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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, 2022
OR
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ___________________ to ___________________
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| Commission | | Registrant; State of Incorporation; | | I.R.S. Employer |
| File Number | | Address; and Telephone Number | | Identification No. |
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| 333-21011 | | FIRSTENERGY CORP. | | 34-1843785 |
| | | (An | Ohio | Corporation) | | |
| | | 76 South Main Street | | |
| | | Akron | OH | 44308 | | |
| | | Telephone | (800) | 736-3402 | | |
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SECURITIES REGISTERED PURSUANT TO SECTION 12(b) OF THE ACT:
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| Title of Each Class | | Trading Symbol | | Name of Each Exchange on Which Registered |
| Common Stock, $0.10 par value | | FE | | New 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.
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).
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.
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| Large Accelerated Filer | ☑ |
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| Accelerated Filer | ☐ |
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| Non-accelerated Filer | ☐ |
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| Smaller Reporting Company | ☐ |
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| 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).
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date:
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| | | OUTSTANDING |
| CLASS | | AS OF SEPTEMBER 30, 2022 |
| Common Stock, $0.10 par value | | 571,753,195 |
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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 government investigations and agreements, including those associated with compliance with or failure to comply with the DPA.
•The risks and uncertainties associated with government investigations and audits 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 risks and uncertainties associated with litigation, arbitration, mediation, and similar proceedings, particularly regarding HB 6 related matters, including risks associated with obtaining dismissal of the derivative shareholder lawsuits.
•Changes in national and regional economic conditions, including recession, inflationary pressure, supply chain disruptions, higher energy costs, and workforce impacts, affecting us and/or our customers and those vendors with which we do business.
• Weather conditions, such as temperature variations and severe weather conditions, or other natural disasters affecting future operating results and associated regulatory actions or outcomes in response to such conditions.
• Legislative and regulatory developments, including, but not limited to, matters related to rates, compliance and enforcement activity, cybersecurity, and climate change.
• 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, 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.
• Changing market conditions affecting the measurement of certain liabilities and the value of assets held in our pension trusts may negatively impact our forecasted growth rate, results of operations, and may also cause us to make contributions to our pension sooner or in amounts that are larger than currently anticipated.
• 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.
• 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.
• 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 factors such as 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, economic conditions, the impact of climate change, or energy efficiency and peak demand reduction mandates.
• The potential of non-compliance with debt covenants in our credit facilities.
• 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.
• Labor disruptions by our unionized workforce.
• Changes to significant accounting policies.
• Any changes in tax laws or regulations, including, but not limited to, the IRA of 2022, 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 the 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, this Form 10-Q 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
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| Part I. Financial Information | |
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| Consolidated Statements of Equity | |
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GLOSSARY OF TERMS
