8-K/AOther Events

EXELON CORP 8-K/A Report (Oct 31, 2002)

Filed October 31, 2002For Securities:EXC

Summary

This 8-K/A filing from Exelon Corporation (EXC) provides an amendment to their previously filed Annual Report on Form 8-K for the period ending December 31, 2001. The primary purpose of this amendment is to disclose a restatement of financial information due to two specific accounting adjustments. These adjustments impact the company's Shareholder's Equity, specifically Other Comprehensive Income, but do not affect reported earnings per share, net income, or cash flow for the periods in question. Investors should note that the restatement involves a $101 million double posting of deferred income taxes related to unrealized losses on nuclear decommissioning trust fund securities. Additionally, Exelon Generation Company LLC's ownership interest in equity investments led to a $27 million adjustment to reflect its share of Other Comprehensive Income. In total, Other Comprehensive Income is reduced by approximately $128 million as of December 31, 2001, due to these revisions.

Key Highlights

  • 1Amendment to 2001 Annual Report on Form 8-K filed on October 31, 2002.
  • 2Restatement of financial information due to accounting adjustments.
  • 3A $101 million double posting of deferred income taxes related to nuclear decommissioning trust fund securities is corrected.
  • 4A $27 million adjustment to Other Comprehensive Income reflects Generation's ownership interest in equity investments (AmerGen Energy and Sithe Energies).
  • 5The restatements reduce Total Other Comprehensive Income by approximately $128 million as of December 31, 2001.
  • 6Earnings per share, net income, and cash flow for the affected periods are not impacted by these restatements.

Frequently Asked Questions

This filing is an amendment to Exelon's 2001 Annual Report on Form 8-K. It is being filed to restate certain financial information, specifically related to a double posting of deferred income taxes and adjustments to reflect ownership interests in equity investments, which impacts Other Comprehensive Income.

No, the filing explicitly states that earnings per share, net income, and cash flow for the periods are not affected by these restatements. The adjustments primarily impact Shareholder's Equity, specifically Other Comprehensive Income.

As of December 31, 2001, the combined effect of these restatements is a reduction in Other Comprehensive Income, a component of Shareholders' Equity, by approximately $128 million.

The restatements involved a $101 million double posting of deferred income taxes associated with unrealized losses on nuclear decommissioning trust fund securities and a $27 million adjustment to reflect Exelon Generation Company LLC's ownership interest in the Other Comprehensive Income of its equity investments.