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VARIABLE INTEREST ENTITIES (Tables)

12 Months Ended

Dec. 31, 2023

Business Combination and Asset Acquisition [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, 2023		December 31, 2022
Cash and cash equivalents	$	76	$	77
Receivables	88		79
Materials and supplies, at average cost	1		1
Prepaid taxes and other	23		23
Total current assets	188		180
Property, plant and equipment, net	10,227		9,365
Goodwill	224		224
Investments	19		20
Regulatory assets	16		1
Other	310		273
Total noncurrent assets	10,796		9,883
TOTAL ASSETS	$	10,984	$	10,063


Liabilities	December 31, 2023		December 31, 2022

Accounts payable	2		—
Accrued interest	63		58
Accrued taxes	262		278
Other	14		7
Total current liabilities	341		343
Long-term debt and other long-term obligations	5,275		4,949
Accumulated deferred income taxes	1,218		1,129
Regulatory liabilities	307		443
Other	285		256
Total noncurrent liabilities	7,085		6,777
TOTAL LIABILITIES	$	7,426	$	7,120

- 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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