Segment Information (All Registrants)

12 Months Ended

Dec. 31, 2020

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 NYISO.

•ERCOT represents operations within Electric Reliability Council of Texas.

•Other Power Regions:

•New England represents 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 CAISO.

•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.

An analysis and reconciliation of the Registrants’ reportable segment information to the respective information in the consolidated financial statements for the years ended December 31, 2020, 2019, and 2018 is as follows:

	Generation		ComEd		PECO		BGE		PHI		Other(a)		Intersegment Eliminations		Exelon
Operating revenues(b):
2020
Competitive businesses electric revenues	$	15,060	$	—	$	—	$	—	$	—	$	—	$	(1,196)	$	13,864
Competitive businesses natural gas revenues	2,003		—		—		—		—		—		(3)		2,000
Competitive businesses other revenues	540		—		—		—		—		—		(4)		536
Rate-regulated electric revenues	—		5,904		2,543		2,336		4,485		—		(61)		15,207
Rate-regulated natural gas revenues	—		—		515		762		162		—		(7)		1,432
Shared service and other revenues	—		—		—		—		16		2,035		(2,051)		—
Total operating revenues	$	17,603	$	5,904	$	3,058	$	3,098	$	4,663	$	2,035	$	(3,322)	$	33,039
2019
Competitive businesses electric revenues	$	16,285	$	—	$	—	$	—	$	—	$	—	$	(1,165)	$	15,120
Competitive businesses natural gas revenues	2,148		—		—		—		—		—		(1)		2,147
Competitive businesses other revenues	491		—		—		—		—		—		(4)		487
Rate-regulated electric revenues	—		5,747		2,490		2,379		4,626		—		(47)		15,195
Rate-regulated natural gas revenues	—		—		610		727		167		—		(15)		1,489
Shared service and other revenues	—		—		—		—		13		1,921		(1,934)		—
Total operating revenues	$	18,924	$	5,747	$	3,100	$	3,106	$	4,806	$	1,921	$	(3,166)	$	34,438

	Generation		ComEd		PECO		BGE		PHI		Other(a)		Intersegment Eliminations		Exelon
2018
Competitive businesses electric revenues	$	17,411	$	—	$	—	$	—	$	—	$	—	$	(1,256)	$	16,155
Competitive businesses natural gas revenues	2,718		—		—		—		—		—		(8)		2,710
Competitive businesses other revenues	308		—		—		—		—		—		(5)		303
Rate-regulated electric revenues	—		5,882		2,470		2,428		4,602		—		(45)		15,337
Rate-regulated natural gas revenues	—		—		568		741		181		—		(20)		1,470
Shared service and other revenues	—		—		—		—		15		1,948		(1,960)		3
Total operating revenues	$	20,437	$	5,882	$	3,038	$	3,169	$	4,798	$	1,948	$	(3,294)	$	35,978
Intersegment revenues(c):
2020	$	1,211	$	37	$	9	$	20	$	17	$	2,024	$	(3,314)	$	4
2019	1,172		30		6		26		14		1,913		(3,159)		2
2018	1,269		27		8		29		15		1,942		(3,289)		1
Depreciation and amortization:
2020	$	2,123	$	1,133	$	347	$	550	$	782	$	79	$	—	$	5,014
2019	1,535		1,033		333		502		754		95		—		4,252
2018	1,797		940		301		483		740		92		—		4,353
Operating expenses:
2020	$	17,358	$	4,950	$	2,512	$	2,598	$	4,045	$	2,047	$	(3,270)	$	30,240
2019	17,628		4,580		2,388		2,574		4,084		1,996		(3,154)		30,096
2018	19,510		4,741		2,452		2,696		4,156		1,929		(3,341)		32,143
Interest expense, net:
2020	$	357	$	382	$	147	$	133	$	268	$	351	$	(3)	$	1,635
2019	429		359		136		121		263		308		—		1,616
2018	432		347		129		106		261		279		—		1,554
Income (loss) before income taxes:
2020	$	836	$	615	$	417	$	390	$	418	$	(343)	$	—	$	2,333
2019	1,917		851		593		439		514		(327)		(2)		3,985
2018	365		832		466		387		425		(249)		(1)		2,225
Income taxes:
2020	$	249	$	177	$	(30)	$	41	$	(77)	$	13	$	—	$	373
2019	516		163		65		79		38		(87)		—		774
2018	(108)		168		6		74		33		(55)		—		118
Net income (loss):
2020	$	579	$	438	$	447	$	349	$	495	$	(354)	$	—	$	1,954
2019	1,217		688		528		360		477		(240)		(2)		3,028

	Generation		ComEd		PECO		BGE		PHI		Other(a)		Intersegment Eliminations		Exelon
2018	443		664		460		313		393		(193)		(1)		2,079
Capital expenditures:
2020	$	1,747	$	2,217	$	1,147	$	1,247	$	1,604	$	86	$	—	$	8,048
2019	1,845		1,915		939		1,145		1,355		49		—		7,248
2018	2,242		2,126		849		959		1,375		43		—		7,594
Total assets:
2020	$	48,094	$	34,466	$	12,531	$	11,650	$	23,736	$	9,005	$	(10,165)	$	129,317
2019	48,995		32,765		11,469		10,634		22,719		8,484		(10,089)		124,977

__________

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

(c)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. See Note 25 - Related Party Transactions for additional information on intersegment revenues.

