XML 54 R40.htm IDEA: XBRL DOCUMENT
v3.24.0.1

CAPITALIZATION (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2023
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, 2023, 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) |  | 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(1) |  | 10,000,000 |  |  | no par |  |  |  |
PN(1) |  | 11,435,000 |  |  | no par |  |  |  |
MP |  | 940,000 |  |  | $ | 100 |  |  |  |  |
PE |  | 10,000,000 |  |  | $ | 0.01 |  |  |  |  |
WP(1) |  | 32,000,000 |  |  | no par |  |  |  |
(1) On January 1, 2024, FirstEnergy consolidated the Pennsylvania Companies into FE PA, making it a new, single operating entity. FE PA has not been authorized to issue preferred stock or preference stock.
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, 2023 and 2022:
|  | As of December 31, 2023 |  | As of December 31,
|  | Maturity Date |  | Interest Rate |  | 2023 |  | 2022
|  |  |  |  |  | (In millions)
FMBs and secured notes - fixed rate |  | 2024-2059 |  | 2.650% - 8.250% |  | $ | 5,709 |  |  | $ | 5,153 |
Unsecured notes - fixed rate |  | 2024-2050 |  | 1.600% - 7.375% |  | 18,545 |  |  | 16,488 |
Finance lease obligations |  |  |  |  |  | 14 |  |  | 23 |
Unamortized debt discounts |  |  |  |  |  | (9) |  |  | (5) |
Unamortized debt issuance costs |  |  |  |  |  | (127) |  |  | (110) |
Unamortized fair value adjustments |  |  |  |  |  | 3 |  |  | 5 |
Currently payable long-term debt |  |  |  |  |  | (1,250) |  |  | (351) |
Total long-term debt and other long-term obligations |  |  |  |  |  | $ | 22,885 |  |  | $ | 21,203 |
FirstEnergy had the following redemptions and issuances during the twelve months ended December 31, 2023:
Company | Type | Redemption/Issuance Date | Interest Rate | Maturity | Amount (In millions) | Description
Redemptions(1)
ME | Unsecured Notes | March, 2023 | 3.50% | 2023 | $300 | ME redeemed unsecured notes that became due.
FE | Unsecured Notes | May, 2023 | 7.38% | 2031 | $194 | FE repurchased approximately $194 million of the principal amount of its 2031 Notes through the open market for $228 million including a premium of approximately $34 million ($27 million after-tax). In addition, FE recognized approximately $2 million ($1 million after-tax) of deferred cash flow hedge losses associated with the FE debt redemptions.
Issuances
WP | FMBs | January, 2023 | 5.29% | 2033 | $50 | Proceeds were used to repay short-term borrowings, to finance capital expenditures and for other general corporate purposes.
MAIT | Unsecured Notes | February, 2023 | 5.39% | 2033 | $175 | Proceeds were used to repay short-term borrowings, 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, including borrowings incurred to repay, at maturity, the $300 million aggregate principal amount of ME's 3.50% unsecured notes due March 15, 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, to finance capital expenditures and for other general corporate purposes.
ATSI | Unsecured Notes | May, 2023 | 5.13% | 2033 | $150 | Proceeds were used to repay short-term borrowings, to finance capital expenditures and for other general corporate purposes.
FE | Unsecured Convertible Notes | May, 2023 | 4.00% | 2026 | $1,500 | Proceeds were used to repay short-term borrowings, to repurchase a portion of its 2031 Notes, to fund the qualified pension plan and for other general corporate purposes.
PE | FMBs | September, 2023 | 5.64% | 2028 | $100 | Proceeds were used to repay short-term borrowings, to finance capital expenditures and for other general corporate purposes.
PE | FMBs | September, 2023 | 5.73% | 2030 | $50 | Proceeds were used to repay short-term borrowings, to finance capital expenditures and for other general corporate purposes.
MP | FMBs | September, 2023 | 5.85% | 2034 | $400 | Proceeds are to be used for repaying short-term and long-term debt, including MP’s $400 million 4.10% FMBs due April 15, 2024, to finance capital expenditures and for other general corporate purposes.
(1) Excludes principal payments on securitized bonds.
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, 2023.
(In millions) |  | 2024 |  | 2025 |  | 2026 |  | 2027 |  | 2028
Scheduled debt repayments |  | $1,246 |  | $2,023 |  | $2,876 |  | $2,003 |  | $2,453

X
- Definition Preferred stock and preference stock number of shares authorized and par value disclosures. + References No definition available. + Details
Name: | fe_PreferredStockAndPreferenceStockNumberOfSharesAuthorizedAndParValueDisclosuresTextBlockTableTextBlock
Namespace Prefix: | fe_
Data Type: | dtr-types1:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_CapitalizationLongtermDebtAndEquityAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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://www.xbrl.org/2003/role/exampleRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 69B -Publisher FASB -URI https://asc.fasb.org//1943274/2147481568/470-20-55-69B Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 69E -Publisher FASB -URI https://asc.fasb.org//1943274/2147481568/470-20-55-69E Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-3 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482925/835-30-45-2 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 1A -Publisher FASB -URI https://asc.fasb.org//1943274/2147482925/835-30-45-1A Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-3 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.22) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 55 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482949/835-30-55-8 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 942 -SubTopic 470 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480848/942-470-50-3 Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-8 Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-6 Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-7 + Details
Name: | us-gaap_ScheduleOfDebtInstrumentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of maturity and sinking fund requirement for long-term debt. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -SubTopic 10 -Topic 470 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481544/470-10-50-1 + Details
Name: | us-gaap_ScheduleOfMaturitiesOfLongTermDebtTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration