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Segment Information (All Registrants)
9 Months Ended
Sep. 30, 2019
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 CODM in deciding how to evaluate performance and allocate resources at each of the Registrants.
Exelon has eleven reportable segments, which include Generation's five reportable segments consisting of the Mid-Atlantic, Midwest, New York, ERCOT and all other power regions referred to collectively as “Other Power Regions” and 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 ComEd, PECO, BGE, Pepco, DPL and ACE based on net income.
The basis for Generation's reportable segments is the integrated management of its electricity business that is located in different geographic regions, and largely representative of the footprints of ISO/RTO and/or NERC regions, which utilize multiple supply sources to provide electricity through various distribution channels (wholesale and retail). Generation's hedging strategies and risk metrics are also aligned to these same geographic regions. Descriptions of each of Generation’s five reportable segments are as follows:
Mid-Atlantic represents operations in the eastern half of PJM, which includes New Jersey, Maryland, Virginia, West Virginia, Delaware, the District of Columbia and parts of Pennsylvania and North Carolina.
Midwest represents operations in the western half of PJM and the United States footprint of MISO, excluding MISO’s Southern Region.
New York represents operations within ISO-NY.
ERCOT represents operations within Electric Reliability Council of Texas.
Other Power Regions:
New England represents the operations within ISO-NE.
South represents operations in the FRCC, MISO’s Southern Region, and the remaining portions of the SERC not included within MISO or PJM.
West represents operations in the WECC, which includes California ISO.
Canada represents operations across the entire country of Canada and includes AESO, OIESO and the Canadian portion of MISO.
The CODMs for Exelon and Generation evaluate the performance of Generation’s electric business activities and allocate resources based on RNF. Generation believes that RNF is a useful measurement of operational performance. RNF is not a presentation defined under GAAP and may not be comparable to other companies’
presentations or deemed more useful than the GAAP information provided elsewhere in this report. Generation’s operating revenues include all sales to third parties and affiliated sales to the Utility Registrants. Purchased power costs include all costs associated with the procurement and supply of electricity including capacity, energy and ancillary services. Fuel expense includes the fuel costs for Generation’s owned generation and fuel costs associated with tolling agreements. The results of Generation's other business activities are not regularly reviewed by the CODM and are therefore not classified as operating segments or included in the regional reportable segment amounts. These activities include natural gas, as well as other miscellaneous business activities that are not significant to Generation's overall operating revenues or results of operations. Further, Generation’s unrealized mark-to-market gains and losses on economic hedging activities and its amortization of certain intangible assets and liabilities relating to commodity contracts recorded at fair value from mergers and acquisitions are also excluded from the regional reportable segment amounts. Exelon and Generation do not use a measure of total assets in making decisions regarding allocating resources to or assessing the performance of these reportable segments.
During the first quarter of 2019, due to a change in economics in our New England region, Generation changed the way that information is reviewed by the CODM. The New England region is no longer regularly reviewed as a separate region by the CODM nor is it presented separately in any external information presented to third parties. Information for the New England region is reviewed by the CODM as part of Other Power Regions. Exelon and Generation retrospectively applied this change.
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, 2019 and 2018 is as follows:
Three Months Ended September 30, 2019 and 2018
 
Generation(a)
 
ComEd
 
PECO
 
BGE
 
PHI
 
Other(b)
 
Intersegment
Eliminations
 
Exelon
Operating revenues(c):
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2019
Competitive businesses electric revenues
$
4,314

 
$

 
$

 
$

 
$

 
$

 
$
(275
)
 
$
4,039

Competitive businesses natural gas revenues
265

 

 

 

 

 

 
1

 
266

Competitive businesses other revenues
195

 

 

 

 

 

 
(1
)
 
194

Rate-regulated electric revenues

 
1,583

 
716

 
619

 
1,357

 

 
(7
)
 
4,268

Rate-regulated natural gas revenues

 

 
62

 
84

 
20

 

 
(3
)
 
163

Shared service and other revenues

 

 

 

 
3

 
474

 
(478
)
 
(1
)
Total operating revenues
$
4,774

 
$
1,583

 
$
778

 
$
703

 
$
1,380

 
$
474

 
$
(763
)
 
$
8,929


 
Generation(a)
 
ComEd
 
PECO
 
BGE
 
PHI
 
Other(b)
 
Intersegment
Eliminations
 
Exelon
2018
Competitive businesses electric revenues
$
4,741

 
$

 
$

 
$

 
$

 
$

 
$
(306
)
 
$
4,435

Competitive businesses natural gas revenues
397

 

 

 

 

 

 

 
397

Competitive businesses other revenues
140

 

 

 

 

 

