v3.26.1
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Operating Lease, Right-of-Use Asset [1] $ 411 $ 412
Noncurrent operating lease obligation [2] 405 405
Assets [3] 13,983 13,889
Notes receivable from affiliated companies 188 268
Prepaid taxes and other 20 42
Public Utilities, Property, Plant and Equipment, Net 12,765 12,469
Goodwill 224 224
Other Assets, Noncurrent 29 38
Liabilities [3] 10,273 10,271
Accounts payable - Affiliated companies 187 119
Accrued interest 82 101
Accrued Income Taxes, Current 331 335
Other 12 15
Long-term debt and other long-term obligations 6,631 6,629
Accumulated deferred income taxes 1,591 1,540
Regulatory liabilities 471 476
Other 8 9
Variable Interest Entity, Primary Beneficiary    
Operating Lease, Right-of-Use Asset 1 1
Assets 4,752 4,532
Affiliated companies 25 26
Notes receivable from affiliated companies 91 21
Prepaid taxes and other 1 3
Public Utilities, Property, Plant and Equipment, Net 4,405 4,249
Goodwill 224 224
Other Assets, Noncurrent 5 8
Liabilities 2,093 2,185
Accounts payable - Affiliated companies 100 78
Accrued interest 23 16
Accrued Income Taxes, Current 2 8
Other 5 7
Long-term debt and other long-term obligations 1,474 1,474
Accumulated deferred income taxes 460 434
Regulatory liabilities 28 16
Other 1 2
Short-term borrowings-   150
Affiliated companies    
Operating Lease, Right-of-Use Asset 409 409
Noncurrent operating lease obligation $ 403 $ 403
[1] Includes $409 million as of March 31, 2026 and December 31, 2025 associated with affiliated leases.
[2] Includes $403 million as of March 31, 2026 and December 31, 2025 associated with affiliated leases.
[3] ) 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.