v3.25.1
FAIR VALUE MEASUREMENTS (Tables)
 3 Months Ended
Mar. 31, 2025
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:
March 31, 2025December 31, 2024
FirstEnergyLevel 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Assets(In millions)
Derivative assets FTRs(1)
$— $— $1 $1 $— $— $7 $7 
Equity securities2 — — 2 2 — — 2 
 Debt securities(2)
— 272 — 272 — 276 — 276 
Cash, cash equivalents and restricted cash(3)
163 — — 163 154 — — 154 
Other(4)
— 52 — 52 — 45 — 45 
Total assets$165 $324 $1 $490 $156 $321 $7 $484 
Liabilities
Derivative liabilities FTRs(1)
$— $— $(1)$(1)$— $— $— $— 
Total liabilities$— $— $(1)$(1)$— $— $— $— 
Net assets$165 $324 $— $489 $156 $321 $7 $484 
(1) Contracts are subject to regulatory accounting treatment and changes in market values do not impact earnings.
(2) Related to JCP&L’s investments held in the spent nuclear fuel disposal trusts, see below.
(2) Restricted cash of $31 million and $43 million as of March 31, 2025, and December 31, 2024, 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.
(4) Primarily consists of short-term investments, of which $11 million and $6 million as of March 31, 2025, and December 31, 2024, respectively, are held by JCP&L.
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, 2025, and December 31, 2024:
March 31, 2025(1)
December 31, 2024(2)
Cost BasisUnrealized GainsUnrealized LossesFair ValueCost BasisUnrealized GainsUnrealized LossesFair Value
(In millions)
Debt securities$295 $— $(23)$272 $299 $— $(23)$276 
(1) Excludes short-term cash investments of $11 million as of March 31, 2025.
(2) Excludes short-term cash investments of $6 million as of December 31, 2024.
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 months ended March 31, 2025 and 2024, were as follows for the Registrants:
For the Three Months Ended March 31,
20252024
(In millions)
Sale proceeds$27 13 
Realized gains— — 
Realized losses(2)(1)
Interest and dividend income3 3 
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 March 31, 2025, and December 31, 2024:
FirstEnergy March 31, 2025December 31, 2024
(In millions)
Carrying value$23,270 $23,594 
Fair value$22,097 $22,128 

JCP&LMarch 31, 2025December 31, 2024
(In millions)
Carrying value$2,350 2,350 
Fair value$2,308 2,284 
Schedule of Long-term Debt Redemption and Issuance
FirstEnergy had the following issuances and redemptions during the three months ended March 31, 2025 (JCP&L had no issuances or redemptions):

CompanyTypeRedemption / Issuance DateInterest RateMaturity
Amount
(In millions)
Description
Redemptions
FEUnsecured NotesMarch, 20252.050%2025$300FE redeemed unsecured notes that became due.