After-Tax EPS Variance Analysis | 4th Qtr. | |||
4Q 2003 Basic EPS - GAAP Basis | $ | 0.33 | ||
Discontinued International Operations | 0.11 | |||
Unusual Items - 2003 | (0.14 | ) | ||
4Q 2003 Basic EPS - Non-GAAP Basis | $ | 0.30 | ||
Davis-Besse Incremental Expenses - 2003 | 0.12 | |||
4Q 2003 Normalized Earnings - Non-GAAP Basis | $ | 0.42 | ||
Electric Gross Margin | 0.12 | |||
Nuclear Operating Expense | (0.05 | ) | ||
Fossil Operating Expense | 0.05 | |||
Energy Delivery Expenses | 0.06 | |||
Pension and Other Employee Benefits | 0.08 | |||
Incentive Compensation | (0.10 | ) | ||
Other A&G Expenses | 0.05 | |||
Depreciation and Amortization | 0.02 | |||
Financing Costs | 0.06 | |||
Other | 0.01 | |||
4Q 2004 Normalized Earnings - Non-GAAP Basis | $ | 0.72 | ||
Unusual Charges - 2004 | (0.11 | ) | ||
4Q 2004 Basic GAAP Basis | $ | 0.61 |
n | Normalized non-GAAP earnings for the fourth quarter of 2004, excluding unusual charges, were $0.72 per share, compared with fourth quarter 2003 normalized non-GAAP earnings of $0.42 per share. GAAP earnings were $0.61 per share compared with GAAP earnings of $0.33 per share in the fourth quarter of 2003, which included discontinued international operations, unusual items and incremental expenses associated with the Davis-Besse outage. |
n | Normalized non-GAAP earnings for 2004, excluding unusual charges, were $2.91 per share which exceeded our earnings guidance of $2.70-$2.85 per share. GAAP earnings were $2.68 per share. |
n | Electric distribution deliveries increased 3%. Residential and commercial deliveries increased 6% and 4%, respectively, while industrial deliveries were unchanged. Heating- degree-days were approximately 1% higher than the same period last year, but 4% below normal. Total electric generation sales rose 10% due primarily to a 29% increase in wholesale sales. |
n | Electric gross margin increased $66 million after adjusting for changes in regulatory deferrals and last year's Davis-Besse replacement power costs. The improvement resulted from a 12% increase in generation output, along with higher contributions from increased wholesale sales and distribution deliveries. |
n | Nuclear operating expenses, excluding incremental expenses associated with the Davis-Besse outage last year, increased $29 million, due to the refueling outage at Beaver Valley Unit 1 this quarter.Fossil operating expenses decreased $30 million as a result of fewer planned outages compared to the same period last year. |
n | Energy delivery expenses decreased $35 million due to less storm-related maintenance, reduced use of outside contractors, and more capital-related projects this quarter compared to maintenance activities last year. |
n | Forward-Looking Statement: This Form 8-K includes forward-looking statements based on information currently available to management. Such statements are subject to certain risks and uncertainties. These statements typically contain, but are not limited to, the terms "anticipate," "potential," "expect," "believe," "estimate" and similar words. Actual results may differ materially due to the speed and nature of increased competition and deregulation in the electric utility industry, economic or weather conditions affecting future sales and margins, changes in markets for energy services, changing energy and commodity market prices, replacement power costs being higher than anticipated or inadequately hedged, maintenance costs being higher than anticipated, legislative and regulatory changes (including revised environmental requirements), adverse regulatory or legal decisions and outcomes (including revocation of necessary licenses or operating permits, fines or other enforcement actions and remedies) of government investigations, including by the Securities and Exchange Commission, the United States Attorney's Office and the Nuclear Regulatory Commission as disclosed in our Securities and Exchange Commission Filings, generally, and with respect to the Davis-Besse Nuclear Power Station outage in particular, the availability and cost of capital, the continuing availability and operation of generating units, our inability to accomplish or realize anticipated benefits from strategic goals, our ability to improve electric commodity margins and to experience growth in the distribution business, our ability to access the public securities and other capital markets, further investigation into the causes of the August 14, 2003 regional power outage and the outcome, cost and other effects of present and potential legal and administrative proceedings and claims related to the outage, the final outcome in the proceeding related to FirstEnergy's Application for a Rate Stabilization Plan in Ohio, the risks and other factors discussed from time to time in our Securities and Exchange Commission filings and other similar factors. We expressly disclaim any current intention to update any forward-looking statements contained herein as a result of new information, future events, or otherwise. |
n | Incentive compensation expense increased $54 million compared to the same period last year. The majority of the increase relates to last year's fourth quarter reversal of nine months of accrued incentive compensation expense, as incentive compensation was not paid in 2003. |
