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0001868275 ceg:AveragePriorServiceCostMember ecd:NonPeoNeoMember 2023-01-01 2023-12-31 0001868275 ceg:AverageServiceCostMember ecd:NonPeoNeoMember 2022-01-01 2022-12-31 0001868275 ceg:AveragePriorServiceCostMember ecd:NonPeoNeoMember 2022-01-01 2022-12-31 0001868275 1 2025-01-01 2025-12-31 0001868275 2 2025-01-01 2025-12-31 0001868275 3 2025-01-01 2025-12-31 0001868275 4 2025-01-01 2025-12-31 0001868275 5 2025-01-01 2025-12-31 0001868275 6 2025-01-01 2025-12-31 iso4217:USD false 0001868275 DEF 14A CONSTELLATION ENERGY CORPORATION true Clawback Policy The Board has adopted two recoupment (aka “clawback”) policies. One clawback policy applies only to SEC Section 16 executive officers (which includes, but is not limited to, our CEO and the other NEOs), the other policy applies to all employees (including the Section 16 executive officers) that receive incentive-based compensation. The policy applicable to Section 16 executive officers is compliant with the clawback rules and requirements adopted by the SEC and Nasdaq in 2023. Under this policy, the Board is required to recoup, from current or former Section 16 executive officers, any incentive-based compensation that was erroneously awarded during the three years preceding the date of any accounting restatement that is required due to material non-compliance with any financial reporting requirement under applicable U.S. federal securities laws. The other clawback policy provides our Board wider discretionary authority to recoup incentive compensation. Under this broader clawback policy, the Board or Compensation Committee may seek to recoup incentive compensation paid or payable to current or former incentive plan participants if, in its sole discretion, the Board or Compensation Committee determines that: (a) the current or former incentive plan participant breached a restrictive covenant or engaged or participated in misconduct, or intentional or reckless acts or omissions, or serious neglect of responsibilities that caused or contributed to a significant financial loss or serious reputational harm to Constellation regardless of whether a financial statement restatement or correction of incentive plan results was required, and (b) recoupment is not precluded by applicable law or employment agreements. <table cellpadding="0" cellspacing="0" id="xdx_886_eecd--PvpTableTextBlock_ziVl93MVYVx4" style="font: 7pt Arial, Helvetica, Sans-Serif; width: 98%; border-collapse: collapse; margin-left: 12pt" summary="xdx: Disclosure - Pay vs Performance Disclosure"> <tr style="font: 7pt Arial, Helvetica, Sans-Serif; 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padding-top: 2pt; text-align: center; padding-bottom: 2pt">$17,115,179</td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: center; padding-bottom: 2pt">$78,753,450</td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: center; padding-bottom: 2pt">$6,282,885</td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: center; padding-bottom: 2pt">$22,454,122</td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: center; padding-bottom: 2pt">$734</td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: center; padding-bottom: 2pt">$162</td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: center; padding-bottom: 2pt">$2,319</td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: center; padding-bottom: 2pt">$2,944</td></tr> <tr id="xdx_41C_20240101__20241231_zXireK67Saf4" style="font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,244,247); padding-top: 2pt; padding-left: 5pt; text-align: left; padding-bottom: 2pt">2024(9)</td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,244,247); padding-top: 2pt; text-align: center; padding-bottom: 2pt">16,216,964</td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,244,247); padding-top: 2pt; text-align: center; padding-bottom: 2pt">83,543,227</td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,244,247); padding-top: 2pt; text-align: center; padding-bottom: 2pt">5,146,423</td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,244,247); padding-top: 2pt; text-align: center; padding-bottom: 2pt">18,565,856</td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,244,247); padding-top: 2pt; text-align: center; padding-bottom: 2pt">462</td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,244,247); padding-top: 2pt; text-align: center; padding-bottom: 2pt">136</td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,244,247); padding-top: 2pt; text-align: center; padding-bottom: 2pt">3,749</td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,244,247); padding-top: 2pt; text-align: center; padding-bottom: 2pt">2,735</td></tr> <tr id="xdx_41F_20230101__20231231_z02WN8aSV1a1" style="font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-left: 5pt; text-align: left; padding-bottom: 2pt">2023</td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: center; padding-bottom: 