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SEGMENT INFORMATION | 12 Months Ended
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Dec. 31, 2023
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. FirstEnergy evaluates segment performance based on earnings attributable to FE from continuing operations. The Regulated Distribution segment distributes electricity through FirstEnergy’s 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. 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 primarily forward-looking formula rates, pursuant to which 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 rate base and costs. The segment's results also reflect the net transmission expenses related to the delivery of electricity on FirstEnergy's transmission facilities. KATCo, which was a subsidiary of FET, became a wholly owned subsidiary of FE prior to the closing of the FET P&SA I and remains in the Regulated Transmission segment. On February 2, 2023, FE, along with FET, entered into the FET P&SA II with Brookfield and the Brookfield Guarantors, pursuant to which FE agreed to sell to Brookfield at the closing, and Brookfield agreed to purchase from FE, an incremental 30% equity interest in FET for a purchase price of $3.5 billion. The majority of the purchase price is expected to be paid in cash upon closing, and the remainder will be payable by the issuance of a promissory note, which is expected to be repaid by the end of 2024. As a result of the consummation of the transaction, Brookfield’s interest in FET will increase from 19.9% to 49.9%, while FE will retain the remaining 50.1% ownership interests of FET. The transaction is subject to customary closing conditions, including approval from the PPUC. In addition, pursuant to the FET P&SA II, FirstEnergy made the necessary filings with the applicable regulatory authorities for the PA Consolidation. The FET Minority Equity Interest Sale is expected to close by the end of the first quarter of 2024. Upon closing, FET will continue to be consolidated in FirstEnergy’s financial statements. 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 former subsidiaries, interest expense on FE’s holding company debt and other investments or businesses that do not constitute an operating segment, including FEV's investment of 33-1/3% equity ownership in Global Holding. Reconciling adjustments for the elimination of inter-segment transactions are shown separately in the following table of Segment Financial Information. As of December 31, 2023, 67 MWs of electric generating capacity, representing AE Supply's OVEC capacity entitlement, was also included in Corporate/Other for segment reporting. As of December 31, 2023, Corporate/Other had approximately $7.1 billion of external FE holding company debt. 2024 Segment Changes Beginning in 2024, FirstEnergy changed its reportable segments to include Distribution, which will consist of the Ohio Companies and FE PA; Integrated, which will consist of MP, PE and JCP&L; and Stand-Alone Transmission, which will consist of FE's ownership in FET and KATCo. On January 1, 2024, WP transferred certain of its Pennsylvania-based transmission assets to KATCo. Corporate/Other will reflect corporate support and other support costs not charged or attributable to the Utilities or Transmission Companies, including FE's retained Pension and OPEB assets and liabilities of former subsidiaries, interest expense on FE's holding company debt and other investments or businesses that do not constitute an operating segment, including FEV's investment of 33-1/3% equity ownership in Global Holding. Financial information for FirstEnergy’s business segments and reconciliations to consolidated amounts is presented below:
|  | For the Years Ended December 31,
(In millions) |  | 2023 |  | 2022 |  | 2021
External revenues |  |  |  |  |  |
Regulated Distribution |  | $ | 10,810 |  |  | $ | 10,569 |  |  | $ | 9,510 |
Regulated Transmission |  | 2,049 |  |  | 1,863 |  |  | 1,608 |
Corporate/Other |  | 11 |  |  | 27 |  |  | 14 |
Reconciling Adjustments |  | — |  |  | — |  |  | — |
Total external revenues |  | $ | 12,870 |  |  | $ | 12,459 |  |  | $ | 11,132 |
