XML 106 R4.htm IDEA: XBRL DOCUMENT v3.22.4
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Cash flows from operating activities      
Net income (loss) $ 2,171 $ 1,829 $ 1,954
Adjustments to reconcile net income to net cash flows provided by operating activities:      
Depreciation, amortization and accretion, including nuclear fuel and energy contract amortization 3,533 7,573 6,527
Asset impairments 48 552 591
Gain on sales of assets and businesses (8) (201) (24)
Deferred income taxes and amortization of investment tax credits 255 18 309
Net fair value changes related to derivatives (53) (568) (268)
Net realized and unrealized gains on NDT fund investments 205 (586) (461)
Net unrealized losses (gains) on equity investments 16 160 (186)
Other non-cash operating activities 370 (200) 592
Changes in assets and liabilities:      
Accounts receivable (1,222) (703) 697
Inventories (121) (141) (85)
Accounts payable and accrued expenses 1,318 440 (129)
Option premiums paid, net (39) (338) (139)
Collateral received (posted), net 1,248 (74) 494
Income taxes (4) 327 140
Increase (Decrease) in Regulatory Assets and Liabilities (1,326) (634) (649)
Pension and non-pension postretirement benefit contributions (616) (665) (601)
Other assets and liabilities (905) (3,777) (4,527)
Net cash flows provided by operating activities 4,870 3,012 4,235
Cash flows from investing activities      
Capital expenditures (7,147) (7,981) (8,048)
Proceeds from NDT fund sales 488 6,532 3,341
Investment in NDT funds (516) (6,673) (3,464)
Collection of deferred purchase price 169 3,902 3,771
Proceeds from sales of assets and businesses 16 877 46
Other investing activities 0 26 18
Net cash flows used in investing activities (6,990) (3,317) (4,336)
Cash flows from financing activities      
Changes in short-term borrowings 986 269 161
Proceeds from short-term borrowings with maturities greater than 90 days 1,300 1,380 500
Repayments on short-term borrowings with maturities greater than 90 days (1,500) (350) 0
Issuance of long-term debt 6,309 3,481 7,507
Retirement of long-term debt (2,073) (1,640) (6,440)
Proceeds from Issuance of Common Stock 563 0 0
Dividends paid on common stock (1,334) (1,497) (1,492)
Acquisition of CENG noncontrolling interest 0 (885) 0
Proceeds from employee stock plans 36 80 45
Transfer of cash, restricted cash, and cash equivalents to Constellation (2,594) 0 0
Other financing activities (102) (80) (136)
Net cash flows provided by (used in) financing activities 1,591 758 145
Increase (decrease) in cash, restricted cash, and cash equivalents (529) 453 44
Cash, restricted cash, and cash equivalents at beginning of period 1,619 1,166 1,122
Cash, restricted cash, and cash equivalents at end of period 1,090 1,619 1,166
Increase (decrease) in capital expenditures not paid 36 16 194
Increase in Deferred Purchase Price 348 3,652 4,441
Increase (decrease) in PPE related to ARO update 332 642 850
Commonwealth Edison Co [Member]      
Cash flows from operating activities      
Net income (loss) 917 742 438
Adjustments to reconcile net income to net cash flows provided by operating activities:      
Depreciation, amortization and accretion, including nuclear fuel and energy contract amortization 1,323 1,205 1,133
Deferred income taxes and amortization of investment tax credits 241 244 228
Other non-cash operating activities (165) 126 202
Changes in assets and liabilities:      
Accounts receivable (163) (25) (10)
Receivables from and payables to affiliates, net (34) 32 (1)
Inventories (28) (2) (13)
Accounts payable and accrued expenses 406 0 63
Collateral received (posted), net 51 0 14
Income taxes 0 0 8
Increase (Decrease) in Regulatory Assets and Liabilities (1,033) (388) (410)
Pension and non-pension postretirement benefit contributions (184) (196) (148)
Other assets and liabilities (134) (143) (180)
Net cash flows provided by operating activities 1,197 1,595 1,324
Cash flows from investing activities      
