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Fair Value Measurements (Tables) | 9 Months Ended
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Sep. 30, 2021
Fair Value Disclosures [Abstract] |
Assets and Liabilities Measured on Recurring Basis | The following tables set forth the recurring assets and liabilities that are accounted for at fair value by level within the fair value hierarchy:
| September 30, 2021 |  | December 31, 2020
| Level 1 |  | Level 2 |  | Level 3 |  | Total |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets | (In millions)
Derivative assets FTRs(1) | $ | — |  |  | $ | — |  |  | $ | 10 |  |  | $ | 10 |  |  | $ | — |  |  | $ | — |  |  | $ | 3 |  |  | $ | 3 |
Equity securities | 2 |  |  | — |  |  | — |  |  | 2 |  |  | 2 |  |  | — |  |  | — |  |  | 2 |
U.S. state debt securities | — |  |  | 271 |  |  | — |  |  | 271 |  |  | — |  |  | 276 |  |  | — |  |  | 276 |
Cash, cash equivalents and restricted cash(2) | 684 |  |  | — |  |  | — |  |  | 684 |  |  | 1,801 |  |  | — |  |  | — |  |  | 1,801 |
Other(3) | — |  |  | 43 |  |  | — |  |  | 43 |  |  | — |  |  | 41 |  |  | — |  |  | 41 |
Total assets | $ | 686 |  |  | $ | 314 |  |  | $ | 10 |  |  | $ | 1,010 |  |  | $ | 1,803 |  |  | $ | 317 |  |  | $ | 3 |  |  | $ | 2,123 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivative liabilities FTRs(1) | $ | — |  |  | $ | — |  |  | $ | (1) |  |  | $ | (1) |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Total liabilities | $ | — |  |  | $ | — |  |  | $ | (1) |  |  | $ | (1) |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Net assets (liabilities)(4) | $ | 686 |  |  | $ | 314 |  |  | $ | 9 |  |  | $ | 1,009 |  |  | $ | 1,803 |  |  | $ | 317 |  |  | $ | 3 |  |  | $ | 2,123 |
(1)Contracts are subject to regulatory accounting treatment and changes in market values do not impact earnings. (2)Restricted cash of $107 million and $67 million as of September 30, 2021 and December 31, 2020 respectively, primarily relates to cash collected from JCP&L, MP, PE and the Ohio Companies’ customers that is specifically used to service debt of their respective funding companies. (3)Primarily consists of short-term investments. (4)Excludes $1 million as of December 31, 2020, of net receivables, payables, taxes and accrued income associated with financial instruments reflected within the fair value table.
Quantitative Information for Level 3 Valuation | The following table provides quantitative information for FTRs contracts that are classified as Level 3 in the fair value hierarchy for the period ended September 30, 2021:
|  | Fair Value, Net (In millions) |  | Valuation Technique |  | Significant Input |  | Range |  | Weighted Average |  | Units
FTRs |  | $ | 9 |  |  | Model |  | RTO auction clearing prices |  | $ | 0.50 |  | to | $ | 3.30 |  |  | $1.40 |  | Dollars/MWH
Amortized Cost Basis, Unrealized Gains and Losses and Fair Values of Investments in Available-for-sale Securities | The following table summarizes the amortized cost basis, unrealized gains, unrealized losses and fair values of investments held in spent nuclear fuel disposal trusts as of September 30, 2021, and December 31, 2020:
|  | September 30, 2021(1) |  | December 31, 2020(2)
|  | Cost Basis |  | Unrealized Gains |  | Unrealized Losses |  | Fair Value |  | Cost Basis |  | Unrealized Gains |  | Unrealized Losses |  | Fair Value
|  | (In millions)
Debt securities |  | $ | 277 |  |  | $ | 2 |  |  | $ | (8) |  |  | $ | 271 |  |  | $ | 275 |  |  | $ | 7 |  |  | $ | (6) |  |  | $ | 276 |
(1) Excludes short-term cash investments of $12 million. (2) Excludes short-term cash investments of $9 million.
