Segment Information (All Registrants)

12 Months Ended

Dec. 31, 2019

Segment Reporting [Abstract]

Segment Information (All Registrants)

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

Exelon has eleven reportable segments, which include Generation's five reportable segments consisting of the Mid-Atlantic, Midwest, New York, ERCOT and all other power regions referred to collectively as “Other Power Regions” and 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 ComEd, PECO, BGE, Pepco, DPL and ACE based on net income.

The basis for Generation's reportable segments is the integrated management of its electricity business that is located in different geographic regions, and largely representative of the footprints of ISO/RTO and/or NERC regions, which utilize multiple supply sources to provide electricity through various distribution channels (wholesale and retail). Generation's hedging strategies and risk metrics are also aligned to these same geographic regions. Descriptions of each of Generation’s five reportable segments are as follows:

• Mid-Atlantic represents operations in the eastern half of PJM, which includes New Jersey, Maryland, Virginia, West Virginia, Delaware, the District of Columbia and parts of Pennsylvania and North Carolina.

• Midwest represents operations in the western half of PJM and the United States footprint of MISO, excluding MISO’s Southern Region.

• New York represents operations within NYISO.

• ERCOT represents operations within Electric Reliability Council of Texas.

• Other Power Regions:

• New England represents operations within ISO-NE.

• South represents operations in the FRCC, MISO’s Southern Region, the remaining portions of the SERC not included within MISO or PJM.

• West represents operations in the WECC, including California ISO.

• Canada represents operations across the entire country of Canada and includes AESO, OIESO and the Canadian portion of MISO.

The CODMs for Exelon and Generation evaluate the performance of Generation’s electric business activities and allocate resources based on RNF. Generation believes that RNF is a useful measurement of operational performance. RNF 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 the Utility Registrants. 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 Generation’s owned generation and fuel costs associated with tolling agreements. The results of Generation's other business activities are not regularly reviewed by the CODM and are therefore not classified as operating segments or included in the regional reportable segment

amounts. These activities include natural gas, as well as other miscellaneous business activities that are not significant to Generation's overall operating revenues or results of operations. Further, Generation’s unrealized mark-to-market gains and losses on economic hedging activities and its amortization of certain intangible assets and liabilities relating to commodity contracts recorded at fair value from mergers and acquisitions are also excluded from the regional reportable segment amounts. 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.

During the first quarter of 2019, due to a change in economics in our New England region, Generation changed the way that information is reviewed by the CODM. The New England region is no longer regularly reviewed as a separate region by the CODM nor is it presented separately in any external information presented to third parties. Information for the New England region is reviewed by the CODM as part of Other Power Regions. Exelon and Generation retrospectively applied this change.

An analysis and reconciliation of the Registrants’ reportable segment information to the respective information in the consolidated financial statements for the years ended December 31, 2019, 2018, and 2017 is as follows:

	Generation (a)		ComEd		PECO		BGE		PHI		Other (b)		Intersegment Eliminations			Exelon
Operating revenues(c):
2019
Competitive businesses electric revenues	$	16,285	$	—	$	—	$	—	$	—	$	—	$	(1,165	)	$	15,120
Competitive businesses natural gas revenues	2,148		—		—		—		—		—		(1		)	2,147
Competitive businesses other revenues	491		—		—		—		—		—		(4		)	487
Rate-regulated electric revenues	—		5,747		2,490		2,379		4,626		—		(47		)	15,195
Rate-regulated natural gas revenues	—		—		610		727		167		—		(15		)	1,489
Shared service and other revenues	—		—		—		—		13		1,921		(1,934		)	—
Total operating revenues	$	18,924	$	5,747	$	3,100	$	3,106	$	4,806	$	1,921	$	(3,166	)	$	34,438

