Employee Benefits

3 Months Ended

Jan. 31, 2021

Retirement Benefits [Abstract]

Employee Benefits

Employee Benefits

Cooper’s Retirement Income Plan (the Plan), a defined benefit plan, covers substantially all full-time United States employees. Cooper's contributions are designed to fund normal cost on a current basis and to fund the estimated prior service cost of benefit improvements. The unit credit actuarial cost method is used to determine the annual cost. Cooper pays the entire cost of the Plan and funds such costs as they accrue. Virtually all of the assets of the Plan are comprised of equities and participation in equity and fixed income funds.

Our results of operations for the three months ended January 31, 2021 and 2020, reflect the following components of net periodic defined benefit costs:

Three Months Ended January 31,
(In millions)	2021		2020
Service cost	$	4.3	$	3.5
Interest cost	1.1		1.2
Expected return on plan assets	(3.1)		(2.7)
Recognized net actuarial gain	1.3		1.0
Net periodic defined benefit plan cost	$	3.6	$	3.0

We did not contribute to the Plan in the first three months of fiscal 2021 and due to COVID-19 we are uncertain of the amount we will contribute during the remainder of the year. We did not contribute to the Plan in the first three months of fiscal 2020. The expected rate of return on Plan assets for determining net periodic benefit plan cost is 8%.