Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Income (USD $) | ||
In Millions | 3 Months Ended
Mar. 31, 2010 | 3 Months Ended
Mar. 31, 2009 |
Operating revenues | ||
Total operating revenues | $4,461 | $4,722 |
Operating expenses | ||
Purchased power | 658 | 683 |
Fuel | 601 | 776 |
Operating and maintenance | 1,062 | 1,361 |
Operating and maintenance for regulatory required programs | 27 | 11 |
Depreciation and amortization | 514 | 436 |
Taxes other than income | 197 | 200 |
Total operating expenses | 3,059 | 3,467 |
Operating income | 1,402 | 1,255 |
Other income and deductions | ||
Interest expense | (177) | (163) |
Interest expense to affiliates, net | (6) | (24) |
Loss in equity method investments | 0 | (8) |
Other, net | 93 | (37) |
Total other income and deductions | (90) | (232) |
Income before income taxes | 1,312 | 1,023 |
Income taxes | 563 | 311 |
Net income | 749 | 712 |
Pension and non-pension postretirement benefit plans: | ||
Prior service benefit reclassified to periodic benefit cost | (3) | (3) |
Actuarial loss reclassified to periodic cost | 31 | 22 |
Transition obligation reclassified to periodic cost | 1 | 1 |
Pension and non-pension postretirement benefit plans valuation adjustment | (18) | 28 |
Change in unrealized gain on cash-flow hedges | 383 | 525 |
Change in unrealized loss on marketable securities | 0 | (2) |
Other comprehensive income (loss) | 394 | 571 |
Comprehensive income | 1,143 | 1,283 |
Average shares of common stock outstanding: | ||
Basic | 661 | 659 |
Diluted | 662 | 661 |
Earnings per average common share - basic: | ||
Net income | 1.13 | 1.08 |
Earnings per average common share - diluted: | ||
Net income | 1.13 | 1.08 |
Dividends per common share | 0.53 | 0.53 |
EXELON GENERATION CO LLC | ||
Operating revenues | ||
Operating revenues | 1,594 | 1,657 |
Operating revenues from affiliates | 827 | 944 |
Total operating revenues | 2,421 | 2,601 |
Operating expenses | ||
Purchased power | 208 | 175 |
Fuel | 391 | 510 |
Operating and maintenance | 664 | 849 |
Operating and maintenance from affiliate | 76 | 79 |
Depreciation and amortization | 109 | 76 |
Taxes other than income | 57 | 50 |
Total operating expenses | 1,505 | 1,739 |
Operating income | 916 | 862 |
Other income and deductions | ||
Interest expense | (35) | (29) |
Loss in equity method investments | 0 | (1) |
Other, net | 79 | (82) |
Total other income and deductions | 44 | (112) |
Income before income taxes | 960 | 750 |
Income taxes | 399 | 222 |
Net income | 561 | 528 |
Pension and non-pension postretirement benefit plans: | ||
Change in unrealized gain on cash-flow hedges | 551 | 959 |
Other comprehensive income (loss) | 551 | 959 |
Comprehensive income | 1,112 | 1,487 |
COMMONWEALTH EDISON CO | ||
Operating revenues | ||
Operating revenues | 1,414 | 1,552 |
Operating revenues from affiliates | 1 | 1 |
Total operating revenues | 1,415 | 1,553 |
Operating expenses | ||
Purchased power | 384 | 443 |
Purchased power from affiliate | 369 | 439 |
Operating and maintenance | 120 | 210 |
Operating and maintenance from affiliate | 39 | 43 |
Operating and maintenance for regulatory required programs | 19 | 11 |
Depreciation and amortization | 130 | 123 |
Taxes other than income | 63 | 78 |
Total operating expenses | 1,124 | 1,347 |
Operating income | 291 | 206 |
Other income and deductions | ||
Interest expense | (81) | (80) |
Interest expense to affiliates, net | (3) | (3) |
Other, net | 3 | 32 |
Total other income and deductions | (81) | (51) |
Income before income taxes | 210 | 155 |
Income taxes | 94 | 41 |
Net income | 116 | 114 |
Pension and non-pension postretirement benefit plans: | ||
Change in unrealized loss on marketable securities | 0 | (2) |
Other comprehensive income (loss) | 0 | (2) |
Comprehensive income | 116 | 112 |
PECO ENERGY CO | ||
Operating revenues | ||
Operating revenues | 1,454 | 1,511 |
Operating revenues from affiliates | 1 | 3 |
Total operating revenues | 1,455 | 1,514 |
Operating expenses | ||
Purchased power | 66 | 66 |
Purchased power from affiliate | 458 | 504 |
Fuel | 211 | 266 |
Operating and maintenance | 158 | 153 |
Operating and maintenance from affiliate | 23 | 24 |
Operating and maintenance for regulatory required programs | 8 | 0 |
Depreciation and amortization | 265 | 225 |
Taxes other than income | 72 | 66 |
Total operating expenses | 1,261 | 1,304 |
Operating income | 194 | 210 |
Other income and deductions | ||
Interest expense | (42) | (29) |
Interest expense to affiliates, net | (3) | (21) |
Loss in equity method investments | 0 | (7) |
Other, net | 4 | 5 |
Total other income and deductions | (41) | (52) |
Income before income taxes | 153 | 158 |
Income taxes | 52 | 45 |
Net income | 101 | 113 |
Preferred security dividends | 1 | 1 |
Net income on common stock | 100 | 112 |
Pension and non-pension postretirement benefit plans: | ||
Amortization of realized loss on settled cash flow swaps | 0 | (1) |
Other comprehensive income (loss) | 0 | (1) |
Comprehensive income | $101 | $112 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (USD $) | ||
In Millions | 3 Months Ended
Mar. 31, 2010 | 3 Months Ended
Mar. 31, 2009 |
Cash flows from operating activities | ||
Net income | $749 | $712 |
Adjustments to reconcile net income to net cash flows provided by operating activities: | ||
Depreciation, amortization and accretion | 718 | 622 |
Impairment of long-lived assets | 0 | 223 |
Deferred income taxes and amortization of investment tax credits | (4) | (80) |
Net fair value change related to derivatives | (233) | (164) |
Net realized and unrealized (gains) losses on nuclear decommissioning trust fund investments | (36) | 68 |
Other non-cash operating activities | 72 | 280 |
Changes in assets and liabilities: | ||
Accounts receivable | 40 | 108 |
Inventories | 67 | 132 |
Accounts payable, accrued expenses and other current liabilities | (303) | (542) |
Option premiums (paid) received, net | 66 | (68) |
Counterparty collateral received, net | 477 | 784 |
Income taxes | 517 | 161 |
Pension and non-pension postretirement benefit contributions | (98) | (37) |
Other assets and liabilities | (171) | (249) |
Net cash flows provided by operating activities | 1,861 | 1,950 |
Cash flows from investing activities | ||
Capital expenditures | (878) | (712) |
Proceeds from nuclear decommissioning trust fund sales | 5,968 | 3,050 |
Investment in nuclear decommissioning trust funds | (6,025) | (3,109) |
Change in restricted cash | 214 | 23 |
Other investing activities | 12 | (4) |
Net cash flows provided by (used in) investing activities | (709) | (752) |
Cash flows from financing activities | ||
Changes in short-term debt | 101 | (4) |
Issuance of long-term debt | 0 | 249 |
Retirement of long-term debt | (1) | (64) |
Retirement of long-term debt of variable interest entity | (402) | 0 |
Retirement of long-term debt to financing affiliates | 0 | (169) |
Dividends paid on common stock | (347) | (346) |
Proceeds from employee stock plans | 11 | 9 |
Other financing activities | 0 | 5 |
Net cash flows provided by (used in) financing activities | (638) | (320) |
Increase (decrease) in cash and cash equivalents | 514 | 878 |
Cash and cash equivalents at beginning of period | 2,010 | 1,271 |
Cash and cash equivalents at end of period | 2,524 | 2,149 |
EXELON GENERATION CO LLC | ||
Cash flows from operating activities | ||
Net income | 561 | 528 |
Adjustments to reconcile net income to net cash flows provided by operating activities: | ||
Depreciation, amortization and accretion | 313 | 262 |
Impairment of long-lived assets | 0 | 223 |
Deferred income taxes and amortization of investment tax credits | 67 | (66) |
Net fair value change related to derivatives | (233) | (164) |
Net realized and unrealized (gains) losses on nuclear decommissioning trust fund investments | (36) | 68 |
Other non-cash operating activities | 16 | 113 |
Changes in assets and liabilities: | ||
Accounts receivable | 79 | 92 |
Receivables from and payables to affiliates, net | 39 | (24) |
Inventories | 15 | 28 |
Accounts payable, accrued expenses and other current liabilities | (74) | (223) |
Option premiums (paid) received, net | 66 | (68) |
Counterparty collateral received, net | 478 | 784 |
Income taxes | 358 | 149 |
Pension and non-pension postretirement benefit contributions | (53) | (16) |
Other assets and liabilities | (31) | (34) |
Net cash flows provided by operating activities | 1,565 | 1,652 |
Cash flows from investing activities | ||
Capital expenditures | (592) | (376) |
Proceeds from nuclear decommissioning trust fund sales | 5,968 | 3,050 |
Investment in nuclear decommissioning trust funds | (6,025) | (3,109) |
Changes in Exelon intercompany money pool | 0 | (96) |
Change in restricted cash | 1 | 8 |
Other investing activities | (1) | (5) |
Net cash flows provided by (used in) investing activities | (649) | (528) |
Cash flows from financing activities | ||
Retirement of long-term debt | (1) | (47) |
Distribution to member | (261) | (279) |
Other financing activities | 0 | 2 |
Net cash flows provided by (used in) financing activities | (262) | (324) |
Increase (decrease) in cash and cash equivalents | 654 | 800 |
