Exelon Reports First Quarter 2022 Results
Earnings Release Highlights
- Exelon completed the separation of Constellation Energy Corporation (Constellation), Exelon’s former power generation and competitive energy business, becoming the nation’s premier transmission and distribution utility company
- GAAP Net Income from Continuing Operations of $0.49 per share and Adjusted (non-GAAP) Operating Earnings of $0.64 per share for the first quarter of 2022; Constellation’s results have been reclassified to discontinued operations
- Reaffirming range for full year 2022 Adjusted (non-GAAP) Operating Earnings guidance of $2.18-$2.32 per share
- Continued strong utility operational performance, including ComEd delivering the most reliable service for customers in the first three months of the year for any year on record
- A settlement was approved by the Maryland Public Service Commission (MDPSC) in Delmarva Power Maryland’s electric distribution rate case in March
- PECO filed a gas distribution rate case with the Pennsylvania Public Utility Commission (PAPUC) in March, seeking an increase in base rates to support significant investments in infrastructure to provide safe and reliable natural gas service and reduce methane emissions
- ComEd filed its last annual distribution formula rate update with the Illinois Commerce Commission (ICC) in April seeking an increase in base rates for 2023 to support investments needed to sustain record-level reliability performance and increase the integration of renewable energy into the system
CHICAGO–(BUSINESS WIRE)–Exelon Corporation (Nasdaq: EXC) today reported its financial results for the first quarter of 2022.
“The first quarter was a milestone for Exelon as we successfully completed our separation of the generation business and embarked on our path as the nation’s premier transmission and distribution utility company,” said Exelon’s President and CEO Chris Crane. “At the same time, our focus on the fundamentals of operational and financial execution continued. Beyond delivering reliable and safe energy to our over 10 million customers, we also continued to live our core values. We awarded $2.4 million in scholarships to 24 students attending Historically Black Colleges and Universities, and opened applications for our $36 million Racial Equity Capital Fund to increase access to funding for small, minority-owned businesses in under-served communities.”
“Adjusted (non-GAAP) Operating Earnings of $0.64 per share in the first quarter was driven in part by the recovery of costs associated with ongoing infrastructure investments to improve reliability and resiliency, enhance service for our customers and prepare the grid for a clean energy future,” said Exelon CFO Joe Nigro. “Our grid modernization investments, enabled by constructive regulatory relationships, continue to drive solid operational results and stable earnings across our utilities. For the remainder of the year, we will continue to deliver on our financial commitments and reaffirm our full-year Adjusted (non-GAAP) Operating Earnings guidance range of $2.18 to $2.32 per share.”
First Quarter 2022
Exelon’s GAAP Net Income from Continuing Operations for the first quarter of 2022 decreased to $0.49 per share from $0.53 GAAP Net Income from Continuing Operations per share in the first quarter of 2021. Adjusted (non-GAAP) Operating Earnings for the first quarter of 2022 increased to $0.64 per share from $0.55 per share in the first quarter of 2021. For the reconciliations of GAAP Net Income from Continuing Operations to Adjusted (non-GAAP) Operating Earnings, refer to the tables beginning on page 4.
Adjusted (non-GAAP) Operating Earnings in the first quarter of 2022 primarily reflect:
- Higher utility earnings primarily due to higher electric distribution earnings at ComEd from higher rate base and higher allowed electric distribution ROE due to an increase in treasury rates and rate increases at PECO, BGE, and PHI, partially offset by higher depreciation expense at BGE and PHI.
- Higher earnings at the Exelon holding company due to certain BSC costs that were historically allocated to Constellation Energy Generation, LLC (Generation) but are presented as part of continuing operations in Exelon’s results as these costs do not qualify as expenses of the discontinued operations per the accounting rules; one month of costs included in the first quarter of 2022 for the period prior to separation compared to three months of costs included in the first quarter of 2021.
Operating Company Results1
ComEd
ComEd’s first quarter of 2022 GAAP Net Income decreased to $188 million from $197 million in the first quarter of 2021. ComEd’s Adjusted (non-GAAP) Operating Earnings for the first quarter of 2022 decreased to $193 million from $198 million in the first quarter of 2021, primarily due to the voluntary customer refund related to the ICC investigation of matters identified in the Deferred Prosecution Agreement, partially offset by increases in electric distribution formula rate earnings (reflecting the impacts of higher rate base and higher allowed electric distribution ROE due to an increase in treasury rates). Due to revenue decoupling, ComEd’s distribution earnings are not affected by actual weather or customer usage patterns.
