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PENSION AND OTHER POST-EMPLOYMENT BENEFITS (Tables) | 12 Months Ended
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Dec. 31, 2023
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
| 2023(2) |  | 2022 |  | 2021 |  | 2023(2) |  | 2022 |  | 2021
Assumptions Related to Benefit Obligations: |  |  |  |  |  |  |  |  |  |  |  |
Discount rate |  | 5.05 | % |  | 5.23 | % |  | 3.02 | % |  | 4.97 | % |  | 5.16 | % |  | 2.84 | %
Rate of compensation increase |  | 4.30 | % |  | 4.30 | % |  | 4.10 | % |  | N/A |  | N/A |  | N/A
Cash balance weighted average interest crediting rate |  | 4.94 | % |  | 4.04 | % |  | 2.57 | % |  | N/A |  | N/A |  | N/A
Assumptions Related to Benefit Costs:(1) |  |  |  |  |  |  |  |  |  |  |  |
Effective rate for interest on benefit obligations |  | 5.10% / 4.80% |  | 2.44 | % |  | 1.94 | % |  | 5.06 | % |  | 2.18 | % |  | 1.66 | %
Effective rate for service costs |  | 5.34% / 5.11% |  | 3.28 | % |  | 3.10 | % |  | 5.41 | % |  | 3.41 | % |  | 3.03 | %
Effective rate for interest on service costs |  | 5.22% / 4.94% |  | 2.96 | % |  | 2.58 | % |  | 5.33 | % |  | 3.24 | % |  | 2.83 | %
Expected return on plan assets |  | 8.00 | % |  | 7.50 | % |  | 7.50 | % |  | 7.00 | % |  | 7.50 | % |  | 7.50 | %
Rate of compensation increase |  | 4.30 | % |  | 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 |  | 7.00%- 6.50% |  | 6.00%- 5.50% |  | 5.75%- 5.25%
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 |  | 2033 |  | 2029 |  | 2028
(1) Excludes impact of pension and OPEB mark-to-market adjustments. (2) As a result of the interim plan remeasurement during 2023, there were different rates in effect from January 1, 2023, through April 30, 2023 compared to May 1, 2023 through December 31, 2023.
Schedule of Fair Value of Plan Assets Explanatory |
Pension and OPEB Returns |  | 2023 |  | 2022 |  | 2021
Actual gains or (losses) on plan assets - $ millions |  | $ | 751 |  |  | $ | (1,830) |  |  | $ | 689 |
Actual gains or (losses) on plan assets - % |  | 11.2 | % |  | (19.1) | % |  | 7.9 | %
Expected return on plan assets - $ millions |  | $ | 601 |  |  | $ | 696 |  |  | $ | 688 |
Expected return on plan assets - % |  | 8.00% for pension 7.00% for OPEB |  | 7.50 | % |  | 7.50 | %
Schedule of Components of Net Periodic Benefit Costs |
Components of Net Periodic Benefit Costs (Credits) for the Years Ended December 31, |  | Pension |  | OPEB
| 2023 |  | 2022 |  | 2021 |  | 2023 |  | 2022 |  | 2021
|  | (In millions)
Service cost(1) |  | $ | 139 |  |  | $ | 184 |  |  | $ | 195 |  |  | $ | 2 |  |  | $ | 3 |  |  | $ | 4 |
Interest cost |  | 428 |  |  | 273 |  |  | 226 |  |  | 21 |  |  | 11 |  |  | 11 |
Expected return on plan assets |  | (570) |  |  | (657) |  |  | (652) |  |  | (31) |  |  | (39) |  |  | (36) |
Amortization of prior service costs (credits) |  | 2 |  |  | 2 |  |  | 3 |  |  | (8) |  |  | (11) |  |  | (17) |
Special termination benefits(2) |  | 21 |  |  | — |  |  | — |  |  | 8 |  |  | — |  |  | — |
Pension & OPEB mark-to-market |  | 108 |  |  | (98) |  |  | (253) |  |  | (30) |  |  | 26 |  |  | (129) |
Net periodic benefit costs (credits) |  | $ | 128 |  |  | $ | (296) |  |  | $ | (481) |  |  | $ | (38) |  |  | $ | (10) |  |  | $ | (167) |
(1) Includes amounts capitalized. (2) Related to benefits provided in connection with the PEER.