Internal revenues |  |  |  |  |  |
Regulated Distribution |  | $ | 228 |  |  | $ | 232 |  |  | $ | 201 |
Regulated Transmission |  | 5 |  |  | 5 |  |  | 10 |
Corporate/Other |  | — |  |  | — |  |  | — |
Reconciling Adjustments |  | (233) |  |  | (237) |  |  | (211) |
Total internal revenues |  | $ | — |  |  | $ | — |  |  | $ | — |
Total revenues |  | $ | 12,870 |  |  | $ | 12,459 |  |  | $ | 11,132 |
Depreciation |  |  |  |  |  |
Regulated Distribution |  | $ | 1,021 |  |  | $ | 967 |  |  | $ | 911 |
Regulated Transmission |  | 367 |  |  | 335 |  |  | 325 |
Corporate/Other |  | 4 |  |  | 7 |  |  | 3 |
Reconciling Adjustments |  | 69 |  |  | 66 |  |  | 63 |
Total depreciation |  | $ | 1,461 |  |  | $ | 1,375 |  |  | $ | 1,302 |
Amortization (deferral) of regulatory assets, net |  |  |  |  |  |
Regulated Distribution |  | $ | (256) |  |  | $ | (362) |  |  | $ | 260 |
Regulated Transmission |  | (5) |  |  | (3) |  |  | 9 |
Corporate/Other |  | — |  |  | — |  |  | — |
Reconciling Adjustments |  | — |  |  | — |  |  | — |
Total amortization (deferral) of regulatory assets, net |  | $ | (261) |  |  | $ | (365) |  |  | $ | 269 |
DPA penalty |  |  |  |  |  |
Corporate/Other |  | $ | — |  |  | $ | — |  |  | $ | 230 |
Total DPA penalty |  | $ | — |  |  | $ | — |  |  | $ | 230 |
Equity method investment earnings |  |  |  |  |  |
Regulated Distribution |  | $ | — |  |  | $ | — |  |  | $ | — |
Regulated Transmission |  | — |  |  | — |  |  | — |
Corporate/Other |  | 175 |  |  | 168 |  |  | 31 |
Reconciling Adjustments |  | — |  |  | — |  |  | — |
Total equity method investment earnings |  | $ | 175 |  |  | $ | 168 |  |  | $ | 31 |
Interest expense |  |  |  |  |  |
Regulated Distribution |  | $ | 618 |  |  | $ | 526 |  |  | $ | 522 |
Regulated Transmission |  | 256 |  |  | 230 |  |  | 247 |
Corporate/Other |  | 334 |  |  | 350 |  |  | 382 |
Reconciling Adjustments |  | (84) |  |  | (67) |  |  | (12) |
Total interest expense |  | $ | 1,124 |  |  | $ | 1,039 |  |  | $ | 1,139 |
Income taxes (benefits) |  |  |  |  |  |
Regulated Distribution |  | $ | 167 |  |  | $ | 251 |  |  | $ | 364 |
Regulated Transmission |  | 179 |  |  | 110 |  |  | 127 |
Corporate/Other |  | (79) |  |  | 639 |  |  | (171) |
Reconciling Adjustments |  | — |  |  | — |  |  | — |
Total income taxes |  | $ | 267 |  |  | $ | 1,000 |  |  | $ | 320 |
|  | For the Years Ended December 31,
(In millions) |  | 2023 |  | 2022 |  | 2021
Earnings (losses) attributable to FE from continuing operations |  |  |  |  |  |
Regulated Distribution |  | $ | 740 |  |  | $ | 957 |  |  | $ | 1,288 |
Regulated Transmission |  | 514 |  |  | 361 |  |  | 408 |
Corporate/Other |  | (131) |  |  | (912) |  |  | (457) |
Reconciling Adjustments |  | — |  |  | — |  |  | — |
Total earnings attributable to FE from continuing operations |  | $ | 1,123 |  |  | $ | 406 |  |  | $ | 1,239 |
Cash Flows From Investing Activities: |  |  |  |  |  |
Capital investments |  |  |  |  |  |
Regulated Distribution |  | $ | 1,631 |  |  | $ | 1,605 |  |  | $ | 1,437 |
Regulated Transmission |  | 1,610 |  |  | 1,192 |  |  | 958 |
Corporate/Other |  | 115 |  |  | 51 |  |  | 92 |
Reconciling Adjustments |  | — |  |  | — |  |  | — |
Total capital investments |  | $ | 3,356 |  |  | $ | 2,848 |  |  | $ | 2,487 |
|  | As of December 31, |  |
(In millions) |  | 2023 |  | 2022 |  |
Assets |  |  |  |  |  |
Regulated Distribution |  | $ | 32,929 |  |  | $ | 31,749 |  |  |
Regulated Transmission |  | 15,155 |  |  | 13,835 |  |  |
Corporate/Other |  | 683 |  |  | 524 |  |  |
Reconciling Adjustments |  | — |  |  | — |  |  |
Total assets |  | $ | 48,767 |  |  | $ | 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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- 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 -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-15 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//280/tableOfContent Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-26 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-34 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 + Details
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