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SEGMENT INFORMATION (Tables) | 9 Months Ended
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Sep. 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 September 30, |  | Nine Months Ended September 30,
(In millions) |  | 2023 |  | 2022 |  | 2023 |  | 2022
External revenues |  |  |  |  |  |  |  |
Regulated Distribution |  | $ | 2,978 |  |  | $ | 2,965 |  |  | $ | 8,231 |  |  | $ | 7,867 |
Regulated Transmission |  | 508 |  |  | 503 |  |  | 1,487 |  |  | 1,394 |
Corporate/Other |  | 1 |  |  | 7 |  |  | 6 |  |  | 21 |
Reconciling Adjustments |  | — |  |  | — |  |  | — |  |  | — |
Total external revenues |  | $ | 3,487 |  |  | $ | 3,475 |  |  | $ | 9,724 |  |  | $ | 9,282 |
Internal revenues |  |  |  |  |  |  |  |
Regulated Distribution |  | $ | 56 |  |  | $ | 58 |  |  | $ | 171 |  |  | $ | 171 |
Regulated Transmission |  | 1 |  |  | — |  |  | 3 |  |  | 3 |
Corporate/Other |  | — |  |  | — |  |  | — |  |  | — |
Reconciling Adjustments |  | (57) |  |  | (58) |  |  | (174) |  |  | (174) |
Total internal revenues |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Total revenues |  | $ | 3,487 |  |  | $ | 3,475 |  |  | $ | 9,724 |  |  | $ | 9,282 |
Depreciation |  |  |  |  |  |  |  |
Regulated Distribution |  | $ | 256 |  |  | $ | 242 |  |  | $ | 762 |  |  | $ | 719 |
Regulated Transmission |  | 93 |  |  | 72 |  |  | 272 |  |  | 245 |
Corporate/Other |  | — |  |  | 3 |  |  | 3 |  |  | 6 |
Reconciling Adjustments |  | 17 |  |  | 15 |  |  | 51 |  |  | 50 |
Total depreciation |  | $ | 366 |  |  | $ | 332 |  |  | $ | 1,088 |  |  | $ | 1,020 |
Deferral of regulatory assets, net |  |  |  |  |  |  |  |
Regulated Distribution |  | $ | (136) |  |  | $ | (85) |  |  | $ | (249) |  |  | $ | (250) |
Regulated Transmission |  | (4) |  |  | (1) |  |  | (4) |  |  | (2) |
Corporate/Other |  | — |  |  | — |  |  | — |  |  | — |
Reconciling Adjustments |  | — |  |  | — |  |  | — |  |  | — |
Total deferral of regulatory assets, net |  | $ | (140) |  |  | $ | (86) |  |  | $ | (253) |  |  | $ | (252) |
Equity method investment earnings |  |  |  |  |  |  |  |
Regulated Distribution |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Regulated Transmission |  | — |  |  | — |  |  | — |  |  | — |
Corporate/Other |  | 43 |  |  | 57 |  |  | 134 |  |  | 134 |
Reconciling Adjustments |  | — |  |  | — |  |  | — |  |  | — |
Total equity method investment earnings |  | $ | 43 |  |  | $ | 57 |  |  | $ | 134 |  |  | $ | 134 |
Interest expense |  |  |  |  |  |  |  |
Regulated Distribution |  | $ | 159 |  |  | $ | 132 |  |  | $ | 456 |  |  | $ | 389 |
Regulated Transmission |  | 65 |  |  | 41 |  |  | 185 |  |  | 155 |
Corporate/Other |  | 87 |  |  | 99 |  |  | 244 |  |  | 276 |
Reconciling Adjustments |  | (22) |  |  | (24) |  |  | (57) |  |  | (32) |
Total interest expense |  | $ | 289 |  |  | $ | 248 |  |  | $ | 828 |  |  | $ | 788 |
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
(In millions) |  | 2023 |  | 2022 |  | 2023 |  | 2022
Income taxes (benefits) |  |  |  |  |  |  |  |
Regulated Distribution |  | $ | 70 |  |  | $ | 92 |  |  | $ | 170 |  |  | $ | 213 |
Regulated Transmission |  | 45 |  |  | 5 |  |  | 131 |  |  | 85 |
Corporate/Other |  | (86) |  |  | 8 |  |  | (108) |  |  | (61) |
Reconciling Adjustments |  | — |  |  | — |  |  | — |  |  | — |
Total income taxes (benefits) |  | $ | 29 |  |  | $ | 105 |  |  | $ | 193 |  |  | $ | 237 |
Earnings (losses) attributable to FE from continuing operations |  |  |  |  |  |  |  |
Regulated Distribution |  | $ | 275 |  |  | $ | 361 |  |  | $ | 688 |  |  | $ | 828 |
Regulated Transmission |  | 123 |  |  | 27 |  |  | 371 |  |  | 275 |
Corporate/Other |  | 23 |  |  | (54) |  |  | (111) |  |  | (294) |
Reconciling Adjustments |  | — |  |  | — |  |  | — |  |  | — |
Total earnings attributable to FE from continuing operations |  | $ | 421 |  |  | $ | 334 |  |  | $ | 948 |  |  | $ | 809 |
Cash Flows From Investing Activities: |  |  |  |  |  |  |  |
Capital investments |  |  |  |  |  |  |  |
Regulated Distribution |  | $ | 409 |  |  | $ | 415 |  |  | $ | 1,136 |  |  | $ | 1,127 |
Regulated Transmission |  | 424 |  |  | 236 |  |  | 1,097 |  |  | 700 |
Corporate/Other |  | 15 |  |  | 15 |  |  | 33 |  |  | 25 |
Reconciling Adjustments |  | — |  |  | — |  |  | — |  |  | — |
Total capital investments |  | $ | 848 |  |  | $ | 666 |  |  | $ | 2,266 |  |  | $ | 1,852 |
(In millions) |  | As of September 30, 2023 |  | As of December 31, 2022
Assets |  |  |  |  |  |  |  |
Regulated Distribution |  | $ | 32,434 |  |  | $ | 31,749 |
Regulated Transmission |  | 14,454 |  |  | 13,835 |
Corporate/Other |  | 583 |  |  | 524 |
Reconciling Adjustments |  | — |  |  | — |
Total assets |  | $ | 47,471 |  |  | $ | 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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