ComEd 2015 Annual Report Download - page 355

Table of Contents
Combined Notes to Consolidated Financial Statements—(Continued)
(Dollars in millions, except per share data unless otherwise noted)
ExGen Renewables I. In February 2014, ExGen Renewables I, LLC (EGR), an indirect subsidiary of Exelon and Generation, borrowed
$300 million aggregate principal amount pursuant to a nonrecourse senior secured loan. The proceeds were distributed to Generation for its general
business purposes. The loan is scheduled to mature on February 6, 2021. The loan bears interest at a variable rate equal to LIBOR plus 4.25%,
subject to a 1% LIBOR floor with interest payable quarterly. EGR indirectly owns Continental Wind. As of December 31, 2015, $258 million was
outstanding. In addition to the financing, EGR entered into interest rate swaps with an initial notional amount of $240 million at an interest rate of
2.03% to manage a portion of the interest rate exposure in connection with the financing. See Note 13—Derivative Financial Instruments for
additional information regarding interest rate swaps.
ExGen Texas Power. In September 2014, ExGen Texas Power, LLC (EGTP), an indirect subsidiary of Exelon and Generation, issued
$675 million aggregate principal amount of a nonrecourse senior secured term loan. The net proceeds were distributed to Generation for general
business purposes. The loan is scheduled to mature on September 18, 2021. The term loan bears interest at a variable rate equal to LIBOR plus
4.75%, subject to a 1% LIBOR floor with interest payable quarterly. As of December 31, 2015, $666 million was outstanding. As part of the
agreement, a revolving credit facility was established for the amount of $20 million available through, and scheduled to mature on September 18,
2019. In addition to the financing, EGTP entered into interest rate swaps with an initial notional amount of approximately $505 million at an interest
rate of 2.34% to hedge a portion of the interest rate exposure in connection with this financing, as required by the debt covenants. See Note 13—
Derivative Financial Instruments for additional information regarding interest rate swaps.
15. Income Taxes (Exelon, Generation, ComEd, PECO and BGE)
Income tax expense (benefit) from continuing operations is comprised of the following components:
For the Year Ended December 31, 2015 Exelon Generation ComEd PECO BGE
Included in operations:
Federal
Current $ 407 $ 546 $ (80) $ 64 $ 25
Deferred 566 16 310 69 126
Investment tax credit amortization (22) (19) (2) — (1)
State
Current (86) (90) 7 (10) —
Deferred 208 49 45 20 39
Total $1,073 $ 502 $ 280 $143 $189
For the Year Ended December 31, 2014 Exelon Generation ComEd PECO BGE
Included in operations:
Federal
Current $ 121 $ 360 $ (171) $ 28 $ 24
Deferred 576 (35) 395 87 90
Investment tax credit amortization (20) (16) (2) — (1)
State
Current 42 35 7 (2) —
Deferred (53) (137) 39 1 27
Total $ 666 $ 207 $ 268 $114 $140
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Source: BALTIMORE GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by Morningstar® Document Research℠
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