v3.26.3
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
$ in Millions
Sep. 30, 2026
Dec. 31, 2025
Operating lease right-of-use asset [1] $ 411 $ 412
Noncurrent operating lease obligation [2] 404 405
Assets [3] 14,566 13,889
Notes receivable from affiliated companies 206 268
Prepaid taxes and other current assets 37 42
Property, plant, and equipment 13,496 12,469
Goodwill 224 224
Other noncurrent assets 37 38
Liabilities [3] 10,674 10,271
Accounts payable 170 119
Accrued interest 89 101
Accrued taxes 333 335
Other current liabilities 12 15
Long-term debt and other long-term obligations 7,056 6,629
Accumulated deferred income taxes 1,664 1,540
Regulatory liabilities 496 476
Other noncurrent liabilities 8 9
Variable Interest Entity, Primary Beneficiary    
Operating lease right-of-use asset 1 1
Assets 5,176 4,532
Accounts receivable 28 26
Notes receivable from affiliated companies 144 21
Prepaid taxes and other current assets 1 3
Property, plant, and equipment 4,771 4,249
Goodwill 224 224
Other noncurrent assets 7 8
Liabilities 2,389 2,185
Accounts payable 103 78
Accrued interest 28 16
Accrued taxes 4 8
Other current liabilities 6 7
Long-term debt and other long-term obligations 1,722 1,474
Accumulated deferred income taxes 493 434
Regulatory liabilities 31 16
Other noncurrent liabilities 2 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 September 30, 2026, and December 31, 2025, associated with affiliated leases.
[2] Includes $403 million as of September 30, 2026, and December 31, 2025, associated with affiliated leases.
[3] ) 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.