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Pension and Other Postemployment Benefits (Tables)

12 Months Ended

Dec. 31, 2019

Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]

Obligations and Funded Status

						Pension												OPEB
Obligations and Funded Status - Qualified and Non-Qualified Plans						2019						2018						2019						2018
						(In millions)
Change in benefit obligation:
Benefit obligation as of January 1						$	9,462					$	10,167					$	608					$	731
Service cost						193						224						3						5
Interest cost						373						372						22						25
Plan participants’ contributions						—						—						4						3
Plan amendments						2						5						—						5
Special termination benefits						14						31						—						8
Medicare retiree drug subsidy						—						—						1						1
Annuity purchase						—						(129)						—						—
Actuarial (gain) loss						1,535						(710)						64						(121)
Benefits paid						(529)						(498)						(48)						(49)
Benefit obligation as of December 31						$	11,050					$	9,462					$	654					$	608
Change in fair value of plan assets:
Fair value of plan assets as of January 1						$	6,984					$	6,704					$	408					$	439
Actual return on plan assets						1,419						(363)						73						(8)
Annuity purchase						—						(129)						—						—
Company contributions						521						1,270						21						22
Plan participants’ contributions						—						—						4						3
Benefits paid						(529)						(498)						(48)						(48)
Fair value of plan assets as of December 31						$	8,395					$	6,984					$	458					$	408
Funded Status:
Qualified plan						$	(2,203)					$	(2,093)					$	—					$	—
Non-qualified plans						(452)						(385)						—						—
Funded Status (Net liability as of December 31)						$	(2,655)					$	(2,478)					$	(196)					$	(200)
Accumulated benefit obligation						$	10,439					$	8,951					$	—					$	—
Amounts Recognized in AOCI:
Prior service cost (credit)						$	24					$	30					$	(85)					$	(121)
Assumptions Used to Determine Benefit Obligations
(as of December 31)
Discount rate						3.34		%				4.44		%				3.18		%				4.30		%
Rate of compensation increase						4.10		%				4.10		%				N/A						N/A
Cash balance weighted average interest crediting rate						2.57		%				3.34		%				N/A						N/A
Assumed Health Care Cost Trend Rates
(as of December 31)
Health care cost trend rate assumed (pre/post-Medicare)						N/A						N/A						6.0-5.5%						6.0-5.5%
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)						N/A						N/A						4.5		%				4.5		%
Year that the rate reaches the ultimate trend rate						N/A						N/A						2028						2028
Allocation of Plan Assets (as of December 31)
Equity securities						29		%				34		%				54		%				48		%
Fixed Income						36		%				34		%				30		%				35		%
Hedge funds						9		%				11		%				—		%				—		%
Insurance-linked securities						2		%				2		%				—		%				—		%
Real estate funds						7		%				10		%				—		%				—		%
Derivatives						—		%				2		%				—		%				—		%
Private equity funds						4		%				2		%				—		%				—		%
Cash and short-term securities						13		%				5		%				16		%				17		%
Total						100		%				100		%				100		%				100		%

Components of Net Periodic Benefit Costs

Components of Net Periodic Benefit Costs for the Years Ended December 31,						Pension																		OPEB
						2019						2018						2017						2019						2018						2017
						(In millions)
Service cost						$	193					$	224					$	208					$	3					$	5					$	5
Interest cost						373						372						390						22						25						27
Expected return on plan assets						(540)						(574)						(448)						(29)						(31)						(30)
Amortization of prior service costs (credits)						7						7						7						(36)						(81)						(81)
Special termination costs (1)						14						31						—						—						8						—
Pension & OPEB mark-to-market adjustment						656						227						108						20						(82)						13
Net periodic benefit costs (credits)						$	703					$	287					$	265					$	(20)					$	(156)					$	(66)

(1) Subject to a cap, FirstEnergy has agreed to fund a pension enhancement through its pension plan, for voluntary enhanced retirement packages offered to certain FES employees, as well as offer certain other employee benefits (approximately $14 million recognized for the year ended December 31, 2019).

Assumptions Used to Determine Net Periodic Benefit Cost

Assumptions Used to Determine Net Periodic Benefit Cost for the Years Ended December 31,*						Pension																		OPEB
						2019						2018						2017						2019						2018						2017
Weighted-average discount rate						4.44		%				3.75		%				4.25		%				4.30		%				3.50		%				4.00		%
Expected long-term return on plan assets						7.50		%				7.50		%				7.50		%				7.50		%				7.50		%				7.50		%
Rate of compensation increase						4.10		%				4.20		%				4.20		%				N/A						N/A						N/A

*Excludes impact of pension and OPEB mark-to-market adjustment.

