Acquisitions of assets and businesses, net

[Table of Contents](#i0fa971ac9e834218957059819155291f_10)  
Exelon Corporation and Subsidiary CompaniesConsolidated Statements of Cash Flows

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|  | For the Years Ended December 31, |
| (In millions) | 2021 |  | 2020 |  | 2019 |
| Cash flows from operating activities |  |  |  |  |  |
| Net income | $ | 1,829  |  |  | $ | 1,954  |  |  | $ | 3,028  |  |
| Adjustments to reconcile net income to net cash flows provided by operating activities: |  |  |  |  |  |
| Depreciation, amortization, and accretion, including nuclear fuel and energy contract amortization | 7,573  |  |  | 6,527  |  |  | 5,780  |  |
| Asset impairments | 552  |  |  | 591  |  |  | 201  |  |
| Gain on sales of assets and businesses | (201) |  |  | (24) |  |  | (27) |  |
|  |  |  |  |  |  |
|  |  |  |  |  |  |
| Deferred income taxes and amortization of investment tax credits | 18  |  |  | 309  |  |  | 681  |  |
| Net fair value changes related to derivatives | (568) |  |  | (268) |  |  | 222  |  |
| 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 | (200) |  |  | 592  |  |  | 613  |  |
| Changes in assets and liabilities: |  |  |  |  |  |
| Accounts receivable | (703) |  |  | 697  |  |  | (243) |  |
| Inventories | (141) |  |  | (85) |  |  | (87) |  |
| Accounts payable and accrued expenses | 440  |  |  | (129) |  |  | (425) |  |
| Option premiums paid, net | (338) |  |  | (139) |  |  | (29) |  |
| Collateral (posted) received, net | (74) |  |  | 494  |  |  | (438) |  |
| Income taxes | 327  |  |  | 140  |  |  | (64) |  |
| Pension and non-pension postretirement benefit contributions | (665) |  |  | (601) |  |  | (408) |  |
|  |  |  |  |  |  |
| Other assets and liabilities | (4,411) |  |  | (5,176) |  |  | (1,482) |  |
| Net cash flows provided by operating activities | 3,012  |  |  | 4,235  |  |  | 6,659  |  |
| Cash flows from investing activities |  |  |  |  |  |
| Capital expenditures | (7,981) |  |  | (8,048) |  |  | (7,248) |  |
|  |  |  |  |  |  |
| 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  |  |  | —  |  |
| Acquisitions of assets and businesses, net | —  |  |  | —  |  |  | (41) |  |
| Proceeds from sales of assets and businesses | 877  |  |  | 46  |  |  | 53  |  |
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| Other investing activities | 26  |  |  | 18  |  |  | 12  |  |
| Net cash flows used in investing activities | (3,317) |  |  | (4,336) |  |  | (7,260) |  |
| Cash flows from financing activities |  |  |  |  |  |
|  |  |  |  |  |  |
| Changes in short-term borrowings | 269  |  |  | 161  |  |  | 781  |  |
| Proceeds from short-term borrowings with maturities greater than 90 days | 1,380  |  |  | 500  |  |  | —  |  |
| Repayments on short-term borrowings with maturities greater than 90 days | (350) |  |  | —  |  |  | (125) |  |
| Issuance of long-term debt | 3,481  |  |  | 7,507  |  |  | 1,951  |  |
| Retirement of long-term debt | (1,640) |  |  | (6,440) |  |  | (1,287) |  |
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| Dividends paid on common stock | (1,497) |  |  | (1,492) |  |  | (1,408) |  |
| Acquisition of CENG noncontrolling interest | (885) |  |  | —  |  |  | —  |  |
| Proceeds from employee stock plans | 80  |  |  | 45  |  |  | 112  |  |
|  |  |  |  |  |  |
| Other financing activities | (80) |  |  | (136) |  |  | (82) |  |
| Net cash flows provided by (used in) financing activities | 758  |  |  | 145  |  |  | (58) |  |
|  Increase (decrease) in cash, restricted cash, and cash equivalents | 453  |  |  | 44  |  |  | (659) |  |
| Cash, restricted cash, and cash equivalents at beginning of period | 1,166  |  |  | 1,122  |  |  | 1,781  |  |
| Cash, restricted cash, and cash equivalents at end of period | $ | 1,619  |  |  | $ | 1,166  |  |  | $ | 1,122  |  |
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| Supplemental cash flow information |  |  |  |  |  |
| Increase (decrease) in capital expenditures not paid | $ | 16  |  |  | $ | 194  |  |  | $ | (7) |  |
| Increase in DPP | 3,652  |  |  | 4,441  |  |  | —  |  |
| Increase in PP&E related to ARO update | 642  |  |  | 850  |  |  | 968  |  |

See the Combined Notes to Consolidated Financial Statements  
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