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Segment Information (Exelon, Generation, ComEd and PECO)
6 Months Ended
Jun. 30, 2011
Segment Information [Abstract]  
Segment Information (Exelon, Generation, ComEd and PECO)

15. Segment Information (Exelon, Generation, ComEd and PECO)

 

Exelon has five reportable segments, which include Generation's three reportable segments consisting of the Mid-Atlantic, Midwest, and South and West, and ComEd and PECO. ComEd and PECO each represent a single reportable segment; as such, no separate segment information is provided for these Registrants. PECO has two operating segments, electric and gas delivery, which are aggregated into one reportable segment primarily due to their similar economic characteristics and the regulatory environments in which they operate.

 

Exelon and Generation evaluate the performance of Generation's power marketing activities in the Mid-Atlantic, Midwest, and South and West based on revenue net of purchased power and fuel expense. Generation believes that revenue net of purchased power and fuel expense is a useful measurement of operational performance. Revenue net of purchased power and fuel expense is not a presentation defined under GAAP and may not be comparable to other companies' presentations or deemed more useful than the GAAP information provided elsewhere in this report. Generation's operating revenues include all sales to third parties and affiliated sales to ComEd and PECO. Purchased power costs include all costs associated with the procurement and supply of electricity including capacity, energy and ancillary services. Fuel expense includes the fuel costs for internally generated energy and fuel costs associated with tolling agreements. Generation's retail gas, proprietary trading, compensation under the reliability-must-run rate schedule, other revenues and mark-to-market activities are not allocated to a region. Exelon and Generation do not use a measure of total assets in making decisions regarding allocating resources to or assessing the performance of these reportable segments. Exelon evaluates the performance of ComEd and PECO 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 six months ended June 30, 2011 and 2010 is as follows:

Three Months Ended June 30, 2011 and 2010

  Generation(a) ComEd PECO Other Intersegment Eliminations Exelon
Total revenues(b):
 2011$2,546 $1,444 $842 $187 $(432) $4,587
 2010 2,353  1,499  1,269  177  (900)  4,398
Intersegment revenues(c):
 2011$246 $0 $0 $186 $(432) $0
 2010 725  0  1  177  (900)  3
Net income (loss):
 2011$443 $114 $83 $(20) $0 $620
 2010 382  9  75  (21)  0  445
Total assets:
 June 30, 2011$25,633 $22,348 $8,996 $5,926 $(10,917) $51,986
 December 31, 2010 24,534  21,652  8,985  6,651  (9,582)  52,240

__________

(a)       Generation represents the three segments, Mid-Atlantic, Midwest, and South and West as shown below. Intersegment revenues for the three months ended June 30, 2011 and 2010, represent Mid-Atlantic revenue from sales to PECO of $118 million and $470 million, respectively, and Midwest revenue from sales to ComEd of $128 million and $255 million, respectively.

(b)       For the three months ended June 30, 2011 and 2010, utility taxes of $57 million and $29 million, respectively, are included in revenues and expenses for ComEd. For the three months ended June 30, 2011 and 2010, utility taxes of $42 million and $67 million, respectively, are included in revenues and expenses for PECO.

(c)       The intersegment profit associated with Generation's sale of AECs to PECO is not eliminated in consolidation due to the recognition of intersegment profit in accordance with regulatory accounting guidance. See Note 2 of the 2010 Form 10-K for additional information on AECs. For Exelon, these amounts are included in operating revenues in the Consolidated Statements of Operations.

  Mid-Atlantic Midwest South and West Other(b) Generation
Total revenues(a):
 2011$984 $1,318 $154 $90 $2,546
 2010 751  1,383  150  69  2,353
Revenues net of purchased power and fuel expense:
 2011$821 $887 $(11) $(83) $1,614
 2010 583  1,016  (43)  (102)  1,454

__________

(a) Includes all sales to third parties and affiliated sales to ComEd and PECO. For the three months ended June 30, 2011 and 2010, there were no transactions among Generation's reportable segments which would result in intersegment revenue for Generation.

(b) Includes retail gas, proprietary trading, compensation under the reliability-must-run rate schedule, other revenues, mark-to-market activities and amounts paid related to the Illinois Settlement Legislation.

              Intersegment   
  Generation (a) ComEd PECO Other Eliminations Exelon
Total revenues(b):
 2011$5,285 $2,910 $1,996 $373 $(926) $9,638
 2010 4,773  2,914  2,724  359  (1,911)  8,859
Intersegment revenues(c):
 2011$552 $1 $2 $373 $(926) $2
 2010 1,552  1  3  358  (1,911)  3
Net income (loss):
 2011$938 $183 $210 $(43) $0 $1,288
 2010 943  125  176  (50)  0  1,194

__________

(a)       Generation represents the three segments, Mid-Atlantic, Midwest, and South and West as shown below. Intersegment revenues for the six months ended June 30, 2011 and 2010, represent Mid-Atlantic revenue from sales to PECO of $261 million and $928 million, respectively, and Midwest revenue from sales to ComEd of $291 million and $624 million, respectively.

(b)        For the six months ended June 30, 2011 and 2010, utility taxes of $121 million and $80 million, respectively, are included in revenues and expenses for ComEd. For the six months ended June 30, 2011 and 2010, utility taxes of $90 million and $130 million, respectively, are included in revenues and expenses for PECO.

(c)       The intersegment profit associated with Generation's sale of RECs to ComEd and AECs to PECO is not eliminated in consolidation due to the recognition of intersegment profit in accordance with regulatory accounting guidance. See Note 3 - Regulatory Issues for additional information on RECs and AECs

  Mid-Atlantic Midwest South and West Other(b) Generation
Total revenues(a):
 2011$2,049 $2,724 $292 $220 $5,285
 2010 1,531  2,734  298  210  4,773
Revenues net of purchased power and fuel expense:
 2011$1,737 $1,851 $(14) $(200) $3,374
 2010 1,197  2,010  (91)  160  3,276

__________

(a)       Includes all sales to third parties and affiliated sales to ComEd and PECO. For the six months ended June 30, 2011 and 2010, there were no transactions among Generation's reportable segments which would result in intersegment revenue for Generation.

(b)       Includes retail gas, proprietary trading, compensation under the reliability-must-run rate schedule, other revenues, mark-to-market activities and amounts paid related to the Illinois Settlement Legislation.