XML 187 R62.htm IDEA: XBRL DOCUMENT v3.8.0.1
Segment Information (Tables)
 12 Months Ended
Dec. 31, 2017
Segment Reporting [Abstract]  
Analysis and reconciliation of reportable segment 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, 2017, 2016, and 2015 is as follows:
 
 
 
 
 
 
 
 
 
Successor
 
 
 
 
 
 

Generation (a)

ComEd

PECO

BGE

PHI (e)
 
Other (b)

Intersegment
Eliminations

Exelon
Operating revenues(c):
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2017
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Competitive businesses electric revenues
$
15,300

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
(1,105
)
 
$
14,195

Competitive businesses natural gas revenues
2,575

 
—

 
—

 
—

 
—

 
—

 
—

 
2,575

Competitive businesses other revenues
591

 
—

 
—

 
—

 
—

 
—

 
(1
)
 
590

Rate-regulated electric revenues
—

 
5,536

 
2,375

 
2,489

 
4,469

 
—

 
(29
)
 
14,840

Rate-regulated natural gas revenues
—

 
—

 
495

 
687

 
161

 
—

 
(10
)
 
1,333

Shared service and other revenues
—

 
—

 
—

 
—

 
49

 
1,831

 
(1,880
)
 
—

2016
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Competitive businesses electric revenues
$
15,390

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
(1,430
)
 
$
13,960

Competitive businesses natural gas revenues
2,146

 
—

 
—

 
—

 
—

 
—

 
—

 
2,146

Competitive businesses other revenues
215

 
—

 
—

 
—

 
—

 
—

 
(4
)
 
211

Rate-regulated electric revenues
—

 
5,254

 
2,531

 
2,609

 
3,506

 
—

 
(31
)
 
13,869

Rate-regulated natural gas revenues
—

 
—

 
463

 
624

 
92

 
—

 
(13
)
 
1,166

Shared service and other revenues
—

 
—

 
—

 
—

 
45

 
1,648

 
(1,686
)
 
7

2015
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Competitive businesses electric revenues
$
15,944

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
(744
)
 
$
15,200

Competitive businesses natural gas revenues
2,433

 
—

 
—

 
—

 
—

 
—

 
—

 
2,433

Competitive businesses other revenues
758

 
—

 
—

 
—

 
—

 
—

 
(1
)
 
757

Rate-regulated electric revenues
—

 
4,905

 
2,486

 
2,490

 
—

 
—

 
(5
)
 
9,876

Rate-regulated natural gas revenues
—

 
—

 
546

 
645

 
—

 
—

 
(15
)
 
1,176

Shared service and other revenues
—

 
—

 
—

 
—

 
—

 
1,372

 
(1,367
)
 
5

Intersegment revenues(d):
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2017
$
1,110

 
$
15

 
$
7

 
$
16

 
$
50

 
$
1,824

 
$
(3,020
)
 
$
2

2016
1,428

 
15

 
8

 
21

 
45

 
1,647

 
(3,159
)
 
5

2015
745

 
4

 
2

 
14

 
—

 
1,367

 
(2,127
)
 
5

Depreciation and amortization:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2017
$
1,457

 
$
850

 
$
286

 
$
473

 
$
675

 
$
87

 
$
—

 
$
3,828

2016
1,879

 
775

 
270

 
423

 
515

 
74

 
—

 
3,936

2015
1,054

 
707

 
260

 
366

 
—

 
63

 
—

 
2,450

Operating expenses (c):
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2017
$
17,993

 
$
4,214

 
$
2,215

 
$
2,562

 
$
3,911

 
$
1,851

 
$
(3,026
)
 
$
29,720

2016
16,856

 
4,056

 
2,292

 
2,683

 
3,549

 
1,928

 
(3,164
)
 
28,200

2015
16,872

 
3,889

 
2,404

 
2,578

 
—

 
1,444

 
(2,131
)
 
25,056

Equity in earnings (losses) of unconsolidated affiliates:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2017
$
(33
)
 
$
—

 
$
—

 
$
—

 
$
—

 
$
1

 
$
—

 
$
(32
)
2016
(25
)
 
—

 
—

 
—

 
—

 
1

 
—

 
(24
)
2015
(8
)
 
