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Atlantic City Electric Co (8192) SEC Filing 10-K Annual Report for the fiscal year ending Saturday, December 31, 2022

SEC Filings

8192 Annual Reports

Atlantic City Electric Co

CIK: 8192

Exhibit 99.1
News Release

exelonlogoa.jpg
Contact:  Elizabeth Keating
Corporate Communications
312-394-7417

Andrew Plenge
Investor Relations
312-394-2345
EXELON REPORTS FOURTH QUARTER AND FULL YEAR 2022 RESULTS AND INITIATES 2023 FINANCIAL OUTLOOK
Earnings Release Highlights
GAAP Net Income and Adjusted (non-GAAP) Operating Earnings of $0.43 per share for the fourth quarter of 2022
Introducing 2023 Adjusted (non-GAAP) Operating Earnings guidance range of $2.30-$2.42 per share, reflecting continued growth in the utilities
Declaring quarterly dividend of $0.36 per share for the first quarter of 2023, representing 6.7% growth over 2022 fourth quarter dividend of $0.3375 per share
Projecting to invest $31.3 billion of capital expenditures over the next four years to meet customer needs, resulting in expected rate base growth of 7.9% and a fully regulated operating EPS* compounded annual growth of 6-8% from 2022 to 2026 off the midpoint of 2022 guidance
ComEd, PECO, and PHI ended the year with their best-on-record performances in SAIFI, and all gas utilities sustained top decile performance in gas odor response for the fourth straight quarter
Delmarva Power filed an electric distribution rate case with the Delaware Public Service Commission (DEPSC) in December, seeking an increase in base rates to support significant infrastructure investments to maintain safety, reliability, and service for customers
A settlement was approved in December by the Maryland Public Service Commission (MDPSC) in Delmarva Power Maryland’s first electric distribution Multi-Year Plan case
ComEd filed a Multi-Year Integrated Grid Plan and a Multi-Year Rate Plan with the Illinois Commerce Commission (ICC) in January, seeking an increase in base rates over the period of 2024 to 2027 to support the decarbonization goals under the state’s Climate and Equitable Jobs Act (CEJA) and to ensure the transition to cleaner energy is reliable and equitable for all 9 million customers

CHICAGO (Feb. 14, 2023) — Exelon Corporation (Nasdaq: EXC) today reported its financial results for the fourth quarter and full year 2022.

“In 2022, Exelon showcased our ability as a pure transmission and distribution company to deliver on our financial and operational commitments. Because of the partnership with our customers and communities, Exelon is ready to lead the energy transition to a cleaner and brighter future,” said Calvin Butler, Exelon president and CEO. “Our teams are focused on the things that matter to our customers: safety, reliability,
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The following information was filed by Atlantic City Electric Co on Tuesday, February 14, 2023 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Assess how Atlantic City Electric Co's management team is paid from their Annual Proxy

Definitive Proxy Statement (Form DEF 14A)
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Atlantic City Electric Co's Definitive Proxy Statement (Form DEF 14A) filed after their 2023 10-K Annual Report includes:

  • Voting Procedures
  • Board Members
  • Executive Team
  • Salaries, Bonuses, Perks
  • Peers / Competitors