PECO
PECO’s first quarter of 2022 GAAP Net Income increased to $206 million from $167 million in the first quarter of 2021. PECO’s Adjusted (non-GAAP) Operating Earnings for the first quarter of 2022 increased to $208 million from $170 million in the first quarter of 2021, primarily due to distribution rate increases.
|
___________ |
|
1Exelon’s four business units include ComEd, which consists of electricity transmission and distribution operations in northern Illinois; PECO, which consists of electricity transmission and distribution operations and retail natural gas distribution operations in southeastern Pennsylvania; BGE, which consists of electricity transmission and distribution operations and retail natural gas distribution operations in central Maryland; and PHI, which consists of electricity transmission and distribution operations in the District of Columbia and portions of Maryland, Delaware, and New Jersey and retail natural gas distribution operations in northern Delaware. |
BGE
BGE’s first quarter of 2022 GAAP Net Income decreased to $198 million from $209 million in the first quarter of 2021. BGE’s Adjusted (non-GAAP) Operating Earnings for the first quarter of 2022 decreased to $200 million from $211 million in the first quarter of 2021, primarily due an increase in depreciation and various expenses, partially offset by favorable impacts of the multi-year plans. Due to revenue decoupling, BGE’s distribution earnings are not affected by actual weather or customer usage patterns.
PHI
PHI’s first quarter of 2022 GAAP Net Income increased to $130 million from $128 million in the first quarter of 2021. PHI’s Adjusted (non-GAAP) Operating Earnings for the first quarter of 2022 increased to $136 million from $130 million in the first quarter of 2021, primarily due to distribution and transmission rate increases, partially offset by an increase in storm costs and depreciation expense. Due to revenue decoupling, PHI’s distribution earnings related to Pepco Maryland, DPL Maryland, Pepco District of Columbia, and ACE are not affected by actual weather or customer usage patterns.
Recent Developments and First Quarter Highlights
- ComEd Distribution Formula Rate: On April 15, 2022, ComEd filed its annual distribution formula rate update with the ICC. The ICC approval is due by December 2022 and the rates will take effect in January 2023. The filing request includes an increase of $144 million for the initial year revenue requirement for 2023 and an increase of $55 million related to the annual reconciliation for 2021. The revenue requirement for 2023 provides for a weighted average debt and equity return on distribution rate base of 5.94%, inclusive of an allowed ROE of 7.85%, reflecting the average monthly yields for 30-year treasury bonds plus 580 basis points. The reconciliation revenue requirement for 2021 provides for a weighted average debt and equity return on distribution rate base of 5.91%, inclusive of an allowed ROE of 7.78%, reflecting the average monthly yields for 30-year treasury bonds plus 580 basis points less a performance metrics penalty of 7 basis points. This is ComEd’s last performance-based electric distribution formula rate update filing, which sunsets at the end of 2022.
- PECO Pennsylvania Natural Gas Distribution Rate Case: On March 31, 2022, PECO filed an application with the PAPUC to increase its annual natural gas rates by $82 million, reflecting an ROE of 10.95%. PECO currently expects a decision in the fourth quarter of 2022 but cannot predict if the PAPUC will approve the application as filed.
- DPL Maryland Electric Base Rate Case: On March 2, 2022, the MDPSC issued an order approving a $13 million increase in DPL’s annual electric distribution revenues, reflecting an ROE of 9.60%. The rates were effective on March 2, 2022.
-
Financing Activities:
- On March 7, 2022, Exelon Corporate issued $2,000 million of notes, consisting of $650 million of its 2.75% notes due March 15, 2027, $650 million of its 3.35% notes due March 15, 2032, and $700 million of its 4.10% notes due March 15, 2052. Exelon used the proceeds to repay existing indebtedness and for general corporate purposes.
- On March 15, 2022, ComEd issued $750 million of First Mortgage Bonds, consisting of $300 million of its First Mortgage 3.15% Bonds, Series 132, due March 15, 2032 and $450 million of its First Mortgage 3.85% Bonds, Series 133, due March 15, 2052. ComEd used the proceeds to repay a portion of outstanding commercial paper obligations and to fund other general corporate purposes.
