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v3.23.2

SEGMENT INFORMATION (Tables) | 6 Months Ended
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Jun. 30, 2023
Segment Reporting [Abstract] |
Schedule of Segment Financial Information | Financial information for FirstEnergy’s business segments and reconciliations to consolidated amounts is presented below:
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
(In millions) |  | 2023 |  | 2022 |  | 2023 |  | 2022
External revenues |  |  |  |  |  |  |  |
Regulated Distribution |  | $ | 2,484 |  |  | $ | 2,370 |  |  | $ | 5,253 |  |  | $ | 4,902 |
Regulated Transmission |  | 519 |  |  | 440 |  |  | 979 |  |  | 891 |
Corporate/Other |  | 3 |  |  | 8 |  |  | 5 |  |  | 14 |
Reconciling Adjustments |  | — |  |  | — |  |  | — |  |  | — |
Total external revenues |  | $ | 3,006 |  |  | $ | 2,818 |  |  | $ | 6,237 |  |  | $ | 5,807 |
Internal revenues |  |  |  |  |  |  |  |
Regulated Distribution |  | $ | 58 |  |  | $ | 56 |  |  | $ | 115 |  |  | $ | 113 |
Regulated Transmission |  | 1 |  |  | 1 |  |  | 2 |  |  | 3 |
Corporate/Other |  | — |  |  | — |  |  | — |  |  | — |
Reconciling Adjustments |  | (59) |  |  | (57) |  |  | (117) |  |  | (116) |
Total internal revenues |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Total revenues |  | $ | 3,006 |  |  | $ | 2,818 |  |  | $ | 6,237 |  |  | $ | 5,807 |
Depreciation |  |  |  |  |  |  |  |
Regulated Distribution |  | $ | 255 |  |  | $ | 242 |  |  | $ | 506 |  |  | $ | 477 |
Regulated Transmission |  | 88 |  |  | 87 |  |  | 179 |  |  | 173 |
Corporate/Other |  | 1 |  |  | 1 |  |  | 3 |  |  | 3 |
Reconciling Adjustments |  | 17 |  |  | 18 |  |  | 34 |  |  | 35 |
Total depreciation |  | $ | 361 |  |  | $ | 348 |  |  | $ | 722 |  |  | $ | 688 |
Amortization (deferral) of regulatory assets, net |  |  |  |  |  |  |  |
Regulated Distribution |  | $ | (34) |  |  | $ | (127) |  |  | $ | (113) |  |  | $ | (165) |
Regulated Transmission |  | 1 |  |  | (2) |  |  | — |  |  | (1) |
Corporate/Other |  | — |  |  | — |  |  | — |  |  | — |
Reconciling Adjustments |  | — |  |  | — |  |  | — |  |  | — |
Total amortization (deferral) of regulatory assets, net |  | $ | (33) |  |  | $ | (129) |  |  | $ | (113) |  |  | $ | (166) |
Equity method investment earnings |  |  |  |  |  |  |  |
Regulated Distribution |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Regulated Transmission |  | — |  |  | — |  |  | — |  |  | — |
Corporate/Other |  | 35 |  |  | 65 |  |  | 91 |  |  | 77 |
Reconciling Adjustments |  | — |  |  | — |  |  | — |  |  | — |
Total equity method investment earnings |  | $ | 35 |  |  | $ | 65 |  |  | $ | 91 |  |  | $ | 77 |
Interest expense |  |  |  |  |  |  |  |
Regulated Distribution |  | $ | 151 |  |  | $ | 128 |  |  | $ | 297 |  |  | $ | 257 |
Regulated Transmission |  | 61 |  |  | 55 |  |  | 120 |  |  | 114 |
Corporate/Other |  | 82 |  |  | 88 |  |  | 157 |  |  | 177 |
Reconciling Adjustments |  | (18) |  |  | (6) |  |  | (35) |  |  | (8) |
Total interest expense |  | $ | 276 |  |  | $ | 265 |  |  | $ | 539 |  |  | $ | 540 |
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
(In millions) |  | 2023 |  | 2022 |  | 2023 |  | 2022
Income taxes (benefits) |  |  |  |  |  |  |  |
Regulated Distribution |  | $ | 44 |  |  | $ | 52 |  |  | $ | 100 |  |  | $ | 121 |
Regulated Transmission |  | 46 |  |  | 39 |  |  | 86 |  |  | 80 |
Corporate/Other |  | (16) |  |  | (42) |  |  | (22) |  |  | (69) |
Reconciling Adjustments |  | — |  |  | — |  |  | — |  |  | — |
Total income taxes (benefits) |  | $ | 74 |  |  | $ | 49 |  |  | $ | 164 |  |  | $ | 132 |
Earnings attributable to FE |  |  |  |  |  |  |  |
Regulated Distribution |  | $ | 177 |  |  | $ | 202 |  |  | $ | 413 |  |  | $ | 467 |
Regulated Transmission |  | 134 |  |  | 123 |  |  | 248 |  |  | 248 |
Corporate/Other |  | (76) |  |  | (138) |  |  | (134) |  |  | (240) |
Reconciling Adjustments |  | — |  |  | — |  |  | — |  |  | — |
Total earnings attributable to FE |  | $ | 235 |  |  | $ | 187 |  |  | $ | 527 |  |  | $ | 475 |
Capital investments |  |  |  |  |  |  |  |
Regulated Distribution |  | $ | 393 |  |  | $ | 376 |  |  | $ | 727 |  |  | $ | 712 |
Regulated Transmission |  | 365 |  |  | 267 |  |  | 673 |  |  | 464 |
Corporate/Other |  | 11 |  |  | 4 |  |  | 18 |  |  | 10 |
Reconciling Adjustments |  | — |  |  | — |  |  | — |  |  | — |
Total capital investments |  | $ | 769 |  |  | $ | 647 |  |  | $ | 1,418 |  |  | $ | 1,186 |
(In millions) |  | As of June 30, 2023 |  | As of December 31, 2022
Assets |  |  |  |  |  |  |  |
Regulated Distribution |  | $ | 32,201 |  |  | $ | 31,749 |
Regulated Transmission |  | 14,199 |  |  | 13,835 |
Corporate/Other |  | 665 |  |  | 524 |
Reconciling Adjustments |  | — |  |  | — |
Total assets |  | $ | 47,065 |  |  | $ | 46,108 |
Goodwill |  |  |  |  |  |  |  |
Regulated Distribution |  | $ | 5,004 |  |  | $ | 5,004 |
Regulated Transmission |  | 614 |  |  | 614 |
Corporate/Other |  | — |  |  | — |
Reconciling Adjustments |  | — |  |  | — |
Total goodwill |  | $ | 5,618 |  |  | $ | 5,618 |

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