
	For the Years Ended December 31,
(In millions)	2023		2022		2021
Operating expenses
Operating and maintenance	$	88	$	25	$	(9)
Operating and maintenance from affiliates	7		4		14
Other	1		2		2
Total operating expenses	96		31		7
Operating loss	(96)		(31)		(7)
Other income and (deductions)
Interest expense, net	(544)		(413)		(333)
Equity in earnings of investments	2,728		2,450		1,908
Interest income from affiliates, net	9		5		—
Other, net	19		22		—
Total other income and (deductions)	2,212		2,064		1,575
Income from continuing operations before income taxes	2,116		2,033		1,568
Income taxes	(212)		(21)		(48)
Net income from continuing operations after income taxes	2,328		2,054		1,616
Net income from discontinued operations after income taxes	—		116		90
Net income	$	2,328	$	2,170	$	1,706
Other comprehensive income (loss), net of income taxes
Pension and non-pension postretirement benefit plans:
Prior service benefits reclassified to periodic benefit cost	—		(1)		(4)
Actuarial losses reclassified to periodic benefit cost	26		42		223
Pension and non-pension postretirement benefit plans valuation adjustments	(109)		46		431
Unrealized (loss) gain on cash flow hedges	(5)		2		—
Other comprehensive (loss) income	(88)		89		650
Comprehensive income	$	2,240	$	2,259	$	2,356


	For the Years Ended December 31,
(In millions)	2023		2022		2021
Net cash flows provided by operating activities	$	1,486	$	1,690	$	3,629
Cash flows from investing activities
Changes in Exelon intercompany money pool	(43)		35		381
Notes receivable from affiliates	—		274		—

Investment in affiliates	(1,864)		(4,011)		(2,231)

Other investing activities	(1)		—		1
Net cash flows used in investing activities	(1,908)		(3,702)		(1,849)
Cash flows from financing activities
Changes in short-term borrowings	78		448		—
Proceeds from short-term borrowings with maturities greater than 90 days	—		1,150		500
Repayments on short-term borrowings with maturities greater than 90 days	—		(1,300)		(350)
Issuance of long-term debt	2,500		3,350		—
Retirement of long-term debt	(850)		(1,150)		(300)
Issuance of common stock	140		563		—

Dividends paid on common stock	(1,433)		(1,334)		(1,497)
Proceeds from employee stock plans	41		36		80
Other financing activities	(39)		(35)		19
Net cash flows provided by (used in) financing activities	437		1,728		(1,548)
Increase (decrease) in cash, restricted cash, and cash equivalents	15		(284)		232
Cash, restricted cash, and cash equivalents at beginning of period	11		295		63
Cash, restricted cash, and cash equivalents at end of period	$	26	$	11	$	295


	December 31,
(In millions)	2023		2022
ASSETS
Current assets
Cash and cash equivalents	$	26	$	11


Accounts receivable, net
Other accounts receivable	561		358
Accounts receivable from affiliates	14		17
Notes receivable from affiliates	225		182
Regulatory assets	188		154
Other	17		6
Total current assets	1,031		728
Property, plant, and equipment, net	44		44
Deferred debits and other assets
Regulatory assets	2,877		2,650
Investments in affiliates from continuing operations	38,545		35,925

Deferred income taxes	884		929
Non-pension postretirement benefit asset	144		187

Other	107		115
Total deferred debits and other assets	42,557		39,806
Total assets	$	43,632	$	40,578


	December 31,
(In millions)	2023		2022
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities
Short-term borrowings	$	1,026	$	948
Long-term debt due within one year	500		850
Accounts payable	194		188

Accrued expenses	144		101

Payables to affiliates	361		360
Regulatory liabilities	10		12
Pension obligations	45		77
Other	49		7
Total current liabilities	2,329		2,543
Long-term debt	10,713		8,742

Deferred credits and other liabilities
Regulatory liabilities	92		103
Pension obligations	4,268		3,896


Deferred income taxes	56		53
Other	419		497
Total deferred credits and other liabilities	4,835		4,549
Total liabilities	17,877		15,834
Commitments and contingencies
Shareholders’ equity
Common stock (No par value, 2,000 shares authorized, 999 shares and 994 shares outstanding as of December 31, 2023 and 2022, respectively)	21,114		20,908
Treasury stock, at cost (2 shares as of December 31, 2023 and 2022)	(123)		(123)
Retained earnings	5,490		4,597
Accumulated other comprehensive loss, net	(726)		(638)
Total shareholders’ equity	25,755		24,744

Total liabilities and shareholders’ equity	$	43,632	$	40,578

Exelon Corporate is a holding company that conducts substantially all of its business operations through its subsidiaries. These condensed financial statements and related footnotes have been prepared in accordance with Rule 12-04, Schedule I of Regulation S-X. These statements should be read in conjunction with the consolidated financial statements, and notes thereto, of Exelon Corporation.

