Allegheny Power 2015 Annual Report Download - page 31

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14
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 marktomarket 506 2327 —835
Provisionfor depreciation 658 127 387 48 1,220
Amortizationof regulatory assets, net 111 — — 12
General taxes 693 70 171 28 962
Impairment of longlivedassets — — — — —
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 —54 (38)72
Impairment of equitymethodinvestment — — — — —
Interest expense (589)(131)(189)(164)(1,073)
Capitalized financingcosts 14 55 37 12 118
Total Other Expense (519)(76)(106)(190)(891)
Income(Loss) From ContinuingOperations
BeforeIncomeTaxes (Benefits) 692 344 (640)(225)171
Incometaxes(benefits) 227 121 (223)(167)(42)
Income(Loss) From ContinuingOperations 465 223 (417)(58)213
DiscontinuedOperations, net of tax — — 86 —86
Net Income(Loss) $465 $223 $(331) $ (58) $ 299
15
ChangesBetween2015and2014Financial
ResultsIncrease(Decrease)
Regulated
Distribution
Regulated
Transmission
Competitive
Energy
Services
Corporate/Other
and
Reconciling
Adjustments
FirstEnergy
Consolidated
(Inmillions)
Revenues:
External
Electric
$
531
$
242
$
(788
)
$
20
$
5
Other
(8
)
—
16
(36
)
(28
)
Internal
—
—
(133
)
133
—
TotalRevenues
523
242
(905
)
117
(23
)
OperatingExpenses:
Fuel
(34
)
—
(391
)
—
(425
)
Purchasedpower
163
—
(694
)
133
(398
)
Otheroperatingexpenses
161
15
(405
)
16
(213
)
PensionandOPEBmarktomarket
(327
)
1
(267
)
—
(593
)
Provisionfordepreciation
14
29
7
12
62
Amortizationofregulatoryassets,net
260
(4
)
—
—
256
Generaltaxes
10
32
(31
)
5
16
Impairmentoflonglivedassets
8
—
34
—
42
TotalOperatingExpenses
255
73
(1,747
)
166
(1,253
)
OperatingIncome(Loss)
268
169
842
(49
)
1,230
OtherIncome(Expense):
Lossondebtredemptions
—
—
8
—
8
Investmentincome
(14
)
—
(70
)
(10
)
(94
)
Impairmentofequitymethodinvestment
—
—
—
(362
)
(362
)
Interestexpense
3
(30
)
(3
)
(29
)
(59
)
Capitalizedfinancingcosts
11
(11
)
2
(3
)
(1
)
TotalOtherExpense
—
(41
)
(63
)
(404
)
(508
)
Income(Loss)FromContinuingOperationsBefore
IncomeTaxes(Benefits)
268
128
779
(453
)
722
Incometaxes(benefits)
115
53
273
(84
)
357
Income(Loss)FromContinuingOperations
153
75
506
(369
)
365
DiscontinuedOperations,netoftax
—
—
(86
)
—
(86
)
NetIncome(Loss)
$
153
$
75
$
420
$
(369
)
$
279