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Section 1: 10-Q (10-Q)

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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2019

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ___________________ to ___________________
Commission
 
Registrant; State of Incorporation;
 
I.R.S. Employer
File Number
 
Address; and Telephone Number
 
Identification No.
 
 
 
 
 
 
 
 
333-21011
 
FIRSTENERGY CORP
 
34-1843785
 
 
(An
Ohio
Corporation)
 
 
 
 
76 South Main Street
 
 
 
 
Akron
OH
44308
 
 
 
 
Telephone
(800)
736-3402
 
 
 
 
 
 
 
 
 
 

SECURITIES REGISTERED PURSUANT TO SECTION 12(b) OF THE ACT:
Title of Each Class
 
Trading Symbol
 
Name of Each Exchange on Which Registered
Common Stock, $0.10 par value
 
FE
 
New York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes
 
 No
 
 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Yes
 
 No
 
 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large Accelerated Filer
 
 
Accelerated Filer
 
 
Non-accelerated Filer
 
 
Smaller Reporting Company
 
 
Emerging Growth Company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standard provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes
 No
 
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date:
 
 
OUTSTANDING
CLASS
 
AS OF JUNE 30, 2019
Common Stock, $0.10 par value
 
532,092,829

FirstEnergy Website and Other Social Media Sites and Applications

FirstEnergy’s Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, amendments to those reports and all other documents filed with or furnished to the SEC pursuant to Section 13(a) of the Securities Exchange Act of 1934 are made available free of charge on or through the “Investors” page of FirstEnergy’s website at www.firstenergycorp.com. These documents are also available to the public from commercial document retrieval services and the website maintained by the SEC at www.sec.gov.

These SEC filings are posted on the website as soon as reasonably practicable after they are electronically filed with or furnished to the SEC. Additionally, FirstEnergy routinely posts additional important information, including press releases, investor presentations and notices of upcoming events under the “Investors” section of FirstEnergy’s website and recognizes FirstEnergy’s website as a channel of distribution to reach public investors and as a means of disclosing material non-public information for complying with disclosure obligations under Regulation FD. Investors may be notified of postings to the website by signing up for email alerts and Rich Site Summary feeds on the “Investors” page of FirstEnergy’s website. FirstEnergy also uses Twitter® and Facebook® as additional channels of distribution to reach public investors and as a supplemental means of disclosing material non-public information for complying with its disclosure obligations under Regulation FD. Information contained on FirstEnergy’s website, Twitter® handle or Facebook® page, and any corresponding applications of those sites, shall not be deemed incorporated into, or to be part of, this report.

 





Forward-Looking Statements: This Form 10-Q includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 based on information currently available to management. Such statements are subject to certain risks and uncertainties and readers are cautioned not to place undue reliance on these forward-looking statements. These statements include declarations regarding management’s intents, beliefs and current expectations. These statements typically contain, but are not limited to, the terms “anticipate,” “potential,” “expect,” “forecast,” “target,” “will,” “intend,” “believe,” “project,” “estimate,” “plan” and similar words. Forward-looking statements involve estimates, assumptions, known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements, which may include the following (see Glossary of Terms for definitions of capitalized terms):

