Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Income (USD $) | ||||
In Millions, except Per Share data | 3 Months Ended
Sep. 30, 2009 | 3 Months Ended
Sep. 30, 2008 | 9 Months Ended
Sep. 30, 2009 | 9 Months Ended
Sep. 30, 2008 |
EXELON CORP | ||||
Operating revenues | ||||
Operating revenues | $4,339 | $5,228 | $13,202 | $14,366 |
Operating expenses | ||||
Purchased power | 796 | 1,327 | 2,400 | 3,565 |
Fuel | 404 | 718 | 1,640 | 1,608 |
Operating and maintenance | 1,020 | 1,110 | 3,492 | 3,383 |
Operating and maintenance for regulatory required programs | 19 | 11 | 44 | 17 |
Depreciation and amortization | 485 | 431 | 1,360 | 1,230 |
Taxes other than income | 212 | 218 | 592 | 597 |
Total operating expenses | 2,936 | 3,815 | 9,528 | 10,400 |
Operating income | 1,403 | 1,413 | 3,674 | 3,966 |
Other income and deductions | ||||
Interest expense | (170) | (172) | (493) | (532) |
Interest expense to affiliates, net | (18) | (31) | (62) | (106) |
Equity in losses of investments | (8) | (6) | (21) | (19) |
Other, net | 148 | (158) | 367 | (256) |
Total other income and deductions | (48) | (367) | (209) | (913) |
Income before income taxes | 1,355 | 1,046 | 3,465 | 3,053 |
Income taxes | 598 | 346 | 1,339 | 1,022 |
Income from continuing operations | 757 | 700 | 2,126 | 2,031 |
Discontinued operations | ||||
Loss on disposal of discontinued operations (net of taxes of $0, $0, $0 and $0 for the three and nine months ended September 30, 2009 and 2008, respectively) | 0 | 0 | 0 | (1) |
Loss from discontinued operations, net | 0 | 0 | 0 | (1) |
Net income | 757 | 700 | 2,126 | 2,030 |
Comprehensive income, net of income taxes | ||||
Net income | 757 | 700 | 2,126 | 2,030 |
Pension and non-pension postretirement benefit plans: | ||||
Prior service benefit reclassified to periodic benefit cost | (3) | (2) | (8) | (7) |
Actuarial loss reclassified to periodic cost | 26 | 16 | 72 | 47 |
Transition obligation reclassified to periodic cost | 1 | 1 | 2 | 2 |
Pension and non-pension postretirement benefit plans valuation adjustment | 0 | 0 | 28 | 2 |
Change in unrealized gain (loss) on cash-flow hedges | (128) | 1,280 | 177 | 328 |
Change in unrealized gain (loss) on marketable securities | 2 | (1) | 7 | (3) |
Other comprehensive income (loss) | (102) | 1,294 | 278 | 369 |
Comprehensive income | 655 | 1,994 | 2,404 | 2,399 |
Average shares of common stock outstanding: | ||||
Basic | 660 | 658 | 659 | 658 |
Diluted | 662 | 662 | 661 | 663 |
Earnings per average common share - basic: | ||||
Income from continuing operations | 1.15 | 1.06 | 3.22 | 3.09 |
Net income | 1.15 | 1.06 | 3.22 | 3.09 |
Earnings per average common share - diluted: | ||||
Income from continuing operations | 1.14 | 1.06 | 3.21 | 3.06 |
Net income | 1.14 | 1.06 | 3.21 | 3.06 |
Dividends per common share | 0.53 | 0.5 | 1.58 | 1.5 |
EXELON CORP | Retained Earnings | ||||
Discontinued operations | ||||
Net income | 2,126 | |||
Comprehensive income, net of income taxes | ||||
Net income | 2,126 | |||
EXELON CORP | Accumulated Other Comprehensive (Loss) Income | ||||
Pension and non-pension postretirement benefit plans: | ||||
Other comprehensive income (loss) | 278 | |||
EXELON GENERATION CO LLC | ||||
Operating revenues | ||||
Operating revenues | 1,534 | 2,059 | 4,737 | 5,584 |
Operating revenues from affiliates | 911 | 1,014 | 2,687 | 2,727 |
Total operating revenues | 2,445 | 3,073 | 7,424 | 8,311 |
Operating expenses | ||||
Purchased power | 303 | 528 | 962 | 1,704 |
Fuel | 379 | 669 | 1,295 | 1,211 |
Operating and maintenance | 522 | 557 | 1,975 | 1,811 |
Operating and maintenance from affiliate | 70 | 68 | 235 | 212 |
Depreciation and amortization | 74 | 58 | 223 | 202 |
Taxes other than income | 51 | 53 | 150 | 153 |
Total operating expenses | 1,399 | 1,933 | 4,840 | 5,293 |
Operating income | 1,046 | 1,140 | 2,584 | 3,018 |
Other income and deductions | ||||
Interest expense | (24) | (34) | (77) | (108) |
Equity in losses of investments | (1) | 0 | (2) | (1) |
Other, net | 192 | (164) | 325 | (292) |
Total other income and deductions | 167 | (198) | 246 | (401) |
Income before income taxes | 1,213 | 942 | 2,830 | 2,617 |
Income taxes | 556 | 307 | 1,133 | 891 |
Income from continuing operations | 657 | 635 | 1,697 | 1,726 |
Discontinued operations | ||||
Loss on disposal of discontinued operations (net of taxes of $0, $0, $0 and $0 for the three and nine months ended September 30, 2009 and 2008, respectively) | 0 | 0 | 0 | (1) |
Loss from discontinued operations, net | 0 | 0 | 0 | (1) |
Net income | 657 | 635 | 1,697 | 1,725 |
Comprehensive income, net of income taxes | ||||
Net income | 657 | 635 | 1,697 | 1,725 |
Pension and non-pension postretirement benefit plans: | ||||
Prior service benefit reclassified to periodic benefit cost | 0 | (1) | 0 | (1) |
Pension and non-pension postretirement benefit plans valuation adjustment | 0 | 0 | 0 | (3) |
Change in unrealized gain (loss) on cash-flow hedges | (98) | 1,656 | 559 | 543 |
Other comprehensive income (loss) | (98) | 1,655 | 559 | 539 |
Comprehensive income | 559 | 2,290 | 2,256 | 2,264 |
EXELON GENERATION CO LLC | Retained Earnings | ||||
Discontinued operations | ||||
Net income | 1,697 | |||
Comprehensive income, net of income taxes | ||||
Net income | 1,697 | |||
EXELON GENERATION CO LLC | Accumulated Other Comprehensive (Loss) Income | ||||
Pension and non-pension postretirement benefit plans: | ||||
Other comprehensive income (loss) | 559 | |||
COMMONWEALTH EDISON CO | ||||
Operating revenues | ||||
Operating revenues | 1,474 | 1,728 | 4,415 | 4,591 |
Operating revenues from affiliates | 1 | 1 | 2 | 3 |
Total operating revenues | 1,475 | 1,729 | 4,417 | 4,594 |
Operating expenses | ||||
Purchased power | 423 | 655 | 1,235 | 1,605 |
Purchased power from affiliate | 353 | 413 | 1,138 | 1,124 |
Operating and maintenance | 234 | 265 | 668 | 701 |
Operating and maintenance from affiliate | 39 | 41 | 128 | 127 |
Operating and maintenance for regulatory required programs | 19 | 11 | 44 | 17 |
Depreciation and amortization | 125 | 119 | 371 | 343 |
Taxes other than income | 79 | 87 | 215 | 227 |
Total operating expenses | 1,272 | 1,591 | 3,799 | 4,144 |
Operating income | 203 | 138 | 618 | 450 |
Other income and deductions | ||||
Interest expense | (79) | (83) | (231) | (261) |
Interest expense to affiliates, net | (3) | (4) | (10) | (18) |
Equity in losses of investments | 0 | (2) | 0 | (7) |
Other, net | (19) | 3 | 67 | 12 |
Total other income and deductions | (101) | (86) | (174) | (274) |
Income before income taxes | 102 | 52 | 444 | 176 |
Income taxes | 56 | 19 | 169 | 66 |
Discontinued operations | ||||
Net income | 46 | 33 | 275 | 110 |
Comprehensive income, net of income taxes | ||||
Net income | 46 | 33 | 275 | 110 |
Pension and non-pension postretirement benefit plans: | ||||
Change in unrealized gain (loss) on marketable securities | 2 | (1) | 7 | (3) |
Other comprehensive income (loss) | 2 | (1) | 7 | (3) |
Comprehensive income | 48 | 32 | 282 | 107 |
COMMONWEALTH EDISON CO | Accumulated Other Comprehensive (Loss) Income | ||||
Pension and non-pension postretirement benefit plans: | ||||
Other comprehensive income (loss) | 7 | |||
COMMONWEALTH EDISON CO | Retained (Deficit) Earnings Unappropriated | ||||
Discontinued operations | ||||
Net income | 275 | |||
Comprehensive income, net of income taxes | ||||
Net income | 275 | |||
PECO ENERGY CO | ||||
Operating revenues | ||||
Operating revenues | 1,325 | 1,438 | 4,038 | 4,185 |
Operating revenues from affiliates | 2 | 3 | 7 | 10 |
Total operating revenues | 1,327 | 1,441 | 4,045 | 4,195 |
Operating expenses | ||||
Purchased power | 70 | 93 | 203 | 257 |
Purchased power from affiliate | 555 | 600 | 1,539 | 1,602 |
Fuel | 26 | 50 | 346 | 397 |
Operating and maintenance | 132 | 169 | 409 | 487 |
Operating and maintenance from affiliate | 22 | 23 | 72 | 70 |
Depreciation and amortization | 272 | 243 | 726 | 653 |
Taxes other than income | 78 | 73 | 213 | 203 |
Total operating expenses | 1,155 | 1,251 | 3,508 | 3,669 |
Operating income | 172 | 190 | 537 | 526 |
Other income and deductions | ||||
Interest expense | (32) | (27) | (93) | (81) |
Interest expense to affiliates, net | (14) | (28) | (52) | (90) |
Equity in losses of investments | (6) | (4) | (19) | (11) |
Other, net | 2 | 2 | 8 | 13 |
Total other income and deductions | (50) | (57) | (156) | (169) |
Income before income taxes | 122 | 133 | 381 | 357 |
Income taxes | 30 | 43 | 106 | 111 |
Discontinued operations | ||||
Net income | 92 | 90 | 275 | 246 |
Preferred security dividends | 1 | 1 | 3 | 3 |
Net income on common stock | 91 | 89 | 272 | 243 |
Comprehensive income, net of income taxes | ||||
Net income | 92 | 90 | 275 | 246 |
Pension and non-pension postretirement benefit plans: | ||||
Amortization of realized loss on settled cash flow swaps | (1) | 0 | (1) | (1) |
Other comprehensive income (loss) | (1) | 0 | (1) | (1) |
Comprehensive income | 91 | 90 | 274 | 245 |
PECO ENERGY CO | Retained Earnings | ||||
Discontinued operations | ||||
Net income | 275 | |||
Comprehensive income, net of income taxes | ||||
Net income | 275 | |||
PECO ENERGY CO | Accumulated Other Comprehensive (Loss) Income | ||||
Pension and non-pension postretirement benefit plans: | ||||
Other comprehensive income (loss) | ($1) |
1_Consolidated Statements of Op
Consolidated Statements of Operations and Comprehensive Income (Parenthetical) (USD $) | ||||
In Millions | 3 Months Ended
Sep. 30, 2009 | 3 Months Ended
Sep. 30, 2008 | 9 Months Ended
Sep. 30, 2009 | 9 Months Ended
Sep. 30, 2008 |
EXELON CORP | ||||
Loss on disposal of discontinued operations, taxes | $0 | $0 | $0 | $0 |
EXELON GENERATION CO LLC | ||||
Loss on disposal of discontinued operations, taxes | $0 | $0 | $0 | $0 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (USD $) | ||
In Millions | 9 Months Ended
Sep. 30, 2009 | 9 Months Ended
Sep. 30, 2008 |
EXELON CORP | ||
Cash flows from operating activities | ||
Net income | $2,126 | $2,030 |
Adjustments to reconcile net income to net cash flows provided by operating activities: | ||
Depreciation, amortization and accretion | 1,935 | 1,725 |
Impairment of long-lived assets | 223 | 0 |
Deferred income taxes and amortization of investment tax credits | 740 | 111 |
Net fair value changes related to derivatives and nuclear decommissioning trust funds | (257) | (115) |
Other non-cash operating activities | 464 | 658 |
Changes in assets and liabilities: | ||
Accounts receivable | 335 | 226 |
Inventories | 41 | (158) |
Accounts payable, accrued expenses and other current liabilities | (463) | (261) |
Counterparty collateral received, net | 380 | 245 |
Income taxes | (176) | 457 |
Pension and non-pension postretirement benefit contributions | (456) | (103) |
Other assets and liabilities | (263) | (448) |
Net cash flows provided by operating activities | 4,629 | 4,367 |
Cash flows from investing activities | ||
Capital expenditures | (2,252) | (2,282) |
Proceeds from nuclear decommissioning trust fund sales | 18,769 | 14,392 |
