v3.26.3
INCOME TAXES (Tables)
 9 Months Ended
Sep. 30, 2026
Income Tax Disclosure [Abstract]  
Schedule of Effective Income Tax Rate Reconciliation The following table reconciles the effective income tax rate to the federal income tax statutory rate for the three and nine months ended September 30, 2026, and 2025:
For the Three Months Ended September 30,For the Nine Months Ended September 30,
(In millions) 2026202520262025
Amount%Amount%Amount %Amount%
Income before income taxes$178 $178 $551 $496 
Federal statutory income tax$37 21.0 %$37 21.0 %$116 21.0 %$104 21.0 %
Federal:
Tax credits— — %(1)(0.6)%(2)(0.4)%(1)(0.2)%
Nontaxable and Nondeductible:
AFUDC equity income(4)(2.3)%(3)(1.7)%(12)(2.2)%(9)(1.8)%
AFUDC equity depreciation1 0.5 %— — %1 0.2 %1 0.2 %
Other:
Excess deferred tax amortization(2)(1.1)%5 2.8 %(1)(0.2)%3 0.6 %
Remeasurement of excess deferred income taxes— — %(70)(39.3)%— — %(70)(14.1)%
Federal and state related flow-through1 0.5 %(1)(0.6)%— — %(2)(0.4)%
Other— — %1 0.5 %3 0.6 %— — %
Changes in unrecognized tax benefits— — %— — %(2)(0.4)%— — %
State and municipal income taxes, net of federal effect (1)
8 4.4 %8 4.4 %24 4.4 %22 4.4 %
Total income taxes (benefits) (2)
$41 23.0 %$(24)(13.5)%$127 23.0 %$48 9.7 %
(1) Pennsylvania makes up the majority of FET’s respective domestic state income taxes, net of federal effect.
(2) There were no amounts for the three or nine months ended September 30, 2026, or 2025, related to cross-border tax laws, changes in laws or rates, changes in valuation allowances, or foreign tax effects.