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PENSION AND OTHER POST-EMPLOYMENT BENEFITS (Tables)
 12 Months Ended
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 PensionOPEB
2023(2)
20222021
2023(2)
20222021
Assumptions Related to Benefit Obligations:
Discount rate5.05 %5.23 %3.02 %4.97 %5.16 %2.84 %
Rate of compensation increase4.30 %4.30 %4.10 %N/AN/AN/A
Cash balance weighted average interest crediting rate4.94 %4.04 %2.57 %N/AN/AN/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 assets8.00 %7.50 %7.50 %7.00 %7.50 %7.50 %
Rate of compensation increase4.30 %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
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/AN/AN/A4.50 %4.50 %4.50 %
Year that the rate reaches the ultimate trend rateN/AN/AN/A203320292028
(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 Returns202320222021
 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,PensionOPEB
202320222021202320222021
 (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-market108 (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
PensionOPEB
Obligations/Funded Status - Qualified and Non-Qualified Plans2023202220232022
(In millions)
Change in benefit obligation:
Benefit obligation as of January 1$8,828 $11,479$439 $549
Service cost139 1842 3
Interest cost428 27321 11
Plan participants’ contributions— —4 3
Special termination benefits21 —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 assets682 (1,760)69 (70)
Lift-out transaction (683)—— —
Company contributions777 2624 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
Equities30 %50 %
Fixed income28.5 %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 contribution.
OPEB
PensionBenefit PaymentsSubsidy Receipts
(In millions)
2024$554 $49 $(1)
2025562 41 (1)
2026564 40 — 
2027569 39 — 
2028571 37 — 
Years 2029-20332,877 164 (2)
Pension  
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]  
Schedule of Pension investments measured at fair value
The following tables set forth pension financial assets that are accounted for at fair value by level within the fair value hierarchy. See Note 10, "Fair Value Measurements," for a description of each level of the fair value hierarchy. There were no significant transfers between levels during 2023 and 2022.
December 31, 2023Asset Allocation
Level 1Level 2Level 3Total
(In millions)
Cash and short-term securities$— $755 $— $755 11 %
Public equity1,811 4 — 1,815 26 %
Fixed income— 1,784 — 1,784 26 %
Derivatives2 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, 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 $350 million as of December 31, 2022, of receivables, payables, taxes and accrued income associated with financial instruments reflected within the fair value table.
(2) NAV used as a practical expedient to approximate fair value.
OPEB  
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]  
Schedule of Pension investments measured at fair value
As of December 31, 2023, and 2022, the OPEB trust investments measured at fair value were as follows:
December 31, 2023Asset Allocation
Level 1Level 2Level 3Total
(In millions)
Cash and short-term securities$— $100 $— $100 19 %
Public equity258 — — 258 50 %
Fixed income— 158 — 158 31 %
Total$258 $258 $— $516 100 %


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.