Exelon 2015 Annual Report Download - page 84

Table of Contents
operational control, April 1, 2014, through December 31, 2014. All amounts presented below are before the impact of income taxes, except as
noted.
The Years Ended December 31, Favorable
(Unfavorable)
Variance
2015 2014
Generation ComEd PECO BGE Other Exelon Exelon
Operating revenues $ 19,135 $4,905 $3,032 $3,135 $(760) $29,447 $27,429 $ 2,018
Purchased power and fuel expense 10,021 1,319 1,190 1,305 (751) 13,084 13,003 (81)
Revenue net of purchased power and fuel expense 9,114 3,586 1,842 1,830 (9) 16,363 14,426 1,937
Other operating expenses
Operating and maintenance 5,308 1,567 794 683 (30) 8,322 8,568 246
Depreciation and amortization 1,054 707 260 366 63 2,450 2,314 (136)
Taxes other than income 489 296 160 224 31 1,200 1,154 (46)
Total other operating expenses 6,851 2,570 1,214 1,273 64 11,972 12,036 64
Equity in losses of unconsolidated affiliates — — — — — — (20) 20
Gain on sales of assets 12 1 2 1 2 18 437 (419)
Gain on consolidation and acquisition of businesses — — — — — — 289 (289)
Operating income (loss) 2,275 1,017 630 558 (71) 4,409 3,096 1,313
Other income and (deductions)
Interest expense, net (365) (332) (114) (99) (123) (1,033) (1,065) 32
Other, net (60) 21 5 18 (30) (46) 455 (501)
Total other income and (deductions) (425) (311) (109) (81) (153) (1,079) (610) (469)
Income (loss) before income taxes 1,850 706 521 477 (224) 3,330 2,486 844
Income taxes 502 280 143 189 (41) 1,073 666 (407)
Equity in (losses) earnings of unconsolidated affiliates (8) — — — 1 (7) — (7)
Net income (loss) 1,340 426 378 288 (182) 2,250 1,820 430
Net income (loss) attributable to noncontrolling interests and
preference stock dividends (32) — — 13 — (19) 197 (216)
Net income (loss) attributable to common shareholders $ 1,372 $ 426 $ 378 $ 275 $(182) $ 2,269 $ 1,623 $ 646
(a) On April 1, 2014, Generation assumed operational control of CENG’s nuclear fleet. As a result, the 2014 financial results include CENG’s results of operations on a fully
consolidated basis from April 1, 2014 through December 31, 2014.
(b) The Registrants’ evaluate operating performance using the measure of revenue net of purchased power and fuel expense. The Registrants’ believe 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.
Exelon’s net income attributable to common shareholders was $2,269 million for the year ended December 31, 2015 as compared to $1,623
million for the year ended December 31, 2014, and diluted earnings per average common share were $2.54 for the year ended December 31, 2015
as compared to $1.88 for the year ended December 31, 2014.
Operating revenue net of purchased power and fuel expense, which is a non-GAAP measure discussed below, increased by $1,937 million
as compared to 2014. The year-over-year increase was primarily due to the following favorable factors:
• Increase of $666 million at Generation primarily due to the inclusion of CENG’s results on a fully consolidated basis in 2015, benefit of
lower cost to serve load (including the absence of higher procurement costs for replacement power in 2014), the cancellation of the DOE
spent
77
(a)
(b)
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.