Segment Information (All Registrants)

12 Months Ended

Dec. 31, 2023

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 CODMs in deciding how to evaluate performance and allocate resources at each of the Registrants.

Exelon has six reportable segments, which include 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 the segments based on net income.

The separation of Constellation Energy Corporation, including Generation and its subsidiaries, meets the criteria for discontinued operations and as such, results of operations are presented as discontinued operations and have been excluded from continuing operations for all periods presented. Furthermore, the reportable segment information related to the discontinued operations has been excluded from the tables presented below. See Note 2 — Discontinued Operations for additional information.

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, 2023, 2022, and 2021 is as follows:

	ComEd		PECO		BGE		PHI		Other(a)		Intersegment Eliminations		Exelon
Operating revenues(b):
2023
Electric revenues	$	7,844	$	3,202	$	3,109	$	5,812	$	—	$	(51)	$	19,916
Natural gas revenues	—		692		918		205		—		(4)		1,811
Shared service and other revenues	—		—		—		9		1,759		(1,768)		—
Total operating revenues	$	7,844	$	3,894	$	4,027	$	6,026	$	1,759	$	(1,823)	$	21,727
2022
Electric revenues	$	5,761	$	3,165	$	2,871	$	5,317	$	—	$	(31)	$	17,083
Natural gas revenues	—		738		1,024		238		—		(5)		1,995
Shared service and other revenues	—		—		—		10		1,823		(1,833)		—
Total operating revenues	$	5,761	$	3,903	$	3,895	$	5,565	$	1,823	$	(1,869)	$	19,078
2021
Electric revenues	$	6,406	$	2,659	$	2,505	$	4,860	$	—	$	(35)	$	16,395
Natural gas revenues	—		539		836		168		—		—		1,543
Shared service and other revenues	—		—		—		13		2,213		(2,226)		—
Total operating revenues	$	6,406	$	3,198	$	3,341	$	5,041	$	2,213	$	(2,261)	$	17,938
Intersegment revenues(c):
2023	$	16	$	9	$	9	$	9	$	1,750	$	(1,793)	$	—
2022	16		7		15		10		1,823		(1,865)		6
2021	41		21		31		13		2,203		(2,252)		57
Depreciation and amortization:
2023	$	1,403	$	397	$	654	$	990	$	62	$	—	$	3,506
2022	1,323		373		630		938		61		—		3,325
2021	1,205		348		591		821		67		1		3,033
Operating expenses:
2023	$	6,038	$	3,146	$	3,245	$	5,114	$	1,991	$	(1,820)	$	17,714
2022	4,218		3,102		3,376		4,734		2,093		(1,762)		15,761
2021	5,151		2,547		2,860		4,240		2,045		(1,587)		15,256
Interest expense, net:
2023	$	477	$	201	$	182	$	323	$	546	$	—	$	1,729
2022	414		177		152		292		415		(3)		1,447
2021	389		161		138		267		335		(1)		1,289
Income taxes:
2023	$	314	$	20	$	133	$	116	$	(207)	$	(2)	$	374
2022	264		79		8		9		—		(11)		349
2021	172		12		(35)		42		8		(161)		38
Net income (loss) from continuing operations:
2023	$	1,090	$	563	$	485	$	590	$	(380)	$	(20)	$	2,328
2022	917		576		380		608		(393)		(34)		2,054
2021	742		504		408		561		(156)		(443)		1,616
Capital expenditures:
2023	$	2,576	$	1,426	$	1,367	$	1,988	$	54	$	—	$	7,411
2022	2,506		1,349		1,262		1,709		95		—		6,921
2021	2,387		1,240		1,226		1,720		67		—		6,640
Total assets:
2023	$	42,827	$	15,595	$	14,184	$	26,903	$	6,374	$	(4,337)	$	101,546
2022	39,661		14,502		13,350		26,082		6,014		(4,260)		95,349

__________

(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 Taxes other than income taxes in the Registrants’ Consolidated Statements of Operations and Comprehensive Income. See Note 22 — Supplemental Financial Information for additional information on total utility taxes.

(c)See Note 23 — Related Party Transactions for additional information on intersegment revenues.

