Constellation Energy Corp
For the period ended Jun 30, 2024. Filed Aug 6, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2024 · Filed Aug 6, 2024
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9. Retirement Benefits
- Retirement Benefits
Components of Net Periodic Benefit (Credits) Costs
See Note 1 — Basis of Presentation of our 2023 10-K for additional information on where we report the service cost and other non-service cost (credit) components for all plans.
The following tables present the components of our net periodic benefit (credits) costs, prior to capitalization and co-owner allocations, for the three and six months ended June 30, 2024 and 2023:
| Pension Benefits · OPEB · Total Pension Benefits and OPEB | ||||||
|---|---|---|---|---|---|---|
| Three Months Ended June 30, | Three Months Ended June 30, | Three Months Ended June 30, | ||||
| 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | |
| Components of net periodic benefit (credit) cost | ||||||
| Service cost | $23 | $23 | $5 | $4 | $28 | $27 |
| Non-service components of pension benefits & OPEB (credit) cost | ||||||
| Interest cost | 96 | 98 | 18 | 19 | 114 | 117 |
| Expected return on assets | (124) | (127) | (10) | (11) | (134) | (138) |
| Amortization of: | ||||||
| Prior service (credit) cost | — | — | (1) | (2) | (1) | (2) |
| Actuarial (gain) loss | 26 | 11 | (2) | (4) | 24 | 7 |
| Settlement charges | 1 | — | — | — | 1 | — |
| Non-service components of pension benefits & OPEB (credit) cost | (1) | (18) | 5 | 2 | 4 | (16) |
| Net periodic benefit (credit) cost(a,b) | $22 | $5 | $10 | $6 | $32 | $11 |
Note 9 — Retirement Benefits
| Pension Benefits · OPEB · Total Pension Benefits and OPEB | ||||||
|---|---|---|---|---|---|---|
| Six Months Ended June 30, | Six Months Ended June 30, | Six Months Ended June 30, | ||||
| 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | |
| Components of net periodic benefit (credit) cost: | ||||||
| Service cost | $45 | $45 | $9 | $8 | $54 | $53 |
| Non-service components of pension benefits & OPEB (credit) cost: | ||||||
| Interest cost | 191 | 197 | 36 | 37 | 227 | 234 |
| Expected return on assets | (248) | (254) | (21) | (22) | (269) | (276) |
| Amortization of: | ||||||
| Prior service (credit) cost | — | — | (3) | (4) | (3) | (4) |
| Actuarial (gain) loss | 51 | 23 | (4) | (7) | 47 | 16 |
| Settlement charges | 4 | — | — | — | 4 | — |
| Non-service components of pension benefits & OPEB (credit) cost | (2) | (34) | 8 | 4 | 6 | (30) |
| Net periodic benefit (credit) cost(a,b) | $43 | $11 | $17 | $12 | $60 | $23 |
(a)The pension benefit and OPEB service costs reflected in the Consolidated Statements of Operations and Comprehensive Income for the three and six months ended June 30, 2024 totaled $27 million and$51 million, respectively.
(b)The pension benefit and OPEB service costs reflected in the Consolidated Statements of Operations and Comprehensive Income for the three and six months ended June 30, 2023 totaled $23 million and $47 million, respectively.
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