- On March 24, 2022, Pepco issued $400 million of its First Mortgage Bonds, 3.97% Series due March 24, 2052. Pepco used the proceeds to repay existing indebtedness and for general corporate purposes.
GAAP/Adjusted (non-GAAP) Operating Earnings Reconciliation
Adjusted (non-GAAP) Operating Earnings for the first quarter of 2022 do not include the following items (after tax) that were included in reported GAAP Net Income from Continuing Operations:
|
(in millions, except per share amounts) |
Exelon Earnings per Diluted Share |
Exelon |
ComEd |
PECO |
BGE |
PHI |
||||||
|
2022 GAAP Net Income (Loss) from Continuing Operations |
$ |
0.49 |
$ |
481 |
$ |
188 |
$ |
206 |
$ |
198 |
$ |
130 |
|
ERP System Implementation Costs (net of taxes of $0) |
|
— |
|
1 |
|
— |
|
— |
|
— |
|
— |
|
Separation Costs (net of taxes of $7, $2, $1, $1, and $1, respectively) |
|
0.02 |
|
17 |
|
5 |
|
2 |
|
2 |
|
4 |
|
Income Tax-Related Adjustments (entire amount represents tax expense) |
|
0.14 |
|
134 |
|
— |
|
— |
|
— |
|
3 |
|
2022 Adjusted (non-GAAP) Operating Earnings |
$ |
0.64 |
$ |
634 |
$ |
193 |
$ |
208 |
$ |
200 |
$ |
136 |
Adjusted (non-GAAP) Operating Earnings for the first quarter of 2021 do not include the following items (after tax) that were included in reported GAAP Net Income from Continuing Operations:
|
(in millions, except per share amounts) |
Exelon Earnings per Diluted Share |
Exelon |
ComEd |
PECO |
BGE |
PHI |
|||||||
|
2021 GAAP Net Income (Loss) from Continuing Operations |
$ |
0.53 |
$ |
525 |
|
$ |
197 |
$ |
167 |
$ |
209 |
$ |
128 |
|
Mark-to-Market Impact of Economic Hedging Activities (net of taxes of $1) |
|
— |
|
(1 |
) |
|
— |
|
— |
|
— |
|
— |
|
COVID-19 Direct Costs (net of taxes of $1, $0, and $1, respectively) |
|
— |
|
2 |
|
|
— |
|
1 |
|
1 |
|
— |
|
Acquisition Related Costs (net of taxes of $2) |
|
0.01 |
|
6 |
|
|
— |
|
— |
|
— |
|
— |
|
ERP System Implementation Costs (net of taxes of $2, $0, $0, and $0, respectively) |
|
0.01 |
|
5 |
|
|
— |
|
1 |
|
1 |
|
1 |
|
Separation Costs (net of taxes of $1, $0, $0, and $0, respectively) |
|
0.01 |
|
5 |
|
|
1 |
|
1 |
|
— |
|
1 |
|
2021 Adjusted (non-GAAP) Operating Earnings |
$ |
0.55 |
$ |
542 |
|
$ |
198 |
$ |
170 |
$ |
211 |
$ |
130 |
Note:
Amounts may not sum due to rounding.
Unless otherwise noted, the income tax impact of each reconciling item between GAAP Net Income (Loss) from Continuing Operations and Adjusted (non-GAAP) Operating Earnings is based on the marginal statutory federal and state income tax rates for each Registrant, taking into account whether the income or expense item is taxable or deductible, respectively, in whole or in part. For all items, the marginal statutory income tax rates for 2022 and 2021 ranged from 24.0% to 29.0%.
Webcast Information
Exelon will discuss first quarter 2022 earnings in a conference call scheduled for today at 9 a.m. Central Time (10 a.m. Eastern Time). The webcast and associated materials can be accessed at www.exeloncorp.com/investor-relations.
