XML 72 R28.htm IDEA: XBRL DOCUMENT v3.21.1
Segment Information (Tables)
 3 Months Ended
Mar. 31, 2021
Segment Tables [Line Items]  
Analysis and reconciliation of reportable segment information
An analysis and reconciliation of the Registrants’ reportable segment information to the respective information in the consolidated financial statements for the three months ended March 31, 2021 and 2020 is as follows:
Three Months Ended March 31, 2021 and 2020
GenerationComEdPECOBGEPHI
Other(a)
Intersegment
Eliminations		Exelon
Operating revenues(b):
2021
Competitive businesses electric revenues$4,187 $— $— $— $— $— $(293)$3,894 
Competitive businesses natural gas revenues1,326 — — — — — 1,326 
Competitive businesses other revenues46 — — — — — (1)45 
Rate-regulated electric revenues— 1,535 661 632 1,170 — (10)3,988 
Rate-regulated natural gas revenues— — 228 342 71 — (4)637 
Shared service and other revenues— — — — 3 491 (494)— 
Total operating revenues$5,559 $1,535 $889 $974 $1,244 $491 $(802)$9,890 
2020
Competitive businesses electric revenues$3,752 $— $— $— $— $— $(326)$3,426 
Competitive businesses natural gas revenues672 — — — — — (3)669 
Competitive businesses other revenues309 — — — — — (1)308 
Rate-regulated electric revenues— 1,439 604 613 1,104 — (12)3,748 
Rate-regulated natural gas revenues— — 209 324 64 — (2)595 
Shared service and other revenues— — — — 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 $(799)$— 
2020330 5 2 6 3 479 (824)1 
Depreciation and amortization:
GenerationComEdPECOBGEPHI
Other(a)
Intersegment
Eliminations		Exelon
2021$940 $292 $86 $152 $210 $17 $— $1,697 
2020304 273 86 143 194 21 — 1,021 
Operating expenses:
2021$6,672 $1,210 $679 $752 $1,058 $492 $(781)$10,082 
20204,400 1,151 625 688 1,000 481 (816)7,529 
Interest expense, net:
2021$72 $96 $38 $34 $67 $79 $— $386 
2020109 94 36 32 67 72 — 410 
Income (loss) before income taxes:
2021$(947)$236 $177 $196 $136 $(80)$— $(282)
2020(547)204 155 222 119 (69)1 85 
Income Taxes:
2021$(179)$39 $10 $(13)$8 $116 $— $(19)
2020(389)36 15 41 11 (8)— (294)
Net income (loss):
2021$(769)$197 $167 $209 $128 $(196)$— $(264)
2020(161)168 140 181 108 (61)1 376 
Capital Expenditures:
2021$382 $613 $295 $336 $456 $58 $— $2,140 
2020558 506 259 283 376 34 — 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, 202048,094 34,466 12,531 11,650 23,736 9,005 (10,165)129,317 
__________
(a)Other primarily includes Exelon’s corporate operations, shared service entities, and other financing and investment activities.
(b)Includes gross utility tax receipts from customers. The offsetting remittance of utility taxes to the governing bodies is recorded in expenses in the Registrants’ Consolidated Statements of Operations and Comprehensive Income. See Note 17 — Supplemental Financial Information for additional information on total utility taxes.
(c)Intersegment revenues exclude sales to unconsolidated affiliates. The intersegment profit associated with Generation’s sale of certain products and services by and between Exelon’s segments is not eliminated in consolidation due to the recognition of intersegment profit in accordance with regulatory accounting guidance. For Exelon, these amounts are included in Operating revenues in the Consolidated Statements of Operations and Comprehensive Income. See Note 18 — Related Party Transactions for additional information on intersegment revenues.
