Note 14: Retirement and Post-Retirement Benefit Plans

HP's net pension and post-retirement benefit (credit) costs were as follows:

	Three months ended January 31

	U.S. Defined Benefit Plans						Non-U.S. Defined Benefit Plans						Post- Retirement Benefit Plans
	2014			2013			2014			2013			2014			2013
	In millions
Service cost	$	—		$	—		$	78		$	86		$	1		$	2
Interest cost		142			140			183			172			8			8
Expected return on plan assets		(203	)		(211	)		(282	)		(257	)		(8	)		(8	)
Amortization and deferrals:
Actuarial loss (gain)		4			20			78			87			(3	)		—
Prior service benefit		—			—			(6	)		(7	)		(10	)		(17	)


Net periodic benefit (credit) cost	$	(57	)	$	(51	)	$	51		$	81		$	(12	)	$	(15	)
Curtailment gain		—			—			—			—			—			(3	)
Settlement loss		—			5			—			—			—			—
Special termination benefits		—			—			6			3			(11	)		—


Net benefit (credit) cost	$	(57	)	$	(46	)	$	57		$	84		$	(23	)	$	(18	)

Employer Contributions and Funding Policy

HP's policy is to fund its pension plans so that it makes at least the minimum contribution required by local government, funding and taxing authorities.

HP previously disclosed in its Consolidated Financial Statements for the fiscal year ended October 31, 2013 that it expected to contribute in fiscal 2014 approximately $617 million to its non-U.S. pension plans and expected to pay approximately $33 million to cover benefit payments to U.S. non-qualified plan participants. HP expected to pay approximately $109 million to cover benefit claims for HP's post-retirement benefit plans.

During the three months ended January 31, 2014, HP contributed $72 million to its non-U.S. pension plans, paid $6 million to cover benefit payments to U.S. non-qualified plan participants, and paid $26 million to cover benefit claims under HP's post-retirement benefit plans. During the remainder of fiscal 2014, HP anticipates making additional contributions of approximately $545 million to its non-U.S. pension plans and approximately $27 million to its U.S. non-qualified plan participants and expects to pay approximately $83 million to cover benefit claims under HP's post-retirement benefit plans.

HP's pension and other post-retirement benefit costs and obligations depend on various assumptions. Differences between expected and actual returns on investments and changes in discount rates and other actuarial assumptions are reflected as unrecognized gains or losses, and such gains or losses are amortized to earnings in future periods. A deterioration in the funded status of a plan could result in a need for additional company contributions or an increase in net pension and post-retirement benefit costs in future periods. Actuarial gains or losses are determined at the measurement date and amortized over the remaining service life for active plans or the life expectancy of plan participants for frozen plans.