ComEd 2002 Annual Report Download - page 98

note 08 • accounts receivable
Accounts Receivable—Customer at December 31,2002 and 2001
included unbilled operating revenues of $442 million and $438
million,respectively.The allowance for uncollectible accounts at
December 31, 2002 and 2001 was $132 million and $213 million,
respectively.
PECO is party to an agreement with a financial institution
under which it can sell or finance with limited recourse an
undivided interest, adjusted daily, in up to $225 million of des-
ignated accounts receivable until November 2005.At December
31, 2002, PECO had sold a $225 million interest in accounts
receivable, consisting of a $164 million interest in accounts
receivable which PECO accounted for as a sale under SFAS No.
140, “Accounting for Transfers and Servicing of Financial Assets
and Extinguishment of Liabilities—a Replacement of FASB
Statement No. 125,” and a $61 million interest in special-agree-
ment accounts receivable which was accounted for as a long-
term note payable (see Note 13—Long-Term Debt). PECO retains
the servicing responsibility for these receivables.The agreement
requires PECO to maintain the $225 million interest, which, if
not met, requires cash, which would otherwise be received by
PECO under this program,to be held in escrow until the require-
ment is met. At December 31, 2002 and 2001, PECO met this
requirement and was not required to make any cash deposits.
note 09 • property, plant, and equipment
A summary of property, plant and equipment by classification
as of December 31,2002 and 2001 is as follows:
Asset Category 2002 2001
Electric-Transmission and Distribution $10,980 $ 10,156
Electric-Generation 5,678 4,344
Gas 1,319 1,281
Common 404 399
Nuclear Fuel 3,112 2,681
Construction Work in Progress 2,783 1,294
Other Property, Plant and Equipment 1,628 1,371
Total Property, Plant and Equipment 25,904 21,526
Less Accumulated Depreciation
(including accumulated amortization
of nuclear fuel of $2,212 and $1,838 as of
December 31, 2002 and 2001, respectively) 8,770 7,735
Property, Plant and Equipment, net $17,134 $ 13,791
note 10 • jointly owned electric utility plant
Exelon’s undivided ownership interests in jointly owned electric
plant at December 31, 2002 and 2001 were as follows:
Notes To Consolidated Financial Statements
exelon corporation and subsidiary companies
96
Production Plant Transmission
December 31, 2002 Peach Bottom Salem Keystone Conemaugh Quad Cities and Other Plant
Operator Generation PSE&G Reliant Reliant Generation Various Co.
Participating Interest 50% 42.59% 20.99% 20.72% 75% 21 to 44%
Exelon’s Share:
Plant $ 417 $ 44 $ 131 $ 214 $ 171 $ 58
Accumulated Depreciation 243 12 117 145 4 22
Construction Work in Progress 52 36 28 1 35 –
Production Plant Transmission
December 31, 2001 Peach Bottom Salem Keystone Conemaugh Quad Cities and Other Plant
Operator Generation PSE&G Reliant Reliant Generation Various Co.
Participating Interest 50% 42.59% 20.99% 20.72% 75% 21 to 44%
Exelon’s Share:
Plant $ 387 $ 12 $ 121 $ 193 $ 96 $ 66
Accumulated Depreciation 220 4 98 124 10 25
Construction Work in Progress 13 53 13 12 52 1
Exelon’s undivided ownership interests are financed with
Exelon funds and, when placed in service, all operations are
accounted for as if such participating interests were wholly
owned facilities. Direct expenses of the jointly owned plants are
included in the corresponding operating expenses on the
Consolidated Income Statements.