276 | $ | 34 | |||||||||||||||||||||||||||||
Operating expenses | |||||||||||||||||||||||||||||||||||
Purchased power expense | 157 | 128 | (29) | ||||||||||||||||||||||||||||||||
Operating and maintenance | 76 | 78 | 2 | ||||||||||||||||||||||||||||||||
Depreciation and amortization | 47 | 43 | (4) | ||||||||||||||||||||||||||||||||
Taxes other than income taxes | 2 | 2 | — | ||||||||||||||||||||||||||||||||
Total operating expenses | 282 | 251 | (31) | ||||||||||||||||||||||||||||||||
Gain on sale of assets | — | 2 | (2) | ||||||||||||||||||||||||||||||||
Operating income | 28 | 27 | 1 | ||||||||||||||||||||||||||||||||
Other income and (deductions) | |||||||||||||||||||||||||||||||||||
Interest expense, net | (15) | (15) | — | ||||||||||||||||||||||||||||||||
Other, net | 1 | 2 | (1) | ||||||||||||||||||||||||||||||||
Total other income and (deductions) | (14) | (13) | (1) | ||||||||||||||||||||||||||||||||
Income before income taxes | 14 | 14 | — | ||||||||||||||||||||||||||||||||
Income taxes | — | 1 | 1 | ||||||||||||||||||||||||||||||||
Net income | $ | 14 | $ | 13 | $ | 1 |
Three Months Ended September 30, | Favorable (Unfavorable) Variance | Nine Months Ended September 30, | Favorable (Unfavorable) Variance | ||||||||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||||||||||
Operating revenues | $ | 370 | $ | 421 | $ | (51 | ) | $ | 915 | $ | 982 | $ | (67 | ) | |||||||||
Purchased power expense | 176 | 221 | 45 | 442 | 520 | 78 | |||||||||||||||||
Revenues net of purchased power expense(a) | 194 | 200 | (6 | ) | 473 | 462 | 11 | ||||||||||||||||
Other operating expenses | |||||||||||||||||||||||
Operating and maintenance | 72 | 67 | (5 | ) | 225 | 346 | 121 | ||||||||||||||||
Depreciation and amortization | 41 | 49 | 8 | 113 | 130 | 17 | |||||||||||||||||
Taxes other than income | 2 | 1 | (1 | ) | 6 | 6 | — | ||||||||||||||||
Total other operating expenses | 115 | 117 | 2 | 344 | 482 | 138 | |||||||||||||||||
Gain on sales of assets | — | — | — | — | 1 | (1 | ) | ||||||||||||||||
Operating income (loss) | 79 | 83 | (4 | ) | 129 | (19 | ) | 148 | |||||||||||||||
Other income and (deductions) | |||||||||||||||||||||||
Interest expense, net | (15 | ) | (15 | ) | — | (46 | ) | (47 | ) | 1 | |||||||||||||
Other, net | 1 | 2 | (1 | ) | 6 | 8 | (2 | ) | |||||||||||||||
Total other income and (deductions) | (14 | ) | (13 | ) | (1 | ) | (40 | ) | (39 | ) | (1 | ) | |||||||||||
Income (loss) before income taxes | 65 | 70 | (5 | ) | 89 | (58 | ) | 147 | |||||||||||||||
Income taxes | 24 | 23 | (1 | ) | 12 | (8 | ) | (20 | ) | ||||||||||||||
Net income (loss) | $ | 41 | $ | 47 | $ | (6 | ) | $ | 77 | $ | (50 | ) | $ | 127 |
Three Months Ended March 31, 2021 | |||||||||||
Increase (Decrease) | |||||||||||
Weather | $ | 4 | |||||||||
Volume | 2 | ||||||||||
Distribution | (1) | ||||||||||
Other | 1 | ||||||||||
6 | |||||||||||
Regulatory required programs | 28 | ||||||||||
Total increase | $ | 34 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||
Electric | 44 | % | 44 | % | 48 | % | 46 | % |
September 30, 2017 | September 30, 2016 | ||||||||||
Number of customers | % of total retail customers | Number of customers | % of total retail customers | ||||||||
Electric | 91,219 | 17 | % | 96,837 | 18 | % |
Three Months Ended September 30, 2017 | Nine Months Ended September 30, 2017 | ||||||
Increase (Decrease) | Increase (Decrease) | ||||||
Weather | $ | (5 | ) | $ | (7 | ) | |
Volume | (12 | ) | (15 | ) | |||
Pricing - distribution revenues | 16 | 36 | |||||
Regulatory required programs | (9 | ) | (19 | ) | |||
Transmission revenues | 4 | 17 | |||||
Other | — | (1 | ) | ||||
Total (decrease) increase | $ | (6 | ) | $ | 11 |
Heating and Cooling Degree-Days | % Change | ||||||||||||||||||||||||||||
Three Months Ended March 31, | 2021 | 2020 | Normal | 2021 vs. 2020 | 2021 vs. Normal | ||||||||||||||||||||||||
Heating Degree-Days | 2,348 | 1,948 | 2,469 | 20.5 | % | (4.9) | % | ||||||||||||||||||||||
Cooling Degree-Days | 4 | — | — | n/a | n/a |
Normal | % Change | |||||||||||||
2017 | 2016 | 2017 vs. 2016 | 2017 vs. Normal | |||||||||||
Three Months Ended September 30, | ||||||||||||||
Heating Degree-Days | 23 | 17 | 42 | 35.3 | % | (45.2 | )% | |||||||
Cooling Degree-Days | 830 | 1,006 | 806 | (17.5 | )% | 3.0 | % | |||||||
Nine Months Ended September 30, | ||||||||||||||
Heating Degree-Days | 2,608 | 2,938 | 3,103 | (11.2 | )% | (16.0 | )% | |||||||
Cooling Degree-Days | 1,153 | 1,267 | 1,092 | (9.0 | )% | 5.6 | % |
