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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q
(Mark One)
     QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2024

OR

     TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ___________________ to ___________________
FE Logo.jpg
CommissionRegistrant; State of Incorporation;I.R.S. Employer
File NumberAddress; and Telephone NumberIdentification No.
 
333-21011FIRSTENERGY CORP.34-1843785
 (AnOhioCorporation) 
   76 South Main Street 
 AkronOH44308 
 Telephone(800)736-3402 
   
SECURITIES REGISTERED PURSUANT TO SECTION 12(b) OF THE ACT:
Title of Each Class Trading Symbol Name of Each Exchange on Which Registered
Common Stock, $0.10 par valueFENew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes
 
 No
 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Yes
 
 No
 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large Accelerated Filer
Accelerated Filer
Non-accelerated Filer
Smaller Reporting Company
Emerging Growth Company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes
 No
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date:
 OUTSTANDING
CLASSAs of March 31, 2024
Common Stock, $0.10 par value575,516,472
FirstEnergy Website and Other Social Media Sites and Applications

FirstEnergy’s Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, amendments to those reports, and all other documents filed with or furnished to the SEC pursuant to Section 13(a) of the Exchange Act are made available free of charge on or through the “Investors” page of FirstEnergy’s website at www.firstenergycorp.com. These documents are also available to the public from commercial document retrieval services and the website maintained by the SEC at www.sec.gov.

These SEC filings are posted on FirstEnergy’s website as soon as reasonably practicable after they are electronically filed with or furnished to the SEC. Additionally, FirstEnergy routinely posts additional important information, including press releases, investor presentations, investor factbooks, regulatory activity updates, and notices of upcoming events under the “Investors” section of FirstEnergy’s website and recognizes FirstEnergy’s website as a channel of distribution to reach public investors and as a means of disclosing (including initially or exclusively) material non-public information for complying with disclosure obligations under Regulation FD. Investors may be notified of postings to the website by signing up for email alerts and Rich Site Summary feeds on the “Investors” page of FirstEnergy’s website. FirstEnergy also uses X (the social networking site formerly known as Twitter®), LinkedIn®, YouTube® and Facebook® as additional channels of distribution to reach public investors and as a supplemental means of disclosing material non-public information for complying with its disclosure obligations under Regulation FD. Information contained on FirstEnergy’s website, X (the social networking site formerly known as Twitter®) handle, LinkedIn® profile, YouTube® channel or Facebook® page, and any corresponding applications of those sites, shall not be deemed incorporated into, or to be part of, this report.



Forward-Looking Statements: This Form 10-Q includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 based on information currently available to management. Such statements are subject to certain risks and uncertainties and readers are cautioned not to place undue reliance on these forward-looking statements. These statements include declarations regarding management's intents, beliefs and current expectations. These statements typically contain, but are not limited to, the terms “anticipate,” “potential,” “expect,” "forecast," "target," "will," "intend," “believe,” "project," “estimate," "plan" and similar words. Forward-looking statements involve estimates, assumptions, known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements, which may include the following (see Glossary of Terms for definitions of capitalized terms):

The potential liabilities, increased costs and unanticipated developments resulting from government investigations and agreements, including those associated with compliance with or failure to comply with the DPA.
The risks and uncertainties associated with government investigations and audits regarding HB 6 and related matters, including potential adverse impacts on federal or state regulatory matters, including, but not limited to, matters relating to rates.
The risks and uncertainties associated with litigation, arbitration, mediation and similar proceedings, particularly regarding HB 6 related matters, including risks associated with obtaining dismissal of the derivative shareholder lawsuits.
Changes in national and regional economic conditions, including recession, volatile interest rates, inflationary pressure, supply chain disruptions, higher fuel costs, and workforce impacts, affecting us and/or our customers and those vendors with which we do business.
Variations in weather, such as mild seasonal weather variations and severe weather conditions (including events caused, or exacerbated, by climate change, such as wildfires, hurricanes, flooding, droughts, high wind events and extreme heat events) and other natural disasters affecting future operating results and associated regulatory actions or outcomes in response to such conditions.
Legislative and regulatory developments, including, but not limited to, matters related to rates, compliance and enforcement activity, cyber security, and climate change.
The risks associated with physical attacks, such as acts of war, terrorism, sabotage or other acts of violence, and cyber-attacks and other disruptions to our, or our vendors’, information technology system, which may compromise our operations, and data security breaches of sensitive data, intellectual property and proprietary or personally identifiable information.
The ability to meet our goals relating to EESG opportunities, improvements, and efficiencies, including our GHG reduction goals.
The ability to accomplish or realize anticipated benefits through establishing a culture of continuous improvement and our other strategic and financial goals, including, but not limited to, overcoming current uncertainties and challenges associated with the ongoing government investigations, executing Energize365, our transmission and distribution investment plan, executing on our rate filing strategy, controlling costs, improving credit metrics, maintaining investment grade ratings, and growing earnings.
Changing market conditions affecting the measurement of certain liabilities and the value of assets held in our pension trusts may negatively impact our forecasted growth rate, results of operations, and may also cause us to make contributions to our pension sooner or in amounts that are larger than currently anticipated.
Mitigating exposure for remedial activities associated with retired and formerly owned electric generation assets.
Changes to environmental laws and regulations, including, but not limited to, those related to climate change.
Changes in customers’ demand for power, including, but not limited to, economic conditions, the impact of climate change, emerging technology, particularly with respect to electrification, energy storage and distributed sources of generation.
The ability to access the public securities and other capital and credit markets in accordance with our financial plans, the cost of such capital and overall condition of the capital and credit markets affecting us, including the increasing number of financial institutions evaluating the impact of climate change on their investment decisions.
Future actions taken by credit rating agencies that could negatively affect either our access to or terms of financing or our financial condition and liquidity.
Changes in assumptions regarding factors such as economic conditions within our territories, the reliability of our transmission and distribution system, or the availability of capital or other resources supporting identified transmission and distribution investment opportunities.
The potential of non-compliance with debt covenants in our credit facilities.
The ability to comply with applicable reliability standards and energy efficiency and peak demand reduction mandates.
Human capital management challenges, including among other things, attracting and retaining appropriately trained and qualified employees and labor disruptions by our unionized workforce.
Changes to significant accounting policies.
Any changes in tax laws or regulations, including, but not limited to, the IRA of 2022, or adverse tax audit results or rulings.
The risks and other factors discussed from time to time in our SEC filings.

Dividends declared from time to time on our common stock during any period may in the aggregate vary from prior periods due to circumstances considered by the FE Board at the time of the actual declarations. A security rating is not a recommendation to buy or hold securities and is subject to revision or withdrawal at any time by the assigning rating agency. Each rating should be evaluated independently of any other rating.