Cash and cash equivalents at beginning of period | 1,099 | 1,135 |
Cash and cash equivalents at end of period | 1,753 | 1,935 |
COMMONWEALTH EDISON CO | ||
Cash flows from operating activities | ||
Net income | 116 | 114 |
Adjustments to reconcile net income to net cash flows provided by operating activities: | ||
Depreciation, amortization and accretion | 130 | 123 |
Deferred income taxes and amortization of investment tax credits | 7 | 57 |
Other non-cash operating activities | (2) | 72 |
Changes in assets and liabilities: | ||
Accounts receivable | (5) | 11 |
Receivables from and payables to affiliates, net | (11) | (35) |
Inventories | (1) | (6) |
Accounts payable, accrued expenses and other current liabilities | (166) | (163) |
Income taxes | 85 | (11) |
Pension and non-pension postretirement benefit contributions | (14) | (2) |
Other assets and liabilities | 18 | 23 |
Net cash flows provided by operating activities | 157 | 183 |
Cash flows from investing activities | ||
Capital expenditures | (244) | (225) |
Change in restricted cash | 0 | (1) |
Other investing activities | 10 | 1 |
Net cash flows provided by (used in) investing activities | (234) | (225) |
Cash flows from financing activities | ||
Changes in short-term debt | 101 | 115 |
Retirement of long-term debt | 0 | (17) |
Dividends paid on common stock | (75) | (60) |
Net cash flows provided by (used in) financing activities | 26 | 38 |
Increase (decrease) in cash and cash equivalents | (51) | (4) |
Cash and cash equivalents at beginning of period | 91 | 47 |
Cash and cash equivalents at end of period | 40 | 43 |
PECO ENERGY CO | ||
Cash flows from operating activities | ||
Net income | 101 | 113 |
Adjustments to reconcile net income to net cash flows provided by operating activities: | ||
Depreciation, amortization and accretion | 265 | 225 |
Deferred income taxes and amortization of investment tax credits | (105) | (76) |
Other non-cash operating activities | 33 | 57 |
Changes in assets and liabilities: | ||
Accounts receivable | (42) | 4 |
Receivables from and payables to affiliates, net | (21) | 40 |
Inventories | 54 | 110 |
Accounts payable, accrued expenses and other current liabilities | (7) | (129) |
Income taxes | 109 | 65 |
Pension and non-pension postretirement benefit contributions | (15) | (10) |
Other assets and liabilities | (153) | (188) |
Net cash flows provided by operating activities | 219 | 211 |
Cash flows from investing activities | ||
Capital expenditures | (113) | (91) |
Change in restricted cash | 216 | 2 |
Other investing activities | 2 | 0 |
Net cash flows provided by (used in) investing activities | 105 | (89) |
Cash flows from financing activities | ||
Changes in short-term debt | 0 | (95) |
Issuance of long-term debt | 0 | 249 |
Retirement of long-term debt of variable interest entity | (402) | 0 |
Retirement of long-term debt to financing affiliates | 0 | (169) |
Dividends paid on common stock | (64) | (87) |
Dividends paid on preferred securities | (1) | (1) |
Repayment of receivable from parent | 45 | 80 |
Net cash flows provided by (used in) financing activities | (422) | (23) |
Increase (decrease) in cash and cash equivalents | (98) | 99 |
Cash and cash equivalents at beginning of period | 303 | 39 |
Cash and cash equivalents at end of period | $205 | $138 |
Consolidated Balance Sheets
Consolidated Balance Sheets (USD $) | ||
In Millions | 3 Months Ended
Mar. 31, 2010 | 12 Months Ended
Dec. 31, 2009 |
Current assets | ||
Cash and cash equivalents | $2,524 | $2,010 |
Restricted cash and investments | 42 | 40 |
Restricted cash and cash equivalents of variable interest entity | 197 | 0 |
Accounts receivable, net | ||
Customer | 1,628 | 1,563 |
Other | 439 | 486 |
Mark-to-market derivative assets | 463 | 376 |
Inventories, net | ||
Fossil fuel | 130 | 198 |
Materials and supplies | 562 | 559 |
Other | 399 | 209 |
Total current assets | 6,384 | 5,441 |
Property, plant and equipment, net | 27,737 | 27,341 |
Deferred debits and other assets | ||
Regulatory assets | 4,668 | 4,872 |
Nuclear decommissioning trust funds | 6,885 | 6,669 |
Investments | 709 | 704 |
Investments in affiliates | 15 | 20 |
Goodwill | 2,625 | 2,625 |
Mark-to-market derivative assets | 867 | 649 |
Other | 851 | 859 |
Total deferred debits and other assets | 16,620 | 16,398 |
Total assets | 50,741 | 49,180 |
Current liabilities | ||
Short-term borrowings | 256 | 155 |
Short-term notes payable - accounts receivable agreement | 225 | 0 |
Long-term debt due within one year | 827 | 639 |
Long-term debt of variable interest entity due within one year | 404 | 0 |
Long-term debt to PECO Energy Transition Trust due within one year | 0 | 415 |
Accounts payable | 1,143 | 1,345 |
Accrued expenses | 1,191 | 923 |
Deferred income taxes | 220 | 152 |
Mark-to-market derivative liabilities | 183 | 198 |
Other | 441 | 411 |
Total current liabilities | 4,890 | 4,238 |
Long-term debt | 10,808 | 10,995 |
Long-term debt to financing trust | 390 | 390 |
Deferred credits and other liabilities | ||
Deferred income taxes and unamortized investment tax credits | 5,983 | 5,750 |
Asset retirement obligations | 3,481 | 3,434 |
Pension obligations | 3,536 | 3,625 |
Non-pension postretirement benefit obligations | 2,220 | 2,180 |
Spent nuclear fuel obligation | 1,017 | 1,017 |
Regulatory liabilities | 3,572 | 3,492 |
Mark-to-market derivative liabilities | 8 | 23 |
Other | 1,298 | 1,309 |
Total deferred credits and other liabilities | 21,115 | 20,830 |
Total liabilities | 37,203 | 36,453 |
Commitments and contingencies | ||
Preferred securities | 87 | 87 |
Shareholders' equity | ||
Common stock | 8,940 | 8,923 |
Treasury stock, at cost (35 and 35 shares held at March 31, 2010 and December 31, 2009, respectively) | (2,328) | (2,328) |
Retained earnings | 8,534 | 8,134 |
Accumulated other comprehensive income (loss), net | (1,695) | (2,089) |
Total shareholders' equity | 13,451 | 12,640 |
Total liabilities and shareholders' equity | 50,741 | 49,180 |
EXELON GENERATION CO LLC | ||
Current assets | ||
Cash and cash equivalents | 1,753 | 1,099 |
Restricted cash and cash equivalents | 4 | 5 |
Accounts receivable, net | ||
Customer | 377 | 495 |
Other | 151 | 112 |
Mark-to-market derivative assets | 463 | 376 |
Mark-to-market derivative assets with affiliate | 430 | 302 |
Receivables from affiliates | 259 | 297 |
Inventories, net | ||
Fossil fuel | 88 | 102 |
Materials and supplies | 471 | 470 |
Other | 129 | 102 |
Total current assets | 4,125 | 3,360 |
Property, plant and equipment, net | 10,086 | 9,809 |
Deferred debits and other assets | ||
Nuclear decommissioning trust funds | 6,885 | 6,669 |
Investments | 46 | 46 |
Mark-to-market derivative assets | 855 | 639 |
Mark-to-market derivative assets with affiliate | 811 | 671 |
Prepaid pension asset | 1,043 | 1,027 |
Other | 186 | 185 |
Total deferred debits and other assets | 9,826 | 9,237 |
Total assets | 24,037 | 22,406 |
Current liabilities | ||
Long-term debt due within one year | 214 | 26 |
Accounts payable | 741 | 826 |
Accrued expenses | 1,000 | 670 |
Payables to affiliates | 45 | 80 |
Deferred income taxes | 534 | 399 |
Mark-to-market derivative liabilities | 182 | 198 |
Other | 58 | 63 |
Total current liabilities | 2,774 | 2,262 |
Long-term debt | 2,778 | 2,967 |
Deferred credits and other liabilities | ||
Deferred income taxes and unamortized investment tax credits | 3,001 | 2,707 |
Asset retirement obligations | 3,361 | 3,316 |
Non-pension postretirement benefit obligations | 689 | 659 |
Spent nuclear fuel obligation | 1,017 | 1,017 |
Payables to affiliates | 2,315 | 2,228 |
Mark-to-market derivative liabilities | 4 | 21 |
Other | 453 | 437 |
Total deferred credits and other liabilities | 10,840 | 10,385 |
Total liabilities | 16,392 | 15,614 |
Commitments and contingencies | ||
Member's equity | ||
Membership interest | 3,466 | 3,464 |
Undistributed earnings | 2,469 | 2,169 |
Accumulated other comprehensive income, net | 1,708 | 1,157 |
Total member's equity | 7,643 | 6,790 |
Noncontrolling interest | 2 | 2 |
Total equity | 7,645 | 6,792 |
Total liabilities and equity | 24,037 | 22,406 |
COMMONWEALTH EDISON CO | ||
Current assets | ||
Cash and cash equivalents | 40 | 91 |
Restricted cash and cash equivalents | 2 | 2 |
Accounts receivable, net | ||
Customer | 637 | 676 |
Other | 250 | 318 |
Inventories, net | ||
Inventories, net | 72 | 71 |
Regulatory assets | 477 | 358 |
Deferred income taxes | 49 | 39 |
Other | 14 | 24 |
Total current assets | 1,541 | 1,579 |
Property, plant and equipment, net | 12,211 | 12,125 |
Deferred debits and other assets | ||
Regulatory assets | 1,305 | 1,096 |
Investments | 25 | 28 |
Investments in affiliates | 6 | 6 |
Goodwill | 2,625 | 2,625 |
Receivable from affiliate | 1,993 | 1,920 |
Prepaid pension asset | 890 | 907 |
Other | 417 | 411 |
Total deferred debits and other assets | 7,261 | 6,993 |
Total assets | 21,013 | 20,697 |
Current liabilities | ||
Short-term borrowings | 256 | 155 |
Long-term debt due within one year | 213 | 213 |
Accounts payable | 191 | 274 |
Accrued expenses | 180 | 282 |
Payables to affiliates | 140 | 177 |
Customer deposits | 133 | 131 |
Mark-to-market derivative liabilities with affiliate | 429 | 302 |
Other | 72 | 63 |
