Segment Information (Tables)

9 Months Ended

Sep. 30, 2022

Segment Tables [Line Items]

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 and nine months ended September 30, 2022 and 2021 is as follows:

Three Months Ended September 30, 2022 and 2021

	ComEd		PECO		BGE		PHI		Other(a)		Intersegment Eliminations		Exelon
Operating revenues(b):
2022
Electric revenues	$	1,378	$	941	$	757	$	1,557	$	—	$	(12)	$	4,621
Natural gas revenues	—		73		113		38		—		—		224
Shared service and other revenues	—		—		—		3		381		(384)		—
Total operating revenues	$	1,378	$	1,014	$	870	$	1,598	$	381	$	(396)	$	4,845
2021
Electric revenues	$	1,789	$	762	$	677	$	1,444	$	—	$	20	$	4,692
Natural gas revenues	—		56		93		23		—		(1)		171
Shared service and other revenues	—		—		—		3		534		(537)		—
Total operating revenues	$	1,789	$	818	$	770	$	1,470	$	534	$	(518)	$	4,863
Intersegment revenues(c):
2022	$	6	$	3	$	3	$	3	$	378	$	(393)	$	—
2021	9		2		7		3		531		(516)		36
Depreciation and amortization:
2022	$	333	$	92	$	148	$	238	$	14	$	—	$	825
2021	304		86		142		210		16		—		758
Operating expenses:
2022	$	913	$	798	$	810	$	1,254	$	439	$	(380)	$	3,834
2021	1,428		677		709		1,155		491		(353)		4,107
Interest expense, net:
2022	$	104	$	45	$	39	$	72	$	105	$	—	$	365
2021	98		40		36		67		83		—		324
Income (loss) from continuing operations before income taxes:
2022	$	375	$	179	$	26	$	291	$	(103)	$	—	$	768
2021	276		108		32		264		(34)		(154)		492
Income Taxes:
2022	$	84	$	44	$	(7)	$	2	$	(31)	$	—	$	92
2021	56		(3)		(4)		(2)		(6)		(6)		35
Net income (loss) from continuing operations:
2022	$	291	$	135	$	33	$	289	$	(71)	$	(1)	$	676
2021	220		111		36		266		(27)		(149)		457
Capital Expenditures:
2022	$	593	$	333	$	340	$	398	$	8	$	—	$	1,672
2021	561		301		287		410		4		—		1,563

__________

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

(b)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 16 — Supplemental Financial Information for additional information on total utility taxes.

(c)See Note 17 — Related Party Transactions for additional information on intersegment revenues.

PHI:

	Pepco		DPL		ACE		Other(a)		Intersegment Eliminations		PHI
Operating revenues(b):
2022
Electric revenues	$	724	$	374	$	462	$	—	$	(3)	$	1,557
Natural gas revenues	—		38		—		—		—		38
Shared service and other revenues	—		—		—		94		(91)		3
Total operating revenues	$	724	$	412	$	462	$	94	$	(94)	$	1,598
2021
Electric revenues	$	660	$	337	$	451	$	—	$	(4)	$	1,444
Natural gas revenues	—		23		—		—		—		23
Shared service and other revenues	—		—		—		92		(89)		3
Total operating revenues	$	660	$	360	$	451	$	92	$	(93)	$	1,470
Intersegment revenues(c):
2022	$	2	$	1	$	—	$	94	$	(94)	$	3
2021	2		2		1		91		(93)		3
Depreciation and amortization:
2022	$	99	$	59	$	74	$	6	$	—	$	238
2021	104		53		46		7		—		210
Operating expenses:
2022	$	555	$	345	$	353	$	96	$	(95)	$	1,254
2021	501		295		359		93		(93)		1,155
Interest expense, net:
2022	$	37	$	16	$	17	$	1	$	1	$	72
2021	35		15		14		3		—		67
Income (loss) before income taxes:
2022	$	146	$	54	$	95	$	(4)	$	—	$	291
2021	136		53		79		(4)		—		264
Income Taxes:
2022	$	1	$	2	$	1	$	(2)	$	—	$	2
2021	6		3		(11)		—		—		(2)
Net income (loss):
2022	$	145	$	52	$	94	$	(2)	$	—	$	289
2021	130		50		90		(4)		—		266
Capital Expenditures:
2022	$	193	$	100	$	105	$	—	$	—	$	398
2021	202		109		97		2		—		410

__________

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

(b)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 16 — Supplemental Financial Information for additional information on total utility taxes.

(c)Includes intersegment revenues with ComEd, BGE, and PECO, which are eliminated at Exelon.

