Constellation Energy Corp
For the period ended Mar 31, 2024. Filed May 9, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed May 9, 2024
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16. Supplemental Financial Information
- Supplemental Financial Information
Supplemental Statement of Operations Information
The following tables provide additional information about items recorded in the Consolidated Statements of Operations and Comprehensive Income.
| Operating revenues | ||
|---|---|---|
| Three Months Ended March 31, | ||
| 2024 | 2023 | |
| Operating lease income | $4 | $4 |
| Variable lease income | 52 | 58 |
| Taxes other than income taxes | ||
|---|---|---|
| Three Months Ended March 31, | ||
| 2024 | 2023 | |
| Gross receipts(a) | $33 | $33 |
| Property | 66 | 56 |
| Payroll | 38 | 34 |
(a)Represent gross receipts taxes related to our retail operations. The offsetting collection of gross receipts taxes from customers is recorded in Operating revenues in the Consolidated Statements of Operations and Comprehensive Income.
| Other, net | ||
|---|---|---|
| Three Months Ended March 31, | ||
| 2024 | 2023 | |
| Decommissioning-related activities: | ||
| Net realized income on NDT funds(a) | ||
| Regulatory Agreement Units | $166 | $314 |
| Non-Regulatory Agreement Units | 83 | 194 |
| Net unrealized losses on NDT funds | ||
| Regulatory Agreement Units | 225 | 29 |
| Non-Regulatory Agreement Units | 134 | 18 |
| Regulatory offset to NDT fund-related activities(b) | (312) | (275) |
| Total decommissioning-related activities | 296 | 280 |
| Non-service net periodic benefit credit(c) | (2) | 14 |
| Net realized and unrealized gains (losses) from equity investments | 47 | (5) |
| Other(d) | 21 | 25 |
| Total Other, net | $362 | $314 |
(a)Realized income includes interest, dividends and realized gains and losses on sales of NDT fund investments.
(b)Includes the elimination of decommissioning-related activities and the elimination of income taxes related to all NDT fund activity for the Regulatory Agreement Units.
(c)The non-service credit (cost) components are included in Other, net, in accordance with single employer plan accounting. See Note 9 — Retirement Benefits for additional information.
(d)Includes amounts we billed Exelon for services pursuant to the TSA.
Supplemental Cash Flow Information
The following tables provide additional information about items recorded within our Consolidated Statements of Cash Flows.
| Depreciation, amortization, and accretion | ||
|---|---|---|
| Three Months Ended March 31, | ||
| 2024 | 2023 | |
| Property, plant, and equipment(a) | $300 | $262 |
| Amortization of intangible assets, net(a) | 6 | 5 |
| Amortization of energy contract assets and liabilities(b) | 5 | 9 |
| Nuclear fuel(c) | 216 | 186 |
| ARO accretion(d) | 167 | 143 |
| Total depreciation, amortization, and accretion | $694 | $605 |
(a)Included in Depreciation and amortization expense in the Consolidated Statements of Operations and Comprehensive Income.
(b)Included in Operating revenues or Purchased power and fuel expense in the Consolidated Statements of Operations and Comprehensive Income.
(c)Included in Purchased power and fuel expense in the Consolidated Statements of Operations and Comprehensive Income.
(d)Included in Operating and maintenance expense in the Consolidated Statements of Operations and Comprehensive Income.
| Other non-cash operating activities | ||||
|---|---|---|---|---|
| CEG Parent · Constellation | ||||
| Three Months Ended March 31, | Three Months Ended March 31, | |||
| 2024 | 2023 | 2024 | 2023 | |
| Other decommissioning-related activity(a) | $(161) | $(136) | $(161) | $(136) |
| Energy-related options(b) | 27 | 93 | 27 | 93 |
| (Gain) loss on sale of receivables | 14 | 20 | 14 | 20 |
| Amortization of operating ROU asset | 8 | 8 | 8 | 8 |
| Long-term incentive plan | 20 | 12 | — | — |
| Pension and non-pension postretirement benefit costs | 28 | 12 | 28 | 12 |
(a)Includes the elimination of decommissioning-related activities for the Regulatory Agreement Units, including the elimination of operating revenues, ARO accretion, ARC amortization, investment income, and income taxes related to all NDT fund activity for these units.
(b)Includes option premiums reclassified to realized at the settlement of the underlying contracts and recorded to results of operations.
The following table provides a reconciliation of cash, restricted cash, and cash equivalents reported within our Consolidated Balance Sheets that sum to the total of the same amounts in the Consolidated Statements of Cash Flows.
| CEG Parent | Constellation | |
|---|---|---|
| Cash and cash equivalents | $562 | $557 |
| Restricted cash and cash equivalents | 83 | 67 |
| Total cash, restricted cash, and cash equivalents | $645 | $624 |
| Cash and cash equivalents | $368 | $366 |
| Restricted cash and cash equivalents | 86 | 74 |
| Total cash, restricted cash, and cash equivalents | $454 | $440 |
| Cash and cash equivalents | $237 | $236 |
| Restricted cash and cash equivalents | 99 | 91 |
| Total cash, restricted cash, and cash equivalents | $336 | $327 |
For additional information on restricted cash, see Note 1 — Basis of Presentation of our 2023 Form 10-K.
Supplemental Balance Sheet Information
The following table provides additional information about items recorded within our Consolidated Balance Sheets.
| Accounts payable and accrued expenses | ||
|---|---|---|
| March 31, 2024 | CEG Parent | Constellation |
| Accounts payable | $1,309 | $1,296 |
| Compensation-related accruals(a) | 358 | 237 |
| Taxes accrued(b) | 370 | 356 |
| Accounts payable | $1,302 | $1,289 |
| Compensation-related accruals(a) | 680 | 576 |
| Taxes accrued | 399 | 390 |
(a)Primarily includes accrued payroll, bonuses and other incentives, vacation, and benefits.
(b)Includes $66 million related to nuclear PTC that was used to offset the current tax liability. See Note 5 — Government Assistance for additional information on the nuclear PTC.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.