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Share Name | Share Symbol | Market | Type |
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Exelon Corp | NYSE:EXC | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 48.80 | 0 | 01:00:00 |
Earnings Release Highlights
Exelon Corporation (NYSE: EXC) today reported its financial results for the third quarter 2017.
This press release features multimedia. View the full release here: http://www.businesswire.com/news/home/20171102005699/en/
Exelon Corporation Third Quarter Review
“Exelon delivered a strong third quarter, led by our Utilities that are performing ahead of plan for the year while providing first quartile reliability, customer satisfaction, and safety across most metrics,” said Christopher M. Crane, Exelon’s president and CEO. “We are encouraged by the U.S. Department of Energy’s recent support for proposed market reforms that would help preserve reliable, emissions-free nuclear energy for the benefit of our customers, environment and communities. We see an important first step coming through potential changes in energy price formation which could be implemented in PJM by mid-year 2018. Our company’s commitment to advancing clean energy and sustainability remains a strategic priority, as was recognized by our inclusion on the Dow Jones Sustainability Index for the 12th consecutive year.”
“In the third quarter of 2017, Exelon delivered solid financial performance with Adjusted (non-GAAP) operating earnings of $0.85 per share, which is at the mid-point of our guidance range,” said Jonathan W. Thayer, Exelon’s Senior Executive Vice President and CFO. “Exelon is narrowing the full-year 2017 guidance from $2.50 - $2.80 to $2.55 - $2.75 per share as our utilities perform better than planned, absorbing the impact of delays in recognition of Illinois ZEC revenues until 2018. We also continue to execute against a disciplined management plan that is focused on strengthening and optimizing our operations. We are now targeting another $250 million of annual cost savings by 2020, bringing total annual run-rate savings to over $700 million from initiatives identified since 2015.”
Third Quarter 2017
Exelon's GAAP Net Income for the third quarter 2017 increased to $0.85 per share from $0.53 per share in the third quarter of 2016; Adjusted (non-GAAP) Operating Earnings decreased to $0.85 per share in the third quarter of 2017 from $0.91 per share in the third quarter of 2016. For the reconciliations of GAAP Net Income to Adjusted (non-GAAP) Operating Earnings, refer to the tables beginning on page 7.
Adjusted (non-GAAP) Operating Earnings in the third quarter of 2017 reflect the impacts of lower load volumes delivered at Generation due to mild weather, lower realized energy prices related to Exelon's ratable hedging strategy and unfavorable weather conditions at the utilities, partially offset by higher utility earnings due to regulatory rate increases, ZEC revenue related to the New York Clean Energy Standard (CES) and increased capacity prices.
Operating Company Results1
ComEd
ComEd's third quarter 2017 GAAP Net Income was $189 million compared with $37 million in the third quarter of 2016. ComEd’s Adjusted (non-GAAP) Operating Earnings were $186 million for the third quarter 2017 and the third quarter 2016, primarily reflecting higher electric distribution and transmission formula rate earnings, offset by favorable weather conditions in 2016. Pursuant to the Illinois Future Energy Jobs Act, beginning in 2017, customer rates for ComEd are adjusted to eliminate the favorable and unfavorable impacts of weather and customer usage patterns on distribution volumes.
PECO
PECO’s third quarter 2017 GAAP Net Income was $112 million compared with $122 million in the third quarter of 2016. PECO’s Adjusted (non-GAAP) Operating Earnings for the third quarter 2017 were $114 million compared with $123 million in the third quarter of 2016, primarily due to unfavorable weather conditions, partially offset by the impacts of higher income tax repairs deduction.
Cooling degree days were down 23.2 percent relative to the same period in 2016 and were 7.2 percent above normal. Total retail electric deliveries were down 8.2 percent compared with the third quarter of 2016. Natural gas deliveries (including both retail and transportation segments) in the third quarter of 2017 were down 10.6 percent compared with the same period in 2016.
BGE
BGE’s third quarter 2017 GAAP Net Income was $62 million compared with $54 million in the third quarter of 2016. BGE’s Adjusted (non-GAAP) Operating Earnings for the third quarter 2017 were $64 million compared with $55 million in the third quarter of 2016, primarily due to regulatory rate increases. Due to revenue decoupling, BGE is not affected by actual weather or customer usage patterns.