 
(1
)
 
139

Rate-regulated electric revenues

 
1,598

 
700

 
645

 
1,334

 

 
(7
)
 
4,270

Rate-regulated natural gas revenues

 

 
57

 
86

 
24

 

 
(5
)
 
162

Shared service and other revenues

 

 

 

 
3

 
458

 
(461
)
 

Total operating revenues
$
5,278

 
$
1,598

 
$
757

 
$
731

 
$
1,361

 
$
458

 
$
(780
)
 
$
9,403

Intersegment revenues(d):
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2019
$
275

 
$
4

 
$
1

 
$
6

 
$
4

 
$
474

 
$
(764
)
 
$

2018
308

 
4

 
2

 
6

 
3

 
456

 
(779
)
 

Depreciation and amortization:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2019
$
407

 
$
259

 
$
83

 
$
116

 
$
193

 
$
25

 
$

 
$
1,083

2018
468

 
237

 
75

 
110

 
192

 
23

 

 
1,105

Operating expenses:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2019
$
4,274

 
$
1,256

 
$
595

 
$
612

 
$
1,124

 
$
457

 
$
(759
)
 
$
7,559

2018
4,961

 
1,275

 
603

 
628

 
1,116

 
459

 
(790
)
 
8,252

Interest expense, net:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2019
$
109

 
$
91

 
$
33

 
$
31

 
$
66

 
$
79

 
$

 
$
409

2018
101

 
85

 
32

 
27

 
65

 
83

 

 
393

Income (loss) before income taxes:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2019
$
501

 
$
245

 
$
154

 
$
67

 
$
203

 
$
(68
)
 
$

 
$
1,102

2018
389

 
245

 
124

 
81

 
191

 
(83
)
 

 
947

Income Taxes:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2019
$
87

 
$
45

 
$
14

 
$
12

 
$
14

 
$

 
$

 
$
172

2018
78

 
52

 
(2
)
 
18

 
4

 
(13
)
 

 
137

Net income (loss):
 
 
 
 
 
 
 
 
 
 
 
 
 
 

2019
$
244

 
$
200

 
$
140

 
$
55

 
$
189

 
$
(68
)
 
$

 
$
760

2018
300

 
193

 
126

 
63

 
187

 
(69
)
 

 
800

Capital Expenditures
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2019
$
392

 
$
452

 
$
228

 
$
300

 
$
308

 
$
7

 
$

 
$
1,687

2018
362

 
514

 
204

 
233

 
359

 
18

 

 
1,690


__________
(a)
Intersegment revenues for Generation in 2019 include revenue from sales to PECO of $43 million, sales to BGE of $65 million, sales to Pepco of $65 million, sales to DPL of $14 million and sales to ACE of $3 million in the Mid-Atlantic region, and sales to ComEd of $83 million in the Midwest region, which eliminate upon consolidation. Intersegment revenues for Generation in 2018 include revenue from sales to PECO of $35 million, sales to BGE of $69 million, sales to Pepco of $46 million, sales to DPL of $26 million and sales to ACE of $10 million in the Mid-Atlantic region, and sales to ComEd of $122 million in the Midwest region, which eliminate upon consolidation.
(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 17Supplemental 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):
2019
 
 
 
 
 
 
 
 
 
 
 
Rate-regulated electric revenues
$
642

 
$
299

 
$
419

 
$

 
$
(3
)
 
$
1,357

Rate-regulated natural gas revenues

 
20

 

 

 

 
20

Shared service and other revenues

 

 

 
92

 
(89
)
 
3

Total operating revenues
$
642

 
$
319

 
$
419

 
$
92

 
$
(92
)
 
$
1,380

2018
 
 
 
 
 
 
 
 
 
 
 
Rate-regulated electric revenues
$
628

 
$
304

 
$
406

 
$

 
$
(4
)
 
$
1,334

Rate-regulated natural gas revenues

 
24

 

 

 

 
24

Shared service and other revenues

 

 

 
103

 
(100
)
 
3

Total operating revenues
$
628

 
$
328

 
$
406

 
$
103

 
$
(104
)
 
$
1,361

Intersegment revenues:
 
 
 
 
 
 
 
 
 
 
 
2019
$
2

 
$
1

 
$
1

 
$
93

 
$
(93
)
 
$
4

2018
2

 
2

 
1

 
103

 
(105
)
 
3

Depreciation and amortization:
 
 
 
 
 
 
 
 
 
 
 
2019
$
95

 
$
46

 
$
43

 
$
9

 
$

 
$
193

2018
99

 
47

 
38

 
8

 

 
192

Operating expenses:
 
 
 
 
 
 
 
 
 
 
 
