Retirement of long-term debt to affiliate

[Table of Contents](#i59ca7ab3cc784e42904d434b0008a7a9_10)Constellation Energy Generation, LLC and Subsidiary CompaniesConsolidated Statements of Cash Flows

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | For the Years Ended December 31, |
| (In millions) | 2021 |  | 2020 |  | 2019 |
| Cash flows from operating activities |  |  |  |  |  |
| Net (loss) income | $ | (83) |  |  | $ | 579  |  |  | $ | 1,217  |  |
| Adjustments to reconcile net (loss) income to net cash flows provided by operating activities: |  |  |  |  |  |
| Depreciation, amortization, and accretion, including nuclear fuel and energy contract amortization | 4,540  |  |  | 3,636  |  |  | 3,063  |  |
| Asset impairments | 545  |  |  | 563  |  |  | 201  |  |
| Gain on sales of assets and businesses | (201) |  |  | (11) |  |  | (27) |  |
|  |  |  |  |  |  |
|  |  |  |  |  |  |
| Deferred income taxes and amortization of investment tax credits | (205) |  |  | 78  |  |  | 361  |  |
| Net fair value changes related to derivatives | (568) |  |  | (270) |  |  | 228  |  |
| Net realized and unrealized gains on NDT funds | (586) |  |  | (461) |  |  | (663) |  |
| Net unrealized (losses) gains on equity investments | 160  |  |  | (186) |  |  | —  |  |
| Other non-cash operating activities | (605) |  |  | 18  |  |  | (124) |  |
| Changes in assets and liabilities: |  |  |  |  |  |
| Accounts receivable | (616) |  |  | 1,125  |  |  | (186) |  |
| Receivables from and payables to affiliates, net | 14  |  |  | 24  |  |  | (52) |  |
| Inventories | (68) |  |  | (77) |  |  | (47) |  |
| Accounts payable and accrued expenses | 346  |  |  | (343) |  |  | (248) |  |
| Option premiums paid, net | (338) |  |  | (139) |  |  | (29) |  |
| Collateral (posted) received , net | (130) |  |  | 479  |  |  | (481) |  |
| Income taxes | 256  |  |  | 186  |  |  | 302  |  |
| Pension and non-pension postretirement benefit contributions | (259) |  |  | (255) |  |  | (175) |  |
| Other assets and liabilities | (3,540) |  |  | (4,362) |  |  | (467) |  |
| Net cash flows (used in) provided by operating activities | (1,338) |  |  | 584  |  |  | 2,873  |  |
| Cash flows from investing activities |  |  |  |  |  |
| Capital expenditures | (1,329) |  |  | (1,747) |  |  | (1,845) |  |
| Proceeds from NDT fund sales | 6,532  |  |  | 3,341  |  |  | 10,051  |  |
| Investment in NDT funds | (6,673) |  |  | (3,464) |  |  | (10,087) |  |
|  |  |  |  |  |  |
| Collection of DPP | 3,902  |  |  | 3,771  |  |  | —  |  |
| Proceeds from sales of assets and businesses | 878  |  |  | 46  |  |  | 52  |  |
| Acquisitions of assets and businesses, net | —  |  |  | —  |  |  | (41) |  |
|  |  |  |  |  |  |
|  |  |  |  |  |  |
|  |  |  |  |  |  |
| Other investing activities | (28) |  |  | 11  |  |  | 3  |  |
| Net cash flows provided by (used in) investing activities | 3,282  |  |  | 1,958  |  |  | (1,867) |  |
| Cash flows from financing activities |  |  |  |  |  |
| Changes in short-term borrowings | 362  |  |  | 20  |  |  | 320  |  |
| Proceeds from short-term borrowings with maturities greater than 90 days | 880  |  |  | 500  |  |  | —  |  |
|  |  |  |  |  |  |
| Issuance of long-term debt | 152  |  |  | 3,155  |  |  | 42  |  |
| Retirement of long-term debt | (105) |  |  | (4,334) |  |  | (813) |  |
|  |  |  |  |  |  |
| Retirement of long-term debt to affiliate | —  |  |  | (550) |  |  | —  |  |
| Changes in money pool with Exelon | (285) |  |  | 285  |  |  | (100) |  |
| Acquisition of CENG noncontrolling interest | (885) |  |  | —  |  |  | —  |  |
| Distributions to member | (1,832) |  |  | (1,734) |  |  | (899) |  |
|  |  |  |  |  |  |
| Contributions from member | 64  |  |  | 64  |  |  | 41  |  |
|  |  |  |  |  |  |
|  |  |  |  |  |  |
| Other financing activities | (46) |  |  | (70) |  |  | (51) |  |
| Net cash flows used in financing activities | (1,695) |  |  | (2,664) |  |  | (1,460) |  |
| Increase (decrease) in cash, restricted cash, and cash equivalents | 249  |  |  | (122) |  |  | (454) |  |
| Cash, restricted cash, and cash equivalents at beginning of period | 327  |  |  | 449  |  |  | 903  |  |
| Cash, restricted cash, and cash equivalents at end of period | $ | 576  |  |  | $ | 327  |  |  | $ | 449  |  |
|  |  |  |  |  |  |
| Supplemental cash flow information |  |  |  |  |  |
| Increase (decrease) in capital expenditures not paid | $ | 96  |  |  | $ | (88) |  |  | $ | (34) |  |
| Increase in DPP | 3,652  |  |  | 4,441  |  |  | —  |  |
| Increase in PP&E related to ARO update | 618  |  |  | 850  |  |  | 959  |  |

See the Notes to Consolidated Financial Statements  
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