PHI:

	Pepco		DPL		ACE		Other(a)		Intersegment Eliminations		PHI
Operating revenues(b):
2023
Electric revenues	$	2,824	$	1,483	$	1,522	$	1	$	(18)	$	5,812
Natural gas revenues	—		205		—		—		—		205
Shared service and other revenues	—		—		—		422		(413)		9
Total operating revenues	$	2,824	$	1,688	$	1,522	$	423	$	(431)	$	6,026
2022
Electric revenues	$	2,531	$	1,357	$	1,431	$	—	$	(2)	$	5,317
Natural gas revenues	—		238		—		—		—		238
Shared service and other revenues	—		—		—		391		(381)		10
Total operating revenues	$	2,531	$	1,595	$	1,431	$	391	$	(383)	$	5,565
2021
Electric revenues	$	2,274	$	1,212	$	1,388	$	—	$	(14)	$	4,860
Natural gas revenues	—		168		—		—		—		168
Shared service and other revenues	—		—		—		379		(366)		13
Total operating revenues	$	2,274	$	1,380	$	1,388	$	379	$	(380)	$	5,041
Intersegment revenues(c):
2023	$	9	$	8	$	2	$	422	$	(432)	$	9
2022	5		6		2		380		(383)		10
2021	5		7		2		380		(381)		13
Depreciation and amortization:
2023	$	441	$	244	$	283	$	22	$	—	$	990
2022	417		232		261		28		—		938
2021	403		210		179		29		—		821
Operating expenses:
2023	$	2,377	$	1,420	$	1,314	$	434	$	(431)	$	5,114
2022	2,140		1,359		1,225		393		(383)		4,734
2021	1,871		1,161		1,201		388		(381)		4,240
Interest expense, net:
2023	$	165	$	74	$	72	$	12	$	—	$	323
2022	150		66		66		9		1		292
2021	140		61		58		8		—		267
Income taxes:
2023	$	51	$	35	$	36	$	(6)	$	—	$	116
2022	(9)		14		3		1		—		9
2021	15		42		(13)		(2)		—		42
Net income (loss):
2023	$	306	$	177	$	120	$	(13)	$	—	$	590
2022	305		169		148		(14)		—		608
2021	296		128		146		(9)		—		561
Capital expenditures:
2023	$	957	$	562	$	460	$	9	$	—	$	1,988
2022	874		430		398		7		—		1,709
2021	843		429		445		3		—		1,720
Total assets:
2023	$	11,194	$	5,966	$	5,157	$	4,627	$	(41)	$	26,903
2022	10,657		5,802		4,979		4,677		(33)		26,082

__________

(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 Taxes other than income taxes in the Registrants’ Consolidated Statements of Operations and Comprehensive Income. See Note 22 — Supplemental Financial Information for additional information on total utility taxes.

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

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

The following tables disaggregate the Registrants' revenues 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 the Utility Registrants, the disaggregation of revenues reflects the two primary utility services of electric sales and natural gas sales (where applicable), with further disaggregation of these tariff sales provided by major customer groups. Exelon's disaggregated revenues are consistent with the Utility Registrants, but exclude any intercompany revenues.

	2023
Revenues from contracts with customers	ComEd		PECO		BGE		PHI		Pepco		DPL		ACE
Electric revenues
Residential	$	3,565	$	2,090	$	1,765	$	2,845	$	1,236	$	827	$	782
Small commercial & industrial	1,857		526		331		651		176		246		229
Large commercial & industrial	824		249		528		1,420		1,087		126		207
Public authorities & electric railroads	51		30		29		67		34		16		17
Other(a)	965		298		402		760		258		250		260
Total electric revenues(b)	$	7,262	$	3,193	$	3,055	$	5,743	$	2,791	$	1,465	$	1,495
Natural gas revenues
Residential	$	—	$	473	$	568	$	122	$	—	$	122	$	—
Small commercial & industrial	—		172		100		53		—		53		—
Large commercial & industrial	—		1		161		4		—		4		—
Transportation	—		27		—		16		—		16		—
Other(c)	—		17		37		10		—		10		—
Total natural gas revenues(d)	$	—	$	690	$	866	$	205	$	—	$	205	$	—
Total revenues from contracts with customers	$	7,262	$	3,883	$	3,921	$	5,948	$	2,791	$	1,670	$	1,495
Other revenues
Revenues from alternative revenue programs	$	556	$	(7)	$	84	$	64	$	22	$	15	$	27
Other electric revenues(e)	26		16		16		14		11		3		—
Other natural gas revenues(e)	—		2		6		—		—		—		—
Total other revenues	$	582	$	11	$	106	$	78	$	33	$	18	$	27
Total revenues for reportable segments	$	7,844	$	3,894	$	4,027	$	6,026	$	2,824	$	1,688	$	1,522

