EX-99 15 fs_14.txt PRO FORMA BALANCE SHEET - TE
THE TOLEDO EDISON COMPANY PRO FORMA BALANCE SHEETS AFTER TRANSFER OF GENERATION Transfer PRO FORMA March 31, of Fossil BALANCE SHEET 2005 and Hydro 31-MAR-05 -------------- ---------- -------------- ASSETS (In thousands) UTILITY PLANT: In service $ 1,857,720 $ (237,145) $ 1,620,575 Less-Accumulated provision for depreciation 789,915 (171,469) 618,446 -------------- ---------- -------------- 1,067,805 (65,676) 1,002,129 -------------- ---------- -------------- Construction work in progress- Electric plant 66,405 (4,619) 61,786 Nuclear Fuel 22,634 22,634 -------------- ---------- -------------- 89,039 (4,619) 84,420 -------------- ---------- -------------- 1,156,844 (70,295) 1,086,549 -------------- ---------- -------------- OTHER PROPERTY AND INVESTMENTS: Investment in lessor notes 178,764 178,764 Nuclear plant decommissioning trusts 305,046 305,046 Long-term notes receivable from associated companies 40,002 79,686 119,688 Other 1,835 1,835 -------------- ---------- -------------- 525,647 79,686 605,333 -------------- ---------- -------------- CURRENT ASSETS: Cash and cash equivalents 15 15 Receivables- Customers 6,443 6,443 Associated companies 12,180 12,180 Other 4,138 4,138 Notes receivable from associated companies 137,266 137,266 Materials and supplies, at average cost 46,769 (6,948) 39,821 Prepayments and other 1,206 1,206 -------------- ---------- -------------- 208,017 (6,948) 201,069 -------------- ---------- -------------- DEFERRED CHARGES: Regulatory assets 349,297 349,297 Goodwill 504,522 504,522 Property taxes 24,100 24,100 Other 43,312 43,312 -------------- ---------- -------------- 921,231 - 921,231 -------------- ---------- -------------- $ 2,811,739 $ 2,443 $ 2,814,182 ============== ========== ============== CAPITALIZATION AND LIABILITIES CAPITALIZATION: Common stockholder's equity- Common stock, $5 par value, authorized 60,000,000 shares - 39,133,887 shares outstanding $ 195,670 $ - $ 195,670 Other paid-in capital 428,559 22,496 451,055 Accumulated other comprehensive income 19,051 19,051 Retained earnings 189,213 189,213 -------------- ---------- -------------- Total common stockholder's equity 832,493 22,496 854,989 Preferred stock not subject to mandatory redemption 126,000 126,000 Long-term debt 300,131 300,131 -------------- ---------- -------------- 1,258,624 22,496 1,281,120 -------------- ---------- -------------- CURRENT LIABILITIES: Currently payable long-term debt 90,950 90,950 Short-term borrowings - Accounts payable- - Associated companies 116,930 116,930 Other 2,299 2,299 Notes payable to associated companies 394,761 394,761 Accrued taxes 31,695 31,695 Lease market valuation liability 24,600 24,600 Other 80,005 (124) 79,881 -------------- ---------- -------------- 741,240 (124) 741,116 -------------- ---------- -------------- NONCURRENT LIABILITIES: Accumulated deferred income taxes 221,759 (18,282) 203,477 Accumulated deferred investment tax credits 24,562 24,562 Retirement benefits 39,838 39,838 Asset retirement obligation 197,564 (1,647) 195,917 Lease market valuation liability 261,850 261,850 Other 66,302 66,302 -------------- ---------- -------------- 811,875 (19,929) 791,946 -------------- ---------- -------------- COMMITMENTS AND CONTINGENCIES (NOTE 3) -------------- ---------- -------------- $ 2,811,739 $ 2,443 $ 2,814,182 ============== ========== ============== (TABLE BREAK) PRO FORMA TRANSFER BALANCE SHEET OF NUCLEAR 31-MAR-05 --------------------------- ASSETS (In thousands) UTILITY PLANT: In service $ (834,952) $ 785,623 Less-Accumulated provision for depreciation (254,695) 363,751 ---------- ------------- (580,257) 421,872 ---------- ------------- Construction work in progress- Electric plant (51,321) 10,465 Nuclear Fuel (22,634) - ---------- ------------- (73,955) 10,465 ---------- ------------- (654,212) 432,337 ---------- ------------- OTHER