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Consolidated Balance Sheets - USD ($)
$ in Millions
Dec. 31, 2021
Dec. 31, 2020
Current assets    
Cash and cash equivalents $ 1,182 $ 663
Restricted cash and cash equivalents 393 438
Accounts receivable    
Customer accounts receivable 3,913 3,597
Customer allowance for credit losses (375) (366)
Customer accounts receivable, net 3,538 3,231
Other accounts receivable 1,664 1,469
Other allowance for credit losses (76) (71)
Other accounts receivable, net 1,588 1,398
Mark-to-market derivative assets, current 2,169 644
Inventories, net    
Fossil fuel and emission allowances 389 297
Materials and supplies 1,480 1,425
Regulatory assets, current 1,296 1,228
Renewable energy credits, current 529 633
Assets held for sale 13 958
Other 1,380 1,647
Total current assets 13,957 12,562
Accumulated depreciation and amortization 30,318 26,727
Property, plant and equipment, net 84,219 82,584
Deferred debits and other assets    
Regulatory assets, noncurrent 8,224 8,759
Nuclear decommissioning trust funds 15,938 14,464
Investments 443 440
Goodwill 6,677 6,677
Mark-to-market derivative assets, noncurrent 949 555
Other 2,606 3,276
Total deferred debits and other assets 34,837 34,171
Total assets [1] 133,013 129,317
Current liabilities    
Short-term borrowings 3,330 2,031
Long-term debt due within one year 3,373 1,819
Accounts payable 4,136 3,562
Accrued expenses 1,955 2,078
Payables to affiliates, current 5 5
Regulatory liabilities, current 376 581
Mark-to-market derivative liabilities, current 999 295
Unamortized energy contract liabilities, current 91 100
Renewable energy credit obligation 779 661
Liabilities held for sale 3 375
Other 1,064 1,264
Total current liabilities 16,111 12,771
Long-term debt 35,324 35,093
Long-term debt to financing trusts 390 390
Deferred credits and other liabilities    
Deferred income taxes and unamortized investment tax credits 14,194 13,035
Asset retirement obligations, noncurrent 13,090 12,300
Pension obligations 2,990 4,503
Non-pension postretirement benefits obligations 1,687 2,011
Spent nuclear fuel obligation 1,210 1,208
Regulatory liabilities, noncurrent 9,628 9,485
Mark-to-market derivative liabilities, noncurrent 714 473
Unamortized energy contract liabilities, noncurrent 147 238
Other 2,733 2,942
Total deferred credits and other liabilities 46,393 46,195
Total liabilities [1] 98,218 94,449
Commitments and contingencies
Shareholders’ equity    
Common Stock, No Par Value $ 0 $ 0
Common Stock, Shares Authorized 2,000,000,000 2,000,000,000
Common Stock, Shares, Outstanding 979,000,000 976,000,000
Common stock $ 20,324 $ 19,373
Treasury Stock, Shares 2,000,000 2,000,000
Treasury stock, at cost $ (123) $ (123)
Retained earnings/Undistributed earnings (losses) 16,942 16,735
Accumulated other comprehensive loss, net (2,750) (3,400)
Total shareholders’ equity 34,393 32,585
Member’s equity    
Noncontrolling interests 402 2,283
Total equity 34,795 34,868
Total liabilities and equity 133,013 129,317
Variable Interest Entity, Primary Beneficiary [Member]    
Current assets    
Cash and cash equivalents 35 98
Restricted cash and cash equivalents 48 47
Accounts receivable    
Customer accounts receivable, net 24 148
Inventories, net    
Materials and supplies 14 244
Assets held for sale 0 101
Other 405 696
Total current assets 532 1,370
Property, plant and equipment, net 2,027 5,803
Deferred debits and other assets    
Nuclear decommissioning trust funds 0 3,007
Other 215 301
Total assets 2,774 10,481
Current liabilities    
Long-term debt due within one year 70 94
Accounts payable 10 81
Accrued expenses 21 70
Unamortized energy contract liabilities, current 0 4
Liabilities held for sale 0 16
Other 1 5
Total current liabilities 102 270
Long-term debt 822 889
Deferred credits and other liabilities    