2pt">15,185,385</td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: center; padding-bottom: 2pt">30,945,947</td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: center; padding-bottom: 2pt">5,221,424</td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: center; padding-bottom: 2pt">11,798,444</td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: center; padding-bottom: 2pt">240</td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: center; padding-bottom: 2pt">116</td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: center; padding-bottom: 2pt">1,623</td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; text-align: center; padding-bottom: 2pt">2,034</td></tr> <tr id="xdx_41E_20220101__20221231_zugau6K2mDg2" style="font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="border-bottom: rgb(211,210,209) 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,244,247); padding-top: 2pt; padding-left: 5pt; text-align: left; padding-bottom: 2pt">2022</td> <td style="border-bottom: rgb(211,210,209) 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,244,247); padding-top: 2pt; text-align: center; padding-bottom: 2pt">10,439,082</td> <td style="border-bottom: rgb(211,210,209) 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,244,247); padding-top: 2pt; text-align: center; padding-bottom: 2pt">23,640,761</td> <td style="border-bottom: rgb(211,210,209) 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,244,247); padding-top: 2pt; text-align: center; padding-bottom: 2pt">4,078,360</td> <td style="border-bottom: rgb(211,210,209) 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,244,247); padding-top: 2pt; text-align: center; padding-bottom: 2pt">11,598,514</td> <td style="border-bottom: rgb(211,210,209) 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,244,247); padding-top: 2pt; text-align: center; padding-bottom: 2pt">175</td> <td style="border-bottom: rgb(211,210,209) 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,244,247); padding-top: 2pt; text-align: center; padding-bottom: 2pt">98</td> <td style="border-bottom: rgb(211,210,209) 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,244,247); padding-top: 2pt; text-align: center; padding-bottom: 2pt">(160)</td> <td style="border-bottom: rgb(211,210,209) 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(241,244,247); padding-top: 2pt; text-align: center; padding-bottom: 2pt">1,335</td></tr> </table> 17115179 78753450 6282885 6282885 22454122 734 162

2319000000

2944000000 16216964 83543227 5146423 5146423 18565856 462 136

3749000000

2735000000 15185385 30945947 5221424 5221424 11798444 240 116

1623000000

2034000000 10439082 23640761 4078360 4078360 11598514 175 98

-160000000

1335000000 The dollar amounts reported in column (b) are the amounts of total compensation reported for Mr. Dominguez (our President and Chief Executive Officer) for each corresponding year in the “Total” column of the Summary Compensation Table. Refer to the Summary Compensation Table above. Mr. Dominguez 17115179 -12100487 74085188 -505380 158950 78753450 16216964 -10500172 78209518 -519424 136341 83543227 15185385 -10000025 26114450 -471090 117227 30945947 10439082 -6699193 20167014 -385830 119688 23640761 16410721 38315979 19358487 74085188 27545491 50397019 267009 78209518 19636100 6513919 -35569 26114450 17991666 2175348 20167014 158950 158950 136341 136341 117227 117227 119688 119688 The dollar amounts reported in column (d) represent the average of the amounts reported for the NEOs as a group (excluding Mr. Dominguez) in the “Total” column of the Summary Compensation Table in each applicable year. The names of each of the NEOs (excluding Mr. Dominguez) included for purposes of calculating the average amounts in 2023, 2024 and 2025 are Messrs. Eggers, Hanson and McHugh and Ms. Barrón. The names of each of the NEOs (excluding Mr. Dominguez) included for purposes of calculating the average amounts in 2022 are Messrs. Eggers, Hanson, Koehler, and McHugh. 6282885 -4075333 20604898 -492433 134105 22454122 5146423 -2425098 16374681 -660445 130294 18565856 5221424 -2103855 9598297 -1027335 109912 11798444 4078360 -2116985 9735277 -203718 105580 11598514 7657040 8405295 4542564 20604898 5820860 10066545 487277 16374681 4444809 5038451 115037 9598297 9469938 265339 9735277 134105 134105 130294 130294 109912 109912 105580 105580 The peer group used for this purpose is the following published industry index: S&P 500 Industrials. Adjusted Operating Earnings exclude certain costs, expenses, gains and losses and other specified items, including mark-to-market adjustments from economic hedging activities and fair value adjustments related to gas imbalances and equity investments, decommissioning related activity, asset impairments, certain amounts associated with plant retirements and divestitures, pension and other post-employment benefits, non-service credits, and other items as set forth in Appendix A. While the company uses numerous financial and