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CAPITALIZATION (Tables) | 12 Months Ended
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Dec. 31, 2022
Capitalization, Long-Term Debt and Equity [Abstract] |
Schedule of Preferred stock and preference stock authorizations | FirstEnergy and the Utilities were authorized to issue preferred stock and preference stock as of December 31, 2022, as follows:
|  | Preferred Stock |  | Preference Stock
|  | Shares Authorized |  | Par Value |  | Shares Authorized |  | Par Value
FE |  | 5,000,000 |  |  | $ | 100 |  |  |  |  |
OE |  | 6,000,000 |  |  | $ | 100 |  |  | 8,000,000 |  |  | no par
OE |  | 8,000,000 |  |  | $ | 25 |  |  |  |  |
Penn |  | 1,200,000 |  |  | $ | 100 |  |  |  |  |
CEI |  | 4,000,000 |  |  | no par |  | 3,000,000 |  |  | no par
TE |  | 3,000,000 |  |  | $ | 100 |  |  | 5,000,000 |  |  | $ | 25 |
TE |  | 12,000,000 |  |  | $ | 25 |  |  |  |  |
JCP&L |  | 15,600,000 |  |  | no par |  |  |  |
ME |  | 10,000,000 |  |  | no par |  |  |  |
PN |  | 11,435,000 |  |  | no par |  |  |  |
MP |  | 940,000 |  |  | $ | 100 |  |  |  |  |
PE |  | 10,000,000 |  |  | $ | 0.01 |  |  |  |  |
WP |  | 32,000,000 |  |  | no par |  |  |  |
Schedule of Outstanding consolidated long-term debt and other long-term obligations | The following tables present outstanding long-term debt and finance lease obligations for FirstEnergy as of December 31, 2022 and 2021:
|  | As of December 31, 2022 |  | As of December 31,
(Dollar amounts in millions) |  | Maturity Date |  | Interest Rate |  | 2022 |  | 2021
FMBs and secured notes - fixed rate |  | 2023-2059 |  | 2.650% - 8.250% |  | $ | 5,153 |  |  | $ | 5,021 |
Unsecured notes - fixed rate |  | 2023-2050 |  | 1.600% - 7.375% |  | 16,488 |  |  | 18,925 |
Finance lease obligations |  |  |  |  |  | 23 |  |  | 36 |
Unamortized debt discounts |  |  |  |  |  | (5) |  |  | (8) |
Unamortized debt issuance costs |  |  |  |  |  | (110) |  |  | (126) |
Unamortized fair value adjustments |  |  |  |  |  | 5 |  |  | 6 |
Currently payable long-term debt |  |  |  |  |  | (351) |  |  | (1,606) |
Total long-term debt and other long-term obligations |  |  |  |  |  | $ | 21,203 |  |  | $ | 22,248 |
FirstEnergy had the following redemptions and issuances during the twelve months ended December 31, 2022:
Company | Type | Redemption/Issuance Date | Interest Rate | Maturity | Amount (in Millions) | Description
Redemptions
FE | Unsecured Notes | January, 2022 | 4.25% | 2023 | $850 | In December 2021, FE provided notice of redemption with a make-whole premium of approximately $38 million ($30 million after-tax).
TE | Senior Secured Notes | February, 2022 | 2.65% | 2028 | $25 | On January 27, 2022, TE instructed its indenture trustee to provide notice of partial redemption.
CEI | Senior Notes, Series A | March, 2022 | 2.77% | 2034 | $150 | On February 11, 2022, CEI instructed its indenture trustee to provide notice of full redemption.
WP | FMBs | April, 2022 | 3.34% | 2022 | $100 | WP redeemed FMBs that became due.
FE | Unsecured Notes | June, 2022 | 2.85% | 2022 | $500 | On May 23, 2022 FE provided notice of redemption.
FE | Unsecured Notes | June, 2022 | 7.375% | 2031 | $715 | On May 25, 2022, FE commenced an offer to purchase for cash a portion of its 2031 Notes and 2047 Notes, which had $1.5 billion and $1 billion principal amounts outstanding, respectively. A portion of these notes were redeemed for approximately $1.1 billion, including a tender premium of approximately $101 million ($80 million after-tax). In addition, FE recognized approximately $7 million ($5 million after-tax) of deferred cash flow hedge losses and $10 million ($8 million after-tax) in other unamortized debt costs and fees associated with the FE debt redemptions.
FE | Unsecured Notes | June, 2022 | 4.85% | 2047 | $284
Penn | FMBs | June, 2022 | 6.09% | 2022 | $100 | Penn redeemed FMBs that became due.
FE | Unsecured Notes | August-November 2022 | 7.375% | 2031 | $128 | Beginning in the third quarter of 2022, FE repurchased a portion of the principal amount of its 2031 Notes and 2047 Notes through the open market for approximately $249 million including a premium of approximately $11 million ($9 million after tax). In addition, FE recognized approximately $3 million ($2 million after-tax) in other unamortized debt costs related to the FE open market repurchases.
FE | Unsecured Notes | August-September 2022 | 4.85% | 2047 | $110
Issuances
OE | Senior Unsecured Notes | September, 2022 | 5.50% | 2033 | $300 | Proceeds were used to repay borrowings outstanding under the regulated money pool, to finance capital expenditures, to fund working capital needs and for other general corporate purposes.
Penn | FMBs | November, 2022 | 3.79% | 2032 | $150 | Proceeds were used to repay short-term borrowings.
WP | FMBs | November, 2022 | 5.29% | 2033 | $250 | Proceeds were used to repay short-term borrowings.
Schedule of Maturities of Long-term Debt | The following table presents scheduled debt repayments or debt that has been noticed for redemption for outstanding long-term debt, excluding finance leases, fair value purchase accounting adjustments and unamortized debt discounts and premiums, for the next five years as of December 31, 2022.
(In millions) |  | 2023 |  | 2024 |  | 2025 |  | 2026 |  | 2027
Scheduled debt repayments |  | $344 |  | $1,246 |  | $2,023 |  | $1,076 |  | $2,003

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