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Consolidated Statements of Income - USD ($)
shares in Millions, $ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
REVENUES:        
Revenues [1] $ 3,475 $ 3,124 $ 9,282 $ 8,472
OPERATING EXPENSES:        
Fuel 209 132 539 362
Purchased power 1,109 874 2,786 2,206
Other operating expenses 1,111 856 2,827 2,326
Provision for depreciation 332 326 1,020 972
Amortization (deferral) of regulatory assets, net (86) 30 (252) 171
General taxes 295 275 851 812
DPA penalty (Note 8) 0 0 0 230
Gain on sale of Yards Creek (Note 9) 0 0 0 (109)
Total operating expenses 2,970 2,493 7,771 6,970
OPERATING INCOME 505 631 1,511 1,502
OTHER INCOME (EXPENSE):        
Debt redemption costs (Note 6) 1 0 (155) 0
Miscellaneous income, net 168 136 434 379
Interest expense (248) (283) (788) (855)
Capitalized financing costs 23 20 59 54
Total other expense (56) (127) (450) (422)
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES 449 504 1,061 1,080
INCOME TAXES 105 88 237 271
INCOME FROM CONTINUING OPERATIONS 344 416 824 809
Discontinued operations (Note 3) [2] 0 47 0 47
NET INCOME 344 463 824 856
Income attributable to noncontrolling interest (continuing operations) 10 0 15 0
EARNINGS ATTRIBUTABLE TO FIRSTENERGY CORP. $ 334 $ 463 $ 809 $ 856
EARNINGS PER SHARE ATTRIBUTABLE TO FIRSTENERGY CORP. (Note 3):        
Basic - Continuing Operations (in dollars per share) $ 0.58 $ 0.76 $ 1.42 $ 1.48
Basic - Discontinued Operations (in dollars per share) 0 0.09 0 0.09
Basic - Earnings Per Share Attributable to FirstEnergy Corp. (in dollars per share) 0.58 0.85 1.42 1.57
Diluted - Continuing Operations (in dollars per share) 0.58 0.76 1.41 1.48
Diluted - Discontinued Operations (in dollars per share) 0 0.09 0 0.09
Diluted - Earnings Per Share Attributable to FirstEnergy Corp. (in dollars per share) $ 0.58 $ 0.85 $ 1.41 $ 1.57
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING:        
Basic, in shares 571 544 571 544
Diluted, in shares 572 545 572 545
Distribution Services and Retail Generation        
REVENUES:        
Revenues $ 2,767 $ 2,550 $ 7,334 $ 6,882
Transmission        
REVENUES:        
Revenues 502 411 1,393 1,223
Other        
REVENUES:        
Revenues $ 206 $ 163 $ 555 $ 367
[1] Includes excise and gross receipts tax collections of $111 million and $103 million during the three months ended September 30, 2022 and 2021, respectively, and $305 million and $283 million during the nine months ended September 30, 2022 and 2021, respectively.
[2] Net of income tax benefits of $47 million for the three and nine months ended September 30, 2021.