The following abbreviations and acronyms are used in this report to identify FirstEnergy Corp. and its current and former subsidiaries:
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| AE Supply | Allegheny Energy Supply Company, LLC, an unregulated generation subsidiary |
| AGC | Allegheny Generating Company, a generation subsidiary of MP |
| ATSI | American Transmission Systems, Incorporated, a subsidiary of FET, which owns and operates transmission facilities |
| CEI | The Cleveland Electric Illuminating Company, an Ohio electric utility operating subsidiary |
| FE | FirstEnergy Corp., a public utility holding company |
| FELHC, Inc. | FirstEnergy License Holding Company |
| FENOC | Energy Harbor Nuclear Corp. (formerly known as FirstEnergy Nuclear Operating Company), a subsidiary of EH, which operates EH’s nuclear generating facilities |
| FES | Energy Harbor LLC (formerly known as FirstEnergy Solutions Corp.), a subsidiary of EH, which provides energy-related products and services |
| FES Debtors | FENOC, FES, and FES’ subsidiaries as of March 31, 2018 |
| FESC | FirstEnergy Service Company, which provides legal, financial, and other corporate support services |
| FET | FirstEnergy Transmission, LLC, the parent company of ATSI, MAIT and TrAIL, and has a joint venture in PATH |
| FEV | FirstEnergy Ventures Corp., which invests in certain unregulated enterprises and business ventures |
| FirstEnergy | FirstEnergy Corp., together with its consolidated subsidiaries |
| Global Holding | Global Mining Holding Company, LLC, a joint venture between FEV, WMB Marketing Ventures, LLC and Pinesdale LLC |
| GPU | GPU, Inc., former parent of JCP&L, ME and PN, that merged with FE on November 7, 2001 |
| JCP&L | Jersey Central Power & Light Company, a New Jersey electric utility operating subsidiary |
| KATCo | Keystone Appalachian Transmission Company, a former subsidiary of FET which, in May 2022, became a subsidiary of FE |
| MAIT | Mid-Atlantic Interstate Transmission, LLC, a subsidiary of FET, which owns and operates transmission facilities |
| ME | Metropolitan Edison Company, a Pennsylvania electric utility operating subsidiary |
| MP | Monongahela Power Company, a West Virginia electric utility operating subsidiary |
| OE | Ohio Edison Company, an Ohio electric utility operating subsidiary |
| Ohio Companies | CEI, OE and TE |
| PATH | Potomac-Appalachian Transmission Highline, LLC, a joint venture between FE and a subsidiary of AEP |
| PATH-Allegheny | PATH Allegheny Transmission Company, LLC |
| PATH-WV | PATH West Virginia Transmission Company, LLC |
| PE | The Potomac Edison Company, a Maryland and West Virginia electric utility operating subsidiary |
| Penn | Pennsylvania Power Company, a Pennsylvania electric utility operating subsidiary of OE |
| Pennsylvania Companies | ME, PN, Penn and WP |
| PN | Pennsylvania Electric Company, a Pennsylvania electric utility operating subsidiary |
| Signal Peak | Signal Peak Energy, LLC, an indirect subsidiary of Global Holding that owns mining operations near Roundup, Montana |
| TE | The Toledo Edison Company, an Ohio electric utility operating subsidiary |
| TrAIL | Trans-Allegheny Interstate Line Company, a subsidiary of FET, which owns and operates transmission facilities |
| Transmission Companies | ATSI, MAIT and TrAIL |
| Utilities | OE, CEI, TE, Penn, JCP&L, ME, PN, MP, PE, and WP |
| WP | West Penn Power Company, a Pennsylvania electric utility operating subsidiary |
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| The following abbreviations and acronyms may be used to identify frequently used terms in this report: |
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| 2021 Credit Facilities | Collectively, 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 | | DPA | Deferred Prosecution Agreement entered into on July 21, 2021 between FE and U.S. Attorney’s Office for the Southern District of Ohio |
| 2023 Notes | FE’s 4.25% Notes, Series B, due 2023 | | DSIC | Distribution System Improvement Charge |
| 2031 Notes | FE’s 7.375% Notes, Series C, due 2031 | | DSP | Default Service Plan |
| 2047 Notes | FE’s 4.85% Notes, Series C, due 2047 | | EDC | Electric Distribution Company |
| ACE | Affordable Clean Energy | | EDCP | Executive Deferred Compensation Plan |
| ADIT | Accumulated Deferred Income Taxes | | EE&C | Energy Efficiency and Conservation |
| AEP | American Electric Power Company, Inc. | | EEI | Edison Electric Institute |
| AEPSC | American Electric Power Service Corporation | | EGS | Electric Generation Supplier |
