Allegheny Power 2014 Annual Report Download - page 25

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10
Summary of Results of Operations — 2014 Compared with 2013
Financial results for FirstEnergy’s business segments in 2014 and 2013 were as follows:
2014 Financial Results Regulated
Distribution Regulated
Transmission
Competitive
Energy
Services
Corporate/Other
and Reconciling
Adjustments FirstEnergy
Consolidated
(In millions)
Revenues:
External
Electric $ 8,898 $769 $5,281 $(193) $ 14,755
Other 204 — 189 (99)294
Internal — — 819 (819) —
Total Revenues 9,102 769 6,289 (1,111)15,049
Operating Expenses:
Fuel 567 — 1,713 — 2,280
Purchased power 3,385 —2,150 (819)4,716
Other operating expenses 2,081 139 2,075 (333)3,962
Pension and OPEB mark-to-market 506 2 327 — 835
Provision for depreciation 658 127 387 48 1,220
Amortization of regulatory assets, net 1 11 — —12
General taxes 693 70 171 28 962
Total Operating Expenses 7,891 349 6,823 (1,076)13,987
Operating Income (Loss) 1,211 420 (534)(35)1,062
Other Income (Expense):
Loss on debt redemptions — — (8) —(8)
Investment income 56 — 45 (29) 72
Interest expense (589)(131)(189)(164)(1,073)
Capitalized financing costs 14 55 37 12 118
Total Other Expense (519)(76)(115)(181)(891)
Income (Loss) From Continuing Operations
Before Income Taxes (Benefits) 692 344 (649)(216)171
Income taxes (benefits) 227 121 (226)(164)(42)
Income (Loss) From Continuing Operations 465 223 (423)(52)213
Discontinued Operations, net of tax — — 86 —86
Net Income (Loss) $ 465 $ 223 $(337) $ (52) $ 299