—

 
—

 
—

 
—

 
1

 
—

 
(7
)
Interest expense, net:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2017
$
440

 
$
361

 
$
126

 
$
105

 
$
245

 
$
283

 
$
—

 
$
1,560

2016
364

 
461

 
123

 
103

 
195

 
290

 
—

 
1,536

2015
365

 
332

 
114

 
99

 
—

 
123

 
—

 
1,033

Income (loss) before income taxes:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2017
$
1,429

 
$
984

 
$
538

 
$
525

 
$
578

 
$
(296
)
 
$
(2
)
 
$
3,756

2016
873

 
679

 
587

 
468

 
(58
)
 
(555
)
 
(5
)
 
1,989

2015
1,850

 
706

 
521

 
477

 
—

 
(219
)
 
(5
)
 
3,330

Income taxes:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2017
$
(1,375
)
 
$
417

 
$
104

 
$
218

 
$
217

 
$
294

 
$
—

 
$
(125
)
2016
290

 
301

 
149

 
174

 
3

 
(156
)
 
—

 
761

2015
502

 
280

 
143

 
189

 
—

 
(41
)
 
—

 
1,073

Net income (loss):
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2017
$
2,771

 
$
567

 
$
434

 
$
307

 
$
362

 
$
(590
)
 
$
(2
)
 
$
3,849

2016
558

 
378

 
438

 
294

 
(61
)
 
(398
)
 
(5
)
 
1,204

2015
1,340

 
426

 
378

 
288

 
—

 
(177
)
 
(5
)
 
2,250

Capital expenditures:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2017
$
2,259

 
$
2,250

 
$
732

 
$
882

 
$
1,396

 
$
65

 
$
—

 
$
7,584

2016
3,078

 
2,734

 
686

 
934

 
1,008

 
113

 
—

 
8,553

2015
3,841

 
2,398

 
601

 
719

 
—

 
65

 
—

 
7,624

Total assets:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2017
$
48,387

 
$
29,726

 
$
10,170

 
$
9,104

 
$
21,247

 
$
8,618

 
$
(10,552
)
 
$
116,700

2016
46,974

 
28,335

 
10,831

 
8,704

 
21,025

 
10,369

 
(11,334
)
 
114,904

__________
(a)
Generation includes the six reportable segments shown below: Mid-Atlantic, Midwest, New England, New York, ERCOT and Other Power Regions. For the year ended December 31, 2017, intersegment revenues for Generation include revenue from sales to PECO of $138 million, sales to BGE of $388 million, sales to Pepco of $255 million, sales to DPL of $179 million and sales to ACE of $29 million in the Mid-Atlantic region, and sales to ComEd of $121 million in the Midwest region, which eliminate upon consolidation. For the year ended December 31, 2016, intersegment revenues for Generation include revenue from sales to PECO of $290 million and sales to BGE of $608 million in the Mid-Atlantic region, and sales to ComEd of $47 million in the Midwest region, which eliminate upon consolidation. For the Successor period of March 24, 2016 to December 31, 2016, intersegment revenues for Generation include revenue from sales to Pepco of $295 million, sales to DPL of $154 million and sales to ACE of $37 million in the Mid-Atlantic region, which eliminate upon consolidation. For the year ended December 31, 2015, intersegment revenues for Generation include revenue from sales to PECO of $224 million and sales to BGE of $502 million in the Mid-Atlantic region, and sales to ComEd of $18 million in the Midwest region, which eliminate upon consolidation.
(b)
Other primarily includes Exelon’s corporate operations, shared service entities and other financing and investment activities.
(c)
Includes gross utility tax receipts from customers. The offsetting remittance of utility taxes to the governing bodies is recorded in expenses on the Registrants’ Consolidated Statements of Operations and Comprehensive Income. See Note 24 — Supplemental Financial Information for total utility taxes for the years ended December 31, 2017, 2016 and 2015.
(d)
Intersegment revenues exclude sales to unconsolidated affiliates. The intersegment profit associated with Generation’s sale of certain products and services by and between Exelon’s segments is not eliminated in consolidation due to the recognition of intersegment profit in accordance with regulatory accounting guidance. For Exelon, these amounts are included in operating revenues in the Consolidated Statements of Operations and Comprehensive Income.
(e)
Amounts included represent activity for PHI's successor period, March 24, 2016 through December 31, 2017. PHI includes the three reportable segments: Pepco, DPL and ACE. See tables below for PHI's predecessor periods, including Pepco, DPL and ACE, for January 1, 2016 to March 23, 2016 and for the year ended December 31, 2015.
Successor and Predecessor PHI:
 
