Segment Information (Tables)

3 Months Ended

Mar. 31, 2018

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 three months ended March 31, 2018 and 2017 is as follows:

Three Months Ended March 31, 2018 and 2017



	Generation^(a)		ComEd		PECO		BGE		PHI		Other^(b)			Intersegment Eliminations			Exelon
Operating revenues^(c):
2018
Competitive businesses electric revenues	$	4,509	$	—	$	—	$	—	$	—	$	—		$	(391	)	$	4,118
Competitive businesses natural gas revenues	955		—		—		—		—		—			(8		)	947
Competitive businesses other revenues	48		—		—		—		—		—			—			48
Rate-regulated electric revenues	—		1,512		634		658		1,169		—			(18		)	3,955
Rate-regulated natural gas revenues	—		—		232		319		78		—			(4		)	625
Shared service and other revenues	—		—		—		—		4		451			(455		)	—
Total operating revenues	5,512		1,512		866		977		1,251		451			(876		)	9,693
2017
Competitive businesses electric revenues	$	3,710	$	—	$	—	$	—	$	—	$	—		$	(328	)	$	3,382
Competitive businesses natural gas revenues	918		—		—		—		—		—			—			918
Competitive businesses other revenues	250		—		—		—		—		—			—			250
Rate-regulated electric revenues	—		1,298		590		667		1,097		—			(8		)	3,644
Rate-regulated natural gas revenues	—		—		206		284		66		—			(3		)	553
Shared service and other revenues	—		—		—		—		12		419			(431		)	—
Total operating revenues	4,878		1,298		796		951		1,175		419			(770		)	8,747
Shared service and other revenues
Intersegment revenues^(d):
2018	$	400	$	14	$	2	$	6	$	4	$	450		$	(876	)	$	—
2017	328		5		1		5		12		419			(770		)	—
Net income (loss):
2018	$	186	$	165	$	113	$	128	$	65	$	(21	)	$	—		$	636
2017	399		141		127		125		140		39			—			971
Total assets:
March 31, 2018	$	48,375	$	30,002	$	10,218	$	9,195	$	21,375	$	8,833		$	(10,980	)	$	117,018
December 31, 2017	48,457		29,726		10,170		9,104		21,247		8,618			(10,552		)	116,770

__________

(a)

Generation includes the six reportable segments shown below: Mid-Atlantic, Midwest, New England, New York, ERCOT and Other Power Regions. Intersegment revenues for Generation for the three months ended March 31, 2018 include revenue from sales to PECO of $37 million, sales to BGE of $65 million, sales to Pepco of $52 million, sales to DPL of $46 million and sales to ACE of $6 million in the Mid-Atlantic region, and sales to ComEd of $194 million in the Midwest region, which eliminate upon consolidation. For the three months ended March 31, 2017, intersegment revenues for Generation include revenue from sales to PECO of $45 million, sales to BGE of $134 million, sales to Pepco of $83 million, sales to DPL of $51 million and sales to ACE of $9 million in the Mid-Atlantic region, and sales to ComEd of $5 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 18 — Supplemental Financial Information for total utility taxes for the three months ended March 31, 2018 and 2017.

(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.

PHI:



	Pepco		DPL		ACE		Other^(b)			Intersegment Eliminations			PHI
Operating revenues^(a):
Three Months Ended March 31, 2018
Rate-regulated electric revenues	$	557	$	306	$	310	$	—		$	(4	)	$	1,169
Rate-regulated natural gas revenues	—		78		—		—			—			78
Shared service and other revenues	—		—		—		113			(109		)	4
Total operating revenues	557		384		310		113			(113		)	1,251
Three Months Ended March 31, 2017
Rate-regulated electric revenues	$	530	$	296	$	275	$	—		$	(4	)	$	1,097
Rate-regulated natural gas revenues	—		66		—		—			—			66
Shared service and other revenues	—		—		—		12			—			12
Total operating revenues	530		362		275		12			(4		)	1,175
Intersegment revenues:
Three Months Ended March 31, 2018	$	2	$	2	$	1	$	112		$	(113	)	$	4
Three Months Ended March 31, 2017	1		2		1		13			(5		)	12
Net income (loss):
Three Months Ended March 31, 2018	$	31	$	31	$	7	$	(8	)	$	4		$	65
Three Months Ended March 31, 2017	58		57		28		(15		)	12			140
Total assets:
March 31, 2018	$	7,896	$	4,383	$	3,530	$	10,514		$	(4,948	)	$	21,375
December 31, 2017	7,832		4,357		3,445		10,600			(4,987		)	21,247

__________


(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 18 — Supplemental Financial Information for total utility taxes for the three months ended March 31, 2018 and 2017.