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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Auditor Information
Cover Page
Consolidated Balance Sheets
Consolidated Statement Of Changes In Shareholders Equity
Consolidated Statements Of Cash Flows
Consolidated Statements Of Operations And Comprehensive Income
Accounts Receivable (All Registrants)
Accounts Receivable (Tables)
Accounts Receivable - Allowance For Credit Losses Rollforward (Details)
Accounts Receivable - Purchases And Sales Of Accounts Receivable (Detail)
Accounts Receivable - Unbilled Customer Revenue (Details)
Asset Impairments (Exelon And Bge)
Asset Impairments - Narrative (Details)
Asset Retirement Obligations (All Registrants)
Asset Retirement Obligations (Tables)
Asset Retirement Obligations - Non-Nuclear Asset Retirement Obligations Rollforward (Details)
Asset Retirement Obligations - Nuclear Decommissioning Asset Retirement Obligation Rollforward (Details)
Changes In Accumulated Other Comprehensive Income (Exelon)
Changes In Accumulated Other Comprehensive Income (Tables)
Changes In Accumulated Other Comprehensive Income - Income Taxes Allocated To Other Comprehensive Income (Loss) Components (Details)
Changes In Accumulated Other Comprehensive Income - Schedule Of Changes In Aoci (Details)
Commitments And Contingencies (All Registrants)
Commitments And Contingencies (Tables)
Commitments And Contingencies - Narrative (Details)
Commitments And Contingencies - Schedule Of Commercial Commitments (Details)
Commitments And Contingencies - Schedule Of Environmental Liabilities (Details)
Commitments And Contingencies - Schedule Of Phi Merger Commitments (Details)
Commitments And Contingencies - Settlement Agreements (Details)
Debt And Credit Agreements (All Registrants)
Debt And Credit Agreements (Tables)
Debt And Credit Agreements - Commercial Paper Borrowings (Details)
Debt And Credit Agreements - Narrative (Details)
Debt And Credit Agreements - Schedule Of Long-Term Debt Maturities (Details)
Debt And Credit Agreements - Summary Of Bank Commitments, Credit Facility Borrowings And Available Capacity (Details)
Debt And Credit Agreements - Summary Of Basis Spread (Details)
Debt And Credit Agreements - Summary Of Credit Facility Agreements At Minority And Community Banks (Details)
Debt And Credit Agreements - Summary Of Outstanding Long-Term Debt (Details)
Debt And Credit Agreements - Summary Of Revolving Credit Agreements (Details)
Derivative Financial Instruments (All Registrants)
Derivative Financial Instruments (Tables)
Derivative Financial Instruments - Narrative (Details)
Derivative Financial Instruments - Summary Of Economic Hedges (Details)
Derivative Financial Instruments - Summary Of Interest Rate Hedge Balances (Details)
Discontinued Operations (Details) - Balance Sheet
Discontinued Operations (Details) - Cash Flow
Discontinued Operations (Details) - Income Statement
Discontinued Operations (Exelon)
Discontinued Operations (Tables)
Discontinued Operations And Disposal Groups (Details)
Fair Value Of Financial Assets And Liabilities (All Registrants)
Fair Value Of Financial Assets And Liabilities (Tables)
Fair Value Of Financial Assets And Liabilities - Fair Value Inputs Assets Quantitative Information (Details)
Fair Value Of Financial Assets And Liabilities - Fair Value Measurement Of Assets And Liabilities, Recurring (Details)
Fair Value Of Financial Assets And Liabilities - Fair Value Of Financial Liabilities Recorded At Amortized Cost(Details)
Fair Value Of Financial Assets And Liabilities - Fair Value Reconciliation Of Level 3 Assets And Liabilities Measured On A Recurring Basis (Details)
Fair Value Of Financial Assets And Liabilities - Narrative (Details)
Income Taxes (All Registrants)
Income Taxes (Tables)
Income Taxes - Allocation Of Tax Benefits (Details)
Income Taxes - Components Of Income Tax Expense (Benefit) From Continuing Operations (Details)
Income Taxes - Long-Term Marginal State Income Tax Rate (Details)
Income Taxes - Narrative (Details)
