The first law of thermodynamics is referred to as a reformulation of the law of conservation of energy.
I am not sure to fully understand this relationship.
My way of picturing it is the following.
A given system $S$ has an internal energy $U_S$. Apart from their mathematical definition, heat $Q$ and work $W$ are often defined in textbooks as "energy in transit". This means, in my mind, that some kind of energy is transferred to/from $S$ from/to its surroundings; let's call its surroundings $\Omega\setminus S$. I'd like to see $\Omega\setminus S$ as another system with its own internal energy $U_{\Omega\setminus S}$; in this view, I think the first law of thermodynamics could be restated as
\begin{equation} \Delta U_S + \Delta U_{\Omega\setminus S} = 0 \end{equation}
i.e.
\begin{equation} U_S+U_{\Omega\setminus S}=\text{constant} \end{equation} and this would clarify (to me) the relationship between the two concepts.
My question is, is this conceptual picture correct or does it have some fundamental flaw? If it's wrong, could someone please specify the relationship between the first law of thermodynamics and energy conservation in a way that a thoroughly obtuse person would understand?
EDIT: I corrected the first equation above.