Total current liabilities | 1,614 | 1,597 |
Long-term debt | 4,499 | 4,498 |
Long-term debt to financing trust | 206 | 206 |
Deferred credits and other liabilities | ||
Deferred income taxes and unamortized investment tax credits | 2,665 | 2,648 |
Asset retirement obligations | 95 | 95 |
Non-pension postretirement benefit obligations | 263 | 241 |
Regulatory liabilities | 3,229 | 3,145 |
Mark-to-market derivative liabilities with affiliate | 806 | 669 |
Other | 713 | 716 |
Total deferred credits and other liabilities | 7,771 | 7,514 |
Total liabilities | 14,090 | 13,815 |
Commitments and contingencies | ||
Shareholders' equity | ||
Common stock | 1,588 | 1,588 |
Other paid-in capital | 4,990 | 4,990 |
Retained earnings | 345 | 304 |
Total shareholders' equity | 6,923 | 6,882 |
Total liabilities and shareholders' equity | 21,013 | 20,697 |
PECO ENERGY CO | ||
Current assets | ||
Cash and cash equivalents | 205 | 303 |
Restricted cash and cash equivalents | 1 | 1 |
Restricted cash and cash equivalents of variable interest entity | 197 | 0 |
Accounts receivable, net | ||
Customer | 614 | 392 |
Other | 68 | 120 |
Inventories, net | ||
Fossil fuel | 41 | 96 |
Materials and supplies | 19 | 18 |
Deferred income taxes | 66 | 65 |
Prepaid utility taxes | 176 | 0 |
Other | 14 | 11 |
Total current assets | 1,401 | 1,006 |
Property, plant and equipment, net | 5,354 | 5,297 |
Deferred debits and other assets | ||
Regulatory assets | 1,622 | 1,834 |
Investments | 19 | 18 |
Investments in affiliates | 9 | 13 |
Receivable from affiliate | 325 | 311 |
Prepaid pension asset | 237 | 225 |
Other | 314 | 315 |
Total deferred debits and other assets | 2,526 | 2,716 |
Total assets | 9,281 | 9,019 |
Current liabilities | ||
Short-term notes payable - accounts receivable agreement | 225 | 0 |
Long-term debt of variable interest entity due within one year | 404 | 0 |
Long-term debt to PECO Energy Transition Trust due within one year | 0 | 415 |
Accounts payable | 141 | 164 |
Accrued expenses | 130 | 74 |
Payables to affiliates | 168 | 189 |
Customer deposits | 66 | 65 |
Mark-to-market derivative liabilities | 1 | 0 |
Mark-to-market derivative liabilities with affiliate | 1 | 0 |
Other | 52 | 32 |
Total current liabilities | 1,188 | 939 |
Long-term debt | 2,221 | 2,221 |
Long-term debt to financing trust | 184 | 184 |
Deferred credits and other liabilities | ||
Deferred income taxes and unamortized investment tax credits | 2,140 | 2,241 |
Asset retirement obligations | 24 | 24 |
Non-pension postretirement benefit obligations | 304 | 296 |
Regulatory liabilities | 343 | 317 |
Mark-to-market derivative liabilities | 4 | 2 |
Mark-to-market derivative liabilities with affiliate | 5 | 2 |
Other | 135 | 141 |
Total deferred credits and other liabilities | 2,955 | 3,023 |
Total liabilities | 6,548 | 6,367 |
Commitments and contingencies | ||
Preferred securities | 87 | 87 |
Shareholders' equity | ||
Common stock | 2,318 | 2,318 |
Receivable from parent | (135) | (180) |
Retained earnings | 462 | 426 |
Accumulated other comprehensive income (loss), net | 1 | 1 |
Total shareholders' equity | 2,646 | 2,565 |
Total liabilities and shareholders' equity | $9,281 | $9,019 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | ||
In Millions | Mar. 31, 2010
| Dec. 31, 2009
|
Common stock, par value | 0 | 0 |
Common stock, shares authorized | 2,000 | 2,000 |
Common stock, shares outstanding | 661 | 660 |
Treasury stock, shares held | 35 | 35 |
Gross accounts receivable pledged as collateral | $402 | |
PECO ENERGY CO | ||
Gross accounts receivable pledged as collateral | $402 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Equity (USD $) | ||||||||||||||||||||
In Millions | EXELON GENERATION CO LLC
| EXELON GENERATION CO LLC
Membership Interest | EXELON GENERATION CO LLC
Retained Earnings | EXELON GENERATION CO LLC
Accumulated Other Comprehensive (Loss) Income | EXELON GENERATION CO LLC
Noncontrolling Interest | COMMONWEALTH EDISON CO
| COMMONWEALTH EDISON CO
Common Stock | COMMONWEALTH EDISON CO
Other Paid-In Capital | COMMONWEALTH EDISON CO
Retained Deficit Unappropriated | COMMONWEALTH EDISON CO
Retained Earnings Appropriated | PECO ENERGY CO
| PECO ENERGY CO
Common Stock | PECO ENERGY CO
Receivable from Parent | PECO ENERGY CO
Retained Earnings | PECO ENERGY CO
Accumulated Other Comprehensive (Loss) Income | Common Stock
| Treasury Stock
| Retained Earnings
| Accumulated Other Comprehensive (Loss) Income
| Total
|
Beginning Balance at Dec. 31, 2009 | $6,882 | $1,588 | $4,990 | ($1,639) | $1,943 | $2,565 | $2,318 | ($180) | $426 | $1 | $8,923 | ($2,328) | $8,134 | ($2,089) | $12,640 | |||||
Beginning Balance at Dec. 31, 2009 | 6,792 | 3,464 | 2,169 | 1,157 | 2 | |||||||||||||||
Beginning Balance at Dec. 31, 2009 | 694,565 | |||||||||||||||||||
Long-term incentive plan activity | 778 | |||||||||||||||||||
Net income | 561 | 561 | 116 | 116 | 101 | 101 | 749 | 749 | ||||||||||||
Appropriation of retained earnings for future dividends | 0 | (116) | 116 | |||||||||||||||||
Long-term incentive plan activity | 17 | 17 | ||||||||||||||||||
Common stock dividends | (75) | (75) | (64) | (64) | (349) | (349) | ||||||||||||||
Allocation of tax benefit from member | 2 | 2 | ||||||||||||||||||
Distribution to member | (261) | (261) | ||||||||||||||||||
Preferred security dividends | (1) | (1) | ||||||||||||||||||
Repayment of receivable from parent | 45 | 45 | ||||||||||||||||||
Other comprehensive income, net of income taxes | 551 | 551 | 0 | 0 | 394 | 394 | ||||||||||||||
Ending Balance at Mar. 31, 2010 | 695,343 | |||||||||||||||||||
Ending Balance at Mar. 31, 2010 | 6,923 | 1,588 | 4,990 | (1,639) | 1,984 | 2,646 | 2,318 | (135) | 462 | 1 | 8,940 | (2,328) | 8,534 | (1,695) | 13,451 | |||||
Ending Balance at Mar. 31, 2010 | $7,645 | $3,466 | $2,469 | $1,708 | $2 |
1_Consolidated Statement of Cha
Consolidated Statement of Changes in Equity (Parenthetical) (USD $) | |
In Millions | 3 Months Ended
Mar. 31, 2010 |
Other comprehensive income, income taxes | $260 |
EXELON GENERATION CO LLC | |
Other comprehensive income, income taxes | $353 |
Basis of Presentation
Basis of Presentation | |
3 Months Ended
Mar. 31, 2010 | |
Notes to Financial Statements [Abstract] | |
Basis of Presentation (Exelon, Generation, ComEd and PECO) | 1. Basis of Presentation (Exelon, Generation, ComEd and PECO) Exelon is a utility services holding company engaged, through its principal 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 Generation. The energy delivery businesses include the purchase and regulated retail sale of electricity and the provision of distribution and transmission services by ComEd in northern Illinois, including the City of Chicago, and by 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. Through its business services subsidiary, BSC, Exelon provides its 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 Exelon's 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 Exelon SHC, LLC, of which Generation owns 99% and the remaining 1% is indirectly owned by Exelon and eliminated in Exelon's consolidated financial statements, ComEd, of which Exelon owns more than 99%, and PECO, of which Exelon owns 100% of the common stock but none of PECO's preferred securities. Exelon has reflected the third-party interests in ComEd, which totaled less than $1 million at March 31, 2010, as equity, and PECO's preferred securities as preferred securities of subsidiary in its consolidated financial statements. Exelon's consolidated financial statements include the accounts of entities in which Exelon has a controlling financial interest, other than certain financing trusts of ComEd and PECO, and Generation's and PECO's proportionate interests in jointly owned electric utility property, after the elimination of intercompany transactions. A controlling financial interest is evidenced by either a voting interest greater than 50% or a model that identifies Exelon or one of its subsidiaries as the primary beneficiary of a VIE. Investments and joint ventures in which Exelon does not have a controlling financial interest and certain financing trusts of ComEd and PECO are accounted for under the equity or cost method of accounting. Each of Generation's, ComEd's and PECO's consolidated financial statements includes the accounts of their subsidiaries. All intercompany transactions have been el |
New Accounting Pronouncements
New Accounting Pronouncements | |
3 Months Ended
Mar. 31, 2010 | |
Notes to Financial Statements [Abstract] | |