Investment in nuclear decommissioning trust funds | (18,949) | (14,621) |
Change in restricted cash | 32 | 28 |
Other investing activities | 16 | 6 |
Net cash flows used in investing activities | (2,384) | (2,477) |
Cash flows from financing activities | ||
Changes in short-term debt | (71) | (431) |
Issuance of long-term debt | 1,987 | 1,969 |
Retirement of long-term debt | (1,515) | (1,397) |
Retirement of long-term debt to financing affiliates | (533) | (862) |
Dividends paid on common stock | (1,038) | (989) |
Proceeds from employee stock plans | 28 | 122 |
Purchase of treasury stock | 0 | (436) |
Purchase of forward contract in relation to certain treasury stock | 0 | (64) |
Other financing activities | 0 | 69 |
Net cash flows used in financing activities | (1,142) | (2,019) |
Increase (decrease) in cash and cash equivalents | 1,103 | (129) |
Cash and cash equivalents at beginning of period | 1,271 | 311 |
Cash and cash equivalents at end of period | 2,374 | 182 |
EXELON CORP | Retained Earnings | ||
Cash flows from operating activities | ||
Net income | 2,126 | |
EXELON GENERATION CO LLC | ||
Cash flows from operating activities | ||
Net income | 1,697 | 1,725 |
Adjustments to reconcile net income to net cash flows provided by operating activities: | ||
Depreciation, amortization and accretion | 797 | 697 |
Impairment of long-lived assets | 223 | 0 |
Deferred income taxes and amortization of investment tax credits | 674 | 238 |
Net fair value changes related to derivatives and nuclear decommissioning trust funds | (257) | (113) |
Other non-cash operating activities | 29 | 234 |
Changes in assets and liabilities: | ||
Accounts receivable | 147 | 39 |
Inventories | (8) | (75) |
Accounts payable, accrued expenses and other current liabilities | (105) | (93) |
Counterparty collateral received, net | 379 | 247 |
Income taxes | (22) | 361 |
Pension and non-pension postretirement benefit contributions | (208) | (48) |
Other assets and liabilities | (161) | (363) |
Receivables from and payables to affiliates, net | (30) | (64) |
Net cash flows provided by operating activities | 3,155 | 2,785 |
Cash flows from investing activities | ||
Capital expenditures | (1,330) | (1,204) |
Proceeds from nuclear decommissioning trust fund sales | 18,769 | 14,392 |
Investment in nuclear decommissioning trust funds | (18,949) | (14,621) |
Changes in Exelon intercompany money pool | 0 | (288) |
Change in restricted cash | 14 | 19 |
Other investing activities | (1) | (3) |
Net cash flows used in investing activities | (1,497) | (1,705) |
Cash flows from financing activities | ||
Issuance of long-term debt | 1,546 | 0 |
Distribution to member | (1,800) | (1,244) |
Contribution from member | 58 | 86 |
Retirement of long-term debt | (920) | (12) |
Other financing activities | (2) | 2 |
Net cash flows used in financing activities | (1,118) | (1,168) |
Increase (decrease) in cash and cash equivalents | 540 | (88) |
Cash and cash equivalents at beginning of period | 1,135 | 127 |
Cash and cash equivalents at end of period | 1,675 | 39 |
EXELON GENERATION CO LLC | Retained Earnings | ||
Cash flows from operating activities | ||
Net income | 1,697 | |
COMMONWEALTH EDISON CO | ||
Cash flows from operating activities | ||
Net income | 275 | 110 |
Adjustments to reconcile net income to net cash flows provided by operating activities: | ||
Depreciation, amortization and accretion | 372 | 343 |
Deferred income taxes and amortization of investment tax credits | 205 | 41 |
Other non-cash operating activities | 235 | 197 |
Changes in assets and liabilities: | ||
Accounts receivable | 102 | (30) |
Inventories | 3 | (3) |
Accounts payable, accrued expenses and other current liabilities | (171) | (60) |
Income taxes | (84) | 83 |
Pension and non-pension postretirement benefit contributions | (161) | (7) |
Other assets and liabilities | (22) | 7 |
Receivables from and payables to affiliates, net | (43) | 53 |
Net cash flows provided by operating activities | 711 | 734 |
Cash flows from investing activities | ||
Capital expenditures | (605) | (723) |
Change in restricted cash | (1) | 0 |
Other investing activities | 15 | 13 |
Net cash flows used in investing activities | (591) | (710) |
Cash flows from financing activities | ||
Changes in short-term debt | 80 | (208) |
Issuance of long-term debt | 191 | 1,325 |
Retirement of long-term debt | (208) | (760) |
Retirement of long-term debt to financing affiliates | 0 | (417) |
Contributions from parent | 8 | 13 |
Dividends paid on common stock | (180) | 0 |
Net cash flows used in financing activities | (109) | (47) |
Increase (decrease) in cash and cash equivalents | 11 | (23) |
Cash and cash equivalents at beginning of period | 47 | 87 |
Cash and cash equivalents at end of period | 58 | 64 |
COMMONWEALTH EDISON CO | Retained (Deficit) Earnings Unappropriated | ||
Cash flows from operating activities | ||
Net income | 275 | |
PECO ENERGY CO | ||
Cash flows from operating activities | ||
Net income | 275 | 246 |
Adjustments to reconcile net income to net cash flows provided by operating activities: | ||
Depreciation, amortization and accretion | 726 | 653 |
Deferred income taxes and amortization of investment tax credits | (166) | (178) |
Other non-cash operating activities | 107 | 152 |
Changes in assets and liabilities: | ||
Accounts receivable | 86 | (6) |
Inventories | 47 | (80) |
Accounts payable, accrued expenses and other current liabilities | (154) | (61) |
Income taxes | 27 | 76 |
Pension and non-pension postretirement benefit contributions | (41) | (25) |
Other assets and liabilities | (77) | (16) |
Receivables from and payables to affiliates, net | 32 | 6 |
Net cash flows provided by operating activities | 862 | 767 |
Cash flows from investing activities | ||
Capital expenditures | (267) | (299) |
Change in restricted cash | 2 | 1 |
Other investing activities | 2 | 7 |
Net cash flows used in investing activities | (263) | (291) |
Cash flows from financing activities | ||
Changes in short-term debt | (95) | (223) |
Issuance of long-term debt | 250 | 644 |
Retirement of long-term debt | 0 | (604) |
Retirement of long-term debt to financing affiliates | (533) | (445) |
Contributions from parent | 27 | 36 |
Changes in Exelon intercompany money pool | 0 | 288 |
Dividends paid on common stock | (247) | (382) |
Dividends paid on preferred securities | (3) | (3) |
Repayment of receivable from parent | 240 | 213 |
Other financing activities | 0 | 1 |
Net cash flows used in financing activities | (361) | (475) |
Increase (decrease) in cash and cash equivalents | 238 | 1 |
Cash and cash equivalents at beginning of period | 39 | 34 |
Cash and cash equivalents at end of period | 277 | 35 |
PECO ENERGY CO | Retained Earnings | ||
Cash flows from operating activities | ||
Net income | $275 |
Consolidated Balance Sheets
Consolidated Balance Sheets (USD $) | ||
In Millions | 9 Months Ended
Sep. 30, 2009 | 9 Months Ended
Dec. 31, 2008 |
EXELON CORP | ||
Current assets | ||
Cash and cash equivalents | $2,374 | $1,271 |
Restricted cash and investments | 43 | 75 |
Accounts receivable, net | ||
Customer | 1,418 | 1,928 |
Other | 442 | 324 |
Mark-to-market derivative assets | 467 | 410 |
Inventories, net | ||
Fossil fuel | 216 | 315 |
Materials and supplies | 568 | 528 |
Other | 367 | 517 |
Total current assets | 5,895 | 5,368 |
Property, plant and equipment, net | 26,653 | 25,813 |
Deferred debits and other assets | ||
Regulatory assets | 5,137 | 5,940 |
Nuclear decommissioning trust funds | 6,502 | 5,500 |
Investments | 707 | 670 |
Investments in affiliates | 25 | 45 |
Goodwill | 2,625 | 2,625 |
Mark-to-market derivative assets | 482 | 507 |
Other | 1,476 | 1,349 |
Total deferred debits and other assets | 16,954 | 16,636 |
Total assets | 49,502 | 47,817 |
Current liabilities | ||
Short-term borrowings | 140 | 211 |
Long-term debt due within one year | 873 | 29 |
Long-term debt to PECO Energy Transition Trust due within one year | 591 | 319 |
Accounts payable | 1,075 | 1,416 |
Mark-to-market derivative liabilities | 206 | 214 |
Accrued expenses | 888 | 1,151 |
Deferred income taxes | 117 | 77 |
Other | 554 | 663 |
Total current liabilities | 4,444 | 4,080 |
Long-term debt | 11,021 | 11,397 |
Long-term debt to PECO Energy Transition Trust | 0 | 805 |
Long-term debt to financing trust | 390 | 390 |
Deferred credits and other liabilities | ||
Deferred income taxes and unamortized investment tax credits | 5,858 | 4,939 |
Asset retirement obligations | 3,381 | 3,734 |
Pension obligations | 3,782 | 4,111 |
Non-pension postretirement benefit obligations | 2,248 | 2,255 |
Spent nuclear fuel obligation | 1,017 | 1,015 |
Regulatory liabilities | 3,395 | 2,520 |
Mark-to-market derivative liabilities | 72 | 24 |
Other | 1,317 | 1,413 |
Total deferred credits and other liabilities | 21,070 | 20,011 |
Total liabilities | 36,925 | 36,683 |
Commitments and contingencies | - | - |
Preferred securities | 87 | 87 |
Shareholders' equity | ||
Common stock | 8,896 | 8,816 |
Treasury stock, at cost (35 and 35 shares held at September 30, 2009 and December 31, 2008, respectively) | (2,338) | (2,338) |
Retained earnings | 7,905 | 6,820 |
Accumulated other comprehensive income (loss), net | (1,973) | (2,251) |
Total shareholders' equity | 12,490 | 11,047 |
Total liabilities and shareholders' equity | 49,502 | 47,817 |
EXELON CORP | Common Stock | ||
Shareholders' equity | ||
Total shareholders' equity | 8,896 | 8,816 |
EXELON CORP | Treasury Stock | ||
Shareholders' equity | ||
Total shareholders' equity | (2,338) | (2,338) |
EXELON CORP | Retained Earnings | ||
Shareholders' equity | ||
Total shareholders' equity | 7,905 | 6,820 |
EXELON CORP | Accumulated Other Comprehensive (Loss) Income | ||
Shareholders' equity | ||
Total shareholders' equity | (1,973) | (2,251) |
EXELON GENERATION CO LLC | ||
Current assets | ||
Cash and cash equivalents | 1,675 | 1,135 |
Restricted cash | 8 | 22 |
Accounts receivable, net | ||
Customer | 450 | 673 |
Other | 180 | 108 |
Mark-to-market derivative assets | 467 | 410 |
Mark-to-market derivative assets with affiliate | 305 | 111 |
Receivables from affiliates | 268 | 277 |
Inventories, net | ||
Fossil fuel | 90 | 143 |
Materials and supplies | 478 | 435 |
Other | 246 | 410 |
Total current assets | 4,167 | 3,724 |
Property, plant and equipment, net | 9,320 | 8,907 |
Deferred debits and other assets | ||
Nuclear decommissioning trust funds | 6,502 | 5,500 |
Investments | 43 | 33 |
Mark-to-market derivative assets | 470 | 490 |
Receivable from affiliate | 1 | 1 |
Mark-to-market derivative assets with affiliate | 780 | 345 |
Prepaid pension asset | 1,046 | 949 |
Other | 542 | 406 |
Total deferred debits and other assets | 9,384 | 7,724 |
Total assets | 22,871 | 20,355 |
Current liabilities | ||
Long-term debt due within one year | 147 | 12 |
Accounts payable | 690 | 792 |
Mark-to-market derivative liabilities | 206 | 214 |
Accrued expenses | 559 | 761 |
Payables to affiliates | 40 | 78 |
Deferred income taxes | 405 | 256 |
Other | 232 | 324 |
