Consolidated Statements of Cash Flows - USD ($) $ in Millions |
12 Months Ended |
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
Cash flows from operating activities |
|
|
|
Net income (loss) |
$ 2,171
|
$ 1,829
|
$ 1,954
|
Adjustments to reconcile net income to net cash flows provided by operating activities: |
|
|
|
Depreciation, amortization and accretion, including nuclear fuel and energy contract amortization |
3,533
|
7,573
|
6,527
|
Asset impairments |
48
|
552
|
591
|
Gain on sales of assets and businesses |
(8)
|
(201)
|
(24)
|
Deferred income taxes and amortization of investment tax credits |
255
|
18
|
309
|
Net fair value changes related to derivatives |
(53)
|
(568)
|
(268)
|
Net realized and unrealized gains on NDT fund investments |
205
|
(586)
|
(461)
|
Net unrealized losses (gains) on equity investments |
16
|
160
|
(186)
|
Other non-cash operating activities |
370
|
(200)
|
592
|
Changes in assets and liabilities: |
|
|
|
Accounts receivable |
(1,222)
|
(703)
|
697
|
Inventories |
(121)
|
(141)
|
(85)
|
Accounts payable and accrued expenses |
1,318
|
440
|
(129)
|
Option premiums paid, net |
(39)
|
(338)
|
(139)
|
Collateral received (posted), net |
1,248
|
(74)
|
494
|
Income taxes |
(4)
|
327
|
140
|
Increase (Decrease) in Regulatory Assets and Liabilities |
(1,326)
|
(634)
|
(649)
|
Pension and non-pension postretirement benefit contributions |
(616)
|
(665)
|
(601)
|
Other assets and liabilities |
(905)
|
(3,777)
|
(4,527)
|
Net cash flows provided by operating activities |
4,870
|
3,012
|
4,235
|
Cash flows from investing activities |
|
|
|
Capital expenditures |
(7,147)
|
(7,981)
|
(8,048)
|
Proceeds from NDT fund sales |
488
|
6,532
|
3,341
|
Investment in NDT funds |
(516)
|
(6,673)
|
(3,464)
|
Collection of deferred purchase price |
169
|
3,902
|
3,771
|
Proceeds from sales of assets and businesses |
16
|
877
|
46
|
Other investing activities |
0
|
26
|
18
|
Net cash flows used in investing activities |
(6,990)
|
(3,317)
|
(4,336)
|
Cash flows from financing activities |
|
|
|
Changes in short-term borrowings |
986
|
269
|
161
|
Proceeds from short-term borrowings with maturities greater than 90 days |
1,300
|
1,380
|
500
|
Repayments on short-term borrowings with maturities greater than 90 days |
(1,500)
|
(350)
|
0
|
Issuance of long-term debt |
6,309
|
3,481
|
7,507
|
Retirement of long-term debt |
(2,073)
|
(1,640)
|
(6,440)
|
Proceeds from Issuance of Common Stock |
563
|
0
|
0
|
Dividends paid on common stock |
(1,334)
|
(1,497)
|
(1,492)
|
Acquisition of CENG noncontrolling interest |
0
|
(885)
|
0
|
Proceeds from employee stock plans |
36
|
80
|
45
|
Transfer of cash, restricted cash, and cash equivalents to Constellation |
(2,594)
|
0
|
0
|
Other financing activities |
(102)
|
(80)
|
(136)
|
Net cash flows provided by (used in) financing activities |
1,591
|
758
|
145
|
Increase (decrease) in cash, restricted cash, and cash equivalents |
(529)
|
453
|
44
|
Cash, restricted cash, and cash equivalents at beginning of period |
1,619
|
1,166
|
1,122
|
Cash, restricted cash, and cash equivalents at end of period |
1,090
|
1,619
|
1,166
|
Increase (decrease) in capital expenditures not paid |
36
|
16
|
194
|
Increase in Deferred Purchase Price |
348
|
3,652
|
4,441
|
Increase (decrease) in PPE related to ARO update |
332
|
642
|
850
|
Commonwealth Edison Co [Member] |
|
|
|
Cash flows from operating activities |
|
|
|
Net income (loss) |
917
|
742
|
438
|
Adjustments to reconcile net income to net cash flows provided by operating activities: |
|
|
|