Asset retirement obligations, noncurrent 151 2,318
Other 3 129
Total liabilities 1,078 3,606
Variable Interest Entity, Primary Beneficiary [Member] | Asset Pledged as Collateral [Member]    
Deferred debits and other assets    
Total assets 2,549 10,200
Variable Interest Entity, Primary Beneficiary [Member] | Nonrecourse [Member]    
Deferred credits and other liabilities    
Total liabilities 1,077 3,598
Commonwealth Edison Co [Member]    
Current assets    
Cash and cash equivalents 131 83
Restricted cash and cash equivalents 210 279
Accounts receivable    
Customer accounts receivable 647 656
Customer allowance for credit losses (73) (97)
Customer accounts receivable, net 574 559
Other accounts receivable 227 239
Other allowance for credit losses (17) (21)
Other accounts receivable, net 210 218
Receivables from affiliates, current 16 22
Inventories, net    
Inventories, net 170 170
Regulatory assets, current 335 279
Other 76 49
Total current assets 1,722 1,659
Accumulated depreciation and amortization 6,099 5,672
Property, plant and equipment, net 25,995 24,557
Deferred debits and other assets    
Regulatory assets, noncurrent 1,870 1,749
Investments 6 6
Goodwill 2,625 2,625
Receivable from affiliates, noncurrent 2,761 2,541
Prepaid pension asset 1,086 1,022
Other 405 307
Total deferred debits and other assets 8,753 8,250
Total assets 36,470 34,466
Current liabilities    
Short-term borrowings 0 323
Long-term debt due within one year 0 350
Accounts payable 647 683
Accrued expenses 384 390
Payables to affiliates, current 121 96
Customer deposits 99 86
Regulatory liabilities, current 185 289
Mark-to-market derivative liabilities, current 18 33
Other 133 143
Total current liabilities 1,587 2,393
Long-term debt 9,773 8,633
Long-term debt to financing trusts 205 205
Deferred credits and other liabilities    
Deferred income taxes and unamortized investment tax credits 4,685 4,341
Asset retirement obligations, noncurrent 144 126
Non-pension postretirement benefits obligations 169 173
Regulatory liabilities, noncurrent 6,759 6,403
Mark-to-market derivative liabilities, noncurrent 201 268
Other 592 595
Total deferred credits and other liabilities 12,550 11,906
Total liabilities 24,115 23,137
Commitments and contingencies
Shareholders’ equity    
Common Stock, Par or Stated Value Per Share $ 12.50 $ 12.50
Common Stock, Shares Authorized 250,000,000 250,000,000
Common Stock, Shares, Outstanding 127,000,000 127,000,000
Common stock $ 1,588 $ 1,588
Other paid-in capital 9,076 8,285
Retained deficit unappropriated (1,639) (1,639)
Retained earnings appropriated 3,330 3,095
Total shareholders’ equity 12,355 11,329
Member’s equity    
Total liabilities and equity 36,470 34,466
PECO Energy Co [Member]    
Current assets    
Cash and cash equivalents 36 19
Restricted cash and cash equivalents 8 7
Accounts receivable    
Customer accounts receivable 489 511
Customer allowance for credit losses (105) (116)
Customer accounts receivable, net 384 395
Other accounts receivable 116 130
Other allowance for credit losses (7) (8)
Other accounts receivable, net 109 122
Receivables from affiliates, current 1 2
Inventories, net    
Fossil fuel and emission allowances 51 33
Materials and supplies 45 38
Regulatory assets, current 48 25
Other 29 21
Total current assets 711 662
Accumulated depreciation and amortization 3,964 3,843
Property, plant and equipment, net 11,117 10,181
Deferred debits and other assets    
Regulatory assets, noncurrent 943 776
Investments 34 30
Receivable from affiliates, noncurrent 597 475
Prepaid pension asset 386 375
Other 36 32
Total deferred debits and other assets 1,996 1,688
Total assets 13,824 12,531
Current liabilities    
Long-term debt due within one year 350 300
Accounts payable 494 479
Accrued expenses 136 129
Payables to affiliates, current 70 50
