Revenue from Contracts with Customers (All Registrants)

3 Months Ended

Mar. 31, 2021

Revenue from Contract with Customer [Abstract]

Revenue from Contracts with Customers [Text Block]

Revenue from Contracts with Customers (All Registrants)

The Registrants recognize revenue from contracts with customers to depict the transfer of goods or services to customers at an amount that the entities expect to be entitled to in exchange for those goods or services. Generation’s primary sources of revenue include competitive sales of power, natural gas, and other energy-related products and services. The Utility Registrants’ primary sources of revenue include regulated electric and gas tariff sales, distribution, and transmission services.

See Note 4 — Revenue from Contracts with Customers of the Exelon 2020 Form 10-K for additional information regarding the primary sources of revenue for the Registrants.

Contract Balances (All Registrants)

Contract Assets

Generation records contract assets for the revenue recognized on the construction and installation of energy efficiency assets and new power generating facilities before Generation has an unconditional right to bill for and receive the consideration from the customer. These contract assets are subsequently reclassified to receivables when the right to payment becomes unconditional. Generation records contract assets and contract receivables within Other current assets and Customer accounts receivable, net, respectively, within Exelon’s and Generation’s Consolidated Balance Sheets.

The following table provides a rollforward of the contract assets reflected in Exelon's and Generation's Consolidated Balance Sheets for the three months ended March 31, 2021 and 2020. The Utility Registrants do not have any contract assets.

	Exelon		Generation
Balance as of December 31, 2020	$	144	$	144
Amounts reclassified to receivables	(16)		(16)
Revenues recognized	13		13
Amounts previously held-for-sale	12		12
Balance as of March 31, 2021	$	153	$	153
	Exelon		Generation
Balance as of December 31, 2019	$	174	$	174
Amounts reclassified to receivables	(19)		(19)
Revenues recognized	17		17
Balance as of March 31, 2020	$	172	$	172

Contract Liabilities

The Registrants record contract liabilities when consideration is received or due prior to the satisfaction of the performance obligations. The Registrants record contract liabilities within Other current liabilities and Other noncurrent liabilities within the Registrants' Consolidated Balance Sheets.

For Generation, these contract liabilities primarily relate to upfront consideration received or due for equipment service plans, and the Illinois ZEC program that introduces a cap on the total consideration to be received by Generation.

For PHI, Pepco, DPL, and ACE these contract liabilities primarily relate to upfront consideration received in the third quarter of 2020 for a collaborative arrangement with an unrelated owner and manager of communication infrastructure. The revenue attributable to this arrangement will be recognized as operating revenue over the 35 years under the collaborative arrangement.

The following table provides a rollforward of the contract liabilities reflected in Exelon's, Generation's, PHI's, Pepco's, DPL's, and ACE's Consolidated Balance Sheets for the three months ended March 31, 2021 and 2020. As of March 31, 2021 and December 31, 2020, ComEd's, PECO's, and BGE's contract liabilities were immaterial.

	Exelon		Generation		PHI		Pepco		DPL		ACE
Balance as of December 31, 2020	$	151	$	84	$	118	$	94	$	12	$	12
Consideration received or due	20		31		—		—		—		—
Revenues recognized	(27)		(64)		(2)		(2)		—		—
Amounts previously held-for-sale	3		3		—		—		—		—
Balance as of March 31, 2021	$	147	$	54	$	116	$	92	$	12	$	12
	Exelon		Generation		PHI		Pepco		DPL		ACE
Balance as of December 31, 2019	$	33	$	71	$	—	$	—	$	—	$	—
Consideration received or due	20		55		—		—		—		—
Revenues recognized	(24)		(70)		—		—		—		—
Balance as of March 31, 2020	$	29	$	56	$	—	$	—	$	—	$	—

The following table reflects revenues recognized in the three months ended March 31, 2021 and 2020, which were included in contract liabilities at December 31, 2020 and 2019, respectively:

	Three Months Ended March 31,
	2021		2020
Exelon	$	17	$	9
Generation	39		19
PHI	2		—
Pepco	2		—

Transaction Price Allocated to Remaining Performance Obligations (All Registrants)

The following table shows the amounts of future revenues expected to be recorded in each year for performance obligations that are unsatisfied or partially unsatisfied as of March 31, 2021. This disclosure only includes contracts for which the total consideration is fixed and determinable at contract inception. The average contract term varies by customer type and commodity but ranges from one month to several years.

This disclosure excludes Generation's power and gas sales contracts as they contain variable volumes and/or variable pricing. This disclosure also excludes the Utility Registrants' gas and electric tariff sales contracts and transmission revenue contracts as they generally have an original expected duration of one year or less and, therefore, do not contain any future, unsatisfied performance obligations to be included in this disclosure.

	2021		2022		2023		2024		2025 and thereafter		Total
Exelon	$	233	$	100	$	56	$	41	$	330	$	760
Generation	286		131		56		35		243		751
PHI	7		8		8		6		87		116
Pepco	5		6		6		5		70		92
DPL	1		1		1		—		9		12
ACE	1		1		1		1		8		12

Revenue Disaggregation (All Registrants)

The Registrants disaggregate 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. See Note 5 — Segment Information for the presentation of the Registrant's revenue disaggregation.