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SEGMENT INFORMATION
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
SEGMENT INFORMATION SEGMENT INFORMATION
During the first quarter of 2024, FirstEnergy’s segment reporting structure was modified to increase transparency for leadership and investors, simplify the presentation to corresponding legal entities, and align FirstEnergy’s earnings, cash flows and balance sheets at the business unit level. FirstEnergy’s reportable segments are as follows, and FirstEnergy continues to evaluate segment performance based on earnings attributable to FE from continuing operations:

•Distribution Segment, which consists of the Ohio Companies and FE PA;
•Integrated Segment, which consists of MP, PE and JCP&L; and
•Stand-Alone Transmission Segment, which consists of FE's ownership in FET and KATCo.

FE and its subsidiaries are principally involved in the transmission, distribution and generation of electricity through its reportable segments: Distribution, Integrated and Stand-Alone Transmission.

The segment reporting structure was modified to increase transparency for leadership and investors, simplify the presentation to corresponding legal entities, and align FirstEnergy’s earnings, cash flows and balance sheets at the business unit level. In
accordance with GAAP, the modification to the segments in the first quarter of 2024 resulted in a transfer of goodwill between the segments based on the relative fair value of the reporting units, and as such, the segment goodwill balances do not necessarily represent the goodwill balances of the specific legal entities within the segments. The external segment reporting is consistent with the internal financial reports used by FirstEnergy's Chair, President and Chief Executive Officer, its CODM. FirstEnergy's CODM uses earnings attributable to FE from continuing operations to assess performance and considers budget versus actual results on a monthly basis when making decisions about allocating resources to the segments. Disclosures for FirstEnergy's reportable operating segments for 2023 and 2022 have been reclassified to conform to the current presentation reflecting the new reportable segments.

The Distribution segment, which consists of the Ohio Companies and FE PA, distributes electricity through FirstEnergy’s electric operating companies in Ohio and Pennsylvania. The Distribution segment serves approximately 4.3 million customers in Ohio and Pennsylvania across its distribution footprint and purchases power for its provider of last resort, SOS, standard service offer and default service requirements. The segment’s results reflect the costs of securing and delivering electric generation to customers, including the deferral and amortization of certain costs.

The Integrated segment includes the distribution and transmission operations under JCP&L, MP and PE, as well as MP’s regulated generation operations. The Integrated segment distributes electricity to approximately 2 million customers in New Jersey, West Virginia and Maryland across its distribution footprint; provides transmission infrastructure in New Jersey, West Virginia, Maryland and Virginia to transmit electricity and operates 3,604 MWs of regulated net maximum generation capacity located primarily in West Virginia and Virginia. The segment will also include MP and PE’s 50 MWs of solar generation at five sites in West Virginia once complete. The first two solar generation sites were completed and placed in service in January and September 2024, representing 24 MWs of net maximum generating capacity. The remaining three sites, once completed, are expected to provide 26 MWs of additional net maximum generation capacity.

The Stand-Alone Transmission segment, which consists of FE's ownership in FET and KATCo, includes transmission infrastructure owned and operated by the Transmission Companies and used to transmit electricity. The segment’s revenues are primarily derived from 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 Stand-Alone Transmission segment. On January 1, 2024, WP transferred certain of its Pennsylvania-based transmission assets to KATCo and prior year results in the Stand-Alone Transmission segment reflect the earnings and results of those WP transmission assets.