Forward-looking and other statements in this Quarterly Report on Form 10-Q regarding our Climate Strategy, including our GHG emission reduction goals, are not an indication that these statements are necessarily material to investors or required to be disclosed in our filings with the SEC. In addition, historical, current and forward-looking statements regarding climate matters, including GHG emissions, may be based on standards for measuring progress that are still developing, internal controls and processes that continue to evolve and assumptions that are subject to change in the future.




TABLE OF CONTENTS
 Page
Part I. Financial Information 
 
 
Consolidated Statements of Equity
 
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
i


GLOSSARY OF TERMS
The following abbreviations and acronyms are used in this report to identify FirstEnergy Corp. and its current and former subsidiaries:
AE SupplyAllegheny Energy Supply Company, LLC, an unregulated generation subsidiary of FE
AGCAllegheny Generating Company, a generation subsidiary of MP
ATSIAmerican Transmission Systems, Incorporated, a transmission subsidiary of FET
CEIThe Cleveland Electric Illuminating Company, an Ohio electric utility subsidiary of FE
FEFirstEnergy Corp., a public utility holding company
FENOCEnergy Harbor Nuclear Corp. (formerly known as FirstEnergy Nuclear Operating Company), a subsidiary of EH, which operates EH’s nuclear generating facilities
FE PAFirstEnergy Pennsylvania Electric Company, a Pennsylvania electric utility subsidiary of FirstEnergy Pennsylvania Holding Company LLC, a wholly owned subsidiary of FE
FESEnergy Harbor LLC (formerly known as FirstEnergy Solutions Corp.), a subsidiary of EH, which provides energy-related products and services
FESCFirstEnergy Service Company, which provides legal, financial, and other corporate support services
FETFirstEnergy Transmission, LLC a consolidated VIE of FE, and the parent company of ATSI, MAIT and TrAIL, and having a joint venture in PATH
FEVFirstEnergy Ventures Corp., which invests in certain unregulated enterprises and business ventures
FirstEnergyFirstEnergy Corp., together with its consolidated subsidiaries
Global HoldingGlobal Mining Holding Company, LLC, a joint venture between FEV, WMB Marketing Ventures, LLC and Pinesdale LLC
JCP&LJersey Central Power & Light Company, a New Jersey electric utility subsidiary of FE
KATCoKeystone Appalachian Transmission Company, a transmission subsidiary of FE
MAITMid-Atlantic Interstate Transmission, LLC, a transmission subsidiary of FET
MEMetropolitan Edison Company, a former Pennsylvania electric utility subsidiary of FE, which merged with and into FE PA on January 1, 2024
MPMonongahela Power Company, a West Virginia electric utility subsidiary of FE
OEOhio Edison Company, an Ohio electric utility subsidiary of FE
Ohio CompaniesCEI, OE and TE
PATHPotomac-Appalachian Transmission Highline, LLC, a joint venture between FE and a subsidiary of AEP
PATH-AlleghenyPATH Allegheny Transmission Company, LLC
PATH-WVPATH West Virginia Transmission Company, LLC
PEThe Potomac Edison Company, a Maryland and West Virginia electric utility subsidiary of FE
PennPennsylvania Power Company, a former Pennsylvania electric utility subsidiary of OE, which merged with and into FE PA on January 1, 2024
Pennsylvania CompaniesME, PN, Penn and WP, each of which merged with and into FE PA on January 1, 2024
PNPennsylvania Electric Company, a former Pennsylvania electric utility subsidiary of FE, which merged with and into FE PA on January 1, 2024
Signal PeakSignal Peak Energy, LLC, an indirect subsidiary of Global Holding that owns mining operations near Roundup, Montana
TEThe Toledo Edison Company, an Ohio electric utility subsidiary of FE
TrAILTrans-Allegheny Interstate Line Company, a transmission subsidiary of FET
Transmission CompaniesATSI, KATCo, MAIT and TrAIL
UtilitiesOE, CEI, TE, FE PA, JCP&L, MP, and PE
WPWest Penn Power Company, a former Pennsylvania electric utility subsidiary of FE, which merged with and into FE PA on January 1, 2024







ii


The following abbreviations and acronyms may be used to identify frequently used terms in this report:
2021 Credit FacilitiesCollectively, the six separate senior unsecured five-year syndicated revolving credit facilities entered into by FE, the Utilities and the Transmission Companies, on October 18, 2021, as amended through October 20, 2023
2023 Credit FacilitiesCollectively, the FET Revolving Facility and KATCo Revolving Facility
2026 Convertible NotesFE’s 4.00% convertible senior notes, due 2026
A&R FET LLC AgreementFourth Amended and Restated Limited Liability Company Agreement of FET
ACEAffordable Clean Energy
AEPAmerican Electric Power Company, Inc.
AFSAvailable-for-sale
AFSIAdjusted Financial Statement Income
AFUDCAllowance for Funds Used During Construction
AMIAdvanced Metering Infrastructure
AMTAlternative Minimum Tax
AOCIAccumulated Other Comprehensive Income (Loss)
ASCAccounting Standards Codification
ASUAccounting Standards Update
BGSBasic Generation Service
BrookfieldNorth American Transmission Company II L.P., a controlled investment vehicle entity of Brookfield Infrastructure Partners
Brookfield GuarantorsBrookfield Super-Core Infrastructure Partners L.P., Brookfield Super-Core Infrastructure Partners (NUS) L.P., and Brookfield Super-Core Infrastructure Partners (ER) SCSp
CAAClean Air Act
CCRCoal Combustion Residual
CERCLAComprehensive Environmental Response, Compensation, and Liability Act of 1980
CFIUSCommittee on Foreign Investments in the United States
CFRCode of Federal Regulations
CO2
Carbon Dioxide
COVID-19Coronavirus disease
CPPEPA's Clean Power Plan
CSAPRCross-State Air Pollution Rule
D.C. CircuitUnited States Court of Appeals for the District of Columbia Circuit
DCRDelivery Capital Recovery
DMRDistribution Modernization Rider
DPADeferred Prosecution Agreement entered into on July 21, 2021 between FE and the U.S. Attorney’s Office for the S.D. Ohio
DSICDistribution System Improvement Charge
EDCElectric Distribution Company
EDISElectric Distribution Investment Surcharge
EE&CEnergy Efficiency and Conservation
EESGEmployee, Environmental, Social, and Corporate Governance
EGSElectric Generation Supplier
EGUElectric Generation Unit
EHEnergy Harbor Corp.
ELGEffluent Limitation Guideline
EmPOWER MarylandEmPOWER Maryland Energy Efficiency Act
ENECExpanded Net Energy Cost
Energize365FirstEnergy's Transmission and Distribution Infrastructure Investment Program
EnergizeNJJCP&L's second Infrastructure Investment Program
EPAUnited States Environmental Protection Agency
EPSEarnings Per Share
iii


ESP IVElectric Security Plan IV
ESP VElectric Security Plan V
Exchange Act
Securities and Exchange Act of 1934, as amended
FASBFinancial Accounting Standards Board
FE BoardFE Board of Directors
FE Revolving FacilityFE and the Utilities’ former five-year syndicated revolving credit facility, as amended, and replaced by the 2021 Credit Facilities on October 18, 2021
FERCFederal Energy Regulatory Commission
FET BoardFET Board of Directors
FET Equity Interest SaleSale of an additional 30% equity interest in FET that closed on March 25, 2024, such that Brookfield’s interest in FET increased from 19.9% to 49.9%
FET P&SA I
Purchase and Sale Agreement entered into on November 6, 2021, by and between FE, FET, Brookfield and the Brookfield Guarantors
FET P&SA II
Purchase and Sale Agreement entered into on February 2, 2023, by and between FE, FET, Brookfield, and the Brookfield Guarantors
FET Revolving FacilityFET’s five-year syndicated revolving credit facility, dated as of October 20, 2023
FIPFederal Implementation Plan(s) under the CAA
FitchFitch Ratings Service
FMBFirst Mortgage Bond
FTRFinancial Transmission Right
GAAPGenerally Accepted Accounting Principles in the United States of America
GHGGreenhouse Gas
HB 6House Bill 6, as passed by Ohio's 133rd General Assembly
IRA of 2022Inflation Reduction Act of 2022
IRSInternal Revenue Service
KATCo Revolving FacilityKATCo’s four-year syndicated revolving credit facility, dated as of October 20, 2023
LOCLetter of Credit
LTIIPLong-Term Infrastructure Improvement Plan
MDPSCMaryland Public Service Commission
MGPManufactured Gas Plants
Moody’sMoody’s Investors Service, Inc.
MWMegawatt
MWhMegawatt-hour
NCINoncontrolling Interest
N.D. OhioFederal District Court, Northern District of Ohio
NERCNorth American Electric Reliability Corporation
NJBPUNew Jersey Board of Public Utilities
NOLNet Operating Loss
NOxNitrogen Oxide
NYPSCNew York State Public Service Commission
OAGOhio Attorney General
OCCOhio Consumers' Counsel
ODSAOhio Development Service Agency
Ohio StipulationStipulation and Recommendation, dated November 1, 2021, entered into by and among the Ohio Companies, the OCC, PUCO Staff, and several other signatories
OOCIC Ohio Organized Crime Investigations Commission, which is composed of members of the Ohio law enforcement community and is chaired by the OAG
OPEBOther Post-Employment Benefits
OPICOther Paid-In Capital
OVECOhio Valley Electric Corporation
PA ConsolidationConsolidation of the Pennsylvania Companies, effective January 1, 2024
PEERFirstEnergy’s Program for Enhanced Employee Retirement
iv


PJMPJM Interconnection, LLC, an RTO
PJM TariffPJM Open Access Transmission Tariff
PPAPurchase Power Agreement
PPUCPennsylvania Public Utility Commission
PUCOPublic Utilities Commission of Ohio
Regulation FDRegulation Fair Disclosure promulgated by the SEC
RFC
ReliabilityFirst Corporation
ROEReturn on Equity
RTORegional Transmission Organization
S.D. OhioFederal District Court, Southern District of Ohio
SECUnited States Securities and Exchange Commission
SEETSignificantly Excessive Earnings Test
SIPState Implementation Plan(s) under the CAA
SLCSpecial Litigation Committee of the FE Board
SO2
Sulfur Dioxide
SOFRSecured Overnight Financing Rate
SOSStandard Offer Service
SPESpecial Purpose Entity
S&PStandard & Poor’s Ratings Service
Tax ActTax Cuts and Jobs Act adopted December 22, 2017
VIEVariable Interest Entity
VSCCVirginia State Corporation Commission
WVPSCPublic Service Commission of West Virginia
v


PART I. FINANCIAL INFORMATION

ITEM I.         Financial Statements


FIRSTENERGY CORP.
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
For the Three Months Ended March 31,
(In millions, except per share amounts)20242023
REVENUES:
Distribution services and retail generation $2,695 $2,680 
Transmission515 460 
Other77 91 
Total revenues(1)
3,287 3,231 
OPERATING EXPENSES:
Fuel105 133 
Purchased power1,036 1,124 
Other operating expenses1,006 846 
Provision for depreciation381 361 
Deferral of regulatory assets, net(164)(80)
General taxes311 296 
Total operating expenses2,675 2,680 
OPERATING INCOME612 551 
OTHER INCOME (EXPENSE):
Equity method investment earnings (Note 1)
21 56 
Miscellaneous income, net44 35 
Interest expense(305)(263)
Capitalized financing costs30 21 
Total other expense(210)(151)
INCOME BEFORE INCOME TAXES402 400 
INCOME TAXES135 90 
NET INCOME $267 $310 
Income attributable to noncontrolling interest14 18 
EARNINGS ATTRIBUTABLE TO FIRSTENERGY CORP.$253 $292 
EARNINGS PER SHARE ATTRIBUTABLE TO FIRSTENERGY CORP. (Note 3):
Basic$0.44 $0.51 
Diluted$0.44 $0.51 
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING:
Basic574 572 
Diluted576 573 
(1) Includes excise and gross receipts tax collections of $115 million and $109 million during the three months ended March 31, 2024 and 2023, respectively.














The accompanying Notes to Consolidated Financial Statements are an integral part of these financial statements.

1


FIRSTENERGY CORP.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)

For the Three Months Ended March 31,
(In millions)20242023
NET INCOME$267 $310 
OTHER COMPREHENSIVE LOSS:
Pension and OPEB prior service costs (2)
Other comprehensive loss (2)
Income tax benefits on other comprehensive loss (1)
Other comprehensive loss, net of tax (1)
COMPREHENSIVE INCOME$267 $309 
 Income attributable to noncontrolling interest14 18 
COMPREHENSIVE INCOME ATTRIBUTABLE TO FIRSTENERGY CORP.$253 $291 







































The accompanying Notes to Consolidated Financial Statements are an integral part of these financial statements.

