Exelon 2015 Annual Report Download - page 349

Table of Contents
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, Generation, ComEd, PECO and BGE as of December 31, 2015 and
2014:
Exelon
Maturity
Date
December 31,
Rates 2015 2014
Long-term debt
Rate stabilization bonds 5.72% — 5.82% 2017 $ 120 $ 195
First mortgage bonds 1.20% — 6.45% 2016-2045 9,019 8,079
Senior unsecured notes 1.55% — 7.60% 2017-2045 9,803 7,071
Unsecured bonds 2.80% — 6.35% 2016-2036 1,750 1,750
Pollution control notes 2.50% — 2.70% 2025-2036 435 —
Nuclear fuel procurement contracts 3.15% — 3.35% 2018-2020 127 70
Notes payable and other 1.43% — 7.83% 2016-2053 314 174
Junior subordinated notes 6.50% 2024 1,150 1,150
Contract payment - junior subordinated notes 2.50% 2017 64 108
Long-term software licensing agreement 3.95% 2024 111 —
Nonrecourse debt:
Fixed rates 2.29% — 6.00% 2031-2037 1,162 1,166
Variable rates 2.42% — 5.00% 2017-2030 1,058 1,101
Total long-term debt 25,113 20,864
Unamortized debt discount and premium, net (63) (37)
Unamortized debt issuance costs (180) (150)
Fair value adjustment 275 333
Fair value hedge carrying value adjustment, net — 4
Long-term debt due within one year (1,500) (1,802)
Long-term debt $23,645 $ 19,212
Long-term debt to financing trusts
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
Unamortized debt issuance costs (7) (7)
Long-term debt to financing trusts $ 641 $ 641
(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 capital lease obligations of $29 million and $32 million at December 31, 2015 and 2014, respectively. Lease payments of $4 million, $4 million, $4 million, $5 million, $4
million, and $8 million will be made in 2016, 2017, 2018, 2019, 2020 and thereafter, respectively.
(c) Includes financing related to Albany Green Energy, LLC (AGE), which is a consolidated variable interest entity (see Note 2—Variable Interest Entities for additional information).
The agreement is scheduled to expire on November 17, 2017, at a variable rate equal to LIBOR plus 1.25%. As of December 31, 2015, $100 million was outstanding.
(d) Certain December 31, 2014 balances have been adjusted for the adoption of accounting guidance related to simplifying the presentation of debt costs. See Note 1—Significant
Accounting Policies for additional information.
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(a)
(b)(c)
(d)
(e)
(d)
Source: BALTIMORE GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by Morningstar® Document Research℠
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