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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q
(Mark One)
     QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2021

OR

     TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ___________________ to ___________________
fe-20210930_g1.jpg
CommissionRegistrant; State of Incorporation;I.R.S. Employer
File NumberAddress; and Telephone NumberIdentification No.
 
333-21011FIRSTENERGY CORP34-1843785
 (AnOhioCorporation) 
   76 South Main Street 
 AkronOH44308 
 Telephone(800)736-3402 
   
SECURITIES REGISTERED PURSUANT TO SECTION 12(b) OF THE ACT:
Title of Each Class Trading Symbol Name of Each Exchange on Which Registered
Common Stock, $0.10 par valueFENew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes
 
 No
 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Yes
 
 No
 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large Accelerated Filer
Accelerated Filer
Non-accelerated Filer
Smaller Reporting Company
Emerging Growth Company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standard provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes
 No
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date:
 OUTSTANDING
CLASSAS OF SEPTEMBER 30, 2021
Common Stock, $0.10 par value544,419,619
FirstEnergy Website and Other Social Media Sites and Applications

FirstEnergy’s Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, amendments to those reports, and all other documents filed with or furnished to the SEC pursuant to Section 13(a) of the Securities Exchange Act of 1934 are made available free of charge on or through the “Investors” page of FirstEnergy’s website at www.firstenergycorp.com. These documents are also available to the public from commercial document retrieval services and the website maintained by the SEC at www.sec.gov.

These SEC filings are posted on the website as soon as reasonably practicable after they are electronically filed with or furnished to the SEC. Additionally, FirstEnergy routinely posts additional important information, including press releases, investor presentations, investor factbook, and notices of upcoming events under the “Investors” section of FirstEnergy’s website and recognizes FirstEnergy’s website as a channel of distribution to reach public investors and as a means of disclosing material non-public information for complying with disclosure obligations under Regulation FD. Investors may be notified of postings to the website by signing up for email alerts and Rich Site Summary feeds on the “Investors” page of FirstEnergy’s website. FirstEnergy also uses Twitter® and Facebook® as additional channels of distribution to reach public investors and as a supplemental means of disclosing material non-public information for complying with its disclosure obligations under Regulation FD. Information contained on FirstEnergy’s website, Twitter® handle or Facebook® page, and any corresponding applications of those sites, shall not be deemed incorporated into, or to be part of, this report.



Forward-Looking Statements: This Form 10-Q includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 based on information currently available to management. Such statements are subject to certain risks and uncertainties and readers are cautioned not to place undue reliance on these forward-looking statements. These statements include declarations regarding management’s intents, beliefs and current expectations. These statements typically contain, but are not limited to, the terms “anticipate,” “potential,” “expect,” “forecast,” “target,” “will,” “intend,” “believe,” “project,” “estimate,” “plan,” and similar words. Forward-looking statements involve estimates, assumptions, known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements, which may include the following (see Glossary of Terms for definitions of capitalized terms):