Borrowings from Exelon/PHI intercompany money pool 0 40
Customer deposits 48 59
Regulatory liabilities, current 94 121
Other 35 30
Total current liabilities 1,227 1,208
Long-term debt 3,847 3,453
Long-term debt to financing trusts 184 184
Deferred credits and other liabilities    
Deferred income taxes and unamortized investment tax credits 2,421 2,242
Asset retirement obligations, noncurrent 29 29
Non-pension postretirement benefits obligations 286 286
Regulatory liabilities, noncurrent 635 503
Other 83 93
Total deferred credits and other liabilities 3,454 3,153
Total liabilities 8,712 7,998
Commitments and contingencies
Shareholders’ equity    
Common Stock, No Par Value $ 0 $ 0
Common Stock, Shares Authorized 500,000,000 500,000,000
Common Stock, Shares, Outstanding 170,000,000 170,000,000
Common stock $ 3,428 $ 3,014
Retained earnings/Undistributed earnings (losses) 1,684 1,519
Total shareholders’ equity 5,112 4,533
Member’s equity    
Total liabilities and equity 13,824 12,531
Baltimore Gas and Electric Company [Member]    
Current assets    
Cash and cash equivalents 51 144
Restricted cash and cash equivalents 4 1
Accounts receivable    
Customer accounts receivable 436 487
Customer allowance for credit losses (38) (35)
Customer accounts receivable, net 398 452
Other accounts receivable 124 117
Other allowance for credit losses (9) (9)
Other accounts receivable, net 115 108
Receivables from affiliates, current 1 3
Inventories, net    
Fossil fuel and emission allowances 42 25
Materials and supplies 53 41
Prepaid utility taxes 49 0
Regulatory assets, current 215 168
Other 8 6
Total current assets 936 948
Accumulated depreciation and amortization 4,299 4,034
Property, plant and equipment, net 10,577 9,872
Deferred debits and other assets    
Regulatory assets, noncurrent 477 481
Investments 14 10
Prepaid pension asset 276 270
Other 44 69
Total deferred debits and other assets 811 830
Total assets 12,324 11,650
Current liabilities    
Short-term borrowings 130 0
Long-term debt due within one year 250 300
Accounts payable 349 346
Accrued expenses 176 205
Payables to affiliates, current 48 61
Customer deposits 97 110
Regulatory liabilities, current 26 30
Other 48 91
Total current liabilities 1,124 1,143
Long-term debt 3,711 3,364
Deferred credits and other liabilities    
Deferred income taxes and unamortized investment tax credits 1,686 1,521
Asset retirement obligations, noncurrent 26 23
Non-pension postretirement benefits obligations 175 189
Regulatory liabilities, noncurrent 934 1,109
Other 98 104
Total deferred credits and other liabilities 2,919 2,946
Total liabilities 7,754 7,453
Commitments and contingencies
Shareholders’ equity    
Common Stock, No Par Value $ 0 $ 0
Common Stock, Shares Authorized 1,500 1,500
Common Stock, Shares, Outstanding 1,000 1,000
Common stock [2] $ 2,575 $ 2,318
Retained earnings/Undistributed earnings (losses) 1,995 1,879
Total shareholders’ equity 4,570 4,197
Member’s equity    
Total liabilities and equity 12,324 11,650
Pepco Holdings LLC [Member]    
Current assets    
Cash and cash equivalents 136 111
Restricted cash and cash equivalents 77 39
Accounts receivable    
Customer accounts receivable 616 611
Customer allowance for credit losses (104) (86)
Customer accounts receivable, net 512 525
Other accounts receivable 283 260
Other allowance for credit losses (39) (33)
Other accounts receivable, net 244 227
Receivables from affiliates, current 2 8
Inventories, net    
Fossil fuel and emission allowances 11 6
Materials and supplies 209 198
Regulatory assets, current 432 440
Other 69 45
Total current assets 1,692 1,599
Accumulated depreciation and amortization 2,108 1,811
Property, plant and equipment, net 16,498 15,377
Deferred debits and other assets    
Regulatory assets, noncurrent 1,794 1,933
Investments 145 140
