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PENSION AND OTHER POSTRETIREMENT BENEFITS | 6 Months Ended
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Apr. 30, 2023
PENSION AND OTHER POSTRETIREMENT BENEFITS |
PENSION AND OTHER POSTRETIREMENT BENEFITS | (6) Pension and Other Postretirement Employee Benefits The Company has several defined benefit pension plans and other postretirement employee 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 | ​ | Six Months Ended |
​ | ​ | April 30 | ​ | May 1 | ​ | April 30 | ​ | May 1 |
​ | ​ | 2023 | ​ | 2022 | ​ | 2023 | ​ | 2022 |
Pension | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Service cost |  | $ | 64 |  | $ | 94 |  | $ | 124 |  | $ | 179 | ​
Interest cost | ​ | ​ | 134 | ​ |  | 80 | ​ | ​ | 267 | ​ |  | 157 | ​
Expected return on plan assets | ​ | ​ | (220) | ​ |  | (180) | ​ | ​ | (432) | ​ |  | (362) | ​
Amortization of actuarial (gain) loss | ​ | ​ | (6) | ​ |  | 37 | ​ | ​ | (11) | ​ |  | 76 | ​
Amortization of prior service cost | ​ | ​ | 10 | ​ |  | 9 | ​ | ​ | 20 | ​ |  | 16 | ​
Settlements | ​ | ​ | 36 | ​ |  | 7 | ​ | ​ | 36 | ​ |  | 8 | ​
Net cost | ​ | $ | 18 | ​ | $ | 47 | ​ | $ | 4 | ​ | $ | 74 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
OPEB | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Service cost |  | $ | 6 |  | $ | 11 |  | $ | 13 |  | $ | 23 | ​
Interest cost | ​ | ​ | 45 | ​ |  | 23 | ​ | ​ | 88 | ​ |  | 49 | ​
Expected return on plan assets | ​ | ​ | (29) | ​ |  | (27) | ​ | ​ | (58) | ​ |  | (55) | ​
Amortization of actuarial gain | ​ | ​ | (14) | ​ |  | (10) | ​ | ​ | (30) | ​ |  | (9) | ​
Amortization of prior service credit | ​ | ​ | ​ | ​ |  | (1) | ​ | ​ | (1) | ​ |  | (2) | ​
Net (benefit) cost | ​ | $ | 8 | ​ | $ | (4) | ​ | $ | 12 | ​ | $ | 6 | ​
​ The reduction in the 2023 pension net 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. During the second quarter of 2023, an international pension plan paid a premium to an insurance company to irrevocably transfer the benefit obligations and administration for the majority of its retired participants. The transaction did not impact the benefits to be received by the retired participants. In connection with the transaction, the Company recognized a one-time, non-cash, pre-tax pension settlement charge of $36 million in the second quarter of 2023 related to the accelerated recognition of actuarial losses included within “Accumulated other comprehensive income (loss)” in the statements of changes in consolidated stockholders’ equity.

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