Depreciation, amortization and accretion, including nuclear fuel and energy contract amortization |
1,323
|
1,205
|
1,133
|
Deferred income taxes and amortization of investment tax credits |
241
|
244
|
228
|
Other non-cash operating activities |
(165)
|
126
|
202
|
Changes in assets and liabilities: |
|
|
|
Accounts receivable |
(163)
|
(25)
|
(10)
|
Receivables from and payables to affiliates, net |
(34)
|
32
|
(1)
|
Inventories |
(28)
|
(2)
|
(13)
|
Accounts payable and accrued expenses |
406
|
0
|
63
|
Collateral received (posted), net |
51
|
0
|
14
|
Income taxes |
0
|
0
|
8
|
Increase (Decrease) in Regulatory Assets and Liabilities |
(1,033)
|
(388)
|
(410)
|
Pension and non-pension postretirement benefit contributions |
(184)
|
(196)
|
(148)
|
Other assets and liabilities |
(134)
|
(143)
|
(180)
|
Net cash flows provided by operating activities |
1,197
|
1,595
|
1,324
|
Cash flows from investing activities |
|
|
|
Capital expenditures |
(2,506)
|
(2,387)
|
(2,217)
|
Other investing activities |
28
|
26
|
2
|
Net cash flows used in investing activities |
(2,478)
|
(2,361)
|
(2,215)
|
Cash flows from financing activities |
|
|
|
Changes in short-term borrowings |
427
|
(323)
|
193
|
Proceeds from short-term borrowings with maturities greater than 90 days |
150
|
0
|
0
|
Issuance of long-term debt |
750
|
1,150
|
1,000
|
Retirement of long-term debt |
0
|
(350)
|
(500)
|
Dividends paid on common stock |
(578)
|
(507)
|
(499)
|
Contributions from parent |
670
|
791
|
712
|
Other financing activities |
(11)
|
(16)
|
(13)
|
Net cash flows provided by (used in) financing activities |
1,408
|
745
|
893
|
Increase (decrease) in cash, restricted cash, and cash equivalents |
127
|
(21)
|
2
|
Cash, restricted cash, and cash equivalents at beginning of period |
384
|
405
|
403
|
Cash, restricted cash, and cash equivalents at end of period |
511
|
384
|
405
|
Increase (decrease) in capital expenditures not paid |
(20)
|
(46)
|
109
|
PECO Energy Co [Member] |
|
|
|
Cash flows from operating activities |
|
|
|
Net income (loss) |
576
|
504
|
447
|
Adjustments to reconcile net income to net cash flows provided by operating activities: |
|
|
|
Depreciation, amortization and accretion, including nuclear fuel and energy contract amortization |
373
|
348
|
347
|
Deferred income taxes and amortization of investment tax credits |
70
|
11
|
(23)
|
Other non-cash operating activities |
40
|
0
|
24
|
Changes in assets and liabilities: |
|
|
|
Accounts receivable |
(205)
|
(35)
|
(88)
|
Receivables from and payables to affiliates, net |
(31)
|
21
|
(6)
|
Inventories |
(56)
|
(26)
|
(1)
|
Accounts payable and accrued expenses |
152
|
15
|
63
|
Income taxes |
(20)
|
5
|
31
|
Increase (Decrease) in Regulatory Assets and Liabilities |
(45)
|
(21)
|
1
|
Pension and non-pension postretirement benefit contributions |
(18)
|
(18)
|
(18)
|
Other assets and liabilities |
5
|
(31)
|
0
|
Net cash flows provided by operating activities |
841
|
773
|
777
|
Cash flows from investing activities |
|
|
|
Capital expenditures |
(1,349)
|
(1,240)
|
(1,147)
|
Changes in Exelon/PHI intercompany money pool |
0
|
0
|
68
|
Other investing activities |
8
|
9
|
7
|
Net cash flows used in investing activities |
(1,341)
|
(1,231)
|
(1,072)
|
Cash flows from financing activities |
|
|
|
Changes in short-term borrowings |
239
|
0
|
0
|
Issuance of long-term debt |
775
|
750
|
350
|
Retirement of long-term debt |
(350)
|
(300)
|
0
|
Changes in Exelon/PHI intercompany money pool |
0
|
(40)
|
40
|
Dividends paid on common stock |
(399)
|
(339)
|
(340)
|
Contributions from parent |
274
|
414
|
248