non-financial performance measures for the purpose of evaluating performance for the company’s compensation programs, the company has determined that Adjusted Operating Earnings is the financial performance measure that, in the company’s assessment, represents the most important performance measure (that is not otherwise required to be disclosed in the table) used by the company to link compensation actually paid to the company’s NEOs, for the most recently completed fiscal year, to company performance. As described in greater detail in the “Compensation Discussion and Analysis” section, the company’s executive compensation program reflects an alignment to shareholder interest. The metrics that the company uses for both our long-term and short-term incentive awards are selected based on an objective of incentivizing our NEOs to increase the value of our enterprise for our shareholders. The most important financial performance measures used by the company to link executive compensation actually paid to the NEOs, for the most recently completed fiscal year, to the company’s performance are as follows: <table cellpadding="0" cellspacing="0" style="font: 8pt Arial, Helvetica, Sans-Serif; width: 98%; border-collapse: collapse; margin-left: 12pt"> <tr style="font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 8pt Arial, Helvetica, Sans-Serif; width: 2%">• </td> <td class="xdx_phnt_RGlzY2xvc3VyZSAtIFBheSB2cyBQZXJmb3JtYW5jZSBEaXNjbG9zdXJlAA__" id="xdx_988_eecd--MeasureName_c20250101__20251231__ecd--MeasureAxis__1_ztfBZNZwnV48" style="font: 8pt Arial, Helvetica, Sans-Serif; width: 31%">Adjusted Operating Earnings</td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; width: 2%">• </td> <td class="xdx_phnt_RGlzY2xvc3VyZSAtIFBheSB2cyBQZXJmb3JtYW5jZSBEaXNjbG9zdXJlAA__" id="xdx_986_eecd--MeasureName_c20250101__20251231__ecd--MeasureAxis__2_zRiCQiegvUi8" style="font: 8pt Arial, Helvetica, Sans-Serif; width: 31%">CFO/Debt</td> <td style="font: 8pt Arial, Helvetica, Sans-Serif; width: 2%">• </td> <td class="xdx_phnt_RGlzY2xvc3VyZSAtIFBheSB2cyBQZXJmb3JtYW5jZSBEaXNjbG9zdXJlAA__" id="xdx_982_eecd--MeasureName_c20250101__20251231__ecd--MeasureAxis__3_zUwrqRYLefTj" style="font: 8pt Arial, Helvetica, Sans-Serif; width: 32%">Dispatch Match</td></tr> <tr style="font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 8pt Arial, Helvetica, Sans-Serif"> </td> <td style="font: 8pt Arial, Helvetica, Sans-Serif"> </td> <td style="font: 8pt Arial, Helvetica, Sans-Serif"> </td> <td style="font: 8pt Arial, Helvetica, Sans-Serif"> </td> <td style="font: 8pt Arial, Helvetica, Sans-Serif"> </td> <td style="font: 8pt Arial, Helvetica, Sans-Serif"> </td></tr> <tr style="font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 8pt Arial, Helvetica, Sans-Serif">• </td> <td class="xdx_phnt_RGlzY2xvc3VyZSAtIFBheSB2cyBQZXJmb3JtYW5jZSBEaXNjbG9zdXJlAA__" id="xdx_98F_eecd--MeasureName_c20250101__20251231__ecd--MeasureAxis__4_zTnfQTNM6Huj" style="font: 8pt Arial, Helvetica, Sans-Serif">Free Cash Flow before Growth</td> <td style="font: 8pt Arial, Helvetica, Sans-Serif">• </td> <td class="xdx_phnt_RGlzY2xvc3VyZSAtIFBheSB2cyBQZXJmb3JtYW5jZSBEaXNjbG9zdXJlAA__" id="xdx_981_eecd--MeasureName_c20250101__20251231__ecd--MeasureAxis__5_zv2prxXnHuyb" style="font: 8pt Arial, Helvetica, Sans-Serif">Fleetwide Capacity Factor</td> <td style="font: 8pt Arial, Helvetica, Sans-Serif">• </td> <td class="xdx_phnt_RGlzY2xvc3VyZSAtIFBheSB2cyBQZXJmb3JtYW5jZSBEaXNjbG9zdXJlAA__" id="xdx_989_eecd--MeasureName_c20250101__20251231__ecd--MeasureAxis__6_zBc8Pi2YKDLl" style="font: 8pt Arial, Helvetica, Sans-Serif">Customer Satisfaction</td></tr> </table> Adjusted Operating Earnings CFO/Debt Dispatch Match Free Cash Flow before Growth Fleetwide Capacity Factor Customer Satisfaction Compensation Actually Paid and Cumulative TSR As demonstrated by the following graph, the amount of compensation actually paid to Mr. Dominguez and the average amount of compensation actually paid to NEOs as a group (excluding Mr. Dominguez) is aligned with the company’s TSR for the year presented in the table. The alignment of compensation actually paid with the company’s cumulative TSR over the period presented is a result of having a significant portion of the compensation actually paid to Mr. Dominguez and to the other NEOs comprised of equity awards. As described in more detail in the “Compensation Discussion and Analysis” section, the company targets that approximately 76% of the value of total compensation awarded to the CEO and 65% of the value of total compensation awarded to other NEOs be comprised of equity awards, including restricted stock units and performance-based restricted stock units. <img alt="" src="e26004_068.jpg"/> Compensation Actually Paid, Net Income and Adjusted Operating Earnings As demonstrated by the following tables, the amount of compensation actually paid to Mr. Dominguez and the average amount of compensation actually paid to NEOs as a group (excluding