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Segment Information | 9 Months Ended
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Sep. 30, 2021
Segment Reporting [Abstract] |
SEGMENT INFORMATION | SEGMENT INFORMATION FE and its subsidiaries are principally involved in the transmission, distribution and generation of electricity through its reportable segments, Regulated Distribution and Regulated Transmission. The Regulated Distribution segment distributes electricity through FirstEnergy’s ten utility operating companies, serving approximately six million customers within 65,000 square miles of Ohio, Pennsylvania, West Virginia, Maryland, New Jersey and New York, and purchases power for its POLR, SOS, SSO and default service requirements in Ohio, Pennsylvania, New Jersey and Maryland. This segment also controls 3,580 MWs of regulated electric generation capacity located primarily in West Virginia and Virginia. The segment’s results reflect the costs of securing and delivering electric generation from transmission facilities to customers, including the deferral and amortization of certain related costs. Included within the segment is $45 million of assets classified as held for sale as of December 31, 2020, associated with the asset purchase agreement with Yards Creek; see Note 8, “Regulatory Matters,” for additional information. The Regulated Transmission segment provides transmission infrastructure owned and operated by the Transmission Companies and certain of FirstEnergy’s utilities (JCP&L, MP, PE and WP) to transmit electricity from generation sources to distribution facilities. The segment’s revenues are derived from forward-looking formula rates. Forward-looking rates recover costs that FERC determines are permitted to be recovered and provide a return on transmission capital investment. Under forward-looking formula rates, the revenue requirement is updated annually based on a projected rate base and projected costs, which is subject to an annual true-up based on actual costs. The segment’s results also reflect the net transmission expenses related to the delivery of electricity on FirstEnergy’s transmission facilities. Corporate/Other reflects corporate support and other costs not charged or attributable to the Utilities or Transmission Companies, including FE’s retained Pension and OPEB assets and liabilities of the FES Debtors, interest expense on FE’s holding company debt and other businesses that do not constitute an operating segment. Reconciling adjustments for the elimination of inter-segment transactions are shown separately in the following table of Segment Financial Information. As of September 30, 2021, 67 MWs of electric generating capacity, representing AE Supply’s OVEC capacity entitlement, was included in continuing operations of Corporate/Other. As of September 30, 2021, Corporate/Other had approximately $7.4 billion of FE holding company debt. Financial information for each of FirstEnergy’s reportable segments is presented in the tables below: Segment Financial Information
For the Three Months Ended |  | Regulated Distribution |  | Regulated Transmission |  | Corporate/ Other |  | Reconciling Adjustments |  | FirstEnergy Consolidated
|  | (In millions)
September 30, 2021 |  |  |  |  |  |  |  |  |  |
External revenues |  | $ | 2,708 |  |  | $ | 411 |  |  | $ | 5 |  |  | $ | — |  |  | $ | 3,124 |
Internal revenues |  | 51 |  |  | 4 |  |  | — |  |  | (55) |  |  | — |
Total revenues |  | $ | 2,759 |  |  | $ | 415 |  |  | $ | 5 |  |  | $ | (55) |  |  | $ | 3,124 |
Depreciation |  | 229 |  |  | 82 |  |  | (1) |  |  | 16 |  |  | 326 |
Amortization of regulatory assets, net |  | 29 |  |  | 1 |  |  | — |  |  | — |  |  | 30 |
Miscellaneous income (expense), net |  | 102 |  |  | 12 |  |  | 23 |  |  | (1) |  |  | 136 |