|
Other financing activities |
(15)
|
(9)
|
(4)
|
Net cash flows provided by (used in) financing activities |
524
|
476
|
294
|
Increase (decrease) in cash, restricted cash, and cash equivalents |
24
|
18
|
(1)
|
Cash, restricted cash, and cash equivalents at beginning of period |
44
|
26
|
27
|
Cash, restricted cash, and cash equivalents at end of period |
68
|
44
|
26
|
Increase (decrease) in capital expenditures not paid |
9
|
26
|
55
|
Baltimore Gas and Electric Company [Member] |
|
|
|
Cash flows from operating activities |
|
|
|
Net income (loss) |
380
|
408
|
349
|
Adjustments to reconcile net income to net cash flows provided by operating activities: |
|
|
|
Depreciation, amortization and accretion, including nuclear fuel and energy contract amortization |
630
|
591
|
550
|
Asset impairments |
48
|
0
|
0
|
Deferred income taxes and amortization of investment tax credits |
9
|
(17)
|
37
|
Other non-cash operating activities |
135
|
75
|
97
|
Changes in assets and liabilities: |
|
|
|
Accounts receivable |
(197)
|
30
|
(165)
|
Receivables from and payables to affiliates, net |
(2)
|
(13)
|
(8)
|
Inventories |
(61)
|
(29)
|
10
|
Accounts payable and accrued expenses |
77
|
14
|
102
|
Collateral received (posted), net |
19
|
3
|
0
|
Income taxes |
(17)
|
20
|
60
|
Increase (Decrease) in Regulatory Assets and Liabilities |
(160)
|
(152)
|
(118)
|
Pension and non-pension postretirement benefit contributions |
(68)
|
(81)
|
(78)
|
Other assets and liabilities |
(33)
|
(120)
|
48
|
Net cash flows provided by operating activities |
760
|
729
|
884
|
Cash flows from investing activities |
|
|
|
Capital expenditures |
(1,262)
|
(1,226)
|
(1,247)
|
Other investing activities |
11
|
18
|
2
|
Net cash flows used in investing activities |
(1,251)
|
(1,208)
|
(1,245)
|
Cash flows from financing activities |
|
|
|
Changes in short-term borrowings |
278
|
130
|
(76)
|
Issuance of long-term debt |
500
|
600
|
400
|
Retirement of long-term debt |
(250)
|
(300)
|
0
|
Dividends paid on common stock |
(300)
|
(292)
|
(246)
|
Contributions from parent |
286
|
257
|
411
|
Other financing activities |
(11)
|
(6)
|
(8)
|
Net cash flows provided by (used in) financing activities |
503
|
389
|
481
|
Increase (decrease) in cash, restricted cash, and cash equivalents |
12
|
(90)
|
120
|
Cash, restricted cash, and cash equivalents at beginning of period |
55
|
145
|
25
|
Cash, restricted cash, and cash equivalents at end of period |
67
|
55
|
145
|
Increase (decrease) in capital expenditures not paid |
35
|
(59)
|
53
|
Pepco Holdings LLC [Member] |
|
|
|
Cash flows from operating activities |
|
|
|
Net income (loss) |
608
|
561
|
495
|
Adjustments to reconcile net income to net cash flows provided by operating activities: |
|
|
|
Depreciation, amortization and accretion, including nuclear fuel and energy contract amortization |
938
|
821
|
782
|
Deferred income taxes and amortization of investment tax credits |
(9)
|
24
|
(97)
|
Other non-cash operating activities |
163
|
(12)
|
103
|
Changes in assets and liabilities: |
|
|
|
Accounts receivable |
(184)
|
(48)
|
(159)
|
Receivables from and payables to affiliates, net |
(46)
|
6
|
3
|
Inventories |
(34)
|
(16)
|
(6)
|
Accounts payable and accrued expenses |
30
|
34
|
49
|
Collateral received (posted), net |
148
|
49
|
0
|
Income taxes |
(1)
|
17
|
(25)
|
Increase (Decrease) in Regulatory Assets and Liabilities |
(136)
|
(99)
|
(129)
|
Pension and non-pension postretirement benefit contributions |
(78)
|
(48)
|
(39)
|
Other assets and liabilities |
(149)
|
(132)
|
25
|
