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Asset Retirement Obligations | 6 Months Ended
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Jun. 30, 2016
Asset Retirement Obligation [Abstract] |
Asset Retirement Obligations | ASSET RETIREMENT OBLIGATIONS FirstEnergy has recognized applicable legal obligations for AROs and their associated cost primarily for nuclear power plant decommissioning, reclamation of sludge disposal ponds, closure of coal ash disposal sites, underground and above-ground storage tanks, wastewater treatment lagoons and transformers containing PCBs. In addition, FirstEnergy has recognized conditional retirement obligations, primarily for asbestos remediation. The ARO liabilities for FES primarily relate to the decommissioning of the Beaver Valley, Davis-Besse and Perry nuclear generating facilities. FES uses an expected cash flow approach to measure the fair value of their nuclear decommissioning AROs. FirstEnergy and FES maintain NDTs that are legally restricted for purposes of settling the nuclear decommissioning ARO. The fair values of the decommissioning trust assets as of June 30, 2016 and December 31, 2015 were as follows:
|  | 2016 |  | 2015
|  | (In millions)
FirstEnergy |  | $ | 2,456 |  |  | $ | 2,282 |
FES |  | $ | 1,510 |  |  | $ | 1,327 |
The following table summarizes the changes to the ARO balances during 2016:
ARO Reconciliation |  | FirstEnergy |  | FES
|  | (In millions)
Balance, December 31, 2015 |  | $ | 1,410 |  |  | $ | 831 |
Liabilities settled |  | (13 | ) |  | (12 | )
Liabilities incurred |  | 4 |  |  | 32 |
Accretion |  | 47 |  |  | 26 |
Balance, June 30, 2016 |  | $ | 1,448 |  |  | $ | 877 |
During the second quarter of 2016, in connection with NG purchasing the lessor equity interests of the remaining non-affiliated leasehold interests from an owner participant in Perry Unit 1, OE transferred the ARO and related nuclear decommissioning trust assets associated with the leasehold interest to NG with the difference of $28 million credited to the Common stock of FES. As of June 30, 2016, NG owns 100% of Perry Unit 1.

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- Definition The entire disclosure for an asset retirement obligation and the associated long-lived asset. An asset retirement obligation is a legal obligation associated with the disposal or retirement from service of a tangible long-lived asset that results from the acquisition, construction or development, or the normal operations of a long-lived asset, except for certain obligations of lessees. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 410 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6392692&loc=d3e7535-110849 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 410 -SubTopic 20 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6392692&loc=d3e7569-110849 + Details
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