Capital expenditures (2,506) (2,387) (2,217)
Other investing activities 28 26 2
Net cash flows used in investing activities (2,478) (2,361) (2,215)
Cash flows from financing activities      
Changes in short-term borrowings 427 (323) 193
Proceeds from short-term borrowings with maturities greater than 90 days 150 0 0
Issuance of long-term debt 750 1,150 1,000
Retirement of long-term debt 0 (350) (500)
Dividends paid on common stock (578) (507) (499)
Contributions from parent 670 791 712
Other financing activities (11) (16) (13)
Net cash flows provided by (used in) financing activities 1,408 745 893
Increase (decrease) in cash, restricted cash, and cash equivalents 127 (21) 2
Cash, restricted cash, and cash equivalents at beginning of period 384 405 403
Cash, restricted cash, and cash equivalents at end of period 511 384 405
Increase (decrease) in capital expenditures not paid (20) (46) 109
PECO Energy Co [Member]      
Cash flows from operating activities      
Net income (loss) 576 504 447
Adjustments to reconcile net income to net cash flows provided by operating activities:      
Depreciation, amortization and accretion, including nuclear fuel and energy contract amortization 373 348 347
Deferred income taxes and amortization of investment tax credits 70 11 (23)
Other non-cash operating activities 40 0 24
Changes in assets and liabilities:      
Accounts receivable (205) (35) (88)
Receivables from and payables to affiliates, net (31) 21 (6)
Inventories (56) (26) (1)
Accounts payable and accrued expenses 152 15 63
Income taxes (20) 5 31
Increase (Decrease) in Regulatory Assets and Liabilities (45) (21) 1
Pension and non-pension postretirement benefit contributions (18) (18) (18)
Other assets and liabilities 5 (31) 0
Net cash flows provided by operating activities 841 773 777
Cash flows from investing activities      
Capital expenditures (1,349) (1,240) (1,147)
Changes in Exelon/PHI intercompany money pool 0 0 68
Other investing activities 8 9 7
Net cash flows used in investing activities (1,341) (1,231) (1,072)
Cash flows from financing activities      
Changes in short-term borrowings 239 0 0
Issuance of long-term debt 775 750 350
Retirement of long-term debt (350) (300) 0
Changes in Exelon/PHI intercompany money pool 0 (40) 40
Dividends paid on common stock (399) (339) (340)
Contributions from parent 274 414 248
Other financing activities (15) (9) (4)
Net cash flows provided by (used in) financing activities 524 476 294
Increase (decrease) in cash, restricted cash, and cash equivalents 24 18 (1)
Cash, restricted cash, and cash equivalents at beginning of period 44 26 27
Cash, restricted cash, and cash equivalents at end of period 68 44 26
Increase (decrease) in capital expenditures not paid 9 26 55
Baltimore Gas and Electric Company [Member]      
Cash flows from operating activities      
Net income (loss) 380 408 349
Adjustments to reconcile net income to net cash flows provided by operating activities:      
Depreciation, amortization and accretion, including nuclear fuel and energy contract amortization 630 591 550
Asset impairments 48 0 0
Deferred income taxes and amortization of investment tax credits 9 (17) 37
Other non-cash operating activities 135 75 97
Changes in assets and liabilities:      
Accounts receivable (197) 30 (165)
Receivables from and payables to affiliates, net (2) (13) (8)
Inventories (61) (29) 10
Accounts payable and accrued expenses 77 14 102
Collateral received (posted), net 19 3 0
Income taxes (17) 20 60
Increase (Decrease) in Regulatory Assets and Liabilities (160) (152) (118)
Pension and non-pension postretirement benefit contributions (68) (81) (78)
Other assets and liabilities (33) (120) 48
Net cash flows provided by operating activities 760 729 884
Cash flows from investing activities      
Capital expenditures (1,262) (1,226) (1,247)
Other investing activities 11 18 2
Net cash flows used in investing activities (1,251) (1,208) (1,245)
