XML 190 R63.htm IDEA: XBRL DOCUMENT v3.6.0.2
Segment Information (Tables)
 12 Months Ended
Dec. 31, 2016
Segment Reporting [Abstract]  
Reconciliation of revenues from segments to consolidated
Generation total revenues net of purchased power and fuel expense:
 
2016
 
2015
 
2014
 
RNF from
external
customers(b)
 
Intersegment
RNF
 
Total
RNF
 
RNF from
external
customers(b)
 
Intersegment
RNF
 
Total
RNF
 
RNF from
external
customers(b)(d)
 
Intersegment
RNF(d)
 
Total
RNF
Mid-Atlantic (a)
$
3,282


$
35

 
$
3,317

 
$
3,556


$
15

 
$
3,571

 
$
3,544


$
(113
)
 
$
3,431

Midwest
2,969


2

 
2,971

 
2,912


(20
)
 
2,892

 
2,607


(8
)
 
2,599

New England
467


(29
)
 
438

 
519


(58
)
 
461

 
450


(99
)
 
351

New York (a)
761


(19
)
 
742

 
584


50

 
634

 
439


44

 
483

ERCOT
412


(131
)
 
281

 
425


(132
)
 
293

 
573


(256
)
 
317

Other Power Regions 
483


(147
)
 
336

 
440


(190
)
 
250

 
517


(190
)
 
327

Total Revenues net of
purchased power and fuel expense for Reportable Segments
$
8,374


$
(289
)
 
$
8,085

 
$
8,436


$
(335
)
 
$
8,101

 
$
8,130


$
(622
)
 
$
7,508

Other (c)
547


289

 
836

 
678


335

 
1,013

 
(662
)

622

 
(40
)
Total Generation
Revenues net of purchased power and fuel expense
$
8,921


$
—

 
$
8,921

 
$
9,114


$
—

 
$
9,114

 
$
7,468


$
—

 
$
7,468

____________________________ 
(a)
On April 1, 2014, Generation assumed operational control of CENG's nuclear fleet. As a result, beginning on April 1, 2014, CENG's revenues net of purchased power and fuel expense are included on a fully consolidated basis.
(b)
Includes purchases and sales from third parties and affiliated sales to the Utility Registrants.
(c)
Other represents activities not allocated to a region. See text above for a description of included activities. Also includes a $57 million decrease in RNF, a $8 million increase in RNF, and a $124 million decrease in RNF for the amortization of intangible assets related to commodity contracts recorded at fair value for the years ended December 31, 2016, 2015, and 2014, respectively, unrealized mark-to-market losses of $41 million, gains of $257 million, and losses of $591 million for the years ended December 31, 2016, 2015, and 2014, respectively, accelerated nuclear fuel amortization associated with the initial early retirement decision for Clinton and Quad Cities as discussed in Note 9 - Early Nuclear Plant Retirements of $60 million for the year ended December 31, 2016, and the elimination of intersegment revenues net of purchased power and fuel expense.
(d)
Exelon corrected an error in the December 31, 2014 balances within Intersegment RNF and RNF from external customers for an understatement of $8 million of Intersegment RNF for Reportable Segments for the year ended December 31, 2014, an understatement of RNF from external customers for Reportable Segments of $11 million for the year ended December 31, 2014, an overstatement of $8 million of Intersegment RNF for Other for the year ended December 31, 2014, and an overstatement of RNF from external customers for Other of $11 million for the year ended December 31, 2014. This also included an understatement of total RNF for Reportable Segments and an overstatement of total RNF for Other of $19 million for the year ended December 31, 2014. The error is not considered material to any prior period, and there is no net impact to Generation Total RNF for 2014.
Analysis and reconciliation of reportable segment revenues for Generation
 
 
2016
 
2015
 
2014
 
Revenues
from
external
customers(b)
 
Intersegment
revenues
 
Total
revenues
 
Revenues
from
external
customers(b)
 
Intersegment
revenues
 
Total
revenues
 
Revenues
from
external
customers(b)(d)
 
Intersegment
revenues(d)
 
Total
revenues
Mid-Atlantic (a)
$
6,212


$
(33
)
 
$
6,179

 
$
5,974


$
(74
)

$
5,900

 
$
5,414


$
(155
)
 
$
5,259

Midwest
4,402


10

 
4,412

 
4,712


(2
)

4,710

 
4,488


(13
)
 
4,475

New England
1,778


(9
)
 
1,769

 
2,217


(5
)

2,212

 
1,468


(46
)
 
