(Mark One) | |
{X} |
ANNUAL
REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES
EXCHANGE
|
ACT
OF 1934
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For
the fiscal years ended December 31, 2007 and 2006
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OR
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{ } |
TRANSITION
REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES
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EXCHANGE
ACT OF 1934 for the transition period
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from
_________ to __________.
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Commission
file number 333-21011
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A. Full
title of the plan and the address of the plan, if different from that of
the
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issuer named
below:
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FIRSTENERGY
CORP. SAVINGS PLAN
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B. Name
of issuer of the securities held pursuant to the plan and the
address
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of its principal executive
office:
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FIRSTENERGY
CORP.
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76
SOUTH MAIN STREET
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AKRON,
OH 44308
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FirstEnergy Corp.
Savings Plan
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Index
of Financial Statements
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Page
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Report
of Independent Registered Public Accounting Firm
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1
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Financial
Statements:
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Statements
of Net Assets Available for Benefits as of
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December 31, 2007 and
2006
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2
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Statements
of Changes in Net Assets Available for Benefits
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for the Years Ended December 31,
2007 and 2006
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3
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Notes
to Financial Statements
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4-11
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Supplemental
Schedules:
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Schedule
H, line 4i – Schedule of Assets (Held at End of Year)
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12
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Schedule
H, line 4j – Schedule of Reportable Transactions
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13
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December
31,
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December
31,
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||||||
Assets
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2007
|
2006
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|||||
Investments,
at fair value
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$ | 2,546,792,468 | $ | 2,370,987,964 | |||
Receivables:
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|||||||
Accrued
interest and dividends
|
2,074,576 | 2,624,297 | |||||
Employer
contributions
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25,795,031 | 5,341,165 | |||||
Due
from brokers for securities sold
|
591,753 | 781,874 | |||||
Total
receivables
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28,461,360 | 8,747,336 | |||||
Total
assets
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2,575,253,828 | 2,379,735,300 | |||||
Liabilities
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|||||||
Administrative
expenses payable
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669,173 | 429,711 | |||||
Due
to broker for securities purchased
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790,675 | 107,000 | |||||
Accrued
interest – ESOP loan
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- | 2,175,387 | |||||
ESOP
loan payable
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5,310,675 | 36,240,623 | |||||
Total
liabilities
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6,770,523 | 38,952,721 | |||||
Net
assets available for benefits, at fair value
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2,568,483,305 | 2,340,782,579 | |||||
Adjustment
from fair value to contract value for
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|||||||
fully
benefit-responsive investment contracts
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12,993,555 | 3,829,163 | |||||
Net
assets available for benefits
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$ | 2,581,476,860 | $ | 2,344,611,742 |
Year
Ended
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Year
Ended
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|||||||
December
31, 2007
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December
31, 2006
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|||||||
Additions:
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||||||||
Contributions
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||||||||
Employee
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$ | 95,290,401 | $ | 91,344,430 | ||||
Employer
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46,311,306 | 8,550,115 | ||||||
Total
contributions
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141,601,707 | 99,894,545 | ||||||
Investment
income:
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||||||||
Interest
and dividends
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130,095,336 | 88,479,092 | ||||||
Net
appreciation in fair value of investments
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118,250,305 | 102,174,160 | ||||||
Net
appreciation in fair value of master trust assets
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- | 121,544,513 | ||||||
Total
investment income
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248,345,641 | 312,197,765 | ||||||
Total
additions
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389,947,348 | 412,092,310 | ||||||
Deductions:
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||||||||
Distributions
to Participants
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(148,272,283 | ) | (133,007,006 | ) | ||||
ESOP
interest
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(1,450,258 | ) | (2,175,387 | ) | ||||
Fees
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(2,471,953 | ) | (1,657,459 | ) | ||||
Total
deductions
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(152,194,494 | ) | (136,839,852 | ) | ||||
Increase
in net assets available for benefits before transfers
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||||||||
to
other plans
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237,752,854 | 275,252,458 | ||||||
Transfers
to other plans
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(887,736 | ) | - | |||||
Increase
in net assets available for benefits
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236,865,118 | 275,252,458 | ||||||
Net
assets available for benefits, beginning of year
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2,344,611,742 | 2,069,359,284 | ||||||
Net
assets available for benefits, end of year
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$ | 2,581,476,860 | $ | 2,344,611,742 |
1.
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Description
of the Plan
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2.
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Summary
of Accounting Policies
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3.
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Plan
Termination
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4.