About Exelon
Exelon is a Fortune 200 company and the nation’s largest utility company, serving more than 10 million customers through six fully regulated transmission and distribution utilities — Atlantic City Electric (ACE), Baltimore Gas and Electric (BGE), Commonwealth Edison (ComEd), Delmarva Power & Light (DPL), PECO Energy Company (PECO), and Potomac Electric Power Company (Pepco). More than 18,000 Exelon employees dedicate their time and expertise to supporting our communities through reliable, affordable and efficient energy delivery, workforce development, equity, economic development and volunteerism. Follow Exelon on Twitter @Exelon.
Non-GAAP Financial Measures
In addition to net income as determined under generally accepted accounting principles in the United States (GAAP), Exelon evaluates its operating performance using the measure of Adjusted (non-GAAP) Operating Earnings because management believes it represents earnings directly related to the ongoing operations of the business. Adjusted (non-GAAP) Operating Earnings exclude certain costs, expenses, gains and losses, and other specified items. This measure is intended to enhance an investor’s overall understanding of period over period operating results and provide an indication of Exelon’s baseline operating performance excluding items that are considered by management to be not directly related to the ongoing operations of the business. In addition, this measure is among the primary indicators management uses as a basis for evaluating performance, allocating resources, setting incentive compensation targets, and planning and forecasting of future periods. Adjusted (non-GAAP) Operating Earnings is not a presentation defined under GAAP and may not be comparable to other companies’ presentation. Exelon has provided the non-GAAP financial measure as supplemental information and in addition to the financial measures that are calculated and presented in accordance with GAAP. Adjusted (non-GAAP) Operating Earnings should not be deemed more useful than, a substitute for, or an alternative to the most comparable GAAP Net Income measures provided in this earnings release and attachments. This press release and earnings release attachments provide reconciliations of Adjusted (non-GAAP) Operating Earnings to the most directly comparable financial measures calculated and presented in accordance with GAAP, are posted on Exelon’s website: www.exeloncorp.com, and have been furnished to the Securities and Exchange Commission on Form 8-K on May 9, 2022.
Cautionary Statements Regarding Forward-Looking Information
This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are subject to risks and uncertainties. Words such as “could,” “may,” “expects,” “anticipates,” “will,” “targets,” “goals,” “projects,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “predicts,” and variations on such words, and similar expressions that reflect our current views with respect to future events and operational, economic, and financial performance, are intended to identify such forward-looking statements.
The factors that could cause actual results to differ materially from the forward-looking statements made by Exelon Corporation, Commonwealth Edison Company, PECO Energy Company, Baltimore Gas and Electric Company, Pepco Holdings LLC, Potomac Electric Power Company, Delmarva Power & Light Company, and Atlantic City Electric Company (Registrants) include those factors discussed herein, as well as the items discussed in (1) the Registrants’ 2021 Annual Report on Form 10-K in (a) Part I, ITEM 1A. Risk Factors, (b) Part II, ITEM 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations, and (c) Part II, ITEM 8. Financial Statements and Supplementary Data: Note 19, Commitments and Contingencies; (2) the Registrants’ First Quarter 2022 Quarterly Report on Form 10-Q (to be filed on May 9, 2022) in (a) Part II, ITEM 1A. Risk Factors, (b) Part I, ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations, and (c) Part I, ITEM 1. Financial Statements: Note 12, Commitments and Contingencies; and (3) other factors discussed in filings with the SEC by the Registrants.
Investors are cautioned not to place undue reliance on these forward-looking statements, whether written or oral, which apply only as of the date of this press release. None of the Registrants undertakes any obligation to publicly release any revision to its forward-looking statements to reflect events or circumstances after the date of this press release.