2019
$
515

 
$
268

 
$
340

 
$
95

 
$
(94
)
 
$
1,124

2018
516

 
277

 
322

 
105

 
(104
)
 
1,116

Interest expense, net:
 
 
 
 
 
 
 
 
 
 
 
2019
$
33

 
$
15

 
$
15

 
$
3

 
$

 
$
66

2018
32

 
15

 
16

 
2

 

 
65

Income (loss) before income taxes:
 
 
 
 
 
 
 
 
 
 
 
2019
$
103

 
$
38

 
$
65

 
$
192

 
$
(195
)
 
$
203

2018
87

 
38

 
69

 
179

 
(182
)
 
191

Income Taxes:
 
 
 
 
 
 
 
 
 
 
 
2019
$
5

 
$
5

 
$
2

 
$
3

 
$
(1
)
 
$
14

2018
(2
)
 
5

 
8

 
(8
)
 
1

 
4

Net income (loss):
 
 
 
 
 
 
 
 
 
 
 
2019
$
98

 
$
33

 
$
63

 
$
(9
)
 
$
4

 
$
189

2018
89

 
33

 
61

 
1

 
3

 
187

Capital Expenditures
 
 
 
 
 
 
 
 
 
 
 
2019
$
157

 
$
85

 
$
73

 
$
(7
)
 
$

 
$
308

2018
188

 
88

 
77

 
6

 

 
359


__________
(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 17Supplemental 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.
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 September 30, 2019
 
Revenues from external customers(a)
 
Intersegment
revenues

Total
Revenues
 
Contracts with customers
 
Other(b)
 
Total
 
 
Mid-Atlantic
$
1,351

 
$
10

 
$
1,361

 
$
3

 
$
1,364

Midwest
1,052

 
47

 
1,099

 
(17
)
 
1,082

New York
414

 
15

 
429

 

 
429

ERCOT
288

 
72

 
360

 
5

 
365

Other Power Regions
873

 
192

 
1,065

 
(25
)
 
1,040

Total Competitive Businesses Electric Revenues
3,978

 
336

 
4,314

 
(34
)
 
4,280

Competitive Businesses Natural Gas Revenues
160

 
105

 
265

 
34

 
299

Competitive Businesses Other Revenues(c)
112

 
83

 
195

 

 
195

Total Generation Consolidated Operating Revenues
$
4,250

 
$
524

 
$
4,774

 
$

 
$
4,774


 
Three Months Ended September 30, 2018
 
Revenues from external customers(a)
 
Intersegment
revenues
 
Total
Revenues
 
Contracts with customers
 
Other(b)
 
Total
 
 
Mid-Atlantic
$
1,397

 
$
52

 
$
1,449

 
$
7

 
$
1,456

Midwest
1,095

 
26

 
1,121

 
(4
)
 
1,117

New York
475

 
(6
)
 
469

 

 
469

ERCOT
156

 
289

 
445

 
(1
)
 
444

Other Power Regions
959

 
298

 
1,257

 
(45
)
 
1,212

Total Competitive Businesses Electric Revenues
4,082

 
659

 
4,741

 
(43
)
 
4,698

Competitive Businesses Natural Gas Revenues
200

 
197

 
397

 
43

 
440

Competitive Businesses Other Revenues(c)
130

 
10

 
140

 

 
140

Total Generation Consolidated Operating Revenues
$
4,412

 
$
866

 
$
5,278

 
$

 
$
5,278

__________
(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 $77 million and $6 million in 2019 and 2018, respectively, and elimination of intersegment revenues.
Revenues net of purchased power and fuel expense (Generation):
 
Three Months Ended September 30, 2019
 
Three Months Ended September 30, 2018
 
RNF
from external
customers
(a)
 
Intersegment
RNF
 
Total RNF
 
RNF
from external
customers
(a)
 
Intersegment
RNF
 
Total RNF
Mid-Atlantic
$
684

 
$
5

 
$
689

 
$
746

 
$
17

 
$
763

Midwest
763

 
(16
)
 
747

 
763

 
5

 
768

New York
288

 
3

 
291

 
290

 
2

 
292

ERCOT
76

 
(4
)
 
72

 
161

 
(63
)
 
98

Other Power Regions
212

 
(28
)
 
184

 
226

 
(46
)
 
180

Total Revenues net of purchased power and fuel for Reportable Segments
2,023


(40
)

1,983


2,186


(85
)