The potential liabilities, increased costs and unanticipated developments resulting from governmental investigations and agreements, including those associated with compliance with or failure to comply with the DPA with the U.S. Attorney’s Office for the S.D. Ohio.
The risks and uncertainties associated with government investigations regarding HB 6 and related matters including potential adverse impacts on federal or state regulatory matters including, but not limited to, matters relating to rates.
The potential of non-compliance with debt covenants in our credit facilities.
The risks and uncertainties associated with litigation, arbitration, mediation and similar proceedings.
Legislative and regulatory developments, including, but not limited to, matters related to rates, compliance and enforcement activity.
The ability to accomplish or realize anticipated benefits from our FE Forward initiative and our other strategic and financial goals, including, but not limited to, maintaining financial flexibility, overcoming current uncertainties and challenges associated with the ongoing government investigations, executing our transmission and distribution investment plans, greenhouse gas reduction goals, controlling costs, improving our credit metrics, growing earnings, and strengthening our balance sheet through a sale of a minority interest in certain of our transmission assets and/or issuance of additional equity.
Economic and weather conditions affecting future operating results, such as a recession, significant weather events and other natural disasters, and associated regulatory events or actions in response to such conditions.
Mitigating exposure for remedial activities associated with retired and formerly owned electric generation assets.
The ability to access the public securities and other capital and credit markets in accordance with our financial plans, the cost of such capital and overall condition of the capital and credit markets affecting us, including the increasing number of financial institutions evaluating the impact of climate change on their investment decisions.
The extent and duration of COVID-19 and the impacts to our business, operations and financial condition resulting from the outbreak of COVID-19 including, but not limited to, disruption of businesses in our territories and governmental and regulatory responses to the pandemic.
The effectiveness of our pandemic and business continuity plans, the precautionary measures we are taking on behalf of our customers, contractors and employees, our customers’ ability to make their utility payment and the potential for supply-chain disruptions.
Actions that may be taken by credit rating agencies that could negatively affect either our access to or terms of financing or our financial condition and liquidity.
Changes in assumptions regarding economic conditions within our territories, the reliability of our transmission and distribution system, or the availability of capital or other resources supporting identified transmission and distribution investment opportunities.
Changes in customers’ demand for power, including, but not limited to, the impact of climate change or energy efficiency and peak demand reduction mandates.
Changes in national and regional economic conditions, including inflationary pressure, affecting us and/or our customers and those vendors with which we do business.
The risks associated with cyber-attacks and other disruptions to our, or our vendors’, information technology system, which may compromise our operations, and data security breaches of sensitive data, intellectual property and proprietary or personally identifiable information.
The ability to comply with applicable reliability standards and energy efficiency and peak demand reduction mandates.
Changes to environmental laws and regulations, including, but not limited to, those related to climate change.
Changing market conditions affecting the measurement of certain liabilities and the value of assets held in our pension trusts, or causing us to make contributions sooner, or in amounts that are larger, than currently anticipated.
Labor disruptions by our unionized workforce.
Changes to significant accounting policies.
Any changes in tax laws or regulations, or adverse tax audit results or rulings.
The risks and other factors discussed from time to time in our SEC filings.

Dividends declared from time to time on our common stock during any period may in the aggregate vary from prior periods due to circumstances considered by our FE Board at the time of the actual declarations. A security rating is not a recommendation to buy or hold securities and is subject to revision or withdrawal at any time by the assigning rating agency. Each rating should be evaluated independently of any other rating.

These forward-looking statements are also qualified by, and should be read together with, the risk factors included in FirstEnergy’s filings with the SEC, including, but not limited to, the most recent Annual Report on Form 10-K and any subsequent



Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. The foregoing review of factors also should not be construed as exhaustive. New factors emerge from time to time, and it is not possible for management to predict all such factors, nor assess the impact of any such factor on FirstEnergy’s business or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any forward-looking statements. FirstEnergy expressly disclaims any obligation to update or revise, except as required by law, any forward-looking statements contained herein or in the information incorporated by reference as a result of new information, future events or otherwise.





