FIRSTENERGY CORP. CONSOLIDATED STATEMENTS OF CASH FLOWS For the Years Ended December 31, (In millions) 2022 2021 2020 CASH FLOWS FROM OPERATING ACTIVITIES: Net income $ 439 $ 1,283 $ 1,079 Adjustments to reconcile net income to net cash from operating activitiesDepreciation, amortization, and impairments 1,317 1,664 1,199 Retirement benefits, net of payments (378) (417) (301) Pension and OPEB mark-to-market adjustments (72) (382) 477 Deferred income taxes and investment tax credits, net 989 297 113 Transmission revenue collections, net 79 182 (32) Gain on sale of Yards Creek — (109) — Settlement agreement and tax sharing payments to the FES Debtors — — (978) Gain on disposal, net of tax (Note 15) — (47) (76) Changes in current assets and liabilitiesReceivables (292) 160 (129) Materials and supplies (161) 57 (32) Prepaid taxes and other current assets (28) 18 6 Accounts payable 560 117 (138) Accrued taxes 22 7 159 Accrued interest (29) — 33 Other current liabilities 21 (52) 81 Cash collateral, net 111 31 (12) Other 105 2 (26) Net cash provided from operating activities 2,683 2,811 1,423 CASH FLOWS FROM FINANCING ACTIVITIES: New financingLong-term debt 700 2,100 3,425 Short-term borrowings, net 100 — 1,200 Common stock issuance — 1,000 — Redemptions and repaymentsLong-term debt (3,005) (532) (1,114) Short-term borrowings, net — (2,200) — Discounts (premiums) on debt issuances and redemptions, net (151) 27 (4) Proceeds from FET minority interest sale, net of transaction costs 2,348 — — Distributions to FET minority interest (21) — — Capital contributions from FET minority interest 9 — — Common stock dividend payments (891) (849) (845) Other (1) (88) (55) Net cash provided from (used for) financing activities (912) (542) 2,607 CASH FLOWS FROM INVESTING ACTIVITIES: Property additions (2,756) (2,445) (2,657) Proceeds from sale of Yards Creek — 155 — Sales of investment securities held in trusts 48 48 186 Purchases of investment securities held in trusts (59) (59) (208) Asset removal costs (213) (226) (224) Other (96) (32) (5) Net cash used for investing activities (3,076) (2,559) (2,908) Net change in cash, cash equivalents and restricted cash (1,305) (290) 1,122 Cash, cash equivalents, and restricted cash at beginning of period 1,511 1,801 679 Cash, cash equivalents, and restricted cash at end of period $ 206 $ 1,511 $ 1,801 SUPPLEMENTAL CASH FLOW INFORMATION: Cash paid (received) during the yearInterest (net of amounts capitalized) $ 1,021 $ 1,085 $ 970 Income taxes, net of refunds $ 21 $ (7) $ 6 The accompanying Notes to Consolidated Financial Statements are an integral part of these financial statements. 77
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