Quarterly Financial Information (Tables)

12 Months Ended

Dec. 31, 2015

Schedule of Quarterly Financial Information

The totals of the four quarterly basic and diluted earnings per common share amounts may not equal the basic and diluted earnings per common share for the year due to changes in the number of shares of common stock outstanding during the year.

	2015
	First Quarter			Second Quarter			Third Quarter			Fourth Quarter			Total
	(millions of dollars, except per share amounts)
Total Operating Revenue	$	1,371		$	1,140		$	1,362		$	1,150		$	5,023
Total Operating Expenses		1,229			1,001			1,179			941	(b)		4,350
Operating Income		142			139			183			209			673
Other Expenses		(59	)		(59	)		(43	)(a)		(65)			(226)
Income from Continuing Operations Before Income Tax Expense		83			80			140			144			447
Income Tax Expense Related to Continuing Operations		30			27			49			23	(c)		129
Net Income From Continuing Operations		53			53			91			121			318
Income from Discontinued Operations, net of taxes		—			—			—			9	(d)		9
Net Income	$	53		$	53		$	91		$	130		$	327
Basic and Diluted Earnings Per Share of Common Stock:
Earnings Per Share of Common Stock from Continuing Operations	$	0.21		$	0.21		$	0.36		$	0.48		$	1.25
Earnings Per Share of Common Stock from Discontinued Operations	$	—		$	—		$	—		$	0.03		$	0.04
Earnings Per Share of Common Stock	$	0.21		$	0.21		$	0.36		$	0.51		$	1.29
Cash Dividends Per Share of Common Stock	$	0.27		$	0.27		$	0.27		$	0.27		$	1.08

(a) Includes $15 million ($10 million after-tax) increase in fair value of preferred stock derivative.

(b) Includes gains of $46 million ($27 million after-tax) associated with the sale of Pepco non-utility land.

(c) Includes income tax benefit of $47 million associated with the Global Tax Settlement and a tax charge of $7 million to correct prior period errors.

(d) Includes income tax benefit of $9 million associated with the Global Tax Settlement.

	2014
	First Quarter			Second Quarter			Third Quarter			Fourth Quarter			Total
	(millions of dollars, except per share amounts)
Total Operating Revenue (a)	$	1,330		$	1,117		$	1,313		$	1,118		$	4,878
Total Operating Expenses (b)		1,157			966			1,147			1,004	(c)		4,274
Operating Income		173			151			166			114			604
Other Expenses		(52	)		(53	)		(53	)		(66	)		(224	)
Income from Continuing Operations Before Income Tax Expense		121			98			113			48			380
Income Tax Expense Related to Continuing Operations		46			45			34			13			138
Net Income	$	75		$	53		$	79		$	35		$	242
Basic and Diluted Earnings Per Share of Common Stock	$	0.30		$	0.21		$	0.31		$	0.14		$	0.96
Cash Dividends Per Share of Common Stock	$	0.27		$	0.27		$	0.27		$	0.27		$	1.08

(a) During the fourth quarter of 2014, ACE reversed unbilled revenue of $3 million ($2 million after-tax) to correct an error that had overstated operating revenue in the third quarter of 2014.

(b) Includes pre-tax impairment losses of $53 million ($32 million after-tax) and $28 million ($16 million after-tax) in the third and fourth quarters of 2014, respectively, at Pepco Energy Services associated with its combined heat and power thermal generating facilities and operations in Atlantic City.

(c) Includes a charge of $3 million ($2 million after-tax) to correct a prior period error related to the recoverability of certain regulatory assets at ACE.

Atlantic City Electric Co [Member]

Schedule of Quarterly Financial Information

Quarterly data normally vary seasonally because of temperature variations and differences between summer and winter rates. Therefore, comparisons by quarter within a year are not meaningful.

	2015
	First Quarter			Second Quarter			Third Quarter			Fourth Quarter			Total
	(millions of dollars)
Total Operating Revenue	$	333		$	286		$	387		$	292		$	1,298
Total Operating Expenses		313			254			349			252			1,168
Operating Income		20			32			38			40			130
Other Expenses		(14	)		(15	)		(17	)		(15	)		(61	)
Income Before Income Tax Expense		6			17			21			25			69
Income Tax Expense		2			7			7			15	(a)		31
Net Income	$	4		$	10		$	14		$	10		$	38

(a) Includes income tax charge of $3 million associated with the Global Tax Settlement and a tax charge of $2 million to correct prior period errors.