PHI:

	Pepco		DPL		ACE		Other(a)		Intersegment Eliminations		PHI
Operating revenues(b):
2020
Rate-regulated electric revenues	$	2,149	$	1,109	$	1,245	$	—	$	(18)	$	4,485
Rate-regulated natural gas revenues	—		162		—		—		—		162
Shared service and other revenues	—		—		—		372		(356)		16
Total operating revenues	$	2,149	$	1,271	$	1,245	$	372	$	(374)	$	4,663
2019
Rate-regulated electric revenues	$	2,260	$	1,139	$	1,240	$	—	$	(13)	$	4,626
Rate-regulated natural gas revenues	—		167		—		—		—		167
Shared service and other revenues	—		—		—		396		(383)		13
Total operating revenues	$	2,260	$	1,306	$	1,240	$	396	$	(396)	$	4,806
2018
Rate-regulated electric revenues	$	2,232	$	1,151	$	1,236	$	—	$	(17)	$	4,602
Rate-regulated natural gas revenues	—		181		—		—		—		181
Shared service and other revenues	—		—		—		435		(420)		15
Total operating revenues	$	2,232	$	1,332	$	1,236	$	435	$	(437)	$	4,798
Intersegment revenues(c):
2020	$	7	$	9	$	4	$	372	$	(375)	$	17
2019	5		7		3		396		(397)		14
2018	6		8		3		435		(437)		15
Depreciation and amortization:
2020	$	377	$	191	$	180	$	34	$	—	$	782
2019	374		184		157		39		—		754
2018	385		182		136		37		—		740
Operating expenses:
2020	$	1,799	$	1,120	$	1,123	$	378	$	(375)	$	4,045
2019	1,899		1,089		1,089		403		(396)		4,084
2018	1,919		1,143		1,087		442		(435)		4,156
Interest expense, net:
2020	$	138	$	61	$	59	$	10	$	—	$	268
2019	133		61		58		10		1		263
2018	128		58		64		11		—		261
Income (loss) before income taxes:
2020	$	259	$	100	$	71	$	(12)	$	—	$	418
2019(d)	259		169		99		(13)		—		514
2018(d)	216		142		87		(20)		—		425
Income taxes:
2020	$	(7)	$	(25)	$	(41)	$	(4)	$	—	$	(77)
2019	16		22		—		—		—		38
2018	11		22		12		(12)		—		33

	Pepco		DPL		ACE		Other(a)		Intersegment Eliminations		PHI
Net income (loss):
2020	$	266	$	125	$	112	$	(8)	$	—	$	495
2019	243		147		99		(12)		—		477
2018	205		120		75		(7)		—		393
Capital expenditures:
2020	$	773	$	424	$	401	$	6	$	—	$	1,604
2019	626		348		375		6		—		1,355
2018	656		364		335		20		—		1,375
Total assets:
2020	$	9,264	$	5,140	$	4,286	$	5,079	$	(33)	$	23,736
2019(d)	8,661		4,830		3,933		5,335		(40)		22,719

__________

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

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

(d)The Income (loss) before income taxes in Other and Intersegment Eliminations have been adjusted by an offsetting $489 million and $408 million in 2019 and 2018, respectively, and Total assets amounts in Other and Intersegment Eliminations have been adjusted by an offsetting $5.7 billion in 2019 for consistency with the Exelon consolidating disclosure above.

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):

	2020
	Revenues from external customers(a)
	Contracts with customers		Other(b)		Total		Intersegment Revenues		Total Revenues
Mid-Atlantic	$	4,785	$	(168)	$	4,617	$	28	$	4,645
Midwest	3,717		312		4,029		(5)		4,024
New York	1,444		(12)		1,432		(1)		1,431
ERCOT	735		198		933		25		958
Other Power Regions	3,586		463		4,049		(47)		4,002
Total Competitive Businesses Electric Revenues	$	14,267	$	793	$	15,060	$	—	$	15,060
Competitive Businesses Natural Gas Revenues	1,283		720		2,003		—		2,003
Competitive Businesses Other Revenues(c)	355		185		540		—		540
Total Generation Consolidated Operating Revenues	$	15,905	$	1,698	$	17,603	$	—	$	17,603

