v3.26.3
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions
Sep. 30, 2026
Dec. 31, 2025
CURRENT ASSETS:    
Cash and cash equivalents $ 0 $ 8
Receivables-    
Notes receivable from affiliated companies 206 268
Prepaid taxes and other 37 42
Assets, Current, Total 320 414
PROPERTY, PLANT AND EQUIPMENT:    
In service 14,779 14,069
Less — Accumulated provision for depreciation 2,945 2,804
Property, plant and equipment in service net of accumulated provision for depreciation 11,834 11,265
Construction work in progress 1,662 1,204
Total property, plant and equipment 13,496 12,469
INVESTMENTS AND OTHER NONCURRENT ASSETS:    
Goodwill 224 224
Investments 1 19
Property taxes 77 313
Operating lease right-of-use asset [1] 411 412
Other 37 38
Total investments and other noncurrent assets 750 1,006
TOTAL ASSETS [2] 14,566 13,889
CURRENT LIABILITIES:    
Currently payable long-term debt 0 75
Accounts payable - Affiliated companies 170 119
Accrued taxes 333 335
Accrued interest 89 101
Other 12 15
Liabilities, Current, Total 1,040 891
NONCURRENT LIABILITIES:    
Long-term debt and other long-term obligations 7,056 6,629
Accumulated deferred income taxes 1,664 1,540
Property taxes 6 321
Regulatory liabilities 496 476
Noncurrent operating lease obligation [3] 404 405
Other 8 9
Liabilities, Noncurrent, Total 9,634 9,380
TOTAL LIABILITIES [2] 10,674 10,271
MEMBERS' EQUITY:    
Members' equity 2,250 2,250
Retained earnings 804 588
Total members' equity 3,054 2,838
Noncontrolling interest 838 780
TOTAL EQUITY 3,892 3,618
COMMITMENTS, GUARANTEES AND CONTINGENCIES (NOTE 7.)
TOTAL LIABILITIES AND EQUITY 14,566 13,889
Affiliates    
Receivables-    
Affiliated companies 1 5
CURRENT LIABILITIES:    
Short-term borrowings- 66 1
Non-affiliates    
Receivables-    
Affiliated companies 76 91
CURRENT LIABILITIES:    
Short-term borrowings- $ 370 $ 245
[1] Includes $409 million as of September 30, 2026, and December 31, 2025, associated with affiliated leases.
[2] ) As of September 30, 2026, and December 31, 2025, the assets of FET's VIE were $5,176 million and $4,532 million, respectively, that can only be used to settle obligations of the VIE. As of September 30, 2026, and December 31, 2025, these assets include, respectively: Accounts receivable of $28 million and $26 million, Notes receivable from affiliated companies of $144 million and $21 million, Prepaid taxes and other current assets of $1 million and $3 million, Property, plant, and equipment of $4,771 million and $4,249 million, Goodwill of $224 million and $224 million, Operating lease right-of-use asset of $1 million and $1 million, and Other noncurrent assets of $7 million and $8 million. The consolidated liabilities as of September 30, 2026, and December 31, 2025, include $2,389 million and $2,185 million, respectively, of liabilities of the VIE
whose creditors have no recourse to FET. As of September 30, 2026, and December 31, 2025, these liabilities include, respectively: Accounts payable of $103 million and $78 million, Accrued interest of $28 million and $16 million, Accrued taxes of $4 million and $8 million, Other current liabilities of $6 million and $7 million, Long-term debt and other long-term obligations of $1,722 million and $1,474 million, Accumulated deferred income taxes of $493 million and $434 million, Regulatory liabilities of $31 million and $16 million, and Other noncurrent liabilities of $2 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 September 30, 2026, and December 31, 2025, associated with affiliated leases.