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FAIR VALUE MEASUREMENTS (Tables)
 9 Months Ended
Sep. 30, 2023
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, 2023December 31, 2022
Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Assets(In millions)
Derivative assets FTRs (1)
$— $— $10 $10 $— $— $11 $11 
Equity securities2 — — 2 2 — — 2 
U.S. state and municipal debt securities— 259 — 259 — 266 — 266 
Cash, cash equivalents and restricted cash (2)
144 — — 144 206 — — 206 
Other (3)
— 41 — 41 — 40 — 40 
Total assets$146 $300 $10 $456 $208 $306 $11 $525 
Liabilities
Derivative liabilities FTRs (1)
$— $— $(3)$(3)$— $— $(2)$(2)
Total liabilities$— $— $(3)$(3)$— $— $(2)$(2)
Net assets$146 $300 $7 $453 $208 $306 $9 $523 
(1) Contracts are subject to regulatory accounting treatment and changes in market values do not impact earnings.
(2) Restricted cash of $26 million and $46 million as of September 30, 2023 and December 31, 2022, 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, 2023, and December 31, 2022:
September 30, 2023 (1)
December 31, 2022 (2)
Cost BasisUnrealized GainsUnrealized LossesFair ValueCost BasisUnrealized GainsUnrealized LossesFair Value
(In millions)
Debt securities$296 $— $(37)$259 $294 $— $(28)$266 
(1) Excludes short-term cash investments of $9 million as of September 30, 2023.
(2) Excludes short-term cash investments of $5 million as of December 31, 2022.
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, 2023 and 2022, were as follows:
For the Three Months Ended September 30,For the Nine Months Ended September 30,
2023202220232022
(In millions)
Sale proceeds$10 $15 $28 $31 
Realized gains— — — 1 
Realized losses— (2)(2)(4)
Interest and dividend income3 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, 2023 and December 31, 2022:
September 30, 2023December 31, 2022
(In millions)
Carrying value$24,254 $21,641 
Fair value$21,800 $19,784 
Schedule of Long-term Debt Redemption and Issuance
FirstEnergy had the following redemptions and issuances during the nine months ended September 30, 2023:

CompanyTypeRedemption / Issuance DateInterest RateMaturity
Amount
(In millions)
Description
Redemptions (1)
MEUnsecured NotesMarch, 20233.50%2023$300ME redeemed unsecured notes that became due.
FEUnsecured NotesMay, 20237.375%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
WPFMBsJanuary, 20235.29%2033$50Proceeds were used to repay short-term borrowings, to finance capital expenditures and for other general corporate purposes.
MAITUnsecured NotesFebruary, 20235.39%2033$175Proceeds were used to repay short-term borrowings, to finance capital expenditures and for other general corporate purposes.
MEUnsecured NotesMarch, 20235.20%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.
PNUnsecured NotesMarch, 20235.15%2026$300Proceeds were used to repay short-term borrowings, to finance capital expenditures and for other general corporate purposes.
ATSIUnsecured NotesMay, 20235.13%2033$150Proceeds were used to repay short-term borrowings, to finance capital expenditures and for other general corporate purposes.
FEUnsecured Convertible NotesMay, 20234.00%2026$1,500Proceeds 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.
PEFMBsSeptember, 20235.64%2028$100Proceeds were used to repay short-term borrowings, to finance capital expenditures and for other general corporate purposes.
PEFMBsSeptember, 20235.73%2030$50Proceeds were used to repay short-term borrowings, to finance capital expenditures and for other general corporate purposes.
MPFMBsSeptember, 20235.85%2034$400
Proceeds are for repaying short-term and long-term debt, including MP’s $400 million 4.1% FMBs due April 15, 2024, to finance capital expenditures and for other general corporate purposes.
(1) Excludes principal payments on securitized bonds.