New Accounting Pronouncements (Exelon, Generation, ComEd and PECO) | 2. New Accounting Pronouncements (Exelon, Generation, ComEd and PECO) The Registrants adopted the following recently issued accounting standards: Transfers of Financial Assets In June 2009, the FASB issued authoritative guidance amending the accounting for transfers of financial assets. This guidance was effective and applied prospectively for the Registrants beginning January 1, 2010. The impact of the adoption for Exelon and PECO and relevant disclosure is included in Note 5 Debt and Credit Agreements. The adoption of this guidance did not impact Generation's or ComEd's results of operations, cash flows or financial positions. Consolidation of Variable Interest Entities In June 2009, the FASB issued authoritative guidance to amend the manner in which entities evaluate whether consolidation is required for VIEs. The model for determining which enterprise has a controlling financial interest and is the primary beneficiary of a VIE has changed significantly under the new guidance. Furthermore, this guidance requires that companies continually evaluate VIEs for consolidation rather than assessing based upon the occurrence of triggering events. This revised guidance also requires enhanced disclosures about how a company's involvement with a VIE affects its financial statements and exposure to risks. This guidance became effective for the Registrants on January1, 2010 and resulted in the consolidation of PETT within Exelon's and PECO's financial statements. See Note 1 Basis of Presentation for the impact of adoption. The adoption of this guidance did not impact Generation's or ComEd's results of operations, cash flows or financial positions. Fair Value Measurements Disclosures In January 2010, the FASB issued authoritative guidance intended to improve disclosures about fair value measurements. The guidance requires entities to disclose significant transfers in and out of fair value hierarchy levels and the reasons for the transfers. Additionally, the guidance clarifies that a reporting entity should provide fair value measurements for each class of assets and liabilities and disclose the inputs and valuation techniques used for fair value measurements using significant other observable inputs (Level 2) and significant unobservable inputs (Level 3). Currently, the Registrants' mark-to-market derivative assets and liabilities are the only fair value measurements impacted by this guidance. This guidance is effective for interim and annual periods beginning after December15, 2009. As this guidance provides only disclosure requirements, the adoption of this standard did not impact the Registrants' results of operations, cash flows or financial positions. See Note 4 Fair Value of Financial Assets and Liabilities for additional information. The following recently issued accounting standard is not yet reflected in the combined consolidated financial statements of the Registrants: Revenue Arrangements with Multiple Deliverables In October 2009, the FASB issued authoritative guidance that amends existing guidance for identifying separate deliverables in a revenue-generating transaction where multiple deliverables exist, an |
Regulatory Matters
Regulatory Matters | |
3 Months Ended
Mar. 31, 2010 | |
Notes to Financial Statements [Abstract] | |
Regulatory Matters (Exelon, Generation, ComEd and PECO) | 3.Regulatory Matters (Exelon, Generation, ComEd and PECO) Regulatory and Legislative Proceedings (Exelon, Generation, ComEd and PECO) Except for the matters noted below, the disclosures set forth in Note 2 of the 2009 Form 10-K appropriately represent, in all material respects, the current status of regulatory and legislative proceedings of the Registrants. The following is an update to that discussion. Illinois Settlement Agreement (Exelon, Generation and ComEd). 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 IPA, created as a result of the Illinois Settlement Legislation. During the three months ended March 31, 2010 and 2009, Generation recognized net costs from its contributions pursuant to the Illinois Settlement Legislation of $2 million and $33 million, respectively, in its Consolidated Statements of Operations. ComEd's net costs from its contributions pursuant to the Illinois Settlement Legislation were $1 million for the three months ended March 31, 2010 and less than $1 million for the same period in 2009. As of March 31, 2010, Generation's remaining costs to be recognized related to the rate relief commitment are $18 million, consisting of $12 million related to programs for ComEd customers and $6 million for programs for customers of other Illinois utilities. ComEd has no remaining costs to be recognized related to the rate relief commitment as of March 31, 2010. Illinois Legislation for Recovery of Uncollectible Accounts (Exelon and ComEd).In 2009, comprehensive legislation was enacted into law in Illinois which provides public utility companies the ability to recover from or refund to customers the difference between the utility's annual uncollectible accounts expense and amounts collected in rates annually through a rider mechanism, starting with 2008 and prospectively. On February 2, 2010, the ICC issued an order adopting ComEd's proposed tariffs filed in accordance with the legislation, with minor modifications. As a result of the ICC order, ComEd recorded a regulatory asset of $70 million and an offsetting reduction in operating and maintenance expense in the first quarter of 2010 for the cumulative under-collections in 2008 and 2009. Recovery of the regulatory asset associated with 2008 and 2009 activities will take place over an approximate 14-month time frame beginning in April 2010. The recovery or refund of the difference in the uncollectible accounts expense applicable to the years starting with January 1, 2010, will take place over a 12-month time frame beginning in June of the following year. In addition, ComEd recorded a one-time charge of $10 million to operating and maintenance expense in the first quarter of 2010 for a contribution to the Supplemental Low-Income Energy Assistance Fund as required by the legislation. The fund is used to assist low-income residential customers. Pennsylvania Electric and Natural Gas Distribution Rate Cases (Exelon and PECO). On March 31, 2010, PECO |
Fair Value of Financial Assets
Fair Value of Financial Assets and Liabilities | |
3 Months Ended
Mar. 31, 2010 | |
Notes to Financial Statements [Abstract] | |
Fair Value of Financial Assets and Liabilities (Exelon, Generation, ComEd and PECO) | 4. Fair Value of Financial Assets and Liabilities (Exelon, Generation, ComEd and PECO) Non-Derivative Financial Assets and Liabilities. As of March 31, 2010 and December 31, 2009, the Registrants' carrying amounts of cash and cash equivalents, accounts receivable, accounts payable, short-term notes payable and accrued liabilities are representative of fair value because of the short-term nature of these instruments. Fair Value of Financial Liabilities Recorded at the Carrying Amount Exelon The carrying amounts and fair values of Exelon's long-term debt and spent nuclear fuel obligation as of March 31, 2010 and December 31, 2009 were as follows: March 31, 2010 December 31, 2009 Carrying Amount Fair Value Carrying Amount Fair Value Long-term debt (including amounts due within one year) $ 11,635 $ 12,256 $ 11,634 $ 12,223 Long-term debt of variable interest entity due within one year (a) 404 414 0 0 Long-term debt to PETT due within one year (a) 0 0 415 426 Long-term debt to financing trusts 390 338 390 325 Spent nuclear fuel obligation 1,017 887 1,017 832 Preferred securities of subsidiary 87 70 87 63 (a) On January 1, 2010, PETT was consolidated in Exelon's Consolidated Financial Statements in accordance with the new FASB authoritative guidance related to the consolidation of VIEs. See Note 1 Basis of Presentation for additional information. Generation The carrying amounts and fair values of Generation's long-term debt and spent nuclear fuel obligations as of March 31, 2010 and December 31, 2009 were as follows: March 31, 2010 December 31, 2009 Carrying Amount Fair Value Carrying Amount Fair Value Long-term debt (including amounts due within one year) $ 2,992 $ 3,137 $ 2,993 $ 3,132 Spent nuclear fuel obligation 1,017 887 1,017 832 ComEd The carrying amounts and fair values of ComEd's long-term debt as of March 31, 2010 and December 31, 2009 were as follows: March 31, 2010 December 31, 2009 Carrying Amount Fair Value Carrying Amount Fair Value Long-term debt (including amounts due within one year) $ 4,712 $ 5,053 $ 4,711 $ 5,062 Long-term debt to financing trust 206 170 206 167 PECO The carrying amounts and fair values of PECO's long-term debt and preferred securities as of March 31, 2010 and December 31, 2009 were as follows: March 31, 2010 December 31, 2009 Carrying Amount Fair Value Carrying Amount Fair Value Long-term debt (including amounts due within one year) $ 2,221 $ 2,366 $ 2,221 $ 2,346 Long-term debt of variable interest entity due within one year (a) 404 414 0 0 Long-term debt to PETT due within one year (a) 0 0 415 426 Long-term debt to financing trusts 184 168 184 158 Preferred securities 87 70 87 63 (a) On January 1, 2010, PETT was consolidated in PECO's Consolidated Financial Statements in accordance with the new FASB authoritative guidance related to the consolidation of VIEs. See Note 1 Basis of Presentation for additional information. Recurring Fair Value Measurements To increase consistency and comparability in fair value measu |
Debt and Credit Agreements
Debt and Credit Agreements | |
3 Months Ended
Mar. 31, 2010 | |
Notes to Financial Statements [Abstract] | |