PHI
PHI’s third quarter 2017 GAAP Net Income was $153 million compared with $166 million in the third quarter of 2016. PHI’s Adjusted (non-GAAP) Operating Earnings for the third quarter 2017 were $146 million compared with $130 million in the third quarter of 2016, primarily due to regulatory rate increases in 2016 and 2017. Due to revenue decoupling, PHI's revenues related to Pepco and DPL Maryland are not affected by actual weather or customer usage patterns.
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1Exelon’s five business units include ComEd, which consists of electricity transmission and distribution operations in northern Illinois; PECO, which consists of electricity transmission and distribution operations and retail natural gas distribution operations in southeastern Pennsylvania, BGE, which consists of electricity transmission and distribution operations and retail natural gas distribution operations in central Maryland; PHI, which consists of electricity transmission and distribution operations in the District of Columbia and portions of Maryland, Delaware, and New Jersey and retail natural gas distribution operations in northern Delaware; and Generation, which consists of owned and contracted electric generating facilities and wholesale and retail customer supply of electric and natural gas products and services, including renewable energy products and risk management services.
Generation
Generation's third quarter 2017 GAAP Net Income was $305 million compared with $236 million in the third quarter of 2016. Generation’s Adjusted (non-GAAP) Operating Earnings for the third quarter 2017 were $347 million compared with $376 million in the third quarter of 2016, primarily reflecting the impacts of lower load volumes delivered due to mild weather and lower realized energy prices related to Exelon's ratable hedging strategy, partially offset by ZEC revenue related to the New York CES and increased capacity prices.
The proportion of expected generation hedged as of September 30, 2017 was 98.0 percent to 101.0 percent for 2017, 79.0 percent to 82.0 percent for 2018 and 45.0 percent to 48.0 percent for 2019.
Third Quarter and Recent Highlights
GAAP/Adjusted (non-GAAP) Operating Earnings Reconciliation
Adjusted (non-GAAP) Operating Earnings for the third quarter of 2017 do not include the following items (after tax) that were included in reported GAAP Net Income:
(in millions) ExelonEarnings per Diluted Share Exelon ComEd PECO BGE PHI Generation 2017 GAAP Net Income $ 0.85 $ 824 $ 189 $ 112 $ 62 $ 153 $ 305 Mark-to-Market Impact of Economic Hedging Activities (net of taxes of $29) (0.05 ) (45 ) — — — — (46 ) Unrealized Gains Related to Nuclear Decommissioning Trust (NDT) Fund Investments (net of taxes of $45) (0.07 ) (67 ) — — — — (67 ) Amortization of Commodity Contract Intangibles (net of taxes of $8) 0.01 12 — — — — 12 Merger and Integration Costs (net of taxes of $1, $6 and $5, respectively) — (1 ) — — — (9 ) 7 Long-Lived Asset Impairments (net of taxes of $16) 0.03 24 — — — — 25 Plant Retirements and Divestitures (net of taxes of $47 and $46, respectively) 0.08 71 — — — — 72 Cost Management Program (net of taxes of $8, $1, $1 and $6 respectively) 0.01 13 — 2 2 — 10 Reassessment of State Deferred Income Taxes (entire amount represents tax expense) (0.02 ) (21 ) (3 ) — — 2 18 Bargain Purchase Gain (net of taxes of $0) (0.01 ) (7 ) — — — — (7 ) Asset Retirement Obligation (net of taxes of $1) — (2 ) — — — — (2 ) Noncontrolling Interests (net of taxes of $4) 0.02 20 — — — — 20 2017 Adjusted (non-GAAP) Operating Earnings $ 0.85 $ 821 $ 186 $ 114 $ 64 $ 146 $ 347Adjusted (non-GAAP) Operating Earnings for the third quarter of 2016 do not include the following items (after tax) that were included in reported GAAP Net Income:
(in millions) ExelonEarnings per Diluted Share Exelon ComEd PECO BGE PHI Generation 2016 GAAP Net Income $ 0.53 $ 490 $ 37 $ 122 $ 54 $ 166 $ 236 Mark-to-Market Impact of Economic Hedging Activities (net of taxes of $35) (0.06 ) (54 ) — — — — (54 ) Unrealized Gains Related to NDT Fund Investments (net of taxes of $48) (0.07 ) (70 ) — — — — (70 ) Amortization of Commodity Contract Intangibles (net of taxes of $8) 0.01 13 — — — — 13 Merger and Integrations Costs (net of taxes of $10, $1, $1, $3 and $5, respectively) 0.01 13 — 1 1 4 7 Merger Commitments (net of taxes of $1 and $10, respectively) 0.01 5 — — — (40 ) — Long-Lived Asset Impairments (net of taxes of $5 and $6, respectively) 0.01 11 — — — — 10 Plant Retirements and Divestitures (net of taxes of $129) 0.22 204 — — — — 204 Cost Management Program (net of taxes of $5) 0.01 7 — — — — 7 Like-Kind Exchange Tax Position (net of taxes of $61 and $42, respectively) 0.21 199 149 — — — — Noncontrolling Interests (net of taxes of $5) 0.03 23 — — — — 23 2016 Adjusted (non-GAAP) Operating Earnings $ 0.91 $ 841 $ 186 $ 123 $ 55 $ 130 $ 376Note:
Unless otherwise noted, the income tax impact of each reconciling item between GAAP Net Income and Adjusted (non-GAAP) Operating Earnings is based on the marginal statutory federal and state income tax rates for each Registrant, taking into account whether the income or expense item is taxable or deductible, respectively, in whole or in part. For all items except the unrealized gains and losses related to NDT fund investments, the marginal statutory income tax rates ranged from 39.0 percent to 41.0 percent. Under IRS regulations, NDT fund investment returns are taxed at differing rates for investments in qualified vs. non-qualified funds. The tax rates applied to unrealized gains and losses related to NDT fund investments were 43.2 percent and 52.6 percent for the three months ended September 30, 2017 and 2016, respectively.
Webcast Information
Exelon will discuss third quarter 2017 earnings in a one-hour conference call scheduled for today at 9 a.m. Central Time (10 a.m. Eastern Time). The webcast and associated materials can be accessed at www.exeloncorp.com/investor-relations.
About Exelon
Exelon Corporation (NYSE: EXC) is a Fortune 100 energy company with the largest number of utility customers in the U.S. Exelon does business in 48 states, the District of Columbia and Canada and had 2016 revenue of $31.4 billion. Exelon’s six utilities deliver electricity and natural gas to approximately 10 million customers in Delaware, the District of Columbia, Illinois, Maryland, New Jersey and Pennsylvania through its Atlantic City Electric, BGE, ComEd, Delmarva Power, PECO and Pepco subsidiaries. Exelon is one of the largest competitive U.S. power generators, with more than 35,500 megawatts of nuclear, gas, wind, solar and hydroelectric generating capacity comprising one of the nation’s cleanest and lowest-cost power generation fleets. The company’s Constellation business unit provides energy products and services to approximately 2.2 million residential, public sector and business customers, including more than two-thirds of the Fortune 100. Follow Exelon on Twitter @Exelon.
Non-GAAP Financial Measures
In addition to net income as determined under generally accepted accounting principles in the United States (GAAP), Exelon evaluates its operating performance using the measure of Adjusted (non-GAAP) Operating Earnings because management believes it represents earnings directly related to the ongoing operations of the business. Adjusted (non-GAAP) Operating Earnings exclude certain costs, expenses, gains and losses and other specified items. This measure is intended to enhance an investor’s overall understanding of period over period operating results and provide an indication of Exelon’s baseline operating performance excluding items that are considered by management to be not directly related to the ongoing operations of the business. In addition, this measure is among the primary indicators management uses as a basis for evaluating performance, allocating resources, setting incentive compensation targets and planning and forecasting of future periods. Adjusted (non-GAAP) Operating Earnings is not a presentation defined under GAAP and may not be comparable to other companies’ presentation. The Company has provided the non-GAAP financial measure as supplemental information and in addition to the financial measures that are calculated and presented in accordance with GAAP. Adjusted (non-GAAP) Operating Earnings should not be deemed more useful than, a substitute for, or an alternative to the most comparable GAAP Net Income measures provided in this earnings release and attachments. This press release and earnings release attachments provide reconciliations of adjusted (non-GAAP) Operating Earnings to the most directly comparable financial measures calculated and presented in accordance with GAAP, are posted on Exelon’s website: www.exeloncorp.com, and have been furnished to the Securities and Exchange Commission on Form 8-K on November 2, 2017.