|
Earnings Release Attachments Table of Contents
|
|
|
Consolidating Statement of Operations |
2 |
|
|
|
|
Consolidated Balance Sheets |
3 |
|
|
|
|
Consolidated Statements of Cash Flows |
5 |
|
|
|
|
Reconciliation of GAAP Net Income from Continuing Operations to Adjusted (non-GAAP) Operating Earnings and Analysis of Earnings |
6 |
|
|
|
|
Statistics |
|
|
ComEd |
8 |
|
PECO |
9 |
|
BGE |
10 |
|
Pepco |
11 |
|
DPL |
12 |
|
ACE |
13 |
|
Consolidating Statements of Operations (unaudited) (in millions)
|
|||||||||||||||||||||||
|
|
ComEd |
|
PECO |
|
BGE |
|
PHI |
|
Other (a) |
|
Exelon |
||||||||||||
|
Three Months Ended March 31, 2022 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Operating revenues |
$ |
1,734 |
|
|
$ |
1,047 |
|
|
$ |
1,154 |
|
|
$ |
1,404 |
|
|
$ |
(12 |
) |
|
$ |
5,327 |
|
|
Operating expenses |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Purchased power and fuel |
|
638 |
|
|
|
407 |
|
|
|
454 |
|
|
|
579 |
|
|
|
— |
|
|
|
2,078 |
|
|
Operating and maintenance |
|
351 |
|
|
|
247 |
|
|
|
218 |
|
|
|
299 |
|
|
|
63 |
|
|
|
1,178 |
|
|
Depreciation and amortization |
|
321 |
|
|
|
92 |
|
|
|
171 |
|
|
|
218 |
|
|
|
15 |
|
|
|
817 |
|
|
Taxes other than income taxes |
|
96 |
|
|
|
47 |
|
|
|
76 |
|
|
|
119 |
|
|
|
16 |
|
|
|
354 |
|
|
Total operating expenses |
|
1,406 |
|
|
|
793 |
|
|
|
919 |
|
|
|
1,215 |
|
|
|
94 |
|
|
|
4,427 |
|
|
Operating income (loss) |
|
328 |
|
|
|
254 |
|
|
|
235 |
|
|
|
189 |
|
|
|
(106 |
) |
|
|
900 |
|
|
Other income and (deductions) |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Interest expense, net |
|
(100 |
) |
|
|
(41 |
) |
|
|
(35 |
) |
|
|
(69 |
) |
|
|
(93 |
) |
|
|
(338 |
) |
|
Other, net |
|
12 |
|
|
|
7 |
|
|
|
7 |
|
|
|
17 |
|
|
|
94 |
|
|
|
137 |
|
|
Total other income and (deductions) |
|
(88 |
) |
|
|
(34 |
) |
|
|
(28 |
) |
|
|
(52 |
) |
|
|
1 |
|
|
|
(201 |
) |
|
Income from continuing operations before income taxes |
|
240 |
|
|
|
220 |
|
|
|
207 |
|
|
|
137 |
|
|
|
(105 |
) |
|
|
699 |
|
|
Income taxes |
|
52 |
|
|
|
14 |
|
|
|
9 |
|
|
|
7 |
|
|
|
136 |
|
|
|
218 |
|
|
Net income from continuing operations after income taxes |
|
188 |
|
|
|
206 |
|
|
|
198 |
|
|
|
130 |
|
|
|
(241 |
) |
|
|
481 |
|
|
Net income (loss) from discontinued operations after income taxes |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
117 |
|
|
|
117 |
|
|
Net income (loss) |
|
188 |
|
|
|
206 |
|
|
|
198 |
|
|
|
130 |
|
|
|
(124 |
) |
|
|
598 |
|
|
Net income attributable to noncontrolling interests |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1 |
|
|
|
1 |
|
|
Net income (loss) attributable to common shareholders |
$ |
188 |
|
|
$ |
206 |
|
|
$ |
198 |
|
|
$ |
130 |
|
|
$ |
(125 |
) |
|
$ |
597 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Three Months Ended March 31, 2021 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Operating revenues |
$ |
1,535 |
|
|
$ |
889 |
|
|
$ |
974 |
|
|
$ |
1,244 |
|
|
$ |
(10 |
) |
|
$ |
4,632 |
|
|
Operating expenses |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Purchased power and fuel |
|
527 |
|
|
|
316 |
|
|
|
331 |
|
|
|