(b)	Other primarily includes PHI’s corporate operations, shared service entities and other financing and investment activities

Analysis and reconciliation of reportable segment revenues for Generation

The following tables disaggregate the Registrants' revenue 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 three months ended March 31, 2018 and 2017. For Generation, the disaggregation of revenues reflects Generation’s two primary products of power sales and natural gas sales, with further disaggregation of power sales provided by geographic region. For the Utility Registrants, the disaggregation of revenues reflects the two primary utility services of rate-regulated electric sales and rate-regulated natural gas sales (where applicable), with further disaggregation of these tariff sales provided by major customer groups. Exelon’s disaggregated revenues are consistent with Generation and the Utility Registrants, but exclude any intercompany revenues.

Competitive Business Revenues (Generation):



	Three Months Ended March 31, 2018
	Revenues from external parties^(a)							Intersegment Revenues			Total Revenues
	Contracts with customers		Other^(b)			Total		Intersegment Revenues			Total Revenues
Mid-Atlantic	$	1,355	$	80		$	1,435	$	5		$	1,440
Midwest	1,273		71			1,344		2			1,346
New England	725		68			793		(1		)	792
New York	439		(29		)	410		(1		)	409
ERCOT	149		59			208		1			209
Other Power Regions	210		109			319		(31		)	288
Total Competitive Businesses Electric Revenues	4,151		358			4,509		(25		)	4,484
Competitive Businesses Natural Gas Revenues	522		433			955		25			980
Competitive Businesses Other Revenues^(c)	134		(86		)	48		—			48
Total Generation Consolidated Operating Revenues	$	4,807	$	705		$	5,512	$	—		$	5,512



	Three Months Ended March 31, 2017
	Revenues from external customers^(a)							Intersegment revenues			Total Revenues
	Contracts with customers		Other^(b)			Total		Intersegment revenues			Total Revenues
Mid-Atlantic	$	1,494	$	(65	)	$	1,429	$	(4	)	$	1,425
Midwest	980		71			1,051		2			1,053
New England	589		(40		)	549		(2		)	547
New York	303		(3		)	300		(3		)	297
ERCOT	168		24			192		(1		)	191
Other Power Regions	128		61			189		(5		)	184
Total Competitive Businesses Electric Revenues	3,662		48			3,710		(13		)	3,697
Competitive Businesses Natural Gas Revenues	768		150			918		12			930
Competitive Businesses Other Revenues^(c)	206		44			250		1			251
Total Generation Consolidated Operating Revenues	$	4,636	$	242		$	4,878	$	—		$	4,878

__________


(a)	Includes all wholesale and retail electric sales to third parties and affiliated sales to the Utility Registrants.


(b)	Includes revenues from derivatives and leases.

(c)

Other represents activities not allocated to a region. See text above for a description of included activities. Includes a $3 million decrease to revenues for the amortization of intangible assets and liabilities related to commodity contracts recorded at fair value for the three months ended March 31, 2017, unrealized mark-to-market losses of $98 million and gains of $44 million for the three months ended March 31, 2018 and 2017, respectively, and elimination of intersegment revenues.

Revenues net of purchased power and fuel expense (Generation):



	Three Months Ended March 31, 2018									Three Months Ended March 31, 2017
	RNF from external customers^(a)			Intersegment RNF			Total RNF			RNF from external customers^(a)		Intersegment RNF			Total RNF
Mid-Atlantic	$	836		$	14		$	850		$	755	$	18		$	773
Midwest	847			13			860			704		11			715
New England	122			(3		)	119			115		(4		)	111
New York	282			1			283			143		—			143
ERCOT	106			(70		)	36			94		(25		)	69
Other Power Regions	157			(40		)	117			108		(44		)	64
Total Revenues net of purchased power and fuel expense for Reportable Segments	2,350			(85		)	2,265			1,919		(44		)	1,875
Other^(b)	(131		)	85			(46		)	161		44			205
Total Generation Revenues net of purchased power and fuel expense	$	2,219		$	—		$	2,219		$	2,080	$	—		$	2,080

__________


(a)	Includes purchases and sales from/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. Includes a $3 million decrease to RNF for the amortization of intangible assets and liabilities related to commodity contracts for the three months ended March 31, 2017, unrealized mark-to-market losses of $266 million and $49 million for the three months ended March 31, 2018 and 2017, respectively, accelerated nuclear fuel amortization associated with announced early plant retirements as discussed in Note 7 - Early Nuclear Plant Retirements of the Combined Notes to Consolidated Financial Statements of $15 million decrease to revenue net of purchased power and fuel expense for the three months ended March 31, 2018, and the elimination of intersegment revenue net of purchased power and fuel expense.