Income Taxes - Recognition Of Unrecognized Tax Benefits (Details)
Income Taxes - Reconciliation To Effective Tax Rate (Details)
Income Taxes - Rollforward Of Unrecognized Tax Benefits (Details)
Income Taxes - Schedule Of Carryforwards And Corresponding Valuation Allowances (Details)
Income Taxes - Summary Of Interest And Penalties Receivable (Payable) (Details)
Income Taxes - Tax Effects Of Temporary Differences And Carryforwards (Details)
Intangible Assets (Exelon, Comed, Phi, Pepco, Dpl, And Ace)
Intangible Assets (Tables)
Intangible Assets - Narrative (Details)
Intangible Assets - Schedule Of Goodwill (Details)
Intangible Assets - Schedule Of Other Intangible Assets (Details)
Intangible Assets Intangible Assets - Schedule Of Finite-Lived Intangible Assets, Future Amortization Expense (Details)
Intangible Assets Intangible Assets - Summary Of Amortization Expense (Details)
Jointly Owned Electric Utility Plant (Exelon, Peco, Dpl And Ace)
Jointly Owned Electric Utility Plant (Tables)
Jointly Owned Electric Utility Plant - Ownership Interests In Jointly Owned Electric Plants And Transmission Facilities (Details)
Leases (All Registrants)
Leases (Tables)
Lessee - Components Of Lease Cost (Details)
Lessee - Lessee Future Minimum Operating Lease Maturity Payments (Details)
Lessee - Narrative (Details)
Lessee - Supplemental Balance Sheet Information (Details)
Lessee - Supplemental Cash Flow Information Related To Leases (Details)
Lessor - Components Of Operating Lease Income (Details)
Lessor - Narrative (Details)
Lessor - Operating Lease, Payments, Fiscal Year Maturity (Details)
Property, Plant And Equipment (All Registrants)
Property, Plant And Equipment (Tables)
Property, Plant And Equipment - Annual Depreciation Provisions As Percentage Of Average Service Life (Details)
Property, Plant And Equipment - Summary Of Capitalized Interest And Afudc (Details)
Property, Plant And Equipment - Summary Of Property, Plant And Equipment (Details)
Regulatory Matters (All Registrants)
Regulatory Matters (Tables)
Regulatory Matters - Annual Electric Transmission Filings (Details)
Regulatory Matters - Capitalized Ratemaking Amounts Not Recognized (Details)
Regulatory Matters - Energy Efficiency Formula Rate (Details)
Regulatory Matters - Schedule Of Completed Rate Cases (Details)
Regulatory Matters - Schedule Of Pending Rate Cases (Details)
Regulatory Matters - Schedule Of Regulatory Assets (Details)
Regulatory Matters - Schedule Of Regulatory Liabilities (Details)
Regulatory Matters- Narrative (Details)
Related Party Transactions (All Registrants)
Related Party Transactions (Tables)
Related Party Transactions - Bsc And Phisco Service Companies (Details)
Related Party Transactions - Current Receivables From/Payables To Affiliates (Details)
Related Party Transactions - Long Term Debt To Financing Trusts (Details)
Related Party Transactions - Narrative (Details)
Related Party Transactions - Operating Revenues And Purchased Power And Fuel From Affiliates (Details)
Retirement Benefits (All Registrants)
Retirement Benefits (Tables)
Retirement Benefits - Allocated Portion Of Pension And Postretirement Benefit Plan Costs (Details)
Retirement Benefits - Assumptions Used In Calculations (Details)
Retirement Benefits - Benefit Obligations And Plan Assets In Balance Sheet (Details)
Retirement Benefits - Components Of Accumulated Other Comprehensive Income And Regulatory Assets (Liabilities) Related To Retirement Plans (Details)
Retirement Benefits - Components Of Net Periodic Benefit Cost (Details)
Retirement Benefits - Contributions Made To Pension And Other Postretirement Benefit Plans (Details)
Retirement Benefits - Defined Contribution Savings Plan (Details)
Retirement Benefits - Estimated Future Benefit Payments (Details)
Retirement Benefits - Fair Value Measurements Of Pension And Postretirement Benefit Plan Assets (Details)
Retirement Benefits - Gross Accumulated Other Comprehensive Loss And Regulatory Assets (Liabilities) Not Recognized As Components Of Periodic Benefit Cost (Details)
