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PENSION AND OTHER POST-EMPLOYMENT BENEFITS (Tables)

12 Months Ended

Dec. 31, 2021

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

Assumptions Used to Determine Net Periodic Benefit Cost

Assumptions Used to Determine Net Periodic Benefit Cost for the Years Ended December (1)						Pension																		OPEB
						2021						2020						2019						2021						2020						2019
Service cost weighted-average discount rate (2)						3.10		%				3.60%/3.24%						4.66		%				3.03		%				3.63%/3.29%						4.67		%
Interest cost weighted-average discount rate (3)						2.58		%				3.27%/2.90%						4.37		%				1.66		%				2.71%/2.30%						3.89		%
Expected return on plan assets						7.50		%				7.50		%				7.50		%				7.50		%				7.50		%				7.50		%
Rate of compensation increase						4.10		%				4.10		%				4.10		%				N/A						N/A						N/A

(1)Excludes impact of pension and OPEB mark-to-market adjustment.

(2) Weighted-average discount rates effect from January 1, 2020, through February 26, 2020, were 3.60% and 3.63% for pension and OPEB service cost, respectively. Discount rates were 3.24% and 3.29% for pension and OPEB service cost, respectively, for the period February 27, 2020 through December 31, 2020.

(3) Weighted-average discount rates in effect from January 1, 2020, through February 26, 2020, were 3.27% and 2.71% for pension and OPEB interest cost, respectively. Discount rates were 2.90% and 2.30% for pension and OPEB interest cost, respectively, for the period February 27, 2020, through December 31, 2020.

Components of Net Periodic Benefit Costs

Components of Net Periodic Benefit Costs (Credits) for the Years Ended December 31,						Pension																		OPEB
						2021						2020						2019						2021						2020						2019
						(In millions)
Service cost						$	195					$	194					$	193					$	4					$	4					$	3
Interest cost						226						287						373						11						15						22
Expected return on plan assets						(652)						(618)						(540)						(36)						(33)						(29)
Amortization of prior service costs (credits) (1)						3						12						7						(17)						(46)						(36)
Special termination costs (2)						—						—						14						—						—						—
One-time termination benefits (3)						—						8						—						—						—						—
Pension & OPEB mark-to-market (4)						(253)						463						656						(129)						14						20
Net periodic benefit costs (credits)						$	(481)					$	346					$	703					$	(167)					$	(46)					$	(20)

(1) 2020 includes the acceleration of approximately $18 million in net credits as a result of the FES Debtors’ emergence during the first quarter of 2020 and is a component of discontinued operations in FirstEnergy’s Consolidated Statements of Income.

(2) Subject to a cap, FirstEnergy 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. The costs are a component of discontinued operations in FirstEnergy’s Consolidated Statements of Income.

(3) Costs represent additional benefits provided to FES and FENOC employees under the approved settlement agreement and are a component of discontinued operations.

(4) Of the total Pension and OPEB mark-to-market adjustment for 2019, approximately $2 million is included in discontinued operations.

Obligations and Funded Status

						Pension												OPEB
Obligations and Funded Status - Qualified and Non-Qualified Plans						2021						2020						2021						2020
						(In millions)
Change in benefit obligation:
Benefit obligation as of January 1						$	11,935					$	11,050					$	676					$	654
Service cost						195						194						4						4
Interest cost						226						287						11						15
Plan participants’ contributions						—						—						4						4
Plan amendments						—						9						—						—
Medicare retiree drug subsidy						—						—						1						1
Actuarial loss (gain)						(280)						1,011						(101)						41
Benefits paid						(597)						(616)						(46)						(43)
Benefit obligation as of December 31						$	11,479					$	11,935					$	549					$	676
Change in fair value of plan assets:
Fair value of plan assets as of January 1						$	8,968					$	8,395					$	502					$	458
Actual return on plan assets						625						1,165						64						60
Company contributions						24						24						24						23
Plan participants’ contributions						—						—						4						4
Benefits paid						(597)						(616)						(46)						(43)
Fair value of plan assets as of December 31						$	9,020					$	8,968					$	548					$	502
Funded Status:
Qualified plan						$	(1,974)					$	(2,500)					$	—					$	—
Non-qualified plans						(485)						(467)						—						—
Funded Status (Net liability as of December 31)						$	(2,459)					$	(2,967)					$	(1)					$	(174)
Accumulated benefit obligation						$	10,927					$	11,376					$	—					$	—
Amounts Recognized in AOCI:
Prior service cost (credit)						$	9					$	12					$	(21)					$	(39)
Assumptions Used to Determine Benefit Obligations
(as of December 31)
Discount rate						3.02		%				2.67		%				2.84		%				2.45		%
Rate of compensation increase						4.10		%				4.10		%				N/A						N/A
Cash balance weighted average interest crediting rate						2.57		%				2.57		%				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						5.75%-5.25%						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