1,422

New York (a)
1,198


(42
)
 
1,156

 
996


(11
)

985

 
846


(3
)
 
843

ERCOT
831


6

 
837

 
863


(6
)

857

 
938


(3
)
 
935

Other Power Regions 
969


(62
)
 
907

 
1,182


(80
)

1,102

 
1,379


(70
)
 
1,309

Total Revenues
for Reportable Segments
$
15,390


$
(130
)
 
$
15,260

 
$
15,944


$
(178
)

$
15,766

 
$
14,533


$
(290
)
 
$
14,243

Other (c)
2,361


130

 
2,491

 
3,191


178


3,369

 
2,860


290

 
3,150

Total
Generation Consolidated Operating Revenues
$
17,751


$
—

 
$
17,751

 
$
19,135


$
—


$
19,135

 
$
17,393


$
—

 
$
17,393

_______________________ 
(a)
On April 1, 2014, Generation assumed operational control of CENG's nuclear fleet. As a result, beginning on April 1, 2014, CENG's revenues are included on a fully consolidated basis.
(b)
Includes all wholesale and retail electric sales to third parties and affiliated sales to the Utility Registrants.
(c)
Other represents activities not allocated to a region. See text above for a description of included activities. Also includes a $52 million decrease to revenues, a $7 million increase to revenues, and a $289 million decrease to revenues for the amortization of intangible assets related to commodity contracts recorded at fair value for the years ended December 31, 2016, 2015, and 2014, respectively, unrealized mark-to-market losses of $500 million, gains of $203 million, and losses of $174 million for the years ended December 31, 2016, 2015, and 2014, respectively, and elimination of intersegment revenues.
(d)
Exelon corrected an error in the December 31, 2014 balances within Intersegment revenues and Revenues from external customers for an overstatement of Intersegment revenues for Reportable Segments of $284 million for the year ended December 31, 2014, an understatement of Revenues from external customers for Reportable Segments of $284 million for the year ended December 31, 2014, an understatement of Intersegment revenues for Other of $284 million for the year ended December 31, 2014, and an overstatement of Revenues from external customers for Other of $284 million for the year ended December 31, 2014. The error is not considered material to any prior period, and there is no net impact to Total Revenues.
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 years ended December 31, 2016, 2015, and 2014 is as follows:

 
 
 
 
 
 
 
 
 
Successor
 
 
 
 
 
 

Generation (a)

ComEd

PECO

BGE

PHI (e)
 
Other (b)

Intersegment
Eliminations

Exelon
Operating revenues(c):
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2016
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Competitive businesses electric revenues
$
15,390

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
(1,430
)
 
$
13,960

Competitive businesses natural gas revenues
2,146

 
—

 
—

 
—

 
—

 
—

 
—

 
2,146

Competitive businesses other revenues
215

 
—

 
—

 
—

 
—

 
—

 
(4
)
 
211

Rate-regulated electric revenues
—

 
5,254

 
2,531

 
2,609

 
3,506

 
—

 
(31
)
 
13,869

Rate-regulated natural gas revenues
—

 
—

 
463

 
624

 
92

 
—

 
(13
)
 
1,166

Shared service and other revenues
—

 
—

 
—

 
—

 
45

 
1,648

 
(1,686
)
 
7

2015
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Competitive businesses electric revenues
$
15,944

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
(744
)
 
$
15,200

Competitive businesses natural gas revenues
2,433

 
—

 
—

 
—

 
—

 
—

 
—

 
2,433

Competitive businesses other revenues
758

 
—

 
—

 
—

 
—

 
—

 
(1
)
 
757

Rate-regulated electric revenues
—

 
4,905

 
2,486

 
2,490

 
—

 
—

 
(5
)
 
9,876

Rate-regulated natural gas revenues
—

 
—

 
546

 
645

 
—

 
—

 
(15
)
 
1,176

Shared service and other revenues
—

 
—

 
—

 
—

 
—

 
1,372

 
(1,367
)
 
5

2014
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Competitive businesses electric revenues
$
14,533

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
(760
)
 
$
13,773

Competitive businesses natural gas revenues
2,705

 
—

 
—

 
—

 
—

 
—

 
(1
)
 
2,704

Competitive businesses other revenues
155

 
—

 
—

 
—

 
—

 
—

 
(1
)
 
154

Rate-regulated electric revenues
—

 
4,564

 
2,448

 
2,460

 
—

 
—

 
(5
)
 