Electric Retail Deliveries to Customers (in GWhs) | Three Months Ended March 31, | % Change | Weather - Normal % Change(b) | ||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||||||||||||||||||||||||||
Residential | 928 | 810 | 14.6 | % | 6.6 | % | |||||||||||||||||||||||||||||||||||||||||
Small commercial & industrial | 305 | 294 | 3.7 | % | (0.8) | % | |||||||||||||||||||||||||||||||||||||||||
Large commercial & industrial | 716 | 735 | (2.6) | % | (3.5) | % | |||||||||||||||||||||||||||||||||||||||||
Public authorities & electric railroads | 13 | 13 | — | % | 0.9 | % | |||||||||||||||||||||||||||||||||||||||||
Total electric retail deliveries(a) | 1,962 | 1,852 | 5.9 | % | 1.5 | % |
As of March 31, | |||||||||||
Number of Electric Customers | 2021 | 2020 | |||||||||
Residential | 498,396 | 495,444 | |||||||||
Small commercial & industrial | 61,771 | 61,470 | |||||||||
Large commercial & industrial | 3,267 | 3,355 | |||||||||
Public authorities & electric railroads | 704 | 684 | |||||||||
Total | 564,138 | 560,953 |
Three Months Ended March 31, 2021 | |||||||||||
Increase (Decrease) | |||||||||||
Labor, other benefits, contracting and materials | $ | 1 | |||||||||
BSC and PHISCO costs | 1 | ||||||||||
2 | |||||||||||
Regulatory required programs(a) | (4) | ||||||||||
Total decrease | $ | (2) |
Three Months Ended March 31, 2021 | |||||||||||
Increase (Decrease) | |||||||||||
Depreciation and amortization(a) | $ | 4 | |||||||||
Regulatory asset amortization | (1) | ||||||||||
Regulatory required programs | 1 | ||||||||||
Total increase | $ | 4 |
Three Months Ended September 30, | Increase (Decrease) | Nine Months Ended September 30, | Increase (Decrease) | ||||||||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||||||||||
Operating and maintenance expense - baseline | $ | 71 | $ | 66 | $ | 5 | $ | 222 | $ | 343 | $ | (121 | ) | ||||||||||
Operating and maintenance expense - regulatory required programs(a) | 1 | 1 | — | 3 | 3 | — | |||||||||||||||||
Total operating and maintenance expense | $ | 72 | $ | 67 | $ | 5 | $ | 225 | $ | 346 | $ | (121 | ) |
Three Months Ended September 30, 2017 | Nine Months Ended September 30, 2017 | ||||||
Increase (Decrease) | Increase (Decrease) | ||||||
Baseline | |||||||
Labor, other benefits, contracting and materials | $ | 3 | $ | 6 | |||
Storm-related costs | (3 | ) | (2 | ) | |||
BSC and PHISCO allocations(a) | — | (11 | ) | ||||
Deferral of merger-related costs to regulatory asset | (9 | ) | (9 | ) | |||
Merger commitments(b) | 10 | (111 | ) | ||||
Other | 4 | 6 | |||||
Total increase (decrease) | $ | 5 | $ | (121 | ) |
Three Months Ended September 30, 2017 | Nine Months Ended September 30, 2017 | ||||||
Increase (Decrease) | Increase (Decrease) | ||||||
Depreciation expense(a) | $ | 1 | $ | 4 | |||
Regulatory asset amortization | — | (2 | ) | ||||
Regulatory required programs(b) | (9 | ) | (19 | ) | |||
Total decrease | $ | (8 | ) | $ | (17 | ) |
Three Months Ended September 30, | % Change | Weather - Normal % Change | Nine Months Ended September 30, | % Change | Weather - Normal % Change | ||||||||||||||||||
Retail Deliveries to Customers (in GWhs) | 2017 | 2016 | 2017 | 2016 | |||||||||||||||||||
Retail Deliveries(a) | |||||||||||||||||||||||
Residential | 1,349 | 1,575 | (14.3 | )% | (10.4 | )% | 3,042 | 3,327 | (8.6 | )% | (6.0 | )% | |||||||||||
Small commercial & industrial | 407 | 426 | (4.5 | )% | (1.9 | )% | 992 | 998 | (0.6 | )% | 0.8 | % | |||||||||||
Large commercial & industrial | 939 | 1,032 | (9.0 | )% | (6.3 | )% | 2,557 | 2,705 | (5.5 | )% | (4.6 | )% | |||||||||||
Public authorities & electric railroads | 9 | 11 | (18.2 | )% | (18.2 | )% | 33 | 35 | (5.7 | )% | (5.7 | )% | |||||||||||
Total retail deliveries | 2,704 | 3,044 | (11.2 | )% | (7.8 | )% | 6,624 | 7,065 | (6.2 | )% | (4.5 | )% |
As of September 30, | |||||
Number of Electric Customers | 2017 | 2016 | |||
Residential | 486,212 | 483,542 | |||
Small commercial & industrial | 60,982 | 60,875 | |||
Large commercial & industrial | 3,726 | 3,796 | |||
Public authorities & electric railroads | 633 | 593 | |||
Total | 551,553 | 548,806 |
Three Months Ended September 30, | % Change | Nine Months Ended September 30, | % Change | ||||||||||||||||||
Electric Revenue | 2017 | 2016 | 2017 | 2016 | |||||||||||||||||
Retail Sales(a) | |||||||||||||||||||||
Residential | $ | 211 | $ | 249 | (15.3 | )% | $ | 484 | $ | 530 | (8.7 | )% | |||||||||
Small commercial & industrial | 53 | 55 | (3.6 | )% | 129 | 133 | (3.0 | )% | |||||||||||||
Large commercial & industrial | 49 | 57 | (14.0 | )% | 143 | 158 | (9.5 | )% | |||||||||||||