The following tables disaggregate the Registrants' revenues 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 the Utility Registrants, the disaggregation of revenues reflects the two primary utility services of electric sales and natural gas sales (where applicable), with further disaggregation of these tariff sales provided by major customer groups. Exelon’s disaggregated revenues are consistent with the Utility Registrants, but exclude any intercompany revenues.

	Three Months Ended September 30, 2022
Revenues from contracts with customers	ComEd		PECO		BGE		PHI		Pepco		DPL		ACE
Electric revenues
Residential	$	935	$	620	$	406	$	808	$	318	$	207	$	283
Small commercial & industrial	217		149		88		179		44		65		70
Large commercial & industrial	(117)		93		158		401		303		43		55
Public authorities & electric railroads	3		8		7		16		9		4		3
Other(a)	246		71		101		166		57		55		54
Total electric revenues(b)	$	1,284	$	941	$	760	$	1,570	$	731	$	374	$	465
Natural gas revenues
Residential	$	—	$	46	$	70	$	10	$	—	$	10	$	—
Small commercial & industrial	—		20		13		6		—		6		—
Large commercial & industrial	—		—		28		3		—		3		—
Transportation	—		5		—		3		—		3		—
Other(c)	—		2		2		16		—		16		—
Total natural gas revenues(d)	$	—	$	73	$	113	$	38	$	—	$	38	$	—
Total revenues from contracts with customers	$	1,284	$	1,014	$	873	$	1,608	$	731	$	412	$	465
Other revenues
Revenues from alternative revenue programs	$	88	$	(5)	$	(8)	$	(11)	$	(8)	$	—	$	(3)
Other electric revenues(e)	6		5		4		1		1		—		—
Other natural gas revenues(e)	—		—		1		—		—		—		—
Total other revenues	$	94	$	—	$	(3)	$	(10)	$	(7)	$	—	$	(3)
Total revenues for reportable segments	$	1,378	$	1,014	$	870	$	1,598	$	724	$	412	$	462

	Three Months Ended September 30, 2021
Revenues from contracts with customers	ComEd		PECO		BGE		PHI		Pepco		DPL		ACE
Electric revenues
Residential	$	978	$	509	$	383	$	782	$	309	$	198	$	275
Small commercial & industrial	433		113		73		150		36		53		61
Large commercial & industrial	148		67		128		320		244		27		49
Public authorities & electric railroads	11		7		7		15		8		4		3
Other(a)	245		61		104		172		53		56		63
Total electric revenues(b)	$	1,815	$	757	$	695	$	1,439	$	650	$	338	$	451
Natural gas revenues
Residential	$	—	$	36	$	57	$	10	$	—	$	10	$	—
Small commercial & industrial	—		13		10		5		—		5		—
Large commercial & industrial	—		—		22		2		—		2		—
Transportation	—		5		—		3		—		3		—
Other(c)	—		2		6		3		—		3		—
Total natural gas revenues(d)	$	—	$	56	$	95	$	23	$	—	$	23	$	—
Total revenues from contracts with customers	$	1,815	$	813	$	790	$	1,462	$	650	$	361	$	451
Other revenues
Revenues from alternative revenue programs	$	(32)	$	3	$	(24)	$	6	$	9	$	(2)	$	—
Other electric revenues(e)	6		2		3		2		1		1		—
Other natural gas revenues(e)	—		—		1		—		—		—		—
Total other revenues	$	(26)	$	5	$	(20)	$	8	$	10	$	(1)	$	—
Total revenues for reportable segments	$	1,789	$	818	$	770	$	1,470	$	660	$	360	$	451

__________

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

(b)Includes operating revenues from affiliates in 2022 and 2021 respectively of:

•$6 million, $9 million at ComEd

•$3 million, $2 million at PECO

•$2 million, $4 million at BGE

•$3 million, $3 million at PHI

•$2 million, $2 million at Pepco

•$1 million, $2 million at DPL

•less than $1 million, $1 million at ACE

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

(d)Includes operating revenues from affiliates in 2022 and 2021 respectively of:

•less than $1 million, less than $1 million at PECO

•$1 million, $3 million at BGE

(e)Includes late payment charge revenues.

