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PENSION AND OTHER POST-EMPLOYMENT BENEFITS | 9 Months Ended
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Sep. 30, 2025
Retirement Benefits [Abstract] |
PENSION AND OTHER POST-EMPLOYMENT BENEFITS | PENSION AND OTHER POST-EMPLOYMENT BENEFITS The disclosures in this note apply to both Registrants, unless indicated otherwise. FirstEnergy provides qualified benefit plans, through the FirstEnergy Master Pension Plan and the FirstEnergy Welfare Plan that cover substantially all employees and non-qualified defined benefit plans that cover certain employees, including employees of JCP&L. FirstEnergy’s pension and OPEB plans are neither multiemployer nor multiple-employer plans. The Registrants recognize 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. FirstEnergy does not currently expect to have a required contribution to the pension plan until 2027, which, based on various assumptions, including an expected rate of return on assets of 8.5% for 2025, is expected to be approximately $300 million. However, FirstEnergy may elect to contribute to the pension plan voluntarily. JCP&L is not expected to make a contribution. In January 2025, FirstEnergy executed a lift-out transaction with MetLife, which transferred approximately $640 million of plan assets and $652 million of plan obligations, associated with approximately 2,000 former competitive generation employees, who will assume future and full responsibility to fund and administer their benefit payments. There was no change to the pension benefits for any participant as a result of the transfer, and the transaction was funded by pension plan assets. FirstEnergy believes that this lift-out transaction, in addition to the lift-out in 2023, further de-risked potential volatility with the pension plan assets and liabilities, and will continue to evaluate other lift-outs in the future based on market and other conditions. Due to the timing of the lift-out transaction and its proximity to the 2024 annual remeasurement, FirstEnergy elected a practical expedient and did not remeasure pension plan assets and obligations when the lift-out occurred in January 2025. FirstEnergy cash flows from operating activities for the nine months ended September 30, 2025 and 2024, includes approximately $38 million and $44 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. Service costs, net of capitalization, are reported within “Other operating expenses” on the Registrants’ Statements of Income and Comprehensive 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 the Registrants’ Statements of Income and Comprehensive Income. The components of FirstEnergy’s net periodic benefit costs (credits) for pension and OPEB were as follows:
FirstEnergy Components of Net Periodic Benefit Costs (Credits) |  | Pension | OPEB
For the Three Months Ended September 30, |  | 2025 |  | 2024 |  | 2025 |  | 2024
|  | (In millions)
Service costs |  | $ | 33 |  |  | $ | 35 |  |  | $ | 1 |  |  | $ | 1 |
Interest costs |  | 93 |  |  | 99 |  |  | 5 |  |  | 5 |
Expected return on plan assets |  | (115) |  |  | (132) |  |  | (9) |  |  | (9) |
Amortization of prior service costs (credits) |  | 1 |  |  | — |  |  | (1) |  |  | — |
Net periodic benefit costs (credits) |  | $ | 12 |  |  | $ | 2 |  |  | $ | (4) |  |  | $ | (3) |
Net periodic benefit credits, net of amounts capitalized |  | $ | (6) |  |  | $ | (15) |  |  | $ | (4) |  |  | $ | (4) |
Components of Net Periodic Benefit Costs (Credits) |  | Pension | OPEB
For the Nine Months Ended September 30, |  | 2025 |  | 2024 |  | 2025 |  | 2024
|  | (In millions)
Service costs |  | $ | 98 |  |  | $ | 105 |  |  | $ | 2 |  |  | $ | 2 |
Interest costs |  | 280 |  |  | 298 |  |  | 15 |  |  | 15 |
Expected return on plan assets |  | (345) |  |  | (397) |  |  | (28) |  |  | (26) |
Amortization of prior service costs (credit) |  | 1 |  |  | 1 |  |  | (1) |  |  | (1) |
Net periodic benefit costs (credits) |  | $ | 34 |  |  | $ | 7 |  |  | $ | (12) |  |  | $ | (10) |
Net periodic benefit credits, net of amounts capitalized |  | $ | (19) |  |  | $ | (45) |  |  | $ | (13) |  |  | $ | (11) |
JCP&L JCP&L recognizes its allocated portion of the expected cost of providing pension and OPEB to employees and their beneficiaries and covered dependents from the time employees are hired until they become eligible to receive those benefits. JCP&L also recognizes its allocated portion of obligations to former or inactive employees after employment, but before retirement, for disability-related benefits. JCP&L cash flows from operating activities for the nine months ended September 30, 2024, includes approximately $7 million 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. JCP&L’s net periodic benefit costs (credits) for pension and OPEB were as follows:
|  | Pension |  | OPEB
(In millions) |  | 2025 |  | 2024 |  | 2025 |  | 2024
For the Three Months Ended September 30, |  |  |  |  |  |  |  |
JCP&L's share of net periodic benefit credits (1) |  | $ | (1) |  |  | $ | (1) |  |  | $ | (4) |  |  | $ | (3) |
Allocated net periodic benefit costs from affiliates (1) (2) |  | $ | 2 |  |  | $ | 2 |  |  | $ | — |  |  | $ | — |
For the Nine Months Ended September 30, |  |  |  |  |  |  |  |
JCP&L's share of net periodic benefit credits(1) |  | $ | (3) |  |  | $ | (4) |  |  | $ | (11) |  |  | $ | (10) |
Allocated net periodic benefit costs from affiliates(1) (2) |  | $ | 7 |  |  | $ | 6 |  |  | $ | — |  |  | $ | — |
(1) Includes amounts capitalized. (2) In addition to the net periodic benefit costs for its current and former employees and retirees, JCP&L is also allocated pension and OPEB net periodic benefit costs and credits from its affiliates, primarily FESC.

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