2,101

Other(b)
100

 
40

 
140

 
112

 
85

 
197

Total Generation Revenues net of purchased power and fuel expense
$
2,123


$


$
2,123


$
2,298


$


$
2,298

__________
(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 $17 million and $71 million in 2019 and 2018, respectively, accelerated nuclear fuel amortization associated with announced early plant retirements as discussed in Note 8Early Plant Retirements of $3 million and $18 million decrease to RNF in 2019 and 2018, respectively, and the elimination of intersegment RNF.
Electric and Gas Revenue by Customer Class (Utility Registrants):
 
Three Months Ended September 30, 2019
Revenues from contracts with customers
ComEd
 
PECO
 
BGE
 
PHI
 
Pepco
 
DPL
 
ACE
Rate-regulated electric revenues
 
 
 
 
 
 
 
 
 
 
 
 
 
Residential
$
865

 
$
479

 
$
352

 
$
741

 
$
311

 
$
178

 
$
252

Small commercial & industrial
393

 
109

 
64

 
147

 
41

 
48

 
58

Large commercial & industrial
141

 
63

 
116

 
297

 
222

 
26

 
49

Public authorities & electric railroads
12

 
9

 
7

 
17

 
11

 
3

 
3

Other(a)
222

 
63

 
82

 
164

 
58

 
50

 
56

Total rate-regulated electric revenues(b)
$
1,633

 
$
723

 
$
621

 
$
1,366

 
$
643

 
$
305

 
$
418

Rate-regulated natural gas revenues
 
 
 
 
 
 
 
 
 
 
 
 
 
Residential
$

 
$
38

 
$
49

 
$
9

 
$

 
$
9

 
$

Small commercial & industrial

 
17

 
9

 
4

 

 
4

 

Large commercial & industrial

 

 
20

 
1

 

 
1

 

Transportation

 
5

 

 
4

 

 
4

 

Other(c)

 
2

 
5

 
2

 

 
2

 

Total rate-regulated natural gas revenues(d)
$

 
$
62

 
$
83

 
$
20

 
$

 
$
20

 
$

Total rate-regulated revenues from contracts with customers
$
1,633

 
$
785

 
$
704

 
$
1,386

 
$
643

 
$
325

 
$
418

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Other revenues
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenues from alternative revenue programs
$
(56
)
 
$
(11
)
 
$
(5
)
 
$
(9
)
 
$
(3
)
 
$
(6
)
 
$
1

Other rate-regulated electric revenues(e)
6

 
4

 
3

 
3

 
2

 

 

Other rate-regulated natural gas revenues(e)

 

 
1

 

 

 

 

Total other revenues
$
(50
)
 
$
(7
)
 
$
(1
)
 
$
(6
)
 
$
(1
)
 
$
(6
)
 
$
1

Total rate-regulated revenues for reportable segments
$
1,583

 
$
778

 
$
703

 
$
1,380

 
$
642

 
$
319

 
$
419

 
Three Months Ended September 30, 2018
Revenues from contracts with customers
ComEd
 
PECO
 
BGE
 
PHI
 
Pepco
 
DPL
 
ACE
Rate-regulated electric revenues
 
 
 
 
 
 
 
 
 
 
 
 
 
Residential
$
861

 
$
458

 
$
366

 
$
726

 
$
306

 
$
180

 
$
240

Small commercial & industrial
391

 
108

 
68

 
140

 
39

 
48

 
53

Large commercial & industrial
131

 
64

 
117

 
303

 
230

 
25

 
48

Public authorities & electric railroads
11

 
7

 
7

 
14

 
8

 
3

 
3

Other(a)
212

 
59

 
91

 
156

 
47

 
47

 
63

Total rate-regulated electric revenues(b)
$
1,606

 
$
696

 
$
649

 
$
1,339

 
$
630

 
$
303

 
$
407

Rate-regulated natural gas revenues
 
 
 
 
 
 
 
 
 
 
 
 
 
Residential
$

 
$
36

 
$
46

 
$
8

 
$

 
$
8

 
$

Small commercial & industrial

 
15

 
8

 
5

 

 
5

 

Large commercial & industrial

 

 
17

 
2

 

 
2

 

Transportation

 
5

 

 
3

 

 
3

 

Other(c)

 
1

 
12

 
6

 

 
6

 

Total rate-regulated natural gas revenues(d)
$

 
$
57

 
$
83

 
$
24

 
$

 
$
24

 
$

Total rate-regulated revenues from contracts with customers
$
1,606

 
$
753

 
$
732

 
$
1,363

 
$
630

 
$
327

 
$
407

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Other revenues
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenues from alternative revenue programs
$
(15
)
 
$
1

 
$
(6
)
 
$
(5
)
 
$
(4
)
 
$

 
$
(1
)
Other rate-regulated electric revenues(e)
7

 
3

 
4

 
3

 
2

 
1

 

Other rate-regulated natural gas revenues(e)

