Variable Interest Entities (Tables)

12 Months Ended

Dec. 31, 2011

Variable Interest Entities [Abstract]

Remeasurement of Investment

The sale resulted in a pre-tax gain of approximately $569 million ($370 million after-tax), which includes $378.6 million from the remeasurement of FEV's retained investment. The gain attributed to the retained investment remeasurement will be amortized as coal is extracted from the mine on a units of production method.

(In millions)
Fair value of retained noncontrolling investment	$	400.0
Less: Carrying value of retained interest	21.4
Gain on retained interest	$	378.6

Net exposure to loss based upon the casualty value provisions

The following table discloses each company’s net exposure to loss based upon the casualty value provisions mentioned above as of December 31, 2011:

	Maximum Exposure		Discounted Lease Payments, net(1)		Net Exposure
	(In millions)
FES	$	1,362	$	1,159	$	203
OE	606		416		190
CEI(2)	587		71		516
TE(2)	587		309		278

⁽¹⁾  The net present value of FirstEnergy’s sale and leaseback operating lease commitments is $1.6 billion.

⁽²⁾  CEI and TE are jointly and severally liable for the maximum loss amounts under certain sale-leaseback agreements