Exelon 2015 Annual Report Download - page 374

Table of Contents
Combined Notes to Consolidated Financial Statements—(Continued)
(Dollars in millions, except per share data unless otherwise noted)
(a) On April 1, 2014, Generation assumed operational control of CENG’s nuclear fleet. As a result, Exelon became a sponsor of CENG’s pension and OPEB plans effective July 14,
2014. See Note 5—Investment in Constellation Energy Nuclear Group, LLC for further information.
Exelon presents its benefit obligations and plan assets net on its balance sheet within the following line items:
Pension Benefits
Other
Postretirement Benefits
2015 2014 2015 2014
Other current liabilities $ 21 $ 16 $ 27 $ 25
Pension obligations 3,385 3,366 — —
Non-pension postretirement benefit obligations — — 1,618 1,742
Unfunded status (net benefit obligation less net plan assets) $ 3,406 $ 3,382 $ 1,645 $ 1,767
The funded status of the pension and other postretirement benefit obligations refers to the difference between plan assets and estimated
obligations of the plan. The funded status changes over time due to several factors, including contribution levels, assumed discount rates and
actual returns on plan assets.
The following tables provide the projected benefit obligations (PBO), accumulated benefit obligation (ABO), and fair value of plan assets for
all pension plans with a PBO or ABO in excess of plan assets.
PBO in
excess of plan assets
2015 2014
Projected benefit obligation $ 17,753 $ 18,256
Fair value of net plan assets 14,347 14,874
ABO in
excess of plan assets
2015 2014
Projected benefit obligation $ 17,753 $ 18,256
Accumulated benefit obligation 16,792 17,191
Fair value of net plan assets 14,347 14,874
On a PBO basis, the plans were funded at 81% at December 31, 2015 compared to 81% at December 31, 2014. On an ABO basis, the plans
were funded at 85% at December 31, 2015 compared to 87% at December 31, 2014. The ABO differs from the PBO in that the ABO includes no
assumption about future compensation levels.
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Source: BALTIMORE GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by Morningstar® Document Research℠
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