Mr. Dominguez) is generally aligned with the company’s net income and Adjusted Operating Earnings performance over the post-separation results presented in the table. While the company does not use net income as a performance measure in the overall executive compensation program, the measure of net income is the GAAP measure used to reconcile to the Adjusted Operating Earnings measure, which the company does use when setting goals in our short-term incentive compensation program. While the company uses numerous financial and non-financial performance measures for the purpose of evaluating performance for our compensation programs, we have determined that Adjusted Operating Earnings is the financial performance measure that, in our assessment, represents the most important performance measure (that is not otherwise required to be disclosed in the table) used by the company to link compensation actually paid to NEOs, for the most recently completed fiscal year, to company performance. As described in more detail in the “Compensation Discussion and Analysis” section, approximately 15% of the value of total compensation awarded to the CEO and 17% of the value of total compensation awarded to other NEOs is comprised of amounts determined under the short-term incentive compensation program. <div style="border-bottom: Gainsboro 2pt solid; margin-top: 12pt; margin-bottom: 6pt; padding-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%"><tr><td style="text-align: center; width: 100%"> </td></tr></table></div> <div style="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"> </div> <img alt="" src="e26004_069.jpg"/> <img alt="" src="e26004_070.jpg"/> Cumulative TSR of Constellation and Cumulative TSR of the Peer Group As demonstrated by the graph below, our cumulative TSR since becoming a publicly traded company presented in the table was 634%, while the cumulative TSR of the peer group presented for this purpose, the S&P 500 Industrials, was 62% over the years presented in the table. Constellation’s cumulative TSR outperformed the S&P Industrials, during the period presented in the table, representing the company’s superior financial performance as compared to the companies comprising the S&P 500 Industrials peer group. For more information regarding our performance and the companies that the Compensation Committee considers when determining compensation, refer to the “Compensation Discussion and Analysis” section above. <img alt="" src="e26004_071.jpg"/> The dollar amounts reported in column (b) are the amounts of total compensation reported for Mr. Dominguez (our President and Chief Executive Officer) for each corresponding year in the “Total” column of the Summary Compensation Table. Refer to the Summary Compensation Table above. The Company identified a mathematical error in the calculation of the Compensation Actually Paid to the Principal Executive Officer and the other Named Executive Officers for fiscal year 2024. The Pay versus Performance table has been updated to reflect corrected amounts. This correction does not impact the amounts reported in the Summary Compensation Table, the Company’s financial statements, or the compensation actually realized by the named executive officers. The Company’s selected measure, Adjusted Operating Earnings, and related incentive outcomes were not impacted. In addition, the correction does not change the relationship between executive compensation and Company performance or the trajectory of the Company’s pay-for-performance alignment. Management has enhanced its internal review procedures related to the calculation of Compensation Actually Paid to prevent similar errors in future periods. The dollar amounts reported in column (c) represent the amount of “compensation actually paid” to Mr. Dominguez, as computed in accordance with Item 402(v) of Regulation S-K. The dollar amounts do not reflect the actual amount of compensation earned by or paid to Mr. Dominguez during the applicable year. In accordance with the requirements of Item 402(v) of Regulation S-K, the following adjustments were made to Mr. Dominguez’s total compensation for each year to determine the compensation actually paid: The dollar amounts reported in column (d) represent the average of the amounts reported for the NEOs as a group (excluding Mr. Dominguez) in the “Total” column of the Summary Compensation Table in each applicable year. The names of each of the NEOs (excluding Mr. Dominguez) included for purposes of calculating the average amounts in 2023, 2024 and 2025 are Messrs. Eggers, Hanson and McHugh and Ms. Barrón. The names of each of the NEOs (excluding Mr. Dominguez) included for purposes of calculating the average amounts in 2022 are Messrs. Eggers, Hanson, Koehler, and McHugh. The dollar amounts reported in column (e) represent the average amount of “compensation actually paid” to the NEOs as a group (excluding Mr. Dominguez), as computed in accordance with Item 402(v) of Regulation S-K. The dollar