Pension and other postretirement plans

9 Months Ended

Jul. 31, 2022

Retirement Benefits [Abstract]

Pension and other postretirement plans

Pension and other postretirement plans

During the second quarter of 2022, we completed a partial plan settlement transaction in regards to two of our U.S. pension plans in which plan assets amounting to $171,181 were used to purchase a group annuity contract from The Prudential Insurance Company of America (Prudential). The settlement resulted in a loss of $41,221, which is included in Other-net on the Condensed Consolidated Statements of Income. This transaction relieved the Company of its responsibility for the pension obligation related to certain retired employees and transferred the obligation and payment responsibility to Prudential for retirement benefits owed to approximately 1,500 retirees and other beneficiaries. The annuity contract covered retirees who commenced receiving benefits on or before November 1, 2021. The monthly retirement benefit payment amounts currently received by retirees and their beneficiaries did not change as a result of this transaction. Plan participants not included in the transaction remain in the plans and responsibility for payment of the retirement benefits remains with the Company.

The components of net periodic pension cost for the three and nine months ended July 31, 2022 and 2021 were:

	U.S.				International
Three Months Ended	2022		2021		2022		2021
Service cost	$	3,423	$	5,511	$	423	$	462
Interest cost	3,322		3,414		272		201
Expected return on plan assets	(5,692)		(7,124)		(347)		(395)
Amortization of prior service cost (credit)	12		(7)		(13)		(81)
Amortization of net actuarial loss	1,197		3,643		558		572
Settlement loss	—		303		—		—
Total benefit cost	$	2,262	$	5,740	$	893	$	759
	U.S.				International
Nine Months Ended	2022		2021		2022		2021
Service cost	$	13,338	$	16,999	$	1,343	$	1,642
Interest cost	11,146		10,248		861		671
Expected return on plan assets	(22,082)		(21,212)		(1,109)		(1,217)
Amortization of prior service cost (credit)	36		(48)		(43)		(246)
Amortization of net actuarial loss	6,282		11,259		1,758		2,373
Settlement loss	41,221		2,321		—		—
Total benefit cost	$	49,941	$	19,567	$	2,810	$	3,223

The components of other postretirement benefit costs for the three and nine months ended July 31, 2022 and 2021 were:

	U.S.				International
Three Months Ended	2022		2021		2022		2021
Service cost	$	172	$	191	$	3	$	4
Interest cost	481		444		3		3
Amortization of net actuarial (gain) loss	244		334		(12)		(11)
Total benefit cost (income)	$	897	$	969	$	(6)	$	(4)
	U.S.				International
Nine Months Ended	2022		2021		2022		2021
Service cost	$	515	$	584	$	9	$	11
Interest cost	1,443		1,354		10		9
Amortization of net actuarial (gain) loss	733		1,019		(37)		(30)
Total benefit cost (income)	$	2,691	$	2,957	$	(18)	$	(10)

The components of net periodic pension cost other than service cost are included in Other – net in our Condensed Consolidated Statements of Income.