Exelon 2003 Annual Report Download - page 104

Download and view the complete annual report

Please find page 104 of the 2003 Exelon annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 138

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138

102 Notes to Consolidated Financial Statements
EXELON CORPORATION AND SUBSIDIARY COMPANIES
NOTE 11 ‰LONG-TERM DEBT
December 31,
Rates Maturity Date 2003 2002
Securitized long-term debt(a)
ComEd Transitional Trust Notes Series 1998-A: $–$ 2,040
PETT Bonds Series 1999-A:
Fixed rates –2,426
Floating rates –274
PETT Bonds Series 2000-A: –750
PETT Bonds Series 2001: –805
Other long-term debt
First and Refunding Mortgage Bonds(b)(c):
Fixed rates 3.50%-9.875% 2004-2033 4,312 3,614
Floating rates 1.07%-1.30% 2012-2020 406 254
Notes payable and other 5.35%-9.20% 2004-2020 2,944 2,393
Boston Generating Facility 6.60%(d) 2007 1,037 1,036
Pollution control notes:
Fixed rates 5.20%-5.30% 2021-2034 156 199
Floating rates 0.95%-1.15% 2016-2034 363 456
Notes payable–accounts receivable agreement 1.40% 2005 49 61
Sinking fund debentures 3.125%-4.75% 2004-2011 17 20
Commercial paper(e) –267
Total long-term debt(f) 9,284 14,595
Unamortized debt discount and premium, net (43) (107)
Fair-value hedge carrying value adjustment, net 33 41
Long-term debt due within one year (1,385) (1,402)
Long-term debt $7,889 $ 13,127
Long-term debt to financing trusts(a)
Subordinated debentures to ComEd Financing II 8.50% 2027 $ 155 $–
Subordinated debentures to ComEd Financing III 6.35% 2033 206 –
Subordinated debentures to PECO Trust III 7.38% 2028 81 –
Subordinated debentures to PECO Trust IV 5.75% 2033 103 –
Payable to ComEd Transitional
Funding Trust 5.44%-5.74% 2004-2008 1,676 –
Payable to PETT 5.63%-7.65% 2004-2010 3,849 –
Long-term debt to financing trusts(g) 6,070 –
Long-term debt to financing trusts due within one year (470) –
Total long-term debt to financing trusts $5,600 $–
(a) Effective July 1, 2003, PECO Energy Capital Trust IV (PECO Trust IV), a financing subsidiary created in May 2003, was deconsolidated from the financial statements in conjunction
with the adoption of FIN No. 46. Effective December 31, 2003, ComEd Financing II, ComEd Financing III, ComEd Transitional Funding Trust, PECO Trust III, and PETT were deconsoli-
dated from the financial statements in conjunction with the adoption of FIN No. 46-R. Amounts owed to these financing trusts are recorded as debt to financing trusts within the
Consolidated Balance Sheets. See Note 16—Preferred Securities for additional information regarding ComEd Financing II, ComEd Financing III, ComEd Funding LLC, PECO Trust III
and PECO Trust IV.
(b) Utility plant of ComEd and PECO is subject to the liens of their respective mortgage indentures.
(c) Includes first mortgage bonds issued under the ComEd and PECO mortgage indentures securing pollution control notes.
(d) The rate for the Boston Generating Facility is stated as an average rate. Under the terms of the Boston Generating Facility, Boston Generating is required to effectively fix the in-
terest rate on 50% of the borrowings under the facility through its maturity in 2007. The Boston Generating Facility is subject to a variable rate based on the LIBOR rate plus a
margin of 1.65% as of February 2003; however, through the required interest-rate swaps, Boston Generating had effectively fixed the LIBOR component of the interest rate at
5.73% on 83% of the debt balance as of December 31, 2003.
(e) Classified as long-term at December 31, 2002 since it was refinanced with long-term debt in January 2003.
(f) Long-term debt maturities in the period 2004 through 2008 and thereafter are as follows:
2004 $ 1,385
2005 657
2006 501
2007 232
2008 975
Thereafter 5,534
Total $9,284