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Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2011

Fair Value of Financial Instruments [Line Items]

Fair value and related carrying amounts of long-term debt and other long-term obligations

The following table provides the approximate fair value and related carrying amounts of long-term debt and other long-term obligations, excluding capital lease obligations and net unamortized premiums and discounts, as of December 31, 2011 and 2010:



	December 31, 2011				December 31, 2010
	Carrying Value		Fair Value		Carrying Value		Fair Value
	(In millions)
FirstEnergy⁽¹⁾	$	17,165	$	19,320	$	13,928	$	14,845
FES	3,675		3,931		4,279		4,403
OE	1,157		1,434		1,159		1,321
CEI	1,831		2,162		1,853		2,035
TE	600		741		600		653
JCP&L	1,777		2,080		1,810		1,962
Met-Ed	729		824		742		821
Penelec	1,120		1,251		1,120		1,189


⁽¹⁾	Includes debt assumed in the AE merger (see Note 2, Merger) with a carrying value and a fair value as of December 31, 2011, of $4,355 million and $4,561 million, respectively.

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 and losses and fair values of investments held in NDT, nuclear fuel disposal trusts and NUG trusts as of December 31, 2011 and 2010:



	December 31, 2011⁽¹⁾								December 31, 2010⁽²⁾
	Cost Basis		Unrealized Gains		Unrealized Losses		Fair Value		Cost Basis		Unrealized Gains		Unrealized Losses		Fair Value
	(In millions)
Debt securities
FirstEnergy	$	1,980	$	25	$	—	$	2,005	$	1,699	$	31	$	—	$	1,730
FES	1,012		13		—		1,025		980		13		—		993
OE	134		—		—		134		123		1		—		124
TE	53		1		—		54		42		—		—		42
JCP&L	356		7		—		363		281		9		—		290
Met-Ed	232		2		—		234		127		4		—		131
Penelec	193		2		—		195		145		4		—		149
Equity securities
FirstEnergy	$	222	$	36	$	—	$	258	$	268	$	69	$	—	$	337
FES	104		20		—		124		—		—		—		—
TE	22		5		—		27		—		—		—		—
JCP&L	27		3		—		30		80		17		—		97
Met-Ed	46		5		—		51		125		35		—		160
Penelec	23		3		—		26		63		16		—		79


⁽¹⁾	Excludes short-term cash investments: FirstEnergy — $164 million; FES — $74 million; OE — $2 million; TE — $2 million; JCP&L — $19 million; Met-Ed — $25 million and Penelec — $41 million.


⁽²⁾	Excludes short-term cash investments: FirstEnergy — $193 million; FES — $153 million; OE — $3 million; TE — $34 million; JCP&L — $3 million; Met-Ed — $(3) million and Penelec — $4 million.

Proceeds from the sale of investments in available-for-sale securities, realized gains and losses on those sales, and interest and dividend income

Proceeds from the sale of investments in available-for-sale securities, realized gains and losses on those sales net of adjustments recorded to earnings and interest and dividend income for the three years ended December 31, 2011, 2010 and 2009 were as follows:



December 31, 2011	Sales Proceeds		Realized Gains		Realized Losses			Interest and Dividend Income
	(In millions)
FirstEnergy	$	4,207	$	229	$	(90	)	$	82
FES	1,843		80		(46		)	47
OE	154		6		—			3
TE	120		5		(5		)	2
JCP&L	779		39		(11		)	15
Met-Ed	860		64		(16		)	8
Penelec	451		35		(12		)	6



December 31, 2010	Sales Proceeds		Realized Gains		Realized Losses			Interest and Dividend Income
	(In millions)
FirstEnergy	$	3,172	$	126	$	(107	)	$	79
FES	1,927		92		(75		)	47
OE	83		2		—			3
TE	126		3		(1		)	2
JCP&L	411		10		(10		)	14
Met-Ed	460		13		(14		)	7
Penelec	165		6		(7		)	6