2


FIRSTENERGY CORP.
CONSOLIDATED BALANCE SHEETS
(Unaudited)
(In millions, except share amounts)March 31,
2024
December 31,
2023
ASSETS  
CURRENT ASSETS:  
Cash and cash equivalents$888 $137 
Restricted cash27 42 
Receivables- 
Customers1,418 1,382 
Less — Allowance for uncollectible customer receivables53 64 
1,365 1,318 
Other, net of allowance for uncollectible accounts of $14 in 2024 and $15 in 2023
304 266 
Note receivable - Brookfield due 2024 (Note 1)450  
Materials and supplies, at average cost538 512 
Prepaid taxes and other491 293 
 4,063 2,568 
PROPERTY, PLANT AND EQUIPMENT:  
In service50,634 50,107 
Less — Accumulated provision for depreciation13,991 13,811 
 36,643 36,296 
Construction work in progress2,161 2,116 
 38,804 38,412 
INVESTMENTS AND OTHER NONCURRENT ASSETS:  
Goodwill5,618 5,618 
Investments (Note 6)
688 663 
Regulatory assets333 369 
Other1,043 1,137 
Note receivable - Brookfield due 2025 (Note 1)750  
 8,432 7,787 
TOTAL ASSETS $51,299 $48,767 
LIABILITIES AND EQUITY  
CURRENT LIABILITIES:  
Currently payable long-term debt$2,613 $1,250 
Short-term borrowings250 775 
Accounts payable1,383 1,362 
Accrued interest305 292 
Accrued taxes823 700 
Accrued compensation and benefits199 304 
Customer deposits228 227 
Dividends payable245 235 
Other227 241 
 6,273 5,386 
NONCURRENT LIABILITIES:  
Long-term debt and other long-term obligations21,652 22,885 
Accumulated deferred income taxes5,288 4,530 
Retirement benefits1,663 1,663 
Regulatory liabilities964 1,214 
Other1,846 2,173 
 31,413 32,465 
TOTAL LIABILITIES37,686 37,851 
EQUITY:
Common stockholders’ equity-
Common stock, $0.10 par value, authorized 700,000,000 shares - 575,516,472 and 574,335,396 shares outstanding as of March 31, 2024 and December 31, 2023, respectively.
57 57 
Other paid-in capital12,357 10,494 
Accumulated other comprehensive loss(17)(17)
Accumulated deficit (97)
Total common stockholders’ equity12,397 10,437 
Noncontrolling interest1,216 479 
TOTAL EQUITY13,613 10,916 
COMMITMENTS, GUARANTEES AND CONTINGENCIES (Note 9)
TOTAL LIABILITIES AND EQUITY$51,299 $48,767 


The accompanying Notes to Consolidated Financial Statements are an integral part of these financial statements.

3


FIRSTENERGY CORP.
CONSOLIDATED STATEMENTS OF EQUITY
(Unaudited)

Three Months Ended March 31, 2024
Common stock
OPICAOCIAccumulated deficitTotal Common Stockholders’ EquityNCITotal Equity
(In millions)SharesAmount
Balance, January 1, 2024574 $57 $10,494 $(17)$(97)$10,437 $479 $10,916 
Net income— — — — 253 253 14 267 
Stock investment plan and share-based benefit plans2 — 9 — — 9 — 9 
Cash dividends declared on common stock ($0.425 per share in March)
— — (88)— (156)(244)— (244)
FET Equity Interest Sale (Note 1)— — 1,942 — — 1,942 731 2,673 
Noncontrolling interest distributions declared— — — — — — (8)(8)
Balance, March 31, 2024576 $57 $12,357 $(17)$ $12,397 $1,216 $13,613 


Three Months Ended March 31, 2023
Common stockOPICAOCIAccumulated deficitTotal Common Stockholders’ EquityNCITotal Equity
(In millions)SharesAmount
Balance, January 1, 2023572 $57 $11,322 $(14)$(1,199)$10,166 $477 $10,643 
Net income— — — — 292 292 18 310 
Other comprehensive loss, net of tax— — — (1)— (1)— (1)
Stock investment plan and share-based benefit plans1 — 19 — — 19 — 19 
Cash dividends declared on common stock ($0.39 per share in March)
— — (223)— — (223)— (223)
Noncontrolling interest distributions declared— — — — — — (17)(17)
Balance, March 31, 2023573 $57 $11,118 $(15)$(907)$10,253 $478 $10,731 



















The accompanying Notes to Consolidated Financial Statements are an integral part of these financial statements.

4


FIRSTENERGY CORP.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
For the Three Months Ended March 31,
(In millions)20242023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $267 $310 
Adjustments to reconcile net income to net cash from operating activities-
Depreciation, amortization and impairments276 287 
Deferred income taxes and investment tax credits, net112 32 
Employee benefit costs, net(17)(2)
Transmission revenue collections, net48 (10)
Changes in current assets and liabilities-
Receivables(85)55 
Materials and supplies(26)(36)
Prepaid taxes and other current assets(172)(118)
Accounts payable(1)(265)
Accrued taxes(176)(103)
Accrued interest13 9 
Accrued compensation and benefits(178)(121)
Other current liabilities(18)8 
Collateral, net(25)(144)
Employee benefit plan funding and related payments(20)(18)
Other(38)4 
Net cash used for operating activities(40)(112)
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital investments(790)(649)
Sales of investment securities held in trusts13 1 
Purchases of investment securities held in trusts(16)(4)
Asset removal costs(78)(60)
Other1 (4)
Net cash used for investing activities(870)(716)
CASH FLOWS FROM FINANCING ACTIVITIES:
New financing-
Long-term debt150 950 
Short-term borrowings, net 450 
Redemptions and repayments-
Long-term debt(23)(321)
Short-term borrowings, net(525) 
Proceeds from FET Equity Interest Sale (Note 1)2,300  
Noncontrolling interest cash distributions(8)(17)
Common stock dividend payments(235)(223)
Other(13)(11)
Net cash provided from financing activities1,646 828 
Net change in cash, cash equivalents, and restricted cash736  
Cash, cash equivalents, and restricted cash at beginning of period179 206 
Cash, cash equivalents, and restricted cash at end of period$915 $206 
SUPPLEMENTAL CASH FLOW INFORMATION:
Significant non-cash transactions:
Accrued capital investments$224 $155 








The accompanying Notes to Consolidated Financial Statements are an integral part of these financial statements.

5


FIRSTENERGY CORP.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

6


NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

1. ORGANIZATION AND BASIS OF PRESENTATION

Unless otherwise indicated, defined terms and abbreviations used herein have the meanings set forth in the accompanying Glossary of Terms.

FE was incorporated under Ohio law in 1996. FE’s principal business is the holding, directly or indirectly, of all of the outstanding equity of its principal subsidiaries as of March 31, 2024: OE, CEI, TE, FE PA, JCP&L, FESC, MP, AGC (a wholly owned subsidiary of MP), PE and KATCo. Additionally, FET is a consolidated VIE of FE, and is the parent company of ATSI, MAIT, PATH and TrAIL. In addition, FE holds all of the outstanding equity of other direct subsidiaries including FEV, which currently holds a 33-1/3% equity ownership in Global Holding, the holding company for a joint venture in the Signal Peak mining and coal transportation operations.

On January 1, 2024, FirstEnergy consolidated the Pennsylvania Companies into FE PA, including OE subsidiary, Penn, making FE PA a new, single operating entity and the successor-in-interest to all assets and liabilities of the Pennsylvania Companies. FE PA, as of January 1, 2024, is FE’s only regulated distribution utility in Pennsylvania encompassing the operations previously conducted individually by the Pennsylvania Companies and FE PA serves an area with a population of approximately 4.5 million and operates under the rate districts of the former Pennsylvania Companies. FirstEnergy is also evaluating the legal, financial, operational and branding benefits of consolidating the Ohio Companies into a single Ohio utility company.

Also on January 1, 2024, WP transferred certain of its Pennsylvania-based transmission assets to KATCo, and PN and ME contributed their respective Class B equity interests of MAIT to FE, which were ultimately contributed to FET in exchange for a special purpose membership interest in FET. So long as FE holds the FET special purpose membership interests, it will receive 100% of any Class B distributions made by MAIT.

FESC provides legal, financial and other corporate support services at cost, in accordance with its cost allocation manual, to affiliated FirstEnergy companies. FE does not bill directly or allocate any of its costs to any subsidiary company. Costs are charged to FE's subsidiaries for services received from FESC either through direct billing or through an allocation process. Allocated costs are for services that are provided on behalf of more than one company and are allocated using formulas developed by FESC. Intercompany transactions are generally settled under commercial terms within thirty days.

FE and its subsidiaries are principally involved in the transmission, distribution and generation of electricity. FirstEnergy’s utility operating companies comprise one of the nation’s largest investor-owned electric systems, serving over 6 million customers in the Midwest and Mid-Atlantic regions. FirstEnergy’s transmission operations include more than 24,000 miles of lines and two regional transmission operation centers. AGC and MP control 3,599 MWs net maximum capacity.
These interim financial statements have been prepared pursuant to the rules and regulations of the SEC for Quarterly Reports on Form 10-Q. Certain information and disclosures normally included in financial statements and notes prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. These interim financial statements should be read in conjunction with the financial statements and notes included in the Annual Report on Form 10-K for the year ended December 31, 2023.

FE and its subsidiaries follow GAAP and comply with the related regulations, orders, policies and practices prescribed by the SEC, FERC, and, as applicable, the PUCO, the PPUC, the MDPSC, the NYPSC, the WVPSC, the VSCC and the NJBPU. The accompanying interim financial statements are unaudited, but reflect all adjustments, consisting of normal recurring adjustments, that, in the opinion of management, are necessary for a fair statement of the financial statements. The preparation of financial statements in conformity with GAAP requires management to make periodic estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and disclosure of contingent assets and liabilities. Actual results could differ from these estimates. The reported results of operations are not necessarily indicative of results of operations for any future period. FE and its subsidiaries have evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued.

FE and its subsidiaries consolidate all majority-owned subsidiaries over which they exercise control and, when applicable, entities for which they have a controlling financial interest. Intercompany transactions and balances are eliminated in consolidation as appropriate and permitted pursuant to GAAP. FE and its subsidiaries consolidate a variable interest entity when it is determined that it is the primary beneficiary. Investments in affiliates over which FE and its subsidiaries have the ability to exercise significant influence, but do not have a controlling financial interest, follow the equity method of accounting. Under the equity method, the interest in the entity is reported as an investment in the Consolidated Balance Sheets and the percentage of FE’s ownership share of the entity’s earnings is reported in the Consolidated Statements of Income and Comprehensive Income.

Certain prior year amounts have been reclassified to conform to the current year presentation. During the first quarter of 2024, FirstEnergy’s segment reporting structure was modified to increase transparency for leadership and investors, simplify the presentation to corresponding legal entities, and align FirstEnergy’s earnings, cash flows and balance sheets at the business unit level. The modification to the segments resulted in a reallocation of goodwill between the segments based on the relative fair

7


value of the reporting units, as described further below. Disclosures for FirstEnergy's reportable operating segments for 2023 have been reclassified to conform to the current presentation reflecting the new reportable segments. In addition, on January 1, 2024, WP transferred certain of its Pennsylvania-based transmission assets to KATCo and for comparability, prior year results in the Stand-Alone Transmission segment reflect the earnings and results of those WP transmission assets.

Economic Conditions

Post-pandemic economic conditions have increased supply chain lead times across numerous material categories, with some as much as tripling from pre-pandemic lead times. Several key suppliers have struggled with labor shortages and raw material availability, which along with inflationary pressure that appears to be moderating, have increased costs and decreased the availability of certain materials, equipment and contractors. FirstEnergy has taken steps to mitigate these risks and does not currently expect service disruptions or any material impact on its capital spending plan. However, the situation remains fluid and a prolonged continuation or further increase in supply chain disruptions could have an adverse effect on FirstEnergy’s results of operations, cash flow and financial condition.

FET Noncontrolling Interest

FirstEnergy presents Brookfield’s ownership portion of FET’s net income and net assets as NCI. NCI is included as a component of equity on FirstEnergy’s Consolidated Balance Sheets.
On May 31, 2022, Brookfield acquired 19.9% of the issued and outstanding membership interests of FET. On February 2, 2023, FE, along with FET, entered into the FET P&SA II with Brookfield and the Brookfield Guarantors, pursuant to which FE agreed to sell to Brookfield at the closing, and Brookfield agreed to purchase from FE, an incremental 30% equity interest in FET for a purchase price of $3.5 billion. The FET Equity Interest Sale closed on March 25, 2024 and FET continues to be consolidated in FirstEnergy’s financial statements. The purchase price was paid in part by the issuance of two promissory notes at closing having an aggregate principal amount of $1.2 billion with: (i) one promissory note having an aggregate principal amount of $750 million, at an interest rate of 5.75% per annum, with a maturity date of September 25, 2025 and (ii) one promissory note having an aggregate principal amount of $450 million, at an interest rate of 7.75% per annum, with a maturity date of December 31, 2024. Both notes are expected to be repaid in 2024. The remaining $2.3 billion of the purchase price was paid in cash at closing. Brookfield Corporation has guaranteed the full amount of the promissory notes. As a result of the consummation of the transaction, Brookfield’s interest in FET increased from 19.9% to 49.9%, while FE retained the remaining 50.1% ownership interests of FET. The difference between the purchase price, net of transaction costs and deferred taxes of approximately $30 million and $797 million, respectively, and the carrying value of the NCI of $731 million, was recorded as an increase to OPIC by $1,942 million during the first quarter of 2024.

Pursuant to the terms of the FET P&SA II, in connection with the closing, Brookfield, FET and FE entered into the A&R FET LLC Agreement, which amended and restated in its entirety the Third Amended and Restate Limited Liability Company Agreement of FET. The A&R FET LLC Agreement, among other things, provides for the governance, exit, capital and distribution, and other arrangements for FET from and following the closing. Under the A&R FET LLC Agreement, as of the closing, the FET Board consists of five directors, two of whom are appointed by Brookfield and three of whom are appointed by FE.
Capitalized Financing Costs

For the three months ended March 31, 2024 and 2023, capitalized financing costs on FirstEnergy’s Consolidated Statements of Income include $13 million and $8 million, respectively, of allowance for equity funds used during construction and $17 million and $13 million, respectively, of capitalized interest.
Equity Method Investments

Investments over which FE and its subsidiaries have the ability to exercise significant influence, but do not have a controlling financial interest, follow the equity method of accounting. Under the equity method, the interest in the entity is reported as an Investment on the Consolidated Balance Sheets. The percentage of FE's ownership share of the entity’s earnings is reported in the Consolidated Statements of Income and Comprehensive Income and reflected in “Other Income (Expense)”.
Equity method investments included within "Investments" on the Consolidated Balance Sheets were approximately $126 million and $104 million as of March 31, 2024 and December 31, 2023, respectively.
Global Holding - FEV currently holds a 33-1/3% equity ownership in Global Holding, the holding company for a joint venture in the Signal Peak mining and coal transportation operations with coal sales primarily focused on international markets. FEV is not the primary beneficiary of the joint venture, as it does not have control over the significant activities affecting the joint venture’s economic performance. FEV's ownership interest is subject to the equity method of accounting. For the three months ended March 31, 2024 and 2023, pre-tax income related to FEV’s ownership in Global Holding was $21 million and $54 million, respectively. FEV’s pre-tax equity earnings and investment in Global Holding are included in Corporate/Other for segment reporting.

8


As of March 31, 2024, and December 31, 2023, the carrying value of the equity method investment was $87 million and $66 million, respectively. During the three months ended March 31, 2023, FEV received cash dividends from Global Holding of $60 million, which were classified with “Cash from Operating Activities” on the Consolidated Statements of Cash Flows.
PATH WV - PATH, a proposed transmission line from West Virginia through Virginia into Maryland, which PJM cancelled in 2012, is a series limited liability company that is comprised of multiple series, each of which has separate rights, powers and duties regarding specified property and the series profits and losses associated with such property. A subsidiary of FE owns 100% of the Allegheny Series (PATH-Allegheny) and 50% of the West Virginia Series (PATH-WV), which is a joint venture with a subsidiary of AEP. FirstEnergy is not the primary beneficiary of PATH-WV, as it does not have control over the significant activities affecting the economics of PATH-WV. FirstEnergy's ownership interest in PATH-WV is subject to the equity method of accounting. As of March 31, 2024 and December 31, 2023, the carrying value of the equity method investment was $17 million.

Goodwill
In accordance with GAAP, the modification to the segments in the first quarter of 2024 resulted in a transfer of goodwill between the segments based on the relative fair value of the reporting units, and as such, the segment goodwill balances do not necessarily represent the goodwill balances of the specific legal entities within the segments. The external segment reporting is consistent with the internal financial reports used by FirstEnergy's Chief Executive Officer (its chief operating decision maker) to regularly assess performance of the business and allocate resources.

The fair values of the reporting units were calculated using a discounted cash flow analysis. Key assumptions incorporated in the discounted cash flow analysis included discount rates, growth rates, projected operating income, changes in working capital, projected capital expenditures, and terminal multiples. The discounted cash flow analysis was also utilized to complete an impairment assessment before and after the segment change, with no impairment of goodwill indicated.

FirstEnergy's reporting units are consistent with its reportable segments and consist of Distribution, Integrated and Stand-Alone Transmission. The following table presents goodwill by reporting unit as of March 31, 2024:
(In millions)Distribution SegmentIntegrated SegmentStand-Alone Transmission SegmentFirstEnergy Consolidated
Goodwill$3,222 $1,953 $443 $5,618 
New Accounting Pronouncements

Recently Issued Pronouncements - FirstEnergy is currently assessing the impact of new authoritative accounting guidance issued by the FASB that has not yet been adopted and the impact it will have on its financial statements and disclosures, as well as the potential to early adopt where applicable. The current expectation is that such new standards will not significantly impact FirstEnergy's financial reporting.

Recently Adopted Pronouncements - ASU 2022-03, "Fair Value Measurements of Equity Securities Subject to Contractual Sale Restrictions " (Issued in June 2022): ASU 2022-03 clarifies current guidance in Topic 820, Fair Value Measurement, when measuring the fair value of an equity security subject to contractual restrictions that prohibit the sale of an equity security, and introduces new disclosure requirements for those equity securities subject to contractual restrictions. FirstEnergy adopted ASU 2022-03 on January 1, 2024 with no material impact to its financial statements.



9


2. REVENUE

The following represents a disaggregation of revenue from contracts with customers for the three months ended March 31, 2024 and 2023:
Three Months Ended March 31,
(In millions)20242023
 Distribution
Retail generation and distribution services
Residential $1,184 $1,171 
Commercial 374 377 
Industrial 146 212 
Other 20 17 
Wholesale 1 2
Other revenue from contracts with customers21 19
Total revenues from contracts with customers1,746 1,798 
Other revenue unrelated to contracts with customers21 19
Total Distribution$1,767 $1,817 
Integrated
Retail generation and distribution services
Residential$574 $506 
Commercial252 256 
Industrial138 135 
Other7 6 
Wholesale30 45
Transmission 81 64
Other revenue from contracts with customers5 6 
Total revenues from contracts with customers1,087 1,018 
Other revenue unrelated to contracts with customers8 10
Total Integrated $1,095 $1,028 
Stand-Alone Transmission
ATSI $243 $226 
TrAIL 67 66 
MAIT 104 89 
KATCo20 15 
Total revenues from contracts with customers434 396 
Other revenue unrelated to contracts with customers4 4 
Total Stand-Alone Transmission $438 $400 
Corporate/Other and Reconciling Adjustments(1)
Wholesale$3 $2 
Other revenue unrelated to contracts with customers(1)
(16)(16)
Total Corporate/Other and Reconciling $(13)$(14)
FirstEnergy Total Revenues $3,287 $3,231 
(1) Includes eliminations and reconciling adjustments of inter-segment revenues.



