


	Power			Guarantor Subsidiaries			Other Subsidiaries			Consolidating Adjustments			Consolidated
	Millions
Three Months Ended March 31, 2015
Operating Revenues	$	—		$	1,715		$	68		$	(58	)	$	1,725
Operating Expenses	5			1,131			63			(58		)	1,141
Operating Income (Loss)	(5		)	584			5			—			584
Equity Earnings (Losses) of Subsidiaries	349			(1		)	3			(348		)	3
Other Income	11			30			—			(12		)	29
Other Deductions	—			(11		)	—			—			(11		)
Other-Than-Temporary Impairments	—			(5		)	—			—			(5		)
Interest Expense	(29		)	(9		)	(5		)	12			(31		)
Income Tax Benefit (Expense)	9			(242		)	(1		)	—			(234		)
Net Income (Loss)	$	335		$	346		$	2		$	(348	)	$	335
Comprehensive Income (Loss)	$	347		$	351		$	2		$	(353	)	$	347
Three Months Ended March 31, 2015
Net Cash Provided By (Used In) Operating Activities	$	327		$	772		$	11		$	(260	)	$	850
Net Cash Provided By (Used In) Investing Activities	$	(537	)	$	(515	)	$	(13	)	$	430		$	(635	)
Net Cash Provided By (Used In) Financing Activities	$	210		$	(242	)	$	2		$	(170	)	$	(200	)




	Power			Guarantor Subsidiaries			Other Subsidiaries			Consolidating Adjustments			Consolidated
	Millions
Three Months Ended March 31, 2014
Operating Revenues	$	—		$	1,684		$	40		$	(24	)	$	1,700
Operating Expenses	4			1,404			34			(24		)	1,418
Operating Income (Loss)	(4		)	280			6			—			282
Equity Earnings (Losses) of Subsidiaries	177			—			4			(177		)	4
Other Income	8			33			—			(8		)	33
Other Deductions	(4		)	(6		)	—			—			(10		)
Other-Than-Temporary Impairments	—			(2		)	—			—			(2		)
Interest Expense	(28		)	(7		)	(5		)	8			(32		)
Income Tax Benefit (Expense)	15			(125		)	(1		)	—			(111		)
Net Income (Loss)	$	164		$	173		$	4		$	(177	)	$	164
Comprehensive Income (Loss)	$	170		$	176		$	4		$	(180	)	$	170
Three Months Ended March 31, 2014
Net Cash Provided By (Used In) Operating Activities	$	291		$	603		$	1		$	(221	)	$	674
Net Cash Provided By (Used In) Investing Activities	$	(122	)	$	(315	)	$	—		$	142		$	(295	)
Net Cash Provided By (Used In) Financing Activities	$	(166	)	$	(287	)	$	(1	)	$	79		$	(375	)




	Power		Guarantor Subsidiaries		Other Subsidiaries		Consolidating Adjustments			Consolidated
	Millions
As of March 31, 2015
Current Assets	$	4,554	$	1,835	$	136	$	(4,043	)	$	2,482
Property, Plant and Equipment, net	79		6,230		1,168		—			7,477
Investment in Subsidiaries	4,571		118		—		(4,689		)	—
Noncurrent Assets	287		2,035		136		(197		)	2,261
Total Assets	$	9,491	$	10,218	$	1,440	$	(8,929	)	$	12,220
Current Liabilities	$	1,093	$	3,313	$	768	$	(4,043	)	$	1,131
Noncurrent Liabilities	449		2,529		359		(197		)	3,140
Long-Term Debt	2,244		—		—		—			2,244
Member's Equity	5,705		4,376		313		(4,689		)	5,705
Total Liabilities and Member's Equity	$	9,491	$	10,218	$	1,440	$	(8,929	)	$	12,220
As of December 31, 2014
Current Assets	$	4,263	$	2,037	$	150	$	(4,091	)	$	2,359
Property, Plant and Equipment, net	81		6,265		1,169		—			7,515
Investment in Subsidiaries	4,516		120		—		(4,636		)	—
Noncurrent Assets	278		1,952		137		(195		)	2,172
Total Assets	$	9,138	$	10,374	$	1,456	$	(8,922	)	$	12,046
Current Liabilities	$	883	$	3,606	$	786	$	(4,091	)	$	1,184
Noncurrent Liabilities	454		2,442		360		(195		)	3,061
Long-Term Debt	2,243		—		—		—			2,243
Member's Equity	5,558		4,326		310		(4,636		)	5,558
Total Liabilities and Member's Equity	$	9,138	$	10,374	$	1,456	$	(8,922	)	$	12,046

Immaterial Correction of Prior Financial Information

The financial information included in the table above for the three months ended March 31, 2014 had been corrected from the disclosure provided in Power's Form 10-Q for the quarterly period ended March 31, 2014 filed on May 1, 2014 (Q1 2014) to the disclosure provided in Power's Form 10-Q filed on October 30, 2014 to conform to the requirements of Section 210.3-10 of SEC Regulation S-X.

In Q1 2014, Operating Revenues and Operating Expenses among the Guarantor Subsidiaries were eliminated in the Consolidating Adjustments column. The revised presentation eliminated this activity in the Guarantor Subsidiaries column and removed such activity from the Consolidating Adjustments column. This revised presentation decreased both Operating Revenues and Operating Expenses in both the Guarantor Subsidiaries and Consolidating Adjustments columns. This correction had no impact on Power’s consolidated Operating Revenues and Operating Expenses. In Q1 2014, loans payable by Power parent company to one of its guarantor subsidiaries were netted against loans receivable in net cash flows used in investing activities. The revised presentation reclassified the increase in loans payable by the parent company to the guarantor subsidiary from net cash flows used in investing activities to net cash flows provided by financing activities. This revised presentation decreased net cash flows used in investing activities and increased net cash flows provided by financing activities in the Power column with corresponding offsets to the amounts in the Consolidating Adjustments Column.

The following table summarizes the adjustments reflected in the above table for the three months ended March 31, 2014:




	Power			Guarantor Subsidiaries			Other Subsidiaries		Consolidating Adjustments			Consolidated
	Increase (Decrease)
	Millions
Three Months Ended March 31, 2014
Operating Revenues	$	—		$	(393	)	$	—	$	393		$	—
Operating Expenses	$	—		$	(393	)	$	—	$	393		$	—
Net Cash Provided By (Used In) Investing Activities	$	(209	)	$	—		$	—	$	209		$	—
Net Cash Provided By (Used In) Financing Activities	$	209		$	—		$	—	$	(209	)	$	—