Segment Information (All Registrants)

6 Months Ended

Jun. 30, 2023

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 CODMs in deciding how to evaluate performance and allocate resources at each of the Registrants.

Exelon has six reportable segments, which include 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 the segments based on net income.

An analysis and reconciliation of the Registrants’ reportable segment information to the respective information in the consolidated financial statements for the three and six months ended June 30, 2023 and 2022 is as follows:

Three Months Ended June 30, 2023 and 2022

	ComEd		PECO		BGE		PHI		Other(a)		Intersegment Eliminations		Exelon
Operating revenues(b):
2023
Electric revenues	$	1,901	$	719	$	672	$	1,274	$	—	$	(10)	$	4,556
Natural gas revenues	—		109		125		29		—		(1)		262
Shared service and other revenues	—		—		—		2		434		(436)		—
Total operating revenues	$	1,901	$	828	$	797	$	1,305	$	434	$	(447)	$	4,818
2022
Electric revenues	$	1,425	$	708	$	629	$	1,182	$	—	$	(6)	$	3,938
Natural gas revenues	—		108		157		37		—		(1)		301
Shared service and other revenues	—		—		—		2		384		(386)		—
Total operating revenues	$	1,425	$	816	$	786	$	1,221	$	384	$	(393)	$	4,239
Intersegment revenues(c):
2023	$	2	$	2	$	2	$	2	$	432	$	(440)	$	—
2022	3		1		3		2		384		(393)		—
Depreciation and amortization:
2023	$	350	$	99	$	158	$	243	$	16	$	—	$	866
2022	328		93		152		240		16		1		830
Operating expenses:
2023	$	1,478	$	687	$	704	$	1,126	$	561	$	(442)	$	4,114
2022	1,039		639		717		1,066		460		(378)		3,543
Interest expense, net:
2023	$	120	$	48	$	44	$	81	$	134	$	—	$	427
2022	104		43		36		73		101		1		358
Income (loss) from continuing operations before income taxes:
2023	$	320	$	99	$	54	$	123	$	(174)	$	(6)	$	416
2022	293		142		38		101		(62)		(1)		511
Income Taxes:
2023	$	71	$	2	$	12	$	20	$	(32)	$	—	$	73
2022	66		9		1		1		(31)		—		46
Net income (loss) from continuing operations:
2023	$	249	$	97	$	42	$	103	$	(142)	$	(6)	$	343
2022	227		133		37		100		(31)		(1)		465
Capital Expenditures:
2023	$	645	$	372	$	306	$	461	$	20	$	—	$	1,804
2022	591		314		275		367		38		—		1,585

__________

(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 15 — Supplemental Financial Information for additional information on total utility taxes.

(c)See Note 16 — Related Party Transactions for additional information on intersegment revenues.

PHI:

	Pepco		DPL		ACE		Other(a)		Intersegment Eliminations		PHI
Operating revenues(b):
2023
Electric revenues	$	642	$	320	$	317	$	—	$	(5)	$	1,274
Natural gas revenues	—		29		—		—		—		29
Shared service and other revenues	—		—		—		105		(103)		2
Total operating revenues	$	642	$	349	$	317	$	105	$	(108)	$	1,305
2022
Electric revenues	$	581	$	295	$	309	$	—	$	(3)	$	1,182
Natural gas revenues	—		37		—		—		—		37
Shared service and other revenues	—		—		—		98		(96)		2
Total operating revenues	$	581	$	332	$	309	$	98	$	(99)	$	1,221
Intersegment revenues(c):
2023	$	2	$	2	$	1	$	104	$	(107)	$	2
2022	2		2		1		98		(101)		2
Depreciation and amortization:
2023	$	109	$	60	$	68	$	6	$	—	$	243
2022	105		56		72		7		—		240
Operating expenses:
2023	$	541	$	305	$	280	$	108	$	(108)	$	1,126
2022	487		296		283		99		(99)		1,066
Interest expense, net:
2023	$	43	$	18	$	17	$	3	$	—	$	81
2022	38		17		17		1		—		73
Income (loss) before income taxes:
2023	$	74	$	30	$	24	$	(6)	$	1	$	123
2022	69		23		11		(2)		—		101
Income Taxes:
2023	$	10	$	5	$	6	$	(1)	$	—	$	20
2022	(1)		2		—		—		—		1
Net income (loss):
2023	$	64	$	25	$	18	$	(5)	$	1	$	103
2022	70		21		11		(2)		—		100
Capital Expenditures:
2023	$	219	$	124	$	114	$	4	$	—	$	461
2022	184		91		92		—		—		367

_________

(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 15 — Supplemental Financial Information for additional information on total utility taxes.