Target asset allocations for pension and OPEB portfolio

FirstEnergy’s target asset allocations for its pension and OPEB trust portfolios for 2019 and 2018 are shown in the following table:

Target Asset Allocations
						2019						2018
Equities						38		%				38		%
Fixed income						30		%				30		%
Hedge funds						8		%				8		%
Real estate						10		%				10		%
Alternative investments						8		%				8		%
Cash						6		%				6		%
						100		%				100		%

Estimated Future Benefit Payments

Taking into account estimated employee future service, FirstEnergy expects to make the following benefit payments from plan assets and other payments, net of participant contributions:

												OPEB
						Pension						Benefit Payments						Subsidy Receipts
						(In millions)
2020						$	547					$	52					$	(1)
2021						564						49						(1)
2022						573						48						(1)
2023						586						47						(1)
2024						593						46						(1)
Years 2025-2029						3,099						208						(3)

Pension

Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]

Pension investments measured at fair value

The following tables set forth pension financial assets that are accounted for at fair value by level within the fair value hierarchy. See Note 10, "Fair Value Measurements," for a description of each level of the fair value hierarchy. There were no significant transfers between levels during 2019 and 2018.

						December 31, 2019																								Asset Allocation
						Level 1						Level 2						Level 3						Total
						(In millions)
Cash and short-term securities						$	—					$	1,069					$	—					$	1,069					13		%
Equities						1,532						828						—						2,360						29		%
Fixed income:
Corporate bonds						—						2,064						—						2,064						25		%
Other(3)						—						880						—						880						11		%
Alternatives:
Derivatives						(40)						—						—						(40)						—		%
Total (1)						$	1,492					$	4,841					$	—					$	6,333					78		%
Private equity funds (2)																								342						4		%
Insurance-linked securities (2)																								186						2		%
Hedge funds (2)																								774						9		%
Real estate funds (2)																								584						7		%
Total Investments																								$	8,219					100		%

(1)Excludes $176 million as of December 31, 2019, of receivables, payables, taxes and accrued income associated with financial instruments reflected within the fair value table.

(2)Net Asset Value used as a practical expedient to approximate fair value.

(3)Includes insurance annuities, bank loans and emerging markets debt.

						December 31, 2018																								Asset Allocation
						Level 1						Level 2						Level 3						Total
						(In millions)
Cash and short-term securities						$	—					$	342					$	—					$	342					5		%
Equities						1,115						1,256						—						2,371						34		%
Fixed income:
Government bonds						—						59						—						59						1		%
Corporate bonds						—						1,674						—						1,674						23		%
Other(4)						—						667						—						667						10		%
Alternatives:
Derivatives						108						—						—						108						2		%
Total (1)						$	1,223					$	3,998					$	—					$	5,221					75		%
Private equity funds (2)																								143						2		%
Insurance-linked securities (2)																								108						2		%
Hedge funds (3)																								779						11		%
Real estate funds (3)																								665						10		%
Total Investments																								$	6,916					100		%

(1)Excludes $68 million as of December 31, 2018, of receivables, payables, taxes and accrued income associated with financial instruments reflected within the fair value table.

(2)Net asset value used as a practical expedient to approximate fair value.

(3)The classification of Level 2 and 3 assets from the prior year, $779 million and $665 million, respectively, was adjusted in the current year presentation and included outside of the fair value hierarchy table as of December 31, 2018, as investments for which Net Asset Value is used as a practical expedient to approximate fair value in accordance with ASU 2015-07 "Disclosure for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent)". 

(4)Includes insurance annuities, bank loans and emerging markets debt.

OPEB

Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]

Pension investments measured at fair value

As of December 31, 2019 and 2018, the OPEB trust investments measured at fair value were as follows:

						December 31, 2019																								Asset Allocation
						Level 1						Level 2						Level 3						Total
						(In millions)
Cash and short-term securities						$	—					$	72					$	—					$	72					16		%
Equity investment:
Domestic						246						—						—						246						54		%
Fixed income:
Government bonds						—						100						—						100						22		%
Corporate bonds						—						34						—						34						7		%
Mortgage-backed securities (non-government)												5						—						5						1		%
Total (1)						$	246					$	211					$	—					$	457					100		%

(1) Excludes $1 million as of December 31, 2019, of receivables, payables, taxes and accrued income associated with financial instruments reflected within the fair value table.

						December 31, 2018																								Asset Allocation
						Level 1						Level 2						Level 3						Total
						(In millions)
Cash and short-term securities						$	—					$	71					$	—					$	71					17		%
Equity investment:
Domestic						196						—						—						196						48		%
Fixed income:
Government bonds						—						107						—						107						26		%
Corporate bonds						—						32						—						32						8		%
Mortgage-backed securities (non-government)												4						—						4						1		%
Total (1)						$	196					$	214					$	—					$	410					100		%

(1) Excludes $(2) million as of December 31, 2018, of receivables, payables, taxes and accrued income associated with financial instruments reflected within the fair value table.

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