As of December 31, 2023 and 2022, Exelon Corporate owned 100% of all of its significant subsidiaries, either directly or indirectly, except for Commonwealth Edison Company (ComEd), of which Exelon Corporate owns more than 99%. As of February 1, 2022, as a result of the completion of the separation, Exelon Corporate no longer retains any equity ownership interest in Generation or Constellation. The separation of Constellation, including Generation and its subsidiaries, met 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. Accounting rules require certain BSC costs previously allocated to Generation to be presented as part of Exelon’s continuing operations as these costs do not qualify as expenses of the discontinued operations. Comprehensive income and cash flows related to Generation have not been segregated and are included in the Condensed Statements of Operations and Comprehensive Income and Condensed Statements of Cash Flows, respectively, for all periods presented. See Note 2 — Discontinued Operations of the Combined Notes to Consolidated Financial Statements for additional information.

Exelon Corporate meets its short-term liquidity requirements primarily through the issuance of commercial paper. Exelon Corporate had $527 million in outstanding commercial paper borrowings as of December 31, 2023 and $449 million outstanding commercial paper as of December 31, 2022.

As of December 31, 2023, Exelon Corporation had a $900 million aggregate bank commitment under its existing syndicated revolving facility in which $370 million was available to support additional commercial paper as of December 31, 2023. See Note 16 — Debt and Credit Agreements of the Combined Notes to Consolidated Financial Statements for additional information regarding Exelon Corporate’s credit agreement.

On February 1, 2022, Exelon Corporate entered into a new 5-year revolving credit facility with an aggregate bank commitment of $900 million at a variable interest rate of SOFR plus 1.275% which replaced its existing $600 million syndicated revolving credit facility.

On March 23, 2017, Exelon Corporate entered into a term loan agreement for $500 million. The loan agreement was renewed in the first quarter of 2023 and was bifurcated into two tranches of $300 million on March 14, 2023 and $200 million on March 24, 2023. The agreements will expire on March 14, 2024 and March 22, 2024, respectively. Pursuant to the loan agreements, loans made thereunder bear interest at a variable rate equal to SOFR plus 0.90% and all indebtedness thereunder is unsecured. The loan agreement is reflected in Exelon's Consolidated Balance Sheets within Short-term borrowings.


						Maturity Date	December 31,
	Rates						2023		2022
Long-term debt



Senior unsecured notes(a)	2.75	%	-	7.60	%	2025 - 2053	$	10,639	$	8,139
Loan agreement(c)				6.23	%	2024	500		1,350
Total long-term debt							11,139		9,489
Unamortized debt discount and premium, net							(13)		(10)
Unamortized debt issuance costs							(65)		(51)
Fair value adjustment							152		164
Long-term debt due within one year(b)							(500)		(850)
Long-term debt							$	10,713	$	8,742

(a)Senior unsecured notes included mirror debt that was held on Exelon Corporation's Balance Sheet in 2021. In connection with the separation, on January 31, 2022, Exelon Corporate received cash from Generation of $258 million to settle the intercompany loan. See Note 16 — Debt and Credit Agreements for additional information on the merger debt.

(b)In connection with the separation, Exelon Corporate entered into three 18-month term loan agreements. On January 21, 2022, two of the loan agreements were issued for $300 million each with an expiration date of July 21, 2023. On January 24, 2022, the third loan agreement was issued for $250 million with an expiration date of July 24, 2023. Pursuant to the loan agreement, loans made thereunder bear interest at a variable rate equal to SOFR plus 0.65%.


	For the Years Ended December 31,
(In millions)	2023		2022		2021
Operating and maintenance from affiliates:
BSC(a)	$	7	$	4	$	14

Total operating and maintenance from affiliates:	$	7	$	4	$	14
Interest income (expense) from affiliates, net:

BSC	$	6	$	4	$	—
EEDC(b)	3		1		—
Total interest income from affiliates, net:	$	9	$	5	$	—
Equity in earnings (losses) of investments:
BSC	$	—	$	(18)	$	(301)
EEDC(b)	2,727		2,482		2,215

PCI	2		(9)		(1)

Exelon Enterprises	1		—		—
Exelon InQB8R	(2)		(4)		(7)

Other	—		(1)		2
Total equity in earnings of investments:	$	2,728	$	2,450	$	1,908

Cash contributions received from affiliates	$	1,978	$	2,027	$	1,842


	At December 31,
(in millions)	2023		2022
Accounts receivable from affiliates (current):
BSC	$	—	$	3

ComEd	4		4
PECO	2		2
BGE	1		1
PHISCO	7		7


Total accounts receivable from affiliates (current):	$	14	$	17
Notes receivable from affiliates (current):
BSC(a)	$	160	$	138


PHI	65		44
Total notes receivable from affiliates (current):	$	225	$	182
Investments in affiliates from continuing operations:
BSC(a)	$	384	$	384
EEDC(b)	37,705		35,092
PCI	54		52
UII	365		365
Voluntary Employee Beneficiary Association trust	9		4
Exelon Enterprises	4		3
Conectiv	12		12
Exelon InQB8R	13		15
Other(c)	(1)		(2)
Total investments in affiliates from continuing operations:	$	38,545	$	35,925




Accounts payable to affiliates (current):

UII	$	360	$	360
BSC(a)	1		—



Total accounts payable to affiliates (current):	$	361	$	360

(c)Primarily relates to elimination of affiliate transactions with Generation, primarily related to the Regulatory Agreement Units. See Note 3 — Regulatory Matters and Note 23 — Related Party Transactions of the Combined Notes to Consolidated Financial Statements for additional information.