	Generation (a)		ComEd		PECO		BGE		PHI		Other (b)		Intersegment Eliminations			Exelon
2018
Competitive businesses electric revenues	$	17,411	$	—	$	—	$	—	$	—	$	—	$	(1,256	)	$	16,155
Competitive businesses natural gas revenues	2,718		—		—		—		—		—		(8		)	2,710
Competitive businesses other revenues	308		—		—		—		—		—		(5		)	303
Rate-regulated electric revenues	—		5,882		2,470		2,428		4,602		—		(45		)	15,337
Rate-regulated natural gas revenues	—		—		568		741		181		—		(20		)	1,470
Shared service and other revenues	—		—		—		—		15		1,948		(1,960		)	3
Total operating revenues	$	20,437	$	5,882	$	3,038	$	3,169	$	4,798	$	1,948	$	(3,294	)	$	35,978
2017
Competitive businesses electric revenues	$	15,332	$	—	$	—	$	—	$	—	$	—	$	(1,105	)	$	14,227
Competitive businesses natural gas revenues	2,575		—		—		—		—		—		—			2,575
Competitive businesses other revenues	593		—		—		—		—		—		(1		)	592
Rate-regulated electric revenues	—		5,536		2,375		2,489		4,462		—		(29		)	14,833
Rate-regulated natural gas revenues	—		—		495		687		161		—		(10		)	1,333
Shared service and other revenues	—		—		—		—		49		1,831		(1,880		)	—
Total operating revenues	$	18,500	$	5,536	$	2,870	$	3,176	$	4,672	$	1,831	$	(3,025	)	$	33,560
Intersegment revenues(d):
2019	$	1,172	$	30	$	6	$	26	$	14	$	1,913	$	(3,159	)	$	2
2018	1,269		27		8		29		15		1,942		(3,289		)	1
2017	1,110		15		7		16		50		1,824		(3,020		)	2
Depreciation and amortization:
2019	$	1,535	$	1,033	$	333	$	502	$	754	$	95	$	—		$	4,252
2018	1,797		940		301		483		740		92		—			4,353
2017	1,457		850		286		473		675		87		—			3,828

	Generation (a)			ComEd		PECO		BGE		PHI		Other (b)			Intersegment Eliminations			Exelon
Operating expenses (c):
2019	$	17,628		$	4,580	$	2,388	$	2,574	$	4,084	$	1,996		$	(3,154	)	$	30,096
2018	19,510			4,741		2,452		2,696		4,156		1,929			(3,341		)	32,143
2017	18,001			4,214		2,215		2,562		3,911		1,742			(3,026		)	29,619
Interest expense, net:
2019	$	429		$	359	$	136	$	121	$	263	$	308		$	—		$	1,616
2018	432			347		129		106		261		279			—			1,554
2017	440			361		126		105		245		283			—			1,560
Income (loss) before income taxes:
2019	$	1,917		$	851	$	593	$	439	$	514	$	(327	)	$	(2	)	$	3,985
2018	365			832		466		387		425		(249		)	(1		)	2,225
2017	1,455			984		538		525		571		(296		)	(2		)	3,775
Income taxes:
2019	$	516		$	163	$	65	$	79	$	38	$	(87	)	$	—		$	774
2018	(108		)	168		6		74		33		(55		)	—			118
2017	(1,376		)	417		104		218		217		294			—			(126		)
Net income (loss):
2019	$	1,217		$	688	$	528	$	360	$	477	$	(240	)	$	(2	)	$	3,028
2018	443			664		460		313		393		(193		)	(1		)	2,079
2017	2,798			567		434		307		355		(590		)	(2		)	3,869
Capital expenditures:
2019	$	1,845		$	1,915	$	939	$	1,145	$	1,355	$	49		$	—		$	7,248
2018	2,242			2,126		849		959		1,375		43			—			7,594
2017	2,259			2,250		732		882		1,396		65			—			7,584
Total assets:
2019	$	48,995		$	32,765	$	11,469	$	10,634	$	22,719	$	8,484		$	(10,089	)	$	124,977
2018	47,556			31,213		10,642		9,716		21,952		8,355			(9,800		)	119,634

__________

(a) See Note 24 — Related Party Transactions for additional information on intersegment revenues.

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

(c) 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 23 — Supplemental Financial Information for additional information on total utility taxes.

(d) 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 authoritative guidance. For Exelon, these amounts are included in Operating revenues in the Consolidated Statements of Operations and Comprehensive Income.