Pepco
 
DPL
 
ACE
 
Other(b)
 
Intersegment
Eliminations
 
PHI
Operating revenues(a):
 
 
 
 
 
 
 
 
 
 
 
December 31, 2017 - Successor
 
 
 
 
 
 
 
 
 
 
 
Rate-regulated electric revenues
$
2,158

 
$
1,139

 
$
1,186

 
$
—

 
$
(14
)
 
$
4,469

Rate-regulated natural gas revenues
—

 
161

 
—

 
—

 
—

 
161

Shared service and other revenues
—

 
—

 
—

 
52

 
(3
)
 
49

March 24, 2016 to December 31, 2016 - Successor
 
 
 
 
 
 
 
 
 
 
 
Rate-regulated electric revenues
$
1,675

 
$
850

 
$
989

 
$
5

 
$
(13
)
 
$
3,506

Rate-regulated natural gas revenues
—

 
92

 
—

 
—

 
—

 
92

Shared service and other revenues
—

 
—

 
—

 
45

 
—

 
45

January 1, 2016 to March 23, 2016 - Predecessor
 
 
 
 
 
 
 
 
 
 
 
Rate-regulated electric revenues
$
511

 
$
279

 
$
268

 
$
42

 
$
(4
)
 
$
1,096

Rate-regulated natural gas revenues
—

 
56

 
—

 
1

 
—

 
57

Shared service and other revenues
—

 
—

 
—

 
—

 
—

 
—

December 31, 2015 - Predecessor
 
 
 
 
 
 
 
 
 
 
 
Rate-regulated electric revenues
$
2,129

 
$
1,138

 
$
1,295

 
$
210

 
$
(2
)
 
$
4,770

Rate-regulated natural gas revenues
—

 
164

 
—

 
1

 
—

 
165

Shared service and other revenues
—

 
—

 
—

 
—

 
—

 
—

Intersegment revenues:
 
 
 
 
 
 
 
 
 
 
 
December 31, 2017 - Successor
$
6

 
$
8

 
$
2

 
$
53

 
$
(19
)
 
$
50

March 24, 2016 to December 31, 2016 - Successor
4

 
5

 
2

 
47

 
(13
)
 
45

January 1, 2016 to March 23, 2016 - Predecessor
1

 
2

 
1

 
—

 
(4
)
 
—

December 31, 2015 - Predecessor
5

 
6

 
4

 
—

 
(15
)
 
—

Depreciation and amortization:
 
 
 
 
 
 
 
 
 
 
 
December 31, 2017 - Successor
$
321

 
$
167

 
$
146

 
$
42

 
$
(1
)
 
$
675

March 24, 2016 to December 31, 2016 - Successor
224

 
120

 
128

 
43

 
—

 
$
515

January 1, 2016 to March 23, 2016 - Predecessor
71

 
37

 
37

 
11

 
(4
)
 
$
152

December 31, 2015 - Predecessor
256

 
148

 
175

 
45

 
—

 
$
624

Operating expenses:
 
 
 
 
 
 
 
 
 
 


December 31, 2017 - Successor
$
1,760

 
$
1,071

 
$
1,029

 
$
68

 
$
(17
)
 
$
3,911

March 24, 2016 to December 31, 2016 - Successor
1,577

 
952

 
1,000

 
33

 
(13
)
 
$
3,549

January 1, 2016 to March 23, 2016 - Predecessor
443

 
284

 
251

 
73

 
(3
)
 
$
1,048

December 31, 2015 - Predecessor
1,790

 
1,137

 
1,161

 
220

 
—

 
$
4,308

Interest expense, net:
 
 
 
 
 
 
 
 
 
 


