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Discontinued Operations (Tables) | 9 Months Ended
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Sep. 30, 2018
Discontinued Operations and Disposal Groups [Abstract] |
Disposal Groups, Including Discontinued Operations | Summarized results of discontinued operations for the three and nine months ended September 30, 2018 and 2017, were as follows:
|  | For the Three Months Ended September 30, |  | For the Nine Months Ended September 30,
(In millions) |  | 2018 |  | 2017 |  | 2018 |  | 2017
Revenues |  | $ | 83 |  |  | $ | 788 |  |  | $ | 934 |  |  | $ | 2,299 |
Fuel |  | (52 | ) |  | (237 | ) |  | (269 | ) |  | (671 | )
Purchased power |  | — |  |  | (66 | ) |  | (85 | ) |  | (189 | )
Other operating expenses |  | (24 | ) |  | (290 | ) |  | (414 | ) |  | (1,097 | )
Provision for depreciation |  | (18 | ) |  | (28 | ) |  | (96 | ) |  | (80 | )
General taxes |  | (4 | ) |  | (15 | ) |  | (32 | ) |  | (74 | )
Impairment of assets |  | — |  |  | (18 | ) |  | — |  |  | (149 | )
Other expense, net |  | (1 | ) |  | (2 | ) |  | (82 | ) |  | (37 | )
Income (Loss) from discontinued operations, before tax |  | (16 | ) |  | 132 |  |  | (44 | ) |  | 2 |
Income tax expense (benefit)(1) |  | (5 | ) |  | 37 |  |  | (9 | ) |  | (1 | )
Income (Loss) from discontinued operations, net of tax |  | (11 | ) |  | 95 |  |  | (35 | ) |  | 3 |
Gain (Loss) on disposal of FES and FENOC, net of tax |  | (834 | ) |  | — |  |  | 405 |  |  | — |
Income (Loss) from discontinued operations |  | $ | (845 | ) |  | $ | 95 |  |  | $ | 370 |  |  | $ | 3 |
(1) In conjunction with the sale of an interest in Bath County, AGC wrote off and recognized as a benefit in discontinued operations in the second quarter of 2018 its excess deferred tax liabilities of $32 million, created from the Tax Act, since they are not required to be refunded to ratepayers. The gain (loss) on disposal that was recognized in the three and nine months ended September 30, 2018, consisted of the following:
(In millions) |  | For the Three Months Ended September 30, 2018 |  | For the Nine Months Ended September 30, 2018
Removal of investment in FES and FENOC |  | $ | — |  |  | $ | 2,193 |
Assumption of benefit obligations retained at FE |  | — |  |  | (820 | )
Guarantees and credit support provided by FE |  | — |  |  | (139 | )
Reserve on receivables and allocated Pension/OPEB mark-to-market |  | — |  |  | (914 | )
Settlement Consideration and Services Credit |  | (1,183 | ) |  | (1,183 | )
Loss on disposal of FES and FENOC, before tax |  | (1,183 | ) |  | (863 | )
Income tax benefit, including estimated worthless stock deduction |  | 349 |  |  | 1,268 |
Gain (Loss) on disposal of FES and FENOC, net of tax |  | $ | (834 | ) |  | $ | 405 |
The following table summarizes the major classes of assets and liabilities as discontinued operations as of September 30, 2018, and December 31, 2017:
(In millions) |  | September 30, 2018 |  | December 31, 2017
Carrying amount of the major classes of assets included in discontinued operations: |  |  |  |
Cash and cash equivalents |  | $ | — |  |  | $ | 1 |
Restricted cash |  | — |  |  | 3 |
Receivables |  | — |  |  | 202 |
Materials and supplies |  | 17 |  |  | 227 |
Prepaid taxes and other |  | — |  |  | 199 |
Total current assets |  | 17 |  |  | 632 |
Property, plant and equipment |  | — |  |  | 1,132 |
Investments |  | — |  |  | 1,875 |
Other noncurrent assets |  | — |  |  | 356 |
Total noncurrent assets |  | — |  |  | 3,363 |
Total assets included in discontinued operations |  | $ | 17 |  |  | $ | 3,995 |
Carrying amount of the major classes of liabilities included in discontinued operations: |  |  |  |
Currently payable long-term debt |  | $ | — |  |  | $ | 524 |
Accounts payable |  | — |  |  | 200 |
Accrued taxes |  | — |  |  | 38 |
Accrued compensation and benefits |  | — |  |  | 79 |
Other current liabilities |  | — |  |  | 137 |
Total current liabilities |  | — |  |  | 978 |
Long-term debt and other long-term obligations |  | — |  |  | 2,428 |
Accumulated deferred income taxes (1) |  | — |  |  | (1,812 | )
Asset retirement obligations |  | — |  |  | 1,945 |
Deferred gain on sale and leaseback transaction |  | — |  |  | 723 |
Other noncurrent liabilities |  | — |  |  | 244 |
Total noncurrent liabilities |  | — |  |  | 3,528 |
Total liabilities included in discontinued operations |  | $ | — |  |  | $ | 4,506 |
(1) Represents an increase in FirstEnergy's ADIT liability as an ADIT asset was removed upon deconsolidation of FES and FENOC. FirstEnergy's Consolidated Statement of Cash Flows combines cash flows from discontinued operations with cash flows from continuing operations within each cash flow statement category. The following table summarizes the major classes of cash flow items as discontinued operations for the nine months ended September 30, 2018 and 2017:
|  | For the Nine Months Ended September 30,
(In millions) |  | 2018 |  | 2017
CASH FLOWS FROM OPERATING ACTIVITIES: |  |  |  |
Income from discontinued operations |  | $ | 370 |  |  | $ | 3 |
Depreciation and amortization, including nuclear fuel, regulatory assets, net, intangible assets and deferred debt-related costs |  | 110 |  |  | 245 |
Unrealized (gain) loss on derivative transactions |  | (15 | ) |  | 64 |
CASH FLOWS FROM INVESTING ACTIVITIES: |  |  |  |
Property additions |  | (27 | ) |  | (233 | )
Nuclear fuel |  | — |  |  | (156 | )
Sales of investment securities held in trusts |  | 109 |  |  | 834 |
Purchases of investment securities held in trusts |  | (122 | ) |  | (878 | )

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