9,467

Rate-regulated natural gas revenues
—

 
—

 
646

 
705

 
—

 
—

 
(26
)
 
1,325

Shared service and other revenues
—

 
—

 
—

 
—

 
—

 
1,285

 
(1,279
)
 
6

Intersegment revenues(d):
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2016
$
1,428

 
$
15

 
$
8

 
$
21

 
$
45

 
$
1,647

 
$
(3,159
)
 
$
5

2015
745

 
4

 
2

 
14

 
—

 
1,367

 
(2,127
)
 
5

2014
762

 
4

 
2

 
25

 
—

 
1,280

 
(2,067
)
 
6

Depreciation and amortization:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2016
$
1,879

 
$
775

 
$
270

 
$
423

 
$
515

 
$
74

 
$
—

 
$
3,936

2015
1,054

 
707

 
260

 
366

 
—

 
63

 
—

 
2,450

2014
967

 
687

 
236

 
371

 
—

 
53

 
—

 
2,314

Operating expenses (c):
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2016
$
16,856

 
$
4,056

 
$
2,292

 
$
2,683

 
$
3,549

 
$
1,928

 
$
(3,164
)
 
$
28,200

2015
16,872

 
3,889

 
2,404

 
2,578

 
—

 
1,444

 
(2,131
)
 
25,056

2014
16,923

 
3,586

 
2,522

 
2,726

 
—

 
1,353

 
(2,071
)
 
25,039

Equity in earnings (losses) of unconsolidated affiliates:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2016
$
(25
)
 
$
—

 
$
—

 
$
—

 
$
—

 
$
1

 
$
—

 
$
(24
)
2015
(8
)
 
—

 
—

 
—

 
—

 
1

 
—

 
(7
)
2014
(20
)
 
—

 
—

 
—

 
—

 
—

 
—

 
(20
)
Interest expense, net:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2016
$
364

 
$
461

 
$
123

 
$
103

 
$
195

 
$
290

 
$
—

 
$
1,536

2015
365

 
332

 
114

 
99

 
—

 
123

 
—

 
1,033

2014
356

 
321

 
113

 
106

 
—

 
169

 
—

 
1,065

Income (loss) before income taxes:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2016
$
873

 
$
679

 
$
587

 
$
468

 
$
(58
)
 
$
(555
)
 
$
(5
)
 
$
1,989

2015
1,850

 
706

 
521

 
477

 
—

 
(219
)
 
(5
)
 
3,330

2014
1,226

 
676

 
466

 
351

 
—

 
(227
)
 
(6
)
 
2,486

Income taxes:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2016
$
290

 
$
301

 
$
149

 
$
174

 
$
3

 
$
(156
)
 
$
—

 
$
761

2015
502

 
280

 
143

 
189

 
—

 
(41
)
 
—

 
1,073

2014
207

 
268

 
114

 
140

 
—

 
(63
)
 
—

 
666

Net income (loss):
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2016
$
558

 
$
378

 
$
438

 
$
294

 
$
(61
)
 
$
(398
)
 
$
(5
)
 
$
1,204

2015
1,340

 
426

 
378

 
288

 
—

 
(177
)
 
(5
)
 
2,250

2014
1,019

 
408

 
352

 
211

 
—

 
(164
)
 
(6
)
 
1,820

Capital expenditures:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2016
$
3,078

 
$
2,734

 
$
686

 
$
934

 
$
1,008

 
$
113

 
$
—

 
$
8,553

2015
3,841

 
2,398

 
601

 
719

 
—

 
65

 
—

 
7,624

2014
3,012

 
1,689

 
661

 
620

 
—

 
95

 
—

 
6,077

Total assets:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2016
$
46,974

 
$
28,335

 
$
10,831

 
$
8,704

 
$
21,025

 
$
10,369

 
$
(11,334
)
 
$
114,904

2015
46,529

 
26,532

 
10,367

 
8,295

 
—

 
15,389

 
(11,728
)
 