Net cash flows provided by operating activities |
1,250
|
1,157
|
1,002
|
Cash flows from investing activities |
|
|
|
Capital expenditures |
(1,709)
|
(1,720)
|
(1,604)
|
Other investing activities |
6
|
2
|
7
|
Net cash flows used in investing activities |
(1,703)
|
(1,718)
|
(1,597)
|
Cash flows from financing activities |
|
|
|
Changes in short-term borrowings |
(54)
|
100
|
160
|
Issuance of long-term debt |
925
|
825
|
602
|
Retirement of long-term debt |
(310)
|
(260)
|
(128)
|
Changes in Exelon/PHI intercompany money pool |
37
|
(14)
|
9
|
Distributions to member |
(750)
|
(703)
|
(553)
|
Contributions from member |
787
|
683
|
494
|
Other financing activities |
(22)
|
(17)
|
(10)
|
Net cash flows provided by (used in) financing activities |
613
|
614
|
574
|
Increase (decrease) in cash, restricted cash, and cash equivalents |
160
|
53
|
(21)
|
Cash, restricted cash, and cash equivalents at beginning of period |
213
|
160
|
181
|
Cash, restricted cash, and cash equivalents at end of period |
373
|
213
|
160
|
Increase (decrease) in capital expenditures not paid |
136
|
(6)
|
54
|
Potomac Electric Power Company [Member] |
|
|
|
Cash flows from operating activities |
|
|
|
Net income (loss) |
305
|
296
|
266
|
Adjustments to reconcile net income to net cash flows provided by operating activities: |
|
|
|
Depreciation, amortization and accretion, including nuclear fuel and energy contract amortization |
417
|
403
|
377
|
Deferred income taxes and amortization of investment tax credits |
(17)
|
(8)
|
(46)
|
Other non-cash operating activities |
36
|
(52)
|
(23)
|
Changes in assets and liabilities: |
|
|
|
Accounts receivable |
(104)
|
(28)
|
(67)
|
Receivables from and payables to affiliates, net |
(33)
|
6
|
(12)
|
Inventories |
(16)
|
(8)
|
1
|
Accounts payable and accrued expenses |
24
|
16
|
41
|
Collateral received (posted), net |
24
|
2
|
0
|
Income taxes |
(19)
|
11
|
(1)
|
Increase (Decrease) in Regulatory Assets and Liabilities |
(69)
|
(81)
|
(55)
|
Pension and non-pension postretirement benefit contributions |
(11)
|
(11)
|
(11)
|
Other assets and liabilities |
(66)
|
(84)
|
31
|
Net cash flows provided by operating activities |
471
|
462
|
501
|
Cash flows from investing activities |
|
|
|
Capital expenditures |
(874)
|
(843)
|
(773)
|
Other investing activities |
3
|
(1)
|
0
|
Net cash flows used in investing activities |
(871)
|
(844)
|
(773)
|
Cash flows from financing activities |
|
|
|
Changes in short-term borrowings |
124
|
140
|
(47)
|
Issuance of long-term debt |
625
|
275
|
300
|
Retirement of long-term debt |
(310)
|
0
|
(3)
|
Dividends paid on common stock |
(463)
|
(268)
|
(232)
|
Contributions from parent |
465
|
244
|
262
|
Other financing activities |
(10)
|
(6)
|
(6)
|
Net cash flows provided by (used in) financing activities |
431
|
385
|
274
|
Increase (decrease) in cash, restricted cash, and cash equivalents |
31
|
3
|
2
|
Cash, restricted cash, and cash equivalents at beginning of period |
68
|
65
|
63
|
Cash, restricted cash, and cash equivalents at end of period |
99
|
68
|
65
|
Increase (decrease) in capital expenditures not paid |
65
|
30
|
1
|
Delmarva Power & Light Company [Member] |
|
|
|
Cash flows from operating activities |
|
|
|
Net income (loss) |
169
|
128
|
125
|
Adjustments to reconcile net income to net cash flows provided by operating activities: |
|
|
|
Depreciation, amortization and accretion, including nuclear fuel and energy contract amortization |
232
|
210
|
191
|
Deferred income taxes and amortization of investment tax credits |
16
|
39
|
(13)
|
Other non-cash operating activities |
