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PENSION AND OTHER POSTRETIREMENT BENEFITS
 3 Months Ended
Jan. 31, 2015
PENSION AND OTHER POSTRETIREMENT BENEFITS  
PENSION AND OTHER POSTRETIREMENT BENEFITS

(7)           The Company has several defined benefit pension plans and defined benefit 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
January 31

 

 

 

2015

 

2014

 

Service cost

 

$

73

 

$

61

 

Interest cost

 

119

 

119

 

Expected return on plan assets

 

(193)

 

(193)

 

Amortization of actuarial loss

 

55

 

43

 

Amortization of prior service cost

 

6

 

6

 

Settlements/curtailments

 

1

 

2

 

Net cost

 

$

61

 

$

38

 

 

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
January 31

 

 

 

2015

 

2014

 

Service cost

 

$

11

 

$

11

 

Interest cost

 

65

 

66

 

Expected return on plan assets

 

(14)

 

(18)

 

Amortization of actuarial loss

 

23

 

9

 

Amortization of prior service credit

 

(19)

 

(1)

 

Net cost

 

$

66

 

$

67

 

 

During the first quarter of 2015, the Company contributed approximately $21 million to its pension plans and $15 million to its other postretirement benefit plans.  The Company presently anticipates contributing an additional $54 million to its pension plans and $11 million to its other postretirement benefit plans during the remainder of fiscal year 2015.  These contributions include payments from Company funds to either increase plan assets or make direct payments to plan participants.