XML 85 R47.htm IDEA: XBRL DOCUMENT

Segment Information (All Registrants)

9 Months Ended

Sep. 30, 2023

Operating segments for each of the Registrants are determined based on information used by the CODMs in deciding how to evaluate performance and allocate resources at each of the Registrants.

Exelon has six reportable segments, which include ComEd, PECO, BGE, and PHI's three reportable segments consisting of Pepco, DPL, and ACE. ComEd, PECO, BGE, Pepco, DPL, and ACE each represent a single reportable segment, and as such, no separate segment information is provided for these Registrants. Exelon, ComEd, PECO, BGE, Pepco, DPL, and ACE's CODMs evaluate the performance of and allocate resources to the segments based on net income.

An analysis and reconciliation of the Registrants’ reportable segment information to the respective information in the consolidated financial statements for the three and nine months ended September 30, 2023 and 2022 is as follows:

Three Months Ended September 30, 2023 and 2022



	ComEd		PECO		BGE		PHI		Other(a)		Intersegment Eliminations		Exelon
Operating revenues(b):
2023
Electric revenues	$	2,268	$	970	$	836	$	1,747	$	—	$	(28)	$	5,793
Natural gas revenues	—		67		96		24		—		—		187
Shared service and other revenues	—		—		—		2		445		(447)		—
Total operating revenues	$	2,268	$	1,037	$	932	$	1,773	$	445	$	(475)	$	5,980
2022
Electric revenues	$	1,378	$	941	$	757	$	1,557	$	—	$	(12)	$	4,621
Natural gas revenues	—		73		113		38		—		—		224
Shared service and other revenues	—		—		—		3		381		(384)		—
Total operating revenues	$	1,378	$	1,014	$	870	$	1,598	$	381	$	(396)	$	4,845
Intersegment revenues(c):
2023	$	9	$	2	$	2	$	2	$	443	$	(458)	$	—
2022	6		3		3		3		378		(393)		—
Depreciation and amortization:
2023	$	357	$	100	$	161	$	257	$	15	$	—	$	890
2022	333		92		148		238		14		—		825
Operating expenses:
2023	$	1,738	$	847	$	835	$	1,440	$	475	$	(478)	$	4,857
2022	913		798		810		1,254		439		(380)		3,834
Interest expense, net:
2023	$	119	$	52	$	47	$	80	$	139	$	—	$	437
2022	104		45		39		72		105		—		365
Income (loss) from continuing operations before income taxes:
2023	$	427	$	149	$	56	$	281	$	(130)	$	(16)	$	767
2022	375		179		26		291		(103)		—		768
Income Taxes:
2023	$	94	$	3	$	11	$	49	$	(90)	$	—	$	67
2022	84		44		(7)		2		(31)		—		92
Net income (loss) from continuing operations:
2023	$	333	$	146	$	45	$	232	$	(41)	$	(15)	$	700
2022	291		135		33		289		(71)		(1)		676
Capital Expenditures:
2023	$	664	$	361	$	330	$	488	$	12	$	—	$	1,855
2022	593		333		340		398		8		—		1,672

__________

(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 Taxes other than income taxes in the Registrants’ Consolidated Statements of Operations and Comprehensive Income. See Note 15 — Supplemental Financial Information for additional information on total utility taxes.

(c)See Note 16 — Related Party Transactions for additional information on intersegment revenues.

PHI:



	Pepco		DPL		ACE		Other(a)		Intersegment Eliminations		PHI
Operating revenues(b):
2023
Electric revenues	$	822	$	426	$	502	$	—	$	(3)	$	1,747
Natural gas revenues	—		24		—		—		—		24
Shared service and other revenues	—		—		—		103		(101)		2
Total operating revenues	$	822	$	450	$	502	$	103	$	(104)	$	1,773
2022
Electric revenues	$	724	$	374	$	462	$	—	$	(3)	$	1,557
Natural gas revenues	—		38		—		—		—		38
Shared service and other revenues	—		—		—		94		(91)		3
Total operating revenues	$	724	$	412	$	462	$	94	$	(94)	$	1,598
Intersegment revenues(c):
2023	$	1	$	2	$	—	$	103	$	(104)	$	2
2022	2		1		—		94		(94)		3
Depreciation and amortization:
2023	$	112	$	62	$	77	$	6	$	—	$	257
2022	99		59		74		6		—		238
Operating expenses:
2023	$	658	$	386	$	394	$	105	$	(103)	$	1,440
2022	555		345		353		96		(95)		1,254
Interest expense, net:
2023	$	41	$	18	$	19	$	3	$	(1)	$	80
2022	37		16		17		1		1		72
Income (loss) before income taxes:
2023	$	141	$	51	$	94	$	(4)	$	(1)	$	281
2022	146		54		95		(4)		—		291
Income Taxes:
2023	$	21	$	8	$	23	$	(3)	$	—	$	49
2022	1		2		1		(2)		—		2
Net income (loss):
2023	$	120	$	43	$	71	$	(2)	$	—	$	232
2022	145		52		94		(2)		—		289
Capital Expenditures:
2023	$	227	$	158	$	101	$	2	$	—	$	488
2022	193		100		105		—		—		398

_________

(a)Other primarily includes PHI’s corporate operations, shared service entities, and other financing and investment activities.

