ComEd 2006 Annual Report Download - page 278

Exelon Corporation and Subsidiary Companies
Exelon Generation Company, LLC and Subsidiary Companies
Commonwealth Edison Company and Subsidiary Companies
PECO Energy Company and Subsidiary Companies
Combined Notes to Consolidated Financial Statements—(Continued)
(Dollars in millions, except per share data unless otherwise noted)
At December 31, 2005, Generation’s balance sheet included a liability of $14 million and $99
million related to the pension obligation and other postretirement benefit obligation, respectively. The
following table provides a reconciliation of benefit obligations, plan assets and funded status of the
plans as of December 31, 2005 for the AmerGen-sponsored plans (In accordance with SFAS No. 158,
Generation recognized the underfunded status of AmerGen’s defined benefit postretirement plans as a
liability on its balance sheet as of December 31, 2006.):
Pension Benefits
Other Postretirement
Benefits
Fair value of plan assets at December 31, 2005 ............... $ 70 $—
Net benefit obligations at December 31, 2005 ................. 107 82
Funded status (plan assets less plan obligations) .............. (37) (82)
Amounts not recognized
Net actuarial loss (gain) ............................... 17 (2)
Prior service cost (credit) .............................. 6 (15)
Net amount recognized ................................... $(14) $(99)
The following table presents the incremental effects of applying SFAS No. 158 as well as the
change to the AML as a result of an annual actuarial valuation associated with the AmerGen defined
benefit pension plans and postretirement benefit plans on Generation’s Consolidated Balance Sheet as
of December 31, 2006:
Before Application of
SFAS No. 158 Without
AML Adjustment AML Adjustment
SFAS No. 158
Adjustments
After Application of
SFAS No. 158
Other deferred debits and other
assets (a) ................. $ 265 $ 6 $ (6) $ 265
Total deferred debits and other
assets ................... 7,962 6 (6) 7,962
Other current liabilities ........ 361 — 1 362
Total current liabilities ........ 2,913 — 1 2,914
Pension obligations .......... 16 6 15 37
Non-pension postretirement
benefit obligations ......... 558 — (20) 538
Deferred income taxes and
unamortized investment tax
credits ................... 1,384 — (1) 1,383
Total deferred credits and other
liabilities ................. 8,736 6 (6) 8,736
Accumulated other
comprehensive loss ........ 414 — (1) 413
Total shareholders’ equity ..... 5,481 — (1) 5,480
(a) Represents the write-off of the pension intangible asset as required by SFAS No. 158.
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