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CAPITALIZATION (Tables) | 12 Months Ended
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Dec. 31, 2024
Capitalization, Long-Term Debt and Equity [Abstract] |
Schedule of Dividends Declared and Paid | Dividends declared and paid per share of common stock during 2024 and 2023 were as follows:
| Dividends Declared |  | Dividends Paid
| 2024 |  | 2023 |  | 2024 |  | 2023
Q1 | $ | 0.425 |  |  | $ | 0.390 |  |  | $ | 0.410 |  |  | $ | 0.390 |
Q2 | — |  |  | 0.390 |  |  | 0.425 |  |  | 0.390 |
Q3 | 0.850 |  |  | 0.410 |  |  | 0.425 |  |  | 0.390 |
Q4 | 0.425 |  |  | 0.410 |  |  | 0.425 |  |  | 0.410 |
Total | $ | 1.700 |  |  | $ | 1.600 |  |  | $ | 1.685 |  |  | $ | 1.580 |
Schedule of Preferred stock and preference stock authorizations | FirstEnergy and certain of its subsidiaries are authorized to issue preferred stock and preference stock as of December 31, 2024, 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 |  |  |  |  |
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 |  |  |  |
MP |  | 940,000 |  |  | $ | 100 |  |  |  |  |
PE |  | 10,000,000 |  |  | $ | 0.01 |  |  |  |  |
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, 2024 and 2023:
|  | As of December 31, 2024 |  | As of December 31,
|  | Maturity Date |  | Interest Rate |  | 2024 |  | 2023
|  |  |  |  |  | (In millions)
FMBs and secured notes - fixed rate |  | 2026-2059 |  | 2.650% - 8.250% |  | $ | 4,963 |  |  | $ | 5,709 |
Unsecured notes - fixed rate |  | 2025-2050 |  | 1.600% - 6.875% |  | 18,631 |  |  | 18,545 |
Finance lease obligations |  |  |  |  |  | 12 |  |  | 14 |
Unamortized debt discounts |  |  |  |  |  | (14) |  |  | (9) |
Unamortized debt issuance costs |  |  |  |  |  | (122) |  |  | (127) |
Unamortized fair value adjustments |  |  |  |  |  | 3 |  |  | 3 |
Currently payable long-term debt |  |  |  |  |  | (977) |  |  | (1,250) |
Total long-term debt and other long-term obligations |  |  |  |  |  | $ | 22,496 |  |  | $ | 22,885 |
FirstEnergy had the following redemptions and issuances during the twelve months ended December 31, 2024:
Company | Type | Redemption/Issuance Date | Interest Rate | Maturity | Amount (In millions) | Description
Redemptions(1)
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.
FE PA | Unsecured Notes | December, 2024 | 4.00% | 2025 | $250 | On December 30, 2024, FE PA caused to be redeemed $250 million of 4.00% senior notes due 2025.
FE PA | Unsecured Notes | December, 2024 | 4.15% | 2025 | $200 | On December 30, 2024, FE PA caused to be redeemed $200 million of 4.15% senior notes due 2025.
FET | Unsecured Notes | December, 2024 | 4.35% | 2025 | $600 | On December 30, 2024, FET caused to be redeemed $600 million of 4.35% senior notes due 2025.
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 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 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.
KATCo | Unsecured Notes | November, 2024 | 5.17% | 2035 | $200 | Proceeds were used to repay short-term borrowings, to finance capital expenditures and for other general corporate purposes.
JCP&L | Unsecured Notes with registration rights | December, 2024 | 5.10% | 2035 | $700 | Proceeds were used to repay short-term borrowings, 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, 2024.
(In millions) |  | 2025 |  | 2026 |  | 2027 |  | 2028 |  | 2029
Scheduled debt repayments |  | $973 |  | $2,876 |  | $2,003 |  | $2,453 |  | $1,064

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