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Consolidated Balance Sheets - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Current assets    
Cash and cash equivalents $ 1,846 $ 3,022
Restricted cash and cash equivalents 96 107
Accounts receivable    
Customer accounts receivable (net of allowance for credit losses of $194 and $190 as of March 31, 2025 and December 31, 2024, respectively) 3,193 3,116
Other accounts receivable (net of allowance for credit losses of $6 as of March 31, 2025 and December 31, 2024) 444 602
Mark-to-market derivative assets 858 843
Inventories, net    
Natural gas, oil, and emission allowances 148 243
Materials and supplies 1,354 1,357
Renewable energy credits 914 797
Other 778 689
Total current assets 9,631 10,776
Property, plant, and equipment (net of accumulated depreciation and amortization of $18,377 and $18,088 as of March 31, 2025 and December 31, 2024, respectively) 21,566 21,235
Deferred debits and other assets    
Nuclear decommissioning trust funds 17,472 17,305
Investments 386 640
Goodwill 420 420
Mark-to-market derivative assets 485 372
Other 2,292 2,178
Total deferred debits and other assets 21,055 20,915
Total assets [1] 52,252 52,926
Current liabilities    
Long-term debt due within one year 1,037 1,028
Accounts payable and accrued expenses 3,614 3,943
Mark-to-market derivative liabilities 550 467
Renewable energy credit obligation 1,001 1,076
Other 343 332
Total current liabilities 6,545 6,846
Long-term debt 7,321 7,384
Deferred credits and other liabilities    
Deferred income taxes and unamortized ITCs 3,226 3,331
Asset retirement obligations 12,524 12,449
Pension and non-pension postretirement benefit obligations 1,755 1,875
Spent nuclear fuel obligation 1,381 1,366
Payables related to Regulatory Agreement Units 4,593 4,518
Mark-to-market derivative liabilities 358 399
Other 1,215 1,219
Total deferred credits and other liabilities 25,052 25,157
Total liabilities [1] 38,918 39,387
Commitments and contingencies (Note 13)
Member’s equity    
Undistributed earnings (deficit) 4,062 4,066
Accumulated other comprehensive income (loss), net (2,309) (2,302)
Total liabilities and equity 52,252 52,926
Constellation Energy Generation, LLC    
Current assets    
Cash and cash equivalents 1,836 3,018
Restricted cash and cash equivalents 86 97
Accounts receivable    
Other accounts receivable (net of allowance for credit losses of $6 as of March 31, 2025 and December 31, 2024) 429 587
Mark-to-market derivative assets 858 843
Inventories, net    
Natural gas, oil, and emission allowances 148 243
Materials and supplies 1,354 1,357
Renewable energy credits 914 797
Other 778 689
Total current assets 9,596 10,747
Property, plant, and equipment (net of accumulated depreciation and amortization of $18,377 and $18,088 as of March 31, 2025 and December 31, 2024, respectively) 21,566 21,235
Deferred debits and other assets    
Nuclear decommissioning trust funds 17,472 17,305
Investments 386 640
Goodwill 420 420
Mark-to-market derivative assets 485 372
Other 2,288 2,174
Total deferred debits and other assets 21,051 20,911
Total assets [2] 52,213 52,893
Current liabilities    
Long-term debt due within one year 1,037 1,028
Mark-to-market derivative liabilities 550 467
Renewable energy credit obligation 1,001 1,076
Other 340 328
Total current liabilities 6,461 6,944
Long-term debt 7,321 7,384
Deferred credits and other liabilities    
Deferred income taxes and unamortized ITCs 3,226 3,331
Asset retirement obligations 12,524 12,449
Pension and non-pension postretirement benefit obligations 1,755 1,875
Spent nuclear fuel obligation 1,381 1,366
Payables related to Regulatory Agreement Units 4,593 4,518
Mark-to-market derivative liabilities 358 399
Other 1,167 1,044
Total deferred credits and other liabilities 25,004 24,982
Total liabilities [2] 38,786 39,310
Commitments and contingencies (Note 13)
Member’s equity    
Membership interest 10,388 10,538
Undistributed earnings (deficit) 4,970 4,974
Accumulated other comprehensive income (loss), net (2,309) (2,302)
Total member’s equity 13,049 13,210
Noncontrolling interests 378 373
Total equity 13,427 13,583
Total liabilities and equity 52,213 52,893
Constellation Energy Generation, LLC | Nonrelated Party    
Accounts receivable    
Customer accounts receivable (net of allowance for credit losses of $194 and $190 as of March 31, 2025 and December 31, 2024, respectively) 3,193 3,116
Current liabilities    
Accounts payable and accrued expenses 3,443 3,696
Constellation Energy Generation, LLC | Related Party    
Current liabilities    
Accounts payable and accrued expenses $ 90 $ 349
[1] Our consolidated assets include $4,566 million and $4,318 million at March 31, 2025 and December 31, 2024, respectively, of certain VIEs that can only be used to settle the liabilities of the VIE. Our consolidated liabilities include $929 million and $968 million at March 31, 2025 and December 31, 2024, respectively, of certain VIEs for which the VIE creditors do not have recourse to us. See Note 15 — Variable Interest Entities for additional information.
[2] Our consolidated assets include $4,566 million and $4,318 million as of March 31, 2025 and December 31, 2024, respectively, of certain VIEs that can only be used to settle the liabilities of the VIE. Our consolidated liabilities include $929 million and $968 million as of March 31, 2025 and December 31, 2024, respectively, of certain VIEs for which the VIE creditors do not have recourse to us. See Note 15 — Variable Interest Entities for additional information.