ComEd 2013 Annual Report Download - page 222

For theyear endedDecember 31,2012,Exelon recordedthefollowingseverancebenefitcostsassociatedwiththeidentifiedjob
reductionswithin operatingandmaintenanceexpenseinitsConsolidatedStatementsofOperations, except for thosecoststhat were
capitalizedasregulatoryassetsrelatedto ComEd and BGE:
Year Ended December 31, 2012
Severance Benefits (a)(b)
Severancecharges ........................................................................................ $124
Stock compensation ....................................................................................... 7
Other charges ............................................................................................ 7
Total severancebenefits.................................................................................... $138
(a)Theamountsaboveinclude$46 million at Generation,$14million at ComEd, $7 million at PECO, and$7million at BGE, for amountsbilled by BSC through
intercompanyallocationsfor theyear endedDecember 31,2012.
(b) Exelon establishedaregulatoryasset of$35million for severancebenefitscostsfor theyear endedDecember 31,2012.Themajorityofthesecostsare expectedto
berecoveredover a five-year period.
Amountsincludedinthetable belowrepresent theseveranceliabilityrecordedbyExelon:
Severance liability
BalanceatDecember 31,2011 .............................................................................. $—
Severancecharges(a)...................................................................................... 124
Stock compensation ....................................................................................... 7
Other charges(b) .......................................................................................... 7
Payments ................................................................................................ (27)
BalanceatDecember 31,2012 .............................................................................. $111
Severancecharges ........................................................................................ 5
Stock compensation ....................................................................................... 1
Payments ................................................................................................ (64)
BalanceatDecember 31,2013 .............................................................................. $ 53
(a)Includessalarycontinuanceandhealthandwelfare severancebenefits. Amountsprimarilyrepresent benefitsprovidedfor under Exelon’s ongoingseverance plan.
One-time termination benefitswere not material for theyearsendedDecember 31,2012 andDecember 31,2013.
(b) Primarilyincludeslifeinsurance,employer payroll taxes, educational assistance,andoutplacement services.
Cash paymentsunder the plan began inthesecondquarter of2012.Substantiallyall cash paymentsunder the plan are expectedto
bemadeby theendof2016.
Ongoing Severance Plans
TheRegistrantsprovideseveranceandhealthandwelfare benefitsunder Exelon’s ongoingseverancebenefit plansto terminated
employeesinthe normal courseofbusiness, which were not directlyrelatedto themerger withConstellation.Thesebenefitsare
accruedfor when thebenefitsare consideredprobable andcan be reasonablyestimated.
For theyearsendedDecember 31,2013,2012,and2011,Exelon recordedseverancecostsof$18million,$19million and
$5 million,respectively, associatedwiththeseongoingseverancebenefitswithin operatingandmaintenanceexpenseinits
ConsolidatedStatementsofOperationsandComprehensiveIncome:
Theseveranceliabilitybalancesassociatedwiththeseongoings
everancebenefitsasofDecember 31,2013 and2012 are not
material.
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