n | Other A&G expenses decreased $30 million primarily as a result of reduced legal, customer sales and marketing expenses. |
n | Total depreciation and amortization expenses decreased $13 million after adjusting for regulatory deferrals. The reduction was due to the capitalization of carrying charges on regulatory deferrals. |
n | Net interest charges decreased $35 million. Financing activities during the quarter included $16 million in mandatory long-term debt redemptions and $143 million of refinancing and repricing transactions. |
n | Consistent with our ongoing efforts to divest non-core assets and businesses, we now anticipate divesting the Facilities Services Group within the year. Thus, the Facilities Services Group qualified as assets held for sale and we recognized unusual charges of $0.11 per share primarily for asset and goodwill impairments. |
n | Earnings guidance for 2005, excluding unusual charges, is $2.70 to $2.85 per share. Our estimate for the quarterly pattern of our 2005 earnings guidance are: |
n | Total cash generation (Non-GAAP) guidance for 2005 is estimated at $560 million. |
For additional information, please contact: | ||
Kurt E. Turosky | Terrance G. Howson | Thomas C. Navin |
Director, Investor Relations | Vice President, Investor Relations | Treasurer |
(330) 384-5500 | (973) 401-8519 | (330) 384-5889 |
FirstEnergy Corp. | |||||||||||||||||||||||||
Consolidated Statements of Income | |||||||||||||||||||||||||
(In thousands except for share amounts) | |||||||||||||||||||||||||
Consolidated Statements of Income | |||||||||||||||||||||||||
Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||||||||||||
2004 | 2003 | Change | 2004 | 2003 | Change | ||||||||||||||||||||
(1) | Revenues | ||||||||||||||||||||||||
(2) | Electric sales | $ | 2,500,405 | $ | 2,244,246 | $ | 256,159 | $ | 10,830,606 | $ | 10,205,012 | $ | 625,594 | ||||||||||||
(3) | FE facilities | 107,869 | 84,742 | 23,127 | 397,680 | 327,211 | 70,469 | ||||||||||||||||||
(4) | MYR | 92,930 | 105,506 | (12,576 | ) | 347,416 | 438,710 | (91,294 | ) | ||||||||||||||||
(5) | International | - | 3,651 | (3,651 | ) | - | 25,482 | (25,482 | ) | ||||||||||||||||
(6) | Other | 248,687 | 210,693 | 37,994 | 877,344 | 678,473 | 198,871 | ||||||||||||||||||
(7) | Total Revenues | 2,949,891 | 2,648,838 | 301,053 | 12,453,046 | 11,674,888 | 778,158 | ||||||||||||||||||
(8) | Expenses | ||||||||||||||||||||||||
(9) | Fuel | 205,765 | 200,103 | 5,662 | 810,093 | 763,698 | 46,395 | ||||||||||||||||||
(10) | Purchased power | 748,903 | 620,679 | 128,224 | 3,659,391 | 3,395,445 | 263,946 | ||||||||||||||||||
(11) | Other operating expenses | 706,467 | 782,188 | (75,721 | ) | 2,798,334 | 3,004,265 | (205,931 | ) | ||||||||||||||||
(12) | FE facilities | 117,624 | 84,215 | 33,409 | 401,388 | 319,721 | 81,667 | ||||||||||||||||||
(13) | MYR | 95,384 | 113,962 | (18,578 | ) | 353,430 | 444,087 | (90,657 | ) | ||||||||||||||||
(14) | International | - | 11,151 | (11,151 | ) | - | 30,099 | (30,099 | ) | ||||||||||||||||
(15) | Mark-to-market adjustment | 2,851 | 5,440 | (2,589 | ) | 5,524 | (2,110 | ) | 7,634 | ||||||||||||||||
(16) | Provision for depreciation | 148,759 | 142,574 | 6,185 | 589,652 | 606,436 | (16,784 | ) | |||||||||||||||||
(17) | Amortization of regulatory assets | 260,833 | 273,172 | (12,339 | ) | 1,166,323 | 1,079,337 | 86,986 | |||||||||||||||||
(18) | Deferral of new regulatory assets | (65,307) | (43,857 | ) | (21,450 | ) | (256,795 | ) | (194,261 | ) | (62,534 | ) | |||||||||||||
(19) | Goodwill Impairment | 36,471 | - | 36,471 | 36,471 | 116,988 | (80,517 | ) | |||||||||||||||||
(20) | General taxes | 163,583 | 120,014 | 43,569 | 677,757 | 637,967 | 39,790 | ||||||||||||||||||
(21) | Total Expenses | 2,421,333 | 2,309,641 | 111,692 | 10,241,568 | 10,201,672 | 39,896 | ||||||||||||||||||
(22) | Claim Settlement | - | 167,937 | (167,937 | ) | - | 167,937 | (167,937 | ) | ||||||||||||||||
(23) | Income Before Interest and Income Taxes | 528,558 | 507,134 | 21,424 | 2,211,478 | 1,641,153 | 570,325 | ||||||||||||||||||
(24) | Net interest charges: | ||||||||||||||||||||||||
(25) | Interest expense | 166,481 | 201,970 | (35,489 | ) | 670,945 | 798,911 | (127,966 | ) | ||||||||||||||||
(26) | Capitalized interest | (7,295 | (8,613 | ) | 1,318 | (25,581 | ) | (31,900 | ) | 6,319 | |||||||||||||||
(27) | Subsidiaries' preferred stock dividends | 5,389 | 5,946 | (557 | ) | 21,413 | 42,369 | (20,956 | ) | ||||||||||||||||
(28) | Net interest charges | 164,575 | 199,303 | (34,728 | ) | 666,777 | 809,380 | (142,603 | ) | ||||||||||||||||
(29) | Income taxes | 163,567 | 159,837 | 3,730 | 670,922 | 407,524 | 263,398 | ||||||||||||||||||
(30) | Income before discontinued operations and accounting change | 200,416 | 147,994 | 52,422 | 873,779 | 424,249 | 449,530 | ||||||||||||||||||
(31) | Discontinued operations | 1,093 | (38,562 | ) | 39,655 | 4,396 | (103,632 | ) | 108,028 | ||||||||||||||||
(32) | Cumulative effect of accounting change | - | - | - | - | 102,147 | (102,147 | ) | |||||||||||||||||