| AFS | Available-for-sale | | EGU | Electric Generation Units |
| AFSI | Adjusted Financial Statement Income | | EH | Energy Harbor Corp. |
| AFUDC | Allowance for Funds Used During Construction | | ELG | Effluent Limitation Guidelines |
| AMI | Advance Metering Infrastructure | | EmPOWER Maryland | EmPOWER Maryland Energy Efficiency Act |
| AOCI | Accumulated Other Comprehensive Income (Loss) | | ENEC | Expanded Net Energy Cost |
| ARO | Asset Retirement Obligation | | EPA | United States Environmental Protection Agency |
| ARP | Alternative Revenue Program | | EPS | Earnings per Share |
| ASC | Accounting Standards Codification | | ERO | Electric Reliability Organization |
| ASU | Accounting Standards Update | | ESG | Environmental, Social, Corporate Governance |
| BGS | Basic Generation Service | | ESP IV | Electric Security Plan IV |
| Brookfield | North American Transmission Company II LLC, a controlled investment vehicle entity of Brookfield Infrastructure Partners | | Exchange Act | Securities and Exchange Act of 1934, as amended |
| Brookfield Guarantors | Brookfield Super-Core Infrastructure Partners L.P., Brookfield Super-Core Infrastructure Partners (NUS) L.P., and Brookfield Super-Core Infrastructure Partners (ER) SCSp | | Facebook® | Facebook is a registered trademark of Facebook, Inc. |
| CAA | Clean Air Act | | FASB | Financial Accounting Standards Board |
| CCR | Coal Combustion Residuals | | FCA | Financial Conduct Authority |
| CERCLA | Comprehensive Environmental Response, Compensation, and Liability Act of 1980 | | FE Board | FE Board of Directors |
| CFR | Code of Federal Regulations | | FE Revolving Facility | FE and the Utilities’ former five-year syndicated revolving credit facility, as amended, and replaced by the 2021 Credit Facilities on October 18, 2021 |
CO2 | Carbon Dioxide | | FERC | Federal Energy Regulatory Committee |
| COVID-19 | Coronavirus disease | | FET Board | The Board of Directors of FET |
| CPP | EPA's Clean Power Plan | | FET LLC Agreement | Third Amended and Restated Limited Liability Company Operating Agreement of FET |
| CSAPR | Cross-State Air Pollution Rule | | FET P&SA | Purchase and Sale Agreement entered into on November 6, 2021, by and between FE, FET, Brookfield and Brookfield Guarantors |
| CSR | Conservation Support Rider | | FET Revolving Facility | FET 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 |
| CTA | Consolidated Tax Adjustment | | Fitch | Fitch Ratings Service |
| CWA | Clean Water Act | | FMB | First Mortgage Bond |
| DCR | Delivery Capital Recovery | | FPA | Federal Power Act |
| D.C. Circuit | United States Court of Appeals for the District of Columbia Circuit | | FTR | Financial Transmission Right |
| DMR | Distribution Modernization Rider | | GAAP | Accounting Principles Generally Accepted in the United States of America |
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| GHG | Greenhouse Gases | | POLR | Provider of Last Resort |
| HB 6 | House Bill 6, as passed by Ohio's 133rd General Assembly | | PPA | Purchase Power Agreement |
| IRA of 2022 | Inflation Reduction Act of 2022 | | PPUC | Pennsylvania Public Utility Commission |
| IRS | Internal Revenue Service | | PUCO | Public Utilities Commission of Ohio |
| LED | Light Emitting Diode | | RCRA | Resource Conservation and Recovery Act |
| LIBOR | London Inter-Bank Offered Rate | | Recoupment Policy | FirstEnergy Executive Compensation Recoupment Policy |
| LOC | Letter of Credit | | Regulation FD | Regulation Fair Disclosure promulgated by the SEC |
| LTIIPs | Long-Term Infrastructure Improvement Plans | | RFC | ReliabilityFirst Corporation |
| MDPSC | Maryland Public Service Commission | | RFP | Request for Proposal |
| MGP | Manufactured Gas Plants | | RGGI | Regional Greenhouse Gas Initiative |
| MISO | Midcontinent Independent System Operator, Inc. | | ROE | Return on Equity |
| Moody’s | Moody’s Investors Service, Inc. | | RTO | Regional Transmission Organization |
| MW | Megawatt | | SBC | Societal Benefits Charge |
| MWH | Megawatt-hour | | S.D. Ohio | Federal District Court, Southern District of Ohio |
| NAAQS | National Ambient Air Quality Standards | | SEC | United States Securities and Exchange Commission |
| NCI | Noncontrolling Interest | | SEET | Significantly Excessive Earnings Test |
| N.D. Ohio | Federal District Court, Northern District of Ohio | | SF6 | Sulfur Hexafluoride |
| NERC | North American Electric Reliability Corporation | | SIP | State Implementation Plan(s) Under the Clean Air Act |
| NJBPU | New Jersey Board of Public Utilities | | SLC | Special Litigation Committee of the FE Board |