 

 
1

 

 

 

 

Total other revenues
$
(8
)
 
$
4

 
$
(1
)
 
$
(2
)
 
$
(2
)
 
$
1

 
$
(1
)
Total rate-regulated revenues for reportable segments
$
1,598

 
$
757

 
$
731

 
$
1,361

 
$
628

 
$
328

 
$
406

__________
(a)
Includes revenues from transmission revenue from PJM, wholesale electric revenue and mutual assistance revenue.
(b)
Includes operating revenues from affiliates of $4 million, $1 million, $2 million, $4 million, $2 million, $1 million and $1 million at ComEd, PECO, BGE, PHI, Pepco, DPL and ACE, respectively, in 2019 and $4 million, $2 million, $1 million, $3 million $2 million, $2 million and $1 million at ComEd, PECO, BGE, PHI, Pepco, DPL and ACE, respectively, in 2018.
(c)
Includes revenues from off-system natural gas sales.
(d)
Includes operating revenues from affiliates of less than $1 million and $4 million at PECO and BGE, respectively, in 2019 and less than $1 million and $5 million at PECO and BGE, respectively, in 2018.
(e)
Includes late payment charge revenues.
Nine Months Ended September 30, 2019 and 2018
 
Generation(a)
 
ComEd
 
PECO
 
BGE
 
PHI
 
Other(b)
 
Intersegment
Eliminations
 
Exelon
Operating revenues(c):
2019
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Competitive businesses electric revenues
$
12,365

 
$

 
$

 
$

 
$

 
$

 
$
(840
)
 
$
11,525

Competitive businesses natural gas revenues
1,479

 

 

 

 

 

 

 
1,479

Competitive businesses other revenues
436

 

 

 

 

 

 
(4
)
 
432

Rate-regulated electric revenues

 
4,342

 
1,901

 
1,817

 
3,574

 

 
(25
)
 
11,609

Rate-regulated natural gas revenues

 

 
432

 
510

 
116

 

 
(12
)
 
1,046

Shared service and other revenues

 

 

 

 
10

 
1,410

 
(1,415
)
 
5

Total operating revenues
$
14,280

 
$
4,342

 
$
2,333

 
$
2,327

 
$
3,700

 
$
1,410

 
$
(2,296
)
 
$
26,096

2018
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Competitive businesses electric revenues
$
13,190

 
$

 
$

 
$

 
$

 
$

 
$
(969
)
 
$
12,221

Competitive businesses natural gas revenues
1,839

 

 

 

 

 

 
(8
)
 
1,831

Competitive businesses other revenues
339

 

 

 

 

 

 
(4
)
 
335

Rate-regulated electric revenues

 
4,508

 
1,893

 
1,850

 
3,549

 

 
(34
)
 
11,766

Rate-regulated natural gas revenues

 

 
382

 
519

 
129

 

 
(13
)
 
1,017

Shared service and other revenues

 

 

 

 
10

 
1,398

 
(1,408
)
 

Total operating revenues
$
15,368

 
$
4,508

 
$
2,275

 
$
2,369

 
$
3,688

 
$
1,398

 
$
(2,436
)
 
$
27,170

Shared service and other revenues
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Intersegment revenues(d):
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2019
$
844

 
$
13

 
$
4

 
$
18

 
$
11

 
$
1,410

 
$
(2,300
)
 
$

2018
981

 
23

 
5

 
18

 
11

 
1,392

 
(2,430
)
 

Depreciation and amortization:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2019
$
1,221

 
$
767

 
$
247

 
$
368

 
$
562

 
$
72

 
$

 
$
3,237

2018
1,383

 
696

 
224

 
358

 
555

 
68

 

 
3,284

Operating expenses:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2019
$
13,333

 
$
3,431

 
$
1,783

 
$
1,936

 
$
3,106

 
$
1,405

 
$
(2,291
)
 
$
22,703

2018
14,475

 
3,610

 
1,853

 
2,005

 
3,165

 
1,395

 
(2,467
)
 
24,036

Interest expense, net:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2019
$
336

 
$
268

 
$
100

 
$
89

 
$
197

 
$
231

 
$

 
$
1,221

2018
305

 
261

 
96

 
78

 
193

 
205

 

 
1,138

 
Generation(a)
 
ComEd
 
PECO
 
BGE
 
PHI
 
Other(b)
 
Intersegment
Eliminations
 
Exelon
Income (loss) before income taxes:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2019
$
1,355

 
$
674

 
$
461

 
$
320

 
$
436

 
$
(218
)
 
$

 
$
3,028

2018
800

 
663

 
331

 
301

 
363

 
(195
)
 