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

Electric and Gas Revenue by Customer Class (Utility Registrants):

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 June 30, 2023
Revenues from contracts with customers	ComEd		PECO		BGE		PHI		Pepco		DPL		ACE
Electric revenues
Residential	$	861	$	444	$	363	$	583	$	267	$	161	$	155
Small commercial & industrial	461		132		75		144		41		57		46
Large commercial & industrial	205		64		119		337		254		33		50
Public authorities & electric railroads	13		8		7		15		7		4		4
Other(a)	234		71		103		185		64		61		63
Total electric revenues(b)	$	1,774	$	719	$	667	$	1,264	$	633	$	316	$	318
Natural gas revenues
Residential	$	—	$	69	$	71	$	16	$	—	$	16	$	—
Small commercial & industrial	—		32		15		7		—		7		—
Large commercial & industrial	—		—		30		1		—		1		—
Transportation	—		5		—		4		—		4		—
Other(c)	—		2		5		1		—		1		—
Total natural gas revenues(d)	$	—	$	108	$	121	$	29	$	—	$	29	$	—
Total revenues from contracts with customers	$	1,774	$	827	$	788	$	1,293	$	633	$	345	$	318
Other revenues
Revenues from alternative revenue programs	$	118	$	(5)	$	4	$	9	$	7	$	3	$	(1)
Other electric revenues(e)	9		5		4		3		2		1		—
Other natural gas revenues(e)	—		1		1		—		—		—		—
Total other revenues	$	127	$	1	$	9	$	12	$	9	$	4	$	(1)
Total revenues for reportable segments	$	1,901	$	828	$	797	$	1,305	$	642	$	349	$	317

	Three Months Ended June 30, 2022
Revenues from contracts with customers	ComEd		PECO		BGE		PHI		Pepco		DPL		ACE
Electric revenues
Residential	$	819	$	431	$	334	$	548	$	234	$	155	$	159
Small commercial & industrial	312		126		70		140		35		51		54
Large commercial & industrial	11		72		129		332		250		30		52
Public authorities & electric railroads	5		7		7		15		8		3		4
Other(a)	234		68		99		164		54		57		55
Total electric revenues(b)	$	1,381	$	704	$	639	$	1,199	$	581	$	296	$	324
Natural gas revenues
Residential	$	—	$	71	$	96	$	17	$	—	$	17	$	—
Small commercial & industrial	—		29		18		8		—		8		—
Large commercial & industrial	—		—		35		3		—		3		—
Transportation	—		6		—		3		—		3		—
Other(c)	—		2		12		6		—		6		—
Total natural gas revenues(d)	$	—	$	108	$	161	$	37	$	—	$	37	$	—
Total revenues from contracts with customers	$	1,381	$	812	$	800	$	1,236	$	581	$	333	$	324
Other revenues
Revenues from alternative revenue programs	$	35	$	—	$	(20)	$	(17)	$	(1)	$	(2)	$	(15)
Other electric revenues(e)	9		4		4		2		1		1		—
Other natural gas revenues(e)	—		—		2		—		—		—		—
Total other revenues	$	44	$	4	$	(14)	$	(15)	$	—	$	(1)	$	(15)
Total revenues for reportable segments	$	1,425	$	816	$	786	$	1,221	$	581	$	332	$	309

__________

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

(b)Includes operating revenues from affiliates in 2023 and 2022 respectively of:

•$2 million, $3 million at ComEd

•$1 million, $1 million at PECO

•$1 million, $2 million at BGE

•$2 million, $2 million at PHI

•$2 million, $2 million at Pepco

•$2 million, $2 million at DPL

•$1 million, $1 million at ACE

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

(d)Includes operating revenues from affiliates in 2023 and 2022 respectively of:

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

•$1 million, $1 million at BGE

(e)Includes late payment charge revenues.

