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FAIR VALUE MEASUREMENTS (Tables)
 3 Months Ended
Mar. 31, 2023
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:
March 31, 2023December 31, 2022
Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Assets(In millions)
Derivative assets FTRs (1)
$— $— $— $— $— $— $11 $11 
Equity securities2 — — 2 2 — — 2 
U.S. state debt securities— 271 — 271 — 266 — 266 
Cash, cash equivalents and restricted cash (2)
206 — — 206 206 — — 206 
Other (3)
— 41 — 41 — 40 — 40 
Total assets$208 $312 $— $520 $208 $306 $11 $525 
Liabilities
Derivative liabilities FTRs (1)
$— $— $(3)$(3)$— $— $(2)$(2)
Total liabilities$— $— $(3)$(3)$— $— $(2)$(2)
Net assets$208 $312 $(3)$517 $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 $29 million and $46 million as of March 31, 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 March 31, 2023, and December 31, 2022:
March 31, 2023 (1)
December 31, 2022 (1)
Cost BasisUnrealized GainsUnrealized LossesFair ValueCost BasisUnrealized GainsUnrealized LossesFair Value
(In millions)
Debt securities$295 $1 $(25)$271 $294 $— $(28)$266 
(1) Excludes short-term cash investments of $5 million as of March 31, 2023 and December 31, 2022.
Schedule of 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 AFS debt securities, realized gains and losses on those sales and interest and dividend income for the three months ended March 31, 2023 and 2022, were as follows:
For the Three Months Ended March 31,
20232022
Sale proceeds$1 $6 
Realized gains— — 
Realized losses(1)(1)
Interest and dividend income3 3 
Schedule of 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, which excludes finance lease obligations and net unamortized debt issuance costs, unamortized fair value adjustments, premiums and discounts as of March 31, 2023 and December 31, 2022:
March 31, 2023December 31, 2022
(In millions)
Carrying value$22,270 $21,641 
Fair value$20,913 $19,784 
Schedule of Long-term Debt Redemption and Issuance
FirstEnergy had the following redemptions and issuances during the three months ended March 31, 2023:
CompanyTypeRedemption /Issuance DateInterest RateMaturityAmount (in Millions)Description
Redemptions
MEUnsecured NotesMarch, 20233.50%2023$300ME redeemed unsecured notes that became due.
Issuances
WPFMBsJanuary, 20235.29%2033$50Proceeds were used to repay borrowings outstanding under the regulated money pool, to finance capital expenditures and for other general corporate purposes.
MAITUnsecured NotesFebruary, 20235.39%2033$175Proceeds were used to repay borrowings outstanding under the regulated money pool, to finance capital expenditures and for other general corporate purposes.
MEUnsecured NotesMarch, 20235.20%2028$425
Proceeds were used to repay short-term borrowings outstanding under the 2021 Revolving Credit Facility incurred to repay, at maturity, ME’s $300m 3.50% notes due 2023, to finance capital expenditures and for other general corporate purposes.
PNUnsecured NotesMarch, 20235.15%2026$300Proceeds were used to repay short-term borrowings outstanding under the 2021 Revolving Credit Facility, to finance capital expenditures and for other general corporate purposes.