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Segment Information (All Registrants)
 3 Months Ended
Mar. 31, 2020
Segment Reporting [Abstract]  
Segment Information (All Registrants) 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 the operations within ISO-NE.
•
South represents operations in the FRCC, MISO’s Southern Region, and the remaining portions of the SERC not included within MISO or PJM.
•
West represents operations in the WECC, which includes 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.
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, 2020 and 2019 is as follows:
Three Months Ended March 31, 2020 and 2019
 
Generation(a)
 
ComEd
 
PECO
 
BGE
 
PHI
 
Other(b)
 
Intersegment
Eliminations
 
Exelon
Operating revenues(c):
2020
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Competitive businesses electric revenues
$
3,752

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
(326
)
 
$
3,426

Competitive businesses natural gas revenues
672

 
—

 
—

 
—

 
—

 
—

 
(3
)
 
669

Competitive businesses other revenues
309

 
—

 
—

 
—

 
—

 
—

 
(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

2019
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Competitive businesses electric revenues
$
4,337

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
(315
)
 
$
4,022

Competitive businesses natural gas revenues
879

 
—

 
—

 
—

 
—

 
—

 
(1
)
 
878

Competitive businesses other revenues
80

 
—

 
—

 
—

 
—

 
—

 
(1
)
 
79

Rate-regulated electric revenues
—

 
1,408

 
620

 
658

 
1,153

 
—

 
(8
)
 
3,831

Rate-regulated natural gas revenues
—

 
—

 
280

 
318

 
71

 
—

 
(4
)
 
665

Shared service and other revenues
—

 
—

 
—

 
—

 
4

 
455

 
(457
)
 
2

Total operating revenues
$
5,296

 
$
1,408

 
$
900

 
$
976

 
$
1,228

 
$
455

 
$
(786
)
 
$
9,477

Intersegment revenues(d):
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2020
$
330

 
$
5

 
$
2

 
$
6

 
$
3

 
$
479

 
$
(824
)
 
$
1

2019
317

 
4

 
1

 
6

 
4

 
453

 
(785
)
 
—

Depreciation and amortization:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2020
$
304

 
$
273

 
$
86

 
$
143

 
$
194

 
$
21

 
$
—

 
$
1,021

2019
405

 
251

 
81

 
136

 
180

 
22

 
—

 
1,075

Operating expenses:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2020
$
4,400

 
$
1,151

 
$
625

 
$
688

 
$
1,000

 
$
481

 
$
(816
)
 
$
7,529

2019
4,963

 
1,135

 
678

 
756

 
1,054

 
459

 
(783
)
 
8,262

Interest expense, net:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2020
$
109

 
$
94

 
$
36

 
$
32

 
$
67

 
$
72

 
$
—

 
$
410

2019
111

 
87

 
33

 
29

 
65

 
78

 
—

 
403

 
Generation(a)
 
ComEd
 
PECO
 
BGE
 
PHI
 
Other(b)
 
Intersegment
Eliminations
 
Exelon
Income (loss) before income taxes:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2020
$
(547
)
 
$
204

 
$
155

 
$
222

 
$
119

 
$
(69
)
 
$
1

 
$
85

2019
652

 
197

 
193

 
196

 
122

 
(78
)
 
—

 
1,282

Income Taxes:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2020
$
(389
)
 
$
36

 
$
15

 
$
41

 
$
11

 
$
(8
)
 
$
—

 
$
(294
)
2019
224

 
40

 
25

 
36

 
5

 
(20
)
 
—

 
310

Net income (loss):
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2020
$
(161
)
 
$
168

 
$
140

 
$
181

 
$
108

 
$
(61
)
 
$
1

 
$
376

2019
422

 
157

 
168

 
160

 
117

 
(58
)
 
—

 
966

Capital Expenditures
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2020
$
558

 
$
506

 
$
259

 
$
283

 
$
376

 
$
34

 
$
—

 
$
2,016

2019
511

 
503

 
222

 
258

 
358

 
21

 
—

 
1,873

Total assets:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
March 31, 2020
$
47,882

 
$
33,146

 
$
11,535

 
$
10,789

 
$
22,753

 
$
8,337

 
$
(9,765
)
 
$
124,677

December 31, 2019
48,995

 
32,765

 
11,469

 
10,634

 
22,719

 
8,484

 
(10,089
)
 
124,977

__________
(a)
See Note 18 — 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 17 — 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 accounting 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):
 
 
 
 
 
 
 
 
 
 
 
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

2019
 
 
 
 
 
 
 
 
 
 
 
Rate-regulated electric revenues
$
575

 
$
310

 
$
273

 
$
—

 
$
(5
)
 
$
1,153

Rate-regulated natural gas revenues
—

 
70

 
—

 
—

 
1

 
71

Shared service and other revenues
—

 
—

 
—

 
106

 
(102
)
 
