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PENSION AND OTHER POSTRETIREMENT BENEFITS | 3 Months Ended
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Jan. 29, 2023
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 and OPEB (benefit) cost consisted of the following in millions of dollars: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended |
​ | ​ | January 29 | ​ | January 30 |
​ | ​ | 2023 | ​ | 2022 |
Pension | ​ | ​ | ​ | ​ | ​ | ​ | ​
Service cost |  | $ | 60 |  | $ | 85 | ​
Interest cost | ​ | ​ | 133 | ​ |  | 77 | ​
Expected return on plan assets | ​ | ​ | (212) | ​ |  | (182) | ​
Amortization of actuarial (gain) loss | ​ | ​ | (5) | ​ |  | 39 | ​
Amortization of prior service cost | ​ | ​ | 10 | ​ |  | 7 | ​
Settlements | ​ | ​ | ​ | ​ |  | 1 | ​
Net (benefit) cost | ​ | $ | (14) | ​ | $ | 27 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
OPEB | ​ | ​ | ​ | ​ | ​ | ​ | ​
Service cost | ​ | $ | 7 | ​ | $ | 12 | ​
Interest cost | ​ | ​ | 43 | ​ |  | 26 | ​
Expected return on plan assets | ​ | ​ | (29) | ​ |  | (28) | ​
Amortization of actuarial (gain) loss | ​ | ​ | (16) | ​ |  | 1 | ​
Amortization of prior service credit | ​ | ​ | (1) | ​ |  | (1) | ​
Net cost | ​ | $ | 4 | ​ | $ | 10 | ​
​ The reduction in the 2023 pension net (benefit) cost is due to increases in the expected long-term return rates on plan assets and increases in discount rates. The components of net periodic pension and OPEB (benefit) cost excluding the service cost component are included in the line item “Other operating expenses” in the statements of consolidated income.

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