XML 46 R31.htm IDEA: XBRL DOCUMENT
v3.22.4

PENSION AND OTHER POST-EMPLOYMENT BENEFITS (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2022
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] |
Schedule of Assumptions Used to Determine Net Periodic Benefit Cost |
Actuarial Assumptions |  | Pension |  | OPEB
| 2022 |  | 2021 |  | 2020 (2) |  | 2022 |  | 2021 |  | 2020 (2)
Assumptions Related to Benefit Obligations: |  |  |  |  |  |  |  |  |  |  |  |
Discount rate |  | 5.23 | % |  | 3.02 | % |  | 2.67 | % |  | 5.16 | % |  | 2.84 | % |  | 2.45 | %
Rate of compensation increase |  | 4.30 | % |  | 4.10 | % |  | 4.10 | % |  | N/A |  | N/A |  | N/A
Cash balance weighted average interest crediting rate |  | 4.04 | % |  | 2.57 | % |  | 2.57 | % |  | N/A |  | N/A |  | N/A
Assumptions Related to Benefit Costs:(1) |  |  |  |  |  |  |  |  |  |  |  |
Effective rate for interest on benefit obligations |  | 2.44 | % |  | 1.94 | % |  | 2.89%/2.48% |  | 2.18 | % |  | 1.66 | % |  | 2.71%/2.30%
Effective rate for service costs |  | 3.28 | % |  | 3.10 | % |  | 3.60%/3.24% |  | 3.41 | % |  | 3.03 | % |  | 3.63%/3.29%
Effective rate for interest on service costs |  | 2.96 | % |  | 2.58 | % |  | 3.27%/2.90% |  | 3.24 | % |  | 2.83 | % |  | 3.43%/3.06%
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
Assumed Health Care Cost Trend Rates: |  |  |  |  |  |  |  |  |  |  |  |
Health care cost trend rate assumed (pre/post-Medicare) |  | N/A |  | N/A |  | N/A |  | 6.00%- 5.50% |  | 5.75%- 5.25% |  | 6.00%- 5.50%
Rate to which the cost trend rate is assumed to decline (ultimate trend rate) |  | N/A |  | N/A |  | N/A |  | 4.50 | % |  | 4.50 | % |  | 4.50 | %
Year that the rate reaches the ultimate trend rate |  | N/A |  | N/A |  | N/A |  | 2029 |  | 2028 |  | 2028
(1) Excludes impact of pension and OPEB mark-to-market adjustment. (2) As a result of the interim plan remeasurement during 2020 there were different rates in effect from January 1, 2020, through February 26, 2020 compared to February 27, 2020 through December 31, 2020.
Schedule of Components of Net Periodic Benefit Costs |
Components of Net Periodic Benefit Costs (Credits) for the Years Ended December 31, |  | Pension |  | OPEB
| 2022 |  | 2021 |  | 2020 |  | 2022 |  | 2021 |  | 2020
|  | (In millions)
Service cost (1) |  | $ | 184 |  |  | $ | 195 |  |  | $ | 194 |  |  | $ | 3 |  |  | $ | 4 |  |  | $ | 4 |
Interest cost |  | 273 |  |  | 226 |  |  | 287 |  |  | 11 |  |  | 11 |  |  | 15 |
Expected return on plan assets |  | (657) |  |  | (652) |  |  | (618) |  |  | (39) |  |  | (36) |  |  | (33) |
Amortization of prior service costs (credits) (2) |  | 2 |  |  | 3 |  |  | 12 |  |  | (11) |  |  | (17) |  |  | (46) |
One-time termination benefits (3) |  | — |  |  | — |  |  | 8 |  |  | — |  |  | — |  |  | — |
Pension & OPEB mark-to-market |  | (98) |  |  | (253) |  |  | 463 |  |  | 26 |  |  | (129) |  |  | 14 |
Net periodic benefit costs (credits) |  | $ | (296) |  |  | $ | (481) |  |  | $ | 346 |  |  | $ | (10) |  |  | $ | (167) |  |  | $ | (46) |
(1) Includes amounts capitalized. (2) 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. (3) Costs represent additional benefits provided to FES and FENOC employees under the approved settlement agreement and are a component of discontinued operations.