Target asset allocations for pension and OPEB portfolio

FirstEnergy’s target asset allocations for its pension and OPEB trust portfolios for 2021 and 2020 are shown in the following table:

Target Asset Allocations
						2021						2020
Equities						38		%				38		%
Fixed income						30		%				30		%
Hedge funds						8		%				8		%
Real estate						10		%				10		%
Alternative investments						8		%				8		%
Cash and short-term securities						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)
2022						$	566					$	44					$	(1)
2023						575						41						(1)
2024						581						39						(1)
2025						590						38						—
2026						598						37						—
Years 2027-2030						3,075						164						(2)

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 8, "Fair Value Measurements," for a description of each level of the fair value hierarchy. There were no significant transfers between levels during 2021 and 2020.

						December 31, 2021																								Asset Allocation
						Level 1						Level 2						Level 3						Total
						(In millions)
Cash and short-term securities						$	—					$	746					$	—					$	746					8		%
Public equity						2,867						286						—						3,153						35		%
Fixed income						—						2,453						—						2,453						27		%
Derivatives						20						—						—						20						—		%
Total (1)						$	2,887					$	3,485					$	—					$	6,372					70		%
Private - equity and debt funds (2)																								811						9		%
Insurance-linked securities (2)																								320						4		%
Hedge funds (2)																								678						7		%
Real estate funds (2)																								886						10		%
Total Investments																								$	9,067					100		%

(1)Excludes $(47) million as of December 31, 2021, 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.

						December 31, 2020																								Asset Allocation
						Level 1						Level 2						Level 3						Total
						(In millions)
Cash and short-term securities						$	—					$	1,493					$	—					$	1,493					17		%
Public equity						1,903						162						—						2,065						23		%
Fixed income						—						3,059						—						3,059						35		%
Derivatives						(13)						—						—						(13)						—		%
Total (1)						$	1,890					$	4,714					$	—					$	6,604					75		%
Private - equity and debt funds (2)																								465						5		%
Insurance-linked securities (2)																								323						4		%
Hedge funds (3)																								645						7		%
Real estate funds (2)																								815						9		%
Total Investments																								$	8,852					100		%

(1)Excludes $116 million as of December 31, 2020, 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.

OPEB

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

Pension investments measured at fair value

As of December 31, 2021, and 2020, the OPEB trust investments measured at fair value were as follows:

						December 31, 2021																								Asset Allocation
						Level 1						Level 2						Level 3						Total
						(In millions)
Cash and short-term securities						$	—					$	95					$	—					$	95					17		%
Public equity						278						—						—						278						51		%
Fixed income						—						175						—						175						32		%
Total						$	278					$	270					$	—					$	548					100		%

						December 31, 2020																								Asset Allocation
						Level 1						Level 2						Level 3						Total
						(In millions)
Cash and short-term securities						$	—					$	84					$	—					$	84					17		%
Public equity						283						—						—						283						55		%
Fixed income:						—						145						—						145						28		%
Total (1)						$	283					$	229					$	—					$	512					100		%

(1) Excludes $(10) million as of December 31, 2020, of receivables, payables, taxes and accrued income associated with financial instruments reflected within the fair value table.

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