(c)Includes intersegment revenues with ComEd, BGE, and PECO, which are eliminated at Exelon.

Electric and Gas Revenue by Customer Class (Utility Registrants):

The following tables disaggregate the Registrants' revenues 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 the Utility Registrants, the disaggregation of revenues reflects the two primary utility services of electric sales and natural gas sales (where applicable), with further disaggregation of these tariff sales provided by major customer groups. Exelon’s disaggregated revenues are consistent with the Utility Registrants, but exclude any intercompany revenues.



	Three Months Ended September 30, 2023
Revenues from contracts with customers	ComEd		PECO		BGE		PHI		Pepco		DPL		ACE
Electric revenues
Residential	$	1,047	$	654	$	512	$	959	$	405	$	255	$	299
Small commercial & industrial	540		148		86		199		54		70		75
Large commercial & industrial	263		67		144		386		303		32		51
Public authorities & electric railroads	11		7		7		16		9		3		4
Other(a)	265		80		104		201		67		67		68
Total electric revenues(b)	$	2,126	$	956	$	853	$	1,761	$	838	$	427	$	497
Natural gas revenues
Residential	$	—	$	43	$	57	$	12	$	—	$	12	$	—
Small commercial & industrial	—		16		10		7		—		7		—
Large commercial & industrial	—		—		25		1		—		1		—
Transportation	—		7		—		3		—		3		—
Other(c)	—		1		4		1		—		1		—
Total natural gas revenues(d)	$	—	$	67	$	96	$	24	$	—	$	24	$	—
Total revenues from contracts with customers	$	2,126	$	1,023	$	949	$	1,785	$	838	$	451	$	497
Other revenues
Revenues from alternative revenue programs	$	135	$	11	$	(22)	$	(15)	$	(18)	$	(2)	$	5
Other electric revenues(e)	7		3		4		3		2		1		—
Other natural gas revenues(e)	—		—		1		—		—		—		—

Total other revenues	$	142	$	14	$	(17)	$	(12)	$	(16)	$	(1)	$	5
Total revenues for reportable segments	$	2,268	$	1,037	$	932	$	1,773	$	822	$	450	$	502



	Three Months Ended September 30, 2022
Revenues from contracts with customers	ComEd		PECO		BGE		PHI		Pepco		DPL		ACE
Electric revenues
Residential	$	935	$	620	$	406	$	808	$	318	$	207	$	283
Small commercial & industrial	217		149		88		179		44		65		70
Large commercial & industrial	(117)		93		158		401		303		43		55
Public authorities & electric railroads	3		8		7		16		9		4		3
Other(a)	246		71		101		166		57		55		54
Total electric revenues(b)	$	1,284	$	941	$	760	$	1,570	$	731	$	374	$	465
Natural gas revenues
Residential	$	—	$	46	$	70	$	10	$	—	$	10	$	—
Small commercial & industrial	—		20		13		6		—		6		—
Large commercial & industrial	—		—		28		3		—		3		—
Transportation	—		5		—		3		—		3		—
Other(c)	—		2		2		16		—		16		—
Total natural gas revenues(d)	$	—	$	73	$	113	$	38	$	—	$	38	$	—
Total revenues from contracts with customers	$	1,284	$	1,014	$	873	$	1,608	$	731	$	412	$	465
Other revenues
Revenues from alternative revenue programs	$	88	$	(5)	$	(8)	$	(11)	$	(8)	$	—	$	(3)
Other electric revenues(e)	6		5		4		1		1		—		—
Other natural gas revenues(e)	—		—		1		—		—		—		—

Total other revenues	$	94	$	—	$	(3)	$	(10)	$	(7)	$	—	$	(3)
Total revenues for reportable segments	$	1,378	$	1,014	$	870	$	1,598	$	724	$	412	$	462

__________

(a)Includes revenues from transmission revenue from PJM, wholesale electric revenue and mutual assistance revenue.

(b)Includes operating revenues from affiliates in 2023 and 2022 respectively of:

•$9 million, $6 million at ComEd

•$2 million, $3 million at PECO

•$1 million, $2 million at BGE

•$2 million, $3 million at PHI

•$1 million, $2 million at Pepco

•$2 million, $1 million at DPL

•less than $1 million, less than $1 million at ACE

(c)Includes revenues from off-system natural gas sales.