Goodwill 4,005 4,005
Prepaid pension asset 344 365
Deferred income taxes 8 10
Other 258 307
Total deferred debits and other assets 6,554 6,760
Total assets [3] 24,744 23,736
Current liabilities    
Short-term borrowings 468 368
Long-term debt due within one year 399 347
Accounts payable 578 539
Accrued expenses 281 299
Payables to affiliates, current 104 104
Borrowings from Exelon/PHI intercompany money pool 7 21
Customer deposits 81 106
Regulatory liabilities, current 68 137
Unamortized energy contract liabilities, current 89 92
Other 171 141
Total current liabilities 2,246 2,154
Long-term debt 7,148 6,659
Deferred credits and other liabilities    
Deferred income taxes and unamortized investment tax credits 2,675 2,439
Asset retirement obligations, noncurrent 70 59
Non-pension postretirement benefits obligations 66 86
Regulatory liabilities, noncurrent 1,238 1,438
Unamortized energy contract liabilities, noncurrent 146 235
Other 570 622
Total deferred credits and other liabilities 4,765 4,879
Total liabilities [3] 14,159 13,692
Commitments and contingencies
Shareholders’ equity    
Retained earnings/Undistributed earnings (losses) (210) (68)
Member’s equity    
Membership interest 10,795 10,112
Total member’s equity 10,585 10,044
Total equity 10,585 10,044
Total liabilities and equity 24,744 23,736
Pepco Holdings LLC [Member] | Variable Interest Entity, Primary Beneficiary [Member]    
Current assets    
Cash and cash equivalents 0 0
Restricted cash and cash equivalents 0 3
Accounts receivable    
Customer accounts receivable, net 0 0
Inventories, net    
Materials and supplies 0 0
Assets held for sale 0 0
Other 0 5
Total current assets 0 8
Property, plant and equipment, net 0 0
Deferred debits and other assets    
Nuclear decommissioning trust funds 0 0
Other 0 10
Total assets 0 18
Current liabilities    
Long-term debt due within one year 0 26
Accounts payable 0 0
Accrued expenses 0 0
Unamortized energy contract liabilities, current 0 0
Liabilities held for sale 0 0
Other 0 0
Total current liabilities 0 26
Long-term debt 0 0
Deferred credits and other liabilities    
Asset retirement obligations, noncurrent 0 0
Other 0 0
Total liabilities 0 26
Pepco Holdings LLC [Member] | Variable Interest Entity, Primary Beneficiary [Member] | Asset Pledged as Collateral [Member]    
Deferred debits and other assets    
Total assets 0 18
Pepco Holdings LLC [Member] | Variable Interest Entity, Primary Beneficiary [Member] | Nonrecourse [Member]    
Deferred credits and other liabilities    
Total liabilities 0 26
Potomac Electric Power Company [Member]    
Current assets    
Cash and cash equivalents 34 30
Restricted cash and cash equivalents 34 35
Accounts receivable    
Customer accounts receivable 277 279
Customer allowance for credit losses (37) (32)
Customer accounts receivable, net 240 247
Other accounts receivable 160 131
Other allowance for credit losses (16) (13)
Other accounts receivable, net 144 118
Receivables from affiliates, current 0 2
Inventories, net    
Inventories, net 119 111
Regulatory assets, current 213 214
Other 25 13
Total current assets 809 770
Accumulated depreciation and amortization 3,875 3,697
Property, plant and equipment, net 8,104 7,456
Deferred debits and other assets    
Regulatory assets, noncurrent 532 570
Investments 120 115
Prepaid pension asset 279 284
Other 59 69
Total deferred debits and other assets 990 1,038
Total assets 9,903 9,264
Current liabilities    
Short-term borrowings 175 35
Long-term debt due within one year 313 3
Accounts payable 272 226
Accrued expenses 160 164
Payables to affiliates, current 59 55
Customer deposits 35 51
Regulatory liabilities, current 14 46
Merger related obligation 27 33
Other 55 61
Total current liabilities 1,110 674
Long-term debt 3,132 3,162
Deferred credits and other liabilities    
