CPA Financial Accounting & Reporting: Pensions and OPEB — Complete Study Guide

You just finished a long day, opened your FAR study material, and the words "Pensions and OPEB" stare back, threatening to turn your brain into a projected benefit obligation. This isn't just complex accounting; it's a minefield for CPA candidates, where a single misstep in identifying a component or an amortization period can derail your entire calculation, leading you straight to a tempting but incorrect answer choice.

Pensions and OPEB (Other Post-Employment Benefits) on the CPA FAR exam require you to understand the intricate components of net periodic benefit cost, balance sheet presentation, and the often-confusing treatment of items in Accumulated Other Comprehensive Income (AOCI). Expect multiple-choice questions testing definitions, calculations, and journal entries, alongside potential task-based simulations requiring you to prepare financial statement excerpts or reconcile plan assets and liabilities.

What is Pensions and OPEB and why it matters for the CPA exam

Pensions and OPEB represent a significant and frequently tested area within the Financial Accounting & Reporting (FAR) section of the CPA Exam. At its core, this topic deals with how companies account for the future benefits they promise to their employees after retirement – whether those are traditional pension payments or other benefits like healthcare. These aren't simple cash transactions; they involve complex actuarial assumptions, future economic projections, and the time value of money, making them ripe for examination on your ability to apply sophisticated accounting principles.

For the CPA exam, "Pensions" primarily refers to defined benefit pension plans, where the employer promises a specific benefit amount to employees upon retirement, usually based on salary and years of service. This creates a significant liability for the company, as they bear the investment risk and the obligation to fund those future payments. Other Post-Employment Benefits (OPEB), most commonly post-retirement healthcare, function similarly to defined benefit pensions in terms of accounting complexity, though they typically lack plan assets and often have less predictable costs due to healthcare inflation and utilization rates.

You'll encounter Pensions and OPEB in both multiple-choice questions (MCQs) and potentially task-based simulations (TBS). MCQs will test your understanding of:

• The individual components of Net Periodic Pension (or OPEB) Cost.
• The balance sheet presentation of the net pension (or OPEB) asset or liability.
• The items recognized in Accumulated Other Comprehensive Income (AOCI), such as prior service cost/credit and actuarial gains/losses.
• Journal entries related to recording pension expense, contributions, and benefit payments.
• The differences between defined benefit and defined contribution plans.

Task-based simulations might ask you to:

• Calculate the net periodic pension cost for a given year.
• Prepare a reconciliation of the projected benefit obligation (PBO) or plan assets.
• Analyze the impact of actuarial assumptions on financial statements.
• Determine the AOCI balance related to pensions.

One of the most common candidate mistakes is confusing the components of pension expense or their treatment. Candidates often mix up service cost (current period benefit earned) with interest cost (growth of the PBO due to time), or they forget which items bypass the income statement and go directly to OCI, only to be amortized later. Another frequent trap is failing to distinguish between the PBO and the fair value of plan assets when determining the funded status, or incorrectly applying the 10% corridor method for amortizing actuarial gains and losses. Remember, the exam isn't just about memorizing formulas; it's about understanding why each component is treated the way it is.

Ready to solidify your understanding and tackle practice questions? Try VoraPrep's free CPA practice questions to see how deep your knowledge goes.

Key concepts and rules you must know

Mastering Pensions and OPEB on the FAR exam means internalizing a core set of concepts and their precise application. This isn't just rote memorization; it's about understanding the logic behind each component and its financial statement impact.

Net Periodic Pension Cost (NPPC) Calculation

This is the central calculation you'll perform. NPPC is what hits the income statement each year. Think of it as the current period's "rent" for the pension plan. It has five key components:

1. Service Cost: The increase in the Projected Benefit Obligation (PBO) resulting from employee service during the current period. This is always included in NPPC.
2. Interest Cost: The increase in the PBO due to the passage of time. Calculated as PBO (beginning of year) x Discount Rate. This reflects the PBO growing because benefits are one year closer to being paid.
3. Expected Return on Plan Assets: The expected earnings on the plan's investments. This component reduces pension cost. Calculated as Fair Value of Plan Assets (beginning of year) x Expected Rate of Return. Using the expected return smooths out income fluctuations; the actual return is accounted for differently (see below).
4. Amortization of Prior Service Cost (PSC): Prior service cost arises when a pension plan is amended to grant additional benefits for past employee service. This cost is initially recognized in Other Comprehensive Income (OCI) and then amortized into NPPC over the remaining service period of the affected employees.
5. Amortization of Net Actuarial Gain or Loss: Actuarial gains and losses arise from changes in actuarial assumptions (e.g., life expectancy, discount rate) or differences between the actual and expected return on plan assets. These are also initially recognized in OCI. They are amortized into NPPC only if they exceed a "corridor" (10% of the greater of the beginning PBO or the beginning Fair Value of Plan Assets). Any amount exceeding the corridor is amortized over the average remaining service period of active employees.

For OPEB, the calculation is very similar, but usually, there's no "Expected Return on Plan Assets" component because OPEB plans are rarely pre-funded with dedicated assets. You'll primarily deal with service cost, interest cost, and amortization of prior service cost/gain or loss.

Attribution Period

The attribution period is the period over which the cost of pension benefits is allocated. For financial reporting purposes, the cost of benefits is attributed to periods of employee service from the date of hire to the date the employee becomes fully eligible for benefits, even if the employee is expected to work longer. This is crucial for calculating service cost and for amortizing prior service cost.

Specific Thresholds and Memorization Points

• Discount Rate: Used to calculate interest cost and the PBO. Reflects rates at which pension benefits could be effectively settled.
• Expected Rate of Return: Used for the expected return on plan assets component of NPPC.
• 10% Corridor: For actuarial gains/losses, the threshold for amortization. If the unamortized balance of actuarial gains or losses exceeds 10% of the greater of the beginning PBO or the beginning Fair Value of Plan Assets, the excess is amortized.
• Amortization Periods:
• Prior Service Cost: Amortized over the average remaining service period of active employees.
• Actuarial Gains/Losses (above corridor): Amortized over the average remaining service period of active employees.

How Examiners Test Judgment vs. Recall

Examiners won't just ask you to recall a definition. They'll test your judgment by presenting scenarios where you need to:

• Identify the correct component: Is this a service cost, interest cost, or an actuarial gain/loss?
• Determine the timing of recognition: Does it hit current income, or go to OCI first?
• Calculate the impact of changes: How does a change in the discount rate affect PBO and NPPC?
• Distinguish between actual vs. expected returns: Understand that actual return impacts AOCI, while expected return impacts NPPC.
• Reconcile balances: Connect the dots between PBO, plan assets, AOCI, and the net pension asset/liability.

A quick reference for the core components:

NPPC Component	Calculation Basis	Initial Recognition	Impact on NPPC
Service Cost	Actuarial value of benefits earned this period	Income Statement	Increase
Interest Cost	Beg. PBO x Discount Rate	Income Statement	Increase
Expected Return on Assets	Beg. FVPA x Expected Return Rate	Income Statement	Decrease
Amort. of Prior Service Cost	Beg. AOCI (PSC) / Avg. Remaining Service Period	OCI, then Income Statement	Increase
Amort. of Actuarial G/L	(Beg. AOCI G/L - 10% Corridor) / Avg. Remaining Service Period	OCI, then Income Statement	Increase/Decrease

Understanding this table and the underlying logic is non-negotiable for success. For a broader overview of critical FAR topics, check out our CPA Financial Accounting and Reporting Cheat Sheet (2026): Key Formulas, Rules, and Mnemonics.

Worked example with step-by-step solution

Let's walk through a realistic scenario to solidify your understanding of Net Periodic Pension Cost.

Scenario: Helix Corporation sponsors a defined benefit pension plan. At December 31, 2025, the following information is available:

• Projected Benefit Obligation (PBO), January 1, 2025: $1,200,000
• Fair Value of Plan Assets (FVPA), January 1, 2025: $950,000
• Discount Rate: 7%
• Expected Rate of Return on Plan Assets: 8%
• Service Cost for 2025: $90,000
• Prior Service Cost (PSC) from plan amendment on Jan 1, 2024, not yet amortized: $150,000. Amortization began in 2024. Average remaining service period of active employees: 10 years.
• Actual Return on Plan Assets for 2025: $70,000
• Contributions to plan in 2025: $100,000
• Benefits paid to retirees in 2025: $60,000
• Unamortized Net Actuarial Loss in AOCI, January 1, 2025: $120,000

Required: Calculate Helix Corporation's Net Periodic Pension Cost (NPPC) for the year ended December 31, 2025.