Total current liabilities | 2,279 | 2,437 |
Long-term debt | 2,992 | 2,502 |
Deferred credits and other liabilities | ||
Deferred income taxes and unamortized investment tax credits | 2,878 | 1,968 |
Asset retirement obligations | 3,262 | 3,536 |
Pension obligations | 0 | 63 |
Non-pension postretirement benefit obligations | 675 | 576 |
Spent nuclear fuel obligation | 1,017 | 1,015 |
Payables to affiliates | 2,153 | 1,336 |
Mark-to-market derivative liabilities | 70 | 24 |
Other | 445 | 332 |
Total deferred credits and other liabilities | 10,500 | 8,850 |
Total liabilities | 15,771 | 13,789 |
Commitments and contingencies | - | - |
Member's equity | ||
Membership interest | 3,465 | 3,407 |
Undistributed earnings | 2,220 | 2,323 |
Accumulated other comprehensive income, net | 1,414 | 835 |
Total member's equity | 7,099 | 6,565 |
Noncontrolling interest | 1 | 1 |
Total equity | 7,100 | 6,566 |
Total liabilities and equity | 22,871 | 20,355 |
EXELON GENERATION CO LLC | Retained Earnings | ||
Member's equity | ||
Total equity | 2,220 | 2,323 |
EXELON GENERATION CO LLC | Accumulated Other Comprehensive (Loss) Income | ||
Member's equity | ||
Total equity | 1,414 | 835 |
EXELON GENERATION CO LLC | Membership Interest | ||
Member's equity | ||
Total equity | 3,465 | 3,407 |
EXELON GENERATION CO LLC | Noncontrolling Interest | ||
Member's equity | ||
Total equity | 1 | 1 |
COMMONWEALTH EDISON CO | ||
Current assets | ||
Cash and cash equivalents | 58 | 47 |
Restricted cash | 2 | 1 |
Accounts receivable, net | ||
Customer | 637 | 798 |
Other | 147 | 162 |
Inventories, net | ||
Inventories, net | 72 | 75 |
Regulatory assets | 332 | 169 |
Deferred income taxes | 58 | 32 |
Other | 23 | 25 |
Total current assets | 1,329 | 1,309 |
Property, plant and equipment, net | 11,947 | 11,655 |
Deferred debits and other assets | ||
Regulatory assets | 1,191 | 858 |
Investments | 40 | 34 |
Goodwill | 2,625 | 2,625 |
Receivable from affiliate | 1,863 | 1,291 |
Prepaid pension asset | 931 | 847 |
Other | 595 | 618 |
Total deferred debits and other assets | 7,245 | 6,273 |
Total assets | 20,521 | 19,237 |
Current liabilities | ||
Short-term borrowings | 140 | 60 |
Long-term debt due within one year | 213 | 17 |
Accounts payable | 201 | 307 |
Accrued expenses | 265 | 306 |
Payables to affiliates | 135 | 179 |
Customer deposits | 127 | 119 |
Mark-to-market derivative liability with affiliate | 305 | 111 |
Other | 48 | 54 |
Total current liabilities | 1,434 | 1,153 |
Long-term debt | 4,497 | 4,709 |
Long-term debt to financing trust | 206 | 206 |
Deferred credits and other liabilities | ||
Deferred income taxes and unamortized investment tax credits | 2,606 | 2,369 |
Asset retirement obligations | 95 | 174 |
Non-pension postretirement benefit obligations | 270 | 203 |
Regulatory liabilities | 3,078 | 2,440 |
Mark-to-market derivative liability with affiliate | 779 | 345 |
Other | 711 | 903 |
Total deferred credits and other liabilities | 7,539 | 6,434 |
Total liabilities | 13,676 | 12,502 |
Commitments and contingencies | - | - |
Shareholders' equity | ||
Common stock | 1,588 | 1,588 |
Other paid-in capital | 4,990 | 4,982 |
Retained earnings | 265 | 170 |
Accumulated other comprehensive income (loss), net | 2 | (5) |
Total shareholders' equity | 6,845 | 6,735 |
Total liabilities and shareholders' equity | 20,521 | 19,237 |
COMMONWEALTH EDISON CO | Common Stock | ||
Shareholders' equity | ||
Total shareholders' equity | 1,588 | 1,588 |
COMMONWEALTH EDISON CO | Accumulated Other Comprehensive (Loss) Income | ||
Shareholders' equity | ||
Total shareholders' equity | 2 | (5) |
COMMONWEALTH EDISON CO | Other Paid-In Capital | ||
Shareholders' equity | ||
Total shareholders' equity | 4,990 | 4,982 |
COMMONWEALTH EDISON CO | Retained (Deficit) Earnings Unappropriated | ||
Shareholders' equity | ||
Total shareholders' equity | (1,639) | (1,639) |
COMMONWEALTH EDISON CO | Retained Earnings Appropriated | ||
Shareholders' equity | ||
Total shareholders' equity | 1,904 | 1,809 |
PECO ENERGY CO | ||
Current assets | ||
Cash and cash equivalents | 277 | 39 |
Restricted cash | 0 | 2 |
Accounts receivable, net | ||
Customer | 331 | 457 |
Other | 52 | 39 |
Inventories, net | ||
Fossil fuel | 125 | 172 |
Materials and supplies | 18 | 18 |
Deferred income taxes | 70 | 78 |
Prepaid utility taxes | 43 | 0 |
Other | 16 | 14 |
Total current assets | 932 | 819 |
Property, plant and equipment, net | 5,207 | 5,074 |
Deferred debits and other assets | ||
Regulatory assets | 2,016 | 2,597 |
Investments | 18 | 15 |
Investments in affiliates | 19 | 39 |
Receivable from affiliate | 292 | 47 |
Other | 623 | 578 |
Total deferred debits and other assets | 2,968 | 3,276 |
Total assets | 9,107 | 9,169 |
Current liabilities | ||
Short-term borrowings | 0 | 95 |
Long-term debt to PECO Energy Transition Trust due within one year | 591 | 319 |
Accounts payable | 100 | 204 |
Accrued expenses | 137 | 120 |
Payables to affiliates | 176 | 144 |
Customer deposits | 67 | 74 |
Other | 27 | 25 |
Total current liabilities | 1,098 | 981 |
Long-term debt | 2,221 | 1,971 |
Long-term debt to PECO Energy Transition Trust | 0 | 805 |
Long-term debt to financing trust | 184 | 184 |
Deferred credits and other liabilities | ||
Deferred income taxes and unamortized investment tax credits | 2,287 | 2,451 |
Asset retirement obligations | 24 | 24 |
Non-pension postretirement benefit obligations | 294 | 283 |
Regulatory liabilities | 295 | 49 |
Other | 144 | 152 |
Total deferred credits and other liabilities | 3,044 | 2,959 |
Total liabilities | 6,547 | 6,900 |
Commitments and contingencies | - | - |
Preferred securities | 87 | 87 |
Shareholders' equity | ||
Common stock | 2,318 | 2,291 |
Receivable from parent | (260) | (500) |
Retained earnings | 414 | 389 |
Accumulated other comprehensive income (loss), net | 1 | 2 |
Total shareholders' equity | 2,473 | 2,182 |
Total liabilities and shareholders' equity | 9,107 | 9,169 |
PECO ENERGY CO | Common Stock | ||
Shareholders' equity | ||
Total shareholders' equity | 2,318 | 2,291 |
PECO ENERGY CO | Retained Earnings | ||
Shareholders' equity | ||
Total shareholders' equity | 414 | 389 |
PECO ENERGY CO | Accumulated Other Comprehensive (Loss) Income | ||
Shareholders' equity | ||
Total shareholders' equity | 1 | 2 |
PECO ENERGY CO | Receivable from Parent | ||
Shareholders' equity | ||
Total shareholders' equity | ($260) | ($500) |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) (EXELON CORP, USD $) | ||
Share data in Millions | Sep. 30, 2009
| Dec. 31, 2008
|
Common stock, par value | $0 | $0 |
Common stock, shares authorized | 2,000 | 2,000 |
Common stock, shares outstanding | 659 | 658 |
Treasury stock, shares held | 35 | 35 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Equity (USD $) | |||
In Millions, except Share data in Thousands | 3 Months Ended
Sep. 30, 2009 | 9 Months Ended
Sep. 30, 2009 | Dec. 31, 2008
|
EXELON CORP | |||
Beginning Balance | $11,047 | ||
Net income | 757 | 2,126 | |
Long-term incentive plan activity | 80 | ||
Common stock dividends | (1,041) | ||
Other comprehensive income, net of income taxes | (102) | 278 | |
Ending Balance | 12,490 | 12,490 | 11,047 |
EXELON CORP | Common Stock | |||
Beginning Balance | 692,953 | ||
Long-term incentive plan activity | 1,191 | ||
Ending Balance | 694,144 | 694,144 | 692,953 |
Beginning Balance | 8,816 | ||
Long-term incentive plan activity | 80 | ||
Ending Balance | 8,896 | 8,896 | 8,816 |
EXELON CORP | Treasury Stock | |||
Beginning Balance | (2,338) | ||
Ending Balance | (2,338) | ||
EXELON CORP | Retained Earnings | |||
Beginning Balance | 6,820 | ||
Net income | 2,126 | ||
Common stock dividends | (1,041) | ||
Ending Balance | 7,905 | 7,905 | 6,820 |
EXELON CORP | Accumulated Other Comprehensive (Loss) Income | |||
Beginning Balance | (2,251) | ||
Other comprehensive income, net of income taxes | 278 | ||
Ending Balance | (1,973) | (1,973) | (2,251) |
EXELON GENERATION CO LLC | |||
Beginning Balance | 6,566 | ||
Net income | 657 | 1,697 | |
Distribution to member | (1,800) | ||
Allocation of tax benefit from member | 58 | ||
Transfer of AmerGen pension and non-pension postretirement benefit plans to Exelon, net of income taxes of $17 | 20 | ||
Other comprehensive income, net of income taxes | (98) | 559 | |
Ending Balance | 7,100 | 7,100 | 6,566 |
EXELON GENERATION CO LLC | Retained Earnings | |||
Beginning Balance | 2,323 | ||
Net income | 1,697 | ||
Distribution to member | (1,800) | ||
Ending Balance | 2,220 | 2,220 | 2,323 |
EXELON GENERATION CO LLC | Accumulated Other Comprehensive (Loss) Income | |||
Beginning Balance | 835 | ||
Transfer of AmerGen pension and non-pension postretirement benefit plans to Exelon, net of income taxes of $17 | 20 | ||
Other comprehensive income, net of income taxes | 559 | ||
Ending Balance | 1,414 | 1,414 | 835 |
EXELON GENERATION CO LLC | Membership Interest | |||
Beginning Balance | 3,407 | ||
Allocation of tax benefit from member | 58 | ||
Ending Balance | 3,465 | 3,465 | 3,407 |
EXELON GENERATION CO LLC | Noncontrolling Interest | |||
Beginning Balance | 1 | ||
Ending Balance | 1 | ||
COMMONWEALTH EDISON CO | |||
Beginning Balance | 6,735 | ||
Net income | 46 | 275 | |
Appropriation of retained earnings for future dividends | 0 | ||
Common stock dividends | (180) | ||
Allocation of tax benefit from parent | 8 | ||
Other comprehensive income, net of income taxes | 2 | 7 | |
Ending Balance | 6,845 | 6,845 | 6,735 |
COMMONWEALTH EDISON CO | Common Stock | |||
Beginning Balance | 1,588 | ||
Ending Balance | 1,588 | ||
COMMONWEALTH EDISON CO | Accumulated Other Comprehensive (Loss) Income | |||
Beginning Balance | (5) | ||
Other comprehensive income, net of income taxes | 7 | ||
Ending Balance | 2 | 2 | (5) |
COMMONWEALTH EDISON CO | Other Paid-In Capital | |||
Beginning Balance | 4,982 | ||
Allocation of tax benefit from parent | 8 | ||
Ending Balance | 4,990 | 4,990 | 4,982 |
COMMONWEALTH EDISON CO | Retained (Deficit) Earnings Unappropriated | |||
Beginning Balance | (1,639) | ||
Net income | 275 | ||
Appropriation of retained earnings for future dividends | (275) | ||
Ending Balance | (1,639) | (1,639) | (1,639) |
COMMONWEALTH EDISON CO | Retained Earnings Appropriated | |||
Beginning Balance | 1,809 | ||
Appropriation of retained earnings for future dividends | 275 | ||
Common stock dividends | (180) | ||
Ending Balance | 1,904 | 1,904 | 1,809 |
PECO ENERGY CO | |||
Beginning Balance | 2,182 | ||
Net income | 92 | 275 | |
Common stock dividends | (247) | ||
Preferred security dividends | (3) | ||
Repayment of receivable from parent | 240 | ||
Allocation of tax benefit from parent | 27 | ||
Other comprehensive income, net of income taxes | (1) | (1) | |
Ending Balance | 2,473 | 2,473 | 2,182 |
PECO ENERGY CO | Common Stock | |||
Beginning Balance | 2,291 | ||
Allocation of tax benefit from parent | 27 | ||
Ending Balance | 2,318 | 2,318 | 2,291 |
PECO ENERGY CO | Retained Earnings | |||
Beginning Balance | 389 | ||
Net income | 275 | ||
Common stock dividends | (247) | ||
Preferred security dividends | (3) | ||