Debt and Credit Agreements (Exelon, Generation, ComEd and PECO) | 5.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 the issuance of commercial paper and borrowings under its credit facility. As of March 31, 2010, Exelon Corporate, Generation and PECO had access to unsecured revolving credit facilities with aggregate bank commitments of $957 million, $4.8 billion and $574 million, respectively. On March 25, 2010, ComEd replaced its $952 million credit facility with a new $1 billion unsecured revolving credit facility that extends to March 25, 2013. Borrowings under that credit facility bear interest at a rate that floats daily based upon a prime rate or at a rate fixed for a specified interest period based upon a LIBOR-based rate. Adders of up to 137.5 basis points for prime-based borrowings and 237.5 basis points for LIBOR-based borrowings are added based upon ComEd's credit rating. Generation also had additional letter of credit facilities used solely to enhance tax-exempt variable rate debt as discussed further below. See Note9 of the 2009 Form10-K for further information regarding the credit facilities. Additionally, Generation, ComEd and PECO had $7 million, $30 million and $30 million, respectively, of additional credit facility agreements with minority and community banks located primarily within ComEd's and PECO's service territories, which expire on October 23, 2010. These facilities are solely utilized by Generation, ComEd and PECO to issue letters of credit. As of March 31, 2010, Generation, ComEd and PECO had issued letters of credit under these agreements totaling $5 million, $24 million and $29 million, respectively. Exelon, Generation, ComEd and PECO had the following amounts of commercial paper and credit facility borrowings outstanding at March 31, 2010 and December 31, 2009: Commercial paper borrowings March 31, 2010 December 31, 2009 Exelon Corporate $ 0 $ 0 Generation 0 0 ComEd 256 0 PECO 0 0 Credit facility borrowings ComEd $ 0 $ 155 Issuance of Long-Term Debt During the three months ended March 31, 2010, there were no issuances of long-term debt. During the three months ended March 31, 2009, the following long-term debt was issued: Company Type Interest Rate Maturity Amount (a) Use of Proceeds PECO First Mortgage Bonds 5.00% October 1, 2014 $ 250 Used to refinance short-term debt and for other general corporate purposes ____________________ (a) Excludes unamortized bond discounts. Retirement of Long-Term Debt During the three months ended March 31, 2010, the following long-term debt was retired Company Type Interest Rate Maturity Amount Generation Delaware County 1993 Series A Tax Exempt Bonds Variable August 1, 2016 $ 1 PECO PETT Transition Bonds 6.52% September 1, 2010 402 During the three months ended March 31, |
Derivative Financial Instrument
Derivative Financial Instruments | |
3 Months Ended
Mar. 31, 2010 | |
Notes to Financial Statements [Abstract] | |
Derivative Financial Instruments (Exelon, Generation, ComEd and PECO) | 6. 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, fossil fuels 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 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 2009 Form 10-K. Additionally, Generation is exposed to certain market risks through its proprietary trading activities. The proprietary trading activities are a complement to Generation's energy marketing portfolio but represent a small portion of Generation's 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, fossil fuels, and other commodities associated with price movements resulting from changes in supply and demand, fuel costs, market liquidity, weather conditions, governmental regulatory and environmental policies, and other factors. Within Exelon, Generation has the most exposure to commodity price ris |
Retirement Benefits
Retirement Benefits | |
3 Months Ended
Mar. 31, 2010 | |
Notes to Financial Statements [Abstract] | |
Retirement Benefits (Exelon, Generation, ComEd and PECO) | 7.Retirement Benefits (Exelon, Generation, ComEd and PECO) Exelon sponsors defined benefit pension plans and postretirement benefit plans for essentially all Generation, ComEd, PECO and BSC employees. Defined Benefit Pension and Other Postretirement Benefits During the first quarter of 2010, Exelon received an updated valuation of its pension and other postretirement benefit obligations to reflect actual census data as of January 1, 2010. This valuation resulted in an increase to the pension obligations of $13 million and a decrease to other postretirement obligations of $18 million. Additionally, accumulated other comprehensive loss increased by approximately $18 million (after-tax). The impact to Exelon's Consolidated Statement of Operations and Comprehensive Income was not material. The following tables present the components of Exelon's net periodic benefit costs for the three months ended March 31, 2010 and 2009. The 2010 pension benefit cost is calculated using an expected long-term rate of return on plan assets of 8.50%. The 2010 other postretirement benefit cost is calculated using an expected long-term rate of return on plan assets of 7.83%. A portion of the net periodic benefit cost is capitalized within the Consolidated Balance Sheets. Other Postretirement Pension Benefits Benefits Three Months Ended Three Months Ended March 31, March 31, 2010 2009 2010 2009 Service cost $ 47 $ 44 $ 31 $ 28 Interest cost 165 163 54 52 Expected return on assets (200) (194) (27) (24) Amortization of: Transition obligation 0 0 2 2 Prior service cost (benefit) 4 4 (14) (14) Actuarial loss 64 49 18 22 Net periodic benefit cost $ 80 $ 66 $ 64 $ 66 The following amounts were included in capital additions and operating and maintenance expense during the three months ended March 31, 2010 and 2009, for Generation's, ComEd's, PECO's and BSC's allocated portion of the pension and postretirement benefit plans: Three Months Ended March 31, Pension and Postretirement Benefit Costs 2010 2009 Generation $ 67 $ 60 ComEd 53 48 PECO 12 12 BSC 12 12 Exelon expects to contribute approximately $921 million to the benefit plans in 2010, of which Generation, ComEd and PECO expect to contribute $430 million, $305 million and $94 million, respectively. These amounts include an expected incremental contribution to Exelon's largest pension plan of approximately $500 million above the expectation at December 31, 2009. This incremental contribution is subject to continuing evaluation of business or market changes and approvals by the Registrants' respective boards of directors. Plan Assets Investment Strategy. On a quarterly basis, Exelon reviews its actual allocations and follows a rebalancing procedure in order to remain within an allowable range, as defined by its policy, of its targeted asset allocation percentages. Exelon evaluates its investment strategy in coordination with the funded status of its pension and other postretirement benefit plans to meet its objective of achieving optimal asset returns within a |
2_Retirement Benefits
Retirement Benefits (Tables) | |
3 Months Ended
Mar. 31, 2010 | |
Retirement Benefits Tables Abstract | |
Net periodic benefit costs table | Other Postretirement Pension Benefits Benefits Three Months Ended Three Months Ended March 31, March 31, 2010 2009 2010 2009 Service cost $ 47 $ 44 $ 31 $ 28 Interest cost 165 163 54 52 Expected return on assets (200) (194) (27) (24) Amortization of: Transition obligation 0 0 2 2 Prior service cost (benefit) 4 4 (14) (14) Actuarial loss 64 49 18 22 Net periodic benefit cost $ 80 $ 66 $ 64 $ 66 |
Pension and postretirement benefit costs table | Three Months Ended March 31, Pension and Postretirement Benefit Costs 2010 2009 Generation $ 67 $ 60 ComEd 53 48 PECO 12 12 BSC 12 12 |
Savings plan matching contributions table | Three Months Ended March 31, Savings Plan Matching Contributions 2010 2009 Exelon $ 20 $ 18 Generation 11 9 ComEd 5 5 PECO 2 2 |
Retirement Benefits (Details)
Retirement Benefits (Details) (USD $) | |||
In Millions | 3 Months Ended
Mar. 31, 2010 | 3 Months Ended
Mar. 31, 2009 | Dec. 31, 2009
|
Valuation adjustment impact [Abstract] | |||
Accumulated other comprehensive loss (increase) decrease due to an updated valuation adjustment | ($18) | $28 | |
Collateral for borrowed securities [Abstract] | |||
Percentage of collateral for borrowed securities in domestic currency | 102 | ||
Percentage of collateral for borrowed securities in foreign currency | 105 | ||
Percentage of collateral for borrowed securities required levels | 100 | ||
Fair value of securities on loan | 298 | 356 | |
Fair value of cash and non-cash collateral received for loan securities | 305 | 365 | |
Weighted average maturity of the securities within the collateral funds | 3.5 | ||
Savings Plan Matching Contributions [Abstract] | |||
Savings Plan Matching Contributions | 20 | 18 | |
Expected defined benefit plan contributions [Abstract] | |||
Expected defined benefit plan contributions | 921 | ||
Expected discretionary defined benefit plan contribution | 500 | ||
EXELON GENERATION CO LLC | |||
Pension and Postretirement Benefit Costs [Abstract] | |||
Pension and Postretirement Benefit Costs | 67 | 60 | |
Savings Plan Matching Contributions [Abstract] | |||
Savings Plan Matching Contributions | 11 | 9 | |
Expected defined benefit plan contributions [Abstract] | |||