 
2,263

Income Taxes:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2019
$
388

 
$
130

 
$
51

 
$
59

 
$
25

 
$
(27
)
 
$

 
$
626

2018
110

 
140

 
(5
)
 
59

 
28

 
(70
)
 

 
262

Net income (loss):
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2019
$
784

 
$
544

 
$
410

 
$
261

 
$
412

 
$
(191
)
 
$

 
$
2,220

2018
667

 
523

 
336

 
242

 
336

 
(125
)
 

 
1,979

Capital Expenditures
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2019
$
1,282

 
$
1,413

 
$
675

 
$
842

 
$
1,006

 
$
41

 
$

 
$
5,259

2018
1,660

 
1,540

 
615

 
667

 
988

 
27

 

 
5,497

Total assets:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
September 30, 2019
$
47,984

 
$
32,326

 
$
11,379

 
$
10,304

 
$
22,576

 
$
8,254

 
$
(10,085
)
 
$
122,738

December 31, 2018
47,556

 
31,213

 
10,642

 
9,716

 
21,984

 
8,355

 
(9,800
)
 
119,666

__________
(a)
Intersegment revenues for Generation in 2019 include revenue from sales to PECO of $123 million, sales to BGE of $199 million, sales to Pepco of $188 million, sales to DPL of $50 million and sales to ACE of $16 million in the Mid-Atlantic region, and sales to ComEd of $266 million in the Midwest region, which eliminate upon consolidation. Intersegment revenues for Generation in 2018 include revenue from sales to PECO of $97 million, sales to BGE of $198 million, sales to Pepco of $143 million, sales to DPL of $103 million and sales to ACE of $21 million in the Mid-Atlantic region, and sales to ComEd of $419 million in the Midwest region, which eliminate upon consolidation.
(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 17Supplemental 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):
 
 
 
 
 
 
 
 
 
 
 
2019
 
 
 
 
 
 
 
 
 
 
 
Rate-regulated electric revenues
$
1,748

 
$
871

 
$
966

 
$
(1
)
 
$
(10
)
 
$
3,574

Rate-regulated natural gas revenues

 
116

 

 

 

 
116

Shared service and other revenues

 

 

 
298

 
(288
)
 
10

Total operating revenues
$
1,748

 
$
987

 
$
966

 
$
297

 
$
(298
)
 
$
3,700

2018
 
 
 
 
 
 
 
 
 
 
 
Rate-regulated electric revenues
$
1,708

 
$
872

 
$
981

 
$

 
$
(12
)
 
$
3,549

Rate-regulated natural gas revenues

 
129

 

 

 

 
129

Shared service and other revenues

 

 

 
326

 
(316
)
 
10

Total operating revenues
$
1,708

 
$
1,001

 
$
981

 
$
326

 
$
(328
)
 
$
3,688

Intersegment revenues:
 
 
 
 
 
 
 
 
 
 
 
2019
$
5

 
$
5

 
$
2

 
$
297

 
$
(298
)
 
$
11

2018
5

 
6

 
2

 
325

 
(327
)
 
11

Depreciation and amortization:
 
 
 
 
 
 
 
 
 
 
 
2019
$
281

 
$
138

 
$
114

 
$
29

 
$

 
$
562

2018
286

 
135

 
107

 
27

 

 
555

Operating expenses:
 
 
 
 
 
 
 
 
 
 
 
2019
$
1,444

 
$
820

 
$
838

 
$
302

 
$
(298
)
 
$
3,106

2018
1,454

 
859

 
847

 
329

 
(324
)
 
3,165

Interest expense, net:
 
 
 
 
 
 
 
 
 
 
 
2019
$
100

 
$
45

 
$
44

 
$
8

 
$

 
$
197

2018
96

 
42

 
48

 
7

 

 
193

Income (loss) before income taxes:
 
 
 
 
 
 
 
 
 
 
 
2019
$
226

 
$
132

 
$
89

 
$
411

 
$
(422
)
 
$
436

2018
181

 
107

 
88

 
326

 
(339
)
 
363

Income Taxes:
 
 
 
 
 
 
 
 
 
 
 
2019
$
9

 
$
16

 
$
2

 
$
(1
)
 
$
(1
)
 
$
25

2018
7

 
17

 
12

 
(8
)
 

 
28

Net income (loss):
 
 
 
 
 
 
 
 
 
 
 
2019
$
217

 
$
116

 
$
87

 
$
(19
)
 
$
11

 
$
412

2018
174

 
90

 
76

 
(15
)
 
11

 
336

Capital Expenditures
 
 
 
 
 
 
 
 
 
 
 
2019
$
455

 
$
245

 
$
300

 
$
6

 
$

 
$
1,006

2018
475

 
254

 
247

 
12

 

