EX-99 8 exfs-13.txt EX. FS-13 - BALANCE SHEET OF CLEVELAND ELECTRIC FS-13 THE CLEVELAND ELECTRIC ILLUMINATING COMPANY PRO FORMA BALANCE SHEETS AS OF SEPTEMBER 30, 2005
NON-NUCLEAR NUCLEAR AS REPORTED ADJUSTMENTS PRO FORMA ADJUSTMENTS PRO FORMA ------------ ------------- ------------ ------------ ------------ (IN THOUSANDS) ASSETS UTILITY PLANT: In service $ 4,498,876 $ (1,252,552)a $ 3,246,324 $(1,235,420)k $ 2,010,904 Less-Accumulated provision for depreciation 2,020,868 (823,166)b 1,197,702 (422,802)l 774,900 ------------ ------------- ------------ ------------ ------------ 2,478,008 (429,386) 2,048,622 (812,618) 1,236,004 ------------ ------------- ----------- ------------ ------------ Construction work in progress- Electric plant 90,911 90,911 (53,982)m 36,929 Nuclear fuel 8,632 8,632 (8,632)n - ------------ ------------- ----------- ------------ ------------ 99,543 - 99,543 (62,614) 36,929 ------------ ------------- ----------- ------------ ------------ 2,577,551 (429,386) 2,148,165 (875,232) 1,272,933 ------------ ------------- ----------- ------------ ------------ OTHER PROPERTY AND INVESTMENTS: Investment in lessor notes 564,169 564,169 564,169 Nuclear plant decommissioning trusts 427,920 427,920 (427,920)o - Long-term notes receivable from associated companies 8,774 389,462 c,d 398,236 528,102 c,d 926,338 Other 16,028 (3,889)e 12,139 (1,518)p 10,621 ------------ ------------- ------------ ------------ ------------ 1,016,891 385,573 1,402,464 98,664 1,501,128 ------------ ------------- ------------ ------------ ------------ CURRENT ASSETS: Cash and cash equivalents 207 207 207 Receivables- Customers 255,769 255,769 255,769 Associated companies 19,883 19,883 19,883 Other 9,651 9,651 9,651 Materials and supplies, at average cost 72,506 (11,461)f 61,045 (61,045)q - Prepayments and other 2,769 2,769 2,769 ------------ ------------- ------------ ------------ ------------ 360,785 (11,461) 349,324 (61,045) 288,279 ------------ ------------- ------------ ------------ ------------ DEFERRED CHARGES: Goodwill 1,688,966 1,688,966 1,688,966 Regulatory assets 889,127 889,127 889,127 Property taxes 77,792 - 77,792 - 77,792 Other 29,995 29,995 29,995 ------------ ------------- ------------ ------------ ------------ 2,685,880 - 2,685,880 - 2,685,880 ------------ ------------- ------------ ------------ ------------ $ 6,641,107 $ (55,274) $ 6,585,833 $ (837,613) $ 5,748,220 ============ ============= ============ ============ ============ CAPITALIZATION AND LIABILITIES CAPITALIZATION: Common stockholder's equity- Common stock, without par value, authorized 105,000,000 shares-79,590,689 shares outstanding $ 1,356,998 $ - $ 1,356,998 $ - $ 1,356,998 Other paid-in capital - (31,330)g (31,330) (31,330) Accumulated other comprehensive income 12,148 12,148 (30,231)r (18,083) Retained earnings 574,394 574,394 574,394 ------------ ------------- ------------ ------------ ------------ Total common stockholder's equity 1,943,540 (31,330) 1,912,210 (30,231) 1,881,979 Long-term debt and other long-term obligations 1,939,730 1,939,730 1,939,730 ------------ ------------- ------------ ------------ ------------ 3,883,270 (31,330) 3,851,940 (30,231) 3,821,709 ------------ ------------- ------------ ------------ ------------ CURRENT LIABILITIES: Currently payable long-term debt 75,706 75,706 75,706 Short-term borrowings- Associated companies 518,784 518,784 (465,000)s 53,784 Other 35,000 35,000 35,000 Accounts payable- Associated companies 33,802 33,802 33,802 Other 6,702 6,702 6,702 Accrued taxes 156,630 156,630 156,630 Accrued interest 27,242 27,242 27,242 Lease market valuation liability 60,200 60,200 60,200 Other 39,094 39,094 (4,412)t 34,682 ------------ ------------- ------------ ------------ ------------ 953,160 - 953,160 (469,412) 483,748 ------------ ------------- ------------ ------------ ------------ NONCURRENT LIABILITIES: Accumulated deferred income taxes 552,072 (6,472)h 545,600 (39,443)u 506,157 Accumulated deferred investment tax credits 58,736 (14,682)i 44,054 (21,552)v 22,502 Lease market valuation liability 623,100 623,100 623,100 Asset retirement obligation 280,765 (2,790)j 277,975 (276,975)w 1,000 Retirement benefits 86,597 86,597 86,597 Other 203,407 - 203,407 - 203,407 ------------ ------------- ------------ ------------ ------------ 1,804,677 (23,944) 1,780,733 (337,970) 1,442,763 ------------ ------------- ------------ ------------ ------------ COMMITMENTS AND CONTINGENCIES ------------ ------------- ------------ ------------ ------------ $ 6,641,107 $ (55,274) $ 6,585,833 $ (837,613) $ 5,748,220 ============ ============= ============ ============ ============ - - - - -