Ending Balance | 414 | 414 | 389 |
PECO ENERGY CO | Accumulated Other Comprehensive (Loss) Income | |||
Beginning Balance | 2 | ||
Other comprehensive income, net of income taxes | (1) | ||
Ending Balance | 1 | 1 | 2 |
PECO ENERGY CO | Receivable from Parent | |||
Beginning Balance | (500) | ||
Repayment of receivable from parent | 240 | ||
Ending Balance | ($260) | ($260) | ($500) |
2_Consolidated Statement of Cha
Consolidated Statement of Changes in Equity (Parenthetical) (USD $) | |
In Millions | 9 Months Ended
Sep. 30, 2009 |
EXELON CORP | |
Other comprehensive income, income taxes | $199 |
EXELON GENERATION CO LLC | |
Transfer of AmerGen pension and non-pension postretirement benefit plans to Exelon, income taxes | 17 |
Other comprehensive income, income taxes | 368 |
COMMONWEALTH EDISON CO | |
Other comprehensive income, income taxes | (5) |
PECO ENERGY CO | |
Other comprehensive income, income taxes | $0 |
1. Basis of Presentation
1. Basis of Presentation (Exelon, Generation, ComEd and PECO) | |
9 Months Ended
Sep. 30, 2009 | |
Notes to Financial Statements [Abstract] | |
1. Basis of Presentation (Exelon, Generation, ComEd and PECO) | 1.Basis of Presentation (Exelon, Generation, ComEd and PECO) Exelon Corporation (Exelon) is a utility services holding company engaged, through its subsidiaries, in the generation and energy delivery businesses. The generation business consists of the electric generating facilities, the wholesale energy marketing operations and competitive retail supply operations of Exelon Generation Company, LLC (Generation). The energy delivery businesses include the purchase and regulated retail sale of electricity and the provision of distribution and transmission services by Commonwealth Edison Company (ComEd) in northern Illinois, including the City of Chicago, and by PECO Energy Company (PECO) in southeastern Pennsylvania, including the City of Philadelphia, and the purchase and regulated retail sale of natural gas and the provision of distribution services by PECO in the Pennsylvania counties surrounding the City of Philadelphia. Exelons corporate operations, some of which are performed through its business services subsidiary, Exelon Business Services Company, LLC (BSC), provide Exelons subsidiaries with a variety of support services at cost, including legal, human resources, financial, information technology and supply management services. The costs of BSC, including support services, are directly charged or allocated to the applicable subsidiaries using a cost-causative allocation method. Corporate governance type costs that cannot be directly assigned are allocated based on a Modified Massachusetts formula, which is a method that utilizes a combination of gross revenues, total assets, and direct labor costs for the allocation base. The results of Exelons corporate operations are presented as Other within the consolidated financial statements and include intercompany eliminations unless otherwise disclosed. Exelon owns 100% of all of its significant consolidated subsidiaries, either directly or indirectly, except for ComEd, of which Exelon owns more than 99%, and PECO, of which Exelon owns 100% of the common stock but none of PECOs preferred securities. Exelon has reflected the third-party interests in ComEd, which totaled less than $1 million at September30, 2009, as equity, and PECOs preferred securities as preferred securities of subsidiary in its consolidated financial statements. Generation owns 100% of all of its significant consolidated subsidiaries, either directly or indirectly, except for Exelon SHC, LLC, of which Generation owns 99% and the remaining 1% is indirectly owned by Exelon, which is eliminated in Exelons consolidated financial statements. AmerGen Energy Company, LLC (AmerGen), formerly a wholly owned subsidiary of Generation through January8, 2009, owned and operated the Clinton Nuclear Power Station (Clinton), Three Mile Island (TMI) Unit No.1 and the Oyster Creek Generating Station (Oyster Creek). Effective January8, 2009, AmerGen was dissolved and the operating licenses for Clinton, TMI and Oyster Creek were transferred to Generation, which continues to operate those plants. Each of Generations, ComEds and PECOs consolidated financial statements includes the accounts of their subsidiaries. All intercompany tran |
2. New Accounting Pronouncem
2. New Accounting Pronouncements (Exelon, Generation, ComEd and PECO) | |
9 Months Ended
Sep. 30, 2009 | |
Notes to Financial Statements [Abstract] | |
2. New Accounting Pronouncements (Exelon, Generation, ComEd and PECO) | 2.New Accounting Pronouncements (Exelon, Generation, ComEd and PECO) Noncontrolling Interests in Consolidated Financial Statements In December 2007, the FASB issued authoritative guidance clarifying that a noncontrolling interest in a subsidiary is an ownership interest in the consolidated entity that should be reported as equity in the consolidated financial statements. This guidance requires that a change in a parents ownership interest in a subsidiary be reported as an equity transaction in the consolidated financial statements when it does not result in a change in control of the subsidiary. When a change in a parents ownership interest results in deconsolidation, a gain or loss should be recognized in the consolidated financial statements. This guidance was applied prospectively as of January1, 2009, except for the presentation and disclosure requirements, which were applied retrospectively for all periods presented. The adoption had no impact on Exelons consolidated financial statements. Generation reclassified its noncontrolling interest of a consolidated subsidiary from mezzanine equity to equity in its Consolidated Balance Sheets and Statement of Changes in Equity for all periods presented. The noncontrolling interest is eliminated in Exelons Consolidated financial statements as it is owned by Exelon. PECO reclassified preferred securities from shareholders equity to mezzanine equity within its Consolidated Balance Sheets for all periods presented, and separately reflects its preferred security dividends on its Statement of Operations. On Exelons Statement of Operations and Comprehensive Income, the dividends on PECOs preferred securities are included in interest expense and have not been reflected separately as the amounts are not considered significant. Business Combinations In December 2007, the FASB revised the authoritative guidance for business combinations. Transaction costs are now required to be expensed as incurred and adjustments to the acquired entitys deferred tax assets and uncertain tax position balances occurring outside the measurement period are recorded as a component ofincome tax expense, rather than goodwill, among other changes. In April 2009, the FASB revised the authoritative guidance related to the initial recognition and measurement, subsequent measurement and accounting, and disclosure of assets and liabilities arising from contingencies in a business combination. Generally, assets acquired and liabilities assumed in a business combination that arise from contingencies must be recognized at fair value at the acquisition date. This guidance became effective for the Registrants as of January1, 2009. As this guidance is applied prospectively to business combinations with an acquisition date on or after the date the guidance became effective, the impact to the Registrants cannot be determined until the transactions occur. No such transactions have occurred during 2009. Derivative Instrument and Hedging Activity Disclosures In March 2008, the FASB amended and expanded the disclosure requirements related to derivative instruments and hedging activities by requiring enhanced disclosures ab |
3. Regulatory Issues
3. Regulatory Issues (Exelon, Generation, ComEd and PECO) | |
9 Months Ended
Sep. 30, 2009 | |
Notes to Financial Statements [Abstract] | |
3. Regulatory Issues (Exelon, Generation, ComEd and PECO) | 3.Regulatory Issues (Exelon, Generation, ComEd and PECO) Illinois Settlement Agreement (Exelon, Generation and ComEd).In July 2007, following extensive discussions with legislative leaders in Illinois, ComEd, Generation, and other utilities and generators in Illinois reached an agreement (Illinois Settlement) with various parties concluding discussions of measures to address concerns about higher electric bills in Illinois without rate freeze, generation tax or other legislation that Exelon believes would be harmful to consumers of electricity, electric utilities, generators of electricity and the State of Illinois. Legislation reflecting the Illinois Settlement (Illinois Settlement Legislation) was signed into law in August2007. The Illinois Settlement and the Illinois Settlement Legislation provide for the following, among other things: Rate Relief Programs Various Illinois electric utilities, their affiliates, and generators of electricity in Illinois agreed to contribute approximately $1 billion over a period of four years (2007-2010) to programs to provide rate relief to Illinois electricity customers and funding for the Illinois Power Agency (IPA) created by the Illinois Settlement Legislation. ComEd and Generation committed to contributing $811 million to rate relief programs over the four year period and partial funding for the IPA. ComEd committed to issue $64 million in rate relief credits to customers or to fund various programs to assist customers. Generation committed to contribute an aggregate of $747 million, consisting of $435 million to pay ComEd for rate relief programs for ComEd customers, $307.5 million for rate relief programs for customers of other Illinois utilities and $4.5 million for partially funding operations of the IPA. The contributions are recognized in the financial statements of Generation and ComEd as rate relief credits are applied to customer bills by ComEd and other Illinois utilities, or as operating expenses associated with the programs are incurred. During the three and nine months ended September30, 2009, Generation and ComEd recognized net costs from their contributions pursuant to the Illinois Settlement in their Consolidated Statements of Operations as follows: Three Months Ended September30, 2009 Generation ComEd TotalCreditsIssued toComEdCustomers Credits to ComEd customers(a) $ 1 $ 2 $ 3 Credits to other Illinois utilities customers(a) 13 n/a n/a Other rate relief programs(b) 1 n/a Total incurred costs $ 14 $ 3 $ 3 (a) Recorded as a reduction in operating revenues (b) Recorded as a charge to operating and maintenance expense Nine Months Ended September30, 2009 Generation ComEd TotalCreditsIssued toComEdCustomers Credits to ComEd customers(a) $ 39 $ 4 $ 43 Credits to other Illinois utilities customers(a) 39 n/a n/a Other rate relief programs(b) 2 n/a Total incurred costs $ 78 $ 6 $ 43 (a) Recorded as a re |
4. Property Plant and Equipm
4. Property Plant and Equipment (Exelon and Generation) | |
9 Months Ended
Sep. 30, 2009 USD / shares | |