Retirement Benefits - Pension And Other Postretirement Benefit Plan Target Asset Allocations (Details)
Retirement Benefits - Reconciliation Of Level 3 Assets And Liabilities Measured At Fair Value For Pension And Other Postretirement Benefit Plans (Details)
Retirement Benefits - Summary Of Changes In Benefit Obligations And Plan Assets (Details)
Retirement Benefits- Narrative (Details)
Retirement Benefits- Projected Benefit Obligations And Accumulated Benefit Obligations In Excess Of Plan Assets (Details)
Revenue From Contracts With Customers (All Registrants)
Revenue From Contracts With Customers (Tables)
Revenue From Contracts With Customers - Contract Liabilities (Details)
Revenue From Contracts With Customers - Performance Obligations (Details)
Schedule I - Condensed Financial Information Of Parent (Exelon Corporate)
Schedule I - Condensed Financial Information Of Parent (Exelon Corporate) - Basis Of Presentation - Narrative (Details)
Schedule I - Condensed Financial Information Of Parent (Exelon Corporate) - Condensed Balance Sheet (Details)
Schedule I - Condensed Financial Information Of Parent (Exelon Corporate) - Condensed Statements Of Cash Flows (Details)
Schedule I - Condensed Financial Information Of Parent (Exelon Corporate) - Condensed Statements Of Operations And Other Comprehensive Income (Details)
Schedule I - Condensed Financial Information Of Parent (Exelon Corporate) - Debt And Credit Agreements - Narrative (Details)
Schedule I - Condensed Financial Information Of Parent (Exelon Corporate) - Debt And Credit Agreements - Schedule Of Debt Maturities (Details)
Schedule I - Condensed Financial Information Of Parent (Exelon Corporate) - Debt And Credit Agreements - Schedule Of Outstanding Long-Term Debt (Details)
Schedule I - Condensed Financial Information Of Parent (Exelon Corporate) - Related Party Transactions - Summary Of Related Party Transactions (Details)
Schedule Ii - Valuation And Qualifying Accounts
Schedule Ii - Valuation And Qualifying Accounts Schedule (Details)
Segment Information (All Registrants)
Segment Information (Tables)
Segment Information - Electric And Gas Revenue By Customer Class (Details)
Segment Information - Narrative (Details)
Segment Information - Reconciliation To Consolidated Financial Statements (Details)
Shareholders' Equity (All Registrants)
Shareholders' Equity (Tables)
Shareholders' Equity - Narrative (Details)
Shareholders' Equity - Schedule Of Common Stock Warrants (Details)
Shareholders' Equity - Schedule Of Preference Stock (Details)
Shareholders' Equity - Schedule Of Preferred Stock (Details)
Significant Accounting Policies (All Registrants)
Significant Accounting Policies (Policies)
Significant Accounting Policies - Narrative (Details)
Stock-Based Compensation Plans - Components Of Tax Benefits From Stock-Based Compensation (Details)
Stock-Based Compensation Plans - Narrative (Details)
Stock-Based Compensation Plans - Schedule Of Stock-Based Compensation Expense (Details)
Stock-Based Compensation Plans - Summary Of Nonvested Restricted Stock Unit Activity (Details)
Stock-Based Compensation Plans - Summary Of Performance Share Awards Activity (Details)
Stock-Based Compensation Plans - Summary Of Stock Option Activity (Details)
Stock-Based Compensation Plans - Summary Of Stock Option Exercised (Details)
Stock-Based Compensation Plans - Summary Of Weighted Average Fair Value (Details)
Stock-Based Compensation Plans - Summary Of Weighted Average Restricted Stock Unit Activity (Details)
Stock-Based Compensation Plans Stock-Based Compensation Plans (All Registrants)
Stock-Based Compensation Plans Stock-Based Compensation Plans (Tables)
Supplemental Financial Information (All Registrants)
Supplemental Financial Information (Tables)
Supplemental Financial Information - Summary Of Other Income (Expense) (Details)
Supplemental Financial Information - Summary Of Taxes Other Than Income (Details)
Supplemental Financial Information - Supplemental Balance Sheet Information (Details)
Supplemental Financial Information - Supplemental Cash Flow Information (Details)