TABLE OF CONTENTS
 Page
Part I. Financial Information 
 
 
Consolidated Statements of Stockholders’ Equity
 
i


GLOSSARY OF TERMS
The following abbreviations and acronyms are used in this report to identify FirstEnergy Corp. and its current and former subsidiaries:
2021 Credit FacilitiesCollectively, the six separate senior unsecured five-year syndicated revolving credit facilities entered into by FE, FET, the Utilities, and the Transmission Companies, on October 18, 2021
AE SupplyAllegheny Energy Supply Company, LLC, an unregulated generation subsidiary
AGCAllegheny Generating Company, a generation subsidiary of MP
ATSIAmerican Transmission Systems, Incorporated, a subsidiary of FET, which owns and operates transmission facilities
CEIThe Cleveland Electric Illuminating Company, an Ohio electric utility operating subsidiary
FEFirstEnergy Corp., a public utility holding company
FE Revolving FacilityFE and the Utilities’ former five-year syndicated revolving credit facility, as amended, and replaced by the 2021 Credit Facilities on October 18, 2021
FENOCEnergy Harbor Nuclear Corp. (formerly known as FirstEnergy Nuclear Operating Company), a subsidiary of EH, which operates NG’s nuclear generating facilities
FESEnergy Harbor LLC. (formerly known as FirstEnergy Solutions Corp.), a subsidiary of EH, which provides energy-related products and services
FES DebtorsFES, FENOC, FG, NG, FE Aircraft Leasing Corp., Norton Energy Storage LLC, and FGMUC
FESCFirstEnergy Service Company, which provides legal, financial and other corporate support services
FETFirstEnergy Transmission, LLC, the parent company of ATSI, KATCo, MAIT and TrAIL, and has a joint venture in PATH
FET Revolving FacilityFET and certain of its subsidiaries’ former five-year syndicated revolving credit facility, as amended, and replaced by the 2021 Credit Facilities on October 18, 2021
FEVFirstEnergy Ventures Corp., which invests in certain unregulated enterprises and business ventures
FGEnergy Harbor Generation LLC (formerly known as FirstEnergy Generation, LLC), a subsidiary of EH, which owns and operates fossil generating facilities
FGMUCFirstEnergy Generation Mansfield Unit 1 Corp., a subsidiary of FG
FirstEnergyFirstEnergy Corp., together with its consolidated subsidiaries
Global HoldingGlobal Mining Holding Company, LLC, a joint venture between FEV, WMB Marketing Ventures, LLC and Pinesdale LLC
Global RailGlobal Rail Group, LLC, a subsidiary of Global Holding that owns coal transportation operations near Roundup, Montana
GPUNGPU Nuclear, Inc., a subsidiary of FE, which formerly operated TMI-2
JCP&LJersey Central Power & Light Company, a New Jersey electric utility operating subsidiary
KATCoKeystone Appalachian Transmission Company, a subsidiary of FET
MAITMid-Atlantic Interstate Transmission, LLC, a subsidiary of FET, which owns and operates transmission facilities
MEMetropolitan Edison Company, a Pennsylvania electric utility operating subsidiary
MPMonongahela Power Company, a West Virginia electric utility operating subsidiary
NGEnergy Harbor Nuclear Generation LLC (formerly known as FirstEnergy Nuclear Generation, LLC), a subsidiary of EH, which owns nuclear generating facilities
OEOhio Edison Company, an Ohio electric utility operating subsidiary
Ohio CompaniesCEI, OE and TE
PATHPotomac-Appalachian Transmission Highline, LLC, a joint venture between FE and a subsidiary of AEP
PEThe Potomac Edison Company, a Maryland and West Virginia electric utility operating subsidiary
PennPennsylvania Power Company, a Pennsylvania electric utility operating subsidiary of OE
Pennsylvania CompaniesME, PN, Penn and WP
PNPennsylvania Electric Company, a Pennsylvania electric utility operating subsidiary
Signal PeakSignal Peak Energy, LLC, an indirect subsidiary of Global Holding that owns mining operations near Roundup, Montana
TEThe Toledo Edison Company, an Ohio electric utility operating subsidiary
TrAILTrans-Allegheny Interstate Line Company, a subsidiary of FET, which owns and operates transmission facilities
Transmission CompaniesATSI, MAIT and TrAIL
UtilitiesOE, CEI, TE, Penn, JCP&L, ME, PN, MP, PE and WP
WPWest Penn Power Company, a Pennsylvania electric utility operating subsidiary