Schedule of Revenue by Major Customers by Reporting Segments [Table Text Block]

Electric and Gas Revenue by Customer Class (ComEd, PECO, BGE, PHI, PECO, DPL, ACE):



	Three Months Ended March 31, 2018
Revenues from contracts with customers	ComEd		PECO			BGE			PHI		Pepco		DPL		ACE
Rate-regulated electric revenues
Residential	$	717	$	403		$	393		$	610	$	259	$	191	$	160
Small commercial & industrial	385		101			68			115		32		46		37
Large commercial & industrial	152		58			106			259		190		23		46
Public authorities & electric railroads	14		8			7			14		7		4		3
Other^(a)	230		62			78			156		49		41		66
Total rate-regulated electric revenues^(b)	$	1,498	$	632		$	652		$	1,154	$	537	$	305	$	312
Rate-regulated natural gas revenues
Residential	$	—	$	161		$	224		$	47	$	—	$	47	$	—
Small commercial & industrial	—		62			34			18		—		18		—
Large commercial & industrial	—		1			47			4		—		4		—
Transportation	—		6			—			5		—		5		—
Other^(c)	—		2			27			4		—		4		—
Total rate-regulated natural gas revenues^(d)	$	—	$	232		$	332		$	78	$	—	$	78	$	—
Total rate-regulated revenues from contracts with customers	$	1,498	$	864		$	984		$	1,232	$	537	$	383	$	312

Other revenues
Revenues from alternative revenue programs	5		(1		)	(13		)	18		19		1		(2		)
Other rate-regulated electric revenues^(e)	9		3			4			1		1		—		—
Other rate-regulated natural gas revenues^(e)	—		—			2			—		—		—		—
Total other revenues	14		2			(7		)	19		20		1		(2		)
Total rate-regulated revenues for reportable segments	$	1,512	$	866		$	977		$	1,251	$	557	$	384	$	310



	Three Months Ended March 31, 2017
Revenues from contracts with customers	ComEd		PECO		BGE		PHI		Pepco		DPL		ACE
Rate-regulated electric revenues
Residential	$	611	$	382	$	386	$	554	$	236	$	176	$	142
Small commercial & industrial	328		97		69		114		34		44		36
Large commercial & industrial	107		52		108		257		188		24		45
Public authorities & electric railroads	12		8		7		15		8		4		3
Other^(a)	218		48		68		126		48		38		43
Total rate-regulated electric revenues^(b)	$	1,276	$	587	$	638	$	1,066	$	514	$	286	$	269
Rate-regulated natural gas revenues
Residential	$	—	$	142	$	185	$	40	$	—	$	40	$	—
Small commercial & industrial	—		55		30		17		—		17		—
Large commercial & industrial	—		—		44		2		—		2		—
Transportation	—		6		—		5		—		5		—
Other^(c)	—		3		14		2		—		2		—
Total rate-regulated natural gas revenues^(d)	$	—	$	206	$	273	$	66	$	—	$	66	$	—
Total rate-regulated revenues from contracts with customers	$	1,276	$	793	$	911	$	1,132	$	514	$	352	$	269

Other revenues
Revenues from alternative revenue programs	14		—		35		30		15		9		6
Other rate-regulated electric revenues^(e)	8		3		4		2		1		1		—
Other rate-regulated natural gas revenues^(e)	—		—		1		—		—		—		—
Other revenues^(f)	—		—		—		11		—		—		—
Total other revenues	22		3		40		43		16		10		6
Total rate-regulated revenues for reportable segments	$	1,298	$	796	$	951	$	1,175	$	530	$	362	$	275

__________


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

(b)

Includes operating revenues from affiliates of $14 million, $2 million, $2 million, $4 million, $2 million, $2 million, and $1 million at ComEd, PECO, BGE, PHI, Pepco, DPL and ACE, respectively, for the three months ended March 31, 2018 and $5 million, $1 million, $2 million, $1 million, $1 million, $2 million, and $1 million at ComEd, PECO, BGE, PHI, Pepco, DPL and ACE, respectively, for the three months ended March 31, 2017.


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


(d)	Includes operating revenues from affiliates of less than $1 million and $4 million at PECO and BGE, respectively, for the three months ended March 31, 2018 and less than $1 million and $3 million at PECO and BGE, respectively, for the three months ended March 31, 2017.


(e)	Includes late payment charge revenues.