PHI:

	Pepco		DPL		ACE		Other(b)			Intersegment Eliminations			PHI
Operating revenues(a):
2019
Rate-regulated electric revenues	$	2,260	$	1,139	$	1,240	$	—		$	(13	)	$	4,626
Rate-regulated natural gas revenues	—		167		—		—			—			167
Shared service and other revenues	—		—		—		396			(383		)	13
Total operating revenues	$	2,260	$	1,306	$	1,240	$	396		$	(396	)	$	4,806
2018
Rate-regulated electric revenues	$	2,232	$	1,151	$	1,236	$	—		$	(17	)	$	4,602
Rate-regulated natural gas revenues	—		181		—		—			—			181
Shared service and other revenues	—		—		—		435			(420		)	15
Total operating revenues	$	2,232	$	1,332	$	1,236	$	435		$	(437	)	$	4,798
2017
Rate-regulated electric revenues	$	2,151	$	1,139	$	1,186	$	—		$	(14	)	$	4,462
Rate-regulated natural gas revenues	—		161		—		—			—			161
Shared service and other revenues	—		—		—		52			(3		)	49
Total operating revenues	$	2,151	$	1,300	$	1,186	$	52		$	(17	)	$	4,672
Intersegment revenues:
2019	$	5	$	7	$	3	$	396		$	(397	)	$	14
2018	6		8		3		435			(437		)	15
2017	6		8		2		53			(19		)	50
Depreciation and amortization:
2019	$	374	$	184	$	157	$	39		$	—		$	754
2018	385		182		136		37			—			$	740
2017	321		167		146		42			(1		)	$	675
Operating expenses:
2019	$	1,899	$	1,089	$	1,089	$	403		$	(396	)	$	4,084
2018	1,919		1,143		1,087		442			(435		)	$	4,156
2017	1,760		1,071		1,029		68			(17		)	$	3,911
Interest expense, net:
2019	$	133	$	61	$	58	$	10		$	1		$	263
2018	128		58		64		11			—			$	261
2017	121		51		61		13			(1		)	$	245
Income (loss) before income taxes:
2019	$	259	$	169	$	99	$	476		$	(489	)	$	514
2018	216		142		87		388			(408		)	$	425
2017	303		192		103		377			(404		)	$	571
Income taxes:
2019	$	16	$	22	$	—	$	(1	)	$	1		$	38
2018	11		22		12		(10		)	(2		)	$	33
2017	105		71		26		15			—			$	217

	Pepco		DPL		ACE		Other(b)			Intersegment Eliminations			PHI
Net income (loss):
2019	$	243	$	147	$	99	$	(26	)	$	14		$	477
2018	205		120		75		(22		)	15			$	393
2017	198		121		77		(91		)	50			$	355
Capital expenditures:
2019	$	626	$	348	$	375	$	6		$	—		$	1,355
2018	656		364		335		20			—			$	1,375
2017	628		428		312		28			—			1,396
Total assets:
2019	$	8,661	$	4,830	$	3,933	$	11,105		$	(5,810	)	$	22,719
2018	8,267		4,588		3,699		10,819			(5,421		)	21,952

__________

(a) 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 23 — Supplemental Financial Information for additional information on total utility taxes.

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

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):

	2019
	Revenues from external customers(a)
	Contracts with customers		Other(b)		Total		Intersegment Revenues			Total Revenues
Mid-Atlantic	$	5,053	$	17	$	5,070	$	4		$	5,074
Midwest	4,095		232		4,327		(34		)	4,293
New York	1,571		25		1,596		—			1,596
ERCOT	768		229		997		16			1,013
Other Power Regions	3,687		608		4,295		(49		)	4,246
Total Competitive Businesses Electric Revenues	15,174		1,111		16,285		(63		)	16,222
Competitive Businesses Natural Gas Revenues	1,446		702		2,148		62			2,210
Competitive Businesses Other Revenues(c)	440		51		491		1			492
Total Generation Consolidated Operating Revenues	17,060		1,864		$	18,924	$	—		$	18,924

	2018
	Revenues from external customers(a)
	Contracts with customers		Other(b)			Total		Intersegment Revenues			Total Revenues
Mid-Atlantic	$	5,241	$	233		$	5,474	$	13		$	5,487
Midwest	4,527		190			4,717		(11		)	4,706
New York	1,723		(36		)	1,687		—			1,687
ERCOT	572		560			1,132		1			1,133
Other Power Regions	3,530		871			4,401		(66		)	4,335
Total Competitive Businesses Electric Revenues	15,593		1,818			17,411		(63		)	17,348
Competitive Businesses Natural Gas Revenues	1,524		1,194			2,718		62			2,780
Competitive Businesses Other Revenues(c)	510		(202		)	308		1			309
Total Generation Consolidated Operating Revenues	$	17,627	$	2,810		$	20,437	$	—		$	20,437

