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FAIR VALUE MEASUREMENTS (Tables) | 12 Months Ended
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Dec. 31, 2022
Fair Value Disclosures [Abstract] |
Schedule of 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:
| December 31, 2022 |  | December 31, 2021
| Level 1 |  | Level 2 |  | Level 3 |  | Total |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets | (In millions)
Derivative assets FTRs(1) | $ | — |  |  | $ | — |  |  | $ | 11 |  |  | $ | 11 |  |  | $ | — |  |  | $ | — |  |  | $ | 9 |  |  | $ | 9 |
Equity securities | 2 |  |  | — |  |  | — |  |  | 2 |  |  | 2 |  |  | — |  |  | — |  |  | 2 |
U.S. state debt securities | — |  |  | 266 |  |  | — |  |  | 266 |  |  | — |  |  | 273 |  |  | — |  |  | 273 |
Cash, cash equivalents and restricted cash(2) | 206 |  |  | — |  |  | — |  |  | 206 |  |  | 1,511 |  |  | — |  |  | — |  |  | 1,511 |
Other(3) | — |  |  | 40 |  |  | — |  |  | 40 |  |  | — |  |  | 42 |  |  | — |  |  | 42 |
Total assets | $ | 208 |  |  | $ | 306 |  |  | $ | 11 |  |  | $ | 525 |  |  | $ | 1,513 |  |  | $ | 315 |  |  | $ | 9 |  |  | $ | 1,837 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivative liabilities FTRs(1) | $ | — |  |  | $ | — |  |  | $ | (2) |  |  | $ | (2) |  |  | $ | — |  |  | $ | — |  |  | $ | (1) |  |  | $ | (1) |
Total liabilities | $ | — |  |  | $ | — |  |  | $ | (2) |  |  | $ | (2) |  |  | $ | — |  |  | $ | — |  |  | $ | (1) |  |  | $ | (1) |
Net assets (liabilities) | $ | 208 |  |  | $ | 306 |  |  | $ | 9 |  |  | $ | 523 |  |  | $ | 1,513 |  |  | $ | 315 |  |  | $ | 8 |  |  | $ | 1,836 |
(1) Contracts are subject to regulatory accounting treatment and changes in market values do not impact earnings. (2) Restricted cash of $46 million and $49 million as of December 31, 2022 and 2021 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. See Note 10, Capitalization for additional information. (3) Primarily consists of short-term investments.
Schedule of 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 nuclear fuel disposal trusts as of December 31, 2022 and 2021:
|  | December 31, 2022(1) |  | December 31, 2021(2)
|  | Cost Basis |  | Unrealized Gains |  | Unrealized Losses |  | Fair Value |  | Cost Basis |  | Unrealized Gains |  | Unrealized Losses |  | Fair Value
|  | (In millions)
Debt securities |  | $ | 294 |  |  | $ | — |  |  | $ | (28) |  |  | $ | 266 |  |  | $ | 280 |  |  | $ | 2 |  |  | $ | (9) |  |  | $ | 273 |
(1) Excludes short-term cash investments of $5 million. (2) Excludes short-term cash investments of $11 million.
Schedule of 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 years ended December 31, 2022, 2021 and 2020, were as follows:
|  | For the Years Ended December 31,
|  | 2022 |  | 2021 |  | 2020(1)
|  | (In millions)
Sale Proceeds |  | $ | 48 |  |  | $ | 48 |  |  | $ | 186 |
Realized Gains |  | 8 |  |  | — |  |  | 12 |
Realized Losses |  | (13) |  |  | (3) |  |  | (8) |
Interest and Dividend Income |  | 11 |  |  | 11 |  |  | 22 |
(1) Includes amounts associated with Nuclear Decommissioning Trusts that were previously held by JCP&L, ME, and PN. See above for additional information.
Schedule of 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 December 31, 2022 and 2021:
| As of December 31, |
| 2022 |  | 2021
| (In millions)
Carrying Value | $ | 21,641 |  |  |  | $ | 23,946 |  |
Fair Value | 19,784 |  |  |  | 27,043 |  |

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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 https://asc.fasb.org/topic&trid=2196928 + 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 https://asc.fasb.org/extlink&oid=126976982&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 https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 + Details
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