Schedule of Obligations and Funded Status |
|  | Pension |  | OPEB
Obligations/Funded Status - Qualified and Non-Qualified Plans |  | 2022 |  | 2021 |  | 2022 |  | 2021
|  | (In millions)
Change in benefit obligation: |  |  |  |  |  |  |  |
Benefit obligation as of January 1 |  | $ | 11,479 |  |  | $ | 11,935 |  | $ | 549 |  |  | $ | 676
Service cost |  | 184 |  |  | 195 |  | 3 |  |  | 4
Interest cost |  | 273 |  |  | 226 |  | 11 |  |  | 11
Plan participants’ contributions |  | — |  |  | — |  | 3 |  |  | 4
Medicare retiree drug subsidy |  | — |  |  | — |  | 1 |  |  | 1
Actuarial loss (gain) |  | (2,515) |  |  | (280) |  | (83) |  |  | (101)
Benefits paid |  | (593) |  |  | (597) |  | (45) |  |  | (46)
Benefit obligation as of December 31 |  | $ | 8,828 |  |  | $ | 11,479 |  | $ | 439 |  |  | $ | 549
Change in fair value of plan assets: |  |  |  |  |  |  |  |
Fair value of plan assets as of January 1 |  | $ | 9,020 |  |  | $ | 8,968 |  | $ | 548 |  |  | $ | 502
Actual return on plan assets |  | (1,760) |  |  | 625 |  | (70) |  |  | 64
Company contributions |  | 26 |  |  | 24 |  | 24 |  |  | 24
Plan participants’ contributions |  | — |  |  | — |  | 3 |  |  | 4
Benefits paid |  | (593) |  |  | (597) |  | (45) |  |  | (46)
Fair value of plan assets as of December 31 |  | $ | 6,693 |  |  | $ | 9,020 |  | $ | 460 |  |  | $ | 548
Funded Status: |  |  |  |  |  |  |  |
Qualified plan |  | $ | (1,734) |  |  | $ | (1,974) |  | $ | — |  |  | $ | —
Non-qualified plans |  | (401) |  |  | (485) |  | — |  |  | —
Funded Status (Net liability as of December 31) |  | $ | (2,135) |  |  | $ | (2,459) |  | $ | 21 |  |  | $ | (1)
Accumulated benefit obligation |  | $ | 8,500 |  |  | $ | 10,927 |  |  | $ | — |  |  | $ | — |
Amounts Recognized in AOCI: |  |  |  |  |  |  |  |
Prior service cost (credit) |  | $ | 6 |  |  | $ | 9 |  |  | $ | (10) |  |  | $ | (21) |
Schedule of Target asset allocations for pension and OPEB portfolio | FirstEnergy’s target asset allocations for its pension and OPEB trust portfolios for 2022 were as follows:
Target Asset Allocations
|  | Pension |  | OPEB
Equities |  | 36 | % |  | 50 | %
Fixed income |  | 22.5 | % |  | 50 | %
Alternative investments |  | 5 | % |  | — | %
Real estate |  | 10 | % |  | — | %
Private - equity and debt funds |  | 20 | % |  | — | %
Cash and derivatives |  | 6.5 | % |  | — | %
|  | 100 | % |  | 100 | %
Schedule of 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)
2023 |  | $ | 583 |  |  | $ | 44 |  |  | $ | (1) |
2024 |  | 587 |  |  | 42 |  |  | (1) |
2025 |  | 597 |  |  | 40 |  |  | (1) |
2026 |  | 605 |  |  | 39 |  |  | — |
2027 |  | 612 |  |  | 37 |  |  | — |
Years 2028-2031 |  | 3,120 |  |  | 167 |  |  | (2) |
Pension |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] |
Schedule of 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 9, "Fair Value Measurements," for a description of each level of the fair value hierarchy. There were no significant transfers between levels during 2022 and 2021.
