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PENSION AND OTHER POSTRETIREMENT BENEFITS
 9 Months Ended
Aug. 01, 2021
PENSION AND OTHER POSTRETIREMENT BENEFITS  
PENSION AND OTHER POSTRETIREMENT BENEFITS

(8)  Pension and Other Postretirement Benefits

The Company has several defined benefit pension plans and postretirement benefit (OPEB) plans, primarily 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

​

Nine Months Ended

 

​

​

August 1

​

August 2

​

August 1

​

August 2

 

​

​

2021

​

2020

​

2021

​

2020

 

Service cost

    

$

83

    

$

80

    

$

251

    

$

241

​

Interest cost

​

​

69

​

 

86

​

​

207

​

 

260

​

Expected return on plan assets

​

​

(199)

​

 

(204)

​

​

(599)

​

 

(613)

​

Amortization of actuarial loss

​

​

64

​

 

62

​

​

192

​

 

186

​

Amortization of prior service cost

​

​

2

​

 

3

​

​

8

​

 

9

​

Settlements

​

​

4

​

 

6

​

​

22

​

 

12

​

Net cost

​

$

23

​

$

33

​

$

81

​

$

95

​

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

 

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended

​

Nine Months Ended

 

​

​

August 1

​

August 2

​

August 1

​

August 2

 

​

​

2021

​

2020

​

2021

​

2020

 

Service cost

    

$

12

    

$

12

    

$

36

    

$

36

​

Interest cost

​

​

25

​

 

34

​

​

76

​

 

106

​

Expected return on plan assets

​

​

(19)

​

 

(12)

​

​

(58)

​

 

(36)

​

Amortization of actuarial loss

​

​

7

​

 

7

​

​

21

​

 

21

​

Amortization of prior service credit

​

​

(1)

​

 

(1)

​

​

(3)

​

 

(3)

​

Curtailments

​

​

​

​

​

​

​

​

​

​

​

21

​

Net cost

​

$

24

​

$

40

​

$

72

​

$

145

​

​

The components of net periodic pension and OPEB costs excluding the service cost component are included in the line item “Other operating expenses” in the statement of consolidated income.

In the first quarter of 2020, the Company remeasured the U.S. salary OPEB health care plans due to the U.S. voluntary employee-separation program (see Note 22), which resulted in a $21 million curtailment loss.

​

During the first nine months of 2021, the Company contributed approximately $88 million to its pension plans and $113 million to its OPEB plans. The Company presently anticipates contributing an additional $11 million to its pension plans and $29 million to its OPEB plans during the remainder of fiscal year 2021. The pension and OPEB contributions are primarily direct benefit payments from Company funds. The Company previously planned to make a voluntary contribution to its U.S. OPEB plan for $700 million in the fourth quarter of 2021. This voluntary contribution will be delayed into fiscal year 2022.