Gain on deconsolidation of business

[Table of Contents](#i0fa971ac9e834218957059819155291f_10)  
  
Exelon Corporation and Subsidiary CompaniesConsolidated Statements of Operations and Comprehensive Income

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | For the Years Ended December 31, |
| (In millions, except per share data) | 2021 |  | 2020 |  | 2019 |
| Operating revenues |  |  |  |  |  |
| Competitive businesses revenues | $ | 18,467  |  |  | $ | 16,400  |  |  | $ | 17,754  |  |
| Rate-regulated utility revenues | 17,709  |  |  | 16,633  |  |  | 16,839  |  |
| Revenues from alternative revenue programs | 171  |  |  | 6  |  |  | (155) |  |
|  |  |  |  |  |  |
| Total operating revenues | 36,347  |  |  | 33,039  |  |  | 34,438  |  |
| Operating expenses |  |  |  |  |  |
| Competitive businesses purchased power and fuel | 12,157  |  |  | 9,592  |  |  | 10,849  |  |
| Rate-regulated utility purchased power and fuel | 5,207  |  |  | 4,512  |  |  | 4,648  |  |
|  |  |  |  |  |  |
| Operating and maintenance | 8,659  |  |  | 9,408  |  |  | 8,615  |  |
| Depreciation and amortization | 6,036  |  |  | 5,014  |  |  | 4,252  |  |
| Taxes other than income taxes | 1,766  |  |  | 1,714  |  |  | 1,732  |  |
|      Total operating expenses | 33,825  |  |  | 30,240  |  |  | 30,096  |  |
|  |  |  |  |  |  |
| Gain on sales of assets and businesses | 201  |  |  | 24  |  |  | 31  |  |
|  |  |  |  |  |  |
| Gain on deconsolidation of business | —  |  |  | —  |  |  | 1  |  |
| Operating income | 2,723  |  |  | 2,823  |  |  | 4,374  |  |
| Other income and (deductions) |  |  |  |  |  |
| Interest expense, net | (1,546) |  |  | (1,610) |  |  | (1,591) |  |
| Interest expense to affiliates | (25) |  |  | (25) |  |  | (25) |  |
| Other, net | 1,056  |  |  | 1,145  |  |  | 1,227  |  |
|       Total other income and (deductions) | (515) |  |  | (490) |  |  | (389) |  |
| Income before income taxes | 2,208  |  |  | 2,333  |  |  | 3,985  |  |
| Income taxes | 370  |  |  | 373  |  |  | 774  |  |
| Equity in losses of unconsolidated affiliates | (9) |  |  | (6) |  |  | (183) |  |
| Net income | 1,829  |  |  | 1,954  |  |  | 3,028  |  |
| Net income (loss) attributable to noncontrolling interests  | 123  |  |  | (9) |  |  | 92  |  |
| Net income attributable to common shareholders | $ | 1,706  |  |  | $ | 1,963  |  |  | $ | 2,936  |  |
| Comprehensive income, net of income taxes  |  |  |  |  |  |
| Net income | $ | 1,829  |  |  | $ | 1,954  |  |  | $ | 3,028  |  |
| Other comprehensive income (loss), net of income taxes  |  |  |  |  |  |
| Pension and non-pension postretirement benefit plans: |  |  |  |  |  |
| Prior service benefit reclassified to periodic benefit cost | (4) |  |  | (40) |  |  | (65) |  |
| Actuarial loss reclassified to periodic benefit cost | 223  |  |  | 190  |  |  | 149  |  |
|  |  |  |  |  |  |
| Pension and non-pension postretirement benefit plan valuation adjustment | 432  |  |  | (357) |  |  | (289) |  |
| Unrealized loss on cash flow hedges | (1) |  |  | (3) |  |  | —  |  |
|  |  |  |  |  |  |
| Unrealized gain on investments in unconsolidated affiliates | —  |  |  | —  |  |  | 1  |  |
| Unrealized gain on foreign currency translation | —  |  |  | 4  |  |  | 6  |  |
|  |  |  |  |  |  |
| Other comprehensive income (loss) | 650  |  |  | (206) |  |  | (198) |  |
| Comprehensive income | 2,479  |  |  | 1,748  |  |  | 2,830  |  |
| Comprehensive income (loss) attributable to noncontrolling interests | 123  |  |  | (9) |  |  | 93  |  |
| Comprehensive income attributable to common shareholders | $ | 2,356  |  |  | $ | 1,757  |  |  | $ | 2,737  |  |
|  |  |  |  |  |  |
| Average shares of common stock outstanding: |  |  |  |  |  |
| Basic | 979  |  |  | 976  |  |  | 973  |  |
| Assumed exercise and/or distributions of stock-based awards | 1  |  |  | 1  |  |  | 1  |  |
| Diluted(a) | 980  |  |  | 977  |  |  | 974  |  |
| Earnings per average common share: |  |  |  |  |  |
| Basic | $ | 1.74  |  |  | $ | 2.01  |  |  | $ | 3.02  |  |
| Diluted | $ | 1.74  |  |  | $ | 2.01  |  |  | $ | 3.01  |  |

\_\_\_\_\_\_\_\_\_\_(a)The number of stock options not included in the calculation of diluted common shares outstanding due to their antidilutive effect was zero for the year ended December 31, 2021 and less than 1 million for the years ended December 31, 2020 and 2019.See the Combined Notes to Consolidated Financial Statements  
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