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| CEG > SEC Filings for CEG > Form 8-K on 8-Jul-2009 | All Recent SEC Filings |
8-Jul-2009
Other Events
Effective January 1, 2009, Constellation Energy Group, Inc. and Baltimore Gas and Electric Company (BGE) (collectively, the Companies) adopted Statement of Financial Accounting Standards (SFAS) No. 160, Noncontrolling Interests in Consolidated Financial Statements - an amendment of ARB No. 51(SFAS No. 160). SFAS No. 160 impacted the presentation and disclosure of noncontrolling interests in the Companies' consolidated financial statements as follows:
† The portion of the Companies' consolidated subsidiaries that are less than wholly owned is presented as noncontrolling interests in the Consolidated Balance Sheets rather than as minority interest,
† BGE preference stock is presented as a noncontrolling interest in a separate line item within total equity in the Consolidated Balance Sheets of Constellation Energy Group, Inc. rather than as minority interest outside equity, and
† The portion of net income (loss) attributable to noncontrolling interests is presented as a separate line following net income in the Companies' Consolidated Statements of Income (Loss) rather than as a deduction in determining net income.
Although each of the foregoing impacts is not material to the affected financial statements, we have summarized these impacts in the tables below. The Companies will reflect the changes in presentation and disclosure resulting from the adoption of SFAS No. 160 for all periods presented in their financial statements in future filings in accordance with the requirements of SFAS No. 160.
The effect on the Companies' Consolidated Statements of Income (Loss) as of December 31, 2008, 2007 and 2006 related to the adoption of SFAS No. 160 is summarized as follows:
Constellation Energy Group, Inc.
For the years ended December 31, 2008 2007 2006
(In millions)
Net (loss) income and (Loss) earnings
applicable to common stock, as previously
reported $ (1,314.4 ) $ 821.5 $ 936.4
SFAS No. 160 reclassification of
noncontrolling interests (4.0 ) 12.0 13.9
Net (loss) income, as adjusted (1,318.4 ) 833.5 950.3
Net (loss) income attributable to
noncontrolling interests and BGE preference
stock dividends (4.0 ) 12.0 13.9
Net (loss) income attributable to common
stock $ (1,314.4 ) $ 821.5 $ 936.4
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BGE
For the years ended December 31, 2008 2007 2006
(In millions)
Earnings applicable to common stock, as
previously reported $ 38.3 $ 126.6 $ 157.1
SFAS No. 160 reclassification of
noncontrolling interests - 0.1 -
Net income attributable to common stock
before noncontrolling interests, as adjusted 38.3 126.7 157.1
Net loss attributable to noncontrolling
interests - 0.1 -
Net income attributable to common stock $ 38.3 $ 126.6 $ 157.1
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The effect on the Companies' Consolidated Balance Sheets as of December 31, 2008 and 2007 related to the adoption of SFAS No. 160 is summarized as follows:
Constellation Energy
Group, Inc.
At December 31, 2008 2007
(In millions)
Capitalization:
Long-term debt $ 5,098.7 $ 4,660.5
Minority interests 20.1 19.2
BGE preference stock not subject to mandatory redemption 190.0 190.0
Common shareholders' equity 3,181.4 5,340.2
Total capitalization, as previously reported 8,490.2 10,209.9
SFAS No. 160 reclassification to remove long-term debt
from total capitalization to arrive at total equity (5,098.7 ) (4,660.5 )
Total equity, as adjusted $ 3,391.5 $ 5,549.4
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BGE
At December 31, 2008 2007
(In millions)
Minority interest, as previously reported $ 16.9 $ 16.8
Preference stock not subject to mandatory redemption, as
previously reported $ 190.0 $ 190.0
Total common shareholder's equity, as previously
reported $ 1,538.2 $ 1,671.7
Equity:
Noncontrolling interest, as adjusted $ 16.9 $ 16.8
Preference stock not subject to mandatory redemption 190.0 190.0
Total common shareholder's equity 1,538.2 1,671.7
Total equity, as adjusted $ 1,745.1 $ 1,878.5
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The effect on Constellation Energy Group, Inc.'s Consolidated Statement of Cash Flows as of December 31, 2008, 2007 and 2006 related to the adoption of SFAS No. 160 is summarized as follows:
Constellation Energy Group, Inc.
For the years ended December 31, 2008 2007 2006
(In millions)
Net cash (used in) provided by operating
activities, as previously reported $ (1,274.3 ) $ 927.8 $ 525.3
SFAS No. 160 reclassification of
noncontrolling interests 13.2 13.2 13.2
Net cash (used in) provided by operating
activities, as adjusted $ (1,261.1 ) $ 941.0 $ 538.5
Net cash provided by financing activities,
as previously reported $ 3,123.5 $ 165.5 $ 390.7
SFAS No. 160 reclassification of
noncontrolling interests (13.2 ) (13.2 ) (13.2 )
Net cash provided by financing activities,
as adjusted $ 3,110.3 $ 152.3 $ 377.5
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There was no effect on BGE's Consolidated Statement of Cash Flows as a result of the adoption of SFAS No. 160.
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