Schedule of Obligations and Funded Status |
|  | Pension |  | OPEB
Obligations/Funded Status - Qualified and Non-Qualified Plans |  | 2023 |  | 2022 |  | 2023 |  | 2022
|  | (In millions)
Change in benefit obligation: |  |  |  |  |  |  |  |
Benefit obligation as of January 1 |  | $ | 8,828 |  |  | $ | 11,479 |  | $ | 439 |  |  | $ | 549
Service cost |  | 139 |  |  | 184 |  | 2 |  |  | 3
Interest cost |  | 428 |  |  | 273 |  | 21 |  |  | 11
Plan participants’ contributions |  | — |  |  | — |  | 4 |  |  | 3
Special termination benefits |  | 21 |  |  | — |  | 8 |  |  | —
Medicare retiree drug subsidy |  | — |  |  | — |  | — |  |  | 1
Lift-out transaction |  | (719) |  |  | — |  | — |  |  | —
Actuarial loss (gain) |  | 256 |  |  | (2,515) |  | 8 |  |  | (83)
Benefits paid |  | (590) |  |  | (593) |  | (41) |  |  | (45)
Benefit obligation as of December 31 |  | $ | 8,363 |  |  | $ | 8,828 |  | $ | 441 |  |  | $ | 439
Change in fair value of plan assets: |  |  |  |  |  |  |  |
Fair value of plan assets as of January 1 |  | $ | 6,693 |  |  | $ | 9,020 |  | $ | 460 |  |  | $ | 548
Actual return on plan assets |  | 682 |  |  | (1,760) |  | 69 |  |  | (70)
Lift-out transaction |  | (683) |  |  | — |  | — |  |  | —
Company contributions |  | 777 |  |  | 26 |  | 24 |  |  | 24
Plan participants’ contributions |  | — |  |  | — |  | 4 |  |  | 3
Benefits paid |  | (590) |  |  | (593) |  | (41) |  |  | (45)
Fair value of plan assets as of December 31 |  | $ | 6,879 |  |  | $ | 6,693 |  | $ | 516 |  |  | $ | 460
Funded Status: |  |  |  |  |  |  |  |
Qualified plan |  | $ | (1,090) |  |  | $ | (1,734) |  | $ | — |  |  | $ | —
Non-qualified plans |  | (394) |  |  | (401) |  | — |  |  | —
Funded Status (Net liability as of December 31) |  | $ | (1,484) |  |  | $ | (2,135) |  | $ | 75 |  |  | $ | 21
Accumulated benefit obligation |  | $ | 7,324 |  |  | $ | 8,500 |  |  | $ | — |  |  | $ | — |
Amounts Recognized in AOCI: |  |  |  |  |  |  |  |
Prior service cost (credit) |  | $ | 4 |  |  | $ | 6 |  |  | $ | (1) |  |  | $ | (10) |
Schedule of Target asset allocations for pension and OPEB portfolio | FirstEnergy’s target asset allocations for its pension and OPEB trust portfolios for 2023 were as follows:
Target Asset Allocations
|  | Pension |  | OPEB
Equities |  | 30 | % |  | 50 | %
Fixed income |  | 28.5 | % |  | 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 contribution.
|  |  |  | OPEB
|  | Pension |  | Benefit Payments |  | Subsidy Receipts
|  | (In millions)
2024 |  | $ | 554 |  |  | $ | 49 |  |  | $ | (1) |
2025 |  | 562 |  |  | 41 |  |  | (1) |
2026 |  | 564 |  |  | 40 |  |  | — |
2027 |  | 569 |  |  | 39 |  |  | — |
2028 |  | 571 |  |  | 37 |  |  | — |
Years 2029-2033 |  | 2,877 |  |  | 164 |  |  | (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 10, "Fair Value Measurements," for a description of each level of the fair value hierarchy. There were no significant transfers between levels during 2023 and 2022.
|  | December 31, 2023 |  | Asset Allocation
|  | Level 1 |  | Level 2 |  | Level 3 |  | Total |
|  | (In millions) |  |
Cash and short-term securities |  | $ | — |  |  | $ | 755 |  |  | $ | — |  |  | $ | 755 |  |  | 11 | %
Public equity |  | 1,811 |  |  | 4 |  |  | — |  |  | 1,815 |  |  | 26 | %
Fixed income |  | — |  |  | 1,784 |  |  | — |  |  | 1,784 |  |  | 26 | %
Derivatives |  | 2 |  |  | 37 |  |  | — |  |  | 39 |  |  | — | %
Total(1) |  | $ | 1,813 |  |  | $ | 2,580 |  |  | $ | — |  |  | $ | 4,393 |  |  | 63 | %
Private - equity and debt funds(2) |  |  |  |  |  |  |  | 1,296 |  |  | 19 | %
Insurance-linked securities(2) |  |  |  |  |  |  |  | 107 |  |  | 2 | %
Hedge funds(2) |  |  |  |  |  |  |  | 410 |  |  | 6 | %
Real estate funds(2) |  |  |  |  |  |  |  | 721 |  |  | 10 | %
Total Investments |  |  |  |  |  |  |  | $ | 6,927 |  |  | 100 | %
(1) Excludes $(48) million as of December 31, 2023, of receivables, payables, taxes, cash collateral for derivatives and accrued income associated with financial instruments reflected within the fair value table. (2) NAV used as a practical expedient to approximate fair value.
|  | 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 and accrued income associated with financial instruments reflected within the fair value table. (2) NAV 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, 2023, and 2022, the OPEB trust investments measured at fair value were as follows:
|  | December 31, 2023 |  | Asset Allocation
|  | Level 1 |  | Level 2 |  | Level 3 |  | Total |
|  | (In millions) |  |
Cash and short-term securities |  | $ | — |  |  | $ | 100 |  |  | $ | — |  |  | $ | 100 |  |  | 19 | %
Public equity |  | 258 |  |  | — |  |  | — |  |  | 258 |  |  | 50 | %
Fixed income |  | — |  |  | 158 |  |  | — |  |  | 158 |  |  | 31 | %
Total |  | $ | 258 |  |  | $ | 258 |  |  | $ | — |  |  | $ | 516 |  |  | 100 | %
|  | 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.

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