Constellation Energy Corp
For the period ended Dec 31, 2023. Filed Feb 27, 2024.
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FY2023 · Filed Feb 27, 2024
CEG$267.76-3.0%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Constellation Energy Generation, LLC
Consolidated Statements of Operations and Comprehensive Income
| For the Years Ended December 31, | |||
|---|---|---|---|
| (In millions) | 2023 | 2022 | 2021 |
| Operating revenues | |||
| Operating revenues | $24,918 | $24,280 | $18,461 |
| Operating revenues from affiliates | — | 160 | 1,188 |
| Total operating revenues | 24,918 | 24,440 | 19,649 |
| Operating expenses | |||
| Purchased power and fuel | 16,001 | 17,457 | 12,157 |
| Purchased power and fuel from affiliates | — | 5 | 6 |
| Operating and maintenance | 5,685 | 4,797 | 3,934 |
| Operating and maintenance from affiliates | — | 44 | 621 |
| Depreciation and amortization | 1,096 | 1,091 | 3,003 |
| Taxes other than income taxes | 553 | 552 | 475 |
| Total operating expenses | 23,335 | 23,946 | 20,196 |
| Gain (loss) on sales of assets and businesses | 27 | 1 | 201 |
| Operating income (loss) | 1,610 | 495 | (346) |
| Other income and (deductions) | |||
| Interest expense, net | (431) | (250) | (282) |
| Interest expense to affiliates | — | (1) | (15) |
| Other, net | 1,268 | (786) | 795 |
| Total other income and (deductions) | 837 | (1,037) | 498 |
| Income (loss) before income taxes | 2,447 | (542) | 152 |
| Income tax (benefit) expense | 859 | (388) | 225 |
| Equity in income (losses) of unconsolidated affiliates | (11) | (13) | (10) |
| Net income (loss) | 1,577 | (167) | (83) |
| Net income (loss) attributable to noncontrolling interests | (46) | (7) | 122 |
| Net income (loss) attributable to membership interest | $1,623 | $(160) | $(205) |
| Comprehensive income (loss), net of income taxes | |||
| Net income (loss) | $1,577 | $(167) | $(83) |
| Other comprehensive income (loss), net of income taxes | |||
| Pension and non-pension postretirement benefit plans: | |||
| Prior service benefit reclassified to periodic benefit cost | (4) | (6) | — |
| Actuarial loss reclassified to periodic benefit cost | 25 | 101 | — |
| Pension and non-pension postretirement benefit plans valuation adjustment | (453) | 186 | — |
| Unrealized gain (loss) on cash flow hedges | (1) | (1) | (1) |
| Unrealized gain (loss) on foreign currency translation | 2 | (3) | — |
| Other comprehensive income (loss), net of income taxes | (431) | 277 | (1) |
| Comprehensive income (loss) | 1,146 | 110 | (84) |
| Comprehensive income (loss) attributable to noncontrolling interests | (46) | (7) | 122 |
| Comprehensive income (loss) attributable to membership interest | $1,192 | $117 | $(206) |
Consolidated Statements of Cash Flows
| For the Years Ended December 31, | |||
|---|---|---|---|
| (In millions) | 2023 | 2022 | 2021 |
| Cash flows from operating activities | |||
| Net income (loss) | $1,577 | $(167) | $(83) |
| Adjustments to reconcile net income (loss) to net cash flows provided by (used in) operating activities | |||
| Depreciation, amortization, and accretion, including nuclear fuel and energy contract amortization | 2,514 | 2,427 | 4,540 |
| Deferred income taxes and amortization of ITCs | 251 | (643) | (205) |
| Net fair value changes related to derivatives | 996 | 986 | (568) |
| Net realized and unrealized (gains) losses on NDT funds | (476) | 794 | (586) |
| Net realized and unrealized (gains) losses on equity investments | (307) | 13 | 160 |
| Other non-cash operating activities | (44) | 199 | (261) |
| Changes in assets and liabilities: | |||
| Accounts receivable | 389 | (855) | (616) |
| Receivables from and payables to affiliates, net | 73 | 65 | 14 |
| Inventories | 60 | (228) | (68) |
