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PENSION AND OTHER POSTRETIREMENT BENEFITS | 9 Months Ended
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Jul. 31, 2022
PENSION AND OTHER POSTRETIREMENT BENEFITS |
PENSION AND OTHER POSTRETIREMENT BENEFITS | (6) 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 components of net periodic pension cost consisted of the following in millions of dollars:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended | ​ | Nine Months Ended |
​ | ​ | July 31 | ​ | August 1 | ​ | July 31 | ​ | August 1 |
​ | ​ | 2022 | ​ | 2021 | ​ | 2022 | ​ | 2021 |
Service cost |  | $ | 86 |  | $ | 83 |  | $ | 265 |  | $ | 251 | ​
Interest cost | ​ | ​ | 85 | ​ |  | 69 | ​ | ​ | 242 | ​ |  | 207 | ​
Expected return on plan assets | ​ | ​ | (182) | ​ |  | (199) | ​ | ​ | (544) | ​ |  | (599) | ​
Amortization of actuarial loss | ​ | ​ | 31 | ​ |  | 64 | ​ | ​ | 107 | ​ |  | 192 | ​
Amortization of prior service cost | ​ | ​ | 9 | ​ |  | 2 | ​ | ​ | 25 | ​ |  | 8 | ​
Settlements/curtailment | ​ | ​ | 36 | ​ |  | 4 | ​ | ​ | 44 | ​ |  | 22 | ​
Net cost | ​ | $ | 65 | ​ | $ | 23 | ​ | $ | 139 | ​ | $ | 81 | ​
​ The components of net periodic OPEB cost consisted of the following in millions of dollars:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended | ​ | Nine Months Ended |
​ | ​ | July 31 | ​ | August 1 | ​ | July 31 | ​ | August 1 |
​ | ​ | 2022 | ​ | 2021 | ​ | 2022 | ​ | 2021 |
Service cost |  | $ | 11 |  | $ | 12 |  | $ | 34 |  | $ | 36 | ​
Interest cost | ​ | ​ | 25 | ​ |  | 25 | ​ | ​ | 74 | ​ |  | 76 | ​
Expected return on plan assets | ​ | ​ | (28) | ​ |  | (19) | ​ | ​ | (83) | ​ |  | (58) | ​
Amortization of actuarial (gain) loss | ​ | ​ | (4) | ​ |  | 7 | ​ | ​ | (13) | ​ |  | 21 | ​
Amortization of prior service credit | ​ | ​ | (1) | ​ |  | (1) | ​ | ​ | (3) | ​ |  | (3) | ​
Net cost | ​ | $ | 3 | ​ | $ | 24 | ​ | $ | 9 | ​ | $ | 72 | ​
​ 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 statements of consolidated income. On November 17, 2021, employees represented by the International Union, United Automobile, Aerospace and Agricultural Implement Workers of America (UAW) approved a new collective bargaining agreement. In the first quarter of 2022, the Company remeasured the U.S. hourly pension plan due to the new collective bargaining agreement, which decreased the plan’s funded status by approximately $495 million and will increase pension expense in 2022 by nearly $80 million with $35 million negatively impacting operating profit in 2022. During the third quarter of 2022, the Company remeasured the U.S. hourly pension plan when 10 percent of active, eligible employees elected to freeze their defined benefit pension plan benefit for an enhanced defined contribution benefit. The remeasurement resulted in a $34 million curtailment loss, while the impact to the plan’s funded status was not material. During the first nine months of 2022, the Company contributed $67 million to its pension plans and $1,109 million to its OPEB plans. The OPEB contributions include a voluntary contribution of $1,000 million to a U.S. plan on November 30, 2021. The Company presently anticipates contributing an additional $16 million to its pension plans and $28 million to its OPEB plans during the remainder of 2022. The remaining pension and OPEB contributions are primarily direct benefit payments from Company funds.

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