v3.26.1
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
CURRENT ASSETS:    
Cash and cash equivalents $ 6 $ 8
Receivables-    
Notes receivable from affiliated companies 188 268
Prepaid taxes and other 20 42
Assets, Current, Total 304 414
PROPERTY, PLANT AND EQUIPMENT:    
In service 14,132 14,069
Less — Accumulated provision for depreciation 2,848 2,804
Property, plant and equipment in service net of accumulated provision for depreciation 11,284 11,265
Construction work in progress 1,481 1,204
Total property, plant and equipment 12,765 12,469
INVESTMENTS AND OTHER NONCURRENT ASSETS:    
Goodwill 224 224
Investments 19 19
Property taxes 231 313
Operating lease right-of-use asset [1] 411 412
Other 29 38
Total investments and other noncurrent assets 914 1,006
TOTAL ASSETS [2] 13,983 13,889
CURRENT LIABILITIES:    
Currently payable long-term debt 75 75
Accounts payable - Affiliated companies 187 119
Accrued taxes 331 335
Accrued interest 82 101
Other 12 15
Liabilities, Current, Total 1,008 891
NONCURRENT LIABILITIES:    
Long-term debt and other long-term obligations 6,631 6,629
Accumulated deferred income taxes 1,591 1,540
Property taxes 159 321
Regulatory liabilities 471 476
Noncurrent operating lease obligation [3] 405 405
Other 8 9
Liabilities, Noncurrent, Total 9,265 9,380
TOTAL LIABILITIES [2] 10,273 10,271
MEMBERS' EQUITY:    
Members' equity 2,250 2,250
Retained earnings 661 588
Total members' equity 2,911 2,838
Noncontrolling interest 799 780
TOTAL EQUITY 3,710 3,618
COMMITMENTS, GUARANTEES AND CONTINGENCIES (NOTE 7.)
TOTAL LIABILITIES AND EQUITY 13,983 13,889
Affiliates    
Receivables-    
Affiliated companies 1 5
CURRENT LIABILITIES:    
Short-term borrowings- 1 1
Non-affiliates    
Receivables-    
Affiliated companies 89 91
CURRENT LIABILITIES:    
Short-term borrowings- $ 320 $ 245
[1] Includes $409 million as of March 31, 2026 and December 31, 2025 associated with affiliated leases.
[2] ) As of March 31, 2026 and December 31, 2025, the assets of FET's VIE were $4,752 million and $4,532 million, respectively, that can only be used to settle obligations of the VIE. As of March 31, 2026 and December 31, 2025, these assets include, respectively: Accounts receivable of $25 million and $26 million, Notes receivable from affiliated companies of $91 million and $21 million, Prepaid taxes and other current assets of $1 million and $3 million, Property, plant, and equipment of $4,405 million and $4,249 million, Goodwill of $224 million as of March 31, 2026 and December 31, 2025, Operating lease right-of-use asset of $1 million as of March 31, 2026 and December 31, 2025, and Other noncurrent assets of $5 million and $8 million. The consolidated liabilities as of March 31, 2026 and December 31, 2025, include $2,093 million and $2,185 million,
respectively, of liabilities of the VIE whose creditors have no recourse to FET. As of March 31, 2026 and December 31, 2025, these liabilities include, respectively: Accounts payable of $100 million and $78 million, Accrued interest of $23 million and $16 million, Accrued taxes of $2 million and $8 million, Other current liabilities of $5 million and $7 million, Long-term debt and other long-term obligations of $1,474 million as of March 31, 2026 and December 31, 2025, Accumulated deferred income taxes of $460 million and $434 million, Regulatory liabilities of $28 million and $16 million, and Other noncurrent liabilities of $1 million and $2 million. In addition, liabilities as of December 31, 2025 include $150 million of Short-term borrowings.
[3] Includes $403 million as of March 31, 2026 and December 31, 2025 associated with affiliated leases.