Discontinued Operations (Tables) - Exelon Generation Co L L C [Member]

9 Months Ended

12 Months Ended

Sep. 30, 2022

Dec. 31, 2021

Discontinued Operations - Income Statement

Discontinued Operations - Income Statement

The following table presents the results of Constellation that have been reclassified from continuing operations and included in discontinued operations within Exelon’s Consolidated Statements of Operations and Comprehensive Income for the three months ended September 30, 2021 and the nine months ended September 30, 2022 and September 30, 2021.

These results are primarily Generation, which is comprised of Exelon’s Mid-Atlantic, Midwest, New York, ERCOT, and Other Power Regions reportable segments, and include the impact of transaction costs, certain BSC costs, including any transition costs, that were historically allocated and directly attributable to Generation, transactions

between Generation and the Utility Registrants, and tax-related adjustments. Transaction costs include costs for external bankers, accountants, appraisers, lawyers, external counsels and other advisors, among others, who are involved in the negotiation, appraisal, due diligence and regulatory approval of the separation. Transition costs are primarily employee-related costs such as recruitment expenses, costs to establish certain stand-alone functions and information technology systems, professional services fees and other separation-related costs during the transition to separate Generation. For the purposes of reporting discontinued operations, these results also include transactions between Generation and the Utility Registrants that were historically eliminated within Exelon’s Consolidated Statements of Operations as these transactions will be ongoing after the separation. Certain BSC costs that were historically allocated to Generation are presented as part of continuing operations in Exelon’s Consolidated Statements of Operations as these costs do not qualify as expenses of the discontinued operations per the accounting rules.

	Three Months Ended September 30,		Nine Months Ended September 30,
	2021		2022		2021
Operating revenues
Competitive business revenues	$	4,083	$	1,855	$	13,250
Competitive business revenues from affiliates	325		161		873
Total operating revenues	4,408		2,016		14,123
Operating expenses
Competitive businesses purchased power and fuel	1,545		1,138		8,102
Operating and maintenance(a)	845		371		3,132
Depreciation and amortization	866		94		2,735
Taxes other than income taxes	115		44		354
Total operating expenses	3,371		1,647		14,323
Gain on sales of assets and businesses	65		10		144
Operating income (loss)	1,102		379		(56)
Other income and (deductions)
Interest expense, net	(73)		(20)		(214)
Other, net	(115)		(281)		561
Total other (deductions) and income	(188)		(301)		347
Income before income taxes	914		78		291
Income taxes	139		(40)		152
Equity in losses of unconsolidated affiliates	(3)		(1)		(5)
Net income	772		117		134
Net income attributable to noncontrolling interests	26		1		126
Net income from discontinued operations	$	746	$	116	$	8

__________

(a)Includes transaction and transition costs related to the separation of $52 million for the nine months ended September 30, 2022 and $13 million and $19 million for the three and nine months ended September 30, 2021, respectively. See discussion above for additional information.

Discontinued Operations - Balance Sheet [Table Text Block]

The following table presents the assets and liabilities of discontinued operations in Exelon’s Consolidated Balance Sheet as of December 31, 2021:

	December 31, 2021
ASSETS
Current assets
Cash and cash equivalents	$	510
Restricted cash and cash equivalents	72
Accounts receivable
Customer accounts receivable	1,724
Customer allowance for credit losses	(55)
Customer accounts receivable, net	1,669
Other accounts receivable	596
Other allowance for credit losses	(4)
Other accounts receivable, net	592
Mark-to-market derivative assets	2,169
Inventories, net
Fossil fuel and emission allowances	284
Materials and supplies	1,004
Renewable energy credits	529
Assets held for sale	13
Other	993
Total current assets of discontinued operations	7,835
Property, plant, and equipment (net of accumulated depreciation and amortization of $15,888)	19,661
Deferred debits and other assets
Nuclear decommissioning trust funds	15,938
Investments	193
Mark-to-market derivative assets	949
Other	1,768
Total property, plant, and equipment, deferred debits, and other assets of discontinued operations	38,509
Total assets of discontinued operations	$	46,344

	December 31, 2021
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities
Short-term borrowings	$	2,082
Long-term debt due within one year	1,220
Accounts payable	1,757
Accrued expenses	818
Mark-to-market derivative liabilities	981
Renewable energy credit obligation	779
Liabilities held for sale	3
Other	300
Total current liabilities of discontinued operations	7,940
Long-term debt	4,575
Deferred credits and other liabilities
Deferred income taxes and unamortized investment tax credits	3,583
Asset retirement obligations	12,819
Pension obligations	939
Non-pension postretirement benefit obligations	876
Spent nuclear fuel obligation	1,210
Mark-to-market derivative liabilities	513
Other	1,161
Total long-term debt, deferred credits, and other liabilities of discontinued operations	25,676
Total liabilities of discontinued operations	$	33,616

Discontinued Operations - Cash Flows [Table Text Block]

The following table presents selected financial information regarding cash flows of the discontinued operations that are included within Exelon’s Consolidated Statements of Cash Flows for the nine months ended September 30, 2022 and September 30, 2021.

	Nine Months Ended September 30,
	2022		2021
Non-cash items included in net income from discontinued operations:
Depreciation, amortization, and accretion, including nuclear fuel and energy contract amortization	$	207	$	3,951
Asset impairments	—		537
Loss (gain) on sales of assets and businesses	9		(144)
Deferred income taxes and amortization of investment tax credits	(143)		(242)
Net fair value changes related to derivatives	(59)		(1,244)
Net realized and unrealized losses (gains) on NDT fund investments	205		(383)
Net unrealized losses on equity investments	16		83
Other decommissioning-related activity	36		(810)
Cash flows from investing activities:
Capital expenditures	(227)		(1,098)
Collection of DPP	169		3,052
Supplemental cash flow information:
Decrease in capital expenditures not paid	(128)		(77)
Increase in DPP	348		2,933
Increase in PP&E related to ARO update	335		550