	2017
	Revenues from external customers(a)
	Contracts with customers		Other(b)			Total		Intersegment Revenues			Total Revenues
Mid-Atlantic	$	5,523	$	(8	)	$	5,515	$	25		$	5,540
Midwest	3,923		283			4,206		(25		)	4,181
New York	1,605		(38		)	1,567		(17		)	1,550
ERCOT	641		317			958		4			962
Other Power Regions	2,658		428			3,086		(35		)	3,051
Total Competitive Businesses Electric Revenues	14,350		982			15,332		(48		)	15,284
Competitive Businesses Natural Gas Revenues	1,658		917			2,575		53			2,628
Competitive Businesses Other Revenues(c)	744		(151		)	593		(5		)	588
Total Generation Consolidated Operating Revenues	$	16,752	$	1,748		$	18,500	$	—		$	18,500

__________

(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 a $38 million decrease to revenues for the amortization of intangible assets and liabilities related to commodity contracts recorded at fair value in 2017, unrealized mark-to-market losses of $4 million, $262 million, and $131 million in 2019, 2018, and 2017, respectively, and elimination of intersegment revenues.

Revenues net of purchased power and fuel expense (Generation):

	2019							2018							2017
	RNF from external customers(a)		Intersegment RNF			Total RNF		RNF from external customers(a)		Intersegment RNF			Total RNF		RNF from external customers(a)		Intersegment RNF			Total RNF
Mid-Atlantic	$	2,637	$	18		$	2,655	$	3,022	$	51		$	3,073	$	3,105	$	109		$	3,214
Midwest	2,994		(32		)	2,962		3,112		23			3,135		2,810		10			2,820
New York	1,081		13			1,094		1,112		10			1,122		1,007		1			1,008
ERCOT	338		(30		)	308		501		(243		)	258		575		(243		)	332
Other Power Regions	694		(74		)	620		883		(154		)	729		1,014		(195		)	819
Total Revenues net of purchased power and fuel for Reportable Segments	$	7,744	$	(105	)	$	7,639	$	8,630	$	(313	)	$	8,317	$	8,511	$	(318	)	$	8,193
Other (b)	324		105			429		114		313			427		299		318			617
Total Generation Revenues net of purchased power and fuel expense	$	8,068	$	—		$	8,068	$	8,744	$	—		$	8,744	$	8,810	$	—		$	8,810

__________ 

(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. Includes a $54 million decrease in RNF for the amortization of intangible assets and liabilities related to commodity contracts in 2017, unrealized mark-to-market losses of $215 million, $319 million, and $175 million in 2019, 2018, and 2017, respectively, accelerated nuclear fuel amortization associated with the announced early plant retirements as discussed in Note 6 - Early Plant Retirements of $13 million, $57 million and $12 million in 2019, 2018, and 2017, respectively, and the elimination of intersegment RNF.

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

	2019
Revenues from contracts with customers	ComEd			PECO			BGE		PHI			Pepco			DPL			ACE
Rate-regulated electric revenues
Residential	$	2,916		$	1,596		$	1,326	$	2,316		$	1,012		$	645		$	659
Small commercial & industrial	1,463			404			254		505			149			186			170
Large commercial & industrial	540			219			436		1,112			833			99			180
Public authorities & electric railroads	47			29			27		61			34			14			13
Other(a)	888			249			321		650			227			204			218
Total rate-regulated electric revenues(b)	5,854			2,497			2,364		4,644			2,255			1,148			1,240
Rate-regulated natural gas revenues
Residential	—			409			474		96			—			96			—
Small commercial & industrial	—			169			77		44			—			45			—
Large commercial & industrial	—			1			132		5			—			5			—
Transportation	—			25			—		14			—			14			—
Other(c)	—			6			31		7			—			7			—
Total rate-regulated natural gas revenues(d)	—			610			714		166			—			167			—
Total rate-regulated revenues from contracts with customers	5,854			3,107			3,078		4,810			2,255			1,315			1,240
Other revenues
Revenues from alternative revenue programs	(133		)	(21		)	12		(14		)	(3		)	(11		)	—
Other rate-regulated electric revenues(e)	26			13			12		10			8			2			—
Other rate-regulated natural gas revenues(e)	—			1			4		—			—			—			—
Total other revenues	(107		)	(7		)	28		(4		)	5			(9		)	—
Total rate-regulated revenues for reportable segments	$	5,747		$	3,100		$	3,106	$	4,806		$	2,260		$	1,306		$	1,240

