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VARIABLE INTEREST ENTITIES (Tables)

12 Months Ended

Dec. 31, 2024

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

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	December 31, 2024		December 31, 2023
Cash and cash equivalents	$	8	$	76
Receivables	94		88
Materials and supplies, at average cost	1		1
Prepaid taxes and other	21		23
Total current assets	124		188
Property, plant and equipment, net	11,217		10,227
Goodwill	224		224
Investments	19		19
Regulatory assets	18		16
Other	334		310
Total noncurrent assets	11,812		10,796
TOTAL ASSETS	$	11,936	$	10,984


Liabilities	December 31, 2024		December 31, 2023
Currently payable long-term debt	$	625	$	—
Short-term borrowings	300		—
Accounts payable	—		2
Accrued interest	68		63
Accrued taxes	306		262
Other	15		14
Total current liabilities	1,314		341
Long-term debt and other long-term obligations	5,239		5,275
Accumulated deferred income taxes	1,412		1,218
Regulatory liabilities	442		307
Other	299		285
Total noncurrent liabilities	7,392		7,085
TOTAL LIABILITIES	$	8,706	$	7,426

- 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.

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