 
988

Total assets:
 
 
 
 
 
 
 
 
 
 
 
September 30, 2019
$
8,603

 
$
4,724

 
$
3,916

 
$
11,071

 
$
(5,738
)
 
$
22,576

December 31, 2018
8,299

 
4,588

 
3,699

 
10,819

 
(5,421
)
 
21,984


__________
(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 17Supplemental 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.
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):
 
Nine Months Ended September 30, 2019
 
Revenues from external customers(a)
 
Intersegment
Revenues
 
Total
Revenues
 
Contracts with customers
 
Other(b)
 
Total
 
 
Mid-Atlantic
$
3,798

 
$
9

 
$
3,807

 
$
2

 
$
3,809

Midwest
3,083

 
172

 
3,255

 
(31
)
 
3,224

New York
1,195

 
16

 
1,211

 

 
1,211

ERCOT
594

 
198

 
792

 
13

 
805

Other Power Regions
2,849

 
451

 
3,300

 
(46
)
 
3,254

Total Competitive Businesses Electric Revenues
11,519

 
846

 
12,365

 
(62
)
 
12,303

Competitive Businesses Natural Gas Revenues
1,041

 
438

 
1,479

 
62

 
1,541

Competitive Businesses Other Revenues(c)
343

 
93

 
436

 

 
436

Total Generation Consolidated Operating Revenues
$
12,903

 
$
1,377

 
$
14,280

 
$

 
$
14,280


 
Nine Months Ended September 30, 2018
 
Revenues from external customers(a)
 
Intersegment
revenues
 
Total
Revenues
 
Contracts with customers
 
Other(b)
 
Total
 
 
Mid-Atlantic
$
3,971

 
$
191

 
$
4,162

 
$
17

 
$
4,179

Midwest
3,432

 
169

 
3,601

 
(8
)
 
3,593

New York
1,305

 
(37
)
 
1,268

 
1

 
1,269

ERCOT
470

 
459

 
929

 
1

 
930

Other Power Regions
2,656

 
574

 
3,230

 
(116
)
 
3,114

Total Competitive Businesses Electric Revenues
11,834

 
1,356

 
13,190

 
(105
)
 
13,085

Competitive Businesses Natural Gas Revenues
1,016

 
823

 
1,839

 
105

 
1,944

Competitive Businesses Other Revenues(c)
385

 
(46
)
 
339

 

 
339

Total Generation Consolidated Operating Revenues
$
13,235

 
$
2,133

 
$
15,368

 
$

 
$
15,368

__________
(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 $64 million and losses of $96 million in 2019 and 2018, respectively, and elimination of intersegment revenues.
Revenues net of purchased power and fuel expense (Generation):
 
Nine Months Ended September 30, 2019
 
Nine Months Ended September 30, 2018
 
RNF
from external
customers(a)
 
Intersegment
RNF
 
Total RNF
 
RNF
from external
customers(a)
 
Intersegment
RNF
 
Total RNF
Mid-Atlantic
$
2,007

 
$
16

 
$
2,023

 
$
2,303

 
$
45

 
$
2,348

Midwest
2,269

 
(22
)
 
2,247

 
2,381

 
19

 
2,400

New York
800

 
10

 
810

 
832

 
9

 
841

ERCOT
252

 
(27
)
 
225

 
396

 
(180
)
 
216

Other Power Regions
542

 
(64
)
 
478

 
740

 
(133
)
 
607

Total Revenues net of purchased power and fuel expense for Reportable Segments
5,870


(87
)

5,783


6,652


(240
)

6,412

Other(b)
262

 
87

 
349

 
164

 
240

 
404

Total Generation Revenues net of purchased power and fuel expense
$
6,132


$


$
6,132


$
6,816


$


$
6,816

__________
(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 losses of $84 million and $104 million in 2019 and 2018, respectively, accelerated nuclear fuel amortization associated with announced early plant retirements as discussed in Note 8Early Plant Retirements of $13 million and $53 million decrease to RNF in 2019 and 2018, respectively, and the elimination of intersegment RNF.
Electric and Gas Revenue by Customer Class (Utility Registrants):
 
Nine Months Ended September 30, 2019
Revenues from contracts with customers
ComEd
 
PECO
 
BGE
 
PHI
 
Pepco
 
DPL
 
ACE
Rate-regulated electric revenues
 
 
 
 
 
 
 
 
 
 
 
 
 
