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VARIABLE INTEREST ENTITIES (Tables) | 3 Months Ended
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Mar. 31, 2024
Variable Interest Entities [Abstract] |
Schedule of Variable Interest Entities | The assets of FET can only be used to settle its obligations, and creditors of FET do not have recourse to the general credit of FirstEnergy.
Assets |  | March 31, 2024 |  | December 31, 2023
|  | (In millions)
Cash and cash equivalents |  | $ | 77 |  |  | $ | 76 |
Receivables |  | 117 |  | 88
Materials and supplies, at average cost |  | 1 |  |  | 1 |
Prepaid taxes and other |  | 24 |  |  | 23 |
Total current assets |  | 219 |  |  | 188 |
Property, plant and equipment, net |  | 10,426 |  |  | 10,227 |
Goodwill |  | 224 |  |  | 224 |
Investments |  | 19 |  |  | 19 |
Regulatory assets |  | 9 |  |  | 16 |
Other |  | 234 |  |  | 310 |
Total noncurrent assets |  | 10,912 |  |  | 10,796 |
TOTAL ASSETS |  | $ | 11,131 |  |  | $ | 10,984 |
Liabilities |  | March 31, 2024 |  | December 31, 2023
|  | (In millions)
Currently payable long-term debt |  | 600 |  |  | — |
Short-term borrowings |  | 250 |  |  | — |
Accounts payable |  | — |  |  | 2 |
Accrued interest |  | 61 |  |  | 63 |
Accrued taxes |  | 276 |  |  | 262 |
Other |  | 7 |  |  | 14 |
Total current liabilities |  | 1,194 |  |  | 341 |
Long-term debt and other long-term obligations |  | 4,825 |  |  | 5,275 |
Accumulated deferred income taxes |  | 1,289 |  |  | 1,218 |
Regulatory liabilities |  | 342 |  |  | 307 |
Other |  | 148 |  |  | 285 |
Total noncurrent liabilities |  | 6,604 |  |  | 7,085 |
TOTAL LIABILITIES |  | $ | 7,798 |  |  | $ | 7,426 |
Unconsolidated VIEs FirstEnergy is not the primary beneficiary of its equity method investments in Global Holding and PATH WV, as further discussed above, or its PPAs. FirstEnergy evaluated its PPAs and determined that certain Non-Utility Generation entities may be VIEs to the extent that they own a plant that sells substantially all of its output to the applicable utilities and the contract price for power is correlated with the plant’s variable costs of production. As of March 31, 2024, FirstEnergy maintains four long-term PPAs with Non-Utility Generation entities that were entered into pursuant to the Public Utility Regulatory Policies Act of 1978. FirstEnergy was not involved in the creation of, and has no equity or debt invested in, any of these entities. FirstEnergy has determined that, it does not have a variable interest, or the entities do not meet the criteria to be considered a VIE. Because FirstEnergy has no equity or debt interests in the Non-Utility Generation entities, its maximum exposure to loss relates primarily to the above-market costs incurred for power, which are expected to be recovered from customers.

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- Definition Variable Interest Entities Abstract. + References No definition available. + Details
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- Definition Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481203/810-10-50-3 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 5A -Publisher FASB -URI https://asc.fasb.org//1943274/2147481203/810-10-50-5A Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481203/810-10-50-9 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481203/810-10-50-4 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481203/810-10-50-6 + Details
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