ii




The following abbreviations and acronyms are used to identify frequently used terms in this report:
ACEAffordable Clean EnergyENECExpanded Net Energy Cost
ADITAccumulated Deferred Income TaxesEPAUnited States Environmental Protection Agency
AEPAmerican Electric Power Company, Inc.EPSEarnings per Share
AFSAvailable-for-saleEROElectric Reliability Organization
AFUDCAllowance for Funds Used During ConstructionESP IVElectric Security Plan IV
AMIAdvance Metering InfrastructureFacebook®Facebook is a registered trademark of Facebook, Inc.
AOCIAccumulated Other Comprehensive Income (Loss)FASBFinancial Accounting Standards Board
AROAsset Retirement ObligationFE BoardFE Board of Directors
ARPAlternative Revenue ProgramFERCFederal Energy Regulatory Commission
ASCAccounting Standard CodificationFES BankruptcyFES Debtors’ voluntary petitions for bankruptcy protection under Chapter 11 of the U.S. Bankruptcy Code with the Bankruptcy Court
ASUAccounting Standards UpdateFitchFitch Ratings Service
Bankruptcy CourtU.S. Bankruptcy Court in the Northern District of Ohio in AkronFPAFederal Power Act
BGSBasic Generation ServiceFTRFinancial Transmission Right
CAAClean Air ActGAAPAccounting Principles Generally Accepted in the United States of America
CCRCoal Combustion ResidualsGHGGreenhouse Gases
CERCLAComprehensive Environmental Response, Compensation, and Liability Act of 1980HB 6House Bill 6, as passed by Ohio's 133rd General Assembly
CFRCode of Federal RegulationsHB 128House Bill 128, as passed by Ohio's 134th General Assembly
CO2
Carbon DioxideLIBORLondon Inter-Bank Offered Rate
Code of Business ConductThe FirstEnergy Code of Business Conduct and Ethics as approved by the FE Board on July 20, 2021LOCLetter of Credit
COVID-19Coronavirus disease LTIIPsLong-Term Infrastructure Improvement Plans
CPPEPA’s Clean Power PlanMDPSCMaryland Public Service Commission
CSAPRCross-State Air Pollution RuleMGPManufactured Gas Plants
CSRConservation Support RiderMISOMidcontinent Independent System Operator, Inc.
CTAConsolidated Tax AdjustmentMoody’sMoody’s Investors Service, Inc.
CWAClean Water ActMWMegawatt
D.C. CircuitUnited States Court of Appeals for the District of Columbia CircuitMWHMegawatt-hour
DCRDelivery Capital RecoveryNAAQSNational Ambient Air Quality Standards
DMRDistribution Modernization RiderNDTNuclear Decommissioning Trust
DOEUnited States Department of EnergyNERCNorth American Electric Reliability Corporation
DPADeferred Prosecution Agreement entered into on July 21, 2021 between FE and S.D. OhioNJ Rate CounselNew Jersey Division of Rate Counsel
DSICDistribution System Improvement ChargeNJBPUNew Jersey Board of Public Utilities
DSPDefault Service PlanNOLNet Operating Loss
EDCElectric Distribution CompanyNOxNitrogen Oxide
EDISElectric Distribution Investment SurchargeNPDESNational Pollutant Discharge Elimination
System
EE&CEnergy Efficiency and ConservationNRCNuclear Regulatory Commission
EEIEdison Electric InstituteNUGNon-Utility Generation
EGSElectric Generation SupplierNYPSCNew York State Public Service Commission
EGUElectric Generation UnitsOAGOhio Attorney General
EHEnergy Harbor Corp.OCAOffice of Consumer Advocate
EmPOWER MarylandEmPOWER Maryland Energy Efficiency ActOCCOhio Consumers’ Counsel
iii


ODSAOhio Development Service AgencyRTORegional Transmission Organization
OPEBOther Post-Employment BenefitsS&PStandard & Poor’s Ratings Service
OPICOther Paid-in CapitalS.D. OhioSouthern District of Ohio
OVECOhio Valley Electric CorporationSBCSocietal Benefits Charge
PA DEPPennsylvania Department of Environmental ProtectionSCOHSupreme Court of Ohio
PIRPhase-In Recovery RiderSECUnited States Securities and Exchange Commission
PJMPJM Interconnection, LLCSEETSignificantly Excessive Earnings Test
PJM TariffPJM Open Access Transmission TariffSIPState Implementation Plan(s) Under the Clean Air Act
POLRProvider of Last ResortSLCSpecial Litigation Committee of the FE Board
PPAPurchase Power Agreement
SO2
Sulfur Dioxide
PPBParts per BillionSOSStandard Offer Service
PPUCPennsylvania Public Utility CommissionSRECSolar Renewable Energy Credit
PUCOPublic Utilities Commission of OhioSSOStandard Service Offer
PURPAPublic Utility Regulatory Policies Act of 1978Tax ActTax Cuts and Jobs Act adopted December 22, 2017
RCRAResource Conservation and Recovery ActTMI-1Three Mile Island Unit 1
Regulation FDRegulation Fair Disclosure promulgated by the SECTMI-2Three Mile Island Unit 2
RFC
ReliabilityFirst Corporation
Twitter®Twitter is a registered trademark of Twitter, Inc.
RFPRequest for ProposalVIEVariable Interest Entity
RGGIRegional Greenhouse Gas InitiativeVSCCVirginia State Corporation Commission
ROEReturn on EquityWVPSCPublic Service Commission of West Virginia
iv


PART I. FINANCIAL INFORMATION

ITEM I.         Financial Statements

FIRSTENERGY CORP.
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)