| NJ Rate Counsel | New Jersey Division of Rate Counsel | | SO2 | Sulfur Dioxide |
| NOL | Net Operating Loss | | SOFR | Secured Overnight Financing Rate |
| NOx | Nitrogen Oxide | | SOS | Standard Offer Service |
| NUG | Non-Utility Generation | | SREC | Solar Renewable Energy Credit |
| NYPSC | New York State Public Service Commission | | SSO | Standard Service Offer |
| OAG | Ohio Attorney General | | S&P | Standard & Poor’s Ratings Service |
| OCA | Office of Consumer Advocate | | Tax Act | Tax Cuts and Jobs Act adopted December 22, 2017 |
| OCC | Ohio Consumers' Counsel | | TMI-1 | Three Mile Island Unit 1 |
| ODSA | Ohio Development Service Agency | | TO | Transmission Owner |
| Ohio Stipulation | Stipulation and Recommendation, dated November 1, 2021, entered into by and among the Ohio Companies, the OCC, PUCO Staff, and
several other signatories | | Twitter® | Twitter is a registered trademark of Twitter, Inc. |
| OPEB | Other Post-Employment Benefits | | VAR | Volt-Amps Reactive, the measuring unit for reactive power |
| OPIC | Other Paid-in Capital | | VIE | Variable Interest Entity |
| OVEC | Ohio Valley Electric Corporation | | VSCC | Virginia State Corporation Commission |
| PJM | PJM Interconnection, LLC | | WVPSC | Public Service Commission of West Virginia |
| PJM Tariff | PJM Open Access Transmission Tariff | | | |
PART I. FINANCIAL INFORMATION
ITEM I. Financial Statements
FIRSTENERGY CORP.
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
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| | For the Three Months Ended September 30, | | For the Nine Months Ended September 30, |
| (In millions, except per share amounts) | | 2022 | | 2021 | | 2022 | | 2021 |
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| REVENUES: | | | | | | | | |
| Distribution services and retail generation | | $ | 2,767 | | | $ | 2,550 | | | $ | 7,334 | | | $ | 6,882 | |
| Transmission | | 502 | | | 411 | | | 1,393 | | | 1,223 | |
| Other | | 206 | | | 163 | | | 555 | | | 367 | |
Total revenues(1) | | 3,475 | | | 3,124 | | | 9,282 | | | 8,472 | |
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| 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 | |
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| Provision for depreciation | | 332 | | | 326 | | | 1,020 | | | 972 | |
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| Amortization (deferral) of regulatory assets, net | | (86) | | | 30 | | | (252) | | | 171 | |
| General taxes | | 295 | | | 275 | | | 851 | | | 812 | |
| DPA penalty (Note 8) | | — | | | — | | | — | | | 230 | |
| Gain on sale of Yards Creek (Note 9) | | — | | | — | | | — | | | (109) | |
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| Total operating expenses | | 2,970 | | | 2,493 | | | 7,771 | | | 6,970 | |
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| OPERATING INCOME | | 505 | | | 631 | | | 1,511 | | | 1,502 | |
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| OTHER INCOME (EXPENSE): | | | | | | | | |
| Debt redemption costs (Note 6) | | 1 | | | — | | | (155) | | | — | |
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| Miscellaneous income, net | | 168 | | | 136 | | | 434 | | | 379 | |
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| Interest expense | | (248) | | | (283) | | | (788) | | | (855) | |
| Capitalized financing costs | | 23 | | | 20 | | | 59 | | | 54 | |
| Total other expense | | (56) | | | (127) | | | (450) | | | (422) | |
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| INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | | 449 | | | 504 | | | 1,061 | | | 1,080 | |
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| INCOME TAXES | | 105 | | | 88 | | | 237 | | | 271 | |
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| INCOME FROM CONTINUING OPERATIONS | | 344 | | | 416 | | | 824 | | | 809 | |
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Discontinued operations (Note 10)(2) | | — | | | 47 | | | — | | | 47 | |
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| NET INCOME | | $ | 344 | | | $ | 463 | | | $ | 824 | | | $ | 856 | |
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| Income attributable to noncontrolling interest (continuing operations) | | 10 | | | — | | | 15 | | | — | |
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| EARNINGS ATTRIBUTABLE TO FIRSTENERGY CORP. | | $ | 334 | | | $ | 463 | | | $ | 809 | | | $ | 856 | |
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EARNINGS PER SHARE ATTRIBUTABLE TO FIRSTENERGY CORP.
