ComEd 2015 Annual Report Download - page 454

Table of Contents
Exelon Corporation and Subsidiary Companies
Schedule I – Condensed Financial Information of Parent (Exelon Corporate)
Notes to Financial Statements
1. Basis of Presentation
Exelon Corporate is a holding company that conducts substantially all of its business operations through its subsidiaries. These condensed
financial statements and related footnotes have been prepared in accordance with Rule 12-04, Schedule I of Regulation S-X. These statements
should be read in conjunction with the consolidated financial statements and notes thereto of Exelon Corporation.
Exelon Corporate owns 100% of all of its significant subsidiaries, either directly or indirectly, except for Commonwealth Edison Company
(ComEd), of which Exelon Corporate owns more than 99%, and BGE, of which Exelon owns 100% of the common stock but none of BGE’s
preferred stock. Exelon owned none of PECO’s preference securities, which PECO redeemed in 2013.
2. Mergers
On April 29, 2014, Exelon and Pepco Holdings, Inc. (PHI) signed an agreement and plan of merger (as subsequently amended and restated
as of July 18, 2014, the Merger Agreement) to combine the two companies in an all cash transaction. The resulting company will retain the Exelon
name. See Note 4—Mergers, Acquisitions, and Dispositions of the Combined Notes to Consolidated Financial Statements for additional
information on the Merger Agreement with PHI.
For BGE’s debt, the difference between fair value and book value of BGE’s assets acquired and liabilities assumed is recorded as a
regulatory asset at Exelon Corporate as Exelon did not apply push-down accounting to BGE as part of the 2012 Constellation Merger. See Note 3
—Regulatory Matters of the Combined Notes to Consolidated Financial Statements for additional information on the fair value of BGE long-term
debt regulatory asset.
3. Debt and Credit Agreements
Short-Term Borrowings
Exelon Corporate meets its short-term liquidity requirements primarily through the issuance of commercial paper. Exelon Corporate had no
commercial paper borrowings at both December 31, 2015 and December 31, 2014.
Credit Agreements
On May 30, 2014, Exelon Corporate amended and extended its unsecured syndicated revolving credit facility with aggregate bank
commitments of $500 million through May 2019. As of December 31, 2015, Exelon Corporation had available capacity under those commitments
of $474 million. See Note 14—Debt and Credit Agreements of the Combined Notes to Consolidated Financial Statements for further information
regarding Exelon Corporation’s credit agreement.
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Source: BALTIMORE GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by Morningstar® Document Research℠
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