Exelon 2014 Annual Report Download - page 110

Fourth Quarter 2014 Dividend
On October 21, 2014, the Exelon Board of Directors declared a fourth quarter 2014 regular quarterly dividend of $0.31 per share on
Exelon’s common stock payable on December 10, 2014 to shareholders of record of Exelon at the end of the day on November 14,
2014.
First Quarter 2015 Dividend
On January 27, 2015, the Exelon Board of Directors declared a first quarter 2015 regular quarterly dividend of $0.31 per share on
Exelon’s common stock payable on March 10, 2015, to shareholders of record of Exelon at the end of the day on February 13, 2015.
Short-Term Borrowings. Short-term borrowings incurred (repaid) during 2014, 2013 and 2012 by Registrant were as follows:
2014 2013 2012
Generation (a) ................................................................................ $ 17 $ 13 $ (52)
ComEd ..................................................................................... 120 184 —
BGE ....................................................................................... (15) 135 —
Other (b) .................................................................................... — — (145)
Exelon (a) ................................................................................... $122 $332 $(197)
(a) On April 1, 2014, Generation assumed operational control of CENG’s nuclear fleet. As a result, the 2014 activity includes CENG on a fully consolidated basis
beginning April 1, 2014.
(b) Other primarily consists of corporate operations and BSC.
Retirement of Long-Term Debt to Financing Affiliates. There were no retirements of long-term debt to financing affiliates during
2014, 2013 and 2012 by the Registrants.
Contributions from Parent/Member. Contributions from Parent/Member (Exelon) during 2014, 2013 and 2012 by Registrant were
as follows:
2014 2013 2012
Generation ................................................................................... $ 53 $ 26 $48
ComEd (a) .................................................................................... 278 176 11
PECO ....................................................................................... 24 27 9
BGE ........................................................................................ — — 66
(a) In 2014 and 2013, represents indemnification from Exelon in relation to the like-kind exchange transaction. For 2014 , also represents contributions from Exelon to
support expanded capital programs.
Distributions to Noncontrolling Interests of Consolidated VIE. On April 1, 2014, Generation loaned $400 million to CENG, the
proceeds of which were used to make a distribution to EDFI of $400 million. See Note 5—Investment in Constellation Energy
Nuclear Group, LLC of the Combined Notes to Consolidated Financial Statements for additional information on the integration of
CENG.
Other. For the year ended December 31, 2014, other financing activities primarily consisted of financing costs associated with the
acquisition of PHI, other project financing and various debt issuance costs. See notes 4, 13, and 19 of the Combined Notes to
Consolidated Financial Statements’ for additional information.
Credit Matters
Market Conditions
The Registrants fund liquidity needs for capital investment, working capital, energy hedging and other financial commitments through
cash flows from continuing operations, public debt offerings, commercial paper markets and large, diversified credit facilities. The
credit facilities include $8.5 billion in aggregate total commitments of which $7.3 billion was available as of December 31, 2014, and
of which no financial institution has more than 8% of the aggregate commitments for Exelon, Generation, ComEd, PECO and BGE.
The Registrants had access to the commercial paper market during 2014 to fund their short-term liquidity needs, when necessary.
The Registrants routinely review the sufficiency of their liquidity position, including appropriate sizing of credit facility commitments,
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