PROPERTY AND INVESTMENTS: Investment in lessor notes 178,764 Nuclear plant decommissioning trusts (255,657) 49,389 Long-term notes receivable from associated companies 340,581 460,269 Other 1,835 ---------- ------------- 84,924 690,257 ---------- ------------- CURRENT ASSETS: Cash and cash equivalents 15 Receivables- Customers 6,443 Associated companies 12,180 Other 4,138 Notes receivable from associated companies 137,266 Materials and supplies, at average cost (39,821) - Prepayments and other 1,206 ---------- ------------- (39,821) 161,248 ---------- ------------- DEFERRED CHARGES: Regulatory assets 349,297 Goodwill 504,522 Property taxes 24,100 Other 43,312 ---------- ------------- - 921,231 ---------- ------------- $ (609,109) $ 2,205,073 ========== ============= CAPITALIZATION AND LIABILITIES CAPITALIZATION: Common stockholder's equity- Common stock, $5 par value, authorized 60,000,000 shares - 39,133,887 shares outstanding $ - $ 195,670 Other paid-in capital 451,055 Accumulated other comprehensive income 19,051 Retained earnings 189,213 ---------- ------------- Total common stockholder's equity - 854,989 Preferred stock not subject to mandatory redemption 126,000 Long-term debt 300,131 ---------- ------------- - 1,281,120 ---------- ------------- CURRENT LIABILITIES: Currently payable long-term debt 90,950 Short-term borrowings Accounts payable- - Associated companies (30,105) 86,825 Other 2,299 Notes payable to associated companies (250,000) 144,761 Accrued taxes 31,695 Lease market valuation liability 24,600 Other (5,807) 74,074 ---------- ------------- (285,912) 455,204 ---------- ------------- NONCURRENT LIABILITIES: Accumulated deferred income taxes (152,206) 51,271 Accumulated deferred investment tax credits 24,562 Retirement benefits 39,838 Asset retirement obligation (169,737) 26,180 Lease market valuation liability 261,850 Other (1,254) 65,048 ---------- ------------- (323,197) 468,749 ---------- ------------- COMMITMENTS AND CONTINGENCIES (NOTE 3) ---------- ------------- $ (609,109) $ 2,205,073 ========== =============
Toledo Edison Fosil 03-31-05 ------------------------------------------------------ SALES PRICE Fossil - Master Facility Lease Values Nuclear - LOWER BOOK OR FMV AT TIME OF TRANSFER ------------------------------------------------------
Debit Credit -------------------------- Fossil - Plant in Service 237,145 Accumulated Depreciaton 171,469 CWIP - Steam 4,619 Cash Notes Rec. - Assoc. Co. 10,585 M&S 6,948 Paid-in Capital 22,496 Notes Rec. Assoc Co. - PCN Assumption 69,101 A/P - Assoc. Co. Accrued Interest 124 Other Current Liabilities Deferred Taxes - Estimated 18,282 ARO - LBR 1,647 Other Noncurrent Liabilities -------------------------- 271,208 271,208 ========================== SUBSEQUENT TO TRANSFER ---------------------- PCN Debt Fossil - LT 34,251 PCN Debt Fossil - ST 34,850 Notes Rec. Assoc Co. - PCN Assumption 69,101
Toledo Edison Fosil 03-31-05 ------------------------------------------------------ SALES PRICE Fossil - Master Facility Lease Values Nuclear - LOWER BOOK OR FMV AT TIME OF TRANSFER ------------------------------------------------------
Debit Credit -------------------------- Nuclear - Plant in Service 674,380 Accumulated Depreciation 144,358 Nuclear Fuel In Service 160,572 Accumulated Amortization 110,337 Nuclear - CWIP 51,321 CWIP - Nuclear Fuel 22,634 NDT Assets 255,657 Cash Notes Rec. - Assoc. Co. 56,981 M&S - Nuclear 39,821 Notes Rec. Assoc Co. - PCN Assumption 283,600 A/P - Assoc. Co. 30,105 Accrued Interest 3,474 Other Current Liabilities 2,333 Deferred Taxes - Estimated 152,206 NDT Liabilities 169,737 Notes Payable - Assoc. Co. 250,000 Other Noncurrent Liabilities 1,254 -------------------------- 1,204,385 1,204,385 ========================== SUBSEQUENT TO TRANSFER ---------------------- PCN Debt Fossil - LT 227,500 PCN Debt Fossil - ST 56,100 Notes Rec. Assoc Co. - PCN Assumption 283,600