Cash flows from financing activities      
Changes in short-term borrowings 278 130 (76)
Issuance of long-term debt 500 600 400
Retirement of long-term debt (250) (300) 0
Dividends paid on common stock (300) (292) (246)
Contributions from parent 286 257 411
Other financing activities (11) (6) (8)
Net cash flows provided by (used in) financing activities 503 389 481
Increase (decrease) in cash, restricted cash, and cash equivalents 12 (90) 120
Cash, restricted cash, and cash equivalents at beginning of period 55 145 25
Cash, restricted cash, and cash equivalents at end of period 67 55 145
Increase (decrease) in capital expenditures not paid 35 (59) 53
Pepco Holdings LLC [Member]      
Cash flows from operating activities      
Net income (loss) 608 561 495
Adjustments to reconcile net income to net cash flows provided by operating activities:      
Depreciation, amortization and accretion, including nuclear fuel and energy contract amortization 938 821 782
Deferred income taxes and amortization of investment tax credits (9) 24 (97)
Other non-cash operating activities 163 (12) 103
Changes in assets and liabilities:      
Accounts receivable (184) (48) (159)
Receivables from and payables to affiliates, net (46) 6 3
Inventories (34) (16) (6)
Accounts payable and accrued expenses 30 34 49
Collateral received (posted), net 148 49 0
Income taxes (1) 17 (25)
Increase (Decrease) in Regulatory Assets and Liabilities (136) (99) (129)
Pension and non-pension postretirement benefit contributions (78) (48) (39)
Other assets and liabilities (149) (132) 25
Net cash flows provided by operating activities 1,250 1,157 1,002
Cash flows from investing activities      
Capital expenditures (1,709) (1,720) (1,604)
Other investing activities 6 2 7
Net cash flows used in investing activities (1,703) (1,718) (1,597)
Cash flows from financing activities      
Changes in short-term borrowings (54) 100 160
Issuance of long-term debt 925 825 602
Retirement of long-term debt (310) (260) (128)
Changes in Exelon/PHI intercompany money pool 37 (14) 9
Distributions to member (750) (703) (553)
Contributions from member 787 683 494
Other financing activities (22) (17) (10)
Net cash flows provided by (used in) financing activities 613 614 574
Increase (decrease) in cash, restricted cash, and cash equivalents 160 53 (21)
Cash, restricted cash, and cash equivalents at beginning of period 213 160 181
Cash, restricted cash, and cash equivalents at end of period 373 213 160
Increase (decrease) in capital expenditures not paid 136 (6) 54
Potomac Electric Power Company [Member]      
Cash flows from operating activities      
Net income (loss) 305 296 266
Adjustments to reconcile net income to net cash flows provided by operating activities:      
Depreciation, amortization and accretion, including nuclear fuel and energy contract amortization 417 403 377
Deferred income taxes and amortization of investment tax credits (17) (8) (46)
Other non-cash operating activities 36 (52) (23)
Changes in assets and liabilities:      
Accounts receivable (104) (28) (67)
Receivables from and payables to affiliates, net (33) 6 (12)
Inventories (16) (8) 1
Accounts payable and accrued expenses 24 16 41
Collateral received (posted), net 24 2 0
Income taxes (19) 11 (1)
Increase (Decrease) in Regulatory Assets and Liabilities (69) (81) (55)
Pension and non-pension postretirement benefit contributions (11) (11) (11)
Other assets and liabilities (66) (84) 31
Net cash flows provided by operating activities 471 462 501
Cash flows from investing activities      
Capital expenditures (874) (843) (773)
Other investing activities 3 (1) 0
Net cash flows used in investing activities (871) (844) (773)
Cash flows from financing activities      
Changes in short-term borrowings 124 140 (47)
Issuance of long-term debt 625 275 300
Retirement of long-term debt (310) 0 (3)
Dividends paid on common stock (463) (268) (232)
Contributions from parent 465 244 262
