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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 PensionOPEB
20222021
2020 (2)
20222021
2020 (2)
Assumptions Related to Benefit Obligations:
Discount rate5.23 %3.02 %2.67 %5.16 %2.84 %2.45 %
Rate of compensation increase4.30 %4.10 %4.10 %N/AN/AN/A
Cash balance weighted average interest crediting rate4.04 %2.57 %2.57 %N/AN/AN/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 assets7.50 %7.50 %7.50 %7.50 %7.50 %7.50 %
Rate of compensation increase4.10 %4.10 %4.10 %N/AN/AN/A
Assumed Health Care Cost Trend Rates:
Health care cost trend rate assumed (pre/post-Medicare)N/AN/AN/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/AN/AN/A4.50 %4.50 %4.50 %
Year that the rate reaches the ultimate trend rateN/AN/AN/A202920282028
(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,PensionOPEB
202220212020202220212020
 (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
PensionOPEB
Obligations/Funded Status - Qualified and Non-Qualified Plans2022202120222021
(In millions)
Change in benefit obligation:
Benefit obligation as of January 1$11,479 $11,935$549 $676
Service cost184 1953 4
Interest cost273 22611 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 contributions26 2424 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
Equities36 %50 %
Fixed income22.5 %50 %
Alternative investments 5 %— %
Real estate10 %— %
Private - equity and debt funds20 %— %
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
PensionBenefit PaymentsSubsidy Receipts
(In millions)
2023$583 $44 $(1)
2024587 42 (1)
2025597 40 (1)
2026605 39 — 
2027612 37 — 
Years 2028-20313,120 167 (2)
Pension  
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]  
Schedule of Pension investments measured at fair value
The following tables set forth pension financial assets that are accounted for at fair value by level within the fair value hierarchy. See Note 9, "Fair Value Measurements," for a description of each level of the fair value hierarchy. There were no significant transfers between levels during 2022 and 2021.
December 31, 2022Asset Allocation
Level 1Level 2Level 3Total
(In millions)
Cash and short-term securities$— $714 $— $714 11 %
Public equity1,871 216 — 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, 2021Asset Allocation
Level 1Level 2Level 3Total
(In millions)
Cash and short-term securities$— $746 $— $746 8 %
Public equity2,867 286 — 3,153 35 %
Fixed income— 2,453 — 2,453 27 %
Derivatives20 — — 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 $(47) million as of December 31, 2021, of receivables, payables, taxes and accrued income associated with financial instruments reflected within the fair value table.
(2) Net Asset Value used as a practical expedient to approximate fair value.
OPEB  
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]  
Schedule of Pension investments measured at fair value
As of December 31, 2022, and 2021, the OPEB trust investments measured at fair value were as follows:
December 31, 2022Asset Allocation
Level 1Level 2Level 3Total
(In millions)
Cash and short-term securities$— $87 $— $87 19 %
Public equity217 — — 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, 2021Asset Allocation
Level 1Level 2Level 3Total
(In millions)
Cash and short-term securities$— $95 $— $95 17 %
Public equity278 — — 278 51 %
Fixed income:— 175 — 175 32 %
Total$278 $270 $— $548 100 %