Six Months Ended June 30, 2023 and 2022

	ComEd		PECO		BGE		PHI		Other(a)		Intersegment Eliminations		Exelon
Operating revenues(b):
2023
Electric revenues	$	3,568	$	1,514	$	1,485	$	2,711	$	—	$	(14)	$	9,264
Natural gas revenues	—		426		568		126		—		(4)		1,116
Shared service and other revenues	—		—		—		4		871		(875)		—
Total operating revenues	$	3,568	$	1,940	$	2,053	$	2,841	$	871	$	(893)	$	10,380
2022
Electric revenues	$	3,158	$	1,449	$	1,366	$	2,501	$	—	$	(14)	$	8,460
Natural gas revenues	—		414		574		120		—		(2)		1,106
Shared service and other revenues	—		—		—		5		961		(966)		—
Total operating revenues	$	3,158	$	1,863	$	1,940	$	2,626	$	961	$	(982)	$	9,566
Intersegment revenues(c):
2023	$	5	$	4	$	4	$	4	$	867	$	(884)	$	—
2022	8		2		10		6		961		(981)		6
Depreciation and amortization:
2023	$	688	$	197	$	325	$	484	$	31	$	2	$	1,727
2022	649		185		322		459		32		—		1,647
Operating expenses:
2023	$	2,734	$	1,590	$	1,667	$	2,423	$	1,046	$	(889)	$	8,571
2022	2,444		1,432		1,636		2,282		1,086		(909)		7,971
Interest expense, net:
2023	$	237	$	97	$	88	$	157	$	263	$	(2)	$	840
2022	204		84		71		143		195		—		697
Income (loss) from continuing operations before income taxes:
2023	$	631	$	268	$	306	$	312	$	(294)	$	(5)	$	1,218
2022	534		363		244		238		(125)		(45)		1,209
Income taxes:
2023	$	142	$	5	$	65	$	54	$	(60)	$	—	$	206
2022	119		24		10		8		114		(12)		263
Net income (loss) from continuing operations:
2023	$	489	$	263	$	241	$	258	$	(235)	$	(4)	$	1,012
2022	415		339		234		230		(239)		(33)		946
Capital expenditures:
2023	$	1,262	$	707	$	656	$	1,022	$	38	$	—	$	3,685
2022	1,208		658		578		776		60		—		3,280
Total assets:
June 30, 2023	$	41,672	$	15,207	$	13,488	$	26,241	$	5,922	$	(4,450)	$	98,080
December 31, 2022	39,661		14,502		13,350		26,082		6,014		(4,260)		95,349

__________

(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 15 — Supplemental Financial Information for additional information on total utility taxes.

(c)See Note 16 — Related Party Transactions for additional information on intersegment revenues.

PHI:

	Pepco		DPL		ACE		Other(a)		Intersegment Eliminations		PHI
Operating revenues(b):
2023
Electric revenues	$	1,351	$	697	$	670	$	—	$	(7)	$	2,711
Natural gas revenues	—		126		—		—		—		126
Shared service and other revenues	—		—		—		207		(203)		4
Total operating revenues	$	1,351	$	823	$	670	$	207	$	(210)	$	2,841
2022
Electric revenues	$	1,195	$	643	$	658	$	—	$	5	$	2,501
Natural gas revenues	—		120		—		—		—		120
Shared service and other revenues	—		—		—		205		(200)		5
Total operating revenues	$	1,195	$	763	$	658	$	205	$	(195)	$	2,626
Intersegment revenues(c):
2023	$	3	$	3	$	1	$	206	$	(209)	$	4
2022	2		3		2		195		(196)		6
Depreciation and amortization:
2023	$	216	$	121	$	135	$	12	$	—	$	484
2022	213		113		118		15		—		459
Operating expenses:
2023	$	1,151	$	693	$	577	$	212	$	(210)	$	2,423
2022	1,034		653		593		197		(195)		2,282
Interest expense, net:
2023	$	81	$	36	$	34	$	6	$	—	$	157
2022	74		33		32		5		(1)		143
Income (loss) before income taxes:
2023	$	152	$	102	$	68	$	(10)	$	—	$	312
2022	113		83		38		4		—		238
Income taxes:
2023	$	22	$	17	$	17	$	(2)	$	—	$	54
2022	(3)		6		1		4		—		8
Net income (loss):
2023	$	130	$	85	$	51	$	(8)	$	—	$	258
2022	116		77		37		—		—		230
Capital expenditures:
2023	$	483	$	258	$	275	$	6	$	—	$	1,022
2022	402		194		179		1		—		776
Total assets:
June 30, 2023	$	10,838	$	5,823	$	5,088	$	4,735	$	(243)	$	26,241
December 31, 2022	10,657		5,802		4,979		4,677		(33)		26,082

__________

(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 15 — Supplemental Financial Information for additional information on total utility taxes.

