v3.25.1
SEGMENT INFORMATION
 3 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
SEGMENT INFORMATION SEGMENT INFORMATION
The disclosures in this note apply to both Registrants, unless indicated otherwise.
FirstEnergy

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. FirstEnergy’s CODM evaluates segment performance based on earnings attributable to FE. The external segment reporting is consistent with the internal financial reports used by FirstEnergy's Chief Executive Officer, its CODM, to regularly assess performance of the business, make operating decisions and allocate resources.

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 2024, representing 24 MWs of net maximum generation capacity. The remaining three sites are expected to provide 26 MWs of 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.
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 March 31, 2025, Corporate/Other had approximately $6.5 billion of external FE holding company debt.
Financial information for FirstEnergy’s reportable segments and reconciliations to consolidated amounts is presented below:
For the Three Months Ended
DistributionIntegratedStand-Alone TransmissionTotal Reportable
Segments		Corporate/ OtherReconciling AdjustmentsFirstEnergy Consolidated
(In millions)
March 31, 2025
External revenues$1,927 $1,348 $486 $3,761 $4 $— $3,765 
Internal revenues9 1 5 15 — (15)— 
Total revenues$1,936 $1,349 $491 $3,776 $4 $(15)$3,765 
Other operating expenses(1)
627 337 98 1,062 (25)(3)1,034 
Depreciation(1)
162 138 91 391 20 — 411 
Amortization (deferral) of regulatory assets, net(19)8 1 (10)— — (10)
Interest expense(1)
99 65 73 237 79 (28)288 
Income taxes (benefits)(1)
60 40 40 140 (14)— 126 
Other expense (income) items(2)
789 625 107 1,521 7 28 1,556 
Earnings attributable to FE218 136 81 435 (75)— 360 
Cash Flows from Investing Activities:
Capital investments$265 $395 $314 $974 $31 $— $1,005 
March 31, 2024
External revenues$1,756 $1,094 $434 $3,284 $3 $— $3,287 
Internal revenues11 1 4 16 — (16)— 
Total revenues$1,767 $1,095 $438 $3,300 $3 $(16)$3,287 
Other operating expenses(1)
587 354 76 1,017 (8)(3)1,006 
Depreciation(1)
161 122 81 364 17 — 381 
Amortization (deferral) of regulatory assets, net(88)(78)2 (164)— — (164)
Equity method investment earnings, net— — — — 21 — 21 
Interest expense(1)
116 71 65 252 117 (64)305 
Income taxes (benefits)(1)
41 35 60 136 (1)— 135 
Other expense (income) items(2)
785 509 70 1,364 (36)64 1,392 
Earnings attributable to FE165 82 84 331 (78)— 253 
Cash Flows from Investing Activities:
Capital investments$215 $313 $258 $786 $4 $— $790 
As of March 31, 2025
Total assets$20,372 $18,812 $13,665 $52,849 $1,837 $(1,915)$52,771 
Total goodwill$3,222 $1,953 $443 $5,618 $— $— $5,618 
As of December 31, 2024
Total assets$19,949 $18,637 $13,528 $52,114 $1,975 $(2,045)$52,044 
Total goodwill$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, Miscellaneous income, net, Capitalized financing costs, and Income attributable to noncontrolling interest.
JCP&L

JCP&L is principally involved in the transmission and distribution of electricity through its reportable segments: Distribution and Transmission. JCP&L's CODM evaluates performance based on net income. The external segment reporting is consistent with the internal financial reports used by JCP&L's President, its CODM, to regularly assess performance of the business, make operating decisions and allocate resources.

JCP&L’s Distribution segment distributes electricity to approximately 1.2 million customers in New Jersey across its distribution footprint and procures electric supply to serve its BGS customers through a statewide auction process approved by the NJBPU. The segment’s results reflect the costs of securing and delivering electric generation to customers, including the deferral and amortization of certain costs.

JCP&L’s Transmission segment includes transmission infrastructure owned and operated by JCP&L 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 JCP&L’s transmission facilities.

Financial information for JCP&L’s reportable segments and reconciliations are presented below:
For the Three Months Ended
DistributionTransmissionTotal Reportable
Segments		Reconciling AdjustmentsJCP&L
(In millions)
March 31, 2025
External revenues$505 $61 $566 $— $566 
Internal revenues43 — 43 (43)— 
Total revenues$548 $61 $609 $(43)$566 
Other operating expenses(1)
174 14 188 (43)145 
Depreciation(1)
53 12 65 — 65 
Deferral of regulatory assets, net(22)— (22)— (22)
Interest expense - other(1)
22 7 29 — 29 
Interest expense - affiliates(1)
1 — 1 — 1 
Income taxes7 9 16 — 16 
Other expense (income) items(2)
289 (6)283 — 283 
Net Income24 25 49 — 49 
Cash Flows from Investing Activities:
Capital investments$74 $132 $206 $— $206 
March 31, 2024
External revenues$414 $52 $466 $— $466 
Internal revenues38 — 38 (38)— 
Total revenues$452 $52 $504 $(38)$466 
Other operating expenses(1)
211 14 225 (38)187 
Depreciation(1)
50 11 61 — 61 
Deferral of regulatory assets, net(39)— (39)— (39)
Interest expense - other(1)
23 7 30 — 30 
Interest expense - affiliates(1)
4 — 4 — 4 
Income taxes (benefits)(11)7 (4)— (4)
Other expense (income) items(2)
240 (5)235 — 235 
Net Income (Loss)(26)18 (8)— (8)
Cash Flows from Investing Activities:
Capital investments$71 $123 $194 $— $194 
As of March 31, 2025
Total assets$7,271 $2,802 $10,073 $— $10,073 
Total goodwill$1,213 $598 $1,811 $— $1,811 
As of December 31, 2024
Total assets$7,212 $2,715 $9,927 $— $9,927 
Total goodwill$1,213 $598 $1,811 $— $1,811 
(1) JCP&L considers this line to be a significant expense.
(2) Consists of Purchased power, General taxes, Miscellaneous income, net, Interest income from affiliates, and Capitalized financing costs.