Proceeds from the Sale of Investments in Available-for-sale Securities, Realized Gains and Losses on Those Sales, and Interest and Dividend Income | Proceeds from the sale of investments in AFS debt securities, realized gains and losses on those sales and interest and dividend income for the three and nine months ended September 30, 2021 and 2020, were as follows:
|  | For the Three Months Ended September 30, |  | For the Nine Months Ended September 30,
|  | 2021 |  | 2020(1) |  | 2021 |  | 2020(1)
|  | (In millions) |  |  |  |
Sale proceeds |  | $ | 16 |  |  | $ | 6 |  |  | $ | 29 |  |  | $ | 45 |
Realized gains |  | — |  |  | — |  |  | — |  |  | 4 |
Realized losses |  | (1) |  |  | — |  |  | (2) |  |  | (7) |
Interest and dividend income |  | 3 |  |  | 4 |  |  | 8 |  |  | 18 |
(1) Includes amounts associated with NDTs that were previously held by JCP&L, ME, and PN. See above for additional information.
Fair Value and Related Carrying Amounts of Long-term Debt and Other Long-term Obligations | The following table provides the approximate fair value and related carrying amounts of long-term debt, which excludes finance lease obligations and net unamortized debt issuance costs, unamortized fair value adjustments, premiums and discounts as of September 30, 2021 and December 31, 2020:
| September 30, 2021 |  | December 31, 2020
| (In millions)
Carrying value | $ | 23,819 |  |  | $ | 22,377 |
Fair value | $ | 27,018 |  |  | $ | 25,465 |
Schedule of Long-term Debt Instruments | During the nine months ended September 30, 2021, the following long-term debt was issued:
Company |  | Issuance Date |  | Interest Rate |  | Maturity |  | Amount |  | Use of proceeds |
FET |  | 3/19/2021 |  | 2.866% |  | 2028 |  | $500 million |  | Repay short-term borrowings under the former FET Revolving Facility. |
MP |  | 4/9/2021 |  | 3.55% |  | 2027 |  | $200 million |  | Fund MP’s ongoing capital expenditures, for working capital needs and for other general corporate purposes. |
TE |  | 5/6/2021 |  | 2.65% |  | 2028 |  | $150 million |  | Repay short-term borrowings, fund TE’s ongoing capital expenditures and for other general corporate purposes. |
MAIT |  | 5/24/2021 |  | 4.10% |  | 2028 |  | $150 million |  | Repay borrowings outstanding under FirstEnergy’s regulated company money pool, fund MAIT’s ongoing capital expenditures, to fund working capital and for other general corporate purposes. |
JCP&L |  | 6/10/2021 |  | 2.75% |  | 2032 |  | $500 million |  | Repay $450 million of short-term debt under the former FE Revolving Facility, storm recovery and restoration costs and expenses, to fund JCP&L’s ongoing capital expenditures, working capital requirements and for other general corporate purposes. |

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- Definition Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -URI http://asc.fasb.org/topic&trid=2196928 + Details
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- Definition The entire disclosure of the fair value measurement of assets and liabilities, which includes financial instruments measured at fair value that are classified in shareholders' equity, which may be measured on a recurring or nonrecurring basis. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -URI http://asc.fasb.org/topic&trid=2155941 + Details
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- Definition Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.22) -URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e24072-122690 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 1A -URI http://asc.fasb.org/extlink&oid=124435984&loc=d3e28541-108399 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=123467817&loc=d3e21506-112644 Reference 5: http://www.xbrl.org/2003/role/exampleRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 55 -Paragraph 69B -URI http://asc.fasb.org/extlink&oid=123466577&loc=SL123495735-112612 Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=124435984&loc=d3e28551-108399 Reference 7: http://www.xbrl.org/2003/role/exampleRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 55 -Paragraph 69E -URI http://asc.fasb.org/extlink&oid=123466577&loc=SL123495743-112612 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=123467817&loc=d3e21521-112644 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=123467817&loc=d3e21538-112644 Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 470 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=123599511&loc=d3e64711-112823 Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 55 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=114775985&loc=d3e28878-108400 Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=123467817&loc=d3e21475-112644 + Details
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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 + Details
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