Exelon 2015 Annual Report Download - page 158

Table of Contents
The following table provides a summary of the major items affecting Exelon’s cash flows from operations for the years ended December 31,
2015, 2014 and 2013:
2015 2014
2015 vs. 2014
Variance 2013
2014 vs. 2013
Variance
Net income $2,250 $ 1,820 $ 430 1,729 $ 91
Add (subtract):
Non-cash operating activities 5,630 5,884 (254) 4,159 1,725
Pension and non-pension postretirement benefit contributions (502) (617) 115 (422) (195)
Income taxes 97 (143) 240 883 (1,026)
Changes in working capital and other noncurrent assets and
liabilities (264) (806) 542 (185) (621)
Option premiums received (paid), net 58 38 20 (36) 74
Collateral received (posted), net 347 (1,719) 2,066 215 (1,934)
Net cash flows provided by operations $7,616 $ 4,457 $ 3,159 $6,343 $ (1,886)
(a) Represents depreciation, amortization, depletion and accretion, net fair value changes related to derivatives, deferred income taxes, provision for uncollectible accounts, pension
and non-pension postretirement benefit expense, equity in earnings and losses of unconsolidated affiliates and investments, decommissioning-related items, stock compensation
expense, impairment of long-lived assets, and other non-cash charges. See note 24 —Supplemental Financial Information for further detail on non-cash operating activity.
(b) Changes in working capital and other noncurrent assets and liabilities exclude the changes in commercial paper, income taxes and the current portion of long-term debt.
(c) On April 1, 2014, Generation assumed operational control of CENG’s nuclear fleet. As a result, the 2015 and 2014 activity includes CENG on a fully consolidated basis beginning
April 1, 2014.
Cash flows provided by operations for the year ended December 31, 2015, 2014 and 2013 by Registrant were as follows:
2015 2014 2013
Exelon $7,616 $4,457 $6,343
Generation 4,199 1,826 3,887
ComEd 1,896 1,326 1,218
PECO 770 712 747
BGE 782 740 561
(a) On April 1, 2014, Generation assumed operational control of CENG’s nuclear fleet. As a result, the 2015 and 2014 activity includes CENG on a fully consolidated basis beginning
April 1, 2014.
Changes in Exelon’s, Generation’s, ComEd’s, PECO’s and BGE’s cash flows from operations were generally consistent with changes in
each Registrant’s respective results of operations, as adjusted by changes in working capital in the normal course of business, except as
discussed below. In addition, significant operating cash flow impacts for the Registrants for 2015, 2014 and 2013 were as follows:

• Depending upon whether Generation is in a net mark-to-market liability or asset position, collateral may be required to be posted with or
collected from its counterparties. In addition, the collateral posting and collection requirements differ depending on whether the
transactions are on an exchange or in the OTC markets. During 2015, 2014 and 2013, Generation had net collections/(payments) of
counterparty cash collateral of $407 million, $(1,748) million and $162 million, respectively, primarily due to market conditions that
resulted in changes to
151
(c)
(a)
(b)
(a)
(a)
Source: BALTIMORE GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by Morningstar® Document Research℠
The information contained herein may not be copied, adapted or distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use of this information,
except to the extent such damages or losses cannot be limited or excluded by applicable law. Past financial performance is no guarantee of future results.