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FAIR VALUE MEASUREMENTS (Tables)
 12 Months Ended
Dec. 31, 2024
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, 2024December 31, 2023
Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Assets(In millions)
Derivative assets FTRs(1)
$— $— $7 $7 $— $— $4 $4 
Equity securities2 — — 2 2 — — 2 
U.S. state debt securities— 276 — 276 — 275 — 275 
Cash, cash equivalents and restricted cash(2)
154 — — 154 179 — — 179 
Other(3)
— 45 — 45 — 40 — 40 
Total assets$156 $321 $7 $484 $181 $315 $4 $500 
Liabilities
Derivative liabilities FTRs(1)
$— $— $— $— $— $— $(1)$(1)
Total liabilities$— $— $— $— $— $— $(1)$(1)
Net assets (liabilities)$156 $321 $7 $484 $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 $43 million and $42 million as of December 31, 2024 and 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 funding companies. See Note 12, 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, 2024 and 2023:
December 31, 2024(1)
December 31, 2023(2)
Cost BasisUnrealized GainsUnrealized LossesFair ValueCost BasisUnrealized GainsUnrealized LossesFair Value
(In millions)
Debt securities$299 $— $(23)$276 $301 $1 $(27)$275 
(1) Excludes short-term cash investments of $6 million.
(2) Excludes short-term cash investments of $6 million.
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 years ended December 31, 2024, 2023 and 2022, were as follows:
For the Years Ended December 31,
202420232022
(In millions)
Sale Proceeds$121 $38 $48 
Realized Gains— — 8 
Realized Losses(15)(3)(13)
Interest and Dividend Income13 12 11 
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 December 31, 2024 and 2023:
As of December 31,
 20242023
(In millions)
Carrying Value$23,594 $24,254 
Fair Value22,128 $23,003