CAPITALIZATION (Tables)

12 Months Ended

Dec. 31, 2021

Capitalization, Long-term Debt and Equity [Abstract]

Preferred stock and preference stock authorizations

FirstEnergy and the Utilities were authorized to issue preferred stock and preference stock as of December 31, 2021, 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	1,200,000	$	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	10,000,000	no par
PN	11,435,000	no par
MP	940,000	$	100
PE	10,000,000	$	0.01
WP	32,000,000	no par

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, 2021 and 2020:

	As of December 31, 2021		As of December 31,
(Dollar amounts in millions)	Maturity Date	Interest Rate	2021		2020
FMBs and secured notes - fixed rate	2022-2059	2.650% - 8.250%	$	5,021	$	4,802
Unsecured notes - fixed rate	2022-2050	1.600% - 7.375%	18,925		17,575
Finance lease obligations			36		45
Unamortized debt discounts			(8)		(34)
Unamortized debt issuance costs			(126)		(118)
Unamortized fair value adjustments			6		7
Currently payable long-term debt			(1,606)		(146)
Total long-term debt and other long-term obligations			$	22,248	$	22,131

During the twelve months ended December 31, 2021, the following long-term debt was issued:

Company	Issuance Date	Interest Rate		Maturity	Amount	Issuance Type	Use of Proceeds
FET	3/19/2021	2.87%		2028	$500 million	Unsecured Notes	Repay short-term borrowings under the former FET Revolving Facility.
MP	4/9/2021	3.55%	(1)	2027	$200 million	FMB	Fund MP’s ongoing capital expenditures, for working capital needs and for other general corporate purposes.
TE	5/6/2021	2.65%		2028	$150 million	Senior Secured Notes	Repay short-term borrowings, fund TE’s ongoing capital expenditures and for other general corporate purposes.
MAIT	5/24/2021	4.10%	(2)	2028	$150 million	Unsecured Notes	Repay borrowings outstanding under FirstEnergy’s regulated company money pool, fund MAIT’s ongoing capital expenditures, to fund working capital and for other general corporate purposes.
JCP&L	6/10/2021	2.75%		2032	$500 million	Unsecured Notes	Repay $450 million of short-term debt under the former FE Revolving Facility, storm recovery and restoration costs and expenses, to fund JCP&L’s ongoing capital expenditures, working capital requirements and for other general corporate purposes.
ATSI	12/1/2021	2.65%		2032	$600 million	Unsecured Notes	Repay outstanding notes and short-term borrowings, to fund ATSI's ongoing capital expenditures, working capital requirements and for other general corporate purposes.
(1) New debt was issued at a premium under a previously issued bond series, resulting in an effective interest rate of 2.06%.
(2) New debt was issued at a premium under a previously issued note series, resulting in an effective interest rate of 2.55%.

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, 2021.

Year
	(In millions)
2022	$	1,593
2023	344
2024	1,246
2025	2,023
2026	1,076