	2019
	Revenues from external customers(a)
	Contracts with customers		Other(b)		Total		Intersegment Revenues		Total Revenues
Mid-Atlantic	$	5,053	$	17	$	5,070	$	4	$	5,074
Midwest	4,095		232		4,327		(34)		4,293
New York	1,571		25		1,596		—		1,596
ERCOT	768		229		997		16		1,013
Other Power Regions	3,687		608		4,295		(49)		4,246
Total Competitive Businesses Electric Revenues	$	15,174	$	1,111	$	16,285	$	(63)	$	16,222
Competitive Businesses Natural Gas Revenues	1,446		702		2,148		62		2,210
Competitive Businesses Other Revenues(c)	440		51		491		1		492
Total Generation Consolidated Operating Revenues	$	17,060	$	1,864	$	18,924	$	—	$	18,924

	2018
	Revenues from external customers(a)
	Contracts with customers		Other(b)		Total		Intersegment Revenues		Total Revenues
Mid-Atlantic	$	5,241	$	233	$	5,474	$	13	$	5,487
Midwest	4,527		190		4,717		(11)		4,706
New York	1,723		(36)		1,687		—		1,687
ERCOT	572		560		1,132		1		1,133
Other Power Regions	3,530		871		4,401		(66)		4,335
Total Competitive Businesses Electric Revenues	$	15,593	$	1,818	$	17,411	$	(63)	$	17,348
Competitive Businesses Natural Gas Revenues	1,524		1,194		2,718		62		2,780
Competitive Businesses Other Revenues(c)	510		(202)		308		1		309
Total Generation Consolidated Operating Revenues	$	17,627	$	2,810	$	20,437	$	—	$	20,437

__________

(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)Represents activities not allocated to a region. See text above for a description of included activities. Includes unrealized mark-to-market gains of $110 million and losses of $4 million and $262 million for the years ended December 31, 2020, 2019, and 2018, respectively, and the elimination of intersegment revenues.

Revenues net of purchased power and fuel expense (Generation):

	2020						2019						2018
	RNF from external customers(a)		Intersegment RNF		Total RNF		RNF from external customers(a)		Intersegment RNF		Total RNF		RNF from external customers(a)		Intersegment RNF		Total RNF
Mid-Atlantic	$	2,174	$	30	$	2,204	$	2,637	$	18	$	2,655	$	3,022	$	51	$	3,073
Midwest	2,902		—		2,902		2,994		(32)		2,962		3,112		23		3,135
New York	983		14		997		1,081		13		1,094		1,112		10		1,122
ERCOT	407		19		426		338		(30)		308		501		(243)		258
Other Power Regions	759		(94)		665		694		(74)		620		883		(154)		729
Total RNF for Reportable Segments	$	7,225	$	(31)	$	7,194	$	7,744	$	(105)	$	7,639	$	8,630	$	(313)	$	8,317
Other(b)	793		31		824		324		105		429		114		313		427
Total Generation RNF	$	8,018	$	—	$	8,018	$	8,068	$	—	$	8,068	$	8,744	$	—	$	8,744

__________ 

(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. Primarily includes:

•unrealized mark-to-market gains of $295 million and losses of $215 million and $319 million for the years ended December 31, 2020, 2019, and 2018, respectively;

•accelerated nuclear fuel amortization associated with the announced early plant retirements as discussed in Note 7 - Early Plant Retirements of $60 million, $13 million, and $57 million in for the years ended December 31, 2020, 2019, and 2018, respectively; and

•the elimination of intersegment RNF.

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

	2020
Revenues from contracts with customers	ComEd		PECO		BGE		PHI		Pepco		DPL		ACE
Rate-regulated electric revenues
Residential	$	3,090	$	1,656	$	1,345	$	2,332	$	988	$	652	$	692
Small commercial & industrial	1,399		386		241		472		132		171		169
Large commercial & industrial	515		228		406		1,001		736		89		176
Public authorities & electric railroads	45		29		27		60		34		13		13
Other(a)	884		225		309		613		218		190		207
Total rate-regulated electric revenues(b)	$	5,933	$	2,524	$	2,328	$	4,478	$	2,108	$	1,115	$	1,257
Rate-regulated natural gas revenues
Residential	$	—	$	361	$	504	$	96	$	—	$	96	$	—
Small commercial & industrial	—		126		79		42		—		42		—
Large commercial & industrial	—		—		135		4		—		4		—
Transportation	—		24		—		14		—		14		—
Other(c)	—		4		29		6		—		6		—
Total rate-regulated natural gas revenues(d)	$	—	$	515	$	747	$	162	$	—	$	162	$	—
Total rate-regulated revenues from contracts with customers	$	5,933	$	3,039	$	3,075	$	4,640	$	2,108	$	1,277	$	1,257
Other revenues
Revenues from alternative revenue programs	$	(47)	$	16	$	16	$	21	$	40	$	(7)	$	(12)
Other rate-regulated electric revenues(e)	18		3		5		2		1		1		—
Other rate-regulated natural gas revenues(e)	—		—		2		—		—		—		—
Total other revenues	$	(29)	$	19	$	23	$	23	$	41	$	(6)	$	(12)
Total rate-regulated revenues for reportable segments	$	5,904	$	3,058	$	3,098	$	4,663	$	2,149	$	1,271	$	1,245