Public authorities & electric railroads | 3 | 4 | (25.0 | )% | 10 | 10 | — | % | |||||||||||||
Total retail | 316 | 365 | (13.4 | )% | 766 | 831 | (7.8 | )% | |||||||||||||
Other revenue(b) | 54 | 56 | (3.6 | )% | 149 | 151 | (1.3 | )% | |||||||||||||
Total electric revenue(c) | $ | 370 | $ | 421 | (12.1 | )% | $ | 915 | $ | 982 | (6.8 | )% |
Nine Months Ended September 30, | |||||||||||
2017 | 2016(c) | Variance | |||||||||
Net income | $ | 1,911 | $ | 956 | $ | 955 | |||||
Add (subtract): | |||||||||||
Non-cash operating activities(a) | 5,011 | 5,946 | (935 | ) | |||||||
Pension and non-pension postretirement benefit contributions | (344 | ) | (283 | ) | (61 | ) | |||||
Income taxes | 167 | 527 | (360 | ) | |||||||
Changes in working capital and other noncurrent assets and liabilities(b) | (1,003 | ) | (516 | ) | (487 | ) | |||||
Option premiums received (paid), net | 35 | (24 | ) | 59 | |||||||
Collateral (posted) received, net | (100 | ) | 757 | (857 | ) | ||||||
Net cash flows provided by operations | $ | 5,677 | $ | 7,363 | $ | (1,686 | ) |
Decrease in cash flows from operating activities | Exelon | Generation | ComEd | PECO | BGE | PHI | Pepco | DPL | ACE | ||||||||||||||||||||||||||||||||||||||||||||
Net income | $ | (640) | $ | (608) | $ | 29 | $ | 27 | $ | 28 | $ | 20 | $ | 7 | $ | 11 | $ | 1 | |||||||||||||||||||||||||||||||||||
Adjustments to reconcile net income to cash: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-cash operating activities | (484) | (391) | 15 | (6) | (18) | (8) | (1) | 4 | (7) | ||||||||||||||||||||||||||||||||||||||||||||
Pension and non-pension postretirement benefit contributions | (6) | 27 | (28) | — | (1) | (9) | (1) | — | (1) | ||||||||||||||||||||||||||||||||||||||||||||
Income taxes | 169 | 3 | (16) | (11) | (16) | (12) | (4) | (4) | (1) | ||||||||||||||||||||||||||||||||||||||||||||
Changes in working capital and other noncurrent assets and liabilities | (1,728) | (1,609) | (50) | (30) | (136) | (14) | (14) | (11) | 6 | ||||||||||||||||||||||||||||||||||||||||||||
Option premiums received (paid), net | 54 | 54 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Collateral received (posted), net | 294 | 292 | 2 | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Decrease in cash flows from operating activities | $ | (2,341) | $ | (2,232) | $ | (48) | $ | (20) | $ | (143) | $ | (23) | $ | (13) | $ | — | $ | (2) |
Nine Months Ended September 30, | |||||||
2017 | 2016 | ||||||
Exelon | $ | 5,677 | $ | 7,363 | |||
Generation | 2,270 | 3,723 | |||||
ComEd | 1,120 | 1,749 | |||||
PECO | 603 | 582 | |||||
BGE | 704 | 660 | |||||
Pepco | 348 | 504 | |||||
DPL | 292 | 267 | |||||
ACE | 158 | 315 |
Successor | Predecessor | |||||||||||
Nine Months Ended September 30, 2017 | March 24, 2016 to September 30, 2016 | January 1, 2016 to March 23, 2016 | ||||||||||
PHI | $ | 797 | $ | 546 | $ | 264 |
Nine Months Ended September 30, | |||||||
2017 | 2016 | ||||||
Exelon | $ | (5,810 | ) | $ | (13,219 | ) | |
Generation | (1,903 | ) | (3,278 | ) | |||
ComEd | (1,731 | ) | (1,919 | ) | |||
PECO | (457 | ) | (438 | ) | |||
BGE | (586 | ) | (614 | ) | |||
Pepco | (439 | ) | (435 | ) | |||
DPL | (293 | ) | (254 | ) | |||
ACE | (241 | ) | (227 | ) |
Successor | Predecessor | |||||||||||
Nine Months Ended September 30, 2017 | March 24, 2016 to September 30, 2016 | January 1, 2016 to March 23, 2016 | ||||||||||
PHI | $ | (991 | ) | $ | (631 | ) | $ | (343 | ) |
Increase (decrease) in cash flows from investing activities | Exelon | Generation | ComEd | PECO | BGE | PHI | Pepco | DPL | ACE | ||||||||||||||||||||||||||||||||||||||||||||
Capital expenditures | $ | (124) | $ | 176 | $ | (107) | $ | (36) | $ | (53) | $ | (80) | $ | (40) | $ | (17) | $ | (22) | |||||||||||||||||||||||||||||||||||
Proceeds from NDT fund sales, net | 20 | 20 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Proceeds from sales of assets and businesses | 680 | 680 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Changes in intercompany money pool | — | 254 | — | (26) | — | — | 114 | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Collection of DPP | 1,574 | 1,574 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Other investing activities | 20 | 6 | 2 | — | 8 | — | 5 | 4 | (6) | ||||||||||||||||||||||||||||||||||||||||||||
Increase (decrease) in cash flows from investing activities | $ | 2,170 | $ | 2,710 | $ | (105) | $ | (62) | $ | (45) | $ | (80) | $ | 79 | $ | (13) | $ | (28) |