(d)Includes operating revenues from affiliates in 2023 and 2022 of:

•less than $1 million at PECO

•$1 million at BGE

(e)Includes late payment charge revenues.

Nine Months Ended September 30, 2023 and 2022


	ComEd		PECO		BGE		PHI		Other(a)		Intersegment Eliminations		Exelon
Operating revenues(b):
2023
Electric revenues	$	5,836	$	2,484	$	2,322	$	4,459	$	—	$	(45)	$	15,056
Natural gas revenues	—		493		664		150		—		(3)		1,304
Shared service and other revenues	—		—		—		6		1,316		(1,322)		—
Total operating revenues	$	5,836	$	2,977	$	2,986	$	4,615	$	1,316	$	(1,370)	$	16,360
2022
Electric revenues	$	4,536	$	2,390	$	2,122	$	4,058	$	—	$	(24)	$	13,082
Natural gas revenues	—		487		688		157		—		(2)		1,330
Shared service and other revenues	—		—		—		8		1,342		(1,350)		—
Total operating revenues	$	4,536	$	2,877	$	2,810	$	4,223	$	1,342	$	(1,376)	$	14,412

Intersegment revenues(c):
2023	$	14	$	6	$	6	$	7	$	1,310	$	(1,343)	$	—
2022	14		5		13		9		1,342		(1,377)		6
Depreciation and amortization:
2023	$	1,045	$	297	$	487	$	741	$	46	$	—	$	2,616
2022	982		277		470		697		46		—		2,472
Operating expenses:
2023	$	4,472	$	2,436	$	2,503	$	3,864	$	1,521	$	(1,367)	$	13,429
2022	3,357		2,230		2,446		3,535		1,524		(1,288)		11,804
Interest expense, net:
2023	$	357	$	149	$	135	$	238	$	402	$	(4)	$	1,277
2022	308		129		110		216		300		—		1,063
Income (loss) from continuing operations before income taxes:
2023	$	1,057	$	418	$	362	$	593	$	(424)	$	(21)	$	1,985
2022	909		541		270		528		(228)		(42)		1,978
Income taxes:
2023	$	235	$	8	$	76	$	103	$	(149)	$	1	$	274
2022	203		67		3		10		82		(9)		356
Net income (loss) from continuing operations:
2023	$	822	$	410	$	286	$	490	$	(275)	$	(22)	$	1,711
2022	706		474		267		518		(310)		(33)		1,622
Capital expenditures:
2023	$	1,926	$	1,068	$	986	$	1,510	$	50	$	—	$	5,540
2022	1,801		991		918		1,174		68		—		4,952
Total assets:
September 30, 2023	$	42,042	$	15,259	$	13,649	$	26,656	$	5,825	$	(4,172)	$	99,259
December 31, 2022	39,661		14,502		13,350		26,082		6,014		(4,260)		95,349

__________

(a)Other primarily includes Exelon’s corporate operations, shared service entities, and other financing and investment activities.

(c)See Note 16 — Related Party Transactions for additional information on intersegment revenues.

PHI:


	Pepco		DPL		ACE		Other(a)		Intersegment Eliminations		PHI
Operating revenues(b):
2023
Electric revenues	$	2,174	$	1,123	$	1,172	$	1	$	(11)	$	4,459
Natural gas revenues	—		150		—		—		—		150
Shared service and other revenues	—		—		—		309		(303)		6
Total operating revenues	$	2,174	$	1,273	$	1,172	$	310	$	(314)	$	4,615
2022
Electric revenues	$	1,919	$	1,019	$	1,120	$	—	$	—	$	4,058
Natural gas revenues	—		157		—		—		—		157
Shared service and other revenues	—		—		—		298		(290)		8
Total operating revenues	$	1,919	$	1,176	$	1,120	$	298	$	(290)	$	4,223
Intersegment revenues(c):
2023	$	5	$	5	$	1	$	309	$	(313)	$	7
2022	4		5		2		288		(290)		9
Depreciation and amortization:
2023	$	329	$	182	$	212	$	18	$	—	$	741
2022	312		172		192		21		—		697
Operating expenses:
2023	$	1,810	$	1,079	$	971	$	318	$	(314)	$	3,864
2022	1,588		999		947		291		(290)		3,535
Interest expense, net:
2023	$	122	$	53	$	52	$	9	$	2	$	238
2022	111		48		49		7		1		216
Income (loss) before income taxes:
2023	$	292	$	153	$	162	$	(14)	$	—	$	593
2022	259		138		133		(2)		—		528
Income taxes:
2023	$	43	$	25	$	40	$	(5)	$	—	$	103
2022	(2)		8		2		2		—		10
Net income (loss):
2023	$	249	$	128	$	122	$	(9)	$	—	$	490
2022	261		130		131		(4)		—		518
Capital expenditures:
2023	$	710	$	416	$	376	$	8	$	—	$	1,510
2022	595		294		284		1		—		1,174
Total assets:
September 30, 2023	$	11,061	$	5,870	$	5,155	$	4,644	$	(74)	$	26,656
December 31, 2022	10,657		5,802		4,979		4,677		(33)		26,082

__________

(a)Other primarily includes PHI’s corporate operations, shared service entities, and other financing and investment activities.