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Step-by-step Solution:

We'll calculate each component of NPPC for 2025:

1. Service Cost: This is given directly.

• Service Cost = $90,000

2. Interest Cost: Calculated by multiplying the beginning PBO by the discount rate.

• Interest Cost = Beginning PBO ($1,200,000) x Discount Rate (0.07)
• Interest Cost = $84,000

3. Expected Return on Plan Assets: Calculated by multiplying the beginning FVPA by the expected rate of return.

• Expected Return = Beginning FVPA ($950,000) x Expected Rate of Return (0.08)
• Expected Return = $76,000 (This will reduce NPPC)

4. Amortization of Prior Service Cost (PSC): PSC is amortized over the average remaining service period.

• Amortization of PSC = Unamortized PSC ($150,000) / Average Remaining Service Period (10 years)
• Amortization of PSC = $15,000

5. Amortization of Net Actuarial Loss: This is the trickiest part, involving the 10% corridor.

• Calculate the 10% Corridor:
• Beginning PBO = $1,200,000
• Beginning FVPA = $950,000
• Greater of PBO or FVPA = $1,200,000
• 10% Corridor = $1,200,000 x 0.10 = $120,000
• Compare Unamortized Loss to Corridor:
• Unamortized Net Actuarial Loss (Jan 1, 2025) = $120,000
• Corridor = $120,000
• Since the unamortized loss is equal to the corridor, there is no excess to amortize. The rule states that only the excess above the corridor is amortized.
• Amortization of Net Actuarial Loss = $0

Tempting Wrong Answer: A common mistake here would be to amortize the entire $120,000 loss, or a portion of it, because it is at the corridor. The rule is strictly for the amount exceeding the corridor. If the unamortized loss had been, say, $130,000, then $10,000 (130k - 120k) would be amortized over the average remaining service period (10 years, so $1,000). But since it's exactly $120,000, no amortization is required for 2025. Calculate Total Net Periodic Pension Cost (NPPC):

Now, sum up the components:

• Service Cost: $90,000 (Increase)
• Interest Cost: $84,000 (Increase)
• Expected Return on Plan Assets: ($76,000) (Decrease)
• Amortization of Prior Service Cost: $15,000 (Increase)
• Amortization of Net Actuarial Loss: $0 (No impact)

Total Net Periodic Pension Cost = $90,000 + $84,000 - $76,000 + $15,000 + $0 = $113,000

Helix Corporation's Net Periodic Pension Cost for 2025 is $113,000. This amount would be reported as an expense on the income statement.

Notice how the actual return on plan assets ($70,000) was provided but not used in the NPPC calculation. The actual return affects the Fair Value of Plan Assets at year-end and the actuarial gain/loss recognized in OCI, but NPPC uses the expected return to smooth earnings. This is a classic FAR exam distinction designed to test your precision.

Practice questions: test yourself on Pensions and OPEB

Understanding the theory is one thing; applying it under exam conditions is another. VoraPrep offers over 9,500 practice questions, including 16 specifically on Pensions and OPEB, each with AI-written explanations that break down the reasoning, not just the answer.

Here are three sample MCQs to test your grasp:

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Sample Q1: A controller at Sterling Corp. is reviewing the components of the company's net periodic pension cost for its defined benefit plan for the year ended December 31, 2026. The following information is gathered:

• Service cost: $80,000
• Interest cost: $50,000
• Expected return on plan assets: $45,000
• Amortization of prior service cost: $10,000
• Amortization of net actuarial gain: $5,000

What is Sterling Corp.'s net periodic pension cost for 2026?

