Exelon 2006 Annual Report Download - page 29

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Summary of Earnings and Financial Condition
For the Years Ended December 31,
in millions, except for per share data 2006 2005 2004 2003 2002
Statement of Operations data:
Operating revenues $15,655 $15,357 $14,133 $15,148 $14,060
Operating income 3,521 2,724 3,499 2,409 3,280
Income from continuing operations $ 1,590 $ 951 $ 1,870 $ 892 $ 1,690
Income (loss) from discontinued operations 2 14 (29) (99) (20)
Income before cumulative effect of changes
in accounting principles 1,592 965 1,841 793 1,670
Cumulative effect of changes in accounting principles
(net of income taxes) – (42) 23 112 (230)
Net income (a), (b) $ 1,592 $ 923 $ 1,864 $ 905 $ 1,440
Earnings per average common share (diluted):
Income from continuing operations $ 2.35 $ 1.40 $ 2.79 $ 1.36 $ 2.60
Income (loss) from discontinued operations – 0.02 (0.04) (0.15) (0.03)
Cumulative effect of changes in accounting principles
(net of income taxes) – (0.06) 0.03 0.17 (0.35)
Net income $ 2.35 $ 1.36 $ 2.78 $ 1.38 $ 2.22
Dividends per common share $ 1.60 $ 1.60 $ 1.26 $ 0.96 $ 0.88
Average shares of common stock outstanding – diluted 676 676 669 657 649
(a) The changes between 2006 and 2005 and between 2005 and 2004 were primarily due to the goodwill impairment charges of $776 million and $1.2 billion in 2006 and
2005, respectively.
(b) Change between 2004 and 2003 was primarily due to the impairment of Boston Generating, LLC long-lived assets of $945 million in 2003.
December 31,
in millions 2006 2005 2004 2003 2002
Balance Sheet data:
Current assets $ 4,992 $ 4,637 $ 3,880 $ 4,524 $ 4,096
Property, plant and equipment, net 22,775 21,981 21,482 20,630 17,957
Noncurrent regulatory assets 5,808 4,734 5,076 5,564 6,061
Goodwill (a) 2,694 3,475 4,705 4,719 4,992
Other deferred debits and other assets 8,050 7,970 7,867 6,800 5,249
Total assets $44,319 $42,797 $43,010 $42,237 $38,355
Current liabilities $ 5,795 $ 6,563 $ 4,836 $ 5,683 $ 5,845
Long-term debt, including long-term debt to financing trusts (c) 11,911 11,760 12,148 13,489 13,127
Noncurrent regulatory liabilities 2,975 2,518 2,490 2,229 1,001
Other deferred credits and other liabilities (b) 13,578 12,743 13,918 12,246 9,968
Minority interest – 1 42 – 77
Preferred securities of subsidiaries (c) 87 87 87 87 595
Shareholders’ equity 9,973 9,125 9,489 8,503 7,742
Total liabilities and shareholders’ equity $44,319 $42,797 $43,010 $42,237 $38,355
(a) The changes between 2006 and 2005 and between 2005 and 2004 were primarily due to the goodwill impairment charge of $776 million and $1.2 billion in 2006 and
2005, respectively.
(b) Change between 2006 and 2005 was primarily due to the impact of adopting SFAS No. 158, “Employers’ Accounting for Defined Benefit Pension and Other
Postretirement Plans, an amendment of FASB Statements No. 87, 88, 106, and 132(R)” (SFAS No. 158).
(c) Due to the adoption of Financial Accounting Standards Board (FASB) Interpretation No. (FIN) 46 and FIN 46-R in 2003, the mandatorily redeemable preferred
securities of ComEd and PECO were reclassified as long-term debt to financing trusts in 2003.
EXELON CORPORATION AND SUBSIDIARY COMPANIES 27