PHI:
PepcoDPLACE
Other(a)
Intersegment
Eliminations		PHI
Operating revenues(b):
2021
Rate-regulated electric revenues$553 $311 $310 $— $(4)$1,170 
Rate-regulated natural gas revenues— 71 — — — 71 
Shared service and other revenues— — — 95 (92)3 
Total operating revenues$553 $382 $310 $95 $(96)$1,244 
2020
Rate-regulated electric revenues$544 $286 $276 $— $(2)$1,104 
Rate-regulated natural gas revenues— 64 — — — 64 
Shared service and other revenues— — — 93 (90)3 
Total operating revenues$544 $350 $276 $93 $(92)$1,171 
Intersegment revenues(c):
2021$1 $2 $1 $95 $(96)$3 
20201 2 1 92 (93)3 
Depreciation and amortization:
2021$102 $53 $47 $8 $— $210 
202095 48 43 9 (1)194 
Operating expenses:
2021$466 $309 $282 $97 $(96)$1,058 
2020462 284 251 93 (90)1,000 
Interest expense, net:
2021$34 $15 $15 $3 $— $67 
202034 16 15 3 (1)67 
Income (loss) before income taxes:
2021$65 $61 $14 $(4)$— $136 
2020(d)
57 52 14 (4)— 119 
Income Taxes:
2021$6 $5 $— $(3)$— $8 
20205 7 1 (2)— 11 
Net income (loss):
2021$59 $56 $14 $(1)$— $128 
202052 45 13 (2)— 108 
Capital Expenditures:
2021$220 $112 $123 $1 $— $456 
2020180 95 101 — — 376 
Total assets:
March 31, 2021$9,493 $5,232 $4,679 $5,020 $(37)$24,387 
December 31, 20209,264 5,140 4,286 5,079 (33)23,736 
__________
(a)Other primarily includes PHI’s corporate operations, shared service entities, and other financing and investment activities.
(b)Includes gross utility tax receipts from customers. The offsetting remittance of utility taxes to the governing bodies is recorded in expenses in the Registrants’ Consolidated Statements of Operations and Comprehensive Income. See Note 17 — Supplemental Financial Information for additional information on total utility taxes.
(c)Includes intersegment revenues with ComEd, BGE, and PECO, which are eliminated at Exelon.
(d)The Income (loss) before income taxes in Other and Intersegment Eliminations have been adjusted by an offsetting $110 million in 2020.
Schedule of Revenue by Major Customers by Reporting Segments [Table Text Block]
Electric and Gas Revenue by Customer Class (Utility Registrants):
Three Months Ended March 31, 2021
Revenues from contracts with customersComEdPECOBGEPHIPepcoDPLACE
Rate-regulated electric revenues
Residential$741 $433 $362 $605 $253 $190 $162 
Small commercial & industrial367 100 69 118 33 46 39 
Large commercial & industrial134 57 105 248 184 21 43 
Public authorities & electric railroads11 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 $299 
Rate-regulated natural gas revenues
Residential$— $160 $216 $46 $— $46 $— 
Small commercial & industrial— 59 35 18 — 18 — 
Large commercial & industrial— — 54 2 — 2 — 
Transportation— 7 — 4 — 4 — 
Other(c)
— 2 31 1 — 1 — 
Total rate-regulated natural gas revenues(d)
$— $228 $336 $71 $— $71 $— 
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 — — — — — — 
Other rate-regulated natural gas revenues(e)
— — — — — — — 
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 customersComEdPECOBGEPHIPepcoDPLACE
Rate-regulated electric revenues
Residential$701 $382 $339 $534 $236 $161 $137 
Small commercial & industrial362 99 67 115 35 43 37 
Large commercial & industrial134 53 103 253 188 23 42 
Public authorities & electric railroads13 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 $274 
Rate-regulated natural gas revenues
Residential$— $150 $206 $40 $— $40 $— 
Small commercial & industrial— 51 34 17 — 17 — 
Large commercial & industrial— — 51 1 — 1 — 
Transportation— 6 — 4 — 4 — 
Other(c)
— 1 9 2 — 2 — 
Total rate-regulated natural gas revenues(d)
$— $208 $300 $64 $— $64 $— 
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)
— 1 3 — — — — 
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 
__________
(a)Includes revenues from transmission revenue from PJM, wholesale electric revenue and mutual assistance revenue.