Material Contracts, Statements, Certifications & more

Atlantic City Electric Co provided additional information to their SEC Filing as exhibits

Exhibit 21.01: Subsidiaries - Exelon Corporation
Exhibit 21.02: Subsidiaries - Commonwealth Edison Company
Exhibit 21.03: Subsidiaries - Peco Energy Company
Exhibit 21.04: Subsidiaries - Baltimore Gas And Electric Company
Exhibit 21.05: Subsidiaries - Pepco Holdings Llc
Exhibit 21.06: Subsidiaries - Potomac Electric Power Company
Exhibit 21.07: Subsidiaries - Delmarva Power &Amp; Light Company
Exhibit 21.08: Subsidiaries - Atlantic City Electric Company
Exhibit 23.01: Consent Of Independent Registered Public Accountants - Exelon Corporation
Exhibit 23.02: Consent Of Independent Registered Public Accountants - Commonwealth Edison
Exhibit 23.03: Consent Of Independent Registered Public Accountants - Peco Energy
Exhibit 23.04: Consent Of Independent Registered Public Accountants - Baltimore Gas &Amp; Electric
Exhibit 23.05: Consent Of Independent Registered Public Accountants - Potomac Electric Power
Exhibit 23.06: Consent Of Independent Registered Public Accountants - Delmarva Power &Amp; Light
Exhibit 23.07: Consent Of Independent Registered Public Accountants - Atlantic City Electric
Exhibit 24.01: Power Of Attorney - Anthony K. Anderson
Exhibit 24.02: Power Of Attorney - Ann C. Berzin
Exhibit 24.03: Power Of Attorney - Calvin G. Butler, Jr.
Exhibit 24.04: Power Of Attorney - W. Paul Bowers
Exhibit 24.05: Power Of Attorney - Marjorie Rodgers Cheshire
Exhibit 24.06: Power Of Attorney - Carlos Gutierrez
Exhibit 24.07: Power Of Attorney - Linda P. Jojo
Exhibit 24.08: Power Of Attorney - Paul Joskow
Exhibit 24.09: Power Of Attorney - John F. Young
Exhibit 24.10: Power Of Attorney - Calvin G. Butler, Jr.
Exhibit 24.11: Power Of Attorney - Ricardo Estrada
Exhibit 24.12: Power Of Attorney - Zaldwaynaka Scott
Exhibit 24.13: Power Of Attorney - Smita Shah
Exhibit 24.14: Power Of Attorney - Gil C. Quiniones
Exhibit 24.15: Power Of Attorney - Nicholas Bertram
Exhibit 24.16: Power Of Attorney - Calvin G. Butler, Jr.
Exhibit 24.17: Power Of Attorney - Nelson A. Diaz
Exhibit 24.18: Power Of Attorney - John S. Grady
Exhibit 24.19: Power Of Attorney - Michael A. Innocenzo
Exhibit 24.20: Power Of Attorney - Charisse R. Lillie
Exhibit 24.21: Power Of Attorney - Sharmaine Matlock-Turner
Exhibit 24.22: Power Of Attorney - Michael Nutter
Exhibit 24.23: Power Of Attorney - Calvin G. Butler, Jr.
Exhibit 24.24: Power Of Attorney - James R. Curtiss
Exhibit 24.25: Power Of Attorney - Carim V. Khouzami
Exhibit 24.26: Power Of Attorney - Keith Lee
Exhibit 24.27: Power Of Attorney - Rachel Garbow Monroe
Exhibit 24.28: Power Of Attorney - Byron Marchant
Exhibit 24.29: Power Of Attorney - Tim Regan
Exhibit 24.30: Power Of Attorney - Amy Seto
Exhibit 24.31: Power Of Attorney - Maria Harris Tildon
Exhibit 24.32: Power Of Attorney - Antoine Allen
Exhibit 24.33: Power Of Attorney - J. Tyler Anthony
Exhibit 24.34: Power Of Attorney - Charlene Dukes
Exhibit 24.35: Power Of Attorney - Calvin G. Butler, Jr.
Exhibit 24.36: Power Of Attorney - Debra P. Dilorenzo
Exhibit 24.37: Power Of Attorney - Benjamin Wu
Exhibit 24.38: Power Of Attorney - Linda W. Cropp
Exhibit 24.39: Power Of Attorney - J. Tyler Anthony
Exhibit 24.40: Power Of Attorney - Phillip S. Barnett
Exhibit 24.41: Power Of Attorney - Calvin G. Butler, Jr.
Exhibit 24.42: Power Of Attorney - Rodney Oddoye