	2022
Revenues from contracts with customers	ComEd		PECO		BGE		PHI		Pepco		DPL		ACE
Electric revenues
Residential	$	3,304	$	2,026	$	1,564	$	2,590	$	1,076	$	750	$	764
Small commercial & industrial	1,173		521		327		607		155		235		217
Large commercial & industrial	5		299		567		1,422		1,083		137		202
Public authorities & electric railroads	29		30		27		64		34		15		15
Other(a)	955		271		398		695		208		227		252
Total electric revenues(b)	$	5,466	$	3,147	$	2,883	$	5,378	$	2,556	$	1,364	$	1,450
Natural gas revenues
Residential	$	—	$	512	$	678	$	127	$	—	$	127	$	—
Small commercial & industrial	—		186		111		55		—		55		—
Large commercial & industrial	—		—		183		12		—		12		—
Transportation	—		26		—		15		—		15		—
Other(c)	—		12		68		29		—		29		—
Total natural gas revenues(d)	$	—	$	736	$	1,040	$	238	$	—	$	238	$	—
Total revenues from contracts with customers	$	5,466	$	3,883	$	3,923	$	5,616	$	2,556	$	1,602	$	1,450
Other revenues
Revenues from alternative revenue programs	$	267	$	2	$	(47)	$	(59)	$	(31)	$	(9)	$	(19)
Other electric revenues(e)	28		16		14		8		6		2		—
Other natural gas revenues(e)	—		2		5		—		—		—		—
Total other revenues	$	295	$	20	$	(28)	$	(51)	$	(25)	$	(7)	$	(19)
Total revenues for reportable segments	$	5,761	$	3,903	$	3,895	$	5,565	$	2,531	$	1,595	$	1,431

	2021
Revenues from contracts with customers	ComEd		PECO		BGE		PHI		Pepco		DPL		ACE
Electric revenues
Residential	$	3,233	$	1,704	$	1,375	$	2,441	$	1,003	$	694	$	744
Small commercial & industrial	1,571		422		267		521		135		193		193
Large commercial & industrial	559		243		459		1,123		844		94		185
Public authorities & electric railroads	45		31		27		58		31		14		13
Other(a)	926		229		371		634		205		201		229
Total electric revenues(b)	$	6,334	$	2,629	$	2,499	$	4,777	$	2,218	$	1,196	$	1,364
Natural gas revenues
Residential	$	—	$	372	$	518	$	97	$	—	$	97	$	—
Small commercial & industrial	—		136		83		42		—		42		—
Large commercial & industrial	—		—		147		7		—		7		—
Transportation	—		24		—		14		—		14		—
Other(c)	—		7		68		8		—		8		—
Total natural gas revenues(d)	$	—	$	539	$	816	$	168	$	—	$	168	$	—
Total revenues from contracts with customers	$	6,334	$	3,168	$	3,315	$	4,945	$	2,218	$	1,364	$	1,364
Other revenues
Revenues from alternative revenue programs	$	42	$	26	$	12	$	91	$	53	$	14	$	24
Other electric revenues(e)	30		4		11		5		3		2		—
Other natural gas revenues(e)	—		—		3		—		—		—		—
Total other revenues	$	72	$	30	$	26	$	96	$	56	$	16	$	24
Total revenues for reportable segments	$	6,406	$	3,198	$	3,341	$	5,041	$	2,274	$	1,380	$	1,388

__________

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

(b)Includes operating revenues from affiliates in 2023, 2022, and 2021 respectively of:

•$16 million, $16 million, and $41 million at ComEd

•$7 million, $7 million, and $20 million at PECO

•$6 million, $7 million, and $13 million at BGE

•$9 million, $10 million, and $13 million at PHI

•$9 million, $5 million, and $5 million at Pepco

•$8 million, $6 million, and $7 million at DPL

•$2 million, $2 million, and $2 million at ACE

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

(d)Includes operating revenues from affiliates in 2023, 2022, and 2021 respectively of:

•$2 million, less than $1 million, and $1 million at PECO

•$3 million, $8 million, and $18 million at BGE

(e)Includes late payment charge revenues.