v3.26.1
FAIR VALUE MEASUREMENTS (Tables)
 6 Months Ended
Jun. 30, 2026
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 as of June 30, 2026, and December 31, 2025:
June 30, 2026December 31, 2025
FirstEnergyLevel 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Assets(In millions)
Derivative assets FTRs(1)
$— $— $38 $38 $— $— $21 $21 
Equity securities2 — — 2 2 — — 2 
Debt securities(2)
— 286 — 286 — 280 — 280 
Cash, cash equivalents and restricted cash(3)
191 — — 191 99 — — 99 
Other(4)
— 56 — 56 — 56 — 56 
Total assets$193 $342 $38 $573 $101 $336 $21 $458 
Liabilities
Derivative liabilities FTRs(1)
$— $— $(21)$(21)$— $— $(1)$(1)
Total liabilities$— $— $(21)$(21)$— $— $(1)$(1)
Net assets$193 $342 $17 $552 $101 $336 $20 $457 
(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 as further discussed below.
(3) Includes restricted cash of $128 million and $42 million as of June 30, 2026, and December 31, 2025, respectively, primarily related to cash of $41 million and $40 million, respectively, collected from MP, PE and the Ohio Companies’ customers that is specifically used to service debt of their respective funding companies, and $79 million related to ZECs at JCP&L as of June 30, 2026.
(4) Primarily consists of short-term investments, of which $13 million and $17 million as of June 30, 2026, and December 31, 2025, 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 June 30, 2026, and December 31, 2025:
June 30, 2026(1)
December 31, 2025(2)
Cost BasisUnrealized GainsUnrealized LossesFair ValueCost BasisUnrealized GainsUnrealized LossesFair Value
(In millions)
Debt securities$297 $1 $(12)$286 $290 $2 $(12)$280 
(1) Excludes short-term cash investments of $13 million as of June 30, 2026.
(2) Excludes short-term cash investments of $17 million as of December 31, 2025.
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 losses on those sales and interest and dividend income for the three and six months ended June 30, 2026, and 2025, were as follows for the Registrants. There were no realized gains on sales of AFS debt securities during these periods.
For the Three Months Ended June 30,For the Six Months Ended June 30,
2026202520262025
(In millions)
Sale proceeds$13 3 $33 $30 
Realized losses(1)(1)(3)(3)
Interest and dividend income3 3 6 6 
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 June 30, 2026, and December 31, 2025:
FirstEnergy June 30, 2026December 31, 2025
(In millions)
Carrying value$27,771 $26,390 
Fair value$26,887 $25,756 

JCP&LJune 30, 2026December 31, 2025
(In millions)
Carrying value$3,400 $3,050 
Fair value$3,358 $3,059 
Schedule of Long-term Debt Redemption and Issuance
FirstEnergy and JCP&L had the following redemptions and issuances during the six months ended June 30, 2026:

CompanyTypeRedemption / Issuance DateInterest RateMaturity
Amount
(In millions)
Description
Redemptions
FE PASenior UnsecuredMarch, 20265.15%2026$300Redeemed senior unsecured notes that became due.
ATSISenior UnsecuredApril, 20264.00%2026$75Redeemed senior unsecured notes that became due.
FESenior Unsecured Convertible NotesMay, 20264.00%2026$294Redeemed senior unsecured convertible notes that became due.
Issuances
FE PASenior UnsecuredMarch, 20264.15%2028$300
Proceeds were used to: (i) refinance existing indebtedness, including the repayment of FE PA's 5.15% senior notes due 2026, and short-term borrowings; (ii) to fund capital expenditures; (iii) to fund working capital; and (iv) to fund general corporate purposes.
FE PASenior UnsecuredMarch, 20264.55%2031$550
Proceeds were used to: (i) refinance existing indebtedness, including the repayment of FE PA's 5.15% senior notes due 2026, and short-term borrowings; (ii) to fund capital expenditures; (iii) to fund working capital; and (iv) to fund general corporate purposes.
MAITSenior UnsecuredApril, 20265.02%2036$250Proceeds were used to: (i) repay short-term borrowings; (ii) to finance capital expenditures; (iii) to fund working capital; and (iv) to fund other general corporate purposes.
ATSISenior UnsecuredApril, 20265.19%2033$175
Proceeds were used to: (i) repay short-term borrowings, including short-term borrowings incurred to repay at maturity $75 million aggregate principal amount of ATSI's 4.00% senior unsecured notes due 2026; (ii) to finance capital expenditures; (iii) to fund working capital; and (iv) to fund general corporate purposes.
JCP&LSenior UnsecuredMay, 20264.60%2030$350Proceeds were used to: (i) repay short-term borrowings; (ii) to finance capital expenditures; (iii) to fund working capital; and (iv) to fund general corporate purposes.
MPFMBMay, 20264.45%2029$300Proceeds were used to: (i) repay short-term borrowings; (ii) to finance capital expenditures; (iii) to fund working capital; and (iv) to fund general corporate purposes.