The ability to successfully execute an exit from commodity-based generation, including, without limitation, mitigating exposure for remedial activities associated with formerly owned generation assets.
The risks associated with the FES Bankruptcy that could adversely affect us, our liquidity or results of operations, including, without limitation, that conditions to the FES Bankruptcy settlement agreement may not be met or that the FES Bankruptcy settlement agreement may not be otherwise consummated, and if so, the potential for litigation and payment demands against us by FES or FENOC or their creditors.
The ability to accomplish or realize anticipated benefits from strategic and financial goals, including, but not limited to, our strategy to operate and grow as a fully regulated business, to execute our transmission and distribution investment plans, to continue to reduce costs through FE Tomorrow and other initiatives, and to improve our credit metrics, strengthen our balance sheet and grow earnings.
Legislative and regulatory developments, including, but not limited to, matters related to rates, compliance and enforcement activity.
Economic and weather conditions affecting future operating results, such as significant weather events and other natural disasters, and associated regulatory events or actions.
Changes in assumptions regarding economic conditions within our territories, the reliability of our transmission and distribution system, or the availability of capital or other resources supporting identified transmission and distribution investment opportunities.
Changes in customers’ demand for power, including, but not limited to, the impact of climate change or energy efficiency and peak demand reduction mandates.
Changes in national and regional economic conditions affecting us and/or our major industrial and commercial customers or others with which we do business.
The risks associated with cyber-attacks and other disruptions to our information technology system, which may compromise our operations, and data security breaches of sensitive data, intellectual property and proprietary or personally identifiable information.
The ability to comply with applicable reliability standards and energy efficiency and peak demand reduction mandates.
Changes to environmental laws and regulations, including, but not limited to, those related to climate change.
Changing market conditions affecting the measurement of certain liabilities and the value of assets held in our pension trusts and other trust funds, or causing us to make contributions sooner, or in amounts that are larger, than currently anticipated.
The risks associated with the decommissioning of our retired and former nuclear facilities.
The risks and uncertainties associated with litigation, arbitration, mediation and like proceedings.
Labor disruptions by our unionized workforce.
Changes to significant accounting policies.
Any changes in tax laws or regulations, including the Tax Act, or adverse tax audit results or rulings.
The ability to access the public securities and other capital and credit markets in accordance with our financial plans, the cost of such capital and overall condition of the capital and credit markets affecting us.
Actions that may be taken by credit rating agencies that could negatively affect either our access to or terms of financing or our financial condition and liquidity.
The risks and other factors discussed from time to time in our SEC filings.

Dividends declared from time to time on our common stock, and thereby on our preferred stock, during any period may in the aggregate vary from prior periods due to circumstances considered by our Board of Directors at the time of the actual declarations. A security rating is not a recommendation to buy or hold securities and is subject to revision or withdrawal at any time by the assigning rating agency. Each rating should be evaluated independently of any other rating.

These forward-looking statements are also qualified by, and should be read together with, the risk factors included in FirstEnergy’s filings with the SEC, including but not limited to the most recent Annual Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. The foregoing review of factors also should not be construed as exhaustive. New factors emerge from time to time, and it is not possible for management to predict all such factors, nor assess the impact of any such factor on FirstEnergy’s business or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any forward-looking statements. FirstEnergy expressly disclaims any obligation to update or revise, except as required by law, any forward-looking statements contained herein or in the information incorporated by reference as a result of new information, future events or otherwise.






TABLE OF CONTENTS
 
Page
 
 
Part I. Financial Information
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 


