Pensions and Other Postretirement Benefits

3 Months Ended

Jul. 31, 2023

Retirement Benefits [Abstract]

Pensions and Other Postretirement Benefits

The components of our net periodic benefit cost for defined benefit pension and other postretirement benefit plans are shown below.

	Three Months Ended July 31,
	Defined Benefit Pension Plans				Other Postretirement Benefits
	2023		2022		2023		2022
Service cost	$	0.2	$	0.3	$	0.2	$	0.2
Interest cost	4.6		4.4		0.6		0.6
Expected return on plan assets	(4.1)		(4.0)		—		—
Amortization of net actuarial loss (gain)	0.9		1.0		(0.4)		(0.3)
Amortization of prior service cost (credit)	0.1		0.1		(0.1)		(0.1)
Settlement loss (gain)	3.2		—		—		—
Net periodic benefit cost	$	4.9	$	1.8	$	0.3	$	0.4

In 2021, we transferred obligations of our Canadian defined benefit pension plan to an insurance company through the purchase of an irrevocable group annuity contract (the “Canadian buy-out contract”). The group annuity contract was purchased using assets from the pension trust. During the first quarter of 2024, we received Board Resolution to proceed with distribution of the surplus that remains within the Canadian defined benefit pension plan. As a result, we recognized a noncash pre-tax settlement charge of $3.2 related to the acceleration of prior service cost for the portion of the plan surplus to be allocated to plan members, which is subject to participant and regulatory approval before a payout can be made. The settlement charge was included within other income (expense) – net in the Condensed Statement of Consolidated Income. We did not recognize any charges related to the Canadian buy-out contract during the three months ended July 31, 2022.

During the first quarter of 2023, we made contributions of $70.0 to increase funding for our U.S. qualified defined benefit pension plans. Additionally, we made direct benefit payments of $0.7 for both the three months ended July 31, 2023 and 2022.