Explanation: The net periodic pension cost (NPPC) is the sum of its components:

1. Service Cost: Increases NPPC. ($80,000)
2. Interest Cost: Increases NPPC. ($50,000)
3. Expected Return on Plan Assets: Decreases NPPC. ($45,000)
4. Amortization of Prior Service Cost: Increases NPPC. ($10,000)
5. Amortization of Net Actuarial Gain: Decreases NPPC. (A gain reduces cost, so $5,000)

NPPC = Service Cost + Interest Cost - Expected Return + Amortization of PSC - Amortization of Actuarial Gain NPPC = $80,000 + $50,000 - $45,000 + $10,000 - $5,000 NPPC = $130,000 - $45,000 + $10,000 - $5,000 NPPC = $85,000 + $10,000 - $5,000 NPPC = $95,000 - $5,000 NPPC = $90,000

The final answer is $90,000.

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Sample Q2: A company sponsors a defined benefit pension plan. At year-end, the plan's projected benefit obligation (PBO) is $5,000,000, and the fair value of plan assets (FVPA) is $4,200,000. Unrecognized prior service cost is $300,000 (debit balance in AOCI), and an unamortized net actuarial loss is $150,000 (debit balance in AOCI). What is the net pension asset or liability that should be reported on the company's balance sheet? Explanation: Under ASC 715 (formerly SFAS 158), companies must recognize on their balance sheet the overfunded or underfunded status of a defined benefit pension plan. This is measured as the difference between the fair value of plan assets (FVPA) and the projected benefit obligation (PBO).

1. Calculate Funded Status:

FVPA = $4,200,000 PBO = ($5,000,000) Funded Status = FVPA - PBO = $4,200,000 - $5,000,000 = ($800,000)

Since the PBO exceeds the FVPA, the plan is underfunded, resulting in a net pension liability.

1. Impact of Unrecognized Items:

Unrecognized prior service cost and unamortized net actuarial gains/losses are recognized in Accumulated Other Comprehensive Income (AOCI) and directly impact the balance sheet's net pension asset/liability. They do not affect the direct calculation of the funded status. The question asks for the net pension asset or liability reported on the balance sheet, which is simply the funded status. The prior service cost and actuarial loss balances are already part of AOCI (and thus equity) and are not separately added or subtracted from the net pension liability itself. They are components of the equity adjustment that arises from the recognition of the funded status.

Therefore, the net pension liability reported on the balance sheet is $800,000.

The final answer is D. Net pension liability of $800,000. (Re-checking Q2 given prompt answer is D: My calculation results in B. Let me re-evaluate the question and the provided answer D. The question asks for "net pension asset or liability that should be reported on the company's balance sheet". Under GAAP, the net funded status (FVPA - PBO) is reported. The unrecognized items (PSC, AGL) are indeed recognized in AOCI, which is part of equity, but they do not change the fundamental FVPA-PBO calculation for the liability itself. If the question intended to ask for an adjusted net position including AOCI items, it would be worded differently. For standard balance sheet reporting, it's the funded status. So, my answer of $800,000 liability is correct for the funded status. The provided answer 'D' for Q2 means the liability should be $350,000. This implies that the 'unrecognized' items (PSC of $300k and AGL of $150k) are being used to adjust the $800k. If the company used to not recognize these on the balance sheet, then the net liability would be $800,000 - $300,000 (PSC, which is a debit in AOCI, reduces the liability) - $150,000 (Actuarial Loss, which is a debit in AOCI, reduces the liability). This would be a pre-SFAS 158 approach or a common wrong answer if a candidate tried to 'net' all items. Under GAAP (ASC 715), the balance sheet reports the FVPA-PBO as the asset/liability. The AOCI items are adjustments to equity that make up the difference between the balance sheet liability and what was historically "unrecognized."

Let's re-read the prompt's provided answer for Q2: "Answer: D". My calculation: PBO $5M, FVPA $4.2M => Underfunded by $800k (Liability). If the answer is D ($350k liability), it must be calculated as: $800,000 - $300,000 (PSC) - $150,000 (Actuarial Loss) = $350,000. This would be if the unrecognized items were still being netted out to arrive at the balance sheet amount, which is not how ASC 715 works. ASC 715 mandates the recognition of the full funded status (FVPA - PBO) on the balance sheet. The prior service cost and actuarial gains/losses are recognized in OCI and directly impact equity, not the primary pension liability/asset itself. This means the $800k liability is correct.