	2019
Revenues from contracts with customers	ComEd		PECO		BGE		PHI		Pepco		DPL		ACE
Rate-regulated electric revenues
Residential	$	2,916	$	1,596	$	1,326	$	2,316	$	1,012	$	645	$	659
Small commercial & industrial	1,463		404		254		505		149		186		170
Large commercial & industrial	540		219		436		1,112		833		99		180
Public authorities & electric railroads	47		29		27		61		34		14		13
Other(a)	888		249		321		650		227		204		218
Total rate-regulated electric revenues(b)	$	5,854	$	2,497	$	2,364	$	4,644	$	2,255	$	1,148	$	1,240
Rate-regulated natural gas revenues
Residential	$	—	$	409	$	474	$	96	$	—	$	96	$	—
Small commercial & industrial	—		169		77		44		—		45		—
Large commercial & industrial	—		1		132		5		—		5		—
Transportation	—		25		—		14		—		14		—
Other(c)	—		6		31		7		—		7		—
Total rate-regulated natural gas revenues(d)	$	—	$	610	$	714	$	166	$	—	$	167	$	—
Total rate-regulated revenues from contracts with customers	$	5,854	$	3,107	$	3,078	$	4,810	$	2,255	$	1,315	$	1,240
Other revenues
Revenues from alternative revenue programs	$	(133)	$	(21)	$	12	$	(14)	$	(3)	$	(11)	$	—
Other rate-regulated electric revenues(e)	26		13		12		10		8		2		—
Other rate-regulated natural gas revenues(e)	—		1		4		—		—		—		—
Total other revenues	$	(107)	$	(7)	$	28	$	(4)	$	5	$	(9)	$	—
Total rate-regulated revenues for reportable segments	$	5,747	$	3,100	$	3,106	$	4,806	$	2,260	$	1,306	$	1,240

	2018
Revenues from contracts with customers	ComEd		PECO		BGE		PHI		Pepco		DPL		ACE
Rate-regulated electric revenues
Residential	$	2,942	$	1,566	$	1,382	$	2,351	$	1,021	$	669	$	661
Small commercial & industrial	1,487		404		257		488		140		186		162
Large commercial & industrial	538		223		429		1,124		846		100		178
Public authorities & electric railroads	47		28		28		58		32		14		12
Other(a)	867		243		327		593		193		175		227
Total rate-regulated electric revenues(b)	$	5,881	$	2,464	$	2,423	$	4,614	$	2,232	$	1,144	$	1,240
Rate-regulated natural gas revenues
Residential	$	—	$	395	$	491	$	99	$	—	$	99	$	—
Small commercial & industrial	—		143		77		44		—		44		—
Large commercial & industrial	—		1		124		8		—		8		—
Transportation	—		23		—		16		—		16		—
Other(c)	—		6		63		13		—		13		—
Total rate-regulated natural gas revenues(d)	$	—	$	568	$	755	$	180	$	—	$	180	$	—
Total rate-regulated revenues from contracts with customers	$	5,881	$	3,032	$	3,178	$	4,794	$	2,232	$	1,324	$	1,240
Other revenues
Revenues from alternative revenue programs	$	(29)	$	(7)	$	(26)	$	(7)	$	(7)	$	4	$	(4)
Other rate-regulated electric revenues(e)	30		12		13		10		7		3		—
Other rate-regulated natural gas revenues(e)	—		1		4		1		—		1		—
Total other revenues	$	1	$	6	$	(9)	$	4	$	—	$	8	$	(4)
Total rate-regulated revenues for reportable segments	$	5,882	$	3,038	$	3,169	$	4,798	$	2,232	$	1,332	$	1,236

__________

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

(b)Includes operating revenues from affiliates in 2020, 2019, and 2018 respectively of:

•$37 million, $30 million, and $27 million at ComEd

•$8 million, $5 million, and $7 million at PECO

•$10 million, $8 million, and $8 million at BGE

•$17 million, $14 million, and $15 million at PHI

•$7 million, $5 million, and $6 million at Pepco

•$9 million, $7 million, and $8 million at DPL

•$4 million, $3 million, and $3 million at ACE

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

(d)Includes operating revenues from affiliates in 2020, 2019, and 2018 respectively of:

•$1 million, $1 million, and $1 million at PECO

•$10 million, $18 million, and $21 million at BGE

(e)Includes late payment charge revenues.