10


Customer Receivables

Receivables from contracts with customers include distribution services and retail generation sales to residential, commercial and industrial customers of the Utilities. Billed and unbilled customer receivables as of March 31, 2024, and December 31, 2023, are included below:
Customer ReceivablesMarch 31, 2024December 31, 2023
 (In millions)
Billed$833 $717 
Unbilled585 665 
1,418 1,382 
Less: Uncollectible Reserve 53 64 
Total Customer Receivables $1,365 $1,318 
The allowance for uncollectible customer receivables is based on historical loss information comprised of a rolling 36-month average net write-off percentage of revenues, in conjunction with a qualitative assessment of elements that impact the collectability of receivables to determine if allowances for uncollectible customer receivables should be further adjusted in accordance with the accounting guidance for credit losses.

FirstEnergy reviews its allowance for uncollectible customer receivables utilizing a quantitative and qualitative assessment. Management contemplates available current information such as changes in economic factors, regulatory matters, industry trends, customer credit factors, amount of receivable balances that are past-due, payment options and programs available to customers, and the methods that the Utilities are able to utilize to ensure payment. FirstEnergy’s uncollectible risk on PJM receivables, resulting from transmission and wholesale sales, is minimal due to the nature of PJM’s settlement process and as a result there is no current allowance for doubtful accounts.

Activity in the allowance for uncollectible accounts on customer receivables for the three months ended March 31, 2024, and for the year ended December 31, 2023 are as follows:
(In millions)
Balance, January 1, 2023$137 
Provision for expected credit losses(1)
8 
Charged to other accounts(2)
34 
Write-offs(115)
Balance, December 31, 2023$64 
Provision for expected credit losses(1)
12 
Charged to other accounts(2)
9 
Write-offs(32)
Balance, March 31, 2024
$53 
(1) Approximately $3 million and $15 million of which was deferred for future refund in the three months ended March 31, 2024 and the year ended December 31, 2023, respectively.
(2) Represents recoveries and reinstatements of accounts written off for uncollectible accounts.

3. EARNINGS PER SHARE

EPS is calculated by dividing earnings attributable to FE by the weighted average number of common shares outstanding.

Basic EPS is computed using the weighted average number of common shares outstanding during the relevant period as the denominator. The denominator for diluted EPS of common stock reflects the weighted average of common shares outstanding plus the potential additional common shares that could result if dilutive securities and other agreements to issue common stock were exercised.

Diluted EPS reflects the dilutive effect of potential common shares from share-based awards and convertible securities. The dilutive effect of outstanding share-based awards was computed using the treasury stock method, which assumes any proceeds that could be obtained upon the exercise of the award would be used to purchase common stock at the average market price for the period. The dilutive effect of the 2026 Convertible Notes is computed using the if-converted method.


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The following table reconciles basic and diluted EPS attributable to FE:
For the Three Months Ended March 31,
Reconciliation of Basic and Diluted EPS20242023
(In millions, except per share amounts)
Earnings attributable to FE $253 $292 
Share count information:
Weighted average number of basic shares outstanding574 572 
Assumed exercise of dilutive awards2 1 
Weighted average number of diluted shares outstanding576 573 
EPS attributable to FE:
Basic EPS $0.44 $0.51 
Diluted EPS $0.44 $0.51 

For the three months ended March 31, 2024 and 2023, no shares from awards were excluded from the calculation of diluted shares outstanding, as their inclusion would have been antidilutive.

The dilutive effect of the 2026 Convertible Notes is limited to the conversion obligation in excess of the aggregate principal amount of the 2026 Convertible Notes being converted. For the three months ended March 31, 2024, there was no dilutive effect resulting from the 2026 Convertible Notes as the average market price of FE shares of common stock was below the initial conversion price of $46.81 per share.
4. PENSION AND OTHER POST-EMPLOYMENT BENEFITS
The components of FirstEnergy’s net periodic benefit costs (credits) for pension and OPEB were as follows:
Components of Net Periodic Benefit Costs (Credits)PensionOPEB
For the Three Months Ended March 31,2024202320242023
 (In millions)
Service costs $35 $34 $1 $1 
Interest costs 99 109 5 5 
Expected return on plan assets(133)(128)(8)(8)
Amortization of prior service costs (credits)(1)
1  (1)(2)
Net periodic benefit costs (credits)$2 $15 $(3)$(4)
Net periodic benefit costs (credits), net of amounts capitalized $(15)$(3)$(4)$(4)
(1) The income tax benefits associated with pension and OPEB prior service costs amortized out of AOCI were $1 million for the three months ended March 31, 2023.

Cash flows from operating activities for the three months ended March 31, 2024 and 2023, includes approximately $20 million and $18 million, respectively, of employee benefit plan funding and related payments. These payments are primarily related to short-term benefit payment liabilities owed to retirees under plan obligations in the respective periods.

On May 12, 2023, FirstEnergy made a $750 million voluntary cash contribution to the qualified pension plan, which was funded by FE. FirstEnergy does not currently expect to have a required contribution to the pension plan until 2028, which based on various assumptions, including an expected rate of return on assets of 8.0%, is expected to be approximately $260 million. However, FirstEnergy may elect to contribute to the pension plan voluntarily.
Service costs, net of capitalization, are reported within Other operating expenses on FirstEnergy’s Consolidated Statements of Income. Non-service costs, other than the pension and OPEB mark-to-market adjustment, which is separately shown, are reported within “Miscellaneous income, net”, within “Other Income (Expense)” on FirstEnergy’s Consolidated Statements of Income.

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5. INCOME TAXES
FirstEnergy’s interim effective tax rates reflect the estimated annual effective tax rates for 2024 and 2023. These tax rates are affected by estimated annual permanent items, such as AFUDC equity and other flow-through items, as well as certain discrete items. The following tables reconcile the effective tax rate to the federal income tax statutory rate for the three months ended March 31, 2024 and 2023:

For the Three Months Ended March 31,
20242023
(In millions)
Income before income taxes$402 $400 
Federal income tax expense at statutory rate (21%)$84 $84 
Increases (reductions) in tax expense resulting from:
State and municipal income taxes, net of federal tax benefit23 14 
AFUDC equity and other flow-through(7)(5)
Deferred taxes related to sale of equity interest in FET, net7  
Excess deferred tax amortization due to the Tax Act(13)(16)
Valuation allowances 39 9 
Other, net2 4 
Total income taxes$135 $90 
Effective income tax rate33.6 %22.5 %

On August 16, 2022, President Biden signed into law the IRA of 2022, which, among other things, imposes a new 15% corporate AMT based on AFSI applicable to corporations with a three-year average AFSI over $1 billion. The AMT is effective for the 2023 tax year and, if applicable, corporations must pay the greater of the regular corporate income tax or the AMT. Although NOL carryforwards created through the regular corporate income tax system cannot be used to reduce the AMT, financial statement net operating losses can be used to reduce AFSI and the amount of AMT owed. The IRA of 2022 as enacted requires the U.S. Treasury to provide regulations and other guidance necessary to administer the AMT, including further defining allowable adjustments to determine AFSI, which directly impacts the amount of AMT to be paid. Based on interim guidance issued by the U.S. Treasury during 2022 and 2023, FirstEnergy continues to believe that it is more likely than not it will be subject to the AMT beginning with 2023. Accordingly, FirstEnergy made a first quarter estimated payment of AMT of approximately $49 million in April 2023, however, made no additional payments in 2023 based on various factors, including additional guidance from the U.S. Treasury that eliminated the requirement of corporations to include AMT in quarterly estimated tax payments. Until final U.S. Treasury regulations are issued, the amount of AMT FirstEnergy pays could be significantly different than current estimates or it may not be a payer at all. The regulatory treatment of the impacts of this legislation may also be subject to regulation by FERC and/or applicable state regulatory authorities. Any adverse development in this legislation, including guidance from the U.S. Treasury and/or the IRS or unfavorable regulatory treatment, could negatively impact FirstEnergy’s cash flows, results of operations and financial condition.