December 31, 2009	Sales Proceeds		Realized Gains		Realized Losses			Interest and Dividend Income
	(In millions)
FirstEnergy	$	2,229	$	226	$	(155	)	$	60
FES	1,379		199		(117		)	27
OE	131		11		(4		)	4
TE	169		7		(1		)	2
JCP&L	397		6		(12		)	14
Met-Ed	68		2		(13		)	7
Penelec	84		1		(8		)	6

Amortized cost basis, unrealized gains and losses, and approximate fair values of investments in held-to-maturity securities

The following table provides the amortized cost basis, unrealized gains and approximate fair values of investments in held-to-maturity securities as of December 31, 2011 and 2010:



	December 31, 2011						December 31, 2010
	Cost Basis		Unrealized Gains		Fair Value		Cost Basis		Unrealized Gains		Fair Value
	(In millions)
Debt Securities
FirstEnergy	$	402	$	50	$	452	$	476	$	91	$	567
OE	163		21		184		190		51		241
CEI	287		28		315		340		41		381

Approximate fair value and related carrying amounts of notes receivable

Billed and unbilled customer receivables as of December 31, 2011 and 2010 are shown below.



Customer Receivables	FirstEnergy		FES		OE		CEI		TE⁽¹⁾		JCP&L		Met-Ed		Penelec
	(In millions)
December 31, 2011
Billed	$	800	$	220	$	67	$	40	$	24	$	117	$	79	$	72
Unbilled	725		204		96		52		25		118		60		54
Total	$	1,525	$	424	$	163	$	92	$	49	$	235	$	139	$	126
December 31, 2010
Billed	$	752	$	196	$	81	$	95	$	—	$	178	$	101	$	82
Unbilled	640		170		96		89		—		145		78		67
Total	$	1,392	$	366	$	177	$	184	$	—	$	323	$	179	$	149


⁽¹⁾	During 2011, TE's accounts receivable financing arrangement with Centerior Funding Corporation was terminated.

The maturity date of notes receivable due from affiliated companies is 2016.



	December 31, 2011				December 31, 2010
	Carrying Value		Fair Value		Carrying Value		Fair Value
	(In millions)
FirstEnergy	$	—	$	—	$	7	$	8
TE⁽¹⁾	81		92		104		118


⁽¹⁾	Represents TE's investment in the Shippingport Trust notes (see Note 6, Leases), which is eliminated during consolidation.

Assets and liabilities measured on recurring basis



	December 31, 2011											December 31, 2010
	Level 1		Level 2			Level 3			Total			Level 1		Level 2			Level 3			Total
Assets	(In millions)
Corporate debt securities	$	—	$	1,544		$	—		$	1,544		$	—	$	597		$	—		$	597
Derivative assets — commodity contracts	—		264			—			264			—		250			—			250
Derivative assets — FTRs	—		—			1			1			—		—			—			—
Derivative assets — NUG contracts⁽¹⁾	—		—			56			56			—		—			122			122
Equity securities⁽²⁾	259		—			—			259			338		—			—			338
Foreign government debt securities	—		3			—			3			—		149			—			149
U.S. government debt securities	—		148			—			148			—		595			—			595
U.S. state debt securities	—		314			—			314			—		379			—			379
Other⁽³⁾	—		225			—			225			—		219			—			219
Total assets	$	259	$	2,498		$	57		$	2,814		$	338	$	2,189		$	122		$	2,649
Liabilities
Derivative liabilities — commodity contracts	$	—	$	(247	)	$	—		$	(247	)	$	—	$	(348	)	$	—		$	(348	)
Derivative liabilities — FTRs	—		—			(23		)	(23		)	—		—			—			—
Derivative liabilities — NUG contracts⁽¹⁾	—		—			(349		)	(349		)	—		—			(466		)	(466		)
Total liabilities	$	—	$	(247	)	$	(372	)	$	(619	)	$	—	$	(348	)	$	(466	)	$	(814	)
Net assets (liabilities)⁽⁴⁾	$	259	$	2,251		$	(315	)	$	2,195		$	338	$	1,841		$	(344	)	$	1,835


⁽¹⁾	NUG contracts are generally subject to regulatory accounting and do not impact earnings.