Cautionary Statements Regarding Forward-Looking Information
This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, that are subject to risks and uncertainties. The factors that could cause actual results to differ materially from the forward-looking statements made by Exelon Corporation, Exelon Generation Company, LLC, Commonwealth Edison Company, PECO Energy Company, Baltimore Gas and Electric Company, Pepco Holdings LLC, Potomac Electric Power Company, Delmarva Power & Light Company, and Atlantic City Electric Company (Registrants) include those factors discussed herein, as well as the items discussed in (1) the Registrants' 2016 Annual Report on Form 10-K in (a) ITEM 1A. Risk Factors, (b) ITEM 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations and (c) ITEM 8. Financial Statements and Supplementary Data: Note 24, Commitments and Contingencies; (2) the Registrants' Third Quarter 2017 Quarterly Report on Form 10-Q (to be filed on November 2, 2017) in (a) Part II, Other Information, ITEM 1A. Risk Factors; (b) Part 1, Financial Information, ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations and (c) Part I, Financial Information, ITEM 1. Financial Statements: Note 18, Commitments and Contingencies; and (3) other factors discussed in filings with the SEC by the Registrants. Readers are cautioned not to place undue reliance on these forward-looking statements, which apply only as of the date of this press release. None of the Registrants undertakes any obligation to publicly release any revision to its forward-looking statements to reflect events or circumstances after the date of this press release.
EXELON CORPORATION
GAAP Consolidated Statements of Operations and Adjusted (non-GAAP) Operating Earnings Reconciling Adjustments(unaudited)
(in millions, except per share data)
Three Months Ended September 30, 2017 Three Months Ended September 30, 2016 GAAP (a) Non-GAAP Adjustments GAAP (a) Non-GAAP Adjustments Operating revenues $ 8,769 $ (39 ) (b),(d) $ 9,002 $ (166 ) (b),(d) Operating expenses Purchased power and fuel 3,542 9 (b),(d),(h) 3,754 (127 ) (b),(d),(h) Operating and maintenance 2,300 (60 )(e),(g),(h),(i),(m)
2,338 (23 ) (e),(f),(g),(h),(i) Depreciation and amortization 1,002 (106 ) (h) 1,195 (338 ) (e),(h) Taxes other than income 456 — 449 — Total operating expenses 7,300 7,736 Gain on sales of assets (1 ) 2 (h) 1 — Bargain purchase gain 7 (7 ) (l) — Operating income 1,475 1,267 Other income and (deductions) Interest expense, net (386 ) — (516 ) 153 (j) Other, net 237 (118 ) (c) 120 (39 ) (c),(j) Total other income and (deductions) (149 ) (396 ) Income before income taxes 1,326 871 Income taxes 452 18(b),(c),(d),
(e),(g),(h),(i),(k),(m)
340 108(b),(c),(d)(e),(f),(g),(h),(i),(j)
Equity in losses of unconsolidated affiliates (7 ) — (5 ) — Net income 867 526 Net income attributable to noncontrolling interests and preference stock dividends 43 (20 ) (n) 36 (23 ) (n) Net income attributable to common shareholders $ 824 $ 490 Effective tax rate(o) 34.1 % 39.0 % Earnings per average common share Basic $ 0.86 $ 0.53 Diluted $ 0.85 $ 0.53 Average common shares outstanding Basic 962 925 Diluted 965 927 Effect of adjustments on earnings per average diluted common share recorded in accordance with GAAP: Mark-to-market impact of economic hedging activities (b) $ (0.05 ) $ (0.06 ) Unrealized gains related to NDT fund investments (c) (0.07 ) (0.07 ) Amortization of commodity contract intangibles (d) 0.01 0.01 Merger and integration costs (e) — 0.01 Merger commitments (f) — 0.01 Long-lived asset impairments (g) 0.03 0.01 Plant retirements and divestitures (h) 0.08 0.22 Cost management program (i) 0.01 0.01 Like-kind exchange tax position (j) — 0.21 Reassessment of state deferred income taxes (k) (0.02 ) — Bargain purchase gain (l) (0.01 ) — Asset retirement obligation (m)Asset retirement obligation (m) — — Noncontrolling interests (n) 0.02 0.03 Total adjustments $ — $ 0.38 (a) Results reported in accordance with accounting principles generally accepted in the United States (GAAP). (b) Adjustment to exclude the mark-to-market impact of Exelon’s economic hedging activities, net of intercompany eliminations. (c) Adjustment to exclude the unrealized gains and losses on NDT fund investments to the extent not offset by contractual accounting as described in the notes to the consolidated financial statements. (d) Adjustment to exclude the non-cash amortization of intangible assets, net, primarily related to commodity contracts recorded at fair value related to the Integrys and ConEdison Solutions acquisitions in 2016, and in 2017, the ConEdison Solutions and FitzPatrick acquisitions. (e) Adjustment to exclude certain costs associated with mergers and acquisitions, including, if and when