CAPITALIZATION (Tables)

12 Months Ended

Dec. 31, 2023

Capitalization, Long-Term Debt and Equity [Abstract]

Schedule of Preferred stock and preference stock authorizations

FirstEnergy and the Utilities were authorized to issue preferred stock and preference stock as of December 31, 2023, 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)	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(1)	10,000,000	no par
PN(1)	11,435,000	no par
MP	940,000	$	100
PE	10,000,000	$	0.01
WP(1)	32,000,000	no par

(1) On January 1, 2024, FirstEnergy consolidated the Pennsylvania Companies into FE PA, making it a new, single operating entity. FE PA has not been authorized to issue preferred stock or preference stock.

Schedule of 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, 2023 and 2022:

	As of December 31, 2023		As of December 31,
	Maturity Date	Interest Rate	2023		2022
			(In millions)
FMBs and secured notes - fixed rate	2024-2059	2.650% - 8.250%	$	5,709	$	5,153
Unsecured notes - fixed rate	2024-2050	1.600% - 7.375%	18,545		16,488
Finance lease obligations			14		23
Unamortized debt discounts			(9)		(5)
Unamortized debt issuance costs			(127)		(110)
Unamortized fair value adjustments			3		5
Currently payable long-term debt			(1,250)		(351)
Total long-term debt and other long-term obligations			$	22,885	$	21,203

FirstEnergy had the following redemptions and issuances during the twelve months ended December 31, 2023:

Company	Type	Redemption/Issuance Date	Interest Rate	Maturity	Amount (In millions)	Description
Redemptions(1)
ME	Unsecured Notes	March, 2023	3.50%	2023	$300	ME redeemed unsecured notes that became due.
FE	Unsecured Notes	May, 2023	7.38%	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
WP	FMBs	January, 2023	5.29%	2033	$50	Proceeds were used to repay short-term borrowings, to finance capital expenditures and for other general corporate purposes.
MAIT	Unsecured Notes	February, 2023	5.39%	2033	$175	Proceeds were used to repay short-term borrowings, to finance capital expenditures and for other general corporate purposes.
ME	Unsecured Notes	March, 2023	5.20%	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.
PN	Unsecured Notes	March, 2023	5.15%	2026	$300	Proceeds were used to repay short-term borrowings, to finance capital expenditures and for other general corporate purposes.
ATSI	Unsecured Notes	May, 2023	5.13%	2033	$150	Proceeds were used to repay short-term borrowings, to finance capital expenditures and for other general corporate purposes.
FE	Unsecured Convertible Notes	May, 2023	4.00%	2026	$1,500	Proceeds 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.
PE	FMBs	September, 2023	5.64%	2028	$100	Proceeds were used to repay short-term borrowings, to finance capital expenditures and for other general corporate purposes.
PE	FMBs	September, 2023	5.73%	2030	$50	Proceeds were used to repay short-term borrowings, to finance capital expenditures and for other general corporate purposes.
MP	FMBs	September, 2023	5.85%	2034	$400	Proceeds are to be used for repaying short-term and long-term debt, including MP’s $400 million 4.10% FMBs due April 15, 2024, to finance capital expenditures and for other general corporate purposes.

(1) Excludes principal payments on securitized bonds.

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, 2023.

(In millions)	2024	2025	2026	2027	2028
Scheduled debt repayments	$1,246	$2,023	$2,876	$2,003	$2,453