(Note 3): | | | | | | | | |
| Basic - Continuing Operations | | $ | 0.58 | | | $ | 0.76 | | | $ | 1.42 | | | $ | 1.48 | |
| Basic - Discontinued Operations | | — | | | 0.09 | | | — | | | 0.09 | |
| Basic - Earnings Per Share Attributable to FirstEnergy Corp. | | $ | 0.58 | | | $ | 0.85 | | | $ | 1.42 | | | $ | 1.57 | |
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| Diluted - Continuing Operations | | $ | 0.58 | | | $ | 0.76 | | | $ | 1.41 | | | $ | 1.48 | |
| Diluted - Discontinued Operations | | — | | | 0.09 | | | — | | | 0.09 | |
| Diluted - Earnings Per Share Attributable to FirstEnergy Corp. | | $ | 0.58 | | | $ | 0.85 | | | $ | 1.41 | | | $ | 1.57 | |
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| WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING: | | | | | | | | |
| Basic | | 571 | | | 544 | | | 571 | | | 544 | |
| Diluted | | 572 | | | 545 | | | 572 | | | 545 | |
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(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.
The accompanying Notes to Consolidated Financial Statements are an integral part of these financial statements.
FIRSTENERGY CORP.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | For the Three Months Ended September 30, | | For the Nine Months Ended September 30, | |
| (In millions) | | 2022 | | 2021 | | 2022 | | 2021 | |
| | | | | | | | | |
| NET INCOME | | $ | 344 | | | $ | 463 | | | $ | 824 | | | $ | 856 | | |
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| OTHER COMPREHENSIVE INCOME (LOSS): | | | | | | | | | |
| Pension and OPEB prior service costs | | (2) | | | (3) | | | (6) | | | (10) | | |
| Amortized losses on derivative hedges | | — | | | — | | | 8 | | | 1 | | |
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| Other comprehensive income (loss) | | (2) | | | (3) | | | 2 | | | (9) | | |
| Income taxes (benefits) on other comprehensive income (loss) | | (1) | | | (1) | | | — | | | (3) | | |
| Other comprehensive income (loss), net of tax | | (1) | | | (2) | | | 2 | | | (6) | | |
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| COMPREHENSIVE INCOME | | $ | 343 | | | $ | 461 | | | $ | 826 | | | $ | 850 | | |
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| Comprehensive income attributable to noncontrolling interest | | 10 | | | — | | | 15 | | | — | | |
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| COMPREHENSIVE INCOME ATTRIBUTABLE TO FIRSTENERGY CORP. | | $ | 333 | | | $ | 461 | | | $ | 811 | | | $ | 850 | | |
The accompanying Notes to Consolidated Financial Statements are an integral part of these financial statements.
FIRSTENERGY CORP.