Exhibit 24.43: Power Of Attorney - Elizabeth O'Donnell
Exhibit 24.44: Power Of Attorney - Tamla Olivier
Exhibit 24.45: Power Of Attorney - Anne Bancroft
Exhibit 24.46: Power Of Attorney - J. Tyler Anthony
Exhibit 24.47: Power Of Attorney - Calvin G. Butler, Jr.
Exhibit 24.48: Power Of Attorney - J. Tyler Anthony
Exhibit 31.01: Certification Filed By Calvin G. Butler, Jr. For Exelon Corporation
Exhibit 31.02: Certification Filed By Jeanne M. Jones For Exelon Corporation
Exhibit 31.03: Certification Filed By Gil C. Quiniones For Commonwealth Edison Company
Exhibit 31.04: Certification Filed By Elisabeth J. Graham For Commonwealth Edison Company
Exhibit 31.05: Certification Filed By Michael A. Innocenzo For Peco Energy Company
Exhibit 31.06: Certification Filed By Marissa Humphrey For Peco Energy Company
Exhibit 31.07: Certification Filed By Carim V. Khouzami For Baltimore Gas And Electric Company
Exhibit 31.08: Certification Filed By David M. Vahos For Baltimore Gas And Electric Company
Exhibit 31.09: Certification Filed By J. Tyler Anthony For Pepco Holdings Llc
Exhibit 31.10: Certification Filed By Phillip S. Barnett For Pepco Holdings Llc
Exhibit 31.11: Certification Filed By J. Tyler Anthony For Potomac Electric Power Company
Exhibit 31.12: Certification Filed By Phillip S. Barnett For Potomac Electric Power Company
Exhibit 31.13: Certification Filed By J. Tyler Anthony For Delmarva Power &Amp; Light Company
Exhibit 31.14: Certification Filed By Phillip S. Barnett For Delmarva Power &Amp; Light Company
Exhibit 31.15: Certification Filed By J. Tyler Anthony For Atlantic City Electric Company
Exhibit 31.16: Certification Filed By Phillip S. Barnett For Atlantic City Electric Company
Exhibit 32.01: Certification Filed By Calvin G. Butler, Jr. For Exelon Corporation
Exhibit 32.02: Certification Filed By Jeanne M. Jones For Exelon Corporation
Exhibit 32.03: Certification Filed By Gil C. Quiniones For Commonwealth Edison Company
Exhibit 32.04: Certification Filed By Elisabeth J. Graham For Commonwealth Edison Company
Exhibit 32.05: Certification Filed By Michael A. Innocenzo For Peco Energy Company
Exhibit 32.06: Certification Filed By Marissa Humphrey For Peco Energy Company
Exhibit 32.07: Certification Filed By Carim V. Khouzami For Baltimore Gas And Electric Company
Exhibit 32.08: Certification Filed By David M. Vahos For Baltimore Gas And Electric Company
Exhibit 32.09: Certification Filed By J. Tyler Anthony For Pepco Holdings Llc
Exhibit 32.10: Certification Filed By Phillip S. Barnett For Pepco Holdings Llc
Exhibit 32.11: Certification Filed By J. Tyler Anthony For Potomac Electric Power Company
Exhibit 32.12: Certification Filed By Phillip S. Barnett For Potomac Electric Power Company
Exhibit 32.13: Certification Filed By J. Tyler Anthony For Delmarva Power &Amp; Light Company
Exhibit 32.14: Certification Filed By Phillip S. Barnett For Delmarva Power &Amp; Light Company
Exhibit 32.15: Certification Filed By J. Tyler Anthony For Atlantic City Electric Company
Exhibit 32.16: Certification Filed By Phillip S. Barnett For Atlantic City Electric Company
CIK: 8192
Form Type: 10-K Annual Report
Accession Number: 0001109357-23-000018
Submitted to the SEC: Tue Feb 14 2023 5:09:56 PM EST
Accepted by the SEC: Tue Feb 14 2023
Period: Saturday, December 31, 2022
Industry: Electric Services

External Resources:
SEC.gov

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