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FAIR VALUE MEASUREMENTS (Tables)
 9 Months Ended
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, 2024December 31, 2023
Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Assets(In millions)
Derivative assets FTRs(1)
$— $— $9 $9 $— $— $4 $4 
Equity securities2 — — 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 BasisUnrealized GainsUnrealized LossesFair ValueCost BasisUnrealized GainsUnrealized LossesFair 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,
2024202320242023
(In millions)
Sale proceeds$87 $10 $104 $28 
Realized gains— — — — 
Realized losses(11)— (13)(2)
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, 2024 and December 31, 2023:
September 30, 2024December 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:

CompanyTypeRedemption / Issuance DateInterest RateMaturity
Amount
(In millions)
Description
Redemptions
FEUnsecured NotesApril, 20247.375%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&LUnsecured NotesApril, 20244.70%2024$500JCP&L redeemed unsecured notes that became due.
MPFMBsApril, 20244.10%2024$400MP redeemed FMBs that became due.
CEIFMBsAugust, 20245.50%2024$300CEI redeemed FMBs that became due.
Issuances
ATSIUnsecured NotesMarch, 20245.63%2034$150Proceeds were used to repay short-term borrowings, to finance capital expenditures and for other general corporate purposes.
MAITUnsecured NotesMay, 20245.94%2034$250Proceeds were used to repay short-term borrowings, to finance capital expenditures and for other general corporate purposes.
FETUnsecured Notes with registration rightsSeptember, 20244.55%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.
FETUnsecured Notes with registration rightsSeptember, 20245.00%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.