Increase (decrease) in cash flows from financing activities | Exelon | Generation | ComEd | PECO | BGE | PHI | Pepco | DPL | ACE | ||||||||||||||||||||||||||||||||||||||||||||
Changes in short-term borrowings, net | $ | 488 | $ | 222 | $ | (58) | $ | — | $ | 90 | $ | (268) | $ | 47 | $ | (144) | $ | (171) | |||||||||||||||||||||||||||||||||||
Long-term debt, net | 6 | (508) | (300) | 375 | — | 437 | — | 125 | 311 | ||||||||||||||||||||||||||||||||||||||||||||
Changes in intercompany money pool | — | (285) | — | (40) | — | (4) | — | (37) | (77) | ||||||||||||||||||||||||||||||||||||||||||||
Dividends paid on common stock | (1) | — | (2) | — | (12) | — | — | 12 | 9 | ||||||||||||||||||||||||||||||||||||||||||||
Distributions to member | — | 10 | — | — | — | 53 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Contributions from parent/member | — | — | 73 | (231) | — | 416 | 1 | 114 | 302 | ||||||||||||||||||||||||||||||||||||||||||||
Other financing activities | (24) | (4) | 4 | (4) | — | (4) | — | (2) | (3) | ||||||||||||||||||||||||||||||||||||||||||||
Increase (decrease) in cash flows from financing activities | $ | 469 | $ | (565) | $ | (283) | $ | 100 | $ | 78 | $ | 630 | $ | 48 | $ | 68 | $ | 371 |
Projected Full Year 2017(a) | Nine Months Ended September 30, | ||||||||||
2017 | 2016 | ||||||||||
Exelon(b) | $ | 8,075 | $ | 5,556 | $ | 6,368 | |||||
Generation | 2,450 | 1,654 | 2,651 | ||||||||
ComEd(c) | 2,200 | 1,698 | 1,950 | ||||||||
PECO | 775 | 537 | 448 | ||||||||
BGE | 925 | 615 | 611 | ||||||||
Pepco | 625 | 439 | 392 | ||||||||
DPL | 425 | 294 | 260 | ||||||||
ACE | 300 | 242 | 227 |
Projected Full Year 2017 (a) | Successor | Predecessor | ||||||||||||||
Nine Months Ended September 30, 2017 | March 24, 2016 to September 30, 2016 | January 1, 2016 to March 23, 2016 | ||||||||||||||
PHI(d) | $ | 1,375 | $ | 995 | $ | 624 | $ | 273 |
Nine Months Ended September 30, | |||||||
2017 | 2016 | ||||||
Exelon | $ | 701 | $ | 1,251 | |||
Generation | (297 | ) | (501 | ) | |||
ComEd | 812 | 147 | |||||
PECO | 121 | 77 | |||||
BGE | (112 | ) | 286 | ||||
Pepco | 199 | 28 | |||||
DPL | (42 | ) | (14 | ) | |||
ACE | (13 | ) | 74 |
Successor | Predecessor | |||||||||||
Nine Months Ended September 30, 2017 | March 24, 2016 to September 30, 2016 | January 1, 2016 to March 23, 2016 | ||||||||||
PHI | $ | 161 | $ | 65 | $ | 372 |
Nine Months Ended September 30, | |||||||
2017 | 2016 | ||||||
Exelon | $ | 921 | $ | 873 | |||
Generation | 494 | 167 | |||||
ComEd | 316 | 275 | |||||
PECO | 216 | 208 | |||||
BGE(a) | 148 | 142 | |||||
Pepco | 133 | 92 | |||||
DPL | 82 | 39 | |||||
ACE | 53 | 24 |
Successor | Predecessor | |||||||||||
Nine Months Ended September 30, 2017 | March 24, 2016 to September 30, 2016 | January 1, 2016 to March 23, 2016 | ||||||||||
PHI | $ | 267 | $ | 174 | $ | — |
Company(a) | Type | Interest Rate | Maturity | Amount | ||||||||||||||||||||||
Generation | Continental Wind Nonrecourse Debt(b) | 6.00 | % | February 28, 2033 | $ | 19 | ||||||||||||||||||||
Generation | SolGen Nonrecourse Debt(b) | 3.93 | % | September 30, 2036 | 6 | |||||||||||||||||||||
Generation | Antelope Valley DOE Nonrecourse Debt(b) | 2.29 % - 3.56 % | January 5, 2037 | 5 | ||||||||||||||||||||||
Generation | RPG Nonrecourse Debt(b) | 4.11 | % | March 31, 2035 | 3 | |||||||||||||||||||||
Generation | EGR IV Nonrecourse Debt(b) | 3 month LIBOR + 2.75 % | December 15, 2027 | 2 | ||||||||||||||||||||||
ACE | Tax-Exempt First Mortgage Bonds | 6.80 | % | March 1, 2021 | 39 | |||||||||||||||||||||
ACE | Transition Bonds | 5.55 | % | October 20, 2021 | 5 |
Period | Declaration Date | Shareholder of Record Date | Dividend Payable Date | Cash per Share(a) | ||||||
First Quarter 2017 | January 31, 2017 | February 15, 2017 | March 10, 2017 | $ | 0.3275 | |||||
Second Quarter 2017 | April 25, 2017 | May 15, 2017 | June 9, 2017 | $ | 0.3275 | |||||
Third Quarter 2017 | July 25, 2017 | August 15, 2017 | September 8, 2017 | $ | 0.3275 | |||||
Fourth Quarter 2017 | September 25, 2017 | November 15, 2017 | December 8, 2017 | $ | 0.3275 |
Declaration Date | Shareholder of | Dividend Payable Date | Cash per Share(a) | |||||||||||||||||||||||
First Quarter 2021 | February 21, 2021 | March 8, 2021 | March 15, 2021 | $ | 0.3825 | |||||||||||||||||||||
Second Quarter 2021 | April 27, 2021 | May 14, 2021 | June | $ | 0.3825 |
Nine Months Ended September 30, | |||||||
2017 | 2016 | ||||||
Exelon | $ | (559 | ) | $ | (1,271 | ) | |
Generation | (609 | ) | 43 | ||||
ComEd | — | (284 | ) | ||||
BGE | (45 | ) | (210 | ) | |||
Pepco | (23 | ) | (64 | ) | |||
DPL | 54 | (88 | ) | ||||
ACE | 65 | (5 | ) |