(33) | Net Income | $ | 201,509 | $ | 109,432 | $ | 92,077 | $ | 878,175 | $ | 422,764 | $ | 455,411 | ||||||||||||
(34) | |||||||||||||||||||||||||
(35) | Basic Earnings Per Common Share: | ||||||||||||||||||||||||
(36) | Before discontinued operations and accounting change | $ | 0.61 | $ | 0.45 | $ | 0.16 | $ | 2.67 | $ | 1.40 | $ | 1.27 | ||||||||||||
(37) | Discontinued operations | - | (0.12 | ) | 0.12 | 0.01 | (0.34 | ) | 0.35 | ||||||||||||||||
(38) | Cumulative effect of accounting change | - | - | - | - | 0.33 | (0.33 | ) | |||||||||||||||||
(39) | Basic Earnings Per Common Share | $ | 0.61 | $ | 0.33 | $ | 0.28 | $ | 2.68 | $ | 1.39 | $ | 1.29 | ||||||||||||
(40) | Weighted Average Number of Basic Shares Outstanding | 327,706 | 326,856 | 850 | 327,387 | 303,582 | 23,805 | ||||||||||||||||||
(41) | |||||||||||||||||||||||||
(42) | Diluted Earnings Per Common Share: | ||||||||||||||||||||||||
(43) | Before discontinued operations and accounting change | $ | 0.61 | $ | 0.45 | $ | 0.16 | $ | 2.66 | $ | 1.40 | $ | 1.26 | ||||||||||||
(44) | Discontinued operations | - | $ | (0.12 | ) | 0.12 | 0.01 | (0.34 | ) | 0.35 | |||||||||||||||
(45) | Cumulative effect of accounting change | - | - | - | - | 0.33 | (0.33 | ) | |||||||||||||||||
(46) | Diluted Earnings Per Common Share | $ | 0.61 | $ | 0.33 | $ | 0.28 | $ | 2.67 | $ | 1.39 | $ | 1.28 | ||||||||||||
(47) | Weighted Average Number of Diluted Shares Outstanding | 329,391 | 328,425 | 966 | 328,982 | 304,972 | 24,010 | ||||||||||||||||||
FirstEnergy Corp. | ||||||||||||||||||||||||||||||||||||||||
Consolidated Income Segments | ||||||||||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||||||||||
Three Months Ended December 31, 2004 | ||||||||||||||||||||||||||||||||||||||||
Regulated Services | Competitive Electric Energy Services | Facilities Services | Other (c) | Reconciling Adjustments | Consolidated | |||||||||||||||||||||||||||||||||||
(1) | REVENUES | |||||||||||||||||||||||||||||||||||||||
(2) | Electric sales | $ | 1,113,103 | $ | 1,387,302 | $ | - | $ | - | $ | - | $ | 2,500,405 | |||||||||||||||||||||||||||
(3) | FE facilities | - | - | 107,869 | - | - | 107,869 | |||||||||||||||||||||||||||||||||
(4) | MYR | - | - | - | 92,930 | - | 92,930 | |||||||||||||||||||||||||||||||||
(5) | International | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||
(6) | Other | 232,390 | - | - | 13,520 | 2,777 | 248,687 | |||||||||||||||||||||||||||||||||
(7) | Internal revenues | 79,598 | - | - | 113,821 | (193,419 | )(b) | - | ||||||||||||||||||||||||||||||||
(8) | Total Revenues | 1,425,091 | 1,387,302 | 107,869 | 220,271 | (190,642 | ) | 2,949,891 | ||||||||||||||||||||||||||||||||
(9) | EXPENSES | |||||||||||||||||||||||||||||||||||||||
(10) | Fuel | - | 205,765 | - | - | - | 205,765 | |||||||||||||||||||||||||||||||||
(11) | Purchased power | - | 748,903 | - | - | - | 748,903 | |||||||||||||||||||||||||||||||||
(12) | Other operating expenses | 475,347 | 329,766 | - | 110,425 | (209,071 | )(a)(b) | 706,467 | ||||||||||||||||||||||||||||||||
(13) | FE facilities | - | - | 117,624 | - | - | 117,624 | |||||||||||||||||||||||||||||||||
(14) | MYR | - | - | - | 95,384 | - | 95,384 | |||||||||||||||||||||||||||||||||
(15) | International | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||
(16) | Mark-to-market adjustment | - | 5,254 | - | (2,403 | ) | - | 2,851 | ||||||||||||||||||||||||||||||||
(17) | Provision for depreciation | 132,893 | 8,764 | - | 7,102 | - | 148,759 | |||||||||||||||||||||||||||||||||
(18) | Amortization of regulatory assets | 260,833 | - | - | - | - | 260,833 | |||||||||||||||||||||||||||||||||
(19) | Deferral of regulatory assets | (65,307 | ) | (65,307 | ) | |||||||||||||||||||||||||||||||||||
(20) | Goodwill Impairment | - | - | 36,471 | - | - | 36,471 | |||||||||||||||||||||||||||||||||
(21) | General taxes | 139,562 | 20,446 | - | 3,575 | - | 163,583 | |||||||||||||||||||||||||||||||||
(22) | Total Expenses | 943,328 | 1,318,898 | 154,095 | 214,083 | (209,071 | ) | 2,421,333 | ||||||||||||||||||||||||||||||||
(23) | Claim settlement | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||
(24) | Income before Interest and Income taxes | 481,763 | 68,404 | (46,226 | ) | 6,188 | 18,429 | (b) | 528,558 | |||||||||||||||||||||||||||||||
(25) | Net interest charges: | |||||||||||||||||||||||||||||||||||||||
(26) | Interest expense | 29,614 | 39,300 | - | 79,138 | 18,429 | (b) | 166,481 | ||||||||||||||||||||||||||||||||
(27) | Capitalized interest | (5,396 | ) | (1,857 | ) | - | (42 | ) | - | (7,295 | ) | |||||||||||||||||||||||||||||
(28) | Subsidiaries' preferred stock dividends | 5,389 | - | - | - | - | 5,389 | |||||||||||||||||||||||||||||||||
(29) | Net interest charges | 29,607 | 37,443 | - | 79,096 | 18,429 | 164,575 | |||||||||||||||||||||||||||||||||
(30) | Income Taxes | 198,412 | 6,510 | (64 | ) | (41,291 | ) | - | 163,567 | |||||||||||||||||||||||||||||||
(31) | Income before discontinued operations and an accounting change | 253,744 | 24,451 | (46,162 | ) | (31,617 | ) | - | 200,416 | |||||||||||||||||||||||||||||||
(32) | Discontinued operations | - | - | - | 1,093 | - | 1,093 | |||||||||||||||||||||||||||||||||