Deferred income taxes and unamortized investment tax credits 1,275 1,189
Asset retirement obligations, noncurrent 45 39
Non-pension postretirement benefits obligations 3 13
Regulatory liabilities, noncurrent 549 644
Other 314 340
Total deferred credits and other liabilities 2,186 2,225
Total liabilities 6,428 6,061
Commitments and contingencies
Shareholders’ equity    
Common Stock, Par or Stated Value Per Share $ 0.01 $ 0.01
Common Stock, Shares Authorized 200,000,000 200,000,000
Common Stock, Shares, Outstanding 100 100
Common stock [4] $ 2,302 $ 2,058
Retained earnings/Undistributed earnings (losses) 1,173 1,145
Total shareholders’ equity 3,475 3,203
Member’s equity    
Total liabilities and equity 9,903 9,264
Delmarva Power & Light Company [Member]    
Current assets    
Cash and cash equivalents 28 15
Restricted cash and cash equivalents 43 0
Accounts receivable    
Customer accounts receivable 149 176
Customer allowance for credit losses (18) (22)
Customer accounts receivable, net 131 154
Other accounts receivable 58 68
Other allowance for credit losses (8) (9)
Other accounts receivable, net 50 59
Receivables from affiliates, current 1 1
Inventories, net    
Fossil fuel and emission allowances 11 6
Materials and supplies 54 51
Prepaid utility taxes 20 11
Regulatory assets, current 68 58
Other 16 13
Total current assets 422 368
Accumulated depreciation and amortization 1,635 1,533
Property, plant and equipment, net 4,560 4,314
Deferred debits and other assets    
Regulatory assets, noncurrent 212 222
Investments 0 0
Prepaid pension asset 157 162
Other 61 74
Total deferred debits and other assets 430 458
Total assets 5,412 5,140
Current liabilities    
Short-term borrowings 149 146
Long-term debt due within one year 83 82
Accounts payable 131 126
Accrued expenses 40 46
Payables to affiliates, current 33 36
Customer deposits 28 32
Regulatory liabilities, current 25 47
Other 59 20
Total current liabilities 548 535
Long-term debt 1,727 1,595
Deferred credits and other liabilities    
Deferred income taxes and unamortized investment tax credits 803 715
Asset retirement obligations, noncurrent 16 14
Non-pension postretirement benefits obligations 11 15
Regulatory liabilities, noncurrent 441 493
Other 89 97
Total deferred credits and other liabilities 1,360 1,334
Total liabilities 3,635 3,464
Commitments and contingencies
Shareholders’ equity    
Common Stock, Par or Stated Value Per Share $ 2.25 $ 2.25
Common Stock, Shares Authorized 1,000 1,000
Common Stock, Shares, Outstanding 1,000 1,000
Common stock [5] $ 1,209 $ 1,089
Retained earnings/Undistributed earnings (losses) 568 587
Total shareholders’ equity 1,777 1,676
Member’s equity    
Total liabilities and equity 5,412 5,140
Atlantic City Electric Company [Member]    
Current assets    
Cash and cash equivalents 29 17
Restricted cash and cash equivalents 0 3
Accounts receivable    
Customer accounts receivable 190 156
Customer allowance for credit losses (49) (32)
Customer accounts receivable, net 141 124
Other accounts receivable 76 72
Other allowance for credit losses (15) (11)
Other accounts receivable, net 61 61
Receivables from affiliates, current 2 6
Inventories, net    
Inventories, net 36 37
Regulatory assets, current 61 75
Other 3 3
Total current assets 333 326
Accumulated depreciation and amortization 1,420 1,303
Property, plant and equipment, net 3,729 3,475
Deferred debits and other assets    
Regulatory assets, noncurrent 430 395
Investments 0 0
Prepaid pension asset 27 40
Other 37 50
Total deferred debits and other assets 494 485
Total assets [6] 4,556 4,286
Current liabilities    
Short-term borrowings 144 187
Long-term debt due within one year 3 261
Accounts payable 165 177
Accrued expenses 44 46
Payables to affiliates, current 31 31
Customer deposits 18 23
Regulatory liabilities, current 28 44