(b)Includes operating revenues from affiliates in 2021 and 2020 respectively of:
•$6 million, $5 million at ComEd
•$1 million, $2 million at PECO
•$2 million, $6 million at BGE
•$3 million, $3 million at PHI
•$1 million, $1 million at Pepco
•$2 million, $2 million at DPL
•$1 million, $1 million at ACE
(c)Includes revenues from off-system natural gas sales.
(d)Includes operating revenues from affiliates in 2021 and 2020 respectively of:
•less than $1 million at PECO for both 2021 and 2020
•$4 million, $3 million at BGE
(e)Includes late payment charge revenues.
Year to Date [Member]  
Segment Tables [Line Items]  
Analysis and reconciliation of reportable segment revenues for Generation The following tables disaggregate the Registrants' revenue recognized from contracts with customers into categories that depict how the nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factors. For Generation, the disaggregation of revenues reflects Generation’s two primary products of
power sales and natural gas sales, with further disaggregation of power sales provided by geographic region. For the Utility Registrants, the disaggregation of revenues reflects the two primary utility services of rate-regulated electric sales and rate-regulated natural gas sales (where applicable), with further disaggregation of these tariff sales provided by major customer groups. Exelon’s disaggregated revenues are consistent with Generation and the Utility Registrants, but exclude any intercompany revenues.
Competitive Business Revenues (Generation):
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 
Midwest1,009 (11)998 — 998 
New York382 (45)337 — 337 
ERCOT353 (101)252 5 257 
Other Power Regions1,172 268 1,440 (10)1,430 
Total Competitive Businesses Electric Revenues 4,090 97 4,187 — 4,187 
Competitive Businesses Natural Gas Revenues864 462 1,326 — 1,326 
Competitive Businesses Other Revenues(c)
89 (43)46 — 46 
Total Generation Consolidated Operating Revenues$5,043 $516 $5,559 $— $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 
Midwest944 64 1,008 (6)1,002 
New York335 (21)314 — 314 
ERCOT155 28 183 7 190 
Other Power Regions1,007 72 1,079 (7)1,072 
Total Competitive Businesses Electric Revenues 3,705 47 3,752 — 3,752 
Competitive Businesses Natural Gas Revenues503 169 672 — 672 
Competitive Businesses Other Revenues(c)
99 210 309 — 309 
Total Generation Consolidated Operating Revenues$4,307 $426 $4,733 $— $4,733 
__________
(a)Includes all wholesale and retail electric sales to third parties and affiliated sales to the Utility Registrants.
(b)Includes revenues from derivatives and leases.
(c)Other represents activities not allocated to a region. See text above for a description of included activities. Includes unrealized mark-to-market losses of $84 million and gains of $179 million in 2021 and 2020, respectively, and elimination of intersegment revenues.
Revenues net of purchased power and fuel expense (Generation):
Three Months Ended March 31, 2021Three 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 
Midwest702 — 702 732 (5)727 
New York240 2 242 189 4 193 
ERCOT(1,036)(148)(1,184)76 4 80 
Other Power Regions250 (33)217 177 (19)158 
Total Revenues net of purchased power and fuel expense for Reportable Segments718 (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 $— $949 $2,029 $— $2,029 
__________
(a)Includes purchases and sales from/to third parties and affiliated sales to the Utility Registrants.
(b)Other represents activities not allocated to a region. See text above for a description of included activities. Primarily includes:
•unrealized mark-to-market gains of $175 million and gains of $132 million in 2021 and 2020, respectively;
•accelerated nuclear fuel amortization associated with announced early plant retirements as discussed in Note 7 - Early Plant Retirements of $54 million in 2021; and
• the elimination of intersegment RNF.