Nine Months Ended September 30, 2022 and 2021

	ComEd		PECO		BGE		PHI		Other(a)		Intersegment Eliminations		Exelon
Operating revenues(b):
2022
Electric revenues	$	4,536	$	2,390	$	2,122	$	4,058	$	—	$	(24)	$	13,082
Natural gas revenues	—		487		688		157		—		(2)		1,330
Shared service and other revenues	—		—		—		8		1,342		(1,350)		—
Total operating revenues	$	4,536	$	2,877	$	2,810	$	4,223	$	1,342	$	(1,376)	$	14,412
2021
Electric revenues	$	4,840	$	2,033	$	1,866	$	3,726	$	—	$	5	$	12,470
Natural gas revenues	—		366		560		118		—		—		1,044
Shared service and other revenues	—		—		—		10		1,549		(1,559)		—
Total operating revenues	$	4,840	$	2,399	$	2,426	$	3,854	$	1,549	$	(1,554)	$	13,514
Intersegment revenues(c):
2022	$	14	$	5	$	13	$	9	$	1,342	$	(1,377)	$	6
2021	19		6		20		10		1,542		(1,549)		48
Depreciation and amortization:
2022	$	982	$	277	$	470	$	697	$	46	$	—	$	2,472
2021	893		259		434		614		52		1		2,253
Operating expenses:
2022	$	3,357	$	2,230	$	2,446	$	3,535	$	1,524	$	(1,288)	$	11,804
2021	3,833		1,908		2,080		3,167		1,436		(1,067)		11,357
Interest expense, net:
2022	$	308	$	129	$	110	$	216	$	300	$	—	$	1,063
2021	292		119		103		201		253		(1)		967
Income (loss) from continuing operations before income taxes:
2022	$	909	$	541	$	270	$	528	$	(228)	$	(42)	$	1,978
2021	750		392		266		538		(116)		(447)		1,383
Income Taxes:
2022	$	203	$	67	$	3	$	10	$	82	$	(9)	$	356
2021	141		9		(24)		3		(27)		(26)		76
Net income (loss) from continuing operations:
2022	$	706	$	474	$	267	$	518	$	(310)	$	(33)	$	1,622
2021	609		383		290		535		(88)		(422)		1,307
Capital Expenditures:
2022	$	1,801	$	991	$	918	$	1,174	$	68	$	—	$	4,952
2021	1,723		878		907		1,299		65		—		4,872
Total assets:
September 30, 2022	$	38,582	$	14,048	$	12,932	$	25,655	$	6,341	$	(4,103)	$	93,455
December 31, 2021	36,470		13,824		12,324		24,744		7,626		(8,319)		86,669

__________

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

(b)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 16 — Supplemental Financial Information for additional information on total utility taxes.

(c)See Note 17 — Related Party Transactions for additional information on intersegment revenues.

PHI:

	Pepco		DPL		ACE		Other(a)		Intersegment Eliminations		PHI
Operating revenues(b):
2022
Electric revenues	$	1,919	$	1,019	$	1,120	$	—	$	—	$	4,058
Natural gas revenues	—		157		—		—		—		157
Shared service and other revenues	—		—		—		298		(290)		8
Total operating revenues	$	1,919	$	1,176	$	1,120	$	298	$	(290)	$	4,223
2021
Electric revenues	$	1,736	$	922	$	1,080	$	—	$	(12)	$	3,726
Natural gas revenues	—		118		—		—		—		118
Shared service and other revenues	—		—		—		281		(271)		10
Total operating revenues	$	1,736	$	1,040	$	1,080	$	281	$	(283)	$	3,854
Intersegment revenues(c):
2022	$	4	$	5	$	2	$	288	$	(290)	$	9
2021	4		6		2		281		(283)		10
Depreciation and amortization:
2022	$	312	$	172	$	192	$	21	$	—	$	697
2021	302		157		133		22		—		614
Operating expenses:
2022	$	1,588	$	999	$	947	$	291	$	(290)	$	3,535
2021	1,396		858		911		285		(283)		3,167
Interest expense, net:
2022	$	111	$	48	$	49	$	7	$	1	$	216
2021	104		47		43		7		—		201
Income (loss) before income taxes:
2022	$	259	$	138	$	133	$	(2)	$	—	$	528
2021	273		144		129		(8)		—		538
Income Taxes:
2022	$	(2)	$	8	$	2	$	2	$	—	$	10
2021	9		9		(12)		(3)		—		3
Net income (loss):
2022	$	261	$	130	$	131	$	(4)	$	—	$	518
2021	264		135		141		(5)		—		535
Capital Expenditures:
2022	$	595	$	294	$	284	$	1	$	—	$	1,174
2021	641		320		336		2		—		1,299
Total assets:
September 30, 2022	$	10,349	$	5,710	$	4,966	$	4,716	$	(86)	$	25,655
December 31, 2021	9,903		5,412		4,556		4,933		(60)		24,744

__________

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

(b)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 16 — Supplemental Financial Information for additional information on total utility taxes.

