EX-99 17 fs_13.txt EX. FS-13 - CLEVELAND ELECTRIC BALANCE SHEET THE CLEVELAND ELECTRIC ILLUMINATING COMPANY PRO FORMA CONSOLIDATED BALANCE SHEETS AS OF JUNE 30, 2005
Non-nuclear As Reported Adjustments Pro Forma ----------- ----------- --------- (In thousands) ASSETS UTILITY PLANT: In service $ 4,497,877 $ (1,250,234) a $ 3,247,643 Less-Accumulated provision for depreciation 2,000,871 (827,608) b 1,173,263 ------------ ------------- ------------ 2,497,006 (422,626) 2,074,380 ------------ ------------- ------------ Construction work in progress- Electric plant 79,897 (4,772) c 75,125 Nuclear fuel 4,330 4,330 ------------ ------------- ------------ 84,227 (4,772) 79,455 ------------ ------------- ------------ 2,581,233 (427,398) 2,153,835 ------------ ------------- ------------ OTHER PROPERTY AND INVESTMENTS: Investment in lessor notes 564,172 564,172 Nuclear plant decommissioning trusts 401,610 401,610 Long-term notes receivable from associated companies 7,546 453,988 d 461,534 Other 15,945 (5,176) e 10,769 ------------ ------------- ------------ 989,273 448,812 1,438,085 ------------ ------------- ------------ CURRENT ASSETS: Cash and cash equivalents 207 207 Receivables- Customers 255,422 255,422 Associated companies 29,279 29,279 Other 11,109 11,109 Notes receivable from associated companies 23,537 23,537 Materials and supplies, at average cost 87,713 (45,746) g 41,967 Prepayments and other 1,948 1,948 ------------ ------------- ------------ 409,215 (45,746) 363,469 ------------ ------------- ------------ DEFERRED CHARGES: Goodwill 1,693,629 1,693,629 Regulatory assets 902,137 902,137 Property taxes 77,792 (7,088) h 70,704 Other 36,471 36,471 ------------ ------------- ------------ 2,710,029 (7,088) 2,702,941 ------------ ------------- ------------ $ 6,689,750 $ (31,420) $ 6,658,330 ============ ============= ============ CAPITALIZATION AND LIABILITIES CAPITALIZATION: Common stockholder's equity- Common stock, without par value $ 1,356,983 $ - $ 1,356,983 Other paid-in capital - (19,410) j (19,410) Accumulated other comprehensive income 16,212 - 16,212 Retained earnings 480,957 480,957 ------------ ------------- ------------ Total common stockholder's equity 1,854,152 (19,410) 1,834,742 Long-term debt and other long-term obligations 1,948,083 1,948,083 ------------ ------------- ------------ 3,802,235 (19,410) 3,782,825 ------------ ------------- ------------ CURRENT LIABILITIES: Currently payable long-term debt 75,694 75,694 Short-term borrowings- Associated companies 404,290 18,758 o 423,048 Other 155,000 155,000 Accounts payable- Associated companies 191,959 191,959 Other 5,733 5,733 Accrued taxes 122,675 122,675 Accrued interest 21,782 21,782 Lease market valuation liability 60,200 60,200 Other 43,841 43,841 ------------ ------------- ------------ 1,081,174 18,758 1,099,932 ------------ ------------- ------------ NONCURRENT LIABILITIES: Accumulated deferred income taxes 543,554 223 k 543,777 Accumulated deferred investment tax credits 58,241 (21,151) l 37,090 Asset retirement obligation 281,206 (2,752) m 278,454 Retirement benefits 84,428 84,428 Lease market valuation liability 638,100 638,100 Other 200,812 (7,088) h 193,724 ------------ ------------- ------------ 1,806,341 (30,768) 1,775,573 ------------ ------------- ------------ COMMITMENTS AND CONTINGENCIES ------------ ------------- ------------ $ 6,689,750 $ (31,420) $ 6,658,330 ============ ============= ============
COMBINED EXPLANATORY NOTES FOR THE PRO FORMA OPERATING COMPANY BALANCE SHEETS a. The transfer of non-nuclear generation plant in service to FGCO. b. The transfer of the accumulated provision for depreciation on non-nuclear plant in service to FGCO. c. The transfer of non-nuclear plant construction work in progress to FGCO. d. The establishment of an associated company note receivable as consideration for the purchased assets and assumption of liabilities. e. The transfer of other property and investments related to non-nuclear plant assets to FGCO. f. The transfer of working cash funds used for expense advances at certain non-nuclear generation facilities to FGCO. g. The transfer of materials and supplies for non-nuclear generation plant to FGCO. h. The transfer of deferred property tax charges for non-nuclear generation plant to FGCO. i. The transfer of other work in progress for non-nuclear generation plant to FGCO. j. To record in other paid-in capital the difference between the net book value and the purchase price, pursuant to the purchase option in the Master Lease, for the non-nuclear generation assets. k. The transfer of accumulated deferred income taxes for non-nuclear generation plant to FGCO. l. The transfer of accumulated deferred investment tax credits for non-nuclear generation plant to FGCO. m. The transfer of asset retirement obligations related to the non-nuclear generation plants to FGCO. n. The transfer of deferred property taxes and accumulated deferred investment tax credits for non-nuclear generation plant to FGCO. o. The establishment of notes payable to associated companies to reflect the net liabilities transferred to FGCO.