EXELON CORP | |
Notes to Financial Statements [Abstract] | |
4. Property Plant and Equipment (Exelon and Generation) | 4.Property Plant and Equipment (Exelon and Generation) Long-Lived Asset Impairments (Exelon and Generation) Generation evaluated its Texas plants, comprised of the Handley, Mountain Creek and LaPorte generating stations, for potential impairment as of December31, 2008, and concluded that there was no impairment, as the plants estimated undiscounted future cash flows exceeded the carrying values of the plants. Due to the continued decline in forward energy prices in the first quarter of 2009, Generation again evaluated its Texas plants for recoverability as of March31, 2009. As the estimated undiscounted future cash flows and fair value of the Handley and Mountain Creek stations were less than the stations carrying values, the stations were determined to be impaired at March31, 2009. LaPorte station was determined not to be impaired. Accordingly,the Handley and Mountain Creek stations were written down to fair value, and an impairment charge of $223 million was recorded in operating and maintenance expense in Exelons and Generations Consolidated Statements of Operations in the first quarter of 2009. The fair value of the stations was determined using the income (discounted cash flow), market (available comparables) and cost (replacement cost) valuation approaches in determining fair value. During the second and third quarter of 2009, Generation assessed whether there had been any triggering events requiring an impairment assessment for any of its generating stations. Based on this analysis, it was determined that Generation did not have any triggering events requiring impairment assessments for any of its generating stations during the three months ended June30, 2009 and September30, 2009. See Note 6 Fair Value of Assets and Liabilities for additional disclosures. |
EXELON GENERATION CO LLC | |
Notes to Financial Statements [Abstract] | |
4. Property Plant and Equipment (Exelon and Generation) | 4.Property Plant and Equipment (Exelon and Generation) Long-Lived Asset Impairments (Exelon and Generation) Generation evaluated its Texas plants, comprised of the Handley, Mountain Creek and LaPorte generating stations, for potential impairment as of December31, 2008, and concluded that there was no impairment, as the plants estimated undiscounted future cash flows exceeded the carrying values of the plants. Due to the continued decline in forward energy prices in the first quarter of 2009, Generation again evaluated its Texas plants for recoverability as of March31, 2009. As the estimated undiscounted future cash flows and fair value of the Handley and Mountain Creek stations were less than the stations carrying values, the stations were determined to be impaired at March31, 2009. LaPorte station was determined not to be impaired. Accordingly,the Handley and Mountain Creek stations were written down to fair value, and an impairment charge of $223 million was recorded in operating and maintenance expense in Exelons and Generations Consolidated Statements of Operations in the first quarter of 2009. The fair value of the stations was determined using the income (discounted cash flow), market (available comparables) and cost (replacement cost) valuation approaches in determining fair value. During the second and third quarter of 2009, Generation assessed whether there had been any triggering events requiring an impairment assessment for any of its generating stations. Based on this analysis, it was determined that Generation did not have any triggering events requiring impairment assessments for any of its generating stations during the three months ended June30, 2009 and September30, 2009. See Note 6 Fair Value of Assets and Liabilities for additional disclosures. |
5 . Intangible Assets
5 . Intangible Assets (Exelon, Generation, ComEd and PECO) | |
9 Months Ended
Sep. 30, 2009 | |
Notes to Financial Statements [Abstract] | |
5. Intangible Assets (Exelon, Generation, ComEd and PECO) | 5.Intangible Assets (Exelon, Generation, ComEd and PECO) Goodwill (Exelon and ComEd).As of September30, 2009 and December31, 2008, Exelon and ComEd had goodwill of approximately $2.6billion. Goodwill is tested for impairment at least annually or more frequently if events or circumstances indicate that it is more likely than not that goodwill might be impaired, such as a significant negative regulatory outcome or significant change in business conditions. Exelon and ComEd perform their annual goodwill impairment assessment in the fourth quarter of each year. Because of the continued uncertainty in the financial markets and overall economic conditions, during the first, second, and third quarters of 2009, ComEd reviewed the significant assumptions included in its goodwill impairment analysis to determine if it was more likely than not that ComEds fair value was less than its carrying value. The analyses focused on managements current expectations of future cash flows, as well as current market conditions that impact various economic indicators that are utilized in assessing ComEds fair value. Based on these analyses, it was determined that ComEd did not have any triggering events requiring ComEd to perform a goodwill assessment during the nine months ended September30, 2009. City of Chicago Settlements (Exelon and ComEd).Exelons and ComEds other intangible assets, included in deferred debits and other assets on the Consolidated Balance Sheets include the following previous payments associated with the City of Chicago settlements as of September30, 2009 and December31, 2008: Gross Accumulated Amortization Net Estimated amortization expense September30, 2009 Remainder of 2009 2010 2011 2012 2013 Chicago settlement 1999 agreement(a) $ 100 $ (60 ) $ 40 $ 1 $ 3 $ 3 $ 3 $ 3 Chicago settlement 2003 agreement(b) 62 (24 ) 38 1 4 4 4 4 Total intangible assets $ 162 $ (84 ) $ 78 $ 2 $ 7 $ 7 $ 7 $ 7 December31, 2008 Gross Accumulated Amortization Net Estimated amortization expense 2009 2010 2011 2012 2013 Chicago settlement 1999 agreement(a) $ 100 $ (58 ) $ 42 $ 3 $ 3 $ 3 $ 3 $ 3 Chicago settlement 2003 agreement(b) 62 (21 ) 41 4 4 4 4 4 Total intangible assets $ 162 $ (79 ) $ 83 $ 7 $ 7 $ 7 $ 7 $ 7 (a) In March1999, ComEd entered into a settlement agreement with the City of Chicago associated with ComEds franchise agreement. Under the terms of the settlement, ComEd agreed to make payments of $25 million to the City of Chicago each year from 1999 to 2002. The intangible asset recognized as a result of these payments is being amortized ratably over the remaining term of the franchise agreement, which ends in 2020. (b) In February2003, ComEd |
6. Fair Value of Financial A
6. Fair Value of Financial Assets and Liabilities (Exelon, Generation, ComEd and PECO) | |
9 Months Ended
Sep. 30, 2009 | |
Notes to Financial Statements [Abstract] | |
6. Fair Value of Financial Assets and Liabilities (Exelon, Generation, ComEd and PECO) | 6.Fair Value of Financial Assets and Liabilities (Exelon, Generation, ComEd and PECO) Fair Value of Financial Liabilities Recorded at the Carrying Amount Exelon The carrying amounts and fair values of Exelons long-term debt and spent nuclear fuel obligation as of September30, 2009 and December31, 2008 were as follows: September30, 2009 December31, 2008 Carrying Amount Fair Value Carrying Amount Fair Value Long-term debt (including amounts due within one year) $ 11,894 $ 12,562 $ 11,426 $ 10,803 Long-term debt to PETT (including amounts due within one year) 591 617 1,124 1,193 Long-term debt to other financing trusts 390 318 390 200 Spent nuclear fuel obligation 1,017 835 1,015 544 Preferred securities of subsidiary 87 64 87 63 Generation The carrying amounts and fair values of Generations long-term debt and spent nuclear fuel obligation as of September30, 2009 and December, 31, 2008 were as follows: September30, 2009 December31, 2008 Carrying Amount Fair Value Carrying Amount Fair Value Long-term debt (including amounts due within one year) $ 3,139 $ 3,294 $ 2,514 $ 2,402 Spent nuclear fuel obligation 1,017 835 1,015 544 ComEd The carrying amounts and fair values of ComEds long-term debt as of September30, 2009 and December31, 2008 were as follows: September30, 2009 December31, 2008 Carrying Amount Fair Value Carrying Amount Fair Value Long-term debt (including amounts due within one year) $ 4,710 $ 5,102 $ 4,726 $ 4,510 Long-term debt to financing trust 206 163 206 100 PECO The carrying amounts and fair values of PECOs long-term debt and preferred securities as of September30, 2009 and December31, 2008 were as follows: September30, 2009 December31, 2008 Carrying Amount Fair Value Carrying Amount Fair Value Long-term debt (including amounts due within one year) $ 2,221 $ 2,348 $ 1,971 $ 1,954 Long-term debt to PETT (including amounts due within one year) 591 617 1,124 1,193 Long-term debt to other financing trusts 184 155 184 100 Preferred securities 87 64 87 63 Recurring Fair Value Measurements To increase consistency and comparability in fair value measurements, the FASB established a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three levels as follows: Level 1 quoted prices (unadjusted) in active markets for identical assets or liabilities that the Registrants have the ability to access as of the reporting date. Financial assets and liabilities utilizing Level 1 inputs include active exchange-traded equity securities, exchange-based derivatives, mutual funds and money market funds. Level 2 inputs other than quoted prices included within Level 1 that are directly observable for the asset or liability or indirect |
7. Debt and Credit Agreement
7. Debt and Credit Agreements (Exelon, Generation, ComEd and PECO) | |
9 Months Ended
Sep. 30, 2009 | |
Notes to Financial Statements [Abstract] | |