Successor | Predecessor | |||||||||||
Nine Months Ended September 30, 2017 | March 24, 2016 to September 30, 2016 | January 1, 2016 to March 23, 2016 | ||||||||||
PHI | $ | (404 | ) | $ | (820 | ) | $ | 379 |
Nine Months Ended September 30, | |||||||
2017 | 2016 | ||||||
Generation | $ | 102 | $ | 142 | |||
ComEd (a)(b) | 567 | 188 | |||||
PECO (b) | 16 | 18 | |||||
BGE (b) | 77 | 28 | |||||
Pepco (c) | 161 | 187 | |||||
DPL (c) | — | 113 | |||||
ACE (c) | — | 139 |
Successor | Predecessor | |||||||||||
Nine Months Ended September 30, 2017 | March 24, 2016 to September 30, 2016 | January 1, 2016 to March 23, 2016 | ||||||||||
PHI (b) | $ | 758 | $ | 1,088 | $ | — |
PJM Credit Policy Collateral | Other Incremental Collateral Required(a) | Available Credit Facility Capacity Prior to Any Incremental Collateral | ||||||||||||||||||||||||||
PJM Credit Policy Collateral | Other Incremental Collateral Required (a) | Available Credit Facility Capacity Prior to Any Incremental Collateral | ||||||||||||||||||||||||||
ComEd | $ | 18 | $ | — | $ | 998 | ComEd | $ | 20 | $ | — | $ | 863 | |||||||||||||||
PECO | 3 | 20 | 599 | PECO | 14 | 32 | 600 | |||||||||||||||||||||
BGE | 3 | 28 | 600 | BGE | 3 | 48 | 444 | |||||||||||||||||||||
Pepco | 4 | — | 300 | Pepco | 3 | — | 300 | |||||||||||||||||||||
DPL | 1 | 9 | 300 | DPL | 3 | 12 | 300 | |||||||||||||||||||||
ACE | — | — | 300 | ACE | — | — | 300 |
Commercial Paper Issuer | Maximum Program Size (a)(b) | Outstanding Commercial Paper at September 30, 2017 | Average Interest Rate on Commercial Paper Borrowings for the Nine Months Ended September 30, 2017 | ||||||||
Exelon Corporate | $ | 600 | $ | — | 1.16 | % | |||||
Generation | 5,300 | — | 1.20 | % | |||||||
ComEd | 1,000 | — | 1.24 | % | |||||||
PECO | 600 | — | 1.13 | % | |||||||
BGE | 600 | — | 1.15 | % | |||||||
Pepco | 500 | — | 1.04 | % | |||||||
DPL | 500 | 54 | 1.40 | % | |||||||
ACE | 350 | 65 | 1.36 | % |
Borrower | Facility Type | Aggregate Bank Commitment(a)(b)(c) | Facility Draws | Outstanding Letters of Credit | Available Capacity at September 30, 2017 | |||||||||||||||||
Actual | To Support Additional Commercial Paper(b)(d) | |||||||||||||||||||||
Exelon Corporate | Syndicated Revolver | $ | 600 | $ | — | $ | 45 | $ | 555 | $ | 555 | |||||||||||
Generation(e) | Syndicated Revolver | 5,300 | — | 887 | 4,413 | 4,413 | ||||||||||||||||
Generation | Bilaterals | 525 | 70 | 235 | 220 | — | ||||||||||||||||
ComEd | Syndicated Revolver | 1,000 | — | 2 | 998 | 998 | ||||||||||||||||
PECO | Syndicated Revolver | 600 | — | 1 | 599 | 599 | ||||||||||||||||
BGE | Syndicated Revolver | 600 | — | — | 600 | 600 | ||||||||||||||||
Pepco | Syndicated Revolver | 300 | — | — | 300 | 300 | ||||||||||||||||
DPL | Syndicated Revolver | 300 | — | — | 300 | 246 | ||||||||||||||||
ACE | Syndicated Revolver | 300 | — | — | 300 | 235 |
Exelon | Generation | ComEd | PECO | BGE | Pepco | DPL | ACE | |||||||||||
Prime based borrowings | 27.5 | 27.5 | 7.5 | 0.0 | 0.0 | 7.5 | 7.5 | 7.5 | ||||||||||
LIBOR-based borrowings | 127.5 | 127.5 | 107.5 | 90.0 | 100.0 | 107.5 | 107.5 | 107.5 |
Exelon | Generation | ComEd | PECO | BGE | Pepco | DPL | ACE | |||||||||||||
Interest coverage ratio | 6.27 | 9.02 | 10.83 | 8.26 | 10.66 | 6.83 | 8.78 | 6.03 |
During the Three Months Ended March 31, 2021 | As of March 31, 2021 | |||||||||||||||||||
Exelon Intercompany Money Pool | Maximum Contributed | Maximum Borrowed | Contributed (Borrowed) | |||||||||||||||||
Exelon Corporate | $ | 735 | $ | — | $ | 267 | ||||||||||||||
Generation | — | (426) | — | |||||||||||||||||
PECO | 135 | (100) | 48 | |||||||||||||||||
BSC | — | (432) | (346) | |||||||||||||||||
PHI Corporate | — | (40) | (24) | |||||||||||||||||
PCI | 60 | — | 55 |
Exelon Intercompany Money Pool | During the Three Months Ended September 30, 2017 | As of September 30, 2017 | |||||||||
Contributed (borrowed) | Maximum Contributed | Maximum Borrowed | Contributed (Borrowed) | ||||||||
Exelon Corporate | $ | 579 | n/a | $ | 280 | ||||||
Generation | — | (417 | ) | (146 | ) | ||||||
PECO | 97 | (10 | ) | 57 | |||||||
BSC | — | (369 | ) | (245 | ) | ||||||
PHI Corporate (a) | n/a | (33 | ) | (1 | ) | ||||||
PCI (a) | 54 | — | 54 |
PHI Intercompany Money Pool | During the Three Months Ended September 30, 2017 | As of September 30, 2017 | ||||||||||
Contributed (borrowed) | Maximum Contributed | Maximum Borrowed | Contributed (Borrowed) | |||||||||
PHI Corporate | $ | 51 | $ | (1 | ) | $ | — | |||||
PHISCO | 24 | (25 | ) | — |
