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PENSION AND OTHER POSTRETIREMENT BENEFITS
6 Months Ended
Apr. 30, 2014
PENSION AND OTHER POSTRETIREMENT BENEFITS  
PENSION AND OTHER POSTRETIREMENT BENEFITS

(7)                The Company has several defined benefit pension plans and defined postretirement health care and life insurance plans covering its U.S. employees and employees in certain foreign countries.

 

The worldwide components of net periodic pension cost consisted of the following in millions of dollars:

 

 

 

Three Months Ended
April 30

 

Six Months Ended
April 30

 

 

2014

 

2013

 

2014

 

2013

Service cost

 

$

62

 

 

$

69

 

 

$

123

 

 

$

136

 

Interest cost

 

120

 

 

112

 

 

239

 

 

222

 

Expected return on plan assets

 

(193

)

 

(196

)

 

(386

)

 

(390

)

Amortization of actuarial loss

 

43

 

 

63

 

 

86

 

 

128

 

Amortization of prior service cost

 

6

 

 

8

 

 

12

 

 

16

 

Settlements/curtailments

 

4

 

 

1

 

 

6

 

 

1

 

Net cost

 

$

42

 

 

$

57

 

 

$

80

 

 

$

113

 

 

 

The worldwide components of net periodic postretirement benefits cost (health care and life insurance) consisted of the following in millions of dollars:

 

 

 

Three Months Ended
April 30

 

Six Months Ended
April 30

 

 

2014

 

2013

 

2014

 

2013

Service cost

 

$

11

 

 

$

15

 

 

$

22

 

 

$

29

 

Interest cost

 

65

 

 

63

 

 

131

 

 

127

 

Expected return on plan assets

 

(17

)

 

(21

)

 

(35

)

 

(42

)

Amortization of actuarial loss

 

8

 

 

34

 

 

17

 

 

70

 

Amortization of prior service credit

 

(1

)

 

(1

)

 

(2

)

 

(2

)

Net cost

 

$

66

 

 

$

90

 

 

$

133

 

 

$

182

 

 

During the first six months of 2014, the Company contributed approximately $47 million to its pension plans and $18 million to its other postretirement benefit plans.  The Company presently anticipates contributing an additional $43 million to its pension plans and $9 million to its other postretirement benefit plans during the remainder of fiscal year 2014.  These contributions include payments from Company funds to either increase plan assets or make direct payments to plan participants.