	2014
	First Quarter			Second Quarter			Third Quarter			Fourth Quarter			Total
	(millions of dollars)
Total Operating Revenue (a)	$	340		$	253		$	347		$	273		$	1,213
Total Operating Expenses		309			228			295			246	(b)		1,078
Operating Income		31			25			52			27			135
Other Expenses		(15	)		(15	)		(15	)		(17	)		(62	)
Income Before Income Tax Expense		16			10			37			10			73
Income Tax Expense		6			4			14			4			28
Net Income	$	10		$	6		$	23		$	6		$	45

(a) During the fourth quarter of 2014, ACE reversed unbilled revenue of $3 million ($2 million after-tax) to correct an error that had overstated operating revenue in the third quarter of 2014.

(b) Includes a charge of $3 million ($2 million after-tax) to correct a prior period error related to the recoverability of certain regulatory assets.

Potomac Electric Power Co [Member]

Schedule of Quarterly Financial Information

Quarterly data normally vary seasonally because of temperature variations and differences between summer and winter rates. Therefore, comparisons by quarter within a year are not meaningful.

	2015
	First Quarter			Second Quarter			Third Quarter			Fourth Quarter			Total
	(millions of dollars)
Total Operating Revenue	$	556		$	518		$	612		$	503		$	2,189
Total Operating Expenses		493			435			497			379	(a)		1,804
Operating Income		63			83			115			124			385
Other Expenses		(25	)		(23	)		(23	)		(29	)		(100	)
Income Before Income Tax Expense		38			60			92			95			285
Income Tax Expense		12			18			32			36	(b)		98
Net Income	$	26		$	42		$	60		$	59		$	187

(a) Includes gains of $46 million ($27 million after-tax) associated with the sale of non-utility land.

(b) Includes net income tax benefit of $9 million associated with the Global Tax Settlement, a tax charge of $3 million for an uncertain tax position not related to the Global Tax Settlement and a tax charge of $6 million to correct prior period errors.

	2014
	First Quarter			Second Quarter			Third Quarter			Fourth Quarter			Total
	(millions of dollars)
Total Operating Revenue	$	535		$	508		$	587		$	471		$	2,101
Total Operating Expenses		469			414			462			408			1,753
Operating Income		66			94			125			63			348
Other Expenses		(18	)		(20	)		(20	)		(27	)		(85	)
Income Before Income Tax Expense		48			74			105			36			263
Income Tax Expense		16			28			38			10			92
Net Income	$	32		$	46		$	67		$	26		$	171

Delmarva Power & Light Co/De [Member]

Schedule of Quarterly Financial Information

Quarterly data normally vary seasonally because of temperature variations and differences between summer and winter rates. Therefore, comparisons by quarter within a year are not meaningful.

	2015
	First Quarter			Second Quarter			Third Quarter			Fourth Quarter			Total
	(millions of dollars)
Total Operating Revenue	$	423		$	275		$	317		$	303		$	1,318
Total Operating Expenses		361			251			285			256			1,153
Operating Income		62			24			32			47			165
Other Expenses		(9	)		(11	)		(8	)		(12	)		(40	)
Income Before Income Tax Expense		53			13			24			35			125
Income Tax Expense		21			5			9			14	(a)		49
Net Income	$	32		$	8		$	15		$	21		$	76

(a) Includes income tax charge of $3 million associated with the Global Tax Settlement.

	2014
	First Quarter			Second Quarter			Third Quarter			Fourth Quarter			Total
	(millions of dollars)
Total Operating Revenue	$	397		$	279		$	309		$	308		$	1,293
Total Operating Expenses		326			239			264			257			1,086
Operating Income		71			40			45			51			207
Other Expenses		(9	)		(8	)		(9	)		(12	)		(38	)
Income Before Income Tax Expense		62			32			36			39			169
Income Tax Expense		25			13			13			14			65
Net Income	$	37		$	19		$	23		$	25		$	104