As of March 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-term Financing Authority(a)(b) | Long-term Financing Authority(c) | Short-term Financing Authority(a) | Remaining Long-term Financing Authority(a) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Commission | Expiration Date | Amount (in millions) | Commission | Expiration Date | Amount (in millions) | Commission | Expiration Date | Amount | Commission | Expiration Date | Amount | |||||||||||||||||||||||||||||||||||||||||||
ComEd | FERC | December 31, 2017 | $ | 2,500 | ICC | 2019 | $ | 1,383 | FERC | December 31, 2021 | $ | 2,500 | ICC | 2023 & 2024 | $ | 543 | ||||||||||||||||||||||||||||||||||||||
PECO | FERC | December 31, 2017 | 1,500 | PAPUC | December 31, 2018 | 1,275 | PECO | FERC | December 31, 2021 | 1,500 | PAPUC | December 31, 2021 | 850 | |||||||||||||||||||||||||||||||||||||||||
BGE | FERC | December 31, 2017 | 700 | MDPSC | N/A | 700 | BGE | FERC | December 31, 2021 | 700 | MDPSC | N/A | 1,100 | |||||||||||||||||||||||||||||||||||||||||
Pepco | FERC | June 30, 2018 | 500 | MDPSC / DCPSC | September 25, 2017 | — | Pepco | FERC | December 31, 2021 | 500 | MDPSC / DCPSC | December 31, 2022 | 750 | |||||||||||||||||||||||||||||||||||||||||
DPL | FERC | June 30, 2018 | 500 | MDPSC / DPSC | December 31, 2017 | 125 | DPL | FERC | December 31, 2021 | 500 | MDPSC / DPSC | December 31, 2022 | 172 | |||||||||||||||||||||||||||||||||||||||||
ACE | NJPU | January 1, 2018 | 350 | NJBPU | December 31, 2017 | 300 | ACE | NJBPU | December 31, 2021 | 350 | NJBPU | December 31, 2022 | 250 |
Exelon | Generation | ComEd | PHI | DPL | |||||||||||||||
Total mark-to-market energy contract net assets (liabilities) at December 31, 2016(a) | $ | 719 | $ | 977 | $ | (258 | ) | $ | — | $ | — | ||||||||
Total change in fair value during 2017 of contracts recorded in results of operations | (13 | ) | (13 | ) | — | — | — | ||||||||||||
Reclassification to realized of contracts recorded in results of operations | (138 | ) | (138 | ) | — | — | — | ||||||||||||
Contracts received at acquisition date | — | — | — | — | — | ||||||||||||||
Changes in fair value — recorded through regulatory assets and liabilities(b) | (21 | ) | — | (19 | ) | (2 | ) | (2 | ) | ||||||||||
Changes in allocated collateral | 88 | 86 | — | 2 | 2 | ||||||||||||||
Changes in net option premium paid/(received) | (35 | ) | (35 | ) | — | — | — | ||||||||||||
Option premium amortization | (15 | ) | (15 | ) | — | — | — | ||||||||||||
Upfront payments and amortizations(c) | (54 | ) | (54 | ) | — | — | — | ||||||||||||
Total mark-to-market energy contract net assets (liabilities) at September 30, 2017(a) | $ | 531 | $ | 808 | $ | (277 | ) | $ | — | $ | — |
Exelon | Generation | ComEd | |||||||||||||||||||||||||||
Total mark-to-market energy contract net assets (liabilities) at December 31, 2020(a) | $ | 428 | $ | 729 | $ | (301) | |||||||||||||||||||||||
Total change in fair value during 2021 of contracts recorded in results of operations | 243 | 243 | — | ||||||||||||||||||||||||||
Reclassification to realized at settlement of contracts recorded in results of operations | (61) | (61) | — | ||||||||||||||||||||||||||
Changes in fair value — recorded through regulatory assets(b) | 6 | — | 6 | ||||||||||||||||||||||||||
Changes in allocated collateral | (270) | (270) | — | ||||||||||||||||||||||||||
Net option premium paid | (16) | (16) | — | ||||||||||||||||||||||||||
Option premium amortization | (17) | (17) | — | ||||||||||||||||||||||||||
Upfront payments and amortizations(c) | (128) | (128) | — | ||||||||||||||||||||||||||
Total mark-to-market energy contract net assets (liabilities) at March 31, 2021(a) | $ | 185 | $ | 480 | $ | (295) |
Maturities Within | Total Fair Value | Maturities Within | Total Fair Value | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2017 | 2018 | 2019 | 2020 | 2021 | 2022 and Beyond | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 and Beyond | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Normal Operations, Commodity derivative contracts(a)(b): | Normal Operations, Commodity derivative contracts(a)(b): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Actively quoted prices (Level 1) | $ | 27 | $ | 1 | $ | (29 | ) | $ | (13 | ) | $ | 2 | $ | (2 | ) | $ | (14 | ) | Actively quoted prices (Level 1) | $ | (27) | $ | (6) | $ | 14 | $ | 16 | $ | 18 | $ | — | $ | 15 | |||||||||||||||||||||||||||||||||||
