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Summary of Quarterly Financial Data (Unaudited) (Tables)
 12 Months Ended
Dec. 31, 2014
Quarterly Financial Data [Abstract]  
Schedule of Quarterly Financial Information
The following summarizes certain consolidated operating results by quarter for 2014 and 2013.
FirstEnergy
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
CONSOLIDATED STATEMENTS OF INCOME
(In millions, except per share amounts)
2014
 
2013
 
Dec. 31
 
Sept. 30
 
June 30
 
Mar. 31
 
Dec. 31
 
Sept. 30
 
June 30
 
Mar. 31
Revenues
$
3,483

 
$
3,888

 
$
3,496

 
$
4,182

 
$
3,633

 
$
4,032

 
$
3,507

 
$
3,720

Other operating expense
901

 
858

 
1,021

 
1,182

 
948

 
877

 
886

 
882

Pension and OPEB mark-to-market
835

 
—

 
—

 
—

 
(256
)
 
—

 
—

 
—

Provision for depreciation
316

 
308

 
302

 
294

 
293

 
316

 
300

 
293

Impairment of long-lived assets
—

 
—

 
—

 
—

 
322

 
—

 
473

 
—

Operating Income (Loss)
(337
)
 
716

 
292

 
391

 
387

 
508

 
42

 
645

Income (loss) from continuing operations before income taxes (benefits)
(574
)
 
485

 
90

 
170

 
208

 
286

 
(230
)
 
306

Income taxes (benefits) (1)
(268
)
 
152

 
26

 
48

 
66

 
77

 
(62
)
 
114

Income (loss) from continuing operations
(306
)
 
333

 
64

 
122

 
142

 
209

 
(168
)
 
192

Discontinued operations (net of income taxes)
—

 
—

 
—

 
86

 
—

 
9

 
4

 
4

Net Income (Loss)
(306
)
 
333

 
64

 
208

 
142

 
218

 
(164
)
 
196

Earnings (loss) per share of common stock-(2)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Basic - Continuing Operations
(0.73
)
 
0.79

 
0.16

 
0.29

 
0.34

 
0.50

 
(0.40
)
 
0.46

Basic - Discontinued Operations (Note 19)
—

 
—

 
—

 
0.21

 
—

 
0.02

 
0.01

 
0.01

Basic - Earnings Available to FirstEnergy Corp.
(0.73
)
 
0.79

 
0.16

 
0.50

 
0.34

 
0.52

 
(0.39
)
 
0.47

Diluted - Continuing Operations
(0.73
)
 
0.79

 
0.15

 
0.29

 
0.34

 
0.50

 
(0.40
)
 
0.46

Diluted - Discontinued Operations (Note 19)
—

 
—

 
—

 
0.20

 
—

 
0.02

 
0.01

 
0.01

Diluted - Earnings Available to FirstEnergy Corp.
(0.73
)
 
0.79

 
0.15

 
0.49

 
0.34

 
0.52

 
(0.39
)
 
0.47

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1) - During the fourth quarter of 2014, income tax benefits of $16 million were recorded that related to prior periods. The out-of-period adjustment primarily related to the correction of amounts included in the Company’s tax basis balance sheet. Management has determined that this adjustment is not material to the current or any prior period.
(2) - Total quarterly earnings per share information may not equal annual earnings per share due to the issuance of shares throughout the year. See FirstEnergy's Consolidated Statements of Stockholders' Equity and Note 4. Stock-Based Compensation for additional information.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
FES
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
CONSOLIDATED STATEMENTS OF INCOME
(In millions)
2014
 
2013
 
Dec. 31
 
Sept. 30
 
June 30
 
Mar. 31
 
Dec. 31
 
Sept. 30
 
June 30
 
Mar. 31
Revenues
$
1,342

 
$
1,521

 
$
1,452

 
$
1,829

 
$
1,518

 
$
1,679

 
$
1,452

 
$
1,524

Other operating expense
359

 
356

 
468

 
452

 
382

 
339

 
387

 
379

Pension and OPEB mark-to-market
297

 
—

 
—

 
—

 
(81
)
 
—

 
—

 
—

Provision for depreciation
83

 
83

 
79

 
74

 
75

 
80

 
76

 
75

Operating Income (Loss)
(321
)
 
90

 
(151
)
 
(148
)
 
121

 
65

 
(39
)
 
95

Income (loss) from continuing operations before income taxes (benefits)
(347
)
 
72

 
(154
)
 
(159
)
 
114

 
56

 
(117
)
 
(1
)
Income taxes (benefits)
(133
)
 
28

 
(67
)
 
(56
)
 
25

 
23

 
(42
)
 
—

Income (loss) from continuing operations
(214
)
 
44

 
(87
)
 
(103
)
 
89

 
33

 
(75
)
 
(1
)
Discontinued operations (net of income taxes)
—

 
—

 
—

 
116

 
—

 
7

 
4

 
3

Net Income (Loss)
(214
)
 
44

 
(87
)
 
13

 
89

 
40

 
(71
)
 
2