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Investments
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The
following presents the fair value of investments in the Plan as of
December 31:
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2007
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2006
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||||||
Cash
and cash equivalents
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$ | 3,603,518 | $ | 9,648,913 | |||
FirstEnergy
common stock
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600,215,984 | 584,057,256 | |||||
Capital
preservation investments
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480,965,672 | 466,219,609 | |||||
Domestic
equity stocks
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749,436,714 | 726,852,797 | |||||
International
equity stocks
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223,863,448 | 168,953,758 | |||||
Other
equities
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65,096,096 | 57,022,439 | |||||
Balanced
funds
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307,522,567 | 257,681,484 | |||||
Bonds
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77,782,965 | 63,774,935 | |||||
Participant
loans
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38,305,504 | 36,776,773 | |||||
Total
investments at fair value
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$ | 2,546,792,468 | $ | 2,370,987,964 |
Master
Trust
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||||||||||||
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Year
Ended
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July
1 Through
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For
the Six
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|||||||||
December
31,
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December
31,
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Months
Ended
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||||||||||
2007
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2006
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June
30, 2006
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||||||||||
Dividends
and interest income
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$ | 130,095,336 | $ | 88,479,092 | $ | 25,234,021 | ||||||
Net
appreciation (depreciation) in fair value of investments:
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||||||||||||
Bonds
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2,168,483 | 1,118,878 | (1,917,454 | ) | ||||||||
Domestic
stocks
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(9,623,723 | ) | 36,355,280 | 14,854,675 | ||||||||
International
stocks
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14,556,145 | 8,256,228 | 7,488,944 | |||||||||
Balanced
funds
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194,036 | 10,154,005 | 3,852,252 | |||||||||
FirstEnergy
common stock
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110,955,364 | 46,289,769 | 73,257,430 | |||||||||
Net
appreciation
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118,250,305 | 102,174,160 | 97,535,847 | |||||||||
Less:
Appreciation related to MYR assets
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- | - | (1,225,355 | ) | ||||||||
Net
investment income
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$ | 248,345,641 | $ | 190,653,252 | $ | 121,544,513 |
2007
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2006
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||||||||
FirstEnergy
common stock
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$ | 600,215,984 | $ | 584,057,256 | |||||
Capital
Preservation Fund*
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480,965,672 | 466,219,609 | |||||||
S&P
500 Index Fund
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349,172,005 | 335,710,526 | |||||||
EuroPacific
Growth Fund
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222,090,473 | 168,953,758 | |||||||
Moderate
Growth Lifestyle Fund
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- | 129,157,141 | |||||||
* |
Includes
Conservative Growth Lifestyle Fund's investment in the Capital
Preservation
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||||||||
Fund
as of December 31, 2006 of $8,877,173.
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5.
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Non-Participant
Directed Investments
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December
31,
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December
31,
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||||||||
2007
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2006
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||||||||
Assets:
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|||||||||
FirstEnergy
common stock*
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$ | 401,599,611 | $ | 361,838,052 | |||||
Net
assets available for benefits
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$ | 401,599,611 | $ | 361,838,052 | |||||
Changes
in net assets available for benefits:
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|||||||||
Employer
contributions
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$ | 42,969,122 | $ | 5,341,165 | |||||
Interest
and dividends
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11,610,393 | 13,475,686 | |||||||
Net
appreciation in fair value
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|||||||||
of
investments
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71,677,376 | 82,565,993 | |||||||
Distributions
to Participants
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(15,100,535 | ) | (21,312,136 | ) | |||||
Intra-fund
transfers, net
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(69,067,412 | ) | (85,404,101 | ) | |||||
Loan
transfer, net
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(866,562 | ) | (1,232,200 | ) | |||||
ESOP
interest expense/fees
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(1,460,823 | ) | (2,185,594 | ) | |||||
Increase
(decrease) in net assets available for benefits
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$ | 39,761,559 | $ | (8,751,187 | ) | ||||
* |
Net
of ESOP loan of $5.3 million and $36.2 million,
respectively.
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6.
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Contributions
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7.
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Transfers
to Other Plans
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8.
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Tax
Considerations
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9.
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Party-In-Interest
Transactions
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10.
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Guaranteed
Investment Contracts
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11.
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Reconciliation
of Financial Statements to Form
5500
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December
31,
|
December
31,
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|||||||
2007
|
2006
|
|||||||
Net
assets available for benefits per the financial statements
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$ | 2,581,476,860 | $ | 2,344,611,742 | ||||
Adjustment
from contract value to fair value for fully-benefit
|
||||||||
responsive
investment contracts
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(12,993,555 | ) | (3,829,163 | ) | ||||
Net
assets available for benefits per Form 5500
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$ | 2,568,483,305 | $ | 2,340,782,579 | ||||
Total
investment income per financial statements
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$ | 248,345,641 | $ | 312,197,765 | ||||
Adjustment
from contract value to fair value for fully-benefit
|
||||||||
responsive
investment contracts
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(12,993,555 | ) | (3,829,163 | ) | ||||
Investment
income per Form 5500
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$ | 235,352,086 | $ | 308,368,602 |
12.