For the Three Months Ended September 30,For the Nine Months Ended September 30,
(In millions, except per share amounts)2021202020212020
REVENUES:
Distribution services and retail generation $2,550 $2,470 $6,882 $6,624 
Transmission411 408 1,223 1,185 
Other163 144 367 444 
Total revenues(1)
3,124 3,022 8,472 8,253 
OPERATING EXPENSES:
Fuel132 101 362 276 
Purchased power874 766 2,206 2,073 
Other operating expenses856 937 2,326 2,416 
Provision for depreciation326 316 972 954 
Amortization (deferral) of regulatory assets, net30 (91)171 (26)
General taxes275 272 812 792 
DPA penalty (Note 9)  230  
Gain on sale of Yards Creek (Note 8)  (109) 
Total operating expenses2,493 2,301 6,970 6,485 
OPERATING INCOME631 721 1,502 1,768 
OTHER INCOME (EXPENSE):
Miscellaneous income, net136 100 379 303 
Pension and OPEB mark-to-market adjustment (Note 5)   (423)
Interest expense(283)(266)(855)(792)
Capitalized financing costs20 21 54 57 
Total other expense(127)(145)(422)(855)
INCOME BEFORE INCOME TAXES504 576 1,080 913 
INCOME TAXES88 116 271 122 
INCOME FROM CONTINUING OPERATIONS416 460 809 791 
Discontinued operations (Note 3)(2)
47 (6)47 46 
NET INCOME $463 $454 $856 $837 
EARNINGS PER SHARE OF COMMON STOCK (Note 4):
Basic - Continuing Operations$0.76 $0.85 $1.48 $1.46 
Basic - Discontinued Operations0.09 (0.01)0.09 0.08 
Basic - Earnings Per Share of Common Stock $0.85 $0.84 $1.57 $1.54 
Diluted - Continuing Operations$0.76 $0.85 $1.48 $1.46 
Diluted - Discontinued Operations0.09 (0.01)0.09 0.08 
Diluted - Earnings Per Share of Common Stock $0.85 $0.84 $1.57 $1.54 
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING:
Basic544 542 544 542 
Diluted545 543 545 543 
(1) Includes excise and gross receipts tax collections of $103 million and $100 million during the three months ended September 30, 2021 and 2020, respectively, and $283 million and $276 million during the nine months ended September 30, 2021 and 2020, respectively.

(2) Net of income tax expense (benefits) of $(47) million for the three and nine months ended September 30, 2021, and $6 million and $(29) million for the three and nine months ended September 30, 2020, respectively.

The accompanying Notes to Consolidated Financial Statements are an integral part of these financial statements.

1


FIRSTENERGY CORP.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)

For the Three Months Ended September 30,For the Nine Months Ended September 30,
(In millions)2021202020212020
NET INCOME$463 $454 $856 $837 
OTHER COMPREHENSIVE LOSS:  
Pension and OPEB prior service costs(3)(3)(10)(30)
Amortized losses on derivative hedges  1 1 
Other comprehensive loss(3)(3)(9)(29)
Income tax benefits on other comprehensive loss(1)(1)(3)(7)
Other comprehensive loss, net of tax(2)(2)(6)(22)
COMPREHENSIVE INCOME$461 $452 $850 $815 

The accompanying Notes to Consolidated Financial Statements are an integral part of these financial statements.


2


FIRSTENERGY CORP.
CONSOLIDATED BALANCE SHEETS
(Unaudited)
(In millions, except share amounts)September 30,
2021
December 31,
2020
ASSETS  
CURRENT ASSETS:  
Cash and cash equivalents$577 $1,734 
Restricted cash107 67 
Receivables- 
Customers1,273 1,367 
Less — Allowance for uncollectible customer receivables159 164 
1,114 1,203 
Other, net of allowance for uncollectible accounts of $12 in 2021 and $26 in 2020
250 236 
Materials and supplies, at average cost245 317 
Prepaid taxes and other239 157 
 2,532 3,714 
PROPERTY, PLANT AND EQUIPMENT:  
In service45,032 43,654 
Less — Accumulated provision for depreciation12,460 11,938 
 32,572 31,716 
Construction work in progress1,733 1,578 
 34,305 33,294 
PROPERTY, PLANT AND EQUIPMENT, NET - HELD FOR SALE (NOTE 8) 45 
INVESTMENTS AND OTHER NONCURRENT ASSETS:  
Goodwill5,618 5,618 
Investments (Note 7)632 605 
Regulatory assets90 82 
Other677 1,106 
 7,017 7,411 
$43,854 $44,464 
LIABILITIES AND CAPITALIZATION  
CURRENT LIABILITIES:  
Currently payable long-term debt$1,230 $146 
Short-term borrowings 2,200 
Accounts payable876 827 
Accrued interest291 282 
Accrued taxes641 640 
Accrued compensation and benefits369 349 
Other687 560 
 4,094 5,004 
CAPITALIZATION:  
Stockholders’ equity-  
Common stock, $0.10 par value, authorized 700,000,000 shares - 544,419,619 and 543,117,533 shares outstanding as of September 30, 2021 and December 31, 2020, respectively
54 54 
Other paid-in capital9,468 10,076 
Accumulated other comprehensive loss(11)(5)
Accumulated deficit(2,032)(2,888)
Total stockholders’ equity7,479 7,237 
Long-term debt and other long-term obligations22,503 22,131 
 29,982 29,368 
NONCURRENT LIABILITIES:  
Accumulated deferred income taxes3,366 3,095 
Retirement benefits3,124 3,345 
Regulatory liabilities2,015 1,826 
Other1,273 1,826 
 9,778 10,092 
COMMITMENTS, GUARANTEES AND CONTINGENCIES (Note 9)
$43,854 $44,464 