Expected defined benefit plan contributions | 430 | ||
COMMONWEALTH EDISON CO | |||
Pension and Postretirement Benefit Costs [Abstract] | |||
Pension and Postretirement Benefit Costs | 53 | 48 | |
Savings Plan Matching Contributions [Abstract] | |||
Savings Plan Matching Contributions | 5 | 5 | |
Expected defined benefit plan contributions [Abstract] | |||
Expected defined benefit plan contributions | 305 | ||
PECO ENERGY CO | |||
Pension and Postretirement Benefit Costs [Abstract] | |||
Pension and Postretirement Benefit Costs | 12 | 12 | |
Savings Plan Matching Contributions [Abstract] | |||
Savings Plan Matching Contributions | 2 | 2 | |
Expected defined benefit plan contributions [Abstract] | |||
Expected defined benefit plan contributions | 94 | ||
BUSINESS SERVICES COMPANY | |||
Pension and Postretirement Benefit Costs [Abstract] | |||
Pension and Postretirement Benefit Costs | 12 | 12 | |
Pension Plan [Member] | |||
Valuation adjustment impact [Abstract] | |||
Obligation increase (decrease) due to an updated valuation adjustment | 13 | ||
Long-term rate of return on plan assets [Abstract] | |||
Long-term rate of return on plan assets | 8.5 | ||
Defined Benefit Plan Net Periodic Benefit Cost [Abstract] | |||
Service cost | 47 | 44 | |
Interest cost | 165 | 163 | |
Expected return on assets | (200) | (194) | |
Transition obligation | 0 | 0 | |
Prior service cost (benefit) | 4 | 4 | |
Actuarial loss | 64 | 49 | |
Net periodic benefit cost | 80 | 66 | |
Other postretirement benefit plan [Member] | |||
Valuation adjustment impact [Abstract] | |||
Obligation increase (decrease) due to an updated valuation adjustment | (18) | ||
Long-term rate of return on plan assets [Abstract] | |||
Long-term rate of return on plan assets | 7.83 | ||
Defined Benefit Plan Net Periodic Benefit Cost [Abstract] | |||
Service cost | 31 | 28 | |
Interest cost | 54 | 52 | |
Expected return on assets | (27) | (24) | |
Transition obligation | 2 | 2 | |
Prior service cost (benefit) | (14) | (14) | |
Actuarial loss | 18 | 22 | |
Net periodic benefit cost | $64 | $66 |
Corporate Restructuring and Pla
Corporate Restructuring and Plant Retirements | |
3 Months Ended
Mar. 31, 2010 | |
Notes to Financial Statements [Abstract] | |
Corporate Restructuring and Plant Retirements (Exelon, Generation, ComEd and PECO) | 8. Corporate Restructuring and Plant Retirements (Exelon, Generation, ComEd and PECO) The Registrants provide severance and health and welfare benefits to terminated employees primarily based upon each individual employee's years of service and compensation level. The Registrants accrue amounts associated with severance benefits that are considered probable and that can be reasonably estimated. Corporate restructuring (Exelon, Generation, ComEd and PECO). On June 18, 2009, Exelon announced a restructured senior executive team and major spending cuts, including the elimination of approximately 500 employee 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 September 30, 2009. These actions were in response to the continuing economic challenges confronting all parts of Exelon's business and industry especially in light of the commodity-driven nature of Generation's 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. Subsequent to June, Exelon recorded a net pre-tax credit of approximately $6 million, which included a $10 million reduction in estimated salary continuance and health and welfare severance benefits, offset by $4 million of expense for contractual termination benefits. Cash payments under the plan began in July 2009 and will continue through 2010. Substantially all cash payments are expected to be made by the end of 2010 resulting in the completion of the corporate restructuring plan. No severance-related expenses associated with the corporate restructuring were recorded during the three months ended March 31, 2009. The following table presents the activity of severance obligations for the corporate restructuring from December 31, 2009 through March 31, 2010, excluding obligations recorded in equity: Severance Benefits Obligation Generation ComEd PECO Other Exelon Balance at December 31, 2009 $ 3 $ 7 $ 1 $ 8 $ 19 Cash payments (1) (2) (1) (1) (5) Balance at March 31, 2010 $ 2 $ 5 $ - $ 7 $ 14 Plant Retirements (Exelon and Generation). On December 2, 2009, Exelon announced its intention to permanently retire three coal-fired generating units and one oil/gas-fired generating unit, effective May 31, 2011. The units to be retired are Cromby Generating Station (Cromby) Unit 1 and Unit 2 and Eddystone Generating Station (Eddystone) Unit 1 and Unit 2. On February 1, 2010, Generation notified PJM that to the extent the retirement of these units results in reliability impacts, Generation would continue operations beyond its desired deactivation date during the period of construction of the necessary transmission upgrades, provided that Exelon receives the required environmental permits and adequate cost-based compensation. On March2, 2010, PJMdetermined that transmission reliability upgrades will |
Income Taxes
Income Taxes | |
3 Months Ended
Mar. 31, 2010 | |
Notes to Financial Statements [Abstract] | |
Income Taxes (Exelon, Generation, ComEd and PECO) | 9.Income Taxes (Exelon, Generation, ComEd and PECO) The effective income tax rate from continuing operations varies from the U.S. Federal statutory rate principally due to the following: For the Three Months Ended March 31, 2010 Exelon Generation ComEd PECO U.S. Federal statutory rate 35.0 % 35.0 % 35.0 % 35.0 % Increase (decrease) due to: State income taxes, net of Federal income tax benefit 3.8 4.6 5.4 (5.4) Qualified nuclear decommissioning trust fund income 2.1 2.8 Domestic production activities deduction (1.9) (2.6) Tax exempt income (0.1) (0.2) Health Care Reform Legislation 4.4 2.2 4.4 4.8 Amortization of investment tax credit (0.2) (0.2) (0.4) (0.4) Plant basis differences 0.1 Other (0.2) 0.4 (0.1) Effective income tax rate 42.9 % 41.6 % 44.8 % 34.0 % For the Three Months Ended March 31, 2009 Exelon Generation ComEd PECO U.S. Federal statutory rate 35.0 % 35.0 % 35.0 % 35.0 % Increase (decrease) due to: State income taxes, net of Federal income tax benefit (0.2) 0.3 (7.2) (6.3) Qualified nuclear decommissioning trust fund losses (2.1) (2.9) Domestic production activities deduction (1.5) (2.1) Tax exempt income (0.1) (0.2) Nontaxable postretirement benefits (0.3) (0.2) (0.5) (0.3) Amortization of investment tax credit (0.4) (0.2) (0.5) (0.4) Plant basis differences (0.3) 0.4 Other (0.1) 0.1 Effective income tax rate 30.4 % 29.6 % 26.5 % 28.5 % Accounting for Uncertainty in Income Taxes Exelon, Generation, ComEd and PECO have $1.42 billion, $625 million, $401 million and $371 million, respectively, of unrecognized tax benefits as of March 31, 2010. Exelon's, Generation's, ComEd's and PECO's uncertain tax positions have not significantly changed since December 31, 2009. See Note 10 of the 2009 Form 10-K for a discussion of reasonably possible changes that could occur in our unrecognized tax benefits during the next twelve months. The following is an update to that discussion. Illinois Replacement Investment Tax Credits (Exelon, Generation and ComEd) On February20, 2009, the Illinois Supreme Court ruled in Exelon's favor in a case involving refund claims for Illinois investment tax credits. Responding to the Illinois Attorney General's petition for rehearing, on July15, 2009, the Illinois Supreme Court modified its opinion to indicate that it was to be applied only prospectively, beginning in 2009. In September 2009, the Illinois Supreme Court denied Exelon's Petition for Rehearing. On December22, 2009, Exelon filed a Petition of Writ for Certiorari with the United States Supreme Court appealing the Illinois Supreme Court's July15, 2009 modified opinion. As a result of the filing of the United States Supreme Court petition, unrecognized tax benefits continued to be reported as of December 31, 2009. On March 1, 2010, the United States Supreme Court announced that it would not review the Illinois Supreme Court's decision. As a result of the United States Supreme Court decision, |
Nuclear Decommissioning
Nuclear Decommissioning | |
3 Months Ended
Mar. 31, 2010 | |
