Retirement Plans

3 Months Ended

Aug. 31, 2024

Retirement Benefits [Abstract]

Retirement Plans

NOTE 6: Retirement Plans

We sponsor programs that provide retirement benefits to most of our employees. These programs include defined benefit pension plans, defined contribution plans, and postretirement healthcare plans. Key terms of our retirement plans are provided in our Annual Report.

Our retirement plans costs for the three-month periods ended August 31 were as follows (in millions):

	2024		2023
Defined benefit pension plans	$	70	$	91
Defined contribution plans		287		240
Postretirement healthcare plans		22		23
	$	379	$	354

Net periodic benefit cost of the pension and postretirement healthcare plans for the three-month periods ended August 31 included the following components (in millions):

	U.S. Pension Plans						International Pension Plans						Postretirement Healthcare Plans
	2024			2023			2024			2023			2024			2023
Service cost	$	125		$	136		$	9		$	10		$	7		$	7
Interest cost		361			341			12			10			16			16
Expected return on plan assets		(430	)		(400	)		(5	)		(4	)		—			—
Amortization of prior service credit and other		(2	)		(2	)		—			—			(1	)		—
Net periodic benefit cost	$	54		$	75		$	16		$	16		$	22		$	23

For 2025, no pension contributions are required for our tax-qualified U.S. domestic pension plan (“U.S. Pension Plan”) as it is fully funded under the Employee Retirement Income Security Act. We made voluntary contributions of $300 million to our U.S. Pension Plan during the three-month period ended August 31, 2024.