Allegheny Power 2010 Annual Report Download - page 116
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101
The following table summarizes the net interest expense (income) recognized by FES and the Utilities for the three years
ended December 31, 2010 and the cumulative net interest payable (receivable) as of December 31, 2010 and 2009:
Net Interest Expense (Income)
For the Years Ended Net Interest Payable
December 31, As of December 31,
2010 2009 2008 2010 2009
(In millions) (In millions)
FES $ 1 $ (1) $ - $ 2 $ 2
OE (3) 4 (4) 1 9
CEI (2) 3 (2) - 3
TE (1) - - - 1
JCP&L (2) (4) 1 - 1
Met-Ed - (2) 1 - 1
Penelec - (1) 2 - 1
FirstEnergy has tax returns that are under review at the audit or appeals level by the IRS (2008-2010) and state tax
authorities. Tax returns for all state jurisdictions are open from 2006-2009. The IRS began auditing the year 2008 in
February 2008 and the audit was completed in July 2010 with one item under appeal. The 2009 tax year audit began in
February 2009 and the 2010 tax year audit began in February 2010. Management believes that adequate reserves have
been recognized and final settlement of these audits is not expected to have a material adverse effect on FirstEnergy’s
financial condition or results of operations.
FirstEnergy has pre-tax net operating loss carryforwards for state and local income tax purposes of approximately
$1.6 billion, of which $724 million is expected to be utilized. The associated deferred tax assets are $20 million. These
losses expire as follows:
Expiration Period FE FES Penelec
(In millions)
2011-2015 $ 532 $ 321 $ -
2016-2020 112 15 14
2021-2025 480 4 186
2026-2030 524 230 150
$ 1,648 $ 570 $ 350