⁽²⁾	NDT funds hold equity portfolios whose performance is benchmarked against the Alerian MLP Index.


⁽³⁾	Primarily consists of short-term cash investments.


⁽⁴⁾	Excludes $(52) million and $(7) million as of December 31, 2011 and 2010, respectively, of receivables, payables, taxes and accrued income associated with financial instruments reflected within the fair value table.

Reconciliation of changes in the fair value roll forward of level 3 measurements of NUG contracts

The following table provides a reconciliation of changes in the fair value of NUG contracts held by the Utilities and FTRs held by FirstEnergy and classified as Level 3 in the fair value hierarchy for the years ending December 31, 2011 and 2010:



	Derivative Assets⁽¹⁾			Derivative Liabilities⁽¹⁾			Net⁽¹⁾
	(In millions)
December 31, 2009 Balance	$	200		$	(643	)	$	(443	)
Realized gain (loss)	—			—			—
Unrealized gain (loss)	(71		)	(110		)	(181		)
Purchases	—			—			—
Issuances	—			—			—
Sales	—			—			—
Settlements	(7		)	287			280
Transfers in (out) of Level 3	—			—			—
December 31, 2010 Balance	$	122		$	(466	)	$	(344	)
Realized gain (loss)	—			—			—
Unrealized gain (loss)	(55		)	(173		)	(228		)
Purchases	13			(4		)	9
Issuances	—			—			—
Sales	—			—			—
Settlements	(23		)	283			260
Transfers in (out) of Level 3	—			(12		)	(12		)
December 31, 2011 Balance	$	57		$	(372	)	$	(315	)


⁽¹⁾	Changes in the fair value of NUG contracts are generally subject to regulatory accounting and do not impact earnings.

FES

Fair Value of Financial Instruments [Line Items]

Assets and liabilities measured on recurring basis



	December 31, 2011											December 31, 2010
	Level 1		Level 2			Level 3			Total			Level 1		Level 2			Level 3		Total
Assets	(In millions)
Corporate debt securities	$	—	$	1,010		$	—		$	1,010		$	—	$	528		$	—	$	528
Derivative assets — commodity contracts	—		248			—			248			—		241			—		241
Derivative assets — FTRs	—		—			1			1			—		—			—		—
Equity securities⁽¹⁾	124		—			—			124			—		—			—		—
Foreign government debt securities	—		3			—			3			—		147			—		147
U.S. government debt securities	—		7			—			7			—		308			—		308
U.S. state debt securities	—		5			—			5			—		6			—		6
Other⁽²⁾	—		132			—			132			—		148			—		148
Total assets	$	124	$	1,405		$	1		$	1,530		$	—	$	1,378		$	—	$	1,378
Liabilities
Derivative liabilities — commodity contracts	$	—	$	(234	)	$	—		$	(234	)	$	—	$	(348	)	$	—	$	(348	)
Derivative liabilities — FTRs	—		—			(7		)	(7		)	—		—			—		—
Total liabilities	$	—	$	(234	)	$	(7	)	$	(241	)	$	—	$	(348	)	$	—	$	(348	)
Net assets (liabilities)⁽³⁾	$	124	$	1,171		$	(6	)	$	1,289		$	—	$	1,030		$	—	$	1,030


⁽¹⁾	NDT funds hold equity portfolios whose performance of which is benchmarked against the Alerian MLP Index.


⁽²⁾	Primarily consists of short-term cash investments.


⁽³⁾	Excludes $(58) million and $7 million as of December 31, 2011 and 2010, respectively, of receivables, payables, taxes and accrued income associated with the financial instruments reflected within the fair value table.

