Discontinued Operations (Tables) - Exelon Generation Co L L C

12 Months Ended

Dec. 31, 2023

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 years ended December 31, 2022 and 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.


	For the Years Ended December 31,
	2022		2021
Operating revenues
Competitive business revenues	$	1,855	$	18,466
Competitive business revenues from affiliates	161		1,189
Total operating revenues	2,016		19,655
Operating expenses
Competitive businesses purchased power and fuel	1,138		12,163
Operating and maintenance(a)	371		4,174
Depreciation and amortization	94		3,003
Taxes other than income taxes	44		475
Total operating expenses	1,647		19,815
Gain on sales of assets and businesses	10		201
Operating income	379		41
Other income and (deductions)
Interest expense, net	(20)		(282)
Other, net	(281)		795
Total other income and (deductions)	(301)		513
Income before income taxes	78		554
Income taxes	(40)		332
Equity in losses of unconsolidated affiliates	(1)		(9)
Net income	117		213
Net income attributable to noncontrolling interests	1		123
Net income from discontinued operations	$	116	$	90

__________

(a)Includes transaction and transition costs related to the separation of $52 million and $43 million for the years ended December 31, 2022 and 2021, respectively.

Discontinued Operations - Cash Flows

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 years ended December 31, 2022 and 2021.


	For the Years Ended December 31,
	2022		2021
Non-cash items included in net income from discontinued operations:
Depreciation, amortization, and accretion, including nuclear fuel and energy contract amortization	$	207	$	4,540
Asset impairments	—		545
Loss (gain) on sales of assets and businesses	9		(201)
Deferred income taxes and amortization of investment tax credits	(143)		(224)
Net fair value changes related to derivatives	(59)		(568)
Net realized and unrealized losses (gains) on NDT fund investments	205		(586)
Net unrealized losses on equity investments	16		160
Other decommissioning-related activity	36		(946)
Cash flows from investing activities:
Capital expenditures	(227)		(1,341)
Collection of DPP	169		3,902
Supplemental cash flow information:
(Decrease) increase in capital expenditures not paid	$	(128)	$	96
Increase in DPP	348		3,652
Increase in PP&E related to ARO update	335		618