Exelon 2003 Annual Report Download - page 25

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23Summary of Earnings and Financial Condition
EXELON CORPORATION AND SUBSIDIARY COMPANIES
For the Years Ended December 31,
in millions, except for per share data 2003 2002 2001(a) 2000(b) 1999
Statement of Income data:
Operating revenues $15,812 $14,955 $14,918 $7,499 $5,478
Operating income 2,198 3,299 3,362 1,527 1,373
Income before cumulative effect of changes in accounting
principles $793 $ 1,670 $ 1,416 $ 562 $ 570
Cumulative effect of changes in accounting principles (net of
income taxes) 112 (230) 12 24 –
Net income $ 905 $ 1,440 $ 1,428 $ 586 $ 570
Earnings per average common share (diluted):
Income before cumulative effect of changes in accounting
principles $ 2.41 $ 5.15 $ 4.39 $ 2.75 $ 2.89
Cumulative effect of changes in accounting principles (net of
income taxes) 0.34 (0.71) 0.04 0.12 –
Net income $ 2.75 $ 4.44 $ 4.43 $ 2.87 $ 2.89
Dividends per common share $ 1.92 $ 1.76 $ 1.82 $ 0.91 $ 1.00
Average shares of common stock outstanding—diluted 329 325 322 204 197
December 31,
in millions 2003 2002 2001(a) 2000(b) 1999
Balance Sheet data:
Current assets $ 4,580 $ 4,125 $ 3,735 $ 4,151 $ 1,221
Property, plant and equipment, net 20,630 17,957 14,665 13,758 4,982
Regulatory assets 5,226 5,546 5,774 6,313 6,094
Goodwill 4,719 4,992 5,335 5,186 121
Other deferred debits and other assets 6,786 5,249 5,460 5,378 669
Total assets $ 41,941 $37,869 $34,969 $34,786 $13,087
Current liabilities $ 5,688 $ 5,874 $ 4,370 $ 4,993 $ 1,286
Long-term debt, including long-term debt to financing
trusts(c) 13,489 13,127 12,879 12,958 5,969
Regulatory liabilities 1,891 486 225 – –
Other deferred credits and other liabilities 12,283 9,968 8,749 8,959 3,726
Minority interest –77 31 31 12
Preferred securities of subsidiaries(c) 87 595 613 630 321
Shareholders’ equity 8,503 7,742 8,102 7,215 1,773
Total liabilities and shareholders’ equity $ 41,941 $37,869 $34,969 $34,786 $13,087
(a) Effective January 1, 2001, Exelon Corporation separated its generation and other competitive businesses from its regulated energy delivery business at Commonwealth Edison
Company and PECO Energy Company.
(b) Reflects the effects of the merger of Exelon Corporation, Unicom Corporation and PECO Energy Company on October 20, 2000 (Merger). The Merger was accounted for using the
purchase method of accounting with PECO Energy Company as the acquiring company. Accordingly, financial results for 2000 consist of PECO Energy Company’s results for
2000 and Unicom Corporation’s results after October 20, 2000.
(c) Upon adoption of Financial Accounting Standards Board (FASB) Interpretation (FIN) No. 46 (revised December 2003), “Consolidation of Variable Interest Entities” (FIN No. 46-R) in
2003, the mandatorily redeemable preferred securities of ComEd and PECO were reclassified as long-term debt to financing trusts as of December 31, 2003.