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PENSION AND OTHER POST-EMPLOYMENT BENEFITS | 9 Months Ended
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Sep. 30, 2024
Retirement Benefits [Abstract] |
PENSION AND OTHER POST-EMPLOYMENT BENEFITS | PENSION AND OTHER POST-EMPLOYMENT BENEFITS On May 12, 2023, FirstEnergy made a $750 million voluntary cash contribution to the qualified pension plan, which was funded by FE. FirstEnergy does not currently expect to have a required contribution to the pension plan until 2028, which based on various assumptions, including an expected rate of return on assets of 8.0%, is expected to be approximately $260 million. However, FirstEnergy may elect to contribute to the pension plan voluntarily. FirstEnergy recognizes a pension and OPEB mark-to-market adjustment for the change in fair value of plan assets and net actuarial gains and losses annually in the fourth quarter of each fiscal year and whenever a plan is determined to qualify for remeasurement. The size of the voluntary contribution made on May 12, 2023, in relation to total pension assets triggered a remeasurement of the pension plan, and as a result, FirstEnergy recognized a non-cash, pre-tax pension mark-to-market adjustment gain of approximately $59 million in the second quarter of 2023. The pension mark-to-market adjustment primarily reflected higher than expected return on assets, partially offset by a 29 basis points decrease in the discount rate used to measure benefit obligations. The components of FirstEnergy’s net periodic benefit costs (credits) for pension and OPEB were as follows:
Components of Net Periodic Benefit Costs (Credits) |  | Pension | OPEB
For the Three Months Ended September 30, |  | 2024 |  | 2023 |  | 2024 |  | 2023
|  | (In millions)
Service costs |  | $ | 35 |  |  | $ | 35 |  |  | $ | 1 |  |  | $ | 1 |
Interest costs |  | 99 |  |  | 106 |  |  | 5 |  |  | 5 |
Expected return on plan assets |  | (132) |  |  | (151) |  |  | (9) |  |  | (7) |
Amortization of prior service costs (credits) |  | — |  |  | 1 |  |  | — |  |  | (3) |
Special termination benefits(1) |  | — |  |  | 13 |  |  | — |  |  | 5 |
Net periodic benefit costs (credits) |  | $ | 2 |  |  | $ | 4 |  |  | $ | (3) |  |  | $ | 1 |
Net periodic benefit costs (credits), net of amounts capitalized |  | $ | (15) |  |  | $ | (15) |  |  | $ | (4) |  |  | $ | 1 |
(1) Related to benefits provided in connection with the PEER program.
Components of Net Periodic Benefit Costs (Credits) |  | Pension | OPEB
For the Nine Months Ended September 30, |  | 2024 |  | 2023 |  | 2024 |  | 2023
|  | (In millions)
Service cost |  | $ | 105 |  |  | $ | 104 |  |  | $ | 2 |  |  | $ | 2 |
Interest cost |  | 298 |  |  | 322 |  |  | 15 |  |  | 16 |
Expected return on plan assets |  | (397) |  |  | (421) |  |  | (26) |  |  | (23) |
Amortization of prior service cost (credit)(1) |  | 1 |  |  | 2 |  |  | (1) |  |  | (7) |
Special termination benefits(2) |  | — |  |  | 18 |  |  | — |  |  | 7 |
Pensions & OPEB mark-to-market adjustment |  | — |  |  | (59) |  |  | — |  |  | — |
Net periodic benefit costs (credits) |  | 7 |  |  | (34) |  |  | (10) |  |  | (5) |
Net periodic benefit costs (credits), net of amounts capitalized |  | $ | (45) |  |  | $ | (88) |  |  | $ | (11) |  |  | $ | (6) |
(1) The income tax benefits associated with the pension and OPEB prior service costs amortized out of AOCI were $1 million for the nine months ended September 30, 2023. Amounts were immaterial for the nine months ended September 30, 2024. (2) Related to benefits provided in connection with the PEER program. Service costs, net of capitalization, are reported within Other operating expenses on FirstEnergy’s Consolidated Statements of Income. Non-service costs, other than the pension and OPEB mark-to-market adjustment, which is separately shown, are reported within “Miscellaneous income, net”, within “Other Income (Expense)” on FirstEnergy’s Consolidated Statements of Income. Cash flows from operating activities for the nine months ended September 30, 2024 and 2023, includes approximately $44 million and $39 million, respectively, of employee benefit plan funding and related payments. These payments are primarily related to short-term benefit payment liabilities owed to retirees under plan obligations in the respective periods.

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