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Summary of Quarterly Financial Data (Unaudited)
 12 Months Ended
Dec. 31, 2015
Quarterly Financial Data [Abstract]  
SUMMARY OF QUARTERLY FINANCIAL DATA (UNAUDITED)
SUMMARY OF QUARTERLY FINANCIAL DATA (UNAUDITED)

The following summarizes certain consolidated operating results by quarter for 2015 and 2014.
FirstEnergy
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
CONSOLIDATED STATEMENTS OF INCOME
(In millions, except per share amounts)
2015
 
2014
 
Dec. 31
 
Sept. 30
 
June 30
 
Mar. 31
 
Dec. 31
 
Sept. 30
 
June 30
 
Mar. 31
Revenues
$
3,541

 
$
4,123

 
$
3,465

 
$
3,897

 
$
3,483

 
$
3,888

 
$
3,496

 
$
4,182

Other operating expense
952

 
850

 
916

 
1,057

 
901

 
858

 
1,021

 
1,182

Pension and OPEB mark-to-market adjustment
242

 
—

 
—

 
—

 
835

 
—

 
—

 
—

Provision for depreciation
313

 
328

 
322

 
319

 
316

 
308

 
302

 
294

Operating Income (Loss)
236

 
908

 
554

 
594

 
(337
)
 
716

 
292

 
391

Income (loss) from continuing operations before income taxes (benefits)
(396
)
 
621

 
302

 
366

 
(574
)
 
485

 
90

 
170

Income taxes (benefits) (1)
(170
)
 
226

 
115

 
144

 
(268
)
 
152

 
26

 
48

Income (loss) from continuing operations
(226
)
 
395

 
187

 
222

 
(306
)
 
333

 
64

 
122

Discontinued operations (net of income taxes)
—

 
—

 
—

 
—

 
—

 
—

 
—

 
86

Net Income (Loss)
(226
)
 
395

 
187

 
222

 
(306
)
 
333

 
64

 
208

Earnings (loss) per share of common stock-(2)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Basic - Continuing Operations
(0.53
)
 
0.94

 
0.44

 
0.53

 
(0.73
)
 
0.79

 
0.16

 
0.29

Basic - Discontinued Operations (Note 19)
—

 
—

 
—

 
—

 
—

 
—

 
—

 
0.21

Basic - Earnings Available to FirstEnergy Corp.
(0.53
)
 
0.94

 
0.44

 
0.53

 
(0.73
)
 
0.79

 
0.16

 
0.50

Diluted - Continuing Operations
(0.53
)
 
0.93

 
0.44

 
0.53

 
(0.73
)
 
0.79

 
0.15

 
0.29

Diluted - Discontinued Operations (Note 19)
—

 
—

 
—

 
—

 
—

 
—

 
—

 
0.20

Diluted - Earnings Available to FirstEnergy Corp.
(0.53
)
 
0.93

 
0.44

 
0.53

 
(0.73
)
 
0.79

 
0.15

 
0.49

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1) - During the fourth quarter of 2014, income tax benefits of $16 million were recorded that related to prior periods. The out-of-period adjustment primarily related to the correction of amounts included in the Company’s tax basis balance sheet. Management determined that this adjustment was not material to 2014 or any prior period.
(2) - Total quarterly earnings per share information may not equal annual earnings per share due to the issuance of shares throughout the year. See FirstEnergy's Consolidated Statements of Stockholders' Equity and Note 4. Stock-Based Compensation for additional information.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
FES
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
CONSOLIDATED STATEMENTS OF INCOME
(In millions)
2015
 
2014
 
Dec. 31
 
Sept. 30
 
June 30
 
Mar. 31
 
Dec. 31
 
Sept. 30
 
June 30
 
Mar. 31
Revenues
$
1,171

 
$
1,338

 
$
1,119

 
$
1,377

 
$
1,342

 
$
1,521

 
$
1,452

 
$
1,829

Other operating expense
329

 
246

 
353

 
413

 
359

 
356

 
468

 
452

Pension and OPEB mark-to-market adjustment
57

 
—

 
—

 
—

 
297

 
—

 
—

 
—

Provision for depreciation
84

 
79

 
81

 
80

 
83

 
83

 
79

 
74

Operating Income (Loss)
25

 
240

 
—

 
12

 
(321
)
 
90

 
(151
)
 
(148
)
Income (loss) from continuing operations before income taxes (benefits)
(13
)
 
190

 
(25
)
 
(5
)
 
(347
)
 
72

 
(154
)
 
(159
)
Income taxes (benefits)
1

 
70

 
(4
)
 
(2
)
 
(133
)
 
28

 
(67
)
 
(56
)
Income (loss) from continuing operations
(14
)
 
120

 
(21
)
 
(3
)
 
(214
)
 
44

 
(87
)
 
(103
)
Discontinued operations (net of income taxes)
—

 
—

 
—

 
—

 
—

 
—

 
—

 
116

Net Income (Loss)
(14
)
 
120

 
(21
)
 
(3
)
 
(214
)
 
44

 
(87
)
 
13