Prices provided by external sources (Level 2) | 112 | 109 | 7 | (6 | ) | 5 | — | 227 | Prices provided by external sources (Level 2) | 138 | 103 | 17 | (1) | 1 | — | 258 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Prices based on model or other valuation methods (Level 3)(c) | 47 | 339 | 111 | 18 | (32 | ) | (165 | ) | 318 | Prices based on model or other valuation methods (Level 3)(c) | (53) | 95 | 42 | (11) | (13) | (148) | (88) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 186 | $ | 449 | $ | 89 | $ | (1 | ) | $ | (25 | ) | $ | (167 | ) | $ | 531 | Total | $ | 58 | $ | 192 | $ | 73 | $ | 4 | $ | 6 | $ | (148) | $ | 185 |
Maturities Within | Total Fair Value | Maturities Within | Total Fair Value | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2017 | 2018 | 2019 | 2020 | 2021 | 2022 and Beyond | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 and Beyond | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Normal Operations, Commodity derivative contracts(a)(b): | Normal Operations, Commodity derivative contracts(a)(b): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Actively quoted prices (Level 1) | $ | 27 | $ | 1 | $ | (29 | ) | $ | (13 | ) | $ | 2 | $ | (2 | ) | $ | (14 | ) | Actively quoted prices (Level 1) | $ | (27) | $ | (6) | $ | 14 | $ | 16 | $ | 18 | $ | — | $ | 15 | |||||||||||||||||||||||||||||||||||
Prices provided by external sources (Level 2) | 112 | 109 | 7 | (6 | ) | 5 | — | 227 | Prices provided by external sources (Level 2) | 138 | 103 | 17 | (1) | 1 | — | 258 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Prices based on model or other valuation methods (Level 3) | 53 | 360 | 133 | 40 | (11 | ) | 20 | 595 | Prices based on model or other valuation methods (Level 3) | (29) | 124 | 71 | 17 | 15 | 9 | 207 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 192 | $ | 470 | $ | 111 | $ | 21 | $ | (4 | ) | $ | 18 | $ | 808 | Total | $ | 82 | $ | 221 | $ | 102 | $ | 32 | $ | 34 | $ | 9 | $ | 480 |
Maturities Within | Total Fair Value | Maturities Within | Total Fair Value | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2017 | 2018 | 2019 | 2020 | 2021 | 2022 and Beyond | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 and Beyond | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commodity derivative contracts(a): | Commodity derivative contracts(a): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Prices based on model or other valuation methods (Level 3) | $ | (6 | ) | $ | (21 | ) | $ | (22 | ) | $ | (22 | ) | $ | (21 | ) | $ | (185 | ) | $ | (277 | ) | |||||||||||||||||||||||||||||||||||||||||||||||
Prices based on model or other valuation methods (Level 3)(a) | Prices based on model or other valuation methods (Level 3)(a) | $ | (24) | $ | (29) | $ | (29) | $ | (28) | $ | (28) | $ | (157) | $ | (295) |
Rating as of March 31, 2021 | Total Exposure Before Credit Collateral | Credit Collateral(a) | Net Exposure | Number of Counterparties Greater than 10% of Net Exposure | Net Exposure of Counterparties Greater than 10% of Net Exposure | |||||||||||||||||||||||||||
Investment grade | $ | 431 | $ | 31 | $ | 400 | — | $ | — | |||||||||||||||||||||||
Non-investment grade | 43 | 4 | 39 | |||||||||||||||||||||||||||||
No external ratings | ||||||||||||||||||||||||||||||||
Internally rated — investment grade | 146 | 1 | 145 | |||||||||||||||||||||||||||||
Internally rated — non-investment grade | 70 | 25 | 45 | |||||||||||||||||||||||||||||
Total | $ | 690 | $ | 61 | $ | 629 | — | $ | — |
Maturity of Credit Risk Exposure | |||||||||||||||||||||||||||||||||||||||||||||
Rating as of September 30, 2017 | Total Exposure Before Credit Collateral | Credit Collateral(a) | Net Exposure | Number of Counterparties Greater than 10% of Net Exposure | Net Exposure of Counterparties Greater than 10% of Net Exposure | ||||||||||||||||||||||||||||||||||||||||
Rating as of March 31, 2021 | Rating as of March 31, 2021 | Less than 2 Years | 2-5 Years | Exposure Greater than 5 Years | Total Exposure Before Credit Collateral | ||||||||||||||||||||||||||||||||||||||||
Investment grade | $ | 828 | $ | 9 | $ | 819 | 1 | $ | 278 | Investment grade | $ | 332 | $ | 52 | $ | 47 | $ | 431 | |||||||||||||||||||||||||||
Non-investment grade | 44 | 4 | 40 | Non-investment grade | 43 | — | — | 43 | |||||||||||||||||||||||||||||||||||||
No external ratings | No external ratings | ||||||||||||||||||||||||||||||||||||||||||||
Internally rated — investment grade | Internally rated — investment grade | 316 | — | 316 | Internally rated — investment grade | 109 | 25 | 12 | 146 | ||||||||||||||||||||||||||||||||||||