The accompanying Notes to Consolidated Financial Statements are an integral part of these financial statements.

3


FIRSTENERGY CORP.
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(Unaudited)

Nine Months Ended September 30, 2021
Common StockOPICAOCIAccumulated DeficitTotal Stockholders’ Equity
(In millions)SharesAmount
Balance, January 1, 2021543 $54 $10,076 $(5)$(2,888)$7,237 
Net income335 335 
Other comprehensive loss, net of tax(2)(2)
Share-based benefit plans1 2 2 
Cash dividends declared on common stock
($0.39 per share in March)
(212)(212)
Balance, March 31, 2021544 $54 $9,866 $(7)$(2,553)$7,360 
Net income58 58 
Other comprehensive loss, net of tax(2)(2)
Share-based benefit plans14 14 
Balance, June 30, 2021544 $54 $9,880 $(9)$(2,495)$7,430 
Net income463 463 
Other comprehensive loss, net of tax(2)(2)
Share-based benefit plans13 13 
Cash dividends declared on common stock ($0.39 per share in July and September)
(425)(425)
Balance, September 30, 2021544 $54 $9,468 $(11)$(2,032)$7,479 

Nine Months Ended September 30, 2020
Common StockOPICAOCIAccumulated DeficitTotal Stockholders’ Equity
(In millions)SharesAmount
Balance, January 1, 2020541 $54 $10,868 $20 $(3,967)$6,975 
Net income74 74 
Other comprehensive loss, net of tax(18)(18)
Stock Investment Plan and share-based benefit plans1 (6)(6)
Cash dividends declared on common stock
($0.39 per share in March)
(211)(211)
Balance, March 31, 2020542 $54 $10,651 $2 $(3,893)$6,814 
Net income309 309 
Other comprehensive loss, net of tax(2)(2)
Stock Investment Plan and share-based benefit plans22 22 
Balance, June 30, 2020542 $54 $10,673 $ $(3,584)$7,143 
Net income454 454 
Other comprehensive loss, net of tax(2)(2)
Stock Investment Plan and share-based benefit plans1 17 17 
Cash dividends declared on common stock ($0.39 per share in July and September)
(424)(424)
Balance, September 30, 2020543 $54 $10,266 $(2)$(3,130)$7,188 
The accompanying Notes to Consolidated Financial Statements are an integral part of these financial statements.


4


FIRSTENERGY CORP.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
For the Nine Months Ended September 30,
(In millions)20212020
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $856 $837 
Adjustments to reconcile net income to net cash from operating activities-
Depreciation and amortization1,162 804 
Deferred income taxes and investment tax credits, net255 124 
Retirement benefits, net of payments(310)(218)
Pension and OPEB mark-to-market adjustment 423 
Settlement agreement and tax sharing payments to the FES Debtors (978)
Transmission revenue collections, net120 1 
Gain on sale of Yards Creek(109) 
Gain on disposal, net of tax (Note 3)(47)(46)
Changes in current assets and liabilities-
Receivables76 (33)
Materials and supplies73 (23)
Prepaid taxes and other current assets(34)(57)
Accounts payable49 (72)
Accrued taxes(124)4 
Accrued interest9