XML 45 R2.htm IDEA: XBRL DOCUMENT v2.4.0.6
Consolidated Statements of Income (Unaudited) (USD $)
In Millions, except Per Share data, unless otherwise specified
3 Months Ended
Mar. 31, 2012
Mar. 31, 2011
REVENUES:    
Electric utilities $ 2,554 $ 2,332
Unregulated businesses 1,524 1,244
Excise and gross receipts tax collections 121 119
Total revenues 4,078 [1] 3,576 [1]
OPERATING EXPENSES:    
Fuel 541 453
Purchased power 1,347 1,186
Other operating expenses 812 993
Provision for depreciation 285 225
Amortization of regulatory assets, net 75 132
General taxes 272 237
Total operating expenses 3,332 3,226
OPERATING INCOME (LOSS) 746 350
OTHER INCOME (EXPENSE):    
Investment income 11 21
Interest expense (246) (231)
Capitalized interest 17 18
Total other income (expense) (218) (192)
INCOME BEFORE INCOME TAXES 528 158
INCOME TAXES (BENEFITS) 222 111
NET INCOME 306 47
Loss attributable to noncontrolling interest 0 (5)
EARNINGS AVAILABLE TO FIRSTENERGY CORP. 306 52
EARNINGS PER SHARE OF COMMON STOCK:    
Basic $ 0.73 $ 0.15
Diluted $ 0.73 $ 0.15
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING:    
Basic 418 342
Diluted 420 343
DIVIDENDS DECLARED PER SHARE OF COMMON STOCK $ 0.55 $ 0.55
FES
   
REVENUES:    
Other 63 86
Total revenues 1,516 1,391
OPERATING EXPENSES:    
Fuel 295 343
Other operating expenses 295 465
Provision for depreciation 63 69
General taxes 37 29
Impairment of long-lived assets 0 14
Total operating expenses 1,294 1,286
OPERATING INCOME (LOSS) 222 105
OTHER INCOME (EXPENSE):    
Investment income 6 6
Miscellaneous income 4 4
Capitalized interest 9 10
Total other income (expense) (24) (34)
INCOME BEFORE INCOME TAXES 198 71
INCOME TAXES (BENEFITS) 76 26
NET INCOME 122 45
FES | Affiliates
   
REVENUES:    
Unregulated businesses 121 261
OPERATING EXPENSES:    
Purchased power 117 69
OTHER INCOME (EXPENSE):    
Interest expense (2) (1)
FES | Non-Affiliates
   
REVENUES:    
Unregulated businesses 1,332 1,044
OPERATING EXPENSES:    
Purchased power 487 297
OTHER INCOME (EXPENSE):    
Interest expense (41) (53)
OE
   
REVENUES:    
Electric utilities 359 364
Excise and gross receipts tax collections 27 28
Total revenues 386 392
OPERATING EXPENSES:    
Other operating expenses 121 96
Provision for depreciation 24 23
Amortization of regulatory assets, net 0 1
General taxes 50 50
Total operating expenses 317 323
OPERATING INCOME (LOSS) 69 69
OTHER INCOME (EXPENSE):    
Investment income 4 5
Interest expense (22) (22)
Capitalized interest 1 0
Total other income (expense) (17) (17)
INCOME BEFORE INCOME TAXES 52 52
INCOME TAXES (BENEFITS) 21 20
NET INCOME 31 32
OE | Affiliates
   
OPERATING EXPENSES:    
Purchased power 52 93
OE | Non-Affiliates
   
OPERATING EXPENSES:    
Purchased power 70 60
JCP&L
   
REVENUES:    
Electric utilities 478 634
Excise and gross receipts tax collections 10 13
Total revenues 488 647
OPERATING EXPENSES:    
Purchased power 264 370
Other operating expenses 81 80
Provision for depreciation 30 26
Amortization of regulatory assets, net 20 82
General taxes 15 18
Total operating expenses 410 576
OPERATING INCOME (LOSS) 78 71
OTHER INCOME (EXPENSE):    
Miscellaneous income 1 2
Interest expense (31) (30)
Total other income (expense) (30) (28)
INCOME BEFORE INCOME TAXES 48 43
INCOME TAXES (BENEFITS) 22 20
NET INCOME $ 26 $ 23
[1] Includes excise tax collections of $121 million and $119 million in the three months ended March 31, 2012 and 2011, respectively.