Allegheny Power 2013 Annual Report Download - page 158
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143
18. SUPPLEMENTAL GUARANTOR INFORMATION
In 2007, FG completed a sale and leaseback transaction for its undivided interest in Bruce Mansfield Unit 1. FES has fully and
unconditionally and irrevocably guaranteed all of FG's obligations under each of the leases. The related lessor notes and pass
through certificates are not guaranteed by FES or FG, but the notes are secured by, among other things, each lessor trust's undivided
interest in Unit 1, rights and interests under the applicable lease and rights and interests under other related agreements, including
FES' lease guaranty. This transaction is classified as an operating lease for FES and FirstEnergy and as a financing lease for FG.
The Condensed Consolidating Statements of Income (Loss) and Comprehensive Income (Loss) for the years ended December 31,
2013, 2012, and 2011, Condensed Consolidating Balance Sheets as of December 31, 2013 and December 31, 2012, and Condensed
Consolidating Statements of Cash Flows for the years ended December 31, 2013, 2012, and 2011, for FES (parent and guarantor),
FG and NG (non-guarantor) are presented below. Investments in wholly owned subsidiaries are accounted for by FES using the
equity method. Results of operations for FG and NG are, therefore, reflected in FES’ investment accounts and earnings as if
operating lease treatment was achieved. The principal elimination entries eliminate investments in subsidiaries and intercompany
balances and transactions and the entries required to reflect operating lease treatment associated with the 2007 Bruce Mansfield
Unit 1 sale and leaseback transaction.