4

Total operating revenues
$
575

 
$
380

 
$
273

 
$
106

 
$
(106
)
 
$
1,228

Intersegment revenues:
 
 
 
 
 
 
 
 
 
 
 
2020
$
1

 
$
2

 
$
1

 
$
92

 
$
(93
)
 
$
3

2019
2

 
2

 
1

 
105

 
(106
)
 
4

Depreciation and amortization:
 
 
 
 
 
 
 
 
 
 
 
2020
$
95

 
$
48

 
$
43

 
$
9

 
$
(1
)
 
$
194

2019
94

 
46

 
31

 
10

 
(1
)
 
180

Operating expenses:
 
 
 
 
 
 
 
 
 
 
 
2020
$
462

 
$
284

 
$
251

 
$
93

 
$
(90
)
 
$
1,000

2019
491

 
308

 
252

 
108

 
(105
)
 
1,054

Interest expense, net:
 
 
 
 
 
 
 
 
 
 
 
2020
$
34

 
$
16

 
$
15

 
$
3

 
$
(1
)
 
$
67

2019
34

 
15

 
14

 
3

 
(1
)
 
65

Income (loss) before income taxes:
 
 
 
 
 
 
 
 
 
 
 
2020
$
57

 
$
52

 
$
14

 
$
106

 
$
(110
)
 
$
119

2019
57

 
60

 
10

 
113

 
(118
)
 
122

Income Taxes:
 
 
 
 
 
 
 
 
 
 
 
2020
$
5

 
$
7

 
$
1

 
$
(2
)
 
$
—

 
$
11

2019
2

 
7

 
—

 
(4
)
 
—

 
5

Net income (loss):
 
 
 
 
 
 
 
 
 
 
 
2020
$
52

 
$
45

 
$
13

 
$
(5
)
 
$
3

 
$
108

2019
55

 
53

 
10

 
(5
)
 
4

 
117

Capital Expenditures
 
 
 
 
 
 
 
 
 
 
 
2020
$
180

 
$
95

 
$
101

 
$
—

 
$
—

 
$
376

2019
144

 
78

 
128

 
8

 
—

 
358

Total assets:
 
 
 
 
 
 
 
 
 
 
 
March 31, 2020
$
8,837

 
$
4,849

 
$
3,978

 
$
11,241

 
$
(6,152
)
 
$
22,753

December 31, 2019
8,661

 
4,830

 
3,933

 
11,105

 
(5,810
)
 
22,719

__________
(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 17 — 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):
 
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

Midwest
944

 
64

 
1,008

 
(6
)
 
1,002

New York
335

 
(21
)
 
314

 
—

 
314

ERCOT
155

 
28

 
183

 
7

 
190

Other Power Regions
1,007

 
72

 
1,079

 
(7
)
 
1,072

Total Competitive Businesses Electric Revenues
3,705

 
47

 
3,752

 
—

 
3,752

Competitive Businesses Natural Gas Revenues
503

 
169

 
672

 
—

 
672

Competitive Businesses Other Revenues(c)
99

 
210

 
309

 
—

 
309

Total Generation Consolidated Operating Revenues
$
4,307

 
$
426

 
$
4,733

 
$
—

 
$
4,733

 
Three Months Ended March 31, 2019
 
Revenues from external customers(a)
 
Intersegment
revenues
 
Total
Revenues
 
Contracts with customers
 
Other(b)
 
Total
 
 
Mid-Atlantic
$
1,286

 
$
(24
)
 
$
1,262

 
$
(6
)
 
$
1,256

Midwest
1,055

 
59

 
1,114

 
(6
)
 
1,108

New York
409

 
(16
)
 
393

 
—

 
393

ERCOT
130

 
79

 
209

 
3

 
212

Other Power Regions
1,165

 
194

 
1,359

 
(6
)
 
1,353

Total Competitive Businesses Electric Revenues
4,045

 
292

 
4,337

 
(15
)
 
4,322

Competitive Businesses Natural Gas Revenues
584

 
295

 
879

 
15

 
894

Competitive Businesses Other Revenues(c)
120

 
(40
)
 
80

 
—

 
80

Total Generation Consolidated Operating Revenues
$
4,749

 
$
547

 
$
5,296

 
$
—

 
$
5,296

__________
(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 gains of $179 million and losses of $52 million in 2020 and 2019, respectively, and elimination of intersegment revenues.