i



GLOSSARY OF TERMS
The following abbreviations and acronyms are used in this report to identify FirstEnergy Corp. and its current and former subsidiaries:
AE
Allegheny Energy, Inc., a Maryland utility holding company that merged with a subsidiary of FirstEnergy on February 25, 2011, which subsequently merged with and into FE on January 1, 2014
AE Supply
Allegheny Energy Supply Company, LLC, an unregulated generation subsidiary
AGC
Allegheny Generating Company, formerly a generation subsidiary of AE Supply that became a wholly owned subsidiary of MP in May 2018
ATSI
American Transmission Systems, Incorporated, formerly a direct subsidiary of FE that became a subsidiary of FET in April 2012, which owns and operates transmission facilities
BSPC
Bay Shore Power Company
CEI
The Cleveland Electric Illuminating Company, an Ohio electric utility operating subsidiary
CES
Competitive Energy Services, formerly a reportable operating segment of FirstEnergy
FE
FirstEnergy Corp., a public utility holding company
FENOC
FirstEnergy Nuclear Operating Company, a subsidiary of FE, which operates NG’s nuclear generating facilities
FES
FirstEnergy Solutions Corp., together with its consolidated subsidiaries, FG, NG, FE Aircraft Leasing Corp., Norton Energy Storage LLC, and FGMUC, which provides energy-related products and services
FES Debtors
FES and FENOC
FESC
FirstEnergy Service Company, which provides legal, financial and other corporate support services
FET
FirstEnergy Transmission, LLC, formerly known as Allegheny Energy Transmission, LLC, which is the parent of ATSI, MAIT and TrAIL, and has a joint venture in PATH
FEV
FirstEnergy Ventures Corp., which invests in certain unregulated enterprises and business ventures
FG
FirstEnergy Generation, LLC, a wholly owned subsidiary of FES, which owns and operates non-nuclear generating facilities
FGMUC
FirstEnergy Generation Mansfield Unit 1 Corp., a wholly owned subsidiary of FG, which has certain leasehold interests in a portion of Unit 1 at the Bruce Mansfield plant
FirstEnergy
FirstEnergy Corp., together with its consolidated subsidiaries
Global Holding
Global Mining Holding Company, LLC, a joint venture between FEV, WMB Marketing Ventures, LLC and Pinesdale LLC
Global Rail
Global Rail Group, LLC, a subsidiary of Global Holding that owns coal transportation operations near Roundup, Montana
GPU
GPU, Inc., former parent of JCP&L, ME and PN, that merged with FE on November 7, 2001
JCP&L
Jersey Central Power & Light Company, a New Jersey electric utility operating subsidiary
MAIT
Mid-Atlantic Interstate Transmission, LLC, a subsidiary of FET, which owns and operates transmission facilities
ME
Metropolitan Edison Company, a Pennsylvania electric utility operating subsidiary
MP
Monongahela Power Company, a West Virginia electric utility operating subsidiary
NG
FirstEnergy Nuclear Generation, LLC, a wholly owned subsidiary of FES, which owns nuclear generating facilities
OE
Ohio Edison Company, an Ohio electric utility operating subsidiary
Ohio Companies
CEI, OE and TE
PATH
Potomac-Appalachian Transmission Highline, LLC, a joint venture between FE and a subsidiary of AEP
PATH-Allegheny
PATH Allegheny Transmission Company, LLC
PATH-WV
PATH West Virginia Transmission Company, LLC
PE
The Potomac Edison Company, a Maryland and West Virginia electric utility operating subsidiary
Penn
Pennsylvania Power Company, a Pennsylvania electric utility operating subsidiary of OE
Pennsylvania Companies
ME, PN, Penn and WP
PN
Pennsylvania Electric Company, a Pennsylvania electric utility operating subsidiary
Signal Peak
Signal Peak Energy, LLC, an indirect subsidiary of Global Holding that owns mining operations near Roundup, Montana
TE
The Toledo Edison Company, an Ohio electric utility operating subsidiary
TrAIL
Trans-Allegheny Interstate Line Company, a subsidiary of FET, which owns and operates transmission facilities
Transmission Companies
ATSI, MAIT and TrAIL
Utilities
OE, CEI, TE, Penn, JCP&L, ME, PN, MP, PE and WP
WP
West Penn Power Company, a Pennsylvania electric utility operating subsidiary
 
 




ii



The following abbreviations and acronyms are used to identify frequently used terms in this report:
 
 
 
 
 
ACE
Affordable Clean Energy
 
ESP IV
Electric Security Plan IV
ADIT
Accumulated Deferred Income Taxes
 
Facebook®
Facebook is a registered trademark of Facebook, Inc.
AEP
American Electric Power Company, Inc.
 
FASB
Financial Accounting Standards Board
AFS
Available-for-sale
 
FERC
Federal Energy Regulatory Commission
AFUDC
Allowance for Funds Used During Construction
 
FE Tomorrow
FirstEnergy’s initiative launched in late 2016 to identify its optimal organizational structure and properly align corporate costs and systems to efficiently support a fully regulated company going forward
ALJ
Administrative Law Judge
 
FES Bankruptcy
FES Debtors’ voluntary petitions for bankruptcy protection under Chapter 11 of the U.S. Bankruptcy Code with the Bankruptcy Court
AOCI
Accumulated Other Comprehensive Income
 
Fitch
Fitch Ratings
ARO
Asset Retirement Obligation
 
FMB
First Mortgage Bond
ARP
Alternative Revenue Program
 
FPA
Federal Power Act
ASC
Accounting Standard Codification
 
FTR
Financial Transmission Right
ASU
Accounting Standards Update
 
GAAP
Accounting Principles Generally Accepted in the United States of America
Bankruptcy Court
U.S. Bankruptcy Court in the Northern District of Ohio in Akron
 
GHG
Greenhouse Gases
Bath County
Bath County Pumped Storage Hydro-Power Station
 
IIP
Infrastructure Investment Program
BGS
Basic Generation Service
 
kW
Kilowatt
CAA
Clean Air Act
 
LBR
Little Blue Run
CCR
Coal Combustion Residuals
 
LIBOR
London Interbank Offered Rate
CERCLA
Comprehensive Environmental Response, Compensation, and Liability Act of 1980
 
