Exelon 2015 Annual Report Download - page 125

Table of Contents
Results of Operations—Generation
2015 2014
Favorable
(unfavorable)
2015 vs. 2014
variance 2013
Favorable
(unfavorable)
2014 vs. 2013
variance
Operating revenues $19,135 $17,393 $ 1,742 $15,630 $ 1,763
Purchased power and fuel expense 10,021 9,925 (96) 8,197 (1,728)
Revenue net of purchased power and fuel expense 9,114 7,468 1,646 7,433 35
Other operating expenses
Operating and maintenance 5,308 5,566 258 4,534 (1,032)
Depreciation and amortization 1,054 967 (87) 856 (111)
Taxes other than income 489 465 (24) 389 (76)
Total other operating expenses 6,851 6,998 147 5,779 (1,219)
Equity in (losses) earnings of unconsolidated affiliates — (20) 20 10 (30)
Gain on sales of assets 12 437 (425) 13 424
Gain on consolidation and acquisition of businesses — 289 (289) — 289
Operating income 2,275 1,176 1,099 1,677 (501)
Other income and (deductions)
Interest expense (365) (356) (9) (357) 1
Other, net (60) 406 (466) 355 51
Total other income and (deductions) (425) 50 (475) (2) 52
Income before income taxes 1,850 1,226 624 1,675 (449)
Income taxes 502 207 (295) 615 408
Equity in losses of unconsolidated affiliates (8) — 8 — —
Net income 1,340 1,019 321 1,060 (41)
Net income (loss) attributable to noncontrolling interest (32) 184 (216) (10) 194
Net income attributable to membership interest $ 1,372 $ 835 $ 537 $ 1,070 $ (235)
(a) On April 1, 2014, Generation assumed operational control of CENG’s nuclear fleet. As a result, beginning on April 1, 2014, the financial results include CENG’s results of
operations on a fully consolidated basis.
(b) Generation evaluates its operating performance using the measure of revenue net of purchased power and fuel expense. Generation believes that revenue net of purchased
power and fuel expense is a useful measurement because it provides information that can be used to evaluate its operational performance. Revenue net of purchased power and
fuel expense is not a presentation defined under GAAP and may not be comparable to other companies’ presentations or deemed more useful than the GAAP information
provided elsewhere in this report.
Net Income Attributable to Membership Interest
 Generation’s net income attributable to membership interest
increased compared to the same period in 2014 primarily due to higher revenue net of purchase power and fuel expense and lower operating and
maintenance expense; partially offset by the absence of the 2014 gains recorded on the sales of Generation’s ownership interest in generating
stations, the absence of the 2014 gain recorded upon the consolidation of CENG, decreased other income and increased income tax expense. The
increase in
118
(a)
(b)
Source: BALTIMORE GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by Morningstar® Document Research℠
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