As discussed above, on March 25, 2024, FirstEnergy closed on the sale of an additional 30% interest in FET, realizing an approximate $7.3 billion tax gain from the combined sale of 49.9% of the membership interests in FET for the consideration received and recapture of negative tax basis in FET. In the first quarter of 2024, FirstEnergy recognized a net tax charge of approximately $46 million, comprised of updates to estimated deferred tax liability for the deferred gain from the 19.9% sale of FET in May 2022, deferred tax liability related to its ongoing investment in FET, and valuation allowance associated with the expected utilization of certain state NOL carryforwards impacted by the sale and the PA Consolidation. During the first quarter of 2024, FirstEnergy also recognized a reduction to OPIC of approximately $797 million for federal and state income tax associated with the tax gain from closing on the 30% interest sale. As of December 31, 2023, FirstEnergy had approximately $8.1 billion of gross federal NOL carryforwards which will be used to offset a majority of the tax gain from the FET Equity Interest Sale and expected taxable income in 2024, however due to certain limitations on utilization enacted in the Tax Act, a portion of the NOL will carry into 2025 and possibly beyond. As a result of the additional 30% sale, FET and its subsidiaries deconsolidated from FirstEnergy’s consolidated federal income tax group and now constitute their own consolidated federal income tax group subject to their own income tax allocation agreement.


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6. FAIR VALUE MEASUREMENTS

RECURRING FAIR VALUE MEASUREMENTS

Authoritative accounting guidance establishes a fair value hierarchy that prioritizes the inputs used to measure fair value. This hierarchy gives the highest priority to Level 1 measurements and the lowest priority to Level 3 measurements. The three levels of the fair value hierarchy and a description of the valuation techniques are as follows:
Level 1-Quoted prices for identical instruments in active market.
Level 2-Quoted prices for similar instruments in active market.
-Quoted prices for identical or similar instruments in markets that are not active.
-Model-derived valuations for which all significant inputs are observable market data.
Models are primarily industry-standard models that consider various assumptions, including quoted forward prices for commodities, time value, volatility factors and current market and contractual prices for the underlying instruments, as well as other relevant economic measures.
Level 3-Valuation inputs are unobservable and significant to the fair value measurement.
FirstEnergy produces a long-term power and capacity price forecast annually with periodic updates as market conditions change. When underlying prices are not observable, prices from the long-term price forecast are used to measure fair value.

FTRs are financial instruments that entitle the holder to a stream of revenues (or charges) based on the hourly day-ahead congestion price differences across transmission paths. FTRs are acquired by FirstEnergy in the annual, monthly and long-term PJM auctions and are initially recorded using the auction clearing price less cost. After initial recognition, FTRs’ carrying values are periodically adjusted to fair value using a mark-to-model methodology, which approximates market. The primary inputs into the model, which are generally less observable than objective sources, are the most recent PJM auction clearing prices and the FTRs’ remaining hours. The model calculates the fair value by multiplying the most recent auction clearing price by the remaining FTR hours less the prorated FTR cost. Significant increases or decreases in inputs in isolation may have resulted in a higher or lower fair value measurement.

FirstEnergy primarily applies the market approach for recurring fair value measurements using the best information available. Accordingly, FirstEnergy maximizes the use of observable inputs and minimizes the use of unobservable inputs. There were no changes in valuation methodologies used as of March 31, 2024, from those used as of December 31, 2023. The determination of the fair value measures takes into consideration various factors, including but not limited to, nonperformance risk, counterparty credit risk and the impact of credit enhancements (such as cash deposits, LOCs and priority interests). The impact of these forms of risk was not significant to the fair value measurements.

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, 2024December 31, 2023
Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Assets(In millions)
Derivative assets FTRs(1)
$ $ $ $ $ $ $4 $4 
Equity securities2   2 2   2 
U.S. state and municipal debt securities 274  274  275  275 
Cash, cash equivalents and restricted cash(2)
915   915 179   179 
Other(3)
 46  46  40  40 
Total assets$917 $320 $ $1,237 $181 $315 $4 $500 
Liabilities
Derivative liabilities FTRs(1)
$ $ $(1)$(1)$ $ $(1)$(1)
Total liabilities$ $ $(1)$(1)$ $ $(1)$(1)
Net assets (liabilities)$917 $320 $(1)$1,236 $181 $315 $3 $499 
(1) Contracts are subject to regulatory accounting treatment and changes in market values do not impact earnings.
(2) Restricted cash of $27 million and $42 million as of March 31, 2024 and December 31, 2023, 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.


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INVESTMENTS

All temporary cash investments purchased with an initial maturity of three months or less are reported as cash equivalents on the Consolidated Balance Sheets at cost, which approximates their fair market value. Investments other than cash and cash equivalents include equity securities, AFS debt securities and other investments. FirstEnergy has no debt securities held for trading purposes.

Generally, unrealized gains and losses on equity securities are recognized in income whereas unrealized gains and losses on AFS debt securities are recognized in AOCI. However, the spent nuclear fuel disposal trusts of JCP&L are subject to regulatory accounting with all gains and losses on equity and AFS debt securities offset against regulatory assets.

Spent Nuclear Fuel Disposal Trusts

JCP&L holds debt securities within the spent nuclear fuel disposal trust, which are classified as AFS securities, recognized at fair market value. The trust is intended for funding spent nuclear fuel disposal fees to the United States Department of Energy associated with the previously owned Oyster Creek and Three Mile Island Unit 1 nuclear power plants.

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, 2024, and December 31, 2023:
March 31, 2024(1)
December 31, 2023(1)
Cost BasisUnrealized GainsUnrealized LossesFair ValueCost BasisUnrealized GainsUnrealized LossesFair Value
(In millions)
Debt securities$303 $ $(29)$274 $301 $1 $(27)$275