LOC
Letter of Credit
CFR
Code of Federal Regulations
 
LTIIPs
Long-Term Infrastructure Improvement Plans
CO2
Carbon Dioxide
 
MDPSC
Maryland Public Service Commission
CPP
EPA’s Clean Power Plan
 
MGP
Manufactured Gas Plants
CSAPR
Cross-State Air Pollution Rule
 
MISO
Midcontinent Independent System Operator, Inc.
CTA
Consolidated Tax Adjustment
 
mmBTU
One Million British Thermal Units
CWA
Clean Water Act
 
Moody’s
Moody’s Investors Service, Inc.
D.C. Circuit
United States Court of Appeals for the District of Columbia Circuit
 
MW
Megawatt
DCR
Delivery Capital Recovery
 
MWH
Megawatt-hour
DMR
Distribution Modernization Rider
 
NAAQS
National Ambient Air Quality Standards
DPM
Distribution Platform Modernization
 
NDT
Nuclear Decommissioning Trust
DSIC
Distribution System Improvement Charge
 
NERC
North American Electric Reliability Corporation
DSP
Default Service Plan
 
NJBPU
New Jersey Board of Public Utilities
EDC
Electric Distribution Company
 
NMB
Non-Market Based
EDCP
Executive Deferred Compensation Plan
 
NOAC
Northwest Ohio Aggregation Coalition
EDIS
Electric Distribution Investment Surcharge
 
NOI
Notice of Inquiry
EE&C
Energy Efficiency and Conservation
 
NOL
Net Operating Loss
EEI
Edison Electric Institute
 
NOPR
Notice of Proposed Rulemaking
EGS
Electric Generation Supplier
 
NOx
Nitrogen Oxide
EGU
Electric Generation Units
 
NRC
Nuclear Regulatory Commission
EmPOWER Maryland
EmPOWER Maryland Energy Efficiency Act
 
NUG
Non-Utility Generation
ENEC
Expanded Net Energy Cost
 
NYPSC
New York State Public Service Commission
EPA
United States Environmental Protection Agency
 
OCA
Office of Consumer Advocate
EPS
Earnings per Share
 
OCC
Ohio Consumers’ Counsel
ERO
Electric Reliability Organization
 
OEPA
Ohio Environmental Protection Agency
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

iii



OMAEG
Ohio Manufacturers’ Association Energy Group
 
ROE
Return on Equity
OPEB
Other Post-Employment Benefits
 
RTEP
Regional Transmission Expansion Plan
OPIC
Other Paid-in Capital
 
RTO
Regional Transmission Organization
OVEC
Ohio Valley Electric Corporation
 
S&P
Standard & Poor’s Ratings Service
PA DEP
Pennsylvania Department of Environmental Protection
 
SBC
Societal Benefits Charge
PJM
PJM Interconnection, LLC
 
SCOH
Supreme Court of Ohio
PJM Tariff
PJM Open Access Transmission Tariff
 
SEC
United States Securities and Exchange Commission
POLR
Provider of Last Resort
 
SIP
State Implementation Plan(s) Under the Clean Air Act
POR
Purchase of Receivables
 
SO2
Sulfur Dioxide
PPA
Purchase Power Agreement
 
SOS
Standard Offer Service
PPB
Parts per Billion
 
SPE
Special Purpose Entity
PPUC
Pennsylvania Public Utility Commission
 
SREC
Solar Renewable Energy Credit
PUCO
Public Utilities Commission of Ohio
 
SSO
Standard Service Offer
PURPA
Public Utility Regulatory Policies Act of 1978
 
Tax Act
Tax Cuts and Jobs Act adopted December 22, 2017
RCRA
Resource Conservation and Recovery Act
 
TMI-2
Three Mile Island Unit 2
Regulation FD
Regulation Fair Disclosure promulgated by the SEC
 
Twitter®
Twitter is a registered trademark of Twitter, Inc.
REC
Renewable Energy Credit
 
UCC
Official committee of unsecured creditors appointed in connection with the FES Bankruptcy
RFC
ReliabilityFirst Corporation
 
VIE
Variable Interest Entity
RFP
Request for Proposal
 
VSCC
Virginia State Corporation Commission
RGGI
Regional Greenhouse Gas Initiative
 
WVPSC
Public Service Commission of West Virginia
 
 
 
ZEC
Zero Emissions Certificate
 
 
 