Nuclear Decommissioning (Exelon and Generation) | 10. Nuclear Decommissioning (Exelon and Generation) Nuclear Decommissioning Asset Retirement Obligations Generation has a legal obligation to decommission its nuclear power plants following the expiration of their operating licenses. The following table provides a rollforward of the nuclear decommissioning ARO reflected on Exelon's and Generation's Consolidated Balance Sheets from December 31, 2009 to March 31, 2010: Exelon and Generation Nuclear decommissioning ARO at December 31, 2009 (a) $ 3,260 Accretion expense 48 Costs incurred to decommission retired plants (3) Nuclear decommissioning ARO at March 31, 2010 (a) $ 3,305 __________ (a) Includes $17 million as the current portion of the ARO at March 31, 2010 and December 31, 2009, which is included in other current liabilities on Exelon's and Generation's Consolidated Balance Sheets. Nuclear Decommissioning TrustFundInvestments Generation will pay for its respective obligations using trust funds that have been established for this purpose. At March 31, 2010 and December 31, 2009, Exelon and Generation had NDT fund investments totaling $6,885 million and $6,669 million, respectively. The following table provides unrealized gains (losses) on NDT funds for the three months ended March 31, 2010 and 2009: Exelon and Generation Three Months Ended March 31, 2010 2009 Net unrealized gains (losses) on decommissioning trust funds Regulatory Agreement Units (a) $ 111 $ (168) Net unrealized gains (losses) on decommissioning trust funds Non-Regulatory Agreement Units (b) 35 (64) __________ (a)Gains and losses related to Generation's NDT funds associated with Regulatory Agreement Units are included in regulatory liabilities on Exelon's Consolidated Balance Sheets and noncurrent payables to affiliates on Generation's Consolidated Balance Sheets. (b)Gains and losses related to Generation's NDT funds associated with Non-Regulatory Agreement Units are included within other, net in Exelon's and Generation's Consolidated Statements of Operations and Comprehensive Income. Interest and dividends on NDT fund investments are recognized when earned and included in Other, net in Exelon and Generation's Consolidated Statements of Operations. Interest and dividends earned on the NDT fund investments for the Regulatory Agreement Units are eliminated within Other, net in Exelon and Generation's Consolidated Statements of Operations. Refer to Note 3 Regulatory Matters for information regarding regulatory liabilities at ComEd and PECO and intercompany balances between Generation, ComEd and PECO reflecting the obligation to refund the customers any decommissioning-related assets in excess of the related decommissioning obligations. Securities Lending Program. Generation's NDT funds participate in a securities lending program with the trustees of the funds. The program authorizes the trustees to loan securities that are assets of the trust funds to approved borrowers. The trustees require borrowers, pursuant to a security lending agreement, to deliver collateral to secure each loan. The securities are required to be collateralized by cash, U.S. Gove |
EXELON GENERATION CO LLC | |
Nuclear Decommissioning (Exelon and Generation) | 10. Nuclear Decommissioning (Exelon and Generation) Nuclear Decommissioning Asset Retirement Obligations Generation has a legal obligation to decommission its nuclear power plants following the expiration of their operating licenses. The following table provides a rollforward of the nuclear decommissioning ARO reflected on Exelon's and Generation's Consolidated Balance Sheets from December 31, 2009 to March 31, 2010: Exelon and Generation Nuclear decommissioning ARO at December 31, 2009 (a) $ 3,260 Accretion expense 48 Costs incurred to decommission retired plants (3) Nuclear decommissioning ARO at March 31, 2010 (a) $ 3,305 __________ (a) Includes $17 million as the current portion of the ARO at March 31, 2010 and December 31, 2009, which is included in other current liabilities on Exelon's and Generation's Consolidated Balance Sheets. Nuclear Decommissioning TrustFundInvestments Generation will pay for its respective obligations using trust funds that have been established for this purpose. At March 31, 2010 and December 31, 2009, Exelon and Generation had NDT fund investments totaling $6,885 million and $6,669 million, respectively. The following table provides unrealized gains (losses) on NDT funds for the three months ended March 31, 2010 and 2009: Exelon and Generation Three Months Ended March 31, 2010 2009 Net unrealized gains (losses) on decommissioning trust funds Regulatory Agreement Units (a) $ 111 $ (168) Net unrealized gains (losses) on decommissioning trust funds Non-Regulatory Agreement Units (b) 35 (64) __________ (a)Gains and losses related to Generation's NDT funds associated with Regulatory Agreement Units are included in regulatory liabilities on Exelon's Consolidated Balance Sheets and noncurrent payables to affiliates on Generation's Consolidated Balance Sheets. (b)Gains and losses related to Generation's NDT funds associated with Non-Regulatory Agreement Units are included within other, net in Exelon's and Generation's Consolidated Statements of Operations and Comprehensive Income. Interest and dividends on NDT fund investments are recognized when earned and included in Other, net in Exelon and Generation's Consolidated Statements of Operations. Interest and dividends earned on the NDT fund investments for the Regulatory Agreement Units are eliminated within Other, net in Exelon and Generation's Consolidated Statements of Operations. Refer to Note 3 Regulatory Matters for information regarding regulatory liabilities at ComEd and PECO and intercompany balances between Generation, ComEd and PECO reflecting the obligation to refund the customers any decommissioning-related assets in excess of the related decommissioning obligations. Securities Lending Program. Generation's NDT funds participate in a securities lending program with the trustees of the funds. The program authorizes the trustees to loan securities that are assets of the trust funds to approved borrowers. The trustees require borrowers, pursuant to a security lending agreement, to deliver collateral to secure each loan. The securities are required to be collateralized by cash, U.S. Gove |
Earnings Per Share and Equity
Earnings Per Share and Equity | |
3 Months Ended
Mar. 31, 2010 | |
Earnings Per Share and Equity (Exelon) [Line Items] | |
Earnings Per Share and Equity (Exelon) | 11. 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 Exelon's 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 March 31, 2010 2009 Net income $ 749 $ 712 Average common shares outstanding- basic 661 659 Assumed exercise of stock options, performance share awards and restricted stock 1 2 Average common shares outstanding- diluted 662 661 The number of stock options not included in the calculation of diluted common shares outstanding due to their antidilutive effect was approximately 6million and 5 million for the three months ended March 31, 2010 and March 31, 2009, respectively. Under share repurchase programs, 35million shares of common stock are held as treasury stock with a cost of $2.3 billion as of March 31, 2010. In 2008, Exelon management decided to defer indefinitely any share repurchases. |
3_Earnings Per Share and Equity
Earnings Per Share and Equity (Tables) | |
3 Months Ended
Mar. 31, 2010 | |
Earnings Per Share And Equity Tables Abstract | |
Basic and diluted earnings per share (Exelon) | ThreeMonthsEnded March 31, 2010 2009 Net income $ 749 $ 712 Average common shares outstanding- basic 661 659 Assumed exercise of stock options, performance share awards and restricted stock 1 2 Average common shares outstanding- diluted 662 661 |
Earnings Per Share and Equity (
Earnings Per Share and Equity (Details) (USD $) | ||
In Millions | 3 Months Ended
Mar. 31, 2010 | 3 Months Ended
Mar. 31, 2009 |
Earnings per average common share - diluted: | ||
Net income | $749 | $712 |
Average common shares outstanding - basic | 661 | 659 |
Assumed exercise of stock options, performance share awards and restricted stock | 1 | 2 |
Average common shares outstanding - diluted | 662 | 661 |
Stock options not included in the calculation of diluted common shares outstanding [Abstract] | ||
Stock options not included in the calculation of diluted common shares outstanding | 6 | 5 |
Treasury Stock [Abstract] | ||
Treasury stock, shares held | 35 | |
Treasury stock, at cost | 2,328 | |
EXELON GENERATION CO LLC | ||
Earnings per average common share - diluted: | ||
Net income | 561 | 528 |
EXELON GENERATION CO LLC | Retained Earnings | ||
Earnings per average common share - diluted: | ||
Net income | 561 | |
COMMONWEALTH EDISON CO | ||
Earnings per average common share - diluted: | ||
Net income | 116 | 114 |
COMMONWEALTH EDISON CO | Retained Deficit Unappropriated | ||
Earnings per average common share - diluted: | ||
Net income | 116 | |
PECO ENERGY CO | ||
Earnings per average common share - diluted: | ||
Net income | 101 | 113 |
PECO ENERGY CO | Retained Earnings | ||
Earnings per average common share - diluted: | ||
Net income | 101 | |
Retained Earnings | ||
Earnings per average common share - diluted: | ||
Net income | $749 |
Commitments and Contingencies
Commitments and Contingencies | |
3 Months Ended
Mar. 31, 2010 | |
Notes to Financial Statements [Abstract] | |