CONSOLIDATED BALANCE SHEETS
(Unaudited)
| | | | | | | | | | | | | | | |
| (In millions, except share amounts) | | | September 30,
2022 | | December 31,
2021 |
| ASSETS | | | | | |
| CURRENT ASSETS: | | | | | |
| Cash and cash equivalents | | | $ | 251 | | | $ | 1,462 | |
| Restricted cash | | | 26 | | | 49 | |
| Receivables- | | | | | |
| Customers | | | 1,318 | | | 1,192 | |
| Less — Allowance for uncollectible customer receivables | | | 136 | | | 159 | |
| | | 1,182 | | | 1,033 | |
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Other, net of allowance for uncollectible accounts of $10 in 2022 and 2021 | | | 264 | | | 246 | |
| Materials and supplies, at average cost | | | 361 | | | 260 | |
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| Prepaid taxes and other | | | 228 | | | 187 | |
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| | | | 2,312 | | | 3,237 | |
| PROPERTY, PLANT AND EQUIPMENT: | | | | | |
| In service | | | 46,917 | | | 46,002 | |
| Less — Accumulated provision for depreciation | | | 13,075 | | | 12,672 | |
| | | | 33,842 | | | 33,330 | |
| Construction work in progress | | | 1,730 | | | 1,414 | |
| | | | 35,572 | | | 34,744 | |
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| INVESTMENTS AND OTHER NONCURRENT ASSETS: | | | | | |
| Goodwill | | | 5,618 | | | 5,618 | |
| Investments (Note 6) | | | 621 | | | 655 | |
| Regulatory assets | | | 14 | | | 71 | |
| Other | | | 714 | | | 1,107 | |
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| | | | 6,967 | | | 7,451 | |
| | | $ | 44,851 | | | $ | 45,432 | |
| LIABILITIES AND CAPITALIZATION | | | | | |
| CURRENT LIABILITIES: | | | | | |
| Currently payable long-term debt | | | $ | 353 | | | $ | 1,606 | |
| | | | | |
| Accounts payable | | | 1,125 | | | 943 | |
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| Accrued interest | | | 255 | | | 283 | |
| Accrued taxes | | | 643 | | | 647 | |
| Accrued compensation and benefits | | | 255 | | | 313 | |
| | | | | |
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| Dividends payable | | | 223 | | | 222 | |
| Other | | | 639 | | | 402 | |
| | | | | |
| | | | 3,493 | | | 4,416 | |
| CAPITALIZATION: | | | | | |
| Common stockholders’ equity- | | | | | |
Common stock, $0.10 par value, authorized 700,000,000 shares - 571,753,195 and 570,261,104 shares outstanding as of September 30, 2022 and December 31, 2021, respectively | | | 57 | | | 57 | |
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| Other paid-in capital | | | 11,526 | | | 10,238 | |
| Accumulated other comprehensive loss | | | (13) | | | (15) | |
| Accumulated deficit | | | (796) | | | (1,605) | |
| Total common stockholders’ equity | | | 10,774 | | | 8,675 | |
| Noncontrolling interest | | | 464 | | | — | |
| Total equity | | | 11,238 | | | 8,675 | |
| Long-term debt and other long-term obligations | | | 20,905 | | | 22,248 | |
| | | | 32,143 | | | 30,923 | |
| NONCURRENT LIABILITIES: | | | | | |
| Accumulated deferred income taxes | | | 3,428 | | | 3,437 | |
| Retirement benefits | | | 2,496 | | | 2,669 | |
| Regulatory liabilities | | | 1,982 | | | 2,124 | |
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| Other | | | 1,309 | | | 1,863 | |
| | | | | |
| | | | 9,215 | | | 10,093 | |
| COMMITMENTS, GUARANTEES AND CONTINGENCIES (Note 8) | | | | | |
| | | $ | 44,851 | | | $ | 45,432 | |
The accompanying Notes to Consolidated Financial Statements are an integral part of these financial statements.
FIRSTENERGY CORP.