|  | December 31, 2022 |  | Asset Allocation
|  | Level 1 |  | Level 2 |  | Level 3 |  | Total |
|  | (In millions) |  |
Cash and short-term securities |  | $ | — |  |  | $ | 714 |  |  | $ | — |  |  | $ | 714 |  |  | 11 | %
Public equity |  | 1,871 |  |  | 216 |  |  | — |  |  | 2,087 |  |  | 33 | %
Fixed income |  | — |  |  | 942 |  |  | — |  |  | 942 |  |  | 15 | %
Derivatives |  | (38) |  |  | 2 |  |  | — |  |  | (36) |  |  | (1) | %
Total (1) |  | $ | 1,833 |  |  | $ | 1,874 |  |  | $ | — |  |  | $ | 3,707 |  |  | 58 | %
Private - equity and debt funds (2) |  |  |  |  |  |  |  | 1,061 |  |  | 17 | %
Insurance-linked securities (2) |  |  |  |  |  |  |  | 159 |  |  | 3 | %
Hedge funds (2) |  |  |  |  |  |  |  | 563 |  |  | 9 | %
Real estate funds (2) |  |  |  |  |  |  |  | 853 |  |  | 13 | %
Total Investments |  |  |  |  |  |  |  | $ | 6,343 |  |  | 100 | %
(1) Excludes $350 million as of December 31, 2022, of receivables, payables, taxes, cash collateral for derivatives 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, 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 (3) |  |  |  |  |  |  |  | 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.
OPEB |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] |
Schedule of Pension investments measured at fair value | As of December 31, 2022, and 2021, the OPEB trust investments measured at fair value were as follows:
|  | December 31, 2022 |  | Asset Allocation
|  | Level 1 |  | Level 2 |  | Level 3 |  | Total |
|  | (In millions) |  |
Cash and short-term securities |  | $ | — |  |  | $ | 87 |  |  | $ | — |  |  | $ | 87 |  |  | 19 | %
Public equity |  | 217 |  |  | — |  |  | — |  |  | 217 |  |  | 47 | %
Fixed income |  | — |  |  | 157 |  |  | — |  |  | 157 |  |  | 34 | %
Total (1) |  | $ | 217 |  |  | $ | 244 |  |  | $ | — |  |  | $ | 461 |  |  | 100 | %
(1) Excludes $(1) million as of December 31, 2022, of receivables, payables, taxes and accrued income associated with financial instruments reflected within the fair value table.
|  | 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 | %

X
- Definition Defined Benefit Plan Assets Target Allocations + References No definition available. + Details
Name: | fe_DefinedBenefitPlanAssetsTargetAllocationsTableTextBlock
Namespace Prefix: | fe_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. + References No definition available. + Details
Name: | us-gaap_DefinedBenefitPlansAndOtherPostretirementBenefitPlansTableTextBlockLineItems
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the major categories of plan assets of pension plans and/or other employee benefit plans. This information may include, but is not limited to, the target allocation of plan assets, the fair value of each major category of plan assets, and the level within the fair value hierarchy in which the fair value measurements fall. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (d)(5) -URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfAllocationOfPlanAssetsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of assumption used to determine benefit obligation and net periodic benefit cost of defined benefit plan. Includes, but is not limited to, discount rate, rate of compensation increase, expected long-term rate of return on plan assets and interest crediting rate. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (k) -URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfAssumptionsUsedTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of one or more of the entity's defined benefit pension plans or one or more other defined benefit postretirement plans, separately for pension plans and other postretirement benefit plans including the entity's schedule of fair value of plan assets for defined benefit or other postretirement plans. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 55 -Paragraph 17 -URI https://asc.fasb.org/extlink&oid=123450688&loc=d3e4179-114921 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 4 -URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e2439-114920 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 2 -URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e2410-114920 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 3 -URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e2417-114920 + Details
Name: | us-gaap_ScheduleOfDefinedBenefitPlansDisclosuresTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of benefits expected to be paid by pension plans and/or other employee benefit plans in each of the next five fiscal years and in the aggregate for the five fiscal years thereafter. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (f) -URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfExpectedBenefitPaymentsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the components of net benefit costs for pension plans and/or other employee benefit plans including service cost, interest cost, expected return on plan assets, gain (loss), prior service cost or credit, transition asset or obligation, and gain (loss) recognized due to settlements or curtailments. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (h) -URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfNetBenefitCostsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Details
Name: | us-gaap_RetirementPlanTypeAxis=us-gaap_PensionPlansDefinedBenefitMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | us-gaap_RetirementPlanTypeAxis=us-gaap_OtherPostretirementBenefitPlansDefinedBenefitMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |