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Retirement Plans
 3 Months Ended
Aug. 31, 2023
Retirement Benefits [Abstract]  
Retirement Plans

(6) Retirement Plans

We sponsor programs that provide retirement benefits to most of our employees. These programs include defined benefit pension plans, defined contribution plans, and postretirement healthcare plans. Key terms of our retirement plans are provided in our Annual Report.

Our retirement plans costs for the three-month periods ended August 31 were as follows (in millions):

 

 

2023

 

 

2022

 

Defined benefit pension plans, net

 

$

91

 

 

$

59

 

Defined contribution plans

 

 

240

 

 

 

244

 

Postretirement healthcare plans

 

 

23

 

 

 

23

 

 

 

$

354

 

 

$

326

 

Net periodic benefit cost of the pension and postretirement healthcare plans for the three-month periods ended August 31 included the following components (in millions):

 

 

 

U.S. Pension Plans

 

 

International Pension Plans

 

 

Postretirement Healthcare Plans

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Service cost

 

$

136

 

 

$

163

 

 

$

10

 

 

$

11

 

 

$

7

 

 

$

9

 

Other retirement plans expense (income):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest cost

 

 

341

 

 

 

304

 

 

 

10

 

 

 

9

 

 

 

16

 

 

 

14

 

Expected return on plan assets

 

 

(400

)

 

 

(422

)

 

 

(4

)

 

 

(4

)

 

 

—

 

 

 

—

 

Amortization of prior service credit and other

 

 

(2

)

 

 

(2

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

(61

)

 

 

(120

)

 

 

6

 

 

 

5

 

 

 

16

 

 

 

14

 

 

 

$

75

 

 

$

43

 

 

$

16

 

 

$

16

 

 

$

23

 

 

$

23

 

 

For 2024, no pension contributions are required for our tax-qualified U.S. domestic pension plan (“U.S. Pension Plan”) as it is fully funded under the Employee Retirement Income Security Act. We made a voluntary contribution of $200 million to our U.S. Pension Plan in the first quarter of 2024 and anticipate making $600 million of additional voluntary contributions during the remainder of 2024.