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SEGMENT INFORMATION
 12 Months Ended
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)202320222021
External revenues
Regulated Distribution$10,810 $10,569 $9,510 
Regulated Transmission2,049 1,863 1,608 
Corporate/Other11 27 14 
Reconciling Adjustments— — — 
Total external revenues$12,870 $12,459 $11,132 
Internal revenues
Regulated Distribution$228 $232 $201 
Regulated Transmission5 5 10 
Corporate/Other— — — 
Reconciling Adjustments(233)(237)(211)
Total internal revenues$— $— $— 
Total revenues$12,870 $12,459 $11,132 
Depreciation
Regulated Distribution$1,021 $967 $911 
Regulated Transmission367 335 325 
Corporate/Other4 7 3 
Reconciling Adjustments69 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/Other175 168 31 
Reconciling Adjustments— — — 
Total equity method investment earnings$175 $168 $31 
Interest expense
Regulated Distribution$618 $526 $522 
Regulated Transmission256 230 247 
Corporate/Other334 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 Transmission179 110 127 
Corporate/Other(79)639 (171)
Reconciling Adjustments— — — 
Total income taxes$267 $1,000 $320 
For the Years Ended December 31,
(In millions)202320222021
Earnings (losses) attributable to FE from continuing operations
Regulated Distribution$740 $957 $1,288 
Regulated Transmission514 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 Transmission1,610 1,192 958 
Corporate/Other115 51 92 
Reconciling Adjustments— — — 
Total capital investments$3,356 $2,848 $2,487 
As of December 31,
(In millions)20232022
Assets
Regulated Distribution$32,929 $31,749 
Regulated Transmission15,155 13,835 
Corporate/Other683 524 
Reconciling Adjustments— — 
Total assets$48,767 $46,108 
Goodwill
Regulated Distribution$5,004 $5,004 
Regulated Transmission614 614 
Corporate/Other— — 
Reconciling Adjustments— — 
Total goodwill$5,618 $5,618