Explanatory Notes - The Cleveland Electric Illuminating Company --------------------------------------------------------------- a. The transfer of non-nuclear generation plant in service to FGCO. b. The transfer of the accumulated provision for depreciation for non-nuclear plant in service to FGCO. c. The establishment of an associated company note receivable as consideration for PCNs to be assumed by FGCO or NGC at a future date. 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 materials and supplies for non-nuclear plant to FGCO. g. 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 h. The transfer of accumulated deferred income taxes for non-nuclear generation plant to FGCO. i. The transfer of accumulated deferred investment tax credits for non-nuclear generation plant to FGCO. j. The transfer of asset retirement obligations related to the non-nuclear generation plants to FGCO. k. The transfer of nuclear plant in service and nuclear fuel in service to NGC. l. The transfer of the accumulated provision for depreciation and amortization for nuclear plant in service and nuclear fuel in service to NGC. m. The transfer of nuclear plant construction work in progress to NGC. n. The transfer of nuclear fuel construction work in progress to NGC. o. The transfer of nuclear plant decommissioning trusts to NGC. p. The transfer of other property and investments related nuclear plant assets to NGC. q. The transfer of materials and supplies for nuclear plant to NGC. r. The transfer of unrealized gains and losses on decommissioning trust investments recorded as other comprehensive income to NGC. s. The use of proceeds from the nuclear asset transfer to reduce associated company money pool debt. t. The transfer of other current liabilities related to nuclear generation plant to NGC. u. The transfer of accumulated deferred income taxes for nuclear generation plant to NGC. v. The transfer of accumulated deferred income tax credits for nuclear plant to NGC. w. The transfer of asset retirement obligations related to the nuclear generation plants to NGC. The Cleveland Electric Illuminating Company Nuclear Journal Entry Summary As of September 30, 2005 Sales Price Non-nuclear - Master Facilty Lease Values Nuclear - Lower Book or FMV at time of transfer ----------------------------------------------- Debit Credit ----------------------------- Nuclear - Plant in Service 997,829 Accumulated Depreciation 248,957 Nuclear Fuel in Service 237,591 Accumulated Amortization 173,845 Nuclear - CWIP 53,982 CWIP - Nuclear Fuel 8,632 NDT Assets 427,920 Other Property and Investments 1,518 Notes Rec. - Assoc. Co. 160,952 M&S - Nuclear 61,045 Notes Rec. Assoc Co. - PCN Assumption 367,150 Accumulated Other Comprehensive Income 30,231 Other Current Liabilities 4,412 Deferred Taxes - Depreciation 205,549 Deferred Taxes - ARO 47,217 Deferred Taxes - ITC 7,774 Deferred Taxes - Other 205,549 Investment Tax Credits 21,552 NDT Liabilities 276,975 Notes Payable - Assoc. com. 465,000 ----------------------------- 2,001,840 2,001,840 ============================= SUBSEQUENT TO TRANSFER ---------------------- PCN Debt Nuclear - LT 339,450 PCN Debt Nuclear - ST 27,700 Notes Rec. Assoc Co. - PCN Assumption 367,150
The Cleveland Electric Illuminating Company Nuclear Journal Entry Summary As of September 30, 2005 Sales Price Non-nuclear - Master Facilty Lease Values Nuclear - Lower Book or FMV at time of transfer ----------------------------------------------- Debit Credit ----------------------------- Non-nuclear - Plant in Service 1,252,552 Accumulated Depreciation 823,166 Other Property and Investments 3,889 Notes Rec. - Assoc. Co. 27,184 M&S 11,461 Paid-in Capital 31,330 Notes Rec. Assoc Co. - PCN Assumption 362,278 Deferred Taxes - Depreciation 82,277 Deferred Taxes - ARO 467 Investment Tax Credits 14,682 Deferred Taxes - ITC 5,296 Deferred Taxes - Other 70,976 Asset Retirement Obligation 2,790 ----------------------------- 1,344,174 1,344,174 ============================= SUBSEQUENT TO TRANSFER ---------------------- PCN Debt Non-nuclear - LT 314,778 PCN Debt Non-nuclear - ST 47,500 Notes Rec. Assoc Co. - PCN Assumption 362,278