Commitments and Contingencies (Exelon, Generation, ComEd and PECO) | 12.Commitments and Contingencies (Exelon, Generation, ComEd and PECO) For information regarding capital commitments at December 31, 2009, see Note 18 of the 2009 Form10-K. All significant contingencies are disclosed below. Energy Commitments Generation's, ComEd's and PECO's short and long-term commitments relating to the sale and purchase of energy, capacity and transmission rights as of March 31, 2010 changed from December 31, 2009 as follows: Generation's total commitments for future sales of energy to third parties decreased by approximately $228million during the three months ended March 31, 2010, reflecting increases of approximately $77 million, $27 million, $13 million related to 2011, 2012 and 2013 sales commitments, respectively, offset by the fulfillment of approximately $345 million of 2010 commitments during the three months ended March 31, 2010. The increases were primarily due to increased overall hedging activity in the normal course of business. See Note 6 Derivative Financial Instruments for additional information regarding Generation's hedging program. Generation's total commitments for future net purchases of capacity from third parties decreased by $117 million during the three months ended March 31, 2010, reflecting decreases of approximately $4 million, $6 million, $5 million, $3 million and $17 million related to 2011, 2012, 2013, 2014 and beyond net purchase commitments, respectively, due to overall hedging activity in the normal course of business. A decrease of approximately $82 million was due to the fulfillment of 2010 commitments during the three months ended March 31, 2010. See Note 6 Derivative Financial Instruments for additional information regarding Generation's hedging program. Pursuant to a PPA with Public Service Company of Oklahoma, a subsidiary of American Electric Power, dated as of April 17, 2009, Generation agreed to sell its rights to up to 520 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 June 1, 2012 and run through February 28, 2022. On December 17, 2009, Generation entered into a PPA with Entergy Texas, Inc. (ETI) to sell 150 MWs through April 30, 2011 and 300 MWs thereafter of capacity and energy from the Frontier Generating Station located in Grimes County, Texas. The approximate ten year PPA is not included within net capacity payment commitments because it is contingent upon ETI waiving or obtaining regulatory approvals, which may occur after the commencement of the PPA on May 1, 2010. PECO's AEC purchase commitments increased$21 million during the three months ended March 31, 2010 as a result of thesolar AECpurchase agreementsexecuted in March 2010 resulting in approximately $2 million annually over a 11-year period. See Note 3 Regulatory Matters for additional information. Fuel and Natural Gas Purchase Obligations Generation's and PECO's fuel purchase obligations as of March 31, 2010 changed from December 31, 2009 as follows: Generation's total fuel purchase obligations for nuclear and fossil generat |
Supplemental Financial Informat
Supplemental Financial Information | |
3 Months Ended
Mar. 31, 2010 | |
Notes to Financial Statements [Abstract] | |
Supplemental Financial Information (Exelon, Generation, ComEd and PECO) | 13.Supplemental Financial Information (Exelon, Generation, ComEd and PECO) Supplemental Statement of Operations Information The following tables provide additional information about the Registrants' Consolidated Statements of Operations for the three months ended March 31, 2010 and 2009: Three Months Ended March 31, 2010 Exelon Generation ComEd PECO Depreciation, amortization and accretion Property, plant and equipment $ 279 $ 109 $ 117 $ 43 Regulatory assets(a) 235 0 13 222 Nuclear fuel(b) 155 155 0 0 Asset retirement obligation accretion(c) 49 49 0 0 Total depreciation, amortization and accretion $ 718 $ 313 $ 130 $ 265 Three Months Ended March 31, 2009 Exelon Generation ComEd PECO Depreciation, amortization and accretion Property, plant and equipment $ 238 $ 76 $ 110 $ 40 Regulatory assets(a) 198 0 13 185 Nuclear fuel(b) 134 134 0 0 Asset retirement obligation accretion(c) 52 52 0 0 Total depreciation, amortization and accretion $ 622 $ 262 $ 123 $ 225 __________ (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 March 31, 2010 Exelon Generation ComEd PECO Other, Net Decommissioning-related activities: Net realized income on decommissioning trust funds Regulatory Agreement Units (a) $ 49 $ 49 $ 0 $ 0 Net realized income on decommissioning trust funds Non-Regulatory Agreement Units (a) 11 11 0 0 Net unrealized gains on decommissioning trust funds Regulatory Agreement Units 111 111 0 0 Net unrealized gains on decommissioning trust funds Non-Regulatory Agreement Units 35 35 0 0 Regulatory offset to decommissioning trust fund-related activities(b) (128) (128) 0 0 Total decommissioning-related activities 78 78 0 0 Net direct financing lease income 7 0 0 0 Other 8 1 3 4 Other, net $ 93 $ 79 $ 3 $ 4 Three Months Ended March 31, 2009 Exelon Generation ComEd PECO Other, Net Decommissioning-related activities: Net realized income on decommissioning trust funds Regulatory Agreement Units (a) $ 18 $ 18 $ 0 $ 0 Net realized income on decommissioning trust funds Non-Regulatory Agreement Units (a) 8 8 0 0 Net unrealized losses on decommissioning trust funds Regulatory Agreement Units (168) (168) 0 0 Net unrealized losses on decommissioning trust funds Non-Regulatory Agreement Units (64) (64) 0 0 Regulatory offset to decommissioning trust fund-related activities (b) 116 116 0 0 Total decommissioning-related activities (90) (90) 0 0 Investment income 1 0 0 1 Net direct financing lease income 4 0 0 0 Interest income related to uncertain income tax positions (c) 38 4 28 2 Other 10 4 4 2 Other, net $ (37) $ (82) $ 32 $ 5 __________ (a)Includes investment income and |
Segment Information
Segment Information | |
3 Months Ended
Mar. 31, 2010 | |
Notes to Financial Statements [Abstract] | |
Segment Information (Exelon, Generation, ComEd and PECO) | 14. Segment Information (Exelon, Generation, ComEd and PECO) During the first quarter of 2010, Exelon and Generation concluded that Generation no longer operates as a single reportable segment, primarily due to a change in the financial information regularly evaluated by the chief operating decision maker (CODM) in determining resource allocation and assessing performance. Certain regional results of Generation's power marketing activities are now being provided to the CODM and in other public disclosures. As a result, beginning in the first quarter of 2010, Generation has three reportable segments consisting of Mid-Atlantic, Midwest and South. Consequently, Exelon has five reportable segments consisting of Mid-Atlantic, Midwest and South in Generation and ComEd and PECO. Prior period presentation has been adjusted for comparative purposes. Mid-Atlantic represents Generation's operations primarily in Pennsylvania, New Jersey and Maryland; Midwest includes operations in Illinois and Indiana; and South includes operations primarily in Texas, Georgia and Oklahoma. Exelon and Generation evaluate the performance of Generation's power marketing activities in Mid-Atlantic, Midwest and South based on revenue net of purchased power and fuel expense. Generation believes that revenue net of purchased power and fuel expense is a useful measurement of operational performance. Revenue net of purchased power and fuel expense is not a presentation defined under GAAP and may not be comparable to other companies' presentations or deemed more useful than the GAAP information provided elsewhere in this report. Generation's operating revenues include all sales to third parties and affiliated sales to ComEd and PECO. Purchased power costs include all costs associated with the procurement of electricity including capacity, energy and fuel costs associated with tolling agreements. Fuel expense includes the fuel costs for internally generated energy. Generation's retail gas, proprietary trading, other revenue and mark-to-market activities are not allocated to a region. Exelon and Generation do not use a measure of total assets in making decisions regarding allocating resources to or assessing the performance of these reportable segments. ComEd and PECO each represent a single reportable segment; as such, no separate segment information is provided for these Registrants. PECO has two operating segments, electric and gas delivery, which are aggregated into one reportable segment primarily due to their similar economic characteristics and the regulatory environments in which they operate. Exelon evaluates the performance of ComEd and PECO based on net income. 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, 2010 and 2009 is as follows: Generation(a) ComEd PECO Other Intersegment Eliminations Exelon Total revenues(b): 2010 $ 2,421 $ 1,415 $ 1,455 $ 182 $ (1,012) $ 4,461 2009 2,601 1,553 1,514 184 (1,130) 4,722 Intersegment revenues(c): 2010 $ 827 $ 1 $ 1 $ 182 $ (1,011) $ 0 2009 94 |
Document Information
Document Information | |
3 Months Ended
Mar. 31, 2010 | |
Document Information [Text Block] | |
Document Type | 10-Q |
Amendment Flag | false |
Document Period End Date | 2010-03-31 |
Entity Information
Entity Information | |
Share data in Millions | 3 Months Ended
Mar. 31, 2010 |
Entity Information [Line Items] | |
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 | 660,578,698 |
Document Fiscal Period Focus | Q1 |
Document Fiscal Year Focus | 2,010 |
EXELON GENERATION CO LLC | |
Entity Information [Line Items] | |
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 Information [Line Items] | |
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 Information [Line Items] | |
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 |