SEC Company Response from FIRSTENERGY CORP (FE) (CIK 0001031296) (FE) — Jul 13, 2007
FIRSTENERGY CORP (FE) (CIK 0001031296)
Date: July 13, 2007 · CIK: 0001031296 · Accession: 0001031296-07-000151
AI Filing Summary & Sentiment
Reasoning
File numbers found in text: 333-21011
Referenced dates: June 11, 2007
Letter
Division of Corporation Finance Securities and Exchange Commission Metropolitan Edison Company, File No. 1-446 Form 10-K for Fiscal Year Ended December 31, 2006 Filed February 28, 2007 Form 10-Q for Fiscal Quarter Ended March 31, 2007
Dear Mr. Thompson:
This letter is in response to your further correspondence dated July 10, 2007 regarding your review of the filings by FirstEnergy Corp. and its subsidiaries, Ohio Edison Company, The Cleveland Electric Illuminating Company, The Toledo Edison Company and Metropolitan Edison Company, on Form 10-K for the fiscal year ended December 31, 2006 and Form 10-Q for the fiscal quarter ended March 31, 2007. Your comment is indicated below in italics, followed by our response.
Form 10-K for Fiscal Year Ended December 31, 2006
Consolidated Statements of Cash Flows, page 58
1.
We reviewed your response to comment one in our letter dated June 11, 2007. In accordance with paragraphs 12 and 13 of SFAS 95, certain items may qualify for net reporting if their turnover is quick, their amounts are large, and their original maturities are three months or less. Unless your investments meet such criteria, please revise your statements of cash flows in future filings to present purchases of investments and proceeds from the sale of investments on a gross basis.
Response: FirstEnergy will present purchases of investments and proceeds from the sale of investments on a gross basis in the statements of cash flows in future filings unless the criteria described above for reporting on a net basis are applicable.
* * * *
Mr. William Thompson
July 13,
Page of 2
FirstEnergy Corp. hereby acknowledges that:
·
FirstEnergy is responsible for the adequacy and accuracy of the disclosures relating to its annual report on Form 10-K for the year ended December 31, 2006 and its Form 10-Q for the quarter ended March 31, 2007;
·
Staff comments or changes to disclosure in response to staff comments do not foreclose the Securities and Exchange Commission from taking any action with respect to the filing; and
·
FirstEnergy may not assert staff comments as a defense in any proceeding initiated by the Securities and Exchange Commission or any person under the federal securities laws of the United States.
I would be happy to discuss this response with you in more detail. Please feel free to call me (330-384-5296) or Lisa S. Wilson, Senior Assistant Controller (330-384-5367) with any further questions you may have. I appreciate your assistance in ensuring our compliance with the Commission’s disclosure requirements.
Sincerely,
Harvey
L.
Wagner
Show Raw Text
CORRESP
1
filename1.htm
Unassociated Document
July
13, 2007
Mr.
William Thompson
Branch
Chief
Division
of
Corporation Finance
Securities
and
Exchange Commission
Mail
Stop
3561
100
F Street, N.E.
Washington,
D.C.
20549
Re:
FirstEnergy
Corp., File No. 333-21011
Ohio
Edison
Company, File No. 1-2578
The
Cleveland Electric Illuminating Company, File No. 1-2323
The
Toledo Edison Company, File No. 1-3583
Metropolitan
Edison Company, File No. 1-446
Form
10-K for
Fiscal Year Ended December 31, 2006
Filed
February
28, 2007
Form
10-Q for
Fiscal Quarter Ended March 31, 2007
Dear
Mr.
Thompson:
This
letter is in
response to your further correspondence dated July 10, 2007 regarding your
review of the filings by FirstEnergy Corp. and its subsidiaries, Ohio Edison
Company, The Cleveland Electric Illuminating Company, The Toledo Edison Company
and Metropolitan Edison Company, on Form 10-K for the fiscal year ended December
31, 2006 and Form 10-Q for the fiscal quarter ended March 31,
2007. Your comment is indicated below in italics, followed by our
response.
Form
10-K for
Fiscal Year Ended December 31, 2006
Consolidated
Statements of Cash Flows, page 58
1.
We
reviewed your response to comment one in our letter dated June 11,
2007. In accordance with paragraphs 12 and 13 of SFAS 95,
certain items may qualify for net reporting if their turnover is
quick,
their amounts are large, and their original maturities are three
months or
less. Unless your investments meet such criteria, please revise
your statements of cash flows in future filings to present purchases
of
investments and proceeds from the sale of investments on a gross
basis.
Response: FirstEnergy
will present purchases of investments and proceeds from the sale
of
investments on a gross basis in the statements of cash flows in
future
filings unless the criteria described above for reporting on a
net basis
are applicable.
* * * *
Mr.
William Thompson
July
13,
2007
Page
2
of 2
FirstEnergy
Corp.
hereby acknowledges that:
·
FirstEnergy
is
responsible for the adequacy and accuracy of the disclosures relating
to
its annual report on Form 10-K for the year ended December 31, 2006
and
its Form 10-Q for the quarter ended March 31,
2007;
·
Staff
comments
or changes to disclosure in response to staff comments do not foreclose
the Securities and Exchange Commission from taking any action with
respect
to the filing; and
·
FirstEnergy
may not assert staff comments as a defense in any proceeding initiated
by
the Securities and Exchange Commission or any person under the federal
securities laws of the United
States.
I
would be happy to
discuss this response with you in more detail. Please feel free to
call me (330-384-5296) or Lisa S. Wilson, Senior Assistant Controller
(330-384-5367) with any further questions you may have. I appreciate
your assistance in ensuring our compliance with the Commission’s disclosure
requirements.
Sincerely,
Harvey
L.
Wagner
Vice
President, Controller and
Chief
Accounting Officer
HLW:dlc
cc:
Sarah
Goldberg
Staff
Accountant
Securities
and
Exchange Commission
Anthony
J.
Alexander
Richard
H.
Marsh
Leila
L.
Vespoli