amounts do not reflect the actual average amount of compensation earned by or paid to the NEOs as a group (excluding Mr. Dominguez) during the applicable year. In accordance with the requirements of Item 402(v) of Regulation S-K, the following adjustments were made to average total compensation for the NEOs as a group (excluding Mr. Dominguez) for each year to determine the compensation actually paid, using the same methodology described above in Note 2: Cumulative TSR is calculated by dividing the sum of the cumulative amount of dividends for the measurement period, assuming dividend reinvestment, and the difference between the company’s share price at the end and the beginning of the measurement period by the company’s share price at the beginning of the measurement period. Represents the weighted peer group TSR, weighted according to the respective companies’ stock market capitalization at the beginning of each period for which a return is indicated. The peer group used for this purpose is the following published industry index: S&P 500 Industrials. The dollar amounts reported represent the amount of net income attributable to common shareholders reflected in the company’s audited financial statements for the applicable year. Adjusted Operating Earnings exclude certain costs, expenses, gains and losses and other specified items, including mark-to-market adjustments from economic hedging activities and fair value adjustments related to gas imbalances and equity investments, decommissioning related activity, asset impairments, certain amounts associated with plant retirements and divestitures, pension and other post-employment benefits, non-service credits, and other items as set forth in Appendix A. While the company uses numerous financial and non-financial performance measures for the purpose of evaluating performance for the company’s compensation programs, the company has determined that Adjusted Operating Earnings is the financial performance measure that, in the company’s assessment, represents the most important performance measure (that is not otherwise required to be disclosed in the table) used by the company to link compensation actually paid to the company’s NEOs, for the most recently completed fiscal year, to company performance. The grant date fair value of equity awards represents the total of the amounts reported in the “Stock Awards” columns in the Summary Compensation Table for the applicable year. The equity award adjustments for each applicable year include the addition (or subtraction, as applicable) of the following: (i) the year-end fair value of any equity awards granted in the applicable year that are outstanding and unvested as of the end of the year; (ii) the amount of change as of the end of the applicable year (from the end of the prior fiscal year) in fair value of any awards granted in prior years that are outstanding and unvested as of the end of the applicable year; (iii) for awards that are granted and vest in same applicable year, the fair value as of the vesting date; (iv) for awards granted in prior years that vest in the applicable year, the amount equal to the change as of the vesting date (from the end of the prior fiscal year) in fair value; (v) for awards granted in prior years that are determined to fail to meet the applicable vesting conditions during the applicable year, a deduction for the amount equal to the fair value at the end of the prior fiscal year; and (vi) the dollar value of any dividends or other earnings paid on stock or option awards in the applicable year prior to the vesting date that are not otherwise reflected in the fair value of such award or included in any other component of total compensation for the applicable year. The valuation assumptions used to calculate fair values did not materially differ from those disclosed at the time of grant. The amounts deducted or added in calculating the equity award adjustments are as follows: The amounts included in this column are the amounts reported in “Change in Pension and Nonqualified Deferred Compensation” column of the Summary Compensation Table for each applicable year. The total pension benefit adjustments for each applicable year include the aggregate of two components: (i) the actuarially determined service cost for services rendered by Mr. Dominguez during the applicable year (the “service cost”); and (ii) the entire cost of benefits granted in a plan amendment (or initiation) during the applicable year that are attributed by the benefit formula to services rendered in periods prior to the plan amendment or initiation (the “prior service cost”), in each case, calculated in accordance with U.S. GAAP. The amounts deducted or added in calculating the pension benefit adjustments are as follows: The amounts deducted or added in calculating the total average equity award adjustments are as follows: The amounts deducted or added in calculating the total pension benefit adjustments are as follows: