Exelon 2014 Annual Report Download - page 4

TABLE OF CONTENTS
Page No.
GLOSSARY OF TERMS AND ABBREVIATIONS ............................................................ 1
FILING FORMAT ....................................................................................... 5
FORWARD-LOOKING STATEMENTS ..................................................................... 5
WHERE TO FIND MORE INFORMATION .................................................................. 5
GENERAL DESCRIPTION OF OUR BUSINESS ............................................................ 6
General ........................................................................................... 6
Exelon Generation Company, LLC ..................................................................... 6
Commonwealth Edison Company ...................................................................... 6
PECO Energy Company ............................................................................. 6
Baltimore Gas and Electric Company ................................................................... 6
Environmental Regulation ............................................................................ 25
Executive Officers of the Registrants ................................................................... 31
MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER
PURCHASES OF EQUITY SECURITIES ................................................................. 34
SELECTED FINANCIAL DATA ............................................................................ 37
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS ..... 39
Executive Overview ................................................................................. 39
Critical Accounting Policies and Estimates .............................................................. 56
Results of Operations ................................................................................ 69
Liquidity and Capital Resources ....................................................................... 96
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK .................................... 110
CERTIFICATIONS ..................................................................................... 120
FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA ................................................... 120
Exelon Corporation .................................................................................. 121
Combined Notes to Consolidated Financial Statements .................................................... 127
1. Significant Accounting Policies ...................................................................... 127
2. Variable Interest Entities ............................................................................ 138
3. Regulatory Matters ................................................................................ 145
4. Merger and Acquisitions ............................................................................ 169
5. Investment in CENG ............................................................................... 176
6. Accounts Receivable .............................................................................. 179
7. Property, Plant and Equipment ...................................................................... 179
8. Impairment of Long Lived Assets .................................................................... 180
9. Jointly Owned Electric Utility Plant ................................................................... 182
10. Intangible Assets ................................................................................. 183
11. Fair Value of Financial Assets and Liabilities .......................................................... 187
12. Derivative Financial Instruments .................................................................... 199
13. Debt and Credit Agreements ....................................................................... 213
14. Income Taxes ................................................................................... 219
15. Asset Retirement Obligations ...................................................................... 226
16. Retirement Benefits .............................................................................. 232
17. Severance ...................................................................................... 246
18. Preferred and Preference Securities ................................................................. 248
19. Common Stock .................................................................................. 249
20. Earnings Per Share and Equity ..................................................................... 254
21. Changes in Accumulated Other Comprehensive Income ................................................ 255
22. Commitments and Contingencies ................................................................... 258
23. Supplemental Financial Information ................................................................. 272
24. Segment Information ............................................................................. 276
25. Related Party Transactions ........................................................................ 280
26. Quarterly Data ................................................................................... 281