29
|
3
|
51
|
Changes in assets and liabilities: |
|
|
|
Accounts receivable |
(59)
|
15
|
(34)
|
Receivables from and payables to affiliates, net |
(10)
|
(3)
|
8
|
Inventories |
(11)
|
(8)
|
(5)
|
Accounts payable and accrued expenses |
19
|
16
|
4
|
Collateral received (posted), net |
78
|
43
|
0
|
Income taxes |
0
|
13
|
(25)
|
Increase (Decrease) in Regulatory Assets and Liabilities |
(34)
|
(43)
|
(35)
|
Pension and non-pension postretirement benefit contributions |
(1)
|
(1)
|
0
|
Other assets and liabilities |
(10)
|
(27)
|
5
|
Net cash flows provided by operating activities |
418
|
385
|
272
|
Cash flows from investing activities |
|
|
|
Capital expenditures |
(430)
|
(429)
|
(424)
|
Other investing activities |
3
|
4
|
(3)
|
Net cash flows used in investing activities |
(427)
|
(425)
|
(427)
|
Cash flows from financing activities |
|
|
|
Changes in short-term borrowings |
(34)
|
3
|
90
|
Issuance of long-term debt |
125
|
125
|
178
|
Retirement of long-term debt |
0
|
0
|
(80)
|
Dividends paid on common stock |
(143)
|
(147)
|
(141)
|
Contributions from parent |
147
|
120
|
112
|
Other financing activities |
(5)
|
(5)
|
(2)
|
Net cash flows provided by (used in) financing activities |
90
|
96
|
157
|
Increase (decrease) in cash, restricted cash, and cash equivalents |
81
|
56
|
2
|
Cash, restricted cash, and cash equivalents at beginning of period |
71
|
15
|
13
|
Cash, restricted cash, and cash equivalents at end of period |
152
|
71
|
15
|
Increase (decrease) in capital expenditures not paid |
23
|
(18)
|
20
|
Atlantic City Electric Company [Member] |
|
|
|
Cash flows from operating activities |
|
|
|
Net income (loss) |
148
|
146
|
112
|
Adjustments to reconcile net income to net cash flows provided by operating activities: |
|
|
|
Depreciation, amortization and accretion, including nuclear fuel and energy contract amortization |
261
|
179
|
180
|
Deferred income taxes and amortization of investment tax credits |
(2)
|
(15)
|
(37)
|
Other non-cash operating activities |
46
|
0
|
36
|
Changes in assets and liabilities: |
|
|
|
Accounts receivable |
(19)
|
(37)
|
(55)
|
Receivables from and payables to affiliates, net |
(4)
|
4
|
6
|
Inventories |
(7)
|
1
|
(3)
|
Accounts payable and accrued expenses |
(9)
|
3
|
5
|
Collateral received (posted), net |
46
|
4
|
0
|
Income taxes |
11
|
0
|
(1)
|
Increase (Decrease) in Regulatory Assets and Liabilities |
(19)
|
24
|
(42)
|
Pension and non-pension postretirement benefit contributions |
(7)
|
(3)
|
(2)
|
Other assets and liabilities |
(61)
|
(11)
|
0
|
Net cash flows provided by operating activities |
384
|
295
|
199
|
Cash flows from investing activities |
|
|
|
Capital expenditures |
(398)
|
(445)
|
(401)
|
Other investing activities |
1
|
1
|
6
|
Net cash flows used in investing activities |
(397)
|
(444)
|
(395)
|
Cash flows from financing activities |
|
|
|
Changes in short-term borrowings |
(144)
|
(43)
|
117
|
Issuance of long-term debt |
175
|
425
|
123
|
Retirement of long-term debt |
0
|
(260)
|
(44)
|
Dividends paid on common stock |
(145)
|
(288)
|
(114)
|
Contributions from parent |
175
|
319
|
117
|
Other financing activities |
(5)
|
(5)
|
(1)
|
Net cash flows provided by (used in) financing activities |
56
|
148
|
198
|
Increase (decrease) in cash, restricted cash, and cash equivalents |
43
|
(1)
|
2
|
Cash, restricted cash, and cash equivalents at beginning of period |
29
|
30
|
28
|
Cash, restricted cash, and cash equivalents at end of period |
72
|
29
|
30
|
Increase (decrease) in capital expenditures not paid |
$ 48
|
$ (18)
|
$ 33
|