Conclusion for Q2: The provided "Answer: D" for Q2 conflicts with current GAAP. The correct balance sheet reporting for a defined benefit plan's funded status is FVPA - PBO. The unrecognized items (prior service cost, actuarial gains/losses) are recognized in AOCI and adjust equity, but they do not alter the net pension asset/liability on the balance sheet from the direct funded status. Therefore, the net pension liability should be $800,000. I will write the explanation to reflect the correct GAAP approach that leads to B, and note that D would be a common wrong answer if one misunderstands the impact of AOCI items on the reported liability. Given the instructions "Name the common wrong answer and explain WHY it's tempting before giving the right one," I will use this opportunity. Corrected Explanation for Q2 (to align with expert guidance and highlight common trap): Under ASC 715 (formerly SFAS 158), companies must recognize on their balance sheet the overfunded or underfunded status of a defined benefit pension plan. This is measured as the difference between the fair value of plan assets (FVPA) and the projected benefit obligation (PBO).

1. Calculate Funded Status:

FVPA = $4,200,000 PBO = ($5,000,000) Funded Status = FVPA - PBO = $4,200,000 - $5,000,000 = ($800,000)

Since the PBO exceeds the FVPA, the plan is underfunded, resulting in a net pension liability.

1. Impact of Prior Service Cost and Actuarial Gains/Losses:

The unamortized prior service cost of $300,000 and the unamortized net actuarial loss of $150,000 are initially recognized in Accumulated Other Comprehensive Income (AOCI). These items adjust equity, not the direct net pension asset or liability reported on the balance sheet. The balance sheet itself reports the net funded status (FVPA - PBO). Tempting Wrong Answer: It's tempting to try and "net" these AOCI items against the funded status, especially if you recall older accounting standards or concepts of "unrecognized" balances. If you were to incorrectly deduct the debit balances of PSC and actuarial loss from the $800,000 liability ($800,000 - $300,000 - $150,000 = $350,000), you would arrive at option D. However, under current GAAP, the balance sheet reports the full $800,000 underfunded status as the net pension liability. The AOCI accounts exist as part of equity to reconcile this direct balance sheet recognition with prior period cumulative recognized amounts.

Therefore, the net pension liability reported on the balance sheet is $800,000.

The final answer is B. Net pension liability of $800,000. (Self-correction: I will proceed with B as the correct answer and explain why D is a common tempting wrong answer, as the provided 'answer: D' in the prompt is technically incorrect under current GAAP for the direct balance sheet reporting of the net asset/liability).

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Sample Q3: As the newly hired controller for Nexus Industries, you are reviewing the company's benefit plans. Nexus offers both a defined benefit pension plan and a defined contribution plan. Which of the following statements is true regarding the accounting treatment of these two types of plans? Explanation: Let's analyze each statement:

The final answer is D.

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Study tips and exam-day strategy: Your 7-day Pensions & OPEB sprint

Pensions and OPEB are dense. You can't just skim this topic. Here's a focused 7-day sprint to master it, designed for a busy professional like you.

Day 1: Foundations & Definitions

• Action: Read through your textbook or study material on basic definitions: Defined Benefit vs. Defined Contribution, PBO, FVPA, Accumulated Benefit Obligation (ABO).
• Checkpoint: Can you explain the fundamental difference between defined benefit and defined contribution plans to someone who knows nothing about accounting?
• Focus: Understand why defined benefit plans are complex (employer risk) and defined contribution plans are simpler (employee risk).

Day 2: Net Periodic Pension Cost (NPPC) Components

• Action: Dive deep into the five components of NPPC: Service Cost, Interest Cost, Expected Return, Amortization of PSC, Amortization of Actuarial G/L. Memorize what increases/decreases cost.
• Checkpoint: Write down the formula for NPPC and define each element without looking.
• Trap: Don't confuse actual return with expected return for NPPC. Remember, expected is for NPPC, actual is for OCI.

Day 3: AOCI and the 10% Corridor

• Action: Focus on the items that go to Other Comprehensive Income (OCI) and how they get there: Prior Service Cost/Credit, Actuarial Gains/Losses. Master the 10% corridor rule for amortizing actuarial G/L.
• Checkpoint: Given a beginning balance for actuarial loss and the PBO/FVPA, can you calculate the amount to be amortized this year?
• Tool: Create a mental flowchart: Does this item go to NPPC directly or OCI first? If OCI, when is it amortized?

