Segment Information (Tables)

3 Months Ended

Mar. 31, 2020

Segment Reporting [Abstract]

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 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.

Analysis and reconciliation of reportable segment revenues for Generation

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.

Schedule of Revenue by Major Customers by Reporting Segments [Table Text Block]

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.