479 |
|
|
|
(2 |
) |
|
|
1,651 |
|
|
Operating and maintenance |
|
316 |
|
|
|
234 |
|
|
|
197 |
|
|
|
256 |
|
|
|
80 |
|
|
|
1,083 |
|
|
Depreciation and amortization |
|
292 |
|
|
|
86 |
|
|
|
152 |
|
|
|
210 |
|
|
|
17 |
|
|
|
757 |
|
|
Taxes other than income taxes |
|
75 |
|
|
|
43 |
|
|
|
72 |
|
|
|
113 |
|
|
|
14 |
|
|
|
317 |
|
|
Total operating expenses |
|
1,210 |
|
|
|
679 |
|
|
|
752 |
|
|
|
1,058 |
|
|
|
109 |
|
|
|
3,808 |
|
|
Operating income (loss) |
|
325 |
|
|
|
210 |
|
|
|
222 |
|
|
|
186 |
|
|
|
(119 |
) |
|
|
824 |
|
|
Other income and (deductions) |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Interest expense, net |
|
(96 |
) |
|
|
(38 |
) |
|
|
(34 |
) |
|
|
(67 |
) |
|
|
(83 |
) |
|
|
(318 |
) |
|
Other, net |
|
7 |
|
|
|
5 |
|
|
|
8 |
|
|
|
17 |
|
|
|
21 |
|
|
|
58 |
|
|
Total other income and (deductions) |
|
(89 |
) |
|
|
(33 |
) |
|
|
(26 |
) |
|
|
(50 |
) |
|
|
(62 |
) |
|
|
(260 |
) |
|
Income from continuing operations before income taxes |
|
236 |
|
|
|
177 |
|
|
|
196 |
|
|
|
136 |
|
|
|
(181 |
) |
|
|
564 |
|
|
Income taxes |
|
39 |
|
|
|
10 |
|
|
|
(13 |
) |
|
|
8 |
|
|
|
(5 |
) |
|
|
39 |
|
|
Net income from continuing operations after income taxes |
|
197 |
|
|
|
167 |
|
|
|
209 |
|
|
|
128 |
|
|
|
(176 |
) |
|
|
525 |
|
|
Net income (loss) from discontinued operations after income taxes |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(789 |
) |
|
|
(789 |
) |
|
Net income (loss) |
|
197 |
|
|
|
167 |
|
|
|
209 |
|
|
|
128 |
|
|
|
(965 |
) |
|
|
(264 |
) |
|
Net income attributable to noncontrolling interests |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
25 |
|
|
|
25 |
|
|
Net income (loss) attributable to common shareholders |
$ |
197 |
|
|
$ |
167 |
|
|
$ |
209 |
|
|
$ |
128 |
|
|
$ |
(990 |
) |
|
$ |
(289 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Change in Net income from continuing operations 2021 to 2022 |
$ |
(9 |
) |
|
$ |
39 |
|
|
$ |
(11 |
) |
|
$ |
2 |
|
|
$ |
(65 |
) |
|
$ |
(44 |
) |
|
__________ |
|
|
(a) |
Other primarily includes eliminating and consolidating adjustments, Exelon’s corporate operations, shared service entities, and other financing and investment activities. |
|
Exelon Consolidated Balance Sheets (unaudited) (in millions)
|
||||||||
|
|
|
March 31, 2022 |
|
December 31, 2021 |
||||
|
Assets |
|
|
|
|
||||
|
Current assets |
|
|
|
|
||||
|
Cash and cash equivalents |
|
$ |
2,476 |
|
|
$ |
672 |
|
|
Restricted cash and cash equivalents |
|
|
430 |
|
|
|
321 |
|
|
Accounts receivable |
|
|
|
|
||||
|
Customer accounts receivable |
|
|
2,365 |
|
|
|
2,189 |
|
|
Customer allowance for credit losses |
|
|
(389 |
) |
|
|
(320 |
) |
|
Customer accounts receivable, net |
|
|
1,976 |
|
|
|
1,869 |
|
|
Other accounts receivable |
|
|
1,148 |
|
|
|
1,068 |
|
|
Other allowance for credit losses |
|
|
(81 |
) |
|
|
(72 |
) |
|
Other accounts receivable, net |
|
|
1,067 |
|
|
|
996 |
|
|
Inventories, net |
|
|
|
|
||||
|
Fossil fuel and emission allowances |
|
|
39 |
|
|
|
105 |
|
|
Materials and supplies |
|
|
473 |
|
|
|
476 |
|
|
Regulatory assets |
|
|
1,221 |
|
|
|
1,296 |
|