Other 12 11
Total current liabilities 445 780
Long-term debt 1,579 1,152
Deferred credits and other liabilities    
Deferred income taxes and unamortized investment tax credits 679 624
Non-pension postretirement benefits obligations 12 17
Regulatory liabilities, noncurrent 224 274
Other 49 48
Total deferred credits and other liabilities 964 963
Total liabilities [6] 2,988 2,895
Commitments and contingencies
Shareholders’ equity    
Common Stock, Par or Stated Value Per Share $ 3 $ 3
Common Stock, Shares Authorized 25,000,000 25,000,000
Common Stock, Shares, Outstanding 9,000,000 9,000,000
Common stock $ 1,590 $ 1,271
Retained earnings/Undistributed earnings (losses) (22) 120
Total shareholders’ equity 1,568 1,391
Member’s equity    
Total liabilities and equity 4,556 4,286
Atlantic City Electric Company [Member] | Variable Interest Entity, Primary Beneficiary [Member]    
Current assets    
Cash and cash equivalents 0 0
Restricted cash and cash equivalents 0 3
Accounts receivable    
Customer accounts receivable, net 0 0
Inventories, net    
Materials and supplies 0 0
Assets held for sale 0 0
Other 0 0
Total current assets 0 3
Property, plant and equipment, net 0 0
Deferred debits and other assets    
Nuclear decommissioning trust funds 0 0
Other 0 10
Total assets 0 13
Current liabilities    
Long-term debt due within one year 0 21
Accounts payable 0 0
Accrued expenses 0 0
Unamortized energy contract liabilities, current 0 0
Liabilities held for sale 0 0
Other 0 0
Total current liabilities 0 21
Long-term debt 0 0
Deferred credits and other liabilities    
Asset retirement obligations, noncurrent 0 0
Other 0 0
Total liabilities 0 21
Atlantic City Electric Company [Member] | Variable Interest Entity, Primary Beneficiary [Member] | Asset Pledged as Collateral [Member]    
Deferred debits and other assets    
Total assets 0 13
Atlantic City Electric Company [Member] | Variable Interest Entity, Primary Beneficiary [Member] | Nonrecourse [Member]    
Deferred credits and other liabilities    
Total liabilities $ 0 $ 21
[1] Exelon’s consolidated assets include $2,549 million and $10,200 million as of December 31, 2021 and 2020, respectively, of certain VIEs that can only be used to settle the liabilities of the VIE. Exelon’s consolidated liabilities include $1,077 million and $3,598 million as of December 31, 2021 and 2020, respectively, of certain VIEs for which the VIE creditors do not have recourse to Exelon. See Note 23–Variable Interest Entities for additional information.
[2] In millions, shares round to zero. Number of shares is 1,500 authorized and 1,000 outstanding as of December 31, 2021 and 2020.
[3] PHI’s consolidated total assets include $0 million and $18 million as of December 31, 2021 and 2020, respectively, of PHI's consolidated VIE that can only be used to settle the liabilities of the VIE. PHI’s consolidated total liabilities include $0 million and $26 million as of December 31, 2021 and 2020, respectively, of PHI's consolidated VIE for which the VIE creditors do not have recourse to PHI. See Note 23 - Variable Interest Entities for additional information.
[4] In millions, shares round to zero. Number of shares is 100 outstanding as of December 31, 2021 and 2020.
[5] In millions, shares round to zero. Number of shares is 1,000 authorized and 1,000 outstanding as of December 31, 2021 and 2020.
[6] ACE’s consolidated assets include $0 million and $13 million as of December 31, 2021 and 2020, respectively, of ACE’s consolidated VIE that can only be used to settle the liabilities of the VIE. ACE’s consolidated liabilities include $0 million and $21 million as of December 31, 2021 and 2020, respectively, of ACE’s consolidated VIE for which the VIE creditors do not have recourse to ACE. See Note 23 - Variable Interest Entities for additional information.