December 31, 2017 - Successor
$
121

 
$
51

 
$
61

 
$
13

 
$
(1
)
 
$
245

March 24, 2016 to December 31, 2016 - Successor
98

 
38

 
47

 
12

 
—

 
$
195

January 1, 2016 to March 23, 2016 - Predecessor
29

 
12

 
15

 
11

 
(2
)
 
$
65

December 31, 2015 - Predecessor
124

 
50

 
64

 
43

 
(1
)
 
$
280

Income (loss) before income taxes:
 
 
 
 
 
 
 
 
 
 


December 31, 2017 - Successor
$
310

 
$
192

 
$
103

 
$
377

 
$
(404
)
 
$
578

March 24, 2016 to December 31, 2016 - Successor
36

 
(30
)
 
(51
)
 
(84
)
 
71

 
$
(58
)
January 1, 2016 to March 23, 2016 - Predecessor
47

 
43

 
5

 
59

 
(118
)
 
$
36

December 31, 2015 - Predecessor
289

 
125

 
73

 
23

 
(29
)
 
$
481

Income taxes:
 
 
 
 
 
 
 
 
 
 


December 31, 2017 - Successor
$
105

 
$
71

 
$
26

 
$
15

 
$
—

 
$
217

March 24, 2016 to December 31, 2016 - Successor
26

 
5

 
(5
)
 
(23
)
 
—

 
$
3

January 1, 2016 to March 23, 2016 - Predecessor
15

 
17

 
1

 
(16
)
 
—

 
$
17

December 31, 2015 - Predecessor
102

 
49

 
33

 
(48
)
 
27

 
$
163

Net income (loss):
 
 
 
 
 
 
 
 
 
 


December 31, 2017 - Successor
$
205

 
$
121

 
$
77

 
$
(91
)
 
$
50

 
$
362

March 24, 2016 to December 31, 2016 - Successor
10

 
(35
)
 
(47
)
 
(34
)
 
45

 
$
(61
)
January 1, 2016 to March 23, 2016 - Predecessor
32

 
26

 
5

 
(44
)
 
—

 
$
19

December 31, 2015 - Predecessor
187

 
76

 
40

 
25

 
(1
)
 
$
327

Capital expenditures:
 
 
 
 
 
 
 
 
 
 


December 31, 2017 - Successor
$
628

 
$
428

 
$
312

 
$
28

 
$
—

 
$
1,396

March 24, 2016 to December 31, 2016 - Successor
489

 
277

 
218

 
24

 
—

 
$
1,008

January 1, 2016 to March 23, 2016 - Predecessor
97

 
72

 
93

 
11

 
—

 
273

December 31, 2015 - Predecessor
544

 
352

 
300

 
34

 
—

 
1,230

Total assets:
 
 
 
 
 
 
 
 
 
 
 
December 31, 2017 - Successor
$
7,832

 
$
4,357

 
$
3,445

 
$
10,600

 
$
(4,987
)
 
$
21,247

December 31, 2016 - Successor
7,335

 
4,153

 
3,457

 
10,804

 
(4,724
)
 
21,025

__________
(a)
Includes gross utility tax receipts from customers. The offsetting remittance of utility taxes to the governing bodies is recorded in expenses on the Registrants’ Consolidated Statements of Operations and Comprehensive Income. See Note 24 — Supplemental Financial Information for total utility taxes for the years ended December 31, 2017, 2016 and 2015.
(b)
Other primarily includes PHI’s corporate operations, shared service entities and other financing and investment activities.  For the predecessor periods presented, Other includes the activity of PHI’s unregulated businesses which were distributed to Exelon and Generation as a result of the PHI Merger. 
Analysis and reconciliation of reportable segment revenues for Generation
Generation total revenues: 
 
2017
 
2016
 
2015
 
Revenues
from
external
customers(a)
 
Intersegment
revenues
 
Total
revenues
 
Revenues
from
external
customers(a)
 
Intersegment
revenues
 
Total
revenues
 
Revenues
from
external
customers(a)
 
Intersegment
revenues
 
Total
revenues
Mid-Atlantic
$
5,515


$
25

 
$
5,540

 
$
6,212


$
(33
)

$
6,179

 
$
5,974


$
(74
)
 