applicable, professional fees, employee-related expenses and integration activities related to the PHI acquisition in 2016, and in 2017, the PHI and FitzPatrick acquisitions, offset at PHI by the anticipated recovery of previously incurred PHI acquisition costs. (f) Adjustment to exclude costs incurred as part of the settlement orders approving the PHI acquisition. (g) Adjustment to exclude charges to earnings related to the impairment of upstream assets at Generation in 2016, and in 2017, impairments of the ExGen Texas Power, LLC assets held for sale. (h) Adjustment to exclude accelerated depreciation and amortization expenses associated with Generation's previous decision to early retire the Clinton and Quad Cities nuclear facilities in 2016, and Generation's decision to early retire the Three Mile Island nuclear facility in 2017. (i) Adjustment to exclude severance and reorganization costs related to a cost management program. (j) Adjustment to exclude the recognition of a penalty and associated interest expense in the third quarter of 2016, as a result of a tax court decision on Exelon’s like-kind exchange tax position. (k) Adjustment to exclude the non-cash impact of the remeasurement of state deferred income taxes, primarily as a result of a change in the Illinois statutory tax rate and changes in forecasted apportionment. (l) Adjustment to exclude a measurement period adjustment to the bargain purchase gain for the FitzPatrick acquisition. (m) Adjustment to exclude a non-cash benefit pursuant to the annual update of the Generation nuclear decommissioning obligation related to the non-regulatory units. (n) Adjustment to exclude from Generation’s results the noncontrolling interests related to certain exclusion items, primarily related to the impact of unrealized gains and losses on NDT fund investments at CENG. (o) The effective tax rate related to Adjusted (non-GAAP) Operating Earnings is 35.6% and 34.3% for the three months ended September 30, 2017 and September 30, 2016, respectively. EXELON CORPORATION GAAP Consolidated Statements of Operations and Adjusted (non-GAAP) Operating Earnings Reconciling Adjustments(unaudited)
(in millions, except per share data)
Nine Months Ended September 30, 2017 Nine Months Ended September 30, 2016 GAAP (a) Non-GAAP Adjustments GAAP (a) Non-GAAP Adjustments Operating revenues $ 25,149 $ 77 (b),(d) $ 23,486 $ 368 (b),(d),(e) Operating expenses Purchased power and fuel 10,527 (133 ) (b),(d),(h) 9,462 211 (b),(d),(h) Operating and maintenance 7,732 (633 )(e),(g),(h),(j),(l)
7,677 (956 ) (e),(f),(g),(h),(j) Depreciation and amortization 2,814 (143 ) (d),(h) 2,821 (452 ) (e),(h) Taxes other than income 1,313 — 1,168 (1 ) (j) Total operating expenses 22,386 21,128 Gain on sales of assets 4 1 (h) 41 — Bargain purchase gain 233 (233 ) (n) — — Operating income 3,000 2,399 Other income and (deductions) Interest expense, net (1,194 ) 59 (g),(k),(m) (1,179 ) 153 (k) Other, net 725 (393 ) (c),(k) 377 (193 ) (c),(h),(k) Total other income and (deductions) (469 ) (802 ) Income before income taxes 2,531 1,597 Income taxes 595 459(b),(c),(d),(e),(f),(g),(h),(i),(j),(k),(l),(m)
625 419(b),(c),(d),(e),(f),(g),(h),(j),(k)
Equity in losses of unconsolidated affiliates (25 ) — (16 ) — Net income 1,911 956 Net loss attributable to noncontrolling interests and preference stock dividends 12 (75 ) (o) 26 (41 ) (o) Net income attributable to common shareholders $ 1,899 $ 930 Effective tax rate(p) 23.5 % 39.1 % Earnings per average common share Basic $ 2.02 $ 1.01 Diluted $ 2.01 $ 1.00 Average common shares outstanding Basic 941 924 Diluted 943 926 Effect of adjustments on earnings per average diluted common share recorded in accordance with GAAP: Mark-to-market impact of economic hedging activities (b) $ 0.10 $ 0.07 Unrealized gains related to NDT fund investments (c) (0.22 ) (0.13 ) Amortization of commodity contract intangibles (d) 0.03 0.01 Merger and integration costs (e) 0.04 0.10 Merger commitments (f) (0.15 ) 0.43 Long-lived asset impairments (g) 0.31 0.11 Plant retirements and divestitures (h) 0.15 0.37 Reassessment of state deferred income taxes (i) (0.04 ) — Cost management program (j) 0.03 0.03 Like-kind exchange tax position (k) (0.03 ) 0.21 Asset retirement obligation (l) — — Tax settlements (m) (0.01 ) — Bargain purchase gain (n) (0.25 ) — Noncontrolling interests (o) 0.08 0.04 Total adjustments $ 0.04 $ 1.24As a result of the PHI acquisition completion on March 23, 2016, the table includes financial results for PHI beginning on March 24, 2016 to September 30, 2017. Therefore, the results of operations from 2017 and 2016 are not comparable for Exelon. The explanations below identify any other significant or unusual items affecting the results of operations.