Reconciliation of changes in the fair value roll forward of level 3 measurements of NUG contracts

The following table provides a reconciliation of changes in the fair value of FTRs held by FES and classified as Level 3 in the fair value hierarchy for the years ending December 31, 2011 and 2010:



	Derivative Asset FTRs			Derivative Liability FTRs			Net FTRs
	(In millions)
December 31, 2010 Balance	$	—		$	—		$	—
Realized gain (loss)	—			—			—
Unrealized gain (loss)	4			(8		)	(4		)
Purchases	2			(1		)	1
Issuances	—			—			—
Sales	—			—			—
Settlements	(5		)	2			(3		)
Transfers in (out) of Level 3	—			—			—
December 31, 2011 Balance	$	1		$	(7	)	$	(6	)

Fair Value of Financial Instruments [Line Items]

Assets and liabilities measured on recurring basis



	December 31, 2011								December 31, 2010
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Assets	(In millions)
Corporate debt securities	$	—	$	3	$	—	$	3	$	—	$	—	$	—	$	—
U.S. government debt securities	—		132		—		132		—		124		—		124
Other⁽¹⁾	—		2		—		2		—		2		—		2
Total assets⁽²⁾	$	—	$	137	$	—	$	137	$	—	$	126	$	—	$	126


⁽¹⁾	Primarily consists of short-term cash investments.


⁽²⁾	Excludes $1 million as of December 31, 2011 and 2010 of receivables, payables, taxes and accrued income associated with the financial instruments reflected within the fair value table.

Fair Value of Financial Instruments [Line Items]

Assets and liabilities measured on recurring basis



	December 31, 2011								December 31, 2010
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Assets	(In millions)
Corporate debt securities	$	—	$	53	$	—	$	53	$	—	$	7	$	—	$	7
Equity securities⁽¹⁾	27		—		—		27		—		—		—		—
U.S. government debt securities	—		—		—		—		—		33		—		33
U.S. state debt securities	—		—		—		—		—		1		—		1
Other⁽²⁾	—		3		—		3		—		35		—		35
Total assets	$	27	$	56	$	—	$	83	$	—	$	76	$	—	$	76


⁽¹⁾	NDT funds hold equity portfolios whose performance is benchmarked against the Alerian MLP Index.


⁽²⁾	Primarily consists of short-term cash investments.

JCP&L

Fair Value of Financial Instruments [Line Items]

Assets and liabilities measured on recurring basis



	December 31, 2011										December 31, 2010
	Level 1		Level 2		Level 3			Total			Level 1		Level 2		Level 3			Total
Assets	(In millions)
Corporate debt securities	$	—	$	144	$	—		$	144		$	—	$	23	$	—		$	23
Derivative assets — commodity contracts	—		—		—			—			—		2		—			2
Derivative assets — NUG contracts⁽¹⁾	—		—		4			4			—		—		6			6
Equity securities⁽²⁾	30		—		—			30			96		—		—			96
U.S. government debt securities	—		2		—			2			—		33		—			33
U.S. state debt securities	—		219		—			219			—		236		—			236
Other⁽³⁾	—		15		—			15			—		4		—			4
Total assets	$	30	$	380	$	4		$	414		$	96	$	298	$	6		$	400
Liabilities
Derivative liabilities — NUG contracts⁽¹⁾	$	—	$	—	$	(147	)	$	(147	)	$	—	$	—	$	(233	)	$	(233	)
Total liabilities	$	—	$	—	$	(147	)	$	(147	)	$	—	$	—	$	(233	)	$	(233	)
Net assets (liabilities)⁽⁴⁾	$	30	$	380	$	(143	)	$	267		$	96	$	298	$	(227	)	$	167


⁽¹⁾	NUG contracts are subject to regulatory accounting and do not impact earnings.


⁽²⁾	NDT funds hold equity portfolios whose performance is benchmarked against the Alerian MLP Index.


⁽³⁾	Primarily consists of short-term cash investments.


⁽⁴⁾	Excludes $2 million and $(3) million as of December 31, 2011 and December 31, 2010 of receivables, payables, taxes and accrued income associated with the financial instruments reflected within the fair value table.