(33) | Cumulative effect of an accounting change | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||
(34) | Net Income | $ | 253,744 | $ | 24,451 | $ | (46,162 | ) | $ | (30,524 | ) | $ | - | $ | 201,509 | |||||||||||||||||||||||||
Reconciling adjustments to segment operating results from internal management reporting to consolidated external financial reporting. | ||||||||||||||||||||||||||||||||||||||||
(a) Principally fuel marketing revenues which are reflected as reductions to expenses for internal management reporting purposes. | ||||||||||||||||||||||||||||||||||||||||
(b) Elimination of intersegment transactions. | ||||||||||||||||||||||||||||||||||||||||
(c) "Other" segment primarily consists of corporate support services, MYR and gas operations. | ||||||||||||||||||||||||||||||||||||||||
FirstEnergy Corp. | |||||||||||||||||||||||||||||||||||||||||||
Consolidated Income Segments | |||||||||||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||||||||
Three Months Ended December 31, 2003 | |||||||||||||||||||||||||||||||||||||||||||
Regulated Services | Competitive Electric Energy Services | Facilities Services | Other (c) | Reconciling Adjustments | Consolidated | ||||||||||||||||||||||||||||||||||||||
(1) | REVENUES | ||||||||||||||||||||||||||||||||||||||||||
(2) | Electric sales | $ | 1,084,878 | $ | 1,159,368 | $ | - | $ | - | $ | - | $ | 2,244,246 | ||||||||||||||||||||||||||||||
(3) | FE facilities | - | - | 84,742 | - | - | 84,742 | ||||||||||||||||||||||||||||||||||||
(4) | MYR | - | - | - | 105,506 | - | 105,506 | ||||||||||||||||||||||||||||||||||||
(5) | International | - | - | - | 3,651 | - | 3,651 | ||||||||||||||||||||||||||||||||||||
(6) | Other | 161,274 | - | - | 54,345 | (4,926 | )(a) | 210,693 | |||||||||||||||||||||||||||||||||||
(7) | Internal revenues | 79,530 | - | - | 140,779 | (220,309 | )(b) | - | |||||||||||||||||||||||||||||||||||
(8) | Total Revenues | 1,325,682 | 1,159,368 | 84,742 | 304,281 | (225,235 | ) | 2,648,838 | |||||||||||||||||||||||||||||||||||
(9) | EXPENSES | ||||||||||||||||||||||||||||||||||||||||||
(10) | Fuel | - | 200,103 | - | - | - | 200,103 | ||||||||||||||||||||||||||||||||||||
(11) | Purchased power | - | 620,679 | - | - | - | 620,679 | ||||||||||||||||||||||||||||||||||||
(12) | Other operating expenses | 379,932 | 368,668 | - | 241,570 | (207,982 | )(a)(b) | 782,188 | |||||||||||||||||||||||||||||||||||
(13) | FE facilities | - | - | 84,215 | - | - | 84,215 | ||||||||||||||||||||||||||||||||||||
(14) | MYR | - | - | - | 113,962 | - | 113,962 | ||||||||||||||||||||||||||||||||||||
(15) | International | - | - | - | 11,151 | - | 11,151 | ||||||||||||||||||||||||||||||||||||
(16) | Mark-to-market adjustment | - | 5,254 | - | 186 | - | 5,440 | ||||||||||||||||||||||||||||||||||||
(17) | Provision for depreciation | 124,891 | 7,144 | - | 10,539 | - | 142,574 | ||||||||||||||||||||||||||||||||||||
(18) | Amortization of regulatory assets | 273,172 | - | - | - | - | 273,172 | ||||||||||||||||||||||||||||||||||||
(19) | Deferral of regulatory assets | (43,857 | ) | (43,857 | ) | ||||||||||||||||||||||||||||||||||||||
(20) | Goodwill Impairment | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
(21) | General taxes | 99,695 | 18,585 | - | 1,973 | (239 | ) | 120,014 | |||||||||||||||||||||||||||||||||||
(22) | Total Expenses | 833,833 | 1,220,433 | 84,215 | 379,381 | (208,221 | ) | 2,309,641 | |||||||||||||||||||||||||||||||||||
(23) | Claim settlement | 167,937 | - | - | - | - | 167,937 | ||||||||||||||||||||||||||||||||||||
(24) | Income before Interest and Income taxes | 659,786 | (61,065 | ) | 527 | (75,100 | ) | (17,014 | ) | 507,134 | |||||||||||||||||||||||||||||||||
(25) | Net interest charges: | ||||||||||||||||||||||||||||||||||||||||||
(26) | Interest expense | 122,864 | 39,011 | - | 57,109 | (17,014 | )(b) | 201,970 | |||||||||||||||||||||||||||||||||||
(27) | Capitalized interest | (6,814 | ) | (1,568 | ) | - | (231 | ) | - | (8,613 | ) | ||||||||||||||||||||||||||||||||
(28) | Subsidiaries' preferred stock dividends | 5,946 | - | - | - | - | 5,946 | ||||||||||||||||||||||||||||||||||||
(29) | Net interest charges | 121,996 | 37,443 | - | 56,878 | (17,014 | ) | 199,303 | |||||||||||||||||||||||||||||||||||
(30) | Income Taxes | 225,914 | (40,388 | ) | 1,174 | (26,863 | ) | - | 159,837 | ||||||||||||||||||||||||||||||||||
(31) | Income before discontinued operations and an accounting change | 311,876 | (58,120 | ) | (647 | ) | (105,115 | ) | - | 147,994 | |||||||||||||||||||||||||||||||||
(32) | Discontinued operations | - | - | - | (38,562 | ) | - | (38,562 | ) | ||||||||||||||||||||||||||||||||||
(33) | Cumulative effect of an accounting change | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
(34) | Net Income | $ | 311,876 | $ | (58,120 | ) | $ | (647 | ) | $ | (143,677 | ) | $ | - | $ | 109,432 | |||||||||||||||||||||||||||
Reconciling adjustments to segment operating results from internal management reporting to consolidated external financial reporting. | |||||||||||||||||||||||||||||||||||||||||||
(a) Principally fuel marketing revenues which are reflected as reductions to expenses for internal management reporting purposes. | |||||||||||||||||||||||||||||||||||||||||||
(b) Elimination of intersegment transactions. | |||||||||||||||||||||||||||||||||||||||||||
(c) "Other" segment primarily consists of corporate support services, MYR and gas operations | |||||||||||||||||||||||||||||||||||||||||||
FirstEnergy Corp. | |||||||||||||||||||||||||||||||||||||
Consolidated Income Segments | |||||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||
Three Months Ended December 31, 2004 vs. Three Months Ended December 31, 2003 | |||||||||||||||||||||||||||||||||||||
Regulated Services | Competitive Electric Energy Services | Facilities Services | Other (c) | Reconciling Adjustments | Consolidated | ||||||||||||||||||||||||||||||||
(1) | REVENUES | ||||||||||||||||||||||||||||||||||||
(2) | Electric sales | $ | 28,225 | $ | 227,934 | $ | - | $ | - | $ | - | $ | 256,159 | ||||||||||||||||||||||||
(3) | FE facilities | - | - | 23,127 | - | - | 23,127 | ||||||||||||||||||||||||||||||
(4) | MYR | - | - | - | (12,576 | ) | - | (12,576 | ) | ||||||||||||||||||||||||||||
(5) | International | - | - | - | (3,651 | ) | - | (3,651 | ) | ||||||||||||||||||||||||||||
(6) | Other | 71,116 | - | - | (40,825 | ) | 7,703 | (a) | 37,994 | ||||||||||||||||||||||||||||
(7) | Internal revenues | 68 | - | - | (26,958 | ) | 26,890 | (b) | - | ||||||||||||||||||||||||||||
(8) | Total Revenues | 99,409 | 227,934 | 23,127 | (84,010 | ) | 34,593 | 301,053 | |||||||||||||||||||||||||||||
(9) | EXPENSES | ||||||||||||||||||||||||||||||||||||
(10) | Fuel | - | 5,662 | - | - | - | 5,662 | ||||||||||||||||||||||||||||||
(11) | Purchased power | - | 128,224 | - | - | - | 128,224 | ||||||||||||||||||||||||||||||
(12) | Other operating expenses | 95,415 | (38,902 | ) | - | (131,145 | ) | (1,089 | )(a)(b) | (75,721 | ) | ||||||||||||||||||||||||||
(13) | FE facilities | - | - | 33,409 | - | - | 33,409 | ||||||||||||||||||||||||||||||
(14) | MYR | - | - | - | (18,578 | ) | - | (18,578 | ) | ||||||||||||||||||||||||||||
(15) | International | - | - | - | (11,151 | ) | - | (11,151 | ) | ||||||||||||||||||||||||||||
(16) | Mark-to-market adjustment | - | - | - | (2,589 | ) | - | (2,589 | ) | ||||||||||||||||||||||||||||
(17) | Provision for depreciation | 8,002 | 1,620 | - | (3,437 | ) | - | 6,185 | |||||||||||||||||||||||||||||
(18) | Amortization of regulatory assets | (12,339 | ) | - | - | - | - | (12,339 | ) | ||||||||||||||||||||||||||||
(19) | Deferral of regulatory assets | (21,450 | ) | # | - | # | - | # | - | # | - | (21,450 | ) | ||||||||||||||||||||||||
(20) | Goodwill Impairment | - | # | - | # | 36,471 | # | - | # | - | 36,471 | ||||||||||||||||||||||||||
(21) | General taxes | 39,867 | # | 1,861 | # | - | # | 1,602 | # | 239 | 43,569 | ||||||||||||||||||||||||||
(22) | Total Expenses | 109,495 | 98,465 | 69,880 | (165,298 | ) | (850 | ) | 111,692 | ||||||||||||||||||||||||||||
(23) | Claim Settlement | (167,937 | ) | - | - | - | - | (167,937 | ) | ||||||||||||||||||||||||||||
(24) | Income before Interest and Income taxes | (178,023 | ) | 129,469 | (46,753 | ) | 81,288 | 35,443 | (a) | 21,424 | |||||||||||||||||||||||||||
(25) | Net interest charges: | ||||||||||||||||||||||||||||||||||||
(26) | Interest expense | (93,250 | ) | 289 | - | 22,029 | 35,443 | (35,489 | ) | ||||||||||||||||||||||||||||
(27) | Capitalized interest | 1,418 | (289 | ) | - | 189 | - | 1,318 | |||||||||||||||||||||||||||||
(28) | Subsidiaries' preferred stock dividends | (557 | ) | - | - | - | - | (557 | ) | ||||||||||||||||||||||||||||
(29) | Net interest charges | (92,389 | ) | - | - | 22,218 | 35,443 | (34,728 | ) | ||||||||||||||||||||||||||||
(30) | Income Taxes | (27,502 | ) | 46,898 | (1,238 | ) | (14,428 | ) | - | 3,730 | |||||||||||||||||||||||||||
(31) | Income before discontinued operations and an accounting change | (58,132 | ) | 82,571 | (45,515 | ) | 73,498 | - | 52,422 | ||||||||||||||||||||||||||||
(32) | Discontinued operations | - | - | - | 39,655 | - | 39,655 | ||||||||||||||||||||||||||||||
(33) | Cumulative effect of an accounting change | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
(34) | Net Income | $ | (58,132 | ) | $ | 82,571 | $ | (45,515 | ) | $ | 113,153 | $ | - | $ | 92,077 | ||||||||||||||||||||||
Reconciling adjustments to segment operating results from internal management reporting to consolidated external financial reporting. | |||||||||||||||||||||||||||||||||||||
(a) Principally fuel marketing revenues which are reflected as reductions to expenses for internal management reporting purposes. | |||||||||||||||||||||||||||||||||||||
(b) Elimination of intersegment transactions. | |||||||||||||||||||||||||||||||||||||
(c) "Other" segment primarily consists of corporate support services, MYR and gas operations. | |||||||||||||||||||||||||||||||||||||
FirstEnergy Corp. | ||||||||||
Financial statements | ||||||||||
(in thousands) | ||||||||||
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Condensed Consolidated Balance Sheet | ||||||||||
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| As of December 31, 2004 | As of December 31, 2003 | |||||||
Assets | ||||||||||
Current Assets: | ||||||||||
Cash and cash equivalents | $ | 52,941 | $ | 113,975 | ||||||
Receivables | 1,356,437 | 1,505,500 | ||||||||
Other | 602,969 | 623,836 | ||||||||
| 2,012,347 | 2,243,311 | ||||||||
Property, Plant and Equipment | 13,478,356 | 13,268,922 | ||||||||
Investments | 3,273,966 | 3,497,691 | ||||||||
Deferred Charges | 12,303,275 | 13,900,024 | ||||||||
| $ | 31,067,944 | $ | 32,909,948 | ||||||
| ||||||||||
Liabilities and Capitalization | ||||||||||
Current Liabilities: | ||||||||||
Currently payable long-term debt and preferred stock | $ | 1,037,349 | $ | 1,754,197 | ||||||
Short-term borrowings | 170,489 | 521,540 | ||||||||
Accounts payable | 610,589 | 725,239 | ||||||||
Other | 1,586,412 | 1,471,191 | ||||||||
| 3,404,839 | 4,472,167 | ||||||||
Capitalization: | ||||||||||
Common stockholders' equity | 8,589,294 | 8,289,341 | ||||||||
Preferred stock not subject to mandatory redemption | 238,719 | 335,123 | ||||||||
Long-term debt and other long-term obligations | 10,013,349 | 9,789,066 | ||||||||
| 18,841,362 | 18,413,530 | ||||||||
Noncurrent Liabilities | 8,821,743 | 10,024,251 | ||||||||
| $ | 31,067,944 | $ | 32,909,948 | ||||||
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Adjusted Capitalization (including Off-Balance Sheet Items) | ||||||||||||||||
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| As of December 31, | ||||||||||||||
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| 2004 | % Total | 2003 | % Total | |||||||||||
Total common equity | $ | 8,589,294 | 42 | % | $ | 8,289,341 | 37 | % | ||||||||
Preferred stock * | 238,719 | 1 | % | 335,123 | 2 | % | ||||||||||
Long-term debt – all other* | 10,013,349 | 49 | % | 11,543,263 | 52 | % | ||||||||||
Short-term debt | 170,489 | 1 | % | 521,540 | 2 | % | ||||||||||
Off-balance sheet debt equivalents: | ||||||||||||||||
– Sale-leaseback net debt equivalents | 1,358,221 | 7 | % | 1,414,541 | 6 | % | ||||||||||
– Accounts receivable factoring | 84,000 | 0 | % | 200,000 | 1 | % | ||||||||||
Total | $ | 20,454,072 | 100 | % | $ | 22,303,808 | 100 | % | ||||||||
| ||||||||||||||||
* Includes amounts due to be paid within one year, JCP&L securitization of $281 million and $296 million in 2004 and 2003, respectively. |
GENERAL INFORMATION | Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||
2004 | 2003 | 2004 | 2003 | |||||||||||||
L-T Debt and Preferred Stock Redemptions | $ | 24,686 | $ | 792,112 | $ | 1,573,830 | $ | 2,255,654 | ||||||||
New L-T Debt Issues | $ | - | $ | 255,675 | $ | 961,474 | $ | 1,027,312 | ||||||||
Short-term Debt Increase (Decrease) | $ | (132,019 | ) | $ | 271,343 | $ | (351,051 | ) | $ | (575,391 | ) | |||||
Capital Expenditures | $ | 300,478 | $ | 276,247 | $ | 846,221 | $ | 856,316 |
FirstEnergy Corp. | ||||||||||||||||
Financial Statements | ||||||||||||||||
(in thousands) | ||||||||||||||||
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Condensed Consolidated Statements of Cash Flows | ||||||||||||||||
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| Three Months Ended December 31, | Twelve Months Ended December 31, | |||||||||||||
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| 2004 | 2003 | 2004 | 2003 | |||||||||||
Cash flows from operating activities: | ||||||||||||||||
Net income | $ | 201,509 | $ | 109,432 | $ | 878,175 | $ | 422,764 | ||||||||
Adjustments to reconcile net income to net cash from operating activities: | ||||||||||||||||
Depreciation and amortization of regulatory assets, nuclear fuel and leases | 368,587 | 390,242 | 1,595,264 | 1,557,584 | ||||||||||||
Deferred costs recoverable as regulatory assets | (153,327 | ) | (124,441 | ) | (416,617 | ) | (427,092 | ) | ||||||||
Deferred income taxes and investment tax credits | 315,258 | 134,001 | 258,263 | 53,639 | ||||||||||||
Goodwill and investment impairments | 54,368 | 43,803 | 54,368 | 160,791 | ||||||||||||
Pension trust contribution | - | - | (500,000 | ) | - | |||||||||||
Disallowed regulatory assets | - | - | - | 152,500 | ||||||||||||
Cumulative effect of accounting change | - | - | - | (174,663 | ) | |||||||||||
Loss (income) from discontinued operations | (1,093 | ) | 38,562 | (4,396 | ) | 103,632 | ||||||||||
Change in working capital and other | (443,740 | ) | (141,677 | ) | 11,793 | (94,300 | ) | |||||||||
$ | 341,562 | $ | 449,922 | $ | 1,876,850 | $ | 1,754,855 | |||||||||
Cash flows from financing activities | (41,573 | ) | (394,768 | ) | (1,456,676 | ) | (1,298,266 | ) | ||||||||
Cash flows from investing activities: | (314,940 | ) | (181,073 | ) | (481,208 | ) | (568,546 | ) | ||||||||
Net increase (decrease) in cash and cash equivalents | $ | (14,951 | ) | $ | (125,919 | ) | $ | (61,034 | ) | $ | (111,957 | ) | ||||
Cash and cash equivalents at beginning of period | 67,892 | 239,894 | 113,975 | 225,932 | ||||||||||||
Cash and cash equivalents at end of period | $ | 52,941 | $ | 113,975 | $ | 52,941 | $ | 113,975 |
REGULATORY DEFERRALS | Three Months Ended December 31, | Twelve Months Ended December 31, | |||||||||||||||||||
2004 | 2003 | Change | 2004 | 2003 | Change | ||||||||||||||||
Ohio Transition Plan | |||||||||||||||||||||
Beginning Balance | $ | 644,888 | $ | 409,758 | $ | 453,400 | $ | 259,354 | |||||||||||||
Deferral of Shopping Incentives | 56,012 | 41,904 | $ | 14,108 | 210,151 | 181,229 | $ | 28,922 | |||||||||||||
Deferral of New Regulatory Assets | 9,295 | 1,953 | 7,342 | 46,644 | 13,032 | 33,612 | |||||||||||||||
Current period deferrals | $ | 65,307 | $ | 43,857 | $ | 21,450 | $ | 256,795 | $ | 194,261 | $ | 62,534 | |||||||||
Ending Balance-Ohio Deferrals | $ | 710,195 | $ | 453,615 | $ | 710,195 | $ | 453,615 | |||||||||||||
Deferred Energy Costs – New Jersey | |||||||||||||||||||||
Beginning Balance | $ | 404,400 | $ | 444,117 | $ | 440,900 | $ | 548,641 | |||||||||||||
Deferral (recovery) of energy costs | 36,600 | (3,217 | ) | $ | 39,817 | 100 | 57,844 | $ | (57,744 | ) | |||||||||||
Rate case disallowance | - | - | - | - | (165,585 | ) | 165,585 | ||||||||||||||
Current period change | $ | 36,600 | $ | (3,217 | ) | $ | 39,817 | $ | 100 | $ | (107,741 | ) | $ | 107,841 | |||||||
Ending Balance | $ | 441,000 | $ | 440,900 | $ | 441,000 | $ | 440,900 | |||||||||||||
UNUSUAL ITEMS | Three Months Ended December 31, | Twelve Months Ended December 31, | |||||||||||||||||||
2004 | 2003 | Change | 2004 | 2003 | Change | ||||||||||||||||
Non-Core Asset Sales / Impairments | $ | (805 | ) | $ | (37,174 | ) | $ | 36,369 | $ | (13,316 | ) | $ | (55,937 | ) | $ | 42,621 | |||||
FENOC Severance | - | - | - | (6,488 | ) | - | (6,488 | ) | |||||||||||||
Lawsuits Settlement | - | - | - | (17,980 | ) | - | (17,980 | ) | |||||||||||||
Facilities Services Impairment | (47,440 | ) | - | (47,440 | ) | (47,440 | ) | (116,988 | ) | 69,548 | |||||||||||
JCP&L Rate Case Disallowance | - | (13,635 | ) | 13,635 | - | (185,241 | ) | 185,241 | |||||||||||||
Environmental Liability | - | (14,500 | ) | 14,500 | - | (14,500 | ) | 14,500 | |||||||||||||
Claim Settlement | - | 167,937 | (167,937 | ) | - | 167,937 | (167,937 | ) | |||||||||||||
Total - Pre-tax Amounts | $ | (48,245 | ) | $ | 102,628 | $ | (150,873 | ) | $ | (85,224 | ) | $ | (204,729 | ) | $ | 119,505 | |||||
EPS Effect | ($0.11 | ) | $ | 0.14 | ($0.25 | ) | ($0.23 | ) | ($0.47 | ) | $ | 0.24 | |||||||||
FirstEnergy Corp. | |||||||||||||||||||||||||
Statistical Summary | |||||||||||||||||||||||||
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ELECTRIC SALES STATISTICS | Three Months Ended December 31 | Twelve Months Ended December 31 | |||||||||||||||||||||||
(kWh in millions) | 2004 | 2003 | Change | 2004 | 2003 | Change | |||||||||||||||||||
Electric Generation Sales | |||||||||||||||||||||||||
Retail - Regulated | 19,853 | 19,231 | 3.2 | % | 81,140 | 82,408 | -1.5 | % | |||||||||||||||||
Retail - Competitive | 3,369 | 3,629 | -7.2 | % | 14,934 | 14,230 | 4.9 | % | |||||||||||||||||
Total Retail | 23,222 | 22,860 | 1.6 | % | 96,074 | 96,638 | -0.6 | % | |||||||||||||||||
Wholesale | 12,511 | 9,673 | 29.3 | % | 53,268 | 42,059 | 26.7 | % | |||||||||||||||||
Total Electric Generation Sales | 35,733 | 32,533 | 9.8 | % | 149,342 | 138,697 | 7.7 | % | |||||||||||||||||
Electric Distribution Deliveries | |||||||||||||||||||||||||
Ohio - Residential | 4,095 | 3,734 | 9.7 | % | 16,209 | 16,032 | 1.1 | % | |||||||||||||||||
- Commercial | 3,573 | 3,411 | 4.7 | % | 14,583 | 14,277 | 2.1 | % | |||||||||||||||||
- Industrial | 5,581 | 5,655 | -1.3 | % | 23,097 | 23,160 | -0.3 | % | |||||||||||||||||
- Other | 77 | 99 | -22.2 | % | 356 | 391 | -9.0 | % | |||||||||||||||||
Total Ohio | 13,326 | 12,899 | 3.3 | % | 54,245 | 53,860 | 0.7 | % | |||||||||||||||||
Pennsylvania - Residential | 2,726 | 2,632 | 3.6 | % | 10,871 | 10,572 | 2.8 | % | |||||||||||||||||
- Commercial | 2,522 | 2,511 | 0.4 | % | 10,342 | 10,065 | 2.8 | % | |||||||||||||||||
- Industrial | 2,576 | 2,543 | 1.3 | % | 10,203 | 9,953 | 2.5 | % | |||||||||||||||||
- Other | 21 | 21 | 0.0 | % | 80 | 84 | -4.8 | % | |||||||||||||||||
Total Pennsylvania | 7,845 | 7,707 | 1.8 | % | 31,496 | 30,674 | 2.7 | % | |||||||||||||||||
New Jersey - Residential | 2,015 | 1,980 | 1.8 | % | 9,355 | 9,104 | 2.8 | % | |||||||||||||||||
- Commercial | 2,134 | 1,975 | 8.1 | % | 8,877 | 8,620 | 3.0 | % | |||||||||||||||||
- Industrial | 763 | 732 | 4.2 | % | 3,070 | 3,046 | 0.8 | % | |||||||||||||||||
- Other | 22 | 20 | 10.0 | % | 74 | 89 | -16.9 | % | |||||||||||||||||
Total New Jersey | 4,934 | 4,707 | 4.8 | % | 21,376 | 20,859 | 2.5 | % | |||||||||||||||||
Total Residential | 8,836 | 8,346 | 5.9 | % | 36,435 | 35,708 | 2.0 | % | |||||||||||||||||
Total Commercial | 8,229 | 7,897 | 4.2 | % | 33,802 | 32,962 | 2.5 | % | |||||||||||||||||
Total Industrial | 8,920 | 8,930 | -0.1 | % | 36,370 | 36,159 | 0.6 | % | |||||||||||||||||
Total Other | 120 | 140 | -14.3 | % | 510 | 564 | -9.6 | % | |||||||||||||||||
Total Distribution Deliveries | 26,105 | 25,313 | 3.1 | % | 107,117 | 105,393 | 1.6 | % | |||||||||||||||||
Electric Sales Shopped | |||||||||||||||||||||||||
Ohio - Residential | 1,806 | 1,451 | 24.5 | % | 7,158 | 6,377 | 12.2 | % | |||||||||||||||||
- Commercial | 1,743 | 1,529 | 14.0 | % | 7,112 | 6,501 | 9.4 | % | |||||||||||||||||
- Industrial | 1,130 | 1,106 | 2.2 | % | 4,549 | 4,903 | -7.2 | % | |||||||||||||||||
Total Ohio | 4,679 | 4,086 | 14.5 | % | 18,819 | 17,781 | 5.8 | % | |||||||||||||||||
Pennsylvania - Residential | 6 | 7 | -14.3 | % | 24 | 31 | -22.6 | % | |||||||||||||||||
- Commercial | 24 | 41 | -41.5 | % | 122 | 252 | -51.6 | % | |||||||||||||||||
- Industrial | 433 | 698 | -38.0 | % | 1,944 | 2,848 | -31.7 | % | |||||||||||||||||
Total Pennsylvania | 463 | 746 | -37.9 | % | 2,090 | 3,131 | -33.2 | % | |||||||||||||||||
New Jersey - Residential | 17 | 254 | -93.3 | % | 488 | 423 | 15.4 | % | |||||||||||||||||
- Commercial | 508 | 534 | -4.9 | % | 2,315 | 805 | 187.6 | % | |||||||||||||||||
- Industrial | 585 | 462 | 26.6 | % | 2,265 | 845 | 168.0 | % | |||||||||||||||||
Total New Jersey | 1,110 | 1,250 | -11.2 | % | 5,068 | 2,073 | 144.5 | % | |||||||||||||||||
Total Electric Sales Shopped | 6,252 | 6,082 | 2.8 | % | 25,977 | 22,985 | 13.0 | % | |||||||||||||||||
Twelve Months Ended December 31, | |||||||||||||||||||||||||
OPERATING STATISTICS | 2004 | 2003 | |||||||||||||||||||||||
System Load Factor | 66.7 | % | 64.7 | % | |||||||||||||||||||||
Capacity Factors: | |||||||||||||||||||||||||
Fossil | 57.7 | % | 58.3 | % | |||||||||||||||||||||
Nuclear | 90.5 | % | 64.1 | % | |||||||||||||||||||||
Generation Output: | |||||||||||||||||||||||||
Fossil | 60 | % | 68 | % | |||||||||||||||||||||
Nuclear | 40 | % | 32 | % | |||||||||||||||||||||
Weather | 2004 | Normal | 2003 | ||||||||||||||||||||||
Composite Heating-Degree-Days | |||||||||||||||||||||||||
4th Quarter | 1,877 | 1,962 | 1,869 | ||||||||||||||||||||||
Year-to-Date | 5,456 | 5,550 | 5,745 | ||||||||||||||||||||||
Composite Cooling-Degree-Days | |||||||||||||||||||||||||
4th Quarter | 8 | 12 | 9 | ||||||||||||||||||||||
Year-to-Date | 902 | 880 | 810 | ||||||||||||||||||||||
FirstEnergy Corp. | |||||||||||||
2004 EPS and Cash Flow | |||||||||||||
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2004 Earnings Per Share (EPS) (Reconciliation of GAAP to Non-GAAP) | |||||||||||||
| Three Months Ended December 31 | Twelve Months Ended December 31 | Annual Guidance | ||||||||||
Basic EPS (GAAP Basis) | $ | 0.61 | $ | 2.68 | $ | 2.47 - $2.62 | |||||||
Unusual Charges: | |||||||||||||
Non-core Asset Sales / Impairments | 0.11 | 0.19 | 0.19 | ||||||||||
FENOC Severance | 0.00 | 0.01 | 0.01 | ||||||||||
Lawsuits Settlement | 0.00 | 0.03 | 0.03 | ||||||||||
EPS Basis (Non-GAAP Basis) * | $ | 0.72 | $ | 2.91 | $ | 2.70 - $2.85 | |||||||
* Earnings for 2004 includes the incremental expenses associated with the Davis-Besse outage and the impact resulting from approval of the Ohio Rate Stabilization Plan. |
Reconciliation of 2004 Estimated Cash From Operating Activities (GAAP) to Estimated Free Cash Flow (Non-GAAP) and Estimated Cash Generation (Non-GAAP) (in millions) | |||||||
Net Cash from Operating Activities: | |||||||
Net Income | $ | 878 | |||||
Adjustments: | |||||||
Depreciation | 590 | ||||||
Amortization | 996 | ||||||
Deferred costs recoverable as regulatory assets | (417 | ) | |||||
Deferred income taxes and ITC, net | 59 | ||||||
Pension plan contribution, net of tax1 | (300 | ) | |||||
Other, including changes in working capital2 | 71 | ||||||
Net Cash from Operating Activities (GAAP) | $ | 1,877 | |||||
Other Items: | |||||||
Capital expenditures | (756 | ) | |||||
Nuclear fuel fabrication | (90 | ) | |||||
Decommissioning | (100 | ) | |||||
Common stock dividends | (490 | ) | |||||
NUG trust contributions | (50 | ) | |||||
Claim settlement2 | (100 | ) | |||||
Pension plan contribution, net of tax1 | 300 | ||||||
Miscellaneous | 295 | ||||||
Free Cash Flow (Non-GAAP) | $ | 886 | |||||
Claim settlement2 | 100 | ||||||
Pension plan contribution, net of tax | (300 | ) | |||||
Miscellaneous asset sales / other | 134 | ||||||
Cash Generation (Non-GAAP) | $ | 820 | |||||
Notes: | |||||||
1 On a Non-GAAP basis, we are reducing "Free Cash Flow" to exclude the after-tax pension. | |||||||
2On a GAAP basis, the $100 million after-tax cash benefit from the claim settlement is reflected in "Other, including changes in working capital." Since we do not consider this one-time settlement to be part of "Free Cash Flow," we removed it from the subtotal and then added it back to include it as a component of "Cash Generation." | |||||||
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Reconciliation of 2005 Estimated Cash From Operating Activities (GAAP) to Estimated Free Cash Flow (Non-GAAP) and Estimated Cash Generation (Non-GAAP) (in millions) | ||||||||||
Net Cash from Operating Activities: | ||||||||||
Non-GAAP Earnings Guidance | $ | 887-$937 | ||||||||
Adjustments: | ||||||||||
Depreciation | 608 | |||||||||
Amortization | 1,061 | |||||||||
Deferred costs recoverable as regulatory assets | (425 | ) | ||||||||
Deferred income taxes and ITC, net | (170 | ) | ||||||||
Other, including changes in working capital | 104 | |||||||||
Net Cash from Operating Activities (GAAP) | $ | 2,090 | ||||||||
Other Items: | ||||||||||
Capital expenditures | (1,003 | ) | ||||||||
Nuclear fuel fabrication | (90 | ) | ||||||||
Decommissioning | (100 | ) | ||||||||
Common stock dividends | (542 | ) | ||||||||
NUG trust contributions | 20 | |||||||||
Miscellaneous | 25 | |||||||||
Free Cash Flow (Non-GAAP) | $ | 400 | ||||||||
Miscellaneous asset sales / other | 160 | |||||||||
Cash Generation (Non-GAAP) | $ | 560 |