ComEd 2002 Annual Report Download - page 106

enhancement benefits of $96 million and ComEd’s accelerated
liability increase of $121 million inclusive of $96 million for sep-
aration benefits and $25 million for plan enhancements.
Exelon provides certain health care and life insurance
benefits for retired employees. In 2001, Exelon adopted an
amendment to the former Unicom postretirement medical
benefit plan that changed the eligibility requirement of the
plan to cover only employees who retire with 10 years of service
after age 45 rather than with 10 years of service and having
attained the age of 55.Welfare benefits for active employees are
provided by several insurance policies or self-funded plans
whose premiums or contributions are based upon the benefits
paid during the year.
Exelon sponsors savings plans for the majority of its
employees. The plans allow employees to contribute a portion
of their pretax income in accordance with specified guidelines.
Exelon matches a percentage of the employee contribution up
to certain limits. The cost of Exelon’s matching contribution to
the savings plans totaled $63 million,$57 million and $17 million
in 2002, 2001 and 2000, respectively.
note 16 • preferred securities of subsidiaries
Preferred and Preference Stock
At December 31, 2002 and 2001, cumulative Preferred Stock of
PECO, no par value, consisted of 15,000,000 shares authorized
and the amounts set forth below:
Notes To Consolidated Financial Statements
exelon corporation and subsidiary companies
104
Current December 31,
Redemption 2002 2001 2002 2001
Price (a) Shares Outstanding Dollar Amount
Series (without mandatory redemption)
$4.68 $ 104.00 150,000 150,000 $15$15
$4.40 112.50 274,720 274,720 27 27
$4.30 102.00 150,000 150,000 15 15
$3.80 106.00 300,000 300,000 30 30
$7.48 (b) 500,000 500,000 50 50
1,374,720 1,374,720 137 137
Series (with mandatory redemption)
$6.12(c) –185,400 –19
Total preferred stock 1,374,720 1,560,120 $137$156
(a) Redeemable, at the option of PECO,at the indicated dollar amounts per share, plus accrued dividends.
(b) None of the shares of this series is subject to redemption prior to April 1, 2003.
(c) PECO made the annual sinking fund payments of $18.5 million on August 1, 2002 and August 1, 2001. At December 31, 2000,shares and principal outstanding were 370,800 and $37 mil-
lion,respectively.
At December 31,2002 and 2001,ComEd Preferred Stock and ComEd Preference Stock consisted of 850,000 and 6,810,451 shares author-
ized,respectively,none of which were outstanding.
Company Obligated Mandatorily Redeemable Preferred Securities
At December 31, 2002 and 2001, subsidiary trusts of PECO and ComEd had outstanding the following preferred securities:
Mandatory Distri- Liqui- December 31,
Redemption bution dation 2002 2001 2002 2001
Date Rate Value Trust Securities Outstanding Dollar Amount
PECO Energy
Capital Trust II 2037 8.00% $ 25 2,000,000 2,000,000 $50$50
PECO Energy
Capital Trust III 2028 7.38% 1,000 78,105 78,105 78 78
Total 2,078,105 2,078,105 $ 128 $ 128
ComEd Financing I 2035 8.48% $ 25 8,000,000 8,000,000 $ 200 $ 200
ComEd Financing II 2027 8.50% 1,000 150,000 150,000 150 150
Unamortized Discount (20) (21)
Total 8,150,000 8,150,000 $ 330 $ 329