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

Electric and Gas Revenue by Customer Class (Utility Registrants):

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.

	Six Months Ended June 30, 2023
Revenues from contracts with customers	ComEd		PECO		BGE		PHI		Pepco		DPL		ACE
Electric revenues
Residential	$	1,698	$	963	$	796	$	1,221	$	549	$	371	$	301
Small commercial & industrial	823		267		167		304		80		119		105
Large commercial & industrial	290		129		268		714		535		66		113
Public authorities & electric railroads	22		16		14		33		16		8		9
Other(a)	450		139		198		362		120		119		126
Total electric revenues(b)	$	3,283	$	1,514	$	1,443	$	2,634	$	1,300	$	683	$	654
Natural gas revenues
Residential	$	—	$	292	$	349	$	76	$	—	$	76	$	—
Small commercial & industrial	—		107		56		33		—		33		—
Large commercial & industrial	—		1		100		2		—		2		—
Transportation	—		13		—		8		—		8		—
Other(c)	—		11		24		7		—		7		—
Total natural gas revenues(d)	$	—	$	424	$	529	$	126	$	—	$	126	$	—
Total revenues from contracts with customers	$	3,283	$	1,938	$	1,972	$	2,760	$	1,300	$	809	$	654
Other revenues
Revenues from alternative revenue programs	$	270	$	(10)	$	70	$	74	$	46	$	12	$	16
Other electric revenues(e)	15		10		8		7		5		2		—
Other natural gas revenues(e)	—		2		3		—		—		—		—
Total other revenues	$	285	$	2	$	81	$	81	$	51	$	14	$	16
Total revenues for reportable segments	$	3,568	$	1,940	$	2,053	$	2,841	$	1,351	$	823	$	670

	Six Months Ended June 30, 2022
Revenues from contracts with customers	ComEd		PECO		BGE		PHI		Pepco		DPL		ACE
Electric revenues
Residential	$	1,675	$	918	$	752	$	1,200	$	509	$	362	$	329
Small commercial & industrial	736		237		151		281		73		107		101
Large commercial & industrial	165		136		260		655		503		56		96
Public authorities & electric railroads	20		15		14		31		16		7		8
Other(a)	472		130		196		359		100		113		136
Total electric revenues(b)	$	3,068	$	1,436	$	1,373	$	2,526	$	1,201	$	645	$	670
Natural gas revenues
Residential	$	—	$	289	$	378	$	68	$	—	$	68	$	—
Small commercial & industrial	—		105		63		29		—		29		—
Large commercial & industrial	—		—		100		6		—		6		—
Transportation	—		14		—		7		—		7		—
Other(c)	—		5		47		10		—		10		—
Total natural gas revenues(d)	$	—	$	413	$	588	$	120	$	—	$	120	$	—
Total revenues from contracts with customers	$	3,068	$	1,849	$	1,961	$	2,646	$	1,201	$	765	$	670
Other revenues
Revenues from alternative revenue programs	$	75	$	6	$	(32)	$	(22)	$	(7)	$	(3)	$	(12)
Other electric revenues(e)	15		7		8		2		1		1		—
Other natural gas revenues(e)	—		1		3		—		—		—		—
Total other revenues	$	90	$	14	$	(21)	$	(20)	$	(6)	$	(2)	$	(12)
Total revenues for reportable segments	$	3,158	$	1,863	$	1,940	$	2,626	$	1,195	$	763	$	658

__________

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

(b)Includes operating revenues from affiliates in 2023 and 2022 respectively of:

•$5 million, $8 million at ComEd

•$3 million, $2 million at PECO

•$2 million, $3 million at BGE

•$4 million, $6 million at PHI

•$3 million, $2 million at Pepco

•$3 million, $3 million at DPL

•$1 million, $2 million at ACE

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

(d)Includes operating revenues from affiliates in 2023 and 2022 respectively of:

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

•$2 million, $7 million at BGE

(e)Includes late payment charge revenues.