Other financing activities (10) (6) (6)
Net cash flows provided by (used in) financing activities 431 385 274
Increase (decrease) in cash, restricted cash, and cash equivalents 31 3 2
Cash, restricted cash, and cash equivalents at beginning of period 68 65 63
Cash, restricted cash, and cash equivalents at end of period 99 68 65
Increase (decrease) in capital expenditures not paid 65 30 1
Delmarva Power & Light Company [Member]      
Cash flows from operating activities      
Net income (loss) 169 128 125
Adjustments to reconcile net income to net cash flows provided by operating activities:      
Depreciation, amortization and accretion, including nuclear fuel and energy contract amortization 232 210 191
Deferred income taxes and amortization of investment tax credits 16 39 (13)
Other non-cash operating activities 29 3 51
Changes in assets and liabilities:      
Accounts receivable (59) 15 (34)
Receivables from and payables to affiliates, net (10) (3) 8
Inventories (11) (8) (5)
Accounts payable and accrued expenses 19 16 4
Collateral received (posted), net 78 43 0
Income taxes 0 13 (25)
Increase (Decrease) in Regulatory Assets and Liabilities (34) (43) (35)
Pension and non-pension postretirement benefit contributions (1) (1) 0
Other assets and liabilities (10) (27) 5
Net cash flows provided by operating activities 418 385 272
Cash flows from investing activities      
Capital expenditures (430) (429) (424)
Other investing activities 3 4 (3)
Net cash flows used in investing activities (427) (425) (427)
Cash flows from financing activities      
Changes in short-term borrowings (34) 3 90
Issuance of long-term debt 125 125 178
Retirement of long-term debt 0 0 (80)
Dividends paid on common stock (143) (147) (141)
Contributions from parent 147 120 112
Other financing activities (5) (5) (2)
Net cash flows provided by (used in) financing activities 90 96 157
Increase (decrease) in cash, restricted cash, and cash equivalents 81 56 2
Cash, restricted cash, and cash equivalents at beginning of period 71 15 13
Cash, restricted cash, and cash equivalents at end of period 152 71 15
Increase (decrease) in capital expenditures not paid 23 (18) 20
Atlantic City Electric Company [Member]      
Cash flows from operating activities      
Net income (loss) 148 146 112
Adjustments to reconcile net income to net cash flows provided by operating activities:      
Depreciation, amortization and accretion, including nuclear fuel and energy contract amortization 261 179 180
Deferred income taxes and amortization of investment tax credits (2) (15) (37)
Other non-cash operating activities 46 0 36
Changes in assets and liabilities:      
Accounts receivable (19) (37) (55)
Receivables from and payables to affiliates, net (4) 4 6
Inventories (7) 1 (3)
Accounts payable and accrued expenses (9) 3 5
Collateral received (posted), net 46 4 0
Income taxes 11 0 (1)
Increase (Decrease) in Regulatory Assets and Liabilities (19) 24 (42)
Pension and non-pension postretirement benefit contributions (7) (3) (2)
Other assets and liabilities (61) (11) 0
Net cash flows provided by operating activities 384 295 199
Cash flows from investing activities      
Capital expenditures (398) (445) (401)
Other investing activities 1 1 6
Net cash flows used in investing activities (397) (444) (395)
Cash flows from financing activities      
Changes in short-term borrowings (144) (43) 117
Issuance of long-term debt 175 425 123
Retirement of long-term debt 0 (260) (44)
Dividends paid on common stock (145) (288) (114)
Contributions from parent 175 319 117
Other financing activities (5) (5) (1)
Net cash flows provided by (used in) financing activities 56 148 198
Increase (decrease) in cash, restricted cash, and cash equivalents 43 (1) 2
Cash, restricted cash, and cash equivalents at beginning of period 29 30 28
Cash, restricted cash, and cash equivalents at end of period 72 29 30
Increase (decrease) in capital expenditures not paid $ 48 $ (18) $ 33