7. Debt and Credit Agreements (Exelon, Generation, ComEd and PECO) | 7.Debt and Credit Agreements (Exelon, Generation, ComEd and PECO) Short-Term Borrowings Exelon meets its short-term liquidity requirements primarily through the issuance of commercial paper, Generation and PECO meet their short-term liquidity requirements primarily through the issuance of commercial paper and borrowings from the intercompany money pool and ComEd meets its short-term liquidity requirements primarily through borrowings under its credit facility. As of September30, 2009, Exelon Corporate, Generation, ComEd and PECO had access to unsecured revolving credit facilities with aggregate bank commitments of $957 million, $4.8 billion, $952 million and $574 million, respectively. See Note10 of Exelons 2008 Annual Report on Form10-K for further information regarding the credit facilities. Generation also had additional letter of credit facilities used solely to enhance tax-exempt variable rate debt as discussed further below. Exelon, Generation, ComEd and PECO had the following amounts of commercial paper and credit facility borrowings outstanding at September30, 2009 and December31, 2008: Commercial paper borrowings September30, 2009 December31, 2008 Exelon Corporate $ $ 56 Generation $ $ PECO $ $ 95 Credit facility borrowings ComEd $ 140 $ 60 Issuance of Long-Term Debt During the nine months ended September30, 2009, the following long-term debt was issued: Company Type InterestRate Maturity Amount(a) Generation PollutionControlNotes 5.00 % December1,2042 $ 46 Generation Senior Notes 5.20 % October 1, 2019 600 Generation Senior Notes 6.25 % October 1, 2039 900 ComEd FirstMortgageBonds(b) Variable March 1, 2020 50 ComEd FirstMortgageBonds(b) Variable March 1, 2017 91 ComEd FirstMortgageBonds(b) Variable May 1, 2021 50 PECO First Mortgage Bonds 5.00 % October 1, 2014 250 (a) Excludes unamortized bond discounts. (b) Variable-rate tax-exempt bonds secured by First Mortgage Bonds, which were remarketed in May 2009 following an earlier repurchase. Retirement of Long-Term Debt During the nine months ended September30, 2009, the following long-term debt was retired: Company Type InterestRate Maturity Amount Exelon SeniorNotes 6.75 % May1,2011 $ 387 Generation PollutionControlNotes Variable December1,2042 46 Generation Pollution Control Notes Variable April 1, 2021 51 Generation Pollution Control Notes Variable April 1, 2021 39 Generation Pollution Control Notes Variable December 1, 2029 30 Generation Pollution Control Notes Variable October 1, 2030 92 Generation Pollution Control Notes Variable October 1, 2030 69 Generation Pollution Control Notes Variable October 1, 2034 14 Generation Pollution Control Notes Variable October 1, 2034 13 Generation Notes Payable 6.33 % August 8 |
8. Derivative Financial Inst
8. Derivative Financial Instruments (Exelon, Generation, ComEd and PECO) | |
9 Months Ended
Sep. 30, 2009 | |
Notes to Financial Statements [Abstract] | |
8. Derivative Financial Instruments (Exelon, Generation, ComEd and PECO) | 8.Derivative Financial Instruments (Exelon, Generation, ComEd and PECO) The Registrants are exposed to certain risks related to ongoing business operations. The primary risks managed by using derivative instruments are commodity price risk and interest rate risk. To the extent the amount of energy Exelon generates differs from the amount of energy it has contracted to sell, the Registrants are exposed to market fluctuations in the prices of electricity, coal, natural gas, and other commodities. The Registrants employ established policies and procedures to manage their risks associated with market fluctuations by entering into physical contracts as well as financial derivative contracts including swaps, futures, forwards, options and short-term and long-term commitments to purchase and sell energy and energy-related products. The Registrants believe these instruments, which are classified as either economic hedges or non-derivatives, mitigate exposure to fluctuations in commodity prices. Exposure to interest rate risk exists as a result of the issuance of variable and fixed-rate debt, commercial paper and lines of credit. Derivative accounting guidance requires that derivative instruments be recognized as either assets or liabilities at fair value. Under these provisions, economic hedges are recognized on the balance sheet at their fair value unless they qualify for the normal purchases and normal sales exception. The Registrants have applied the normal purchases and normal sales scope exception to certain derivative contracts for the forward sale of generation, power procurement agreements, and natural gas supply agreements. For economic hedges that qualify and are designated as cash-flow hedges, the portion of the derivative gain or loss that is effective in offsetting the change in value of the underlying exposure is deferred in accumulated other comprehensive income (OCI) and later reclassified into earnings when the underlying transaction occurs. For economic hedges that do not qualify or are not designated as cash-flow hedges, changes in the fair value of the derivative are recognized in earnings each period and are classified as other derivatives in the following tables. Non-derivative contracts for access to additional generation and for sales to load-serving entities are accounted for primarily under the accrual method of accounting, which is further discussed in Note18 of the Combined Notes to Consolidated Financial Statements within Exelons 2008 Annual Report on Form 10-K. Additionally, Generation is exposed to certain market risks through its proprietary trading activities. The proprietary activities are a complement to Generations energy marketing portfolio but represent a small portion of Generations overall energy marketing activities. Commodity Price Risk (Exelon, Generation, ComEd and PECO) Economic Hedging.The Registrants are exposed to commodity price risk primarily relating to changes in the market price of electricity, natural gas, coal, oil and emission allowances associated with price movements resulting from changes in supply and demand, fuel costs, market liquidity, weather conditions, governmental regulator |
9. Retirement Benefits
9. Retirement Benefits (Exelon, Generation, ComEd and PECO) | |
9 Months Ended
Sep. 30, 2009 | |
Notes to Financial Statements [Abstract] | |
9. Retirement Benefits (Exelon, Generation, ComEd and PECO) | 9.Retirement Benefits (Exelon, Generation, ComEd and PECO) Exelon sponsors defined benefit pension plans and postretirement benefit plans for essentially all Generation, ComEd, PECO and Exelon Corporate employees. Prior to January8, 2009, employees of Generations wholly owned subsidiary, AmerGen, participated in the separate AmerGen-sponsored defined benefit pension plan and postretirement benefit plan. Effective January8, 2009, the AmerGen legal entity was dissolved and Exelon became the sponsor of all AmerGen pension and postretirement benefit plans. The change in sponsorship did not have an impact on Exelons Consolidated Financial Statements. Defined Benefit Pension and Other Postretirement Benefits During the first quarter of 2009, Exelon received an updated valuation of its pension and other postretirement benefit obligations to reflect actual census data as of January1, 2009. This valuation resulted in an increase to the pension obligations of $57 million and a decrease to other postretirement obligations of $144 million. Additionally, AOCI decreased by approximately $28 million (after-tax). The impact to the Consolidated Statement of Operations and Comprehensive Income was not material. The following tables present the components of Exelons net periodic benefit costs for the three and nine months ended September30, 2009 and 2008. The 2009 pension benefit cost is calculated using an expected long-term rate of return on plan assets of 8.50%. The 2009 other postretirement benefit cost is calculated using an expected long-term rate of return on plan assets of 8.10%. A portion of the net periodic benefit cost is capitalized within the Consolidated Balance Sheets. Pension Benefits ThreeMonthsEnded September 30, OtherPostretirement Benefits ThreeMonthsEnded September 30, 2009 2008 2009 2008 Service cost $ 44 $ 40 $ 29 $ 27 Interest cost 163 158 52 52 Expected return on assets (194 ) (209 ) (24 ) (31 ) Amortization of: Transition obligation 2 3 Prior service cost (benefit) 4 5 (14 ) (14 ) Actuarial loss 49 32 20 13 Settlements 6 3 Net periodic benefit cost $ 72 $ 29 $ 65 $ 50 Contractual termination benefit $ $ $ 4 $ PensionBenefits NineMonthsEnded September 30, Other Postretirement Benefits NineMonthsEnded September 30, 2009 2008 2009 2008 Service cost $ 133 $ 122 $ 85 $ 81 Interest cost 488 476 154 156 Expected return on assets (582 ) (627 ) (71 ) (91 ) Amortization of: Transition obligation 7 7 Prior service cost (benefit) 11 11 (42 ) (42 ) Actuarial loss 147 96 64 39 Settlements 6 9 Net peri |
10. Severance Accounting
10. Severance Accounting (Exelon, Generation, ComEd and PECO) | |
9 Months Ended
Sep. 30, 2009 | |
Notes to Financial Statements [Abstract] | |
10. Severance Accounting (Exelon, Generation, ComEd and PECO) | 10.Severance Accounting (Exelon, Generation, ComEd and PECO) Exelon provides severance and health and welfare benefits to terminated employees pursuant to pre-existing severance plans primarily based upon each individual employees years of service and compensation level. Exelon accrues amounts associated with severance benefits that are considered probable and that can be reasonably estimated. On June18, 2009, Exelon announced a restructured senior executive team and major spending cuts, including the elimination of approximately 500 positions. Exelon eliminated approximately 400 corporate support positions, mostly located at corporate headquarters, and 100 management level positions at ComEd, the majority of which was completed by September30, 2009. These actions were in response to the continuing economic challenges confronting all parts of Exelons business and industry especially in light of the commodity-driven nature of Generations markets, necessitating continued focus on cost management through enhanced efficiency and productivity. Exelon recorded a pre-tax charge for estimated salary continuance and health and welfare severance benefits of $40 million in June 2009 as a result of the planned job reductions. In the three months ended September30, 2009, Exelon recorded a net pre-tax credit of approximately $5 million, which included a $9 million reduction in estimated salary continuance and health and welfare severance benefits, offset by $4 million of expense for contractual termination benefits. The following tables present total severance benefits costs, recorded as operating and maintenance expense in relation to the announced job reductions, for the three and nine months ended September30, 2009: Severance Benefits(a)(b) Generation ComEd PECO Other Exelon Expense (benefit) recorded three months $ (4 ) $ 1 $ (2 ) $ $ (5 ) Expense recorded nine months 11 19 3 2 35 (a) The amounts above include $(1) million and $7 million, $(1) million and $4 million, and $(1) million and $2 million at Generation, ComEd and PECO, respectively, for amounts billed through intercompany allocations for the three and nine months ended September30, 2009 respectively. (b) The severance benefits costs include $1 million of stock compensation expense collectively at Generation and ComEd for which the obligation is recorded in equity for the three and nine months ended September30, 2009, respectively. Severance benefits also include $4 million and $2 million at Exelon and ComEd, respectively, of contractual termination benefits expense for which the obligation is recorded in other postretirement benefits. The following table presents the activity of severance obligations for the announced job reductions from January1, 2009 through September30, 2009, excluding obligations recorded in equity: Severance Benefits Obligation Generation ComEd PECO Other Exelon Balance at January1, 2009 $ $ $ $ $ Severance charges recorded 7 12 2 |
11. Income Taxes