Reconciliation of changes in the fair value roll forward of level 3 measurements of NUG contracts

The following table provides a reconciliation of changes in the fair value of NUG contracts held by JCP&L and classified as Level 3 in the fair value hierarchy for the years ending December 31, 2011 and 2010:



	Derivative Asset NUG Contracts⁽¹⁾			Derivative Liability NUG Contracts⁽¹⁾			Net NUG Contracts⁽¹⁾
	(In millions)
December 31, 2009 Balance	$	8		$	(399	)	$	(391	)
Realized gain (loss)	—			—			—
Unrealized gain (loss)	(1		)	36			35
Purchases	—			—			—
Issuances	—			—			—
Sales	—			—			—
Settlements	(1		)	130			129
Transfers in (out) of Level 3	—			—			—
December 31, 2010 Balance	$	6		$	(233	)	$	(227	)
Realized gain (loss)	—			—			—
Unrealized gain (loss)	(2		)	(11		)	(13		)
Purchases	—			—			—
Issuances	—			—			—
Sales	—			—			—
Settlements	—			97			97
Transfers in (out) of Level 3	—			—			—
December 31, 2011 Balance	$	4		$	(147	)	$	(143	)


⁽¹⁾	Changes in the fair value of NUG contracts are subject to regulatory accounting and do not impact earnings.

Met-Ed

Fair Value of Financial Instruments [Line Items]

Assets and liabilities measured on recurring basis



	December 31, 2011										December 31, 2010
	Level 1		Level 2		Level 3			Total			Level 1		Level 2		Level 3			Total
Assets	(In millions)
Corporate debt securities	$	—	$	229	$	—		$	229		$	—	$	32	$	—		$	32
Derivative assets — commodity contracts	—		—		—			—			—		5		—			5
Derivative assets — NUG contracts⁽¹⁾	—		—		49			49			—		—		112			112
Equity securities⁽²⁾	51		—		—			51			160		—		—			160
Foreign government debt securities	—		—		—			—			—		1		—			1
U.S. government debt securities	—		5		—			5			—		88		—			88
U.S. state debt securities	—		—		—			—			—		2		—			2
Other⁽³⁾	—		23		—			23			—		14		—			14
Total assets	$	51	$	257	$	49		$	357		$	160	$	142	$	112		$	414
Liabilities
Derivative liabilities — NUG contracts⁽¹⁾	$	—	$	—	$	(79	)	$	(79	)	$	—	$	—	$	(116	)	$	(116	)
Total liabilities	$	—	$	—	$	(79	)	$	(79	)	$	—	$	—	$	(116	)	$	(116	)
Net assets (liabilities)⁽⁴⁾	$	51	$	257	$	(30	)	$	278		$	160	$	142	$	(4	)	$	298


⁽¹⁾	NUG contracts are subject to regulatory accounting and do not impact earnings.


⁽²⁾	NDT funds hold equity portfolios whose performance is benchmarked against the Alerian MLP Index.


⁽³⁾	Primarily consists of short-term cash investments.


⁽⁴⁾	Excludes $2 million and $(9) million as of December 31, 2011 and 2010, respectively, of receivables, payables, taxes and accrued income associated with the financial instruments reflected within the fair value table.

Reconciliation of changes in the fair value roll forward of level 3 measurements of NUG contracts

The following table provides a reconciliation of changes in the fair value of NUG contracts held by Met-Ed and classified as Level 3 in the fair value hierarchy for the years ending December 31, 2011 and 2010:



	Derivative Asset NUG Contracts⁽¹⁾			Derivative Liability NUG Contracts⁽¹⁾			Net NUG Contracts⁽¹⁾
	(In millions)
December 31, 2009 Balance	$	176		$	(143	)	$	33
Realized gain (loss)	—			—			—
Unrealized gain (loss)	(59		)	(38		)	(97		)
Purchases	—			—			—
Issuances	—			—			—
Sales	—			—			—
Settlements	(5		)	65			60
Transfers in (out) of Level 3	—			—			—
December 31, 2010 Balance	$	112		$	(116	)	$	(4	)
Realized gain (loss)	—			—			—
Unrealized gain (loss)	(57		)	(31		)	(88		)
Purchases	—			—			—
Issuances	—			—			—
Sales	—			—			—
Settlements	(6		)	68			62
Transfers in (out) of Level 3	—			—			—
December 31, 2011 Balance	$	49		$	(79	)	$	(30	)


⁽¹⁾	Changes in the fair value of NUG contracts are subject to regulatory accounting and do not impact earnings.