Residential
$
2,221

 
$
1,231

 
$
1,019

 
$
1,816

 
$
792

 
$
499

 
$
525

Small commercial & industrial
1,103

 
304

 
193

 
387

 
114

 
141

 
132

Large commercial & industrial
399

 
163

 
335

 
843

 
633

 
75

 
135

Public authorities & electric railroads
35

 
23

 
20

 
47

 
27

 
10

 
10

Other(a)
660

 
186

 
242

 
481

 
166

 
151

 
164

Total rate-regulated electric revenues(b)
4,418

 
1,907

 
1,809

 
3,574

 
1,732

 
876

 
966

Rate-regulated natural gas revenues
 
 
 
 
 
 
 
 
 
 
 
 
 
Residential

 
285

 
327

 
64

 

 
64

 

Small commercial & industrial

 
122

 
55

 
30

 

 
30

 

Large commercial & industrial

 
1

 
93

 
4

 

 
4

 

Transportation

 
18

 

 
11

 

 
11

 

Other(c)

 
5

 
19

 
6

 

 
6

 

Total rate-regulated natural gas revenues(d)

 
431

 
494

 
115

 

 
115

 

Total rate-regulated revenues from contracts with customers
4,418

 
2,338

 
2,303

 
3,689

 
1,732

 
991

 
966

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Other revenues
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenues from alternative revenue programs
(98
)
 
(16
)
 
11

 
4

 
10

 
(6
)
 

Other rate-regulated electric revenues(e)
22

 
10

 
10

 
7

 
6

 
1

 

Other rate-regulated natural gas revenues(e)

 
1

 
3

 

 

 
1

 

Total other revenues
(76
)
 
(5
)
 
24

 
11

 
16

 
(4
)
 

Total rate-regulated revenues for reportable segments
$
4,342

 
$
2,333

 
$
2,327

 
$
3,700

 
$
1,748

 
$
987

 
$
966

 
Nine Months Ended September 30, 2018
Revenues from contracts with customers
ComEd
 
PECO
 
BGE
 
PHI
 
Pepco
 
DPL
 
ACE
Rate-regulated electric revenues
 
 
 
 
 
 
 
 
 
 
 
 
 
Residential
$
2,277

 
$
1,199

 
$
1,054

 
$
1,839

 
$
792

 
$
513

 
$
534

Small commercial & industrial
1,132

 
306

 
196

 
370

 
104

 
138

 
128

Large commercial & industrial
411

 
174

 
325

 
845

 
632

 
74

 
139

Public authorities & electric railroads
36

 
21

 
21

 
44

 
24

 
10

 
10

Other(a)
656

 
181

 
246

 
446

 
145

 
129

 
174

Total rate-regulated electric revenues(b)
4,512

 
1,881

 
1,842

 
3,544

 
1,697

 
864

 
985

Rate-regulated natural gas revenues
 
 
 
 
 
 
 
 
 
 
 
 
 
Residential

 
259

 
345

 
68

 

 
68

 

Small commercial & industrial

 
102

 
55

 
31

 

 
31

 

Large commercial & industrial

 
1

 
88

 
7

 

 
7

 

Transportation

 
16

 

 
12

 

 
12

 

Other(c)

 
4

 
49

 
11

 

 
11

 

Total rate-regulated natural gas revenues(d)

 
382

 
537

 
129

 

 
129

 

Total rate-regulated revenues from contracts with customers
4,512

 
2,263

 
2,379

 
3,673

 
1,697

 
993

 
985

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Other revenues
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenues from alternative revenue programs
(27
)
 
2

 
(23
)
 
7

 
6

 
5

 
(4
)
Other rate-regulated electric revenues(e)
23

 
10

 
10

 
8

 
5

 
3

 

Other rate-regulated natural gas revenues(e)

 

 
3

 

 

 

 

Total other revenues
(4
)
 
12

 
(10
)
 
15

 
11

 
8

 
(4
)
Total rate-regulated revenues for reportable segments
$
4,508

 
$
2,275

 
$
2,369

 
$
3,688

 
$
1,708

 
$
1,001

 
$
981


__________
(a)
Includes revenues from transmission revenue from PJM, wholesale electric revenue and mutual assistance revenue.
(b)
Includes operating revenues from affiliates of $13 million, $4 million, $5 million, $11 million, $5 million, $5 million and $2 million at ComEd, PECO, BGE, PHI, Pepco, DPL and ACE, respectively, in 2019 and $23 million, $5 million, $5 million, $11 million $5 million, $6 million and $2 million at ComEd, PECO, BGE, PHI, Pepco, DPL and ACE, respectively, in 2018.
(c)
Includes revenues from off-system natural gas sales.
(d)
Includes operating revenues from affiliates of less than $1 million and $13 million at PECO and BGE in 2019 and 2018, respectively.
(e)
Includes late payment charge revenues.