 
 


iv



PART I. FINANCIAL INFORMATION

ITEM I.         Financial Statements

FIRSTENERGY CORP.
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)

 

For the Three Months Ended June 30,
 
For the Six Months Ended June 30,
(In millions, except per share amounts)
 
2019
 
2018
 
2019
 
2018
 
 
 
 
 
 
 
 
 
REVENUES:
 
 
 
 
 
 
 
 
Distribution services and retail generation
 
$
1,931

 
$
2,049

 
$
4,240

 
$
4,344

Transmission
 
367

 
336

 
719

 
655

Other
 
218

 
240

 
440

 
488

Total revenues(1)
 
2,516

 
2,625

 
5,399


5,487

 
 
 
 
 
 





OPERATING EXPENSES:
 
 
 
 
 





Fuel
 
129

 
128

 
260


267

Purchased power
 
611

 
697

 
1,392


1,517

Other operating expenses
 
606

 
684

 
1,385


1,624

Provision for depreciation
 
309

 
283

 
606


560

Amortization (deferral) of regulatory assets, net
 
37

 
(107
)
 
42


(255
)
General taxes
 
239

 
240

 
500


494

Total operating expenses
 
1,931

 
1,925

 
4,185


4,207

 
 
 
 
 
 





OPERATING INCOME
 
585

 
700

 
1,214


1,280

 
 
 
 
 
 





OTHER INCOME (EXPENSE):
 
 
 
 
 





Miscellaneous income, net
 
80

 
48

 
134

 
115

Interest expense
 
(259
)
 
(355
)
 
(512
)

(603
)
Capitalized financing costs
 
16

 
16

 
34


31

Total other expense
 
(163
)
 
(291
)
 
(344
)

(457
)
 
 
 
 
 
 





INCOME BEFORE INCOME TAXES
 
422

 
409

 
870


823

 
 
 
 
 
 





INCOME TAXES
 
81

 
101

 
174


334

 
 
 
 
 
 





INCOME FROM CONTINUING OPERATIONS
 
341

 
308

 
696


489

 
 
 
 
 
 





Discontinued operations (Note 3)(2) 
 
(29
)
 
(9
)
 
(64
)

1,179

 
 
 
 
 
 





NET INCOME
 
$
312

 
$
299

 
$
632


$
1,668

 
 
 
 
 
 
 
 
 
INCOME ALLOCATED TO PREFERRED STOCKHOLDERS (Note 4)
 
4

 
165

 
9

 
304

 
 
 
 
 
 
 
 
 
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS
 
$
308

 
$
134

 
$
623

 
$
1,364

 
 
 
 
 
 





EARNINGS PER SHARE OF COMMON STOCK (Note 4):
 
 
 
 
 





Basic - Continuing Operations
 
$
0.63

 
$
0.30

 
$
1.29


$
0.39

Basic - Discontinued Operations
 
(0.05
)
 
(0.02
)
 
(0.12
)

2.47

Basic - Net Income Attributable to Common Stockholders
 
$
0.58

 
$
0.28

 
$
1.17


$
2.86

 
 
 
 
 
 





Diluted - Continuing Operations
 
$
0.63

 
$
0.30

 
$
1.29


$
0.39

Diluted - Discontinued Operations
 
(0.05
)
 
(0.02
)
 
(0.12
)

2.46

Diluted - Net Income Attributable to Common Stockholders
 
$
0.58

 
$
0.28

 
$
1.17


$
2.85

 
 
 
 
 
 
 
 
 
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING:
 
 
 
 
 
 
 
 
Basic
 
532

 
477

 
531

 
477

Diluted
 
533

 
479

 
533

 
478

 
 
 
 
 
 
 
 
 

(1) Includes excise and gross receipts tax collections of $81 million and $87 million during the three months ended June 30, 2019 and 2018, respectively, and $183 million and $189 million during the six months ended June 30, 2019 and 2018, respectively.

(2) Net of income tax expense (benefits) of $39 million and $(16) million for the three months ended June 30, 2019 and 2018, respectively, and $44 million and $(887) million for the six months ended June 30, 2019 and 2018, respectively.

The accompanying Notes to Consolidated Financial Statements are an integral part of these financial statements.