(a) Results reported in accordance with accounting principles generally accepted in the United States (GAAP). (b) Adjustment to exclude the mark-to-market impact of Exelon’s economic hedging activities, net of intercompany eliminations. (c) Adjustment to exclude the unrealized gains on NDT fund investments to the extent not offset by contractual accounting as described in the notes to the consolidated financial statements. (d) Adjustment to exclude the non-cash amortization of intangible assets, net, primarily related to commodity contracts recorded at fair value related to the Integrys and ConEdison Solutions acquisitions in 2016, and in 2017, the ConEdison Solutions and FitzPatrick acquisitions. (e) Adjustment to exclude certain costs associated with mergers and acquisitions, including, if and when applicable, professional fees, employee-related expenses and integration activities related to the PHI acquisition in 2016, partially offset at ComEd, BGE and PHI by the anticipated recovery of previously incurred PHI acquisition costs, and in 2017, the PHI and FitzPatrick acquisitions, partially offset at PHI by the anticipated recovery of previously incurred PHI acquisition costs. (f) Adjustment to exclude in 2016 costs incurred as part of the settlement orders approving the PHI acquisition, and in 2017, a decrease in reserves for uncertain tax positions related to the deductibility of certain merger commitments associated with the 2012 CEG and 2016 PHI acquisitions. (g) Adjustment to exclude charges to earnings related to the impairment of upstream assets and certain wind projects at Generation in 2016, and in 2017, impairments as a result of the ExGen Texas Power, LLC assets held for sale. (h) Adjustment to exclude accelerated depreciation and amortization expenses, increases to materials and supplies inventory reserves, charges for severance reserves and construction work in progress impairments associated with Generation's previous decision to early retire the Clinton and Quad Cities nuclear facilities in 2016, and Generation's decision to early retire the Three Mile Island nuclear facility in 2017, partially offset in 2016 by a gain associated with Generation’s sale of the New Boston generating site. (i) Adjustment to exclude the non-cash impact of the remeasurement of state deferred income taxes, primarily as a result of changes in forecasted apportionment related to the PHI acquisition in 2016, and in 2017, changes in the Illinois and District of Columbia statutory tax rates and changes in forecasted apportionment. (j) Adjustment to exclude severance and reorganization costs related to a cost management program. (k) Adjustment to exclude the recognition of a penalty and associated interest expense in 2016 as a result of a tax court decision on Exelon’s like-kind exchange tax position, and adjustments to income tax, penalties and interest expenses in 2017 as a result of the finalization of the IRS tax computation related to Exelon’s like-kind exchange tax position. (l) Adjustment to exclude a non-cash benefit pursuant to the annual update of the Generation nuclear decommissioning obligation related to the non-regulatory units. (m) Adjustment to exclude benefits related to the favorable settlement in 2017 of certain income tax positions related to PHI's unregulated business interests that were transferred to Generation. (n) Adjustment to exclude the excess of the fair value of assets and liabilities acquired over the purchase price for the FitzPatrick acquisition. (o) Adjustment to exclude from Generation’s results the noncontrolling interests related to certain exclusion items, primarily related to the impact of unrealized gains and losses on NDT fund investments at CENG. (p) The effective tax rate related to Adjusted (non-GAAP) Operating Earnings is 35.7% and 33.4% for the nine months ended September 30, 2017 and September 30, 2016, respectively.
View source version on businesswire.com: http://www.businesswire.com/news/home/20171102005699/en/
Exelon CorporationDan EggersInvestor Relations312-394-2345orPaul AdamsCorporate Communications410-470-4167
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