EX-99 9 exfs-14.txt EX. FS-14 - BALANCE SHEET OF TOLEDO EDISON FS-14 THE TOLEDO EDISON 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 $ 1,906,941 $ (250,615) a $ 1,656,326 $ (839,701) k $ 816,625 Less-Accumulated provision for depreciation 820,562 (179,503) b 641,059 (273,936) l 367,123 ------------ ------------- ------------ ------------ ------------ 1,086,379 (71,112) 1,015,267 (565,765) 449,502 ------------ ------------- ------------ ------------ ------------ Construction work in progress- Electric plant 55,376 55,376 (42,989) m 12,387 Nuclear Fuel 7,370 7,370 (7,371) n (1) ------------ ------------- ------------ ------------ ------------ 62,746 - 62,746 (50,360) 12,386 ------------ ------------- ------------ ------------ ------------ 1,149,125 (71,112) 1,078,013 (616,125) 461,888 ------------ ------------- ------------ ------------ ------------ OTHER PROPERTY AND INVESTMENTS: Investment in lessor notes 178,765 178,765 178,765 Nuclear plant decommissioning trusts 335,553 335,553 (275,419) o 60,134 Long-term notes receivable from associated companies 39,964 99257 c,d 139,221 440,780 c,d 580,001 Other 1,741 (149) e 1,592 (62) p 1,530 ------------ ------------- ------------ ------------ ------------ 556,023 99,108 655,131 165,299 820,430 ------------ ------------- ------------ ------------ ------------ CURRENT ASSETS: Cash and cash equivalents 15 15 15 Receivables- Customers 2,412 2,412 2,412 Associated companies 10,168 10,168 10,168 Other 8,658 8,658 8,658 Notes receivable from associated companies 52,639 52,639 52,639 Materials and supplies, at average cost 42,404 (620) f 41,784 (41,783) q 1 Prepayments and other 1,712 1,712 1,712 ------------ ------------- ------------ ------------ ------------ 118,008 (620) 117,388 (41,783) 75,605 ------------ ------------- ------------ ------------ ------------ DEFERRED CHARGES: Regulatory assets 501,022 501,022 501,022 Goodwill 309,835 309,835 309,835 Property taxes 24,100 24,100 24,100 Other 26,520 26,520 26,520 ------------ ------------- ------------ ------------ ------------ 861,477 - 861,477 - 861,477 ------------ ------------- ------------ ------------ ------------ $ 2,684,633 $ 27,376 $ 2,712,009 $ (492,609) $ 2,219,400 ============ ============= ============ ============ ============ 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 $ 195,670 Other paid-in capital 428,572 23,220 g 451,792 451,792 Accumulated other comprehensive income 15,878 15,878 (18,487) r (2,609) Retained earnings 225,218 225,218 225,218 ------------ ------------- ------------ ------------ ------------ Total common stockholder's equity 865,338 23,220 888,558 (18,487) 870,071 Preferred stock not subject to mandatory redemption 96,000 96,000 96,000 Long-term debt 296,373 296,373 296,373 ------------ ------------- ------------ ------------ ------------ 1,257,711 23,220 1,280,931 (18,487) 1,262,444 ------------ ------------- ------------ ------------ ------------ CURRENT LIABILITIES: Currently payable long-term debt 53,650 53,650 53,650 Accounts payable- Associated companies 28,456 28,456 28,456 Other 3,252 3,252 3,252 Notes payable to associated companies 378,190 378,190 (265,000) s 113,190 Accrued taxes 72,214 72,214 72,214 Lease market valuation liability 24,600 24,600 24,600 Other 28,735 28,735 (3,460) t 25,275 ------------ ------------- ------------ ------------ ------------ 589,097 - 589,097 (268,460) 320,637 ------------ ------------- ------------ ------------ ------------ NONCURRENT LIABILITIES: Accumulated deferred income taxes 222,985 9,510 h 232,495 (21,331) u 211,164 Accumulated deferred investment tax credits 24,697 (3,675) i 21,022 (8,953) v 12,069 Lease market valuation liability 249,550 249,550 249,550 Retirement benefits 42,998 42,998 42,998 Asset retirement obligation 200,078 (1,679) j 198,399 (175,378) w 23,021 Other 97,517 - 97,517 - 97,517 ------------ ------------- ------------ ------------ ------------ 837,825 4,156 841,981 (205,662) 636,319 ------------ ------------- ------------ ------------ ------------ COMMITMENTS AND CONTINGENCIES (NOTE 3) ------------ ------------- ------------ ------------ ------------ $ 2,684,633 $ 27,376 $ 2,712,009 $ (492,609) $ 2,219,400 ============ ============= ============ ============ ============
Explanatory Notes ----------------- 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 Toledo Edison Company Non-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 250,615 Accumulated Depreciaton 179,503 Other Property & Investments 149 Notes Rec. - Assoc. Co. 30,156 M&S 620 Paid-in Capital 23,220 Notes Rec. Assoc Co. - PCN Assumption 69,101 Def Tax - ITC 1,327 Def Tax - ARO 203 Deferred Taxes - Depreciation 15,486 Deferred Taxes - Other 23,872 ARO - LBR 1,679 Invest Tax Cr. (ITC) 3,675 --------------------------- 299,803 299,803 =========================== SUBSEQUENT TO TRANSFER PCN Debt Non-nuclear - LT 34,251 PCN Debt Non-nuclear - ST 34,850 Notes Rec. Assoc Co. - PCN Assumption 69,101
The Toledo Edison Company Non-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 679,204 Accumulated Depreciation 153,356 Nuclear Fuel In Service 160,497 Accumulated Amortization 120,580 Nuclear - CWIP 42,989 CWIP - Nuclear Fuel 7,371 NDT Assets 275,419 Other Property & Investments 62 Notes Rec. - Assoc. Co. 194,480 M&S - Nuclear 41,783 Notes Rec. Assoc Co. - PCN Assumption 246,300 Other Current Liabilities 3,460 Deferred Taxes - Depreciation 140,681 Deferred Taxes - Other 140,681 Def Tax - ITC 3,233 Def Tax - ARO 24,564 ITC 8,953 OCI 18,487 NDT Liabilities 175,378 Notes Payable - Assoc. Co. 265,000 --------------------------- 1,351,239 1,351,239 =========================== SUBSEQUENT TO TRANSFER ---------------------- PCN Debt Nuclear - LT 227,500 PCN Debt Nuclear - ST 18,800 Notes Rec. Assoc Co. - PCN Assumption 246,300