Interest expense |  | 133 |  |  | 62 |  |  | 89 |  |  | (1) |  |  | 283 |
Income taxes (benefits) |  | 108 |  |  | 23 |  |  | (43) |  |  | — |  |  | 88 |
Income (loss) from continuing operations |  | 416 |  |  | 70 |  |  | (70) |  |  | — |  |  | 416 |
Property additions |  | $ | 326 |  |  | $ | 202 |  |  | $ | 14 |  |  | $ | — |  |  | $ | 542 |
September 30, 2020 |  |  |  |  |  |  |  |  |  |
External revenues |  | $ | 2,611 |  |  | $ | 408 |  |  | $ | 3 |  |  | $ | — |  |  | $ | 3,022 |
Internal revenues |  | 50 |  |  | 5 |  |  | — |  |  | (55) |  |  | — |
Total revenues |  | $ | 2,661 |  |  | $ | 413 |  |  | $ | 3 |  |  | $ | (55) |  |  | $ | 3,022 |
Depreciation |  | 223 |  |  | 79 |  |  | — |  |  | 14 |  |  | 316 |
Deferral of regulatory assets, net |  | (91) |  |  | — |  |  | — |  |  | — |  |  | (91) |
Miscellaneous income (expense), net |  | 81 |  |  | 7 |  |  | 13 |  |  | (1) |  |  | 100 |
Interest expense |  | 124 |  |  | 55 |  |  | 88 |  |  | (1) |  |  | 266 |
Income taxes (benefits) |  | 109 |  |  | 35 |  |  | (28) |  |  | — |  |  | 116 |
Income (loss) from continuing operations |  | 413 |  |  | 115 |  |  | (68) |  |  | — |  |  | 460 |
Property additions |  | $ | 391 |  |  | $ | 278 |  |  | $ | 18 |  |  | $ | — |  |  | $ | 687 |
For the Nine Months Ended |  |  |  |  |  |  |  |  |  |
September 30, 2021 |  |  |  |  |  |  |  |  |  |
External revenues |  | $ | 7,237 |  |  | $ | 1,223 |  |  | $ | 12 |  |  | $ | — |  |  | $ | 8,472 |
Internal revenues |  | 150 |  |  | 10 |  |  | — |  |  | (160) |  |  | — |
Total revenues |  | $ | 7,387 |  |  | $ | 1,233 |  |  | $ | 12 |  |  | $ | (160) |  |  | $ | 8,472 |
Depreciation |  | 684 |  |  | 240 |  |  | 1 |  |  | 47 |  |  | 972 |
Amortization of regulatory assets, net |  | 159 |  |  | 12 |  |  | — |  |  | — |  |  | 171 |
DPA penalty |  | — |  |  | — |  |  | 230 |  |  | — |  |  | 230 |
Miscellaneous income (expense), net |  | 297 |  |  | 34 |  |  | 59 |  |  | (11) |  |  | 379 |
Interest expense |  | 392 |  |  | 186 |  |  | 288 |  |  | (11) |  |  | 855 |
Income taxes (benefits) |  | 261 |  |  | 93 |  |  | (83) |  |  | — |  |  | 271 |
Income (loss) from continuing operations |  | 1,003 |  |  | 295 |  |  | (489) |  |  | — |  |  | 809 |
Property additions |  | $ | 993 |  |  | $ | 732 |  |  | $ | 43 |  |  | $ | — |  |  | $ | 1,768 |
September 30, 2020 |  |  |  |  |  |  |  |  |  |
External revenues |  | $ | 7,062 |  |  | $ | 1,185 |  |  | $ | 6 |  |  | $ | — |  |  | $ | 8,253 |
Internal revenues |  | 145 |  |  | 13 |  |  | — |  |  | (158) |  |  | — |
Total revenues |  | $ | 7,207 |  |  | $ | 1,198 |  |  | $ | 6 |  |  | $ | (158) |  |  | $ | 8,253 |
Depreciation |  | 672 |  |  | 233 |  |  | 2 |  |  | 47 |  |  | 954 |
Amortization (deferral) of regulatory assets, net |  | (32) |  |  | 6 |  |  | — |  |  | — |  |  | (26) |
Miscellaneous income (expense), net |  | 246 |  |  | 21 |  |  | 45 |  |  | (9) |  |  | 303 |
Interest expense |  | 374 |  |  | 162 |  |  | 265 |  |  | (9) |  |  | 792 |
Income taxes (benefits) |  | 144 |  |  | 103 |  |  | (125) |  |  | — |  |  | 122 |
Income (loss) from continuing operations |  | 800 |  |  | 346 |  |  | (355) |  |  | — |  |  | 791 |
Property additions |  | $ | 1,115 |  |  | $ | 817 |  |  | $ | 47 |  |  | $ | — |  |  | $ | 1,979 |
As of September 30, 2021 |  |  |  |  |  |  |  |  |  |
Total assets |  | $ | 30,546 |  |  | $ | 12,660 |  |  | $ | 648 |  |  | $ | — |  |  | $ | 43,854 |
Total goodwill |  | $ | 5,004 |  |  | $ | 614 |  |  | $ | — |  |  | $ | — |  |  | $ | 5,618 |
As of December 31, 2020 |  |  |  |  |  |  |  |  |  |
Total assets |  | $ | 30,855 |  |  | $ | 12,592 |  |  | $ | 1,017 |  |  | $ | — |  |  | $ | 44,464 |
Total goodwill |  | $ | 5,004 |  |  | $ | 614 |  |  | $ | — |  |  | $ | — |  |  | $ | 5,618 |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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