SEC Comment Letter 0000000000-23-002375 to FIRSTENERGY CORP (FE) (CIK 0001031296) (FE)
FIRSTENERGY CORP (FE) (CIK 0001031296)
Date: March 10, 2023 · CIK: 0001031296 · Accession: 0000000000-23-002375
AI Filing Summary & Sentiment
File numbers found in text: 333-21011
Letter
United States securities and exchange commission logo March 10, 2023 K. Jon Taylor Chief Financial Officer FirstEnergy Corp. 76 South Main Street Akron, OH 44308 Re:FirstEnergy Corp. Form 10-K for the Fiscal Year ended December 31, 2022 Filed February 13, 2023 File No. 333-21011 Dear K. Jon Taylor: We have limited our review of your filing to the financial statements and related disclosures and have the following comment. In our comment, we may ask you to provide us with information so we may better understand your disclosure. Please respond to this comment within ten business days by providing the requested information or advise us as soon as possible when you will respond. If you do not believe our comment applies to your facts and circumstances, please tell us why in your response. After reviewing your response to this comment, we may have additional comments. Form 10-K for the Fiscal Year ended December 31, 2022 Management's Discussion and Analysis of Financial Condition and Results of Operations Critical Accounting Policies and Estimates Pension and OPEB Accounting, page 68 1.We note that 42% of the total asset value reported for your pension plans in Note 5 on page 91 is based on net asset values to approximate fair values at December 31, 2022.
Please expand your disclosure to explain how you select, apply and test the underlying valuation methodologies, and to describe any efforts that you undertake to oversee and evaluate pricing services that are based on the net asset values of the investments.
Please also clarify how you applied the guidance in FASB ASC 820-10-35-60 in considering whether adjustments to the most recent net asset values were necessary.
FirstName LastNameK. Jon Taylor Comapany NameFirstEnergy Corp. March 10, 2023 Page 2 FirstName LastName K. Jon Taylor FirstEnergy Corp. March 10, 2023 Page 2 In closing, we remind you that the company and its management are responsible for the accuracy and adequacy of their disclosures, notwithstanding any review, comments, action or absence of action by the staff. You may contact Yong Kim, Staff Accountant, at 202-551-3323 or Gus Rodriguez, Staff Accountant, at 202-551-3752 with any questions. Sincerely, Division of Corporation Finance Office of Energy & Transportation
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United States securities and exchange commission logo
March 10, 2023
K. Jon Taylor
Chief Financial Officer
FirstEnergy Corp.
76 South Main Street
Akron, OH 44308
Re:FirstEnergy Corp.
Form 10-K for the Fiscal Year ended December 31, 2022
Filed February 13, 2023
File No. 333-21011
Dear K. Jon Taylor:
We have limited our review of your filing to the financial statements and related
disclosures and have the following comment. In our comment, we may ask you to provide us
with information so we may better understand your disclosure.
Please respond to this comment within ten business days by providing the requested
information or advise us as soon as possible when you will respond. If you do not believe our
comment applies to your facts and circumstances, please tell us why in your response.
After reviewing your response to this comment, we may have additional comments.
Form 10-K for the Fiscal Year ended December 31, 2022
Management's Discussion and Analysis of Financial Condition and Results of Operations
Critical Accounting Policies and Estimates
Pension and OPEB Accounting, page 68
1.We note that 42% of the total asset value reported for your pension plans in Note 5 on
page 91 is based on net asset values to approximate fair values at December 31, 2022.
Please expand your disclosure to explain how you select, apply and test the underlying
valuation methodologies, and to describe any efforts that you undertake to oversee and
evaluate pricing services that are based on the net asset values of the investments.
Please also clarify how you applied the guidance in FASB ASC 820-10-35-60 in
considering whether adjustments to the most recent net asset values were necessary.
FirstName LastNameK. Jon Taylor
Comapany NameFirstEnergy Corp.
March 10, 2023 Page 2
FirstName LastName
K. Jon Taylor
FirstEnergy Corp.
March 10, 2023
Page 2
In closing, we remind you that the company and its management are responsible for the
accuracy and adequacy of their disclosures, notwithstanding any review, comments, action or
absence of action by the staff.
You may contact Yong Kim, Staff Accountant, at 202-551-3323 or Gus Rodriguez, Staff
Accountant, at 202-551-3752 with any questions.
Sincerely,
Division of Corporation Finance
Office of Energy & Transportation