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FAIR VALUE MEASUREMENTS (Tables) | 9 Months Ended
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Sep. 30, 2024
Fair Value Disclosures [Abstract] |
Schedule of Assets and Liabilities Measured on Recurring Basis | The following table sets forth the recurring assets and liabilities that are accounted for at fair value by level within the fair value hierarchy:
| September 30, 2024 |  | December 31, 2023
| Level 1 |  | Level 2 |  | Level 3 |  | Total |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets | (In millions)
Derivative assets FTRs(1) | $ | — |  |  | $ | — |  |  | $ | 9 |  |  | $ | 9 |  |  | $ | — |  |  | $ | — |  |  | $ | 4 |  |  | $ | 4 |
Equity securities | 2 |  |  | — |  |  | — |  |  | 2 |  |  | 2 |  |  | — |  |  | — |  |  | 2 |
U.S. state and municipal debt securities | — |  |  | 277 |  |  | — |  |  | 277 |  |  | — |  |  | 275 |  |  | — |  |  | 275 |
Cash, cash equivalents and restricted cash(2) | 465 |  |  | — |  |  | — |  |  | 465 |  |  | 179 |  |  | — |  |  | — |  |  | 179 |
Other(3) | — |  |  | 47 |  |  | — |  |  | 47 |  |  | — |  |  | 40 |  |  | — |  |  | 40 |
Total assets | $ | 467 |  |  | $ | 324 |  |  | $ | 9 |  |  | $ | 800 |  |  | $ | 181 |  |  | $ | 315 |  |  | $ | 4 |  |  | $ | 500 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivative liabilities FTRs(1) | $ | — |  |  | $ | — |  |  | $ | 1 |  |  | $ | 1 |  |  | $ | — |  |  | $ | — |  |  | $ | 1 |  |  | $ | 1 |
Total liabilities | $ | — |  |  | $ | — |  |  | $ | 1 |  |  | $ | 1 |  |  | $ | — |  |  | $ | — |  |  | $ | 1 |  |  | $ | 1 |
Net assets | $ | 467 |  |  | $ | 324 |  |  | $ | 8 |  |  | $ | 799 |  |  | $ | 181 |  |  | $ | 315 |  |  | $ | 3 |  |  | $ | 499 |
(1) Contracts are subject to regulatory accounting treatment and changes in market values do not impact earnings. (2) Restricted cash of $26 million and $42 million as of September 30, 2024 and December 31, 2023, 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 September 30, 2024, and December 31, 2023:
|  | September 30, 2024(1) |  | December 31, 2023(2)
|  | Cost Basis |  | Unrealized Gains |  | Unrealized Losses |  | Fair Value |  | Cost Basis |  | Unrealized Gains |  | Unrealized Losses |  | Fair Value
|  | (In millions)
Debt securities |  | $ | 295 |  |  | $ | 1 |  |  | $ | (19) |  |  | $ | 277 |  |  | $ | 301 |  |  | $ | 1 |  |  | $ | (27) |  |  | $ | 275 |
(1) Excludes short-term cash investments of $9 million as of September 30, 2024. (2) Excludes short-term cash investments of $6 million December 31, 2023.
Schedule of Proceeds from the Sale of Investments in Available-for-sale Debt Securities | 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, 2024 and 2023, were as follows:
|  | For the Three Months Ended September 30, |  | For the Nine Months Ended September 30,
|  | 2024 |  | 2023 |  | 2024 |  | 2023
|  | (In millions)
Sale proceeds |  | $ | 87 |  |  | $ | 10 |  |  | $ | 104 |  |  | $ | 28 |
Realized gains |  | — |  |  | — |  |  | — |  |  | — |
Realized losses |  | (11) |  |  | — |  |  | (13) |  |  | (2) |
Interest and dividend income |  | 3 |  |  | 3 |  |  | 9 |  |  | 9 |
Schedule of Fair Value and Related Carrying Amounts of Long-term Debt | 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, 2024 and December 31, 2023:
| September 30, 2024 |  | December 31, 2023
| (In millions)
Carrying value | $ | 23,744 |  |  | $ | 24,254 |
Fair value | $ | 23,113 |  |  | $ | 23,003 |
Schedule of Long-term Debt Redemption and Issuance | FirstEnergy had the following issuances and redemptions during the nine months ended September 30, 2024:
Company | Type | Redemption / Issuance Date | Interest Rate | Maturity | Amount (In millions) | Description
Redemptions
FE | Unsecured Notes | April, 2024 | 7.375% | 2031 | $463 | FE redeemed all of its remaining $463 million of 2031 Notes, including a premium of approximately $80 million ($63 million after-tax). In addition, FE recognized approximately $4 million ($3 million after-tax) of deferred cash flow hedge losses and $1 million in other unamortized debt costs and fees associated with the FE debt redemptions.
JCP&L | Unsecured Notes | April, 2024 | 4.70% | 2024 | $500 | JCP&L redeemed unsecured notes that became due.
MP | FMBs | April, 2024 | 4.10% | 2024 | $400 | MP redeemed FMBs that became due.
CEI | FMBs | August, 2024 | 5.50% | 2024 | $300 | CEI redeemed FMBs that became due.
Issuances
ATSI | Unsecured Notes | March, 2024 | 5.63% | 2034 | $150 | Proceeds were used to repay short-term borrowings, to finance capital expenditures and for other general corporate purposes.
MAIT | Unsecured Notes | May, 2024 | 5.94% | 2034 | $250 | Proceeds were used to repay short-term borrowings, to finance capital expenditures and for other general corporate purposes.
FET | Unsecured Notes with registration rights | September, 2024 | 4.55% | 2030 | $400 | Proceeds were or will be used to repay short-term borrowings, to redeem FET's $600 million 4.35% notes due 2025, to finance capital expenditures and for other general corporate purposes.
FET | Unsecured Notes with registration rights | September, 2024 | 5.00% | 2035 | $400 | Proceeds were or will be used to repay short-term borrowings, to redeem FET's $600 million 4.35% notes due 2025, to finance capital expenditures and for other general corporate purposes.

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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/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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