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Retirement Plans
 6 Months Ended
Nov. 30, 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 periods ended November 30 were as follows (in millions):

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Defined benefit pension plans, net

 

$

91

 

 

$

58

 

 

$

182

 

 

$

117

 

Defined contribution plans

 

 

242

 

 

 

228

 

 

 

482

 

 

 

472

 

Postretirement healthcare plans

 

 

21

 

 

 

23

 

 

 

44

 

 

 

46

 

 

 

$

354

 

 

$

309

 

 

$

708

 

 

$

635

 

Net periodic benefit cost of the pension and postretirement healthcare plans for the periods ended November 30 included the following components (in millions):

 

 

 

Three Months Ended

 

 

 

U.S. Pension Plans

 

 

International Pension Plans

 

 

Postretirement Healthcare Plans

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Service cost

 

$

136

 

 

$

163

 

 

$

10

 

 

$

10

 

 

$

7

 

 

$

9

 

Other retirement plans expense (income):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest cost

 

 

340

 

 

 

305

 

 

 

12

 

 

 

8

 

 

 

14

 

 

 

14

 

Expected return on plan assets

 

 

(399

)

 

 

(422

)

 

 

(7

)

 

 

(4

)

 

 

—

 

 

 

—

 

Amortization of prior service credit and other

 

 

(1

)

 

 

(2

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

(60

)

 

 

(119

)

 

 

5

 

 

 

4

 

 

 

14

 

 

 

14

 

 

 

$

76

 

 

$

44

 

 

$

15

 

 

$

14

 

 

$

21

 

 

$

23

 

 

 

 

Six Months Ended

 

 

 

U.S. Pension Plans

 

 

International Pension Plans

 

 

Postretirement Healthcare Plans

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Service cost

 

$

272

 

 

$

326

 

 

$

20

 

 

$

21

 

 

$

14

 

 

$

18

 

Other retirement plans expense (income):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest cost

 

 

681

 

 

 

609

 

 

 

22

 

 

 

17

 

 

 

30

 

 

 

28

 

Expected return on plan assets

 

 

(799

)

 

 

(844

)

 

 

(11

)

 

 

(8

)

 

 

—

 

 

 

—

 

Amortization of prior service credit and other

 

 

(3

)

 

 

(4

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

(121

)

 

 

(239

)

 

 

11

 

 

 

9

 

 

 

30

 

 

 

28

 

 

 

$

151

 

 

$

87

 

 

$

31

 

 

$

30

 

 

$

44

 

 

$

46

 

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 voluntary contributions of $400 million to our U.S. Pension Plan during the first half of 2024 and anticipate making $400 million of additional voluntary contributions during the remainder of 2024.