95,384

__________________________
(a)
Generation includes the six reportable segments shown below: Mid-Atlantic, Midwest, New England, New York, ERCOT and Other Power Regions. For the year ended December 31, 2016, intersegment revenues for Generation include revenue from sales to PECO of $290 million, sales to BGE of $608 million, sales to Pepco of $295 million, sales to DPL of $154 million and sales to ACE of $37 million in the Mid-Atlantic region, and sales to ComEd of $47 million in the Midwest region, which eliminate upon consolidation. For the year ended December 31, 2015, intersegment revenues for Generation include revenue from sales to PECO of $224 million and sales to BGE of $502 million in the Mid-Atlantic region, and sales to ComEd of $18 million in the Midwest region, which eliminate upon consolidation. For the year ended December 31, 2014, intersegment revenues for Generation include revenue from sales to PECO of $198 million and sales to BGE of $387 million in the Mid-Atlantic region, and sales to ComEd of $176 million in the Midwest region, net of $7 million related to the unrealized mark-to-market losses related to the ComEd swap, which eliminate upon consolidation.
(b)
Other primarily includes Exelon’s corporate operations, shared service entities and other financing and investment activities.
(c)
For the years ended December 31, 2016, 2015 and 2014, utility taxes of $122 million, $105 million and $89 million, respectively, are included in revenues and expenses for Generation. For the years ended December 31, 2016, 2015 and 2014, utility taxes of $242 million, $236 million and $238 million, respectively, are included in revenues and expenses for ComEd. For the years ended December 31, 2016, 2015 and 2014, utility taxes of $136 million, $133 million and $128 million, respectively, are included in revenues and expenses for PECO. For the years ended December 31, 2016, 2015 and 2014, utility taxes of $85 million, $85 million and $86 million are included in revenues and expenses for BGE, respectively.
(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 accounting guidance. For Exelon, these amounts are included in operating revenues in the Consolidated Statements of Operations and Comprehensive Income.
(e)
Amounts included represent activity for PHI's successor period, March 24, 2016 through December 31, 2016. PHI includes the three reportable segments: Pepco, DPL and ACE. See tables below for PHI's predecessor periods, including Pepco, DPL and ACE, for January 1, 2016 to March 23, 2016 and for the years ended December 31, 2015 and December 31, 2014.

Successor and Predecessor PHI:
 
Pepco
 
DPL
 
ACE
 
Other(b)
 
Intersegment
Eliminations
 
PHI
Operating revenues(a):
 
 
 
 
 
 
 
 
 
 
 
March 24, 2016 to December 31, 2016 - Successor
 
 
 
 
 
 
 
 
 
 
 
Rate-regulated electric revenues
$
1,675

 
$
850

 
$
989

 
$
5

 
$
(13
)
 
$
3,506

Rate-regulated natural gas revenues
—

 
92

 
—

 
—

 
—

 
92

Shared service and other revenues
—

 
—

 
—

 
45

 
—

 
45

January 1, 2016 to March 23, 2016 - Predecessor
 
 
 
 
 
 
 
 
 
 
 
Rate-regulated electric revenues
$
511

 
$
279

 
$
268

 
$
42

 
$
(4
)
 
$
1,096

Rate-regulated natural gas revenues
—

 
56

 
—

 
1

 
—

 
57

Shared service and other revenues
—

 
—

 
—

 
—

 
—

 
—

December 31, 2015 - Predecessor
 
 
 
 
 
 
 
 
 
 
 
Rate-regulated electric revenues
$
2,129

 
$
1,138

 
$
1,295

 
$
210

 
$
(2
)
 
$
4,770

Rate-regulated natural gas revenues
—

 
164

 
—

 
1

 
—

 
165

Shared service and other revenues
—

 
—

 
—

 
—

 
—

 
—

December 31, 2014 - Predecessor
 
 
 
 
 
 
 
 
 
 
 
Rate-regulated electric revenues
$
2,055

 
$
1,088

 
$
1,210

 
$
264

 
$
(3
)
 
$
4,614

Rate-regulated natural gas revenues
—

 
194

 
—

 
—

 
—

 
194

Shared service and other revenues
—

 
—

 
—

 
—

 
—

 
—

Intersegment revenues:
 
 
 
 
 
 
 
 
 
 
 
March 24, 2016 to December 31, 2016 - Successor
$
4

 
$
5

 
$
2

 
$
47

 
$
(13
)
 
$
45

January 1, 2016 to March 23, 2016 - Predecessor
1

 
2

 
1

 
—

 
(4
)
 
—

December 31, 2015 - Predecessor
5

 
6

 
4

 
—

 
(15
)
 
—

December 31, 2014 - Predecessor
5

 
7

 
4

 
—

 
(16
)
 
—

Depreciation and amortization:
 
 
 
 
 
 
 
 
 
 
 
March 24, 2016 to December 31, 2016 - Successor
$
224

 
$
120

 
$
128

 
$
43

 
$
—

 
$
515

January 1, 2016 to March 23, 2016 - Predecessor
71

 
37

 
37

 
11

 
(4
)
 