|
Other |
|
|
463 |
|
|
|
387 |
|
|
Current assets of discontinued operations |
|
|
— |
|
|
|
7,835 |
|
|
Total current assets |
|
|
8,145 |
|
|
|
13,957 |
|
|
Property, plant, and equipment, net |
|
|
65,465 |
|
|
|
64,558 |
|
|
Deferred debits and other assets |
|
|
|
|
||||
|
Regulatory assets |
|
|
8,200 |
|
|
|
8,224 |
|
|
Investments |
|
|
244 |
|
|
|
250 |
|
|
Goodwill |
|
|
6,630 |
|
|
|
6,630 |
|
|
Receivable related to Regulatory Agreement Units |
|
|
2,969 |
|
|
|
— |
|
|
Other |
|
|
1,045 |
|
|
|
885 |
|
|
Property, plant, and equipment, deferred debits, and other assets of discontinued operations |
|
|
— |
|
|
|
38,509 |
|
|
Total deferred debits and other assets |
|
|
19,088 |
|
|
|
54,498 |
|
|
Total assets |
|
$ |
92,698 |
|
|
$ |
133,013 |
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
||||
|
Liabilities and shareholders’ equity |
|
|
|
|
||||
|
Current liabilities |
|
|
|
|
||||
|
Short-term borrowings |
|
$ |
1,900 |
|
|
$ |
1,248 |
|
|
Long-term debt due within one year |
|
|
2,154 |
|
|
|
2,153 |
|
|
Accounts payable |
|
|
2,175 |
|
|
|
2,379 |
|
|
Accrued expenses |
|
|
1,029 |
|
|
|
1,137 |
|
|
Payables to affiliates |
|
|
6 |
|
|
|
5 |
|
|
Regulatory liabilities |
|
|
394 |
|
|
|
376 |
|
|
Mark-to-market derivative liabilities |
|
|
— |
|
|
|
18 |
|
|
Unamortized energy contract liabilities |
|
|
13 |
|
|
|
89 |
|
|
Other |
|
|
964 |
|
|
|
766 |
|
|
Current liabilities of discontinued operations |
|
|
— |
|
|
|
7,940 |
|
|
Total current liabilities |
|
|
8,635 |
|
|
|
16,111 |
|
|
Long-term debt |
|
|
35,008 |
|
|
|
30,749 |
|
|
Long-term debt to financing trusts |
|
|
390 |
|
|
|
390 |
|
|
Deferred credits and other liabilities |
|
|
|
|
||||
|
Deferred income taxes and unamortized investment tax credits |
|
|
11,089 |
|
|
|
10,611 |
|
|
Asset retirement obligations |
|
|
273 |
|
|
|
271 |
|
|
Pension obligations |
|
|
1,447 |
|
|
|
2,051 |
|
|
Non-pension postretirement benefit obligations |
|
|
800 |
|
|
|
811 |
|
|
Regulatory liabilities |
|
|
9,192 |
|
|
|
9,628 |
|
|
Mark-to-market derivative liabilities |
|
|
144 |
|
|
|
201 |
|
|
Unamortized energy contract liabilities |
|
|
42 |
|
|
|
146 |
|
|
Other |
|
|
2,187 |
|
|
|
1,573 |
|
|
Long-term debt, deferred credits, and other liabilities of discontinued operations |
|
|
— |
|
|
|
25,676 |
|
|
Total deferred credits and other liabilities |
|
|
25,174 |
|
|
|
50,968 |
|
|
Total liabilities |
|
|
69,207 |
|
|
|
98,218 |
|
|
Commitments and contingencies |
|
|
|
|
||||
|
Shareholders’ equity |
|
|
|
|
||||
|
Common stock |
|
|
20,299 |
|
|
|
20,324 |
|
|
Treasury stock, at cost |
|
|
(123 |
) |
|
|
(123 |
) |
|
Retained earnings |
|
|
4,028 |
|
|
|
16,942 |
|
|
Accumulated other comprehensive loss, net |
|
|
(713 |
) |
|
|
(2,750 |
) |
|
Total shareholders’ equity |
|
|
23,491 |
|
|
|
34,393 |
|
|
Noncontrolling interests |
|
|
— |
|
|
|
402 |
|
|
Total equity |
|
|
23,491 |
|
|
|
34,795 |
|
|
Total liabilities and shareholders’ equity |
|
$ |
92,698 |
|
|
$ |
133,013 |
|
Contacts
Elizabeth Keating
Corporate Communications
312-394-7417
Andrew Plenge
Investor Relations
312-394-2345