Penelec

Fair Value of Financial Instruments [Line Items]

Assets and liabilities measured on recurring basis



	December 31, 2011										December 31, 2010
	Level 1		Level 2		Level 3			Total			Level 1		Level 2		Level 3			Total
Assets	(In millions)
Corporate debt securities	$	—	$	104	$	—		$	104		$	—	$	8	$	—		$	8
Derivative assets — commodity contracts	—		—		—			—			—		2		—			2
Derivative assets — NUG contracts⁽¹⁾	—		—		3			3			—		—		4			4
Equity securities⁽²⁾	26		—		—			26			81		—		—			81
U.S. government debt securities	—		2		—			2			—		9		—			9
U.S. state debt securities	—		90		—			90			—		133		—			133
Other⁽³⁾	—		39		—			39			—		5		—			5
Total assets	$	26	$	235	$	3		$	264		$	81	$	157	$	4		$	242
Liabilities
Derivative liabilities — NUG contracts⁽¹⁾	$	—	$	—	$	(123	)	$	(123	)	$	—	$	—	$	(117	)	$	(117	)
Total liabilities	$	—	$	—	$	(123	)	$	(123	)	$	—	$	—	$	(117	)	$	(117	)
Net assets (liabilities)⁽⁴⁾	$	26	$	235	$	(120	)	$	141		$	81	$	157	$	(113	)	$	125


⁽¹⁾	NUG contracts are subject to regulatory accounting and do not impact earnings.


⁽²⁾	NDT funds hold equity portfolios whose performance is benchmarked against the Alerian MLP Index.


⁽³⁾	Primarily consists of short-term cash investments.


⁽⁴⁾	Excludes $1 million and $(3) million as of December 31, 2011 and 2010, respectively, of receivables, payables, taxes and accrued income associated with the financial instruments reflected within the fair value table.

Reconciliation of changes in the fair value roll forward of level 3 measurements of NUG contracts

The following table provides a reconciliation of changes in the fair value of NUG contracts held by Penelec and classified as Level 3 in the fair value hierarchy for the years ending December 31, 2011 and 2010:



	Derivative Asset NUG Contracts⁽¹⁾			Derivative Liability NUG Contracts⁽¹⁾			Net NUG Contracts⁽¹⁾
	(In millions)
December 31, 2009 Balance	$	16		$	(101	)	$	(85	)
Realized gain (loss)	—			—			—
Unrealized gain (loss)	(11		)	(108		)	(119		)
Purchases	—			—			—
Issuances	—			—			—
Sales	—			—			—
Settlements	(1		)	92			91
Transfers in (out) of Level 3	—			—			—
December 31, 2010 Balance	$	4		$	(117	)	$	(113	)
Realized gain (loss)	—			—			—
Unrealized gain (loss)	—			(103		)	(103		)
Purchases	—			—			—
Issuances	—			—			—
Sales	—			—			—
Settlements	(1		)	97			96
Transfers in (out) of Level 3	—			—			—
December 31, 2011 Balance	$	3		$	(123	)	$	(120	)


⁽¹⁾	Changes in the fair value of NUG contracts are subject to regulatory accounting and do not impact earnings.

- Definition

Tabular disclosure of available-for-sale securities which consist of all investments in certain debt and equity securities neither classified as trading or held-to-maturity securities. A debt security represents a creditor relationship with an enterprise. Debt securities include, among other items, US Treasury securities, US government securities, municipal securities, corporate bonds, convertible debt, commercial paper, and all securitized debt instruments. An equity security represents an ownership interest in an enterprise or the right to acquire or dispose of an ownership interest in an enterprise at fixed or determinable prices. Equity securities include, among other things, common stock, certain preferred stock, warrant rights, call options, and put options, but do not include convertible debt.

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Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income, and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issuances, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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Tabular disclosure of all investments in certain debt and equity securities for which the entity has the positive intent and ability to hold until maturity.

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