1



FIRSTENERGY CORP.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)

 
 
For the Three Months Ended June 30,
 
For the Six Months Ended June 30,
 
(In millions)
 
2019
 
2018
 
2019
 
2018
 
 
 
 
 
 
 
 
 
 
 
NET INCOME
 
$
312

 
$
299

 
$
632

 
$
1,668

 
 
 
 
 
 
 
 
 
 
 
OTHER COMPREHENSIVE LOSS:
 
 

 
 

 
 
 
 
 
Pension and OPEB prior service costs
 
(7
)
 
(19
)
 
(14
)
 
(37
)
 
Amortized losses on derivative hedges
 

 
2

 
1

 
17

 
Change in unrealized gains on AFS securities
 

 

 

 
(106
)
 
Other comprehensive loss
 
(7
)
 
(17
)
 
(13
)
 
(126
)
 
Income tax benefits on other comprehensive loss
 
(2
)
 
(4
)
 
(3
)
 
(57
)
 
Other comprehensive loss, net of tax
 
(5
)
 
(13
)
 
(10
)
 
(69
)
 
 
 
 
 
 
 
 
 
 
 
COMPREHENSIVE INCOME
 
$
307

 
$
286

 
$
622

 
$
1,599

 
 
 
 
 
 
 
 
 
 
 

The accompanying Notes to Consolidated Financial Statements are an integral part of these financial statements.



2



FIRSTENERGY CORP.
CONSOLIDATED BALANCE SHEETS
(Unaudited)
(In millions, except share amounts)
 
June 30,
2019
 
December 31,
2018
ASSETS
 
 

 
 

CURRENT ASSETS:
 
 

 
 

Cash and cash equivalents
 
$
422

 
$
367

Restricted cash
 
52

 
62

Receivables-
 
 

 
 
Customers, net of allowance for uncollectible accounts of $46 in 2019 and $50 in 2018
 
1,109

 
1,221

Affiliated companies, net of allowance for uncollectible accounts of $937 in 2019 and $920 in 2018
 

 
20

Other, net of allowance for uncollectible accounts of $3 in 2019 and $2 in 2018
 
218

 
270

Materials and supplies, at average cost
 
261

 
252

Prepaid taxes and other
 
280

 
175

Current assets - discontinued operations
 
44

 
25

 
 
2,386

 
2,392

PROPERTY, PLANT AND EQUIPMENT:
 
 

 
 

In service
 
40,572

 
39,469

Less — Accumulated provision for depreciation
 
11,139

 
10,793

 
 
29,433

 
28,676

Construction work in progress
 
1,245

 
1,235

 
 
30,678

 
29,911

 
 
 
 
 
INVESTMENTS:
 
 

 
 

Nuclear plant decommissioning trusts
 
863

 
790

Nuclear fuel disposal trust
 
265

 
256

Other
 
275

 
253

 
 
1,403

 
1,299

DEFERRED CHARGES AND OTHER ASSETS:
 
 

 
 

Goodwill
 
5,618

 
5,618

Regulatory assets
 
94

 
91

Other
 
705

 
752

 
 
6,417

 
6,461

 
 
$
40,884

 
$
40,063

LIABILITIES AND CAPITALIZATION
 
 

 
 

CURRENT LIABILITIES:
 
 

 
 

Currently payable long-term debt
 
$
381

 
$
503

Short-term borrowings
 
1,250

 
1,250

Accounts payable
 
810

 
965

Accounts payable - affiliated companies
 
25

 

Accrued taxes
 
416

 
533

Accrued compensation and benefits
 
231

 
318

Collateral
 
30

 
39

Other
 
840

 
1,026

 
 
3,983

 
4,634

CAPITALIZATION:
 
 

 
 

Stockholders’ equity-
 
 

 
 

Common stock, $0.10 par value, authorized 700,000,000 shares - 532,092,829 and 511,915,450 shares outstanding as of June 30, 2019 and December 31, 2018, respectively
 
53

 
51

Preferred stock, $100 par value, authorized 5,000,000 shares, of which 1,616,000 are designated Series A Convertible Preferred - 209,822 and 704,589 shares outstanding as of June 30, 2019 and December 31, 2018, respectively
 
21

 
71

Other paid-in capital
 
11,411

 
11,530

Accumulated other comprehensive income
 
31

 
41

Accumulated deficit
 
(4,247
)
 
(4,879
)
Total stockholders’ equity
 
7,269

 
6,814

Long-term debt and other long-term obligations
 
19,053