Internally rated — non-investment grade | Internally rated — non-investment grade | 100 | 18 | 82 | Internally rated — non-investment grade | 48 | 16 | 6 | 70 | ||||||||||||||||||||||||||||||||||||
Total | $ | 1,288 | $ | 31 | $ | 1,257 | 1 | $ | 278 | Total | $ | 532 | $ | 93 | $ | 65 | $ | 690 |
Maturity of Credit Risk Exposure | |||||||||||||||
Rating as of September 30, 2017 | Less than 2 Years | 2-5 Years | Exposure Greater than 5 Years | Total Exposure Before Credit Collateral | |||||||||||
Investment grade | $ | 682 | $ | 139 | $ | 7 | $ | 828 | |||||||
Non-investment grade | 36 | 8 | — | 44 | |||||||||||
No external ratings | |||||||||||||||
Internally rated — investment grade | 249 | 35 | 32 | 316 | |||||||||||
Internally rated — non-investment grade | 87 | 13 | — | 100 | |||||||||||
Total | $ | 1,054 | $ | 195 | $ | 39 | $ | 1,288 |
Net Credit Exposure by Type of Counterparty | As of September 30, 2017 | ||
Financial institutions | $ | 48 | |
Investor-owned utilities, marketers, power producers | 538 | ||
Energy cooperatives and municipalities | 525 | ||
Other | 146 | ||
Total | $ | 1,257 |
As of | ||||||||
Investor-owned utilities, marketers, power producers | $ | 451 | ||||||
Energy cooperatives and | 123 | |||||||
Other | 55 | |||||||
Total | $ | 629 |
Exhibit No. | Description | ||||
4.6* | |||||
101.INS | Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | ||||
101.SCH | Inline XBRL Taxonomy Extension Schema Document. | ||||
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document. | ||||
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document. | ||||
101.LAB | Inline XBRL Taxonomy Extension Labels Linkbase Document. | ||||
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document. | ||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |
Exhibit No. | Description | ||||
Exhibit No. | Description | ||||
/s/ CRANE | /s/ JOSEPH NIGRO | |||||||
Christopher M. Crane | ||||||||
President, (Principal Executive Officer) and Director | Senior Executive Vice President and Chief Financial Officer (Principal Financial Officer) | |||||||
/s/ FABIAN E. SOUZA | ||||||||
Senior Vice President and Corporate Controller (Principal Accounting Officer) |
/s/ CHRISTOPHER M. CRANE | /s/ WRIGHT | |||||||
Bryan P. Wright | ||||||||
Senior Vice President and Chief Financial Officer (Principal Financial Officer) | ||||||||
/s/ BAUER | ||||||||
Matthew N. Bauer | ||||||||
Vice President and Controller (Principal Accounting Officer) |
/s/ JOSEPH DOMINGUEZ | /s/ JEANNE M. JONES | |||||||
(Principal Executive Officer) | Senior Vice President, Chief Financial Officer and Treasurer (Principal Financial Officer) | |||||||
/s/ CICHOCKI | ||||||||
Director, Accounting (Principal Accounting Officer) |
/s/ MICHAEL A. INNOCENZO | /s/ ROBERT J. STEFANI | |||||||
President, (Principal Executive Officer) | Senior Vice President, Chief Financial Officer and Treasurer (Principal Financial Officer) | |||||||
/s/ CAROLINE FULGINITI | ||||||||
Director, Accounting (Principal Accounting Officer) |
/s/ CARIM V. KHOUZAMI | /s/ VAHOS | |||||||
David M. Vahos | ||||||||
Chief Executive Officer (Principal Executive Officer) | Senior Vice President, Chief Financial Officer and Treasurer (Principal Financial Officer) | |||||||
/s/ JASON T. JONES | ||||||||
Director, Accounting (Principal Accounting Officer) |
/s/ VELAZQUEZ | /s/ PHILLIP S. BARNETT | |||||||
David M. Velazquez | ||||||||
President, (Principal Executive Officer) | Senior Vice President, Chief Financial Officer and Treasurer (Principal Financial Officer) | |||||||
/s/ JULIE E. GIESE | ||||||||
Director, Accounting (Principal Accounting Officer) |
/s/ VELAZQUEZ | /s/ PHILLIP S. BARNETT | |||||||
David M. Velazquez | ||||||||
President and Chief Executive Officer (Principal Executive Officer) | Senior Vice President, Chief Financial Officer and Treasurer (Principal Financial Officer) | |||||||
/s/ JULIE E. GIESE | ||||||||
Director, Accounting (Principal Accounting Officer) |
/s/ VELAZQUEZ | /s/ PHILLIP S. BARNETT | |||||||
David M. Velazquez | ||||||||
President and Chief Executive Officer (Principal Executive Officer) | Senior Vice President, Chief Financial Officer and Treasurer (Principal Financial Officer) | |||||||
/s/ JULIE E. GIESE | ||||||||
Director, Accounting (Principal Accounting Officer) |
/s/ VELAZQUEZ | /s/ PHILLIP S. BARNETT | |||||||
David M. Velazquez | ||||||||
President and Chief Executive Officer (Principal Executive Officer) | Senior Vice President, Chief Financial Officer and Treasurer (Principal Financial Officer) | |||||||
/s/ JULIE E. GIESE | ||||||||
Director, Accounting (Principal Accounting Officer) |