Exelon 2014 Annual Report Download - page 221

Combined Notes to Consolidated Financial Statements—(Continued)
(Dollars in millions, except per share data unless otherwise noted)
Long-Term Debt
The following tables present the outstanding long-term debt at Exelon as of December 31, 2014 and 2013:
Rates
Maturity
Date
December 31,
2014 2013
Long-term debt
Rate stabilization bonds .......................................... 5.72% — 5.82% 2017 $ 195 $ 265
First mortgage bonds (a)(b) ........................................ 1.20% — 6.45% 2015 - 2044 8,079 7,746
Senior unsecured notes .......................................... 2.00% — 7.60% 2015 - 2042 7,071 7,571
Unsecured bonds ............................................... 2.80% — 6.35% 2016 - 2036 1,750 1,750
Pollution control note ............................................ 4.10% 2014 — 20
Nuclear fuel procurement contracts ................................ 3.25% — 3.35% 2018 70 —
Junior subordinated notes ........................................ 6.50% 2017 1,150 —
Nonrecourse debt:
Fixed rates ................................................. 2.33% — 6.00% 2031 - 2037 1,166 1,077
Variable rates .............................................. 2.41% — 5.00% 2019 - 2030 1,101 150
Notes payable and other (c) ....................................... 6.95% — 7.83% 2015 - 2053 174 181
Total long-term debt 20,756 18,760
Unamortized debt discount and premium, net ........................ (37) (19)
Fair value adjustment ............................................ 441 384
Fair value hedge carrying value adjustment, net ...................... 4 7
Long-term debt due within one year ................................ (1,802) (1,509)
Long-term debt ................................................... $19,362 $17,623
Long-term debt to financing trusts (d)
Subordinated debentures to ComEd Financing III ..................... 6.35% 2033 $ 206 $ 206
Subordinated debentures to PECO Trust III .......................... 7.38% 2028 81 81
Subordinated debentures to PECO Trust IV ......................... 5.75% 2033 103 103
Subordinated debentures to BGE Trust ............................. 6.20% 2043 258 258
Total long-term debt to financing trusts .............................. $ 648 $ 648
(a) Substantially all of ComEd’s assets other than expressly excepted property and substantially all of PECO’s assets are subject to the liens of their respective mortgage
indentures.
(b) Includes first mortgage bonds issued under the ComEd and PECO mortgage indentures securing pollution control bonds and notes.
(c) Includes capital lease obligations of $32 million and $41 million at December 31, 2014 and 2013, respectively. Lease payments of $3 million, $4 million, $4 million, $4
million, $5 million and $12 million will be made in 2015, 2016, 2017, 2018, 2019 and thereafter, respectively.
(d) Amounts owed to these financing trusts are recorded as Long-term debt to financing trusts within Exelon’s Consolidated Balance Sheets.
Long-term debt maturities at Exelon in the periods 2014 through 2019 and thereafter are as follows:
Year Exelon
2015 .................................................................................................. $ 1,739
2016 .................................................................................................. 1,269
2017 .................................................................................................. 2,400
2018 .................................................................................................. 1,415
2019 .................................................................................................. 982
Thereafter ............................................................................................. 13,599(a)
Total .................................................................................................. $21,404
(a) Includes $648 million due to ComEd, PECO and BGE financing trusts.
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