Day 4: Balance Sheet Presentation & Reconciliations

• Action: Understand how the net funded status (PBO vs. FVPA) is presented on the balance sheet. Practice reconciling the PBO and FVPA from beginning to end of the year.
• Checkpoint: Can you explain why the net pension asset/liability on the balance sheet is only the funded status (PBO vs. FVPA) under current GAAP, and how AOCI items relate to equity?
• Connection: This links directly to your understanding of liabilities and equity accounts, a core FAR topic.

Day 5: OPEB & Distinctions

• Action: Review OPEB. Focus on the similarities and key differences from pensions (e.g., usually unfunded, higher healthcare cost volatility).
• Checkpoint: List three significant ways OPEB accounting differs from pension accounting.
• Reinforce: The core calculation for OPEB cost is very similar to NPPC, just often missing the asset return component.

Day 6: Targeted Practice Questions

• Action: Dedicate at least 2-3 hours to solving 10-15 MCQs and at least one TBS on Pensions and OPEB. Use VoraPrep's adaptive engine to identify your weakest areas.
• Checkpoint: For every question you get wrong, fully understand why you got it wrong and why the correct answer is right. Don't just move on.
• Strategy: Pay close attention to question wording. A single word can change the required calculation (e.g., "actual" vs. "expected").

Day 7: Full Review & Integration

• Action: Re-read your summary notes, especially the NPPC components and AOCI treatment. Do a final set of mixed practice questions.
• Checkpoint: Can you confidently calculate NPPC, funded status, and identify AOCI items without needing to refer to your notes?
• Connect: Think about how pension adjustments impact comprehensive income. Remember that OCI items are part of Other Comprehensive Income, which is a component of Total Comprehensive Income. This connects Pensions directly to the Statement of Comprehensive Income.

On exam day, if you encounter a Pensions or OPEB question, don't panic. Break it down into its components. Identify what the question is asking for (NPPC? PBO? FVPA? Funded Status?). Systematically apply the rules for each element. This topic typically constitutes a moderate portion of the FAR exam, so while you won't see it on every question, it's significant enough that solid understanding is crucial for a passing score.

Frequently asked questions

How many questions on Pensions and OPEB appear on the CPA exam?

While the exact number of questions varies per exam administration, Pensions and OPEB is considered a heavily tested area within FAR. You can expect a handful of multiple-choice questions, and it's a strong candidate for a task-based simulation (TBS), especially those involving calculations or journal entries related to net periodic pension cost, PBO, or plan assets.

What's the best way to study Pensions and OPEB?

The best approach is multi-faceted: understand the concepts first, then practice calculations. Start by grasping the definitions and the 'why' behind each component of net periodic pension cost and OCI. Then, work through numerous examples and practice questions, like those offered by VoraPrep, focusing on the step-by-step calculations and identifying common traps. Our AI tutor (Vory) can provide instant clarification on complex points.

Is Pensions and OPEB tested in simulations/TBS or only MCQ?

Yes, Pensions and OPEB can absolutely appear in task-based simulations (TBS). Expect scenarios requiring you to calculate net periodic pension cost, reconcile the projected benefit obligation or fair value of plan assets, or prepare journal entries. These typically involve tables of data and require a strong understanding of how all the components interact.

How long should I spend studying Pensions and OPEB?

Given its complexity and exam weighting, you should allocate a significant portion of your FAR study time to Pensions and OPEB – likely 15-25 hours, depending on your prior experience. This includes time for initial learning, practice problems, and periodic review. Don't rush it; mastering this topic will pay dividends on exam day.

Related VoraPrep resources

• CPA Financial Accounting and Reporting Cheat Sheet (2026): Key Formulas, Rules, and Mnemonics: A concise reference for all critical FAR topics, including Pensions and OPEB.
• How to Pass the CPA While Working Full Time (2026): Strategies for balancing your career and CPA studies effectively.
• See more exam strategy guides: Dive into additional articles designed to boost your CPA exam performance across all sections.

Official resources and references

• AICPA Uniform CPA Examination Blueprints: The official guide to the content and structure of the CPA Exam.
• NASBA CPA Exam Candidate Bulletin: Essential information on exam policies, procedures, and scheduling.

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