1.0.0.3 false Accounting Standards Issued, Accounting Standards Adopted false 1 $ false false shares Standard http://www.xbrl.org/2003/instance shares xbrli 0 usd Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 usdPerShare Divide http://www.xbrl.org/2003/iso4217 USD iso4217 http://www.xbrl.org/2003/instance shares xbrli 0 2 NOTES TO FINANCIAL STATEMENTS 0 ceg_NotesToFinancialStatementsAbstract ceg false na duration string Notes To Financial Statements [Abstract] false false false false false true false false false 1 false false 0 0 false false Notes To Financial Statements [Abstract] false 3 Accounting Standards Issued, Accounting Standards Adopted 1 us-gaap_ScheduleOfNewAccountingPronouncementsAndChangesInAccountingPrinciplesTextBlock us-gaap true na duration string No definition available. false false false false false false false false false 1 false false 0 0 <!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN"> <HTML><HEAD> <META http-equiv=Content-Type content="text/html; charset=utf-8"> <META content="MSHTML 6.00.6000.16825" name=GENERATOR></HEAD> <BODY> Accounting Standards Issued <A name=xxx44501_sfas_no._167></A><A name=toc_xxx44501_6></A>SFAS No. 167 In June 2009, the FASB issued SFAS No. 167, Amendments to FASB Interpretation No. 46R, which is effective for interim and annual reporting periods beginning after November 15, 2009. The standard includes the following significant provisions: <UL> <DL compact> <DT style="MARGIN-BOTTOM: -11pt; FONT-FAMILY: times"> <DD style="FONT-FAMILY: times">requires an entity to qualitatively assess the determination of the primary beneficiary of a VIE based on whether the entity (1) has the power to direct matters that most significantly impact the activities of the VIE, and (2) has the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to the VIE, <DT style="MARGIN-BOTTOM: -11pt; FONT-FAMILY: times"> <DD style="FONT-FAMILY: times">requires an ongoing reconsideration of the primary beneficiary instead of only upon certain triggering events, <DT style="MARGIN-BOTTOM: -11pt; FONT-FAMILY: times"> <DD style="FONT-FAMILY: times">amends the events that trigger a reassessment of whether an entity is a VIE, and <DT style="MARGIN-BOTTOM: -11pt; FONT-FAMILY: times"> <DD style="FONT-FAMILY: times">for an entity that is the primary beneficiary of a VIE, requires separate balance sheet presentation of (1) the assets of the consolidated VIE, if they can be used to only settle specific obligations of the consolidated VIE, and (2) the liabilities of a consolidated VIE for which creditors do not have recourse to the general credit of the primary beneficiary. </DD></DL></UL>         We are currently evaluating the impacts of this standard on our, and BGE's, financial results, which could be material. <A name=xxx44501_sfas_no._168></A><A name=toc_xxx44501_7></A> SFAS No. 168 In June 2009, the FASB issued SFAS No. 168, The FASB Accounting Standards Codification and the Hierarchy of Generally Accepted Accounting Principles, which is effective for financial statements issued for interim and annual periods ending after September 15, 2009. The FASB Accounting Standards Codification (Codification) will become the sole source of authoritative generally accepted accounting principles in the United States of America (GAAP) and will supersede all existing non-SEC accounting and reporting standards. Once the Codification is in effect, all of its content will carry the same level of authority, and any accounting guidance not contained within the Codification will become non-authoritative. Because the Codification is not intended to change GAAP, the adoption of this standard will not have an impact on our, or BGE's, financial results. However, our disclosures and references to accounting standards will change to reflect the new Codification structure beginning with our Form 10-Q for the quarter ending September 30, 2009. Accounting Standards Adopted <A name=xxx44501_sfas_no._160></A><A name=toc_xxx44501_8></A>SFAS No. 160 In December 2007, the FASB issued SFAS No. 160, Noncontrolling Interests in Consolidated Financial Statements, an amendment of ARB No. 51. SFAS No. 160 provides that a noncontrolling interest in a subsidiary is an ownership interest in the consolidated entity that should be reported as equity in the consolidated financial statements. This presentation is based upon the view of the consolidated business as a single economic entity and considers minority ownership interests in consolidated subsidiaries as equity in the consolidated entity.         SFAS No. 160 requires that companies: <UL> <DL compact> <DT style="MARGIN-BOTTOM: -11pt; FONT-FAMILY: times"> <DD style="FONT-FAMILY: times">present noncontrolling interests (formerly described as "minority interests") in the consolidated balance sheet as a separate line item within equity, <DT style="MARGIN-BOTTOM: -11pt; FONT-FAMILY: times"> <DD style="FONT-FAMILY: times">separately present on the face of the income statement the amount of consolidated net income attributable to the parent and to the noncontrolling interest, <DT style="MARGIN-BOTTOM: -11pt; FONT-FAMILY: times"> <DD style="FONT-FAMILY: times">account for changes in ownership interests that do not result in a change in control as equity transactions, and <DT style="MARGIN-BOTTOM: -11pt; FONT-FAMILY: times"> <DD style="FONT-FAMILY: times">upon deconsolidation of a subsidiary due to a change in control, measure any retained interest at fair value and record a gain or loss for both the portion sold and the portion retained. </DD></DL></UL>         Effective January 1, 2009, we presented and disclosed noncontrolling interests in our Consolidated Financial Statements in accordance with SFAS No. 160.         