| Accounts payable and accrued expenses | (1,330) | 1,112 | 346 |
| Option premiums received (paid), net | 26 | (177) | (338) |
| Collateral received (posted), net | (1,491) | (351) | (130) |
| Income taxes | 325 | 162 | 256 |
| Pension and non-pension postretirement benefit contributions | (54) | (237) | (259) |
| Other assets and liabilities | (7,897) | (5,540) | (3,540) |
| Net cash flows provided by (used in) operating activities | (5,388) | (2,440) | (1,338) |
| Cash flows from investing activities | |||
| Capital expenditures | (2,422) | (1,689) | (1,329) |
| Proceeds from NDT fund sales | 5,822 | 4,050 | 6,532 |
| Investment in NDT funds | (6,050) | (4,271) | (6,673) |
| Collection of DPP, net | 7,340 | 4,964 | 3,902 |
| Proceeds from sales of assets and businesses | 24 | 52 | 878 |
| Acquisitions of assets and businesses | (1,690) | (29) | (30) |
| Other investing activities | 7 | 27 | 2 |
| Net cash flows provided by (used in) investing activities | 3,031 | 3,104 | 3,282 |
| Cash flows from financing activities | |||
| Change in short-term borrowings | 146 | 257 | 362 |
| Proceeds from short-term borrowings with maturities greater than 90 days | 539 | — | 880 |
| Repayments of short-term borrowings with maturities greater than 90 days | (200) | (1,180) | — |
| Issuance of long-term debt | 3,195 | 14 | 152 |
| Retirement of long-term debt | (168) | (1,162) | (105) |
| Retirement of long-term debt to affiliate | — | (258) | — |
| Change in money pool with Exelon | — | — | (285) |
| Acquisition of CENG noncontrolling interest | — | — | (885) |
| Distributions to Exelon | — | — | (1,832) |
| Distributions to member | (1,239) | (185) | — |
| Contributions from Exelon | — | 1,750 | 64 |
| Contributions from member | — | 82 | — |
| Other financing activities | 23 | (57) | (46) |
| Net cash flows provided by (used in) financing activities | 2,296 | (739) | (1,695) |
| Increase (decrease) in cash, restricted cash, and cash equivalents | (61) | (75) | 249 |
| Cash, restricted cash, and cash equivalents at beginning of period | 501 | 576 | 327 |
| Cash, restricted cash, and cash equivalents at end of period | $440 | $501 | $576 |
| Supplemental cash flow information | |||
| Increase (decrease) in capital expenditures not paid | $16 | $(23) | $96 |
| Increase (decrease) in DPP | 8,097 | 5,166 | 3,652 |
| Increase (decrease) in PP&E related to ARO update | 501 | 343 | 618 |
| December 31, | ||
|---|---|---|
| (In millions) | 2023 | 2022 |
| ASSETS | ||
| Current assets | ||
| Cash and cash equivalents | $366 | 403 |
| Restricted cash and cash equivalents | 74 | 98 |
| Accounts receivable | ||
| Customer accounts receivable (net of allowance for credit losses of $56 and $46 as of December 31, 2023 and 2022, respectively) | 1,934 | 2,585 |
| Other accounts receivable (net of allowance for credit losses of $5 as of December 31, 2023 and 2022) | 911 | 718 |
| Mark-to-market derivative assets | 1,179 | 2,368 |
| Inventories, net | ||
| Natural gas, oil, and emission allowance | 284 | 429 |
| Materials and supplies | 1,216 | 1,076 |
| Renewable energy credits | 660 | 617 |
| Other | 1,655 | 1,026 |
| Total current assets | 8,279 | 9,320 |
| Property, plant, and equipment (net of accumulated depreciation and amortization of $17,423 and $16,726 as of December 31, 2023 and 2022, respectively) | 22,116 | 19,822 |
| Deferred debits and other assets | ||
| Nuclear decommissioning trust funds | 16,398 | 14,114 |
| Investments | 563 | 202 |
| Goodwill | 425 | 47 |
| Mark-to-market derivative assets | 995 | 1,261 |
| Deferred income taxes | 52 | 44 |
| Other | 1,910 | 2,059 |
| Total deferred debits and other assets | 20,343 | 17,727 |
| Total assets(a) | $50,738 | $46,869 |
| December 31, | ||
|---|---|---|