$
5,900

Midwest
4,206


(25
)
 
4,181

 
4,402


10


4,412

 
4,712


(2
)
 
4,710

New England
2,010


(8
)
 
2,002

 
1,778


(9
)

1,769

 
2,217


(5
)
 
2,212

New York
1,535


(17
)
 
1,518

 
1,198


(42
)

1,156

 
996


(11
)
 
985

ERCOT
958


4

 
962

 
831


6


837

 
863


(6
)
 
857

Other Power Regions 
1,076


(27
)
 
1,049

 
969


(62
)

907

 
1,182


(80
)
 
1,102

Total Revenues
for Reportable Segments
$
15,300


$
(48
)
 
$
15,252

 
$
15,390


$
(130
)

$
15,260

 
$
15,944


$
(178
)
 
$
15,766

Other (b)
3,166


48

 
3,214

 
2,361


130


2,491

 
3,191


178

 
3,369

Total
Generation Consolidated Operating Revenues
$
18,466


$
—

 
$
18,466

 
$
17,751


$
—


$
17,751

 
$
19,135


$
—

 
$
19,135

__________
(a)
Includes all wholesale and retail electric sales to third parties and affiliated sales to the Utility Registrants.
(b)
Other represents activities not allocated to a region. See text above for a description of included activities. Also includes a $38 million decrease to revenues, a $52 million decrease to revenues, and a $7 million increase to revenues for the amortization of intangible assets related to commodity contracts recorded at fair value for the years ended December 31, 2017, 2016, and 2015, respectively, unrealized mark-to-market losses of $131 million, losses of $500 million, and gains of $203 million for the years ended December 31, 2017, 2016, and 2015, respectively, and elimination of intersegment revenues.
Generation total revenues net of purchased power and fuel expense:
 
2017
 
2016
 
2015
 
RNF from
external
customers(a)
 
Intersegment
RNF
 
Total
RNF
 
RNF from
external
customers(a)
 
Intersegment
RNF
 
Total
RNF
 
RNF from
external
customers(a)
 
Intersegment
RNF
 
Total
RNF
Mid-Atlantic
$
3,105


$
109

 
$
3,214

 
$
3,282


$
35

 
$
3,317

 
$
3,556


$
15

 
$
3,571

Midwest
2,810


10

 
2,820

 
2,969


2

 
2,971

 
2,912


(20
)
 
2,892

New England
538


(24
)
 
514

 
467


(29
)
 
438

 
519


(58
)
 
461

New York
975


1

 
976

 
761


(19
)
 
742

 
584


50

 
634

ERCOT
575


(243
)
 
332

 
412


(131
)
 
281

 
425


(132
)
 
293

Other Power Regions 
476


(171
)
 
305

 
483


(147
)
 
336

 
440


(190
)
 
250

Total Revenues net of
purchased power and fuel expense for Reportable Segments
$
8,479


$
(318
)
 
$
8,161

 
$
8,374


$
(289
)
 
$
8,085

 
$
8,436


$
(335
)
 
$
8,101

Other (b)
297


318

 
615

 
547


289

 
836

 
678


335

 
1,013

Total Generation
Revenues net of purchased power and fuel expense
$
8,776


$
—

 
$
8,776

 
$
8,921


$
—

 
$
8,921

 
$
9,114


$
—

 
$
9,114

__________ 
(a)
Includes purchases and sales from third parties and affiliated sales to the Utility Registrants.
(b)
Other represents activities not allocated to a region. See text above for a description of included activities. Includes a $54 million decrease in RNF, a $57 million decrease in RNF, and a $8 million increase in RNF for the amortization of intangible assets and liabilities related to commodity contracts for the years ended December 31, 2017, 2016, and 2015, respectively, unrealized mark-to-market losses of $175 million, losses of $41 million, and gains of $257 million for the years ended December 31, 2017, 2016, and 2015, respectively, accelerated nuclear fuel amortization associated with the announced early retirement decision for Clinton and Quad Cities as discussed in Note 8 - Early Nuclear Plant Retirements of $12 million and $60 million for the year ended December 31, 2017 and 2016, and the elimination of intersegment revenues net of purchased power and fuel expense.