Allegheny Power 2014 Annual Report Download - page 144
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129
17. 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,
2014, 2013, and 2012, Condensed Consolidating Balance Sheets as of December 31, 2014 and December 31, 2013, and
Condensed Consolidating Statements of Cash Flows for the years ended December 31, 2014, 2013, and 2012, for FES (parent
and guarantor), FG and NG (non-guarantor) are presented below. These statements are provided as FES fully and unconditionally
guarantees outstanding registered securities of FG as well as FG's obligations under the facility lease for the Bruce Mansfield sale
and leaseback that underlie outstanding registered pass-through trust certificates. 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.