	2018
Revenues from contracts with customers	ComEd			PECO			BGE			PHI			Pepco			DPL		ACE
Rate-regulated electric revenues
Residential	$	2,942		$	1,566		$	1,382		$	2,351		$	1,021		$	669	$	661
Small commercial & industrial	1,487			404			257			488			140			186		162
Large commercial & industrial	538			223			429			1,124			846			100		178
Public authorities & electric railroads	47			28			28			58			32			14		12
Other(a)	867			243			327			593			193			175		227
Total rate-regulated electric revenues(b)	5,881			2,464			2,423			4,614			2,232			1,144		1,240
Rate-regulated natural gas revenues
Residential	—			395			491			99			—			99		—
Small commercial & industrial	—			143			77			44			—			44		—
Large commercial & industrial	—			1			124			8			—			8		—
Transportation	—			23			—			16			—			16		—
Other(c)	—			6			63			13			—			13		—
Total rate-regulated natural gas revenues(d)	—			568			755			180			—			180		—
Total rate-regulated revenues from contracts with customers	5,881			3,032			3,178			4,794			2,232			1,324		1,240
Other revenues
Revenues from alternative revenue programs	(29		)	(7		)	(26		)	(7		)	(7		)	4		(4		)
Other rate-regulated electric revenues(e)	30			12			13			10			7			3		—
Other rate-regulated natural gas revenues(e)	—			1			4			1			—			1		—
Total other revenues	1			6			(9		)	4			—			8		(4		)
Total rate-regulated revenues for reportable segments	$	5,882		$	3,038		$	3,169		$	4,798		$	2,232		$	1,332	$	1,236

	2017
Revenues from contracts with customers	ComEd		PECO		BGE		PHI		Pepco		DPL		ACE
Rate-regulated electric revenues
Residential	$	2,715	$	1,505	$	1,365	$	2,246	$	964	$	663	$	619
Small commercial & industrial	1,363		401		254		490		137		187		166
Large commercial & industrial	455		223		427		1,086		794		103		189
Public authorities & electric railroads	44		30		31		60		33		14		13
Other(a)	886		204		299		541		199		163		191
Total rate-regulated electric revenues(b)	5,463		2,363		2,376		4,423		2,127		1,130		1,178
Rate-regulated natural gas revenues
Residential	—		331		437		90		—		90		—
Small commercial & industrial	—		131		75		38		—		38		—
Large commercial & industrial	—		1		119		8		—		8		—
Transportation	—		23		—		15		—		15		—
Other(c)	—		8		28		9		—		9		—
Total rate-regulated natural gas revenues(d)	—		494		659		160		—		160		—
Total rate-regulated revenues from contracts with customers	5,463		2,857		3,035		4,583		2,127		1,290		1,178
Other revenues
Revenues from alternative revenue programs	43		—		124		33		19		6		8
Other rate-regulated electric revenues(e)	30		12		13		8		5		3		—
Other rate-regulated natural gas revenues(e)	—		1		4		1		—		1		—
Other revenues(f)	—		—		—		47		—		—		—
Total other revenues	73		13		141		89		24		10		8
Total rate-regulated revenues for reportable segments	$	5,536	$	2,870	$	3,176	$	4,672	$	2,151	$	1,300	$	1,186

__________

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

(b) Includes operating revenues from affiliates of $30 million, $5 million, $8 million, $14 million, $5 million, $7 million and $3 million at ComEd, PECO, BGE, PHI, Pepco, DPL and ACE, respectively, in 2019, $27 million, $7 million, $8 million, $15 million, $6 million, $8 million and $3 million at ComEd, PECO, BGE, PHI, Pepco, DPL and ACE, in 2018, and $15 million, $6 million, $5 million, $3 million, $6 million, $8 million and $2 million at ComEd, PECO, BGE, PHI, Pepco, DPL and ACE, respectively, in 2017.

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

(d) Includes operating revenues from affiliates of $1 million and $18 million at PECO and BGE, respectively, in 2019, $1 million and $21 million at PECO and BGE, respectively, in 2018, and $1 million and $11 million at PECO and BGE, respectively, in 2017.

(e) Includes late payment charge revenues.

(f)

Includes operating revenues from affiliates of $47 million at PHI in 2017.