| (In millions) | 2023 | 2022 |
| LIABILITIES AND EQUITY | ||
| Current liabilities | ||
| Short-term borrowings | $1,644 | $1,159 |
| Long-term debt due within one year | 121 | 143 |
| Accounts payable and accrued expenses | 2,486 | 3,679 |
| Payables to affiliates | 118 | 45 |
| Mark-to-market derivative liabilities | 632 | 1,558 |
| Renewable energy credit obligation | 972 | 901 |
| Other | 338 | 344 |
| Total current liabilities | 6,311 | 7,829 |
| Long-term debt | 7,496 | 4,466 |
| Deferred credits and other liabilities | ||
| Deferred income taxes and unamortized ITCs | 3,209 | 3,031 |
| Asset retirement obligations | 14,118 | 12,699 |
| Pension obligations | 1,070 | 605 |
| Non-pension postretirement benefit obligations | 732 | 609 |
| Spent nuclear fuel obligation | 1,296 | 1,230 |
| Payables related to Regulatory Agreement Units | 3,688 | 2,897 |
| Mark-to-market derivative liabilities | 419 | 983 |
| Other | 1,025 | 1,106 |
| Total deferred credits and other liabilities | 25,557 | 23,160 |
| Total liabilities(a) | 39,364 | 35,455 |
| Commitments and contingencies (Note 19) | ||
| Equity | ||
| Member’s equity | ||
| Membership interest | 11,537 | 12,408 |
| Undistributed earnings | 1,667 | 412 |
| Accumulated other comprehensive income (loss), net | (2,191) | (1,760) |
| Total member’s equity | 11,013 | 11,060 |
| Noncontrolling interests | 361 | 354 |
| Total equity | 11,374 | 11,414 |
| Total liabilities and equity | $50,738 | $46,869 |
(a)Our consolidated assets include $3,355 million and $2,641 million as of December 31, 2023 and 2022, respectively, of certain VIEs that can only be used to settle the liabilities of the VIE. Our consolidated liabilities include $990 million and $1,041 million as of December 31, 2023 and 2022, respectively, of certain VIEs for which the VIE creditors do not have recourse to us. See Note 22–Variable Interest Entities for additional information.
Consolidated Statements of Changes in Equity
| Member’s Equity · NoncontrollingInterests · TotalEquity | |||||
|---|---|---|---|---|---|
| (In millions) · MembershipInterest · UndistributedEarnings · AccumulatedOtherComprehensive Income(Loss), net | |||||
| Balance, December 31, 2020 | $9,624 | $2,805 | $(30) | $2,277 | $14,676 |
| Net (loss) income | — | (205) | — | 122 | (83) |
| Changes in equity of noncontrolling interests | — | — | — | (37) | (37) |
| Acquisition of CENG noncontrolling Interest | 1,080 | — | — | (1,965) | (885) |
| Deferred tax adjustment related to acquisition of CENG noncontrolling interest | (288) | — | — | — | (288) |
| Distribution to member | — | (1,832) | — | — | (1,832) |
| Contribution from member | 64 | — | — | — | 64 |
| Acquisition of noncontrolling interest | 2 | — | — | (2) | — |
| Other comprehensive income (loss), net of income taxes | — | — | (1) | — | (1) |
| Balance, December 31, 2021 | $10,482 | $768 | $(31) | $395 | $11,614 |
| Net (loss) income | — | (160) | — | (7) | (167) |
| Separation-related adjustments | 1,844 | (11) | (2,006) | 7 | (166) |
| Changes in equity of noncontrolling interests | — | — | — | (41) | (41) |
| Distribution to member | — | (185) | — | — | (185) |
| Contribution from member | 82 | — | — | — | 82 |
| Other comprehensive income (loss), net of income taxes | — | — | 277 | — | 277 |
| Balance, December 31, 2022 | $12,408 | $412 | $(1,760) | $354 | $11,414 |
| Net income (loss) | — | 1,623 | — | (46) | 1,577 |
| Changes in equity of noncontrolling interest | — | — | — | 53 | 53 |
| Distribution to member | (871) | (368) | — | — | (1,239) |
| Other comprehensive income (loss), net of income taxes | — | — | (431) | — | (431) |
| Balance, December 31, 2023 | $11,537 | $1,667 | $(2,191) | $361 | $11,374 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.