152

December 31, 2015 - Predecessor
256

 
148

 
175

 
45

 
—

 
624

December 31, 2014 - Predecessor
212

 
122

 
155

 
38

 
(1
)
 
526

Operating expenses:
 
 
 
 
 
 
 
 
 
 
 
March 24, 2016 to December 31, 2016 - Successor
$
1,577

 
$
952

 
$
1,000

 
$
33

 
$
(13
)
 
$
3,549

January 1, 2016 to March 23, 2016 - Predecessor
443

 
284

 
251

 
73

 
(3
)
 
1,048

December 31, 2015 - Predecessor
1,790

 
1,137

 
1,161

 
220

 
—

 
4,308

December 31, 2014 - Predecessor
1,706

 
1,075

 
1,073

 
350

 
(1
)
 
4,203

Interest expense, net:
 
 
 
 
 
 
 
 
 
 
 
March 24, 2016 to December 31, 2016 - Successor
$
98

 
$
38

 
$
47

 
$
12

 
$
—

 
$
195

January 1, 2016 to March 23, 2016 - Predecessor
29

 
12

 
15

 
11

 
(2
)
 
65

December 31, 2015 - Predecessor
124

 
50

 
64

 
43

 
(1
)
 
280

December 31, 2014 - Predecessor
115

 
48

 
64

 
42

 
—

 
269

Income (loss) before income taxes:
 
 
 
 
 
 
 
 
 
 
 
March 24, 2016 to December 31, 2016 - Successor
$
36

 
$
(30
)
 
$
(51
)
 
$
(84
)
 
$
71

 
$
(58
)
January 1, 2016 to March 23, 2016 - Predecessor
47

 
43

 
5

 
59

 
(118
)
 
36

December 31, 2015 - Predecessor
289

 
125

 
73

 
23

 
(29
)
 
481

December 31, 2014 - Predecessor
264

 
169

 
76

 
306

 
(435
)
 
380

Income taxes:
 
 
 
 
 
 
 
 
 
 
 
March 24, 2016 to December 31, 2016 - Successor
$
26

 
$
5

 
$
(5
)
 
$
(23
)
 
$
—

 
$
3

January 1, 2016 to March 23, 2016 - Predecessor
15

 
17

 
1

 
(16
)
 
—

 
17

December 31, 2015 - Predecessor
102

 
49

 
33

 
(48
)
 
27

 
163

December 31, 2014 - Predecessor
93

 
65

 
30

 
(228
)
 
178

 
138

Net income (loss):
 
 
 
 
 
 
 
 
 
 
 
March 24, 2016 to December 31, 2016 - Successor
$
10

 
$
(35
)
 
$
(47
)
 
$
(34
)
 
$
45

 
$
(61
)
January 1, 2016 to March 23, 2016 - Predecessor
32

 
26

 
5

 
(44
)
 
—

 
19

December 31, 2015 - Predecessor
187

 
76

 
40

 
25

 
(1
)
 
327

December 31, 2014 - Predecessor
171

 
104

 
46

 
(78
)
 
(1
)
 
242

Capital Expenditures:
 
 
 
 
 
 
 
 
 
 
 
March 24, 2016 to December 31, 2016 - Successor
$
489

 
$
277

 
$
218

 
$
24

 
$
—

 
$
1,008

January 1, 2016 to March 23, 2016 - Predecessor
97

 
72

 
93

 
11

 
—

 
273

December 31, 2015 - Predecessor
544

 
352

 
300

 
34

 
—

 
1,230

December 31, 2014 - Predecessor
567

 
352

 
225

 
79

 
—

 
1,223

Total assets:
 
 
 
 
 
 
 
 
 
 
 
December 31, 2016 - Successor
$
7,335

 
$
4,153

 
$
3,457

 
$
10,804

 
$
(4,724
)
 
$
21,025

December 31, 2015 - Predecessor
6,908

 
3,969

 
3,387

 
7,162

 
(5,238
)
 
16,188

_________
(a)
Includes gross utility tax receipts from customers. The offsetting remittance of utility taxes to the governing bodies is recorded in expenses on the Registrants’ Consolidated Statements of Operations and Comprehensive Income. See Note 25 — Supplemental Financial Information for total utility taxes for the year ended December 31, 2016 and 2015
(b)
Other primarily includes PHI’s corporate operations, shared service entities and other financing and investment activities.  For the predecessor periods presented, Other includes the activity of PHI’s unregulated businesses which were distributed to Exelon and Generation as a result of the PHI Merger.