Revenues net of purchased power and fuel expense (Generation):
 
Three Months Ended March 31, 2020
 
Three Months Ended March 31, 2019
 
RNF
from external
customers(a)
 
Intersegment
RNF
 
Total RNF
 
RNF
from external
customers(a)
 
Intersegment
RNF
 
Total RNF
Mid-Atlantic
$
559

 
$
8

 
$
567

 
$
679

 
$
4

 
$
683

Midwest
732

 
(5
)
 
727

 
769

 
2

 
771

New York
189

 
4

 
193

 
262

 
3

 
265

ERCOT
76

 
4

 
80

 
98

 
(24
)
 
74

Other Power Regions
177

 
(19
)
 
158

 
174

 
(18
)
 
156

Total Revenues net of purchased power and fuel expense for Reportable Segments
1,733


(8
)

1,725


1,982


(33
)

1,949

Other(b)
296

 
8

 
304

 
109

 
33

 
142

Total Generation Revenues net of purchased power and fuel expense
$
2,029


$
—


$
2,029


$
2,091


$
—


$
2,091


__________
(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 unrealized mark-to-market gains of $132 million and losses of $28 million in 2020 and 2019, respectively and the elimination of intersegment RNF.


Electric and Gas Revenue by Customer Class (Utility Registrants):
 
Three Months Ended March 31, 2020
Revenues from contracts with customers
ComEd
 
PECO
 
BGE
 
PHI
 
Pepco
 
DPL
 
ACE
Rate-regulated electric revenues
 
 
 
 
 
 
 
 
 
 
 
 
 
Residential
$
701

 
$
382

 
$
339

 
$
534

 
$
236

 
$
161

 
$
137

Small commercial & industrial
362

 
99

 
67

 
115

 
35

 
43

 
37

Large commercial & industrial
134

 
53

 
103

 
253

 
188

 
23

 
42

Public authorities & electric railroads
13

 
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


 
Three Months Ended March 31, 2019
Revenues from contracts with customers
ComEd
 
PECO
 
BGE
 
PHI
 
Pepco
 
DPL
 
ACE
Rate-regulated electric revenues
 
 
 
 
 
 
 
 
 
 
 
 
 
Residential
$
710

 
$
409

 
$
385

 
$
579

 
$
256

 
$
185

 
$
138

Small commercial & industrial
360

 
96

 
70

 
120

 
38

 
48

 
34

Large commercial & industrial
132

 
48

 
110

 
267

 
204

 
24

 
39

Public authorities & electric railroads
13

 
7

 
7

 
14

 
8

 
3

 
3

Other(a)
217

 
62

 
80

 
157

 
53

 
47

 
57

Total rate-regulated electric revenues(b)
$
1,432

 
$
622

 
$
652

 
$
1,137

 
$
559

 
$
307

 
$
271

Rate-regulated natural gas revenues
 
 
 
 
 
 
 
 
 
 
 
 
 
Residential
$
—

 
$
198

 
$
219

 
$
44

 
$
—

 
$
44

 
$
—

Small commercial & industrial
—

 
72

 
35

 
19

 
—

 
19

 
—

Large commercial & industrial
—

 
1

 
50

 
1

 
—

 
1

 
—

Transportation
—

 
7

 
—

 
4

 
—

 
4

 
—

Other(c)
—

 
2

 
4

 
3

 
—

 
3

 
—

Total rate-regulated natural gas revenues(d)
$
—

 
$
280

 
$
308

 
$
71

 
$
—

 
$
71

 
$
—

Total rate-regulated revenues from contracts with customers
$
1,432

 
$
902

 
$
960

 
$
1,208

 
$
559

 
$
378

 
$
271

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Other revenues
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenues from alternative revenue programs
$
(28
)
 
$
(3
)
 
$
10

 
$
15

 
$
14

 
$
—

 
$
1

Other rate-regulated electric revenues(e)
4

 
1

 
3

 
4

 
2

 
1

 
1

Other rate-regulated natural gas revenues(e)
—

 
—

 
3

 
1

 
—

 
1

 
—

Total other revenues
$
(24
)
 
$
(2
)
 
$
16

 
$
20

 
$
16

 
$
2

 
$
2

Total rate-regulated revenues for reportable segments
$
1,408

 
$
900

 
$
976

 
$
1,228

 
$
575

 
$
380

 
$
273


__________
(a)
Includes revenues from transmission revenue from PJM, wholesale electric revenue and mutual assistance revenue.
(b)
Includes operating revenues from affiliates of $5 million, $2 million, $6 million, $3 million, $1 million, $2 million and $1 million at ComEd, PECO, BGE, PHI, Pepco, DPL and ACE, respectively, in 2020 and $4 million, $1 million, $2 million, $3 million, $2 million, $2 million and $1 million at ComEd, PECO, BGE, PHI, Pepco, DPL and ACE, respectively, in 2019.
(c)
Includes revenues from off-system natural gas sales.
(d)
Includes operating revenues from affiliates of less than $1 million and $3 million at PECO and BGE, respectively, in 2020 and less than $1 million and $4 million at PECO and BGE, respectively, in 2019.
(e)
Includes late payment charge revenues.