The total change in Constellation Energy's noncontrolling interest amount of $25.8 million is primarily due to income earned at one entity in which we have a noncontrolling interest.         The total change in BGE's noncontrolling interest amount of $8.1 million is primarily due to a contribution by its noncontrolling interest owner. <A name=xxx44501_sfas_no._161></A><A name=toc_xxx44501_9></A> SFAS No. 161 In March 2008, the FASB issued SFAS No. 161. SFAS No. 161 requires entities to provide expanded disclosure about derivative instruments and hedging activities, but does not change the accounting for derivatives. We adopted SFAS No. 161 on January 1, 2009 and provide these additional disclosures beginning on page 29. <A name=xxx44501_sfas_no._165></A><A name=toc_xxx44501_10></A> SFAS No. 165 In May 2009, the FASB issued SFAS No. 165, Subsequent Events, which establishes the general standards of accounting for and disclosure of events that occur subsequent to the balance sheet date but before financial statements are issued or are available to be issued. Because this standard does not change the fundamental requirements for accounting for subsequent events, it does not have a significant impact on our, or BGE's financial results. However, this standard does require the disclosure of the date through which subsequent events have been evaluated as well as whether that date is the date the financial statements were issued. We adopted SFAS No. 165 as of June 30, 2009 and have provided the additional required disclosures on page 11. <A name=page_xxx44501_1_42></A> <A name=xxx44501_fsp_sfas_no._115-2_and_sfas_no._124-2></A><A name=toc_xxx44501_11></A> FSP SFAS No. 115-2 and SFAS No. 124-2 In April 2009, the FASB issued Staff Position (FSP) SFAS No. 115-2 and SFAS No. 124-2, Recognition and Presentation of Other-Than-Temporary Impairments, which amends the other-than-temporary guidance for debt securities and expands the disclosure requirements for debt and equity securities. The available-for-sale investments in our nuclear decommissioning trust funds are managed by third parties who have independent discretion over the purchases and sales of securities. As such, the amended guidance for other-than-temporary impairments will not affect our policy of recognizing impairments for any of these investments for which fair value declines below its book value. The FSP also requires disclosures regarding available-for-sale securities in interim financial statements as well as in annual financial statements. We adopted FSP SFAS No. 115-2 and SFAS No. 124-2 as of April 1, 2009 and provide the additional disclosures regarding available for sale securities beginning on page 17. <A name=xxx44501_fsp_sfas_no._107-1_and_apb_no._28-1></A><A name=toc_xxx44501_12></A> FSP SFAS No. 107-1 and APB No. 28-1 In April 2009, the FASB issued FSP SFAS No. 107-1 and APB No. 28-1, Interim Disclosures about Fair Value of Financial Instruments, which amends SFAS No. 107 to require disclosures about fair value of financial instruments in interim financial statements as well as in annual financial statements. We adopted FSP SFAS No. 107-1 and APB No. 28-1 as of April 1, 2009 with no effect on our, or BGE's financial results. We provide the disclosures regarding fair value of financial instruments on page 40. <A name=xxx44501_fsp_sfas_no._157-2></A><A name=toc_xxx44501_13></A> FSP SFAS No. 157-2 In February 2008, the FASB issued FSP SFAS No. 157-2, Effective Date of FASB Statement No. 157. FSP SFAS No. 157-2 delayed the effective date of SFAS No. 157 for many nonfinancial assets and liabilities, including asset retirement obligations, long-lived assets, and goodwill, to fiscal years beginning after November 15, 2008. Prospectively, we will disclose subsequent measurements of nonfinancial assets and liabilities at fair value as part of our SFAS No. 157 footnote. We adopted FSP SFAS No. 157-2 on January 1, 2009 with no effect on our, or BGE's, financial results. See page 36 for our disclosures about fair value measurements. <A name=xxx44501_fsp_sfas_no._157-4></A><A name=toc_xxx44501_14></A> FSP SFAS No. 157-4 In April 2009, the FASB issued FSP SFAS No. 157-4, Determining Fair Value When the Volume and Level of Activity for the Asset or Liability have Significantly Decreased and Identifying Transactions That Are Not Orderly, which provides additional guidance for estimating fair value when the volume and level of activity for the asset or liability have decreased. The FSP also includes guidance on identifying circumstances that indicate a transaction is not orderly. Finally, the FSP expands the disclosure requirements for fair value measurements to include further disaggregation in the tabular disclosures. We adopted FSP SFAS No. 157-4 as of April 1, 2009 with no effect on our, or BGE's, financial results. See page 36 for our disclosures about fair value measurements. <A name=xxx44501_eitf_no._08-5></A><A name=toc_xxx44501_15></A> EITF No. 08-5 In September 2008, the FASB ratified EITF No. 08-5, Third Party Credit Enhancements. EITF No. 08-5 clarifies that an entity shall not include the effects of a third party credit enhancement in the fair value measurement of a liability. We adopted EITF No. 08-5 on January 1, 2009 and recorded a reduction in our derivative liability of approximately $4 million. </BODY></HTML> Accounting Standards Issued SFAS No. 167 In June 2009, the FASB issued SFAS No. 167, Amendments to FASB Interpretation No. 46R, which is false false No definition available. No authoritative reference available. false false 1 2 false UnKnown UnKnown UnKnown false true