11. Income Taxes (Exelon, Generation, ComEd and PECO) | |
9 Months Ended
Sep. 30, 2009 | |
Notes to Financial Statements [Abstract] | |
11. Income Taxes (Exelon, Generation, ComEd and PECO) | 11.Income Taxes (Exelon, Generation, ComEd and PECO) Exelons effective income tax rate from continuing operations for the three and nine months ended September30, 2009 was 44.1% and 38.6%, as compared to 33.1% and 33.5% for the three and nine months ended September30, 2008. The increase in the effective tax rate for the three and nine months ended September30, 2009 was primarily attributable to gains in 2009 compared to losses in 2008 generated in Generations nuclear decommissioning trust funds that are taxed at a higher statutory rate than Generations remaining income from operations and, to a lesser extent, a decrease in Generations Domestic Production Activities Deduction, which decreased primarily as a result of additional deductions for accelerated depreciation and a change in Generations tax method of accounting for repair costs. The increase for the nine months ended September30, 2009 was partially offset by a change in deferred state income taxes. The effective income tax rate for the three months ended September30, 2009 was further increased as a result of higher state income tax expenses driven by the charge to third quarter 2009 results of operations to reverse the state income tax benefit, previously recognized on the Illinois investment tax credits during the first quarter 2009. Generations effective income tax rate from continuing operations for the three and nine months ended September30, 2009 was 45.8% and 40.0%, as compared to 32.6% and 34.1% for the three and nine months ended September30, 2008. The increase in Generations effective tax rate for the three and nine months ended September30, 2009 was primarily attributable to gains in 2009 compared to losses in 2008 generated in the nuclear decommissioning trust funds that are taxed at a higher statutory rate than Generations remaining income from operations and, to a lesser extent, a decrease in Generations Domestic Production Activities Deduction, which decreased primarily as a result of additional deductions for accelerated depreciation and a change in Generations tax method of accounting for repair costs. The increase for the nine months ended September30, 2009 was partially offset by a change in deferred state income taxes. The effective income tax rate for the three months ended September30, 2009 was further increased as a result of higher state income tax expenses driven by the charge to third quarter 2009 results of operations to reverse the state income tax benefit, previously recognized on the Illinois investment tax credits during the first quarter 2009. ComEds effective income tax rate for the three and nine months ended September30, 2009 was 54.9% and 38.1%, as compared to 36.5% and 37.5% for the three and nine months ended September30, 2008. For the three months ended September30, 2009, the increase in the effective tax rate was primarily a result of an increase in state income tax expense driven by the charge to third quarter 2009 results of operations to reverse the state income tax benefit, previously recognized on the Illinois investment tax credits during the first quarter 2009. For the nine months ended September30, 2009, the increase in the effect |
12. Asset Retirement Obligat
12. Asset Retirement Obligations and Spent Nuclear Fuel Storage (Exelon, Generation, ComEd and PECO) | |
9 Months Ended
Sep. 30, 2009 | |
Notes to Financial Statements [Abstract] | |
12. Asset Retirement Obligations and Spent Nuclear Fuel Storage (Exelon, Generation, ComEd and PECO) | 12.Asset Retirement Obligations and Spent Nuclear Fuel Storage (Exelon, Generation, ComEd andPECO) Nuclear Decommissioning Asset Retirement Obligations (ARO) Generation has a legal obligation to decommission its nuclear power plants following the expiration of their operating licenses. Generation will pay for its respective obligations using trust funds that have been established for this purpose. To estimate its decommissioning obligation related to its nuclear generating stations, Generation uses a probability-weighted, discounted cash flow model which, on a unit-by-unit basis, considers multiple outcome scenarios based upon significant estimates and assumptions, including decommissioning cost studies, cost escalation studies, probabilistic cash flow models and discount rates. During the third quarter of 2009, Generation recorded a net decrease in the ARO of $416 million. The reduction of the ARO in 2009 is primarily due to declines in expected long-term escalation rates for energy and labor costs as compared to prior study periods, partially offset by increased costs resulting from updated decommissioning cost studies received for six nuclear units. This overall decrease in the ARO also resulted in the recognition of $47 million of income (pre-tax), which is included in operating and maintenance expense in Exelons and Generations Consolidated Statements of Operations, representing the reduction in the ARO in excess of the existing asset retirement cost balances for Generations nuclear generating units that are not subject to regulatory agreements with respect to decommissioning trust funding (the former AmerGen units and the unregulated portions of the Peach Bottom units). During the third quarter of 2008, Generation recorded a net decrease in the ARO of $256 million, primarily due to updated decommissioning cost studies received for seven nuclear units, a decline from the previous year in the cost escalation factor assumptions used to estimate future undiscounted decommissioning costs, and a change in managements expectation of the year in which the Department of Energy will establish a repository for and begin accepting spent nuclear fuel (from the previous estimate of 2018 to 2020), partially offset by a change in the probabilities assigned to decommissioning alternatives for Zion Station to reflect a revised probability for its accelerated decommissioning. This decrease in the ARO also resulted in the recognition of $19 million of income (pre-tax), which is included in operating and maintenance expense in Exelons and Generations Consolidated Statements of Operations, representing the reduction in the ARO in excess of the existing asset retirement cost balances for Generations nuclear generating units that are not subject to regulatory agreements with respect to decommissioning trust funding. In addition to the $256 million net decrease to the ARO recognized in the third quarter of 2008, additional net decreases to the ARO of $39 million were recorded during the first half of 2008 related to changes to the estimated cash flows of several units. These net decreases to the ARO had no impact on Exelons and Generations Consolidate |
13. Earnings Per Share and E
13. Earnings Per Share and Equity (Exelon) (EXELON CORP) | |
9 Months Ended
Sep. 30, 2009 USD / shares | |
Notes to Financial Statements [Abstract] | |
13. Earnings Per Share and Equity (Exelon) | 13.Earnings Per Share and Equity (Exelon) Earnings per Share Diluted earnings per share is calculated by dividing net income by the weighted average number of shares of common stock outstanding, including shares to be issued upon exercise of stock options, performance share awards and restricted stock outstanding under Exelons long-term incentive plans considered to be common stock equivalents. The following table sets forth the components of basic and diluted earnings per share and shows the effect of these stock options, performance share awards and restricted stock on the weighted average number of shares outstanding used in calculating diluted earnings per share: ThreeMonthsEnded September30, NineMonthsEnded September30, 2009 2008 2009 2008 Income from continuing operations $ 757 $ 700 $ 2,126 $ 2,031 Loss from discontinued operations (1 ) Net income $ 757 $ 700 $ 2,126 $ 2,030 Average common shares outstanding basic 660 658 659 658 Assumed exercise of stock options, performance share awards and restricted stock 2 4 2 5 Average common shares outstanding diluted 662 662 661 663 The number of stock options not included in the calculation of diluted common shares outstanding due to their antidilutive effect was approximately 6million and 5million for the three and nine months ended September30, 2009, respectively, and less than 1million for the three and nine months ended September30, 2008, respectively. Share Repurchases As part of its value return policy, Exelon uses share repurchases from time to time to return cash or balance sheet capacity to Exelon shareholders after funding maintenance capital and other commitments and in the absence of higher value-added growth opportunities. In 2008, Exelon management decided to defer indefinitely any share repurchases. This decision was made in light of a variety of factors, including: developments affecting the world economy and commodity markets, including those for electricity and gas; the continued uncertainty in capital and credit markets and other potential impacts of those events on Exelons future cash needs; projected cash needs to support investment in the business, including maintenance capital and nuclear uprates; and value-added growth opportunities. Under share repurchase programs, 34.8million shares of common stock are held as treasury stock with a cost of $2.3 billion as of September30, 2009. During the nine months ended September30, 2009, Exelon had no common stock repurchases. During the nine months ended September30, 2008, Exelon repurchased 6.6million shares of common stock for $500 million, including the impact of the settlement of forward contracts. |
14. Commitments and Continge
14. Commitments and Contingencies (Exelon, Generation, ComEd and PECO) | |
9 Months Ended
Sep. 30, 2009 | |
Notes to Financial Statements [Abstract] | |