CONSOLIDATED STATEMENTS OF EQUITY
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Nine Months Ended September 30, 2022 |
| | Common Stock | | OPIC | | AOCI | | Accumulated Deficit | | Total Common Stockholders’ Equity | | NCI | | Total Equity |
| (In millions) | | Shares | | Amount | | | | | |
| Balance, January 1, 2022 | | 570 | | | $ | 57 | | | $ | 10,238 | | | $ | (15) | | | $ | (1,605) | | | $ | 8,675 | | | $ | — | | | $ | 8,675 | |
| Net income | | | | | | | | | | 288 | | | 288 | | | | | 288 | |
| Other comprehensive loss, net of tax | | | | | | | | (1) | | | | | (1) | | | | | (1) | |
| Stock Investment Plan and share-based benefit plans | | 1 | | | | | 20 | | | | | | | 20 | | | | | 20 | |
Cash dividends declared on common stock ($0.39 per share in March) | | | | | | (223) | | | | | | | (223) | | | | | (223) | |
| Other | | | | | | (4) | | | | | | | (4) | | | | | (4) | |
| Balance, March 31, 2022 | | 571 | | | 57 | | | 10,031 | | | (16) | | | (1,317) | | | 8,755 | | | — | | | 8,755 | |
| Net income | | | | | | | | | | 187 | | | 187 | | | 5 | | | 192 | |
| Other comprehensive income, net of tax | | | | | | | | 4 | | | | | 4 | | | | | 4 | |
| | | | | | | | | | | | | | | | |
| Stock Investment Plan and share-based benefit plans | | | | | | 25 | | | | | | | 25 | | | | | 25 | |
| FET minority interest sale, net of transaction costs (Note 1) | | | | | | 1,887 | | | | | | | 1,887 | | | 451 | | | 2,338 | |
| Balance, June 30, 2022 | | 571 | | | 57 | | | 11,943 | | | (12) | | | (1,130) | | | 10,858 | | | 456 | | | 11,314 | |
| Net income | | | | | | | | | | 334 | | | 334 | | | 10 | | | 344 | |
| Other comprehensive loss, net of tax | | | | | | | | (1) | | | | | (1) | | | | | (1) | |
| Stock Investment Plan and share-based benefit plans | | 1 | | | | | 33 | | | | | | | 33 | | | | | 33 | |
Cash dividends declared on common stock ($0.39 per share in July and September) | | | | | | (446) | | | | | | | (446) | | | | | (446) | |
| Distribution to FET minority interest | | | | | | | | | | | | — | | | (15) | | | (15) | |
| Capital contribution from FET minority interest | | | | | | | | | | | | — | | | 9 | | | 9 | |
| Consolidated tax benefit allocation | | | | | | (4) | | | | | | | (4) | | | 4 | | | — | |
| Balance, September 30, 2022 | | 572 | | | $ | 57 | | | $ | 11,526 | | | $ | (13) | | | $ | (796) | | | $ | 10,774 | | | $ | 464 | | | $ | 11,238 | |
FIRSTENERGY CORP.
CONSOLIDATED STATEMENTS OF EQUITY
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Nine Months Ended September 30, 2021 |
| | Common Stock | | OPIC | | AOCI | | Accumulated Deficit | | Total Common Stockholders’ Equity | | NCI | | Total Equity |
| (In millions) | | Shares | | Amount | | | | | |
| Balance, January 1, 2021 | | 543 | | | $ | 54 | | | $ | 10,076 | | | $ | (5) | | | $ | (2,888) | | | $ | 7,237 | | | $ | — | | | $ | 7,237 | |
| Net income | | | | | | | | | | 335 | | | 335 | | | | | 335 | |
| Other comprehensive loss, net of tax | | | | | | | | (2) | | | | | (2) | | | | | (2) | |
| Share-based benefit plans | | 1 | | | | | 2 | | | | | | | 2 | | | | | 2 | |
Cash dividends declared on common stock ($0.39 per share in March) | | | | | | (212) | | | | | | | (212) | | | | | (212) | |
| Balance, March 31, 2021 | | 544 | | | 54 | | | 9,866 | | | (7) | | | (2,553) | | | 7,360 | | | — | | | 7,360 | |
| Net income | | | | | | | | | | 58 | | | 58 | | | | | 58 |
| Other comprehensive loss, net of tax | | | | | | | | (2) | | | | | (2) | | | | | (2) | |
| | | | | | | | | | | | | | | | |
| Share-based benefit plans | | | | | | 14 | | | | | | | 14 | | | | | 14 | |
| Balance, June 30, 2021 | | 544 | | | $ | 54 | | | $ | 9,880 | | | $ | (9) | | | $ | (2,495) | | | $ | 7,430 | | | $ | — | | | $ | 7,430 | |
| Net income | | | | | | | | | | $ | 463 | | | 463 | | | | | 463 |
| Other comprehensive loss, net of tax | | | | | | | | (2) | | | | | (2) | | | | | (2) | |
| Share-based benefit plans | | | | | | 13 | | | | | | | 13 | | | | | 13 | |
Cash dividends declared on common stock ($0.39 per share in July and September) | | | | | | (425) | | | | | | | (425) | | | | | (425) | |
| Balance, September 30, 2021 | | 544 | | | $ | 54 | | | $ | 9,468 | | | $ | |