Corporate/Other reflects corporate support and other costs not charged or attributable to the Electric Companies 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. Also included in Corporate/Other for segment reporting is 67 MWs of net maximum generation capacity, representing AE Supply’s OVEC capacity entitlement. As of December 31, 2024, Corporate/Other had approximately $6.1 billion of external FE holding company debt.
Financial information for FirstEnergy’s business segments and reconciliations to consolidated amounts is presented below:
(In millions)DistributionIntegratedStand-Alone TransmissionTotal Reportable SegmentsCorporate/OtherReconciling AdjustmentsFirstEnergy Consolidated
For the Years Ended
December 31, 2024
External revenues$6,824 $4,871 $1,768 $13,463 $9 $— $13,472 
Internal revenues39 5 19 63 — (63)— 
Total revenues$6,863 $4,876 $1,787 $13,526 $9 $(63)$13,472 
Other operating expenses(1)
2,408 1,324 359 4,091 78 (10)4,159 
Depreciation(1)
648 521 336 1,505 76 — 1,581 
Amortization (deferral) of regulatory assets, net(171)(66)6 (231)— — (231)
Equity method investment earnings, net— — — — 58 — 58 
Interest expense(1)
432 262 275 969 360 (185)1,144 
Income taxes (benefits)(1)
135 153 173 461 (84)— 377 
Other expense (income) items(2)
2,787 2,147 344 5,278 59 185 5,522 
Earnings (losses) attributable to FE from continuing operations624 535 294 1,453 (475)— 978 
Cash Flows from Investing Activities
Capital investments$1,130 $1,542 $1,266 $3,938 $92 $— $4,030 
December 31, 2023
External revenues$6,813 $4,315 $1,731 $12,859 $11 $— $12,870 
Internal revenues41 5 17 63 — (63)— 
Total revenues$6,854 $4,320 $1,748 $12,922 $11 $(63)$12,870 
Other operating expenses(1)
2,129 1,156 338 3,623 (19)(10)3,594 
Depreciation(1)
620 462 304 1,386 75 — 1,461 
Amortization (deferral) of regulatory assets, net(259)(10)8 (261)— — (261)
Equity method investment earnings, net— — — — 175 — 175 
Interest expense(1)
390 257 245 892 340 (108)1,124 
Income taxes (benefits)(1)
147 37 146 330 (63)— 267 
Other expense (income) items(2)
3,240 2,118 308 5,666 (37)108 5,737 
Earnings (losses) attributable to FE from continuing operations587 300 399 1,286 (163)— 1,123 
Cash Flows from Investing Activities
Capital investments$936 $1,212 $1,093 $3,241 $115 $— $3,356 
December 31, 2022
External revenues$6,386 $4,465 $1,581 $12,432 $27 $— $12,459 
Internal revenues39 5 16 60 — (60)— 
Total revenues$6,425 $4,470 $1,597 $12,492 $27 $(60)$12,459 
Other operating expenses(1)
2,094 1,226 428 3,748 79 (10)3,817 
Depreciation(1)
593 430 277 1,300 75 — 1,375 
Amortization (deferral) of regulatory assets, net(241)(128)4 (365)— — (365)
Equity method investment earnings, net— — — — 168 — 168 
Interest expense(1)
325 225 263 813 354 (128)1,039 
Income taxes (benefits)(1)
202 80 111 393 607 — 1,000 
Other expense (income) items(2)
2,778 2,372 199 5,349 (122)128 5,355 
Earnings (losses) attributable to FE from continuing operations674 265 315 1,254 (848)— 406 
Cash Flows from Investing Activities
Capital investments$925 $998 $874 $2,797 $51 $— $2,848 
As of December 31, 2024
Total Assets$19,949 $18,637 $13,528 $52,114 $1,975 $(2,045)$52,044 
Total Goodwill(3)
$3,222 $1,953 $443 $5,618 $— $— $5,618 
As of December 31, 2023
Total Assets$19,235 $17,466 $12,142 $48,843 $2,372 $(2,448)$48,767 
Total Goodwill(3)
$3,222 $1,953 $443 $5,618 $— $— $5,618 
(1) FirstEnergy considers this line to be a significant expense.
(2) Consists of Fuel, Purchased power, General taxes, Debt redemption costs, Miscellaneous income, net, Capitalized financing costs, Pension and OPEB mark-to-market adjustments, and Income attributable to noncontrolling interest.
(3) In accordance with GAAP, the modification to the segments in the first quarter of 2024, as discussed above, resulted in a transfer of goodwill between the segments based on the relative fair value of the reporting units, and as such, the segment goodwill balances do not necessarily represent the goodwill balances of the specific legal entities within the segments.