(c)Includes intersegment revenues with ComEd, BGE, and PECO, which are eliminated at Exelon.

The following tables disaggregate the Registrants' revenues 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 the Utility Registrants, the disaggregation of revenues reflects the two primary utility services of electric sales and natural gas sales (where applicable), with further disaggregation of these tariff sales provided by major customer groups. Exelon’s disaggregated revenues are consistent with the Utility Registrants, but exclude any intercompany revenues.

	Nine Months Ended September 30, 2022
Revenues from contracts with customers	ComEd		PECO		BGE		PHI		Pepco		DPL		ACE
Electric revenues
Residential	$	2,610	$	1,538	$	1,158	$	2,007	$	826	$	570	$	611
Small commercial & industrial	953		386		239		461		117		173		171
Large commercial & industrial	48		229		418		1,056		806		99		151
Public authorities & electric railroads	22		23		20		47		25		11		11
Other(a)	718		202		297		524		157		168		190
Total electric revenues(b)	$	4,351	$	2,378	$	2,132	$	4,095	$	1,931	$	1,021	$	1,134
Natural gas revenues
Residential	$	—	$	335	$	448	$	77	$	—	$	77	$	—
Small commercial & industrial	—		125		77		35		—		35		—
Large commercial & industrial	—		—		128		9		—		9		—
Transportation	—		19		—		11		—		11		—
Other(c)	—		7		50		25		—		25		—
Total natural gas revenues(d)	$	—	$	486	$	703	$	157	$	—	$	157	$	—
Total revenues from contracts with customers	$	4,351	$	2,864	$	2,835	$	4,252	$	1,931	$	1,178	$	1,134
Other revenues
Revenues from alternative revenue programs	$	163	$	1	$	(40)	$	(33)	$	(15)	$	(3)	$	(14)
Other electric revenues(e)	22		11		11		4		3		1		—
Other natural gas revenues(e)	—		1		4		—		—		—		—
Total other revenues	$	185	$	13	$	(25)	$	(29)	$	(12)	$	(2)	$	(14)
Total revenues for reportable segments	$	4,536	$	2,877	$	2,810	$	4,223	$	1,919	$	1,176	$	1,120

	Nine Months Ended September 30, 2021
Revenues from contracts with customers	ComEd		PECO		BGE		PHI		Pepco		DPL		ACE
Electric revenues
Residential	$	2,479	$	1,325	$	1,044	$	1,924	$	785	$	535	$	604
Small commercial & industrial	1,176		312		202		392		101		145		146
Large commercial & industrial	420		183		342		825		616		70		139
Public authorities & electric railroads	33		24		20		45		24		11		10
Other(a)	676		167		269		453		154		143		158
Total electric revenues(b)	$	4,784	$	2,011	$	1,877	$	3,639	$	1,680	$	904	$	1,057
Natural gas revenues
Residential	$	—	$	251	$	354	$	67	$	—	$	67	$	—
Small commercial & industrial	—		94		59		29		—		29		—
Large commercial & industrial	—		—		103		5		—		5		—
Transportation	—		17		—		11		—		11		—
Other(c)	—		4		41		6		—		6		—
Total natural gas revenues(d)	$	—	$	366	$	557	$	118	$	—	$	118	$	—
Total revenues from contracts with customers	$	4,784	$	2,377	$	2,434	$	3,757	$	1,680	$	1,022	$	1,057
Other revenues
Revenues from alternative revenue programs	$	32	$	20	$	(17)	$	94	$	54	$	17	$	23
Other electric revenues(e)	24		2		7		3		2		1		—
Other natural gas revenues(e)	—		—		2		—		—		—		—
Total other revenues	$	56	$	22	$	(8)	$	97	$	56	$	18	$	23
Total revenues for reportable segments	$	4,840	$	2,399	$	2,426	$	3,854	$	1,736	$	1,040	$	1,080

__________

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

(b)Includes operating revenues from affiliates in 2022 and 2021 respectively of:

•$14 million, $19 million at ComEd

•$5 million, $5 million at PECO

•$5 million, $10 million at BGE

•$9 million, $10 million at PHI

•$4 million, $4 million at Pepco

•$5 million, $6 million at DPL

•$2 million, $2 million at ACE

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

(d)Includes operating revenues from affiliates in 2022 and 2021 respectively of:

•$1 million, $1 million at PECO

•$7 million, $10 million at BGE

(e)Includes late payment charge revenues.