14. Commitments and Contingencies (Exelon, Generation, ComEd and PECO) | 14.Commitments and Contingencies (Exelon, Generation, ComEd and PECO) For information regarding capital commitments at December31, 2008, see Note 18 of the Combined Notes to Consolidated Financial Statements within Exelons 2008 Annual Report on Form10-K. All significant contingencies are disclosed below. Energy Commitments Generations, ComEds and PECOs short and long-term commitments relating to the sale to and purchase of energy, capacity and transmission rights as of September30, 2009 changed from December 31, 2008 as follows: Generations total commitments for future sales of energy to unaffiliated third-party utilities and others increased by approximately $205million during the nine months ended September30, 2009, reflecting increases of approximately $599 million, $748 million, $343 million, $88 million and $5 million related to 2010, 2011, 2012, 2013 and 2014 and beyond sales commitments, respectively, offset by the fulfillment of approximately $1,578 million of 2009 commitments during the nine months ended September30, 2009. The increases were primarily due to increased overall hedging activity in the normal course of business. See Note 8 Derivative Financial Instruments for additional information regarding Generations hedging program. Pursuant to a PPA with Public Service Company of Oklahoma, a subsidiary of American Electric Power, dated as of April17, 2009, Generation agreed to sell its rights to up to 520 megawatts (MW), or approximately two-thirds, of the capacity, energy and ancillary services supplied under its existing long-term contract with Green Country Energy, LLC. The delivery of power under the PPA is to commence June1, 2012 and run through February28, 2022. An Order approving the PPA was entered by the Oklahoma Corporation Commission on September11, 2009.The Order became final in October 2009. In May 2009, ComEd entered into procurement contracts to enable ComEd to meet a portion of its customers electricity requirements for the period from June 2009 to May 2011. These contracts resulted in an increase in ComEds energy commitments of $88 million for the remainder of 2009, $269 million for 2010 and $31 million for 2011. See Note 3 Regulatory Issues for further information. In May 2009, ComEd entered into contracts for the procurement of RECs totaling approximately $31 million. Through September30, 2009, $18 million had been purchased, with $13 million to be purchased by May31, 2010. See Note 3 Regulatory Issues for additional information. In June and September 2009, PECO entered into procurement contracts to enable PECO to meet a portion of its customers electricity requirements for 2011, 2012 and 2013. PECOs energy commitments related to these contracts are $594 million for 2011, $294 million for 2012 and $50 million for 2013. See Note 3 Regulatory Issues for further information. PECOs AEC purchase commitments were not significant as of December31, 2008. As of September30, 2009, PECOs AEC purchase commitments were $6 millionfor 2010, $9 million for 2011, 2012 and 2013 and $4 million for 2014.See Note 3 Regulatory Issues for additional info |
15. Supplemental Financial I
15. Supplemental Financial Information (Exelon, Generation, ComEd and PECO) | |
9 Months Ended
Sep. 30, 2009 | |
Notes to Financial Statements [Abstract] | |
15. Supplemental Financial Information (Exelon, Generation, ComEd and PECO) | 15.Supplemental Financial Information (Exelon, Generation, ComEd and PECO) Supplemental Statement of Operations Information The following tables provide additional information regarding the components of depreciation, amortization and accretion, and other, net within the Consolidated Statements of Operations and Comprehensive Income of Exelon, Generation, ComEd and PECO for the three and nine months ended September30, 2009 and 2008: Three Months Ended September30, 2009 Exelon Generation ComEd PECO Depreciation, amortization and accretion Property, plant and equipment $ 242 $ 74 $ 112 $ 42 Regulatory assets(a) 243 13 230 Nuclear fuel(b) 143 143 Asset retirement obligation accretion(c) 54 54 Total depreciation, amortization and accretion $ 682 $ 271 $ 125 $ 272 (a) For PECO, primarily reflects CTC amortization. (b) Included in fuel expense on the Registrants Consolidated Statements of Operations. (c) Included in operating and maintenance expense on the Registrants Consolidated Statements of Operations. Nine Months Ended September30, 2009 Exelon Generation ComEd PECO Depreciation, amortization and accretion Property, plant and equipment $ 716 $ 223 $ 332 $ 121 Regulatory assets(a) 644 39 605 Nuclear fuel(b) 415 415 Asset retirement obligation accretion(c) 160 159 1 Total depreciation, amortization and accretion $ 1,935 $ 797 $ 372 $ 726 (a) For PECO, primarily reflects CTC amortization. (b) Included in fuel expense on the Registrants Consolidated Statements of Operations. (c) Included in operating and maintenance expense on the Registrants Consolidated Statements of Operations. Three Months Ended September30, 2008 Exelon Generation ComEd PECO Depreciation, amortization and accretion Property, plant and equipment $ 220 $ 58 $ 110 $ 41 Regulatory assets(a) 211 9 202 Nuclear fuel(b) 142 142 Asset retirement obligation accretion(c) 56 56 Total depreciation, amortization and accretion $ 629 $ 256 $ 119 $ 243 (a) For PECO, primarily reflects CTC amortization. (b) Included in fuel expense on the Registrants Consolidated Statements of Operations. (c) Included in operating and maintenance expense on the Registrants Consolidated Statements of Operations. Nine Months Ended September30, 2008 Exelon Generation ComEd PECO Depreciation, amortization and accretion Property, plant and equipment $ 669 $ 202 $ 317 $ 118 Regulatory assets(a) 561 26 535 Nuclear fuel(b) 320 320 |
16. Segment Information
16. Segment Information (Exelon, Generation, ComEd and PECO) | |
9 Months Ended
Sep. 30, 2009 | |
Notes to Financial Statements [Abstract] | |
16. Segment Information (Exelon, Generation, ComEd and PECO) | 16.Segment Information (Exelon, Generation, ComEd and PECO) Exelon has three reportable and operating segments: Generation, ComEd and PECO. Exelon evaluates the performance of its segments based on net income. Generation, ComEd and PECO each represent a single reportable segment; as such, no separate segment information is provided for these Registrants. Three Months Ended September30, 2009 and 2008 Exelons segment information for the three months ended September30, 2009 and 2008 is as follows: Generation ComEd PECO Other Intersegment Eliminations Consolidated Total revenues(a): 2009 $ 2,445 $ 1,475 $ 1,327 $ 179 $ (1,087 ) $ 4,339 2008 3,073 1,729 1,441 167 (1,182 ) 5,228 Intersegment revenues(b): 2009 $ 911 $ 1 $ 1 $ 178 $ (1,088 ) $ 3 2008 1,014 2 167 (1,183 ) Income(loss)fromcontinuingoperations before income taxes: 2009 $ 1,213 $ 102 $ 122 $ (82 ) $ $ 1,355 2008 942 52 133 (29 ) (52 ) 1,046 Income taxes: 2009 $ 556 $ 56 $ 30 $ (43 ) $ (1 ) $ 598 2008 307 19 43 (4 ) (19 ) 346 Income (loss) from continuing operations: 2009 $ 657 $ 46 $ 92 $ (39 ) $ 1 $ 757 2008 635 33 90 (26 ) (32 ) 700 Income(loss)fromdiscontinuedoperations: 2009 $ $ $ $ $ $ 2008 Net income (loss): 2009 $ 657 $ 46 $ 92 $ (39 ) $ 1 $ 757 2008 635 33 90 (26 ) (32 ) 700 Total assets: September 30, 2009 $ 22,871 $ 20,521 $ 9,107 $ 6,156 $ (9,153 ) $ 49,502 December 31, 2008 20,355 19,237 9,169 5,992 (6,936 ) 47,817 (a) For the three months ended September30, 2009 and 2008, utility taxes of $64million and $69 million, respectively, are included in revenues and expenses for ComEd. For the three months ended September30, 2009 and 2008, utility taxes of $70million and $77million, respectively, are included in revenues and expenses for PECO. (b) The intersegment profit associated with Generations sale of RECs to ComEd and AECs to PECO is not eliminated in consolidation due to the recognition of intersegment profit in accordance with regulatory accounting guidance. See Note 3 Regulatory Issues for additional information on RECs and AECs. Nine Months Ended September30, 2009 and 2008 Exelons segment information for the nine months ended September30, 2009 and 2008 is as follows: Generation ComEd PECO Other Intersegment Eliminations Consolidated Total revenues(a): 2009 $ 7,424 $ 4,417 $ 4,045 $ 570 $ (3,254 ) $ 13,202 2008 8,311 |
17. Related-Party Transactio
17. Related-Party Transactions (Exelon, Generation, ComEd and PECO) | |
9 Months Ended
Sep. 30, 2009 | |
Notes to Financial Statements [Abstract] | |
17. Related-Party Transactions (Exelon, Generation, ComEd and PECO) | 17.Related-Party Transactions (Exelon, Generation, ComEd and PECO) Exelon The financial statements of Exelon include related-party transactions as presented in the tables below: Three Months Ended September30, Nine Months Ended September30, 2009 2008 2009 2008 Operating revenues from affiliates ComEd Transitional Funding Trust(a) $ $ 1 $ $ 2 PETT 1 1 2 3 ComEd(b) (4 ) PECO(b) 7 9 Other 1 Total operating revenues from affiliates $ 4 $ 2 $ 11 $ 6 Fuel purchases from related parties Keystone Fuels, LLC $ 16 $ 20 $ 46 $ 52 Conemaugh Fuels, LLC 16 16 52 42 Total fuel purchases from related parties $ 32 $ 36 $ 98 $ 94 Interest expense to affiliates, net ComEd Transitional Funding Trust(a) $ $ 1 $ $ 6 ComEd Financing II(c) 2 ComEd Financing III 3 3 10 10 PETT 11 24 43 80 PECO Trust III 2 2 5 5 PECO Trust IV 1 1 4 4 Other 1 (1 ) Total interest expense to affiliates, net $ 18 $ 31 $ 62 $ 106 Equity in losses of unconsolidated affiliates and investments ComEd Funding LLC(a) $ $ (2 ) $ $ (7 ) PETT (6 ) (4 ) (19 ) (11 ) NuStart Energy Development, LLC (1 ) (2 ) (1 ) Other (1 ) Total equity in losses of unconsolidated affiliates and investments $ (8 ) $ (6 ) $ (21 ) $ (19 ) (a) In the fourth quarter of 2008, ComEd fully paid its long-term debt obligations to the ComEd Transitional Funding Trust and received its current receivable from the ComEd Transitional Funding Trust. ComEd Funding LLC liquidated its investment in the ComEd Transitional Funding Trust and ComEd liquidated its investment in ComEd Funding LLC. (b) The intersegment profit associated with Generations sale of RECs to ComEd and AECs to PECO is not eliminated in consolidation due to the recognition of intersegment profit in accordance with regulatory accounting guidance. See Note 3 Regulatory Issues for additional information on RECs and AECs. (c) ComEd Financing II was liquidated and dissolved upon repayment of the debt in 2008. As of September30, 2009 As of December31, 2008 Investments in affiliates ComEd Financing III $ 6 $ 6 PETT 10 30 PECO Energy Capital Corporation 4 4 PECO Trust IV 5 5 Total investments in affiliates $ 25 $ |
Document Information
Document Information | |
9 Months Ended
Sep. 30, 2009 | |
Document Information [Text Block] | |
Document Type | 10-Q |
Amendment Flag | false |
Document Period End Date | 2009-09-30 |
Entity Information
Entity Information (USD $) | |
9 Months Ended
Sep. 30, 2009 | |
Entity [Text Block] | |
Trading Symbol | EXC |
Entity Registrant Name | EXELON CORP |
Entity Central Index Key | 0001109357 |
Current Fiscal Year End Date | --12-31 |
Entity Filer Category | Large Accelerated Filer |
Entity Common Stock, Shares Outstanding | 659,377,386 |
EXELON GENERATION CO LLC | |
Entity [Text Block] | |
Entity Registrant Name | EXELON GENERATION CO LLC |
Entity Central Index Key | 0001168165 |
Current Fiscal Year End Date | --12-31 |
Entity Filer Category | Non-accelerated Filer |
Entity Common Stock, Shares Outstanding | 0 |
COMMONWEALTH EDISON CO | |
Entity [Text Block] | |
Entity Registrant Name | COMMONWEALTH EDISON CO |
Entity Central Index Key | 0000022606 |
Current Fiscal Year End Date | --12-31 |
Entity Filer Category | Non-accelerated Filer |
Entity Common Stock, Shares Outstanding | 127,016,519 |
PECO ENERGY CO | |
Entity [Text Block] | |
Entity Registrant Name | PECO ENERGY CO |
Entity Central Index Key | 0000078100 |
Current Fiscal Year End Date | --12-31 |
Entity Filer Category | Non-accelerated Filer |
Entity Common Stock, Shares Outstanding | 170,478,507 |