(c)Includes intersegment revenues with ComEd, BGE, and PECO, which are eliminated at Exelon.

Electric and Gas Revenue by Customer Class (Utility Registrants):



	Nine Months Ended September 30, 2023
Revenues from contracts with customers	ComEd		PECO		BGE		PHI		Pepco		DPL		ACE
Electric revenues
Residential	$	2,744	$	1,617	$	1,308	$	2,181	$	954	$	626	$	601
Small commercial & industrial	1,363		415		253		503		134		189		180
Large commercial & industrial	553		196		412		1,099		838		98		163
Public authorities & electric railroads	33		23		22		49		25		11		13
Other(a)	716		219		303		563		187		186		194
Total electric revenues(b)	$	5,409	$	2,470	$	2,298	$	4,395	$	2,138	$	1,110	$	1,151
Natural gas revenues
Residential	$	—	$	335	$	406	$	88	$	—	$	88	$	—
Small commercial & industrial	—		123		66		40		—		40		—
Large commercial & industrial	—		1		124		3		—		3		—
Transportation	—		20		—		11		—		11		—
Other(c)	—		12		28		8		—		8		—
Total natural gas revenues(d)	$	—	$	491	$	624	$	150	$	—	$	150	$	—
Total revenues from contracts with customers	$	5,409	$	2,961	$	2,922	$	4,545	$	2,138	$	1,260	$	1,151
Other revenues
Revenues from alternative revenue programs	$	405	$	1	$	47	$	59	$	28	$	10	$	21
Other electric revenues(e)	22		13		12		11		8		3		—
Other natural gas revenues(e)	—		2		5		—		—		—		—

Total other revenues	$	427	$	16	$	64	$	70	$	36	$	13	$	21
Total revenues for reportable segments	$	5,836	$	2,977	$	2,986	$	4,615	$	2,174	$	1,273	$	1,172



	Nine Months Ended September 30, 2022
Revenues from contracts with customers	ComEd		PECO		BGE		PHI		Pepco		DPL		ACE
Electric revenues
Residential	$	2,610	$	1,538	$	1,158	$	2,007	$	826	$	570	$	611
Small commercial & industrial	953		386		239		461		117		173		171
Large commercial & industrial	48		229		418		1,056		806		99		151
Public authorities & electric railroads	22		23		20		47		25		11		11
Other(a)	718		202		297		524		157		168		190
Total electric revenues(b)	$	4,351	$	2,378	$	2,132	$	4,095	$	1,931	$	1,021	$	1,134
Natural gas revenues
Residential	$	—	$	335	$	448	$	77	$	—	$	77	$	—
Small commercial & industrial	—		125		77		35		—		35		—
Large commercial & industrial	—		—		128		9		—		9		—
Transportation	—		19		—		11		—		11		—
Other(c)	—		7		50		25		—		25		—
Total natural gas revenues(d)	$	—	$	486	$	703	$	157	$	—	$	157	$	—
Total revenues from contracts with customers	$	4,351	$	2,864	$	2,835	$	4,252	$	1,931	$	1,178	$	1,134
Other revenues
Revenues from alternative revenue programs	$	163	$	1	$	(40)	$	(33)	$	(15)	$	(3)	$	(14)
Other electric revenues(e)	22		11		11		4		3		1		—
Other natural gas revenues(e)	—		1		4		—		—		—		—

Total other revenues	$	185	$	13	$	(25)	$	(29)	$	(12)	$	(2)	$	(14)
Total revenues for reportable segments	$	4,536	$	2,877	$	2,810	$	4,223	$	1,919	$	1,176	$	1,120

__________

(a)Includes revenues from transmission revenue from PJM, wholesale electric revenue and mutual assistance revenue.

(b)Includes operating revenues from affiliates in 2023 and 2022 respectively of:

•$14 million, $14 million at ComEd

•$5 million, $5 million at PECO

•$4 million, $5 million at BGE

•$7 million, $9 million at PHI

•$5 million, $4 million at Pepco

•$5 million, $5 million at DPL

•$1 million, $2 million at ACE

(c)Includes revenues from off-system natural gas sales.

(d)Includes operating revenues from affiliates in 2023 and 2022 respectively of:

•$1 million, $1 million at PECO

•$2 million, $7 million at BGE

(e)Includes late payment charge revenues.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//280/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-26

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details