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New
Accounting Pronouncement
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FIRSTENERGY
CORP. SAVINGS PLAN
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SCHEDULE
H, LINE 4i
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SCHEDULE
OF ASSETS (HELD AT END OF YEAR)
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December
31, 2007
|
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#34-1843785 Plan
002
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(a)
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(b)
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(c)
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(d)
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(e)
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|||||||
Description
of investment,
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|||||||||||
including
maturity date,
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|||||||||||
Identity
of issue, borrower,
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rate
of interest, collateral,
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Current
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|||||||||
lessor
or similar party
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par
or maturity value
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Cost
|
value
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||||||||
*
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State
Street STIF
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Money
market fund
|
**
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$ | 3,603,518 | ||||||
*
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FirstEnergy
Common Stock
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FirstEnergy
common stock
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**
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600,215,984 | |||||||
*
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S&P
500 Index Fund
|
S&P
500 stocks
|
**
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349,172,005 | |||||||
Fidelity
Puritan
|
Balanced
fund
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**
|
75,187,120 | ||||||||
Selected
American Fund
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Large
cap value stocks
|
**
|
74,587,687 | ||||||||
Lord
Abbett Mid Cap Value
|
Mid
cap value stocks
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**
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79,631,725 | ||||||||
Artisan
Mid Cap Fund
|
Mid
cap growth stocks
|
**
|
61,191,575 | ||||||||
DFA
Small Cap Value
|
Small
cap value stocks
|
**
|
62,281,368 | ||||||||
Franklin
Small Cap Fund II
|
Small
cap growth stocks
|
**
|
30,402,136 | ||||||||
PIMCO
Total Return Fund
|
Bonds
|
**
|
|
77,782,965 | |||||||
EuroPacific
Growth Fund
|
International
stocks
|
**
|
222,090,473 | ||||||||
BGI
Retirement Fund
|
Blend
of stocks, fixed income
|
**
|
13,742,101 | ||||||||
BGI
2010 Fund
|
Blend
of stocks, fixed income
|
**
|
36,308,118 | ||||||||
BGI
2015 Fund
|
Blend
of stocks, fixed income
|
**
|
60,032,074 | ||||||||
BGI
2020 Fund
|
Blend
of stocks, fixed income
|
**
|
54,854,277 | ||||||||
BGI
2025 Fund
|
Blend
of stocks, fixed income
|
**
|
38,660,700 | ||||||||
BGI
2030 Fund
|
Blend
of stocks, fixed income
|
**
|
18,939,445 | ||||||||
BGI
2035 Fund
|
Blend
of stocks, fixed income
|
**
|
4,855,712 | ||||||||
BGI
2040 Fund
|
Blend
of stocks, fixed income
|
**
|
2,480,911 | ||||||||
BGI
2045 Fund
|
Blend
of stocks, fixed income
|
**
|
1,553,816 | ||||||||
BGI
2050 Fund
|
Blend
of stocks, fixed income
|
**
|
908,293 | ||||||||
Dodge
& Cox International Fund
|
International
stocks
|
**
|
1,772,975 | ||||||||
Allegiant
Equity Growth Fund
|
Large
cap growth
|
**
|
92,170,218 | ||||||||
Self
Managed Fund
|
Equities,
fixed income
|
**
|
65,096,096 | ||||||||
*
|
Capital
Preservation Fund
|
GICs,
collateralized mortgage obligations
|
**
|
480,965,672 | |||||||
*
|
Participant
Loans
|
Loans
receivable with repayment
|
|||||||||
interest
of 5.0% to 10.8%
|
$ |
-
|
38,305,504 | ||||||||
Totals
|
$ | 2,546,792,468 | |||||||||
*
Parties-in-interest
|
|||||||||||
**
Information is not required pursuant to Form 5500
instructions
|
FirstEnergy
Corp. Savings Plan
|
|||||||||||||||||||||||
Schedule
H, line 4j - SCHEDULE OF REPORTABLE TRANSACTIONS
|
|||||||||||||||||||||||
For
the year ended December 31, 2007
|
|||||||||||||||||||||||
#34-1843785 Plan
002
|
|||||||||||||||||||||||
(a)
|
(b)
|
(c)
|
(d)
|
(e)
|
(f)
|
(g)
|
(h)
|
(i)
|
|||||||||||||||
Current
value
|
|||||||||||||||||||||||
Identity
of
|
Expense
|
of
asset
|
|||||||||||||||||||||
party
|
Purchase
|
Sales
|
Lease
|
incurred
with
|
Cost
of
|
at
transaction
|
Net
gain
|
||||||||||||||||
involved
|
Description
of asset
|
price
|
price
|
rental
|
transaction
|
asset
|
date
|
(loss)
|
|||||||||||||||
Moderate
Lifestyle Fund
|
$ | - | $ | 138,319,043 | N/A | $ | - | $ | 136,211,499 | $ | 138,319,043 | $ | 2,107,544 | ||||||||||
1
Sale
|
FIRSTENERGY
CORP.
|
|
SAVINGS
PLAN
|
|
Dated: June 26, 2008
|
|
By
|
/s/ Ralph
W. Smith
|
Ralph
W. Smith
|
|
Chairperson
|
|
Savings
Plan Committee
|