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FAIR VALUE MEASUREMENTS (Tables) | 3 Months Ended
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Mar. 31, 2023
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:
| March 31, 2023 |  | December 31, 2022
| Level 1 |  | Level 2 |  | Level 3 |  | Total |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets | (In millions)
Derivative assets FTRs (1) | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 11 |  |  | $ | 11 |
Equity securities | 2 |  |  | — |  |  | — |  |  | 2 |  |  | 2 |  |  | — |  |  | — |  |  | 2 |
U.S. state debt securities | — |  |  | 271 |  |  | — |  |  | 271 |  |  | — |  |  | 266 |  |  | — |  |  | 266 |
Cash, cash equivalents and restricted cash (2) | 206 |  |  | — |  |  | — |  |  | 206 |  |  | 206 |  |  | — |  |  | — |  |  | 206 |
Other (3) | — |  |  | 41 |  |  | — |  |  | 41 |  |  | — |  |  | 40 |  |  | — |  |  | 40 |
Total assets | $ | 208 |  |  | $ | 312 |  |  | $ | — |  |  | $ | 520 |  |  | $ | 208 |  |  | $ | 306 |  |  | $ | 11 |  |  | $ | 525 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivative liabilities FTRs (1) | $ | — |  |  | $ | — |  |  | $ | (3) |  |  | $ | (3) |  |  | $ | — |  |  | $ | — |  |  | $ | (2) |  |  | $ | (2) |
Total liabilities | $ | — |  |  | $ | — |  |  | $ | (3) |  |  | $ | (3) |  |  | $ | — |  |  | $ | — |  |  | $ | (2) |  |  | $ | (2) |
Net assets | $ | 208 |  |  | $ | 312 |  |  | $ | (3) |  |  | $ | 517 |  |  | $ | 208 |  |  | $ | 306 |  |  | $ | 9 |  |  | $ | 523 |
(1) Contracts are subject to regulatory accounting treatment and changes in market values do not impact earnings. (2) Restricted cash of $29 million and $46 million as of March 31, 2023 and December 31, 2022, respectively, primarily relates to cash collected from MP, PE and the Ohio Companies’ customers that is specifically used to service debt of their respective securitization or funding companies. (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 spent nuclear fuel disposal trusts as of March 31, 2023, and December 31, 2022:
|  | March 31, 2023 (1) |  | December 31, 2022 (1)
|  | Cost Basis |  | Unrealized Gains |  | Unrealized Losses |  | Fair Value |  | Cost Basis |  | Unrealized Gains |  | Unrealized Losses |  | Fair Value
|  | (In millions)
Debt securities |  | $ | 295 |  |  | $ | 1 |  |  | $ | (25) |  |  | $ | 271 |  |  | $ | 294 |  |  | $ | — |  |  | $ | (28) |  |  | $ | 266 |
(1) Excludes short-term cash investments of $5 million as of March 31, 2023 and December 31, 2022.
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 three months ended March 31, 2023 and 2022, were as follows:
|  |  |  | For the Three Months Ended March 31,
|  |  |  |  |  | 2023 |  | 2022
Sale proceeds |  |  |  |  |  | $ | 1 |  |  | $ | 6 |
Realized gains |  |  |  |  |  | — |  |  | — |
Realized losses |  |  |  |  |  | (1) |  |  | (1) |
Interest and dividend income |  |  |  |  |  | 3 |  |  | 3 |
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 March 31, 2023 and December 31, 2022:
| March 31, 2023 |  | December 31, 2022
| (In millions)
Carrying value | $ | 22,270 |  |  | $ | 21,641 |
Fair value | $ | 20,913 |  |  | $ | 19,784 |
Schedule of Long-term Debt Redemption and Issuance | FirstEnergy had the following redemptions and issuances during the three months ended March 31, 2023:
Company | Type | Redemption /Issuance Date | Interest Rate | Maturity | Amount (in Millions) | Description
Redemptions
ME | Unsecured Notes | March, 2023 | 3.50% | 2023 | $300 | ME redeemed unsecured notes that became due.
Issuances
WP | FMBs | January, 2023 | 5.29% | 2033 | $50 | Proceeds were used to repay borrowings outstanding under the regulated money pool, to finance capital expenditures and for other general corporate purposes.
MAIT | Unsecured Notes | February, 2023 | 5.39% | 2033 | $175 | Proceeds were used to repay borrowings outstanding under the regulated money pool, to finance capital expenditures and for other general corporate purposes.
ME | Unsecured Notes | March, 2023 | 5.20% | 2028 | $425 | Proceeds were used to repay short-term borrowings outstanding under the 2021 Revolving Credit Facility incurred to repay, at maturity, ME’s $300m 3.50% notes due 2023, to finance capital expenditures and for other general corporate purposes.
PN | Unsecured Notes | March, 2023 | 5.15% | 2026 | $300 | Proceeds were used to repay short-term borrowings outstanding under the 2021 Revolving Credit Facility, to finance capital expenditures 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 https://asc.fasb.org/topic&trid=2196928 + 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 https://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 https://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 https://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 https://asc.fasb.org/extlink&oid=126973232&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 https://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 https://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 https://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 https://asc.fasb.org/extlink&oid=126973232&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 https://asc.fasb.org/extlink&oid=126973232&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 https://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 https://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 https://asc.fasb.org/extlink&oid=126973232&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 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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