v3.25.3

Retirement and Post-Retirement Benefit Plans | 12 Months Ended
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Oct. 31, 2025
Retirement Benefits [Abstract] |
Retirement and Post-Retirement Benefit Plans | Retirement and Post-Retirement Benefit Plans Defined Benefit Plans HP sponsors a number of defined benefit pension plans worldwide. The most significant defined benefit plan, the HP Inc. Pension Plan (“Pension Plan”) is a frozen plan in the United States. HP reduces the benefit payable to certain U.S. employees under the Pension Plan for service before 1993, if any, by any amounts due to the employee under HP’s frozen defined contribution Deferred Profit-Sharing Plan (“DPSP”). As of October 31, 2025 and 2024, the fair value of HP’s DPSP plan assets was $278 million and $297 million, respectively. The DPSP obligations are equal to the plan assets and are recognized as an offset to the Pension Plan when HP calculates its defined benefit pension cost and obligations. Post-Retirement Benefit Plans HP sponsors retiree health and welfare benefit plans, of which the most significant are in the United States. Under the HP Inc. Retiree Welfare Benefits Plan, certain pre-2003 retirees and grandfathered participants with continuous service to HP since 2002 are eligible to receive partially subsidized medical coverage based on years of service at retirement. HP’s share of the premium cost is capped for all subsidized medical coverage provided under the HP Inc. Retiree Welfare Benefits Plan. HP currently leverages the employer group waiver plan process to provide HP Inc. Retiree Welfare Benefits Plan post-65 prescription drug coverage under Medicare Part D, thereby giving HP access to federal subsidies to help pay for retiree benefits. Effective January 1, 2026, Medicare-eligible retirees will receive the capped subsidy and enroll in individual market options through an exchange. Certain employees not grandfathered for partially subsidized medical coverage under the above programs, and employees hired after 2002 but before August 2008, are eligible for credits under the HP Inc. Retiree Welfare Benefits Plan. Credits offered after September 2008 are provided in the form of matching credits on employee contributions made to a voluntary employee beneficiary association upon attaining age 45 or as part of early retirement programs. On retirement, former employees may use these credits for the reimbursement of certain eligible medical expenses, including premiums required for coverage. Defined Contribution Plans HP offers various defined contribution plans for U.S. and non-U.S. employees. Total defined contribution expense was $132 million, $133 million, and $131 million in fiscal year 2025, 2024, and 2023, respectively. U.S. employees are automatically enrolled in the HP Inc. 401(k) Plan when they meet eligibility requirements, unless they decline participation. The employer matching contributions in the HP Inc. 401(k) Plan is 100% of the first 4% of eligible compensation contributed by employees, and the employer match is vested after three years of employee service. Generally, an employee must be employed by HP Inc. on the last day of the calendar year to receive a match. Pension and Post-Retirement Benefit Expense The components of HP’s pension and post-retirement benefit (credit) cost recognized in the Consolidated Statements of Earnings were as follows:
| For the fiscal years ended October 31
| 2025 |  | 2024 |  | 2023 |  | 2025 |  | 2024 |  | 2023 |  | 2025 |  | 2024 |  | 2023
| U.S. Defined Benefit Plans |  | Non-U.S. Defined Benefit Plans |  | Post-Retirement Benefit Plans
| In millions
Service cost | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 39 |  |  | $ | 37 |  |  | $ | 39 |  |  | $ | 1 |  |  | $ | 1 |  |  | $ | 1 |
Interest cost | 214 |  |  | 228 |  |  | 217 |  |  | 43 |  |  | 46 |  |  | 41 |  |  | 14 |  |  | 15 |  |  | 15 |
Expected return on plan assets | (241) |  |  | (246) |  |  | (258) |  |  | (57) |  |  | (51) |  |  | (53) |  |  | (14) |  |  | (15) |  |  | (14) |
Amortization and deferrals: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Actuarial loss (gain) | 29 |  |  | 28 |  |  | 18 |  |  | 8 |  |  | (1) |  |  | 4 |  |  | (17) |  |  | (15) |  |  | (16) |
Prior service cost (credit) | — |  |  | — |  |  | — |  |  | 7 |  |  | 6 |  |  | 5 |  |  | (6) |  |  | (10) |  |  | (11) |
Net periodic benefit cost (credit) | 2 |  |  | 10 |  |  | (23) |  |  | 40 |  |  | 37 |  |  | 36 |  |  | (22) |  |  | (24) |  |  | (25) |
Settlement loss | — |  |  | — |  |  | — |  |  | 8 |  |  | 2 |  |  | — |  |  | — |  |  | — |  |  | — |
Special termination benefit cost | — |  |  | — |  |  | 105 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 34 |
Total periodic benefit cost (credit) | $ | 2 |  |  | $ | 10 |  |  | $ | 82 |  |  | $ | 48 |  |  | $ | 39 |  |  | $ | 36 |  |  | $ | (22) |  |  | $ | (24) |  |  | $ | 9 |
The components of net periodic benefit (credit) cost other than the service cost component are included in Interest and other, net in the Consolidated Statements of Earnings. The weighted-average assumptions used to calculate the total periodic benefit (credit) cost were as follows:
| For the fiscal years ended October 31
| 2025 |  | 2024 |  | 2023 |  | 2025 |  | 2024 |  | 2023 |  | 2025 |  | 2024 |  | 2023
| U.S. Defined Benefit Plans |  | Non-U.S. Defined Benefit Plans |  | Post-Retirement Benefit Plans
Discount rate | 5.3 | % |  | 6.2 | % |  | 5.7 | % |  | 3.2 | % |  | 3.9 | % |  | 3.5 | % |  | 5.2 | % |  | 6.0 | % |  | 5.6 | %
Expected increase in compensation levels | 2.0 | % |  | 2.0 | % |  | 2.0 | % |  | 2.7 | % |  | 3.0 | % |  | 3.0 | % |  | — | % |  | — | % |  | — | %
Expected long-term return on plan assets | 5.9 | % |  | 6.6 | % |  | 6.4 | % |  | 5.1 | % |  | 5.3 | % |  | 5.4 | % |  | 4.5 | % |  | 5.2 | % |  | 3.3 | %
Interest crediting rate | 5.2 | % |  | 5.5 | % |  | 5.0 | % |  | 2.6 | % |  | 2.6 | % |  | 2.6 | % |  | 4.7 | % |  | 5.4 | % |  | 4.2 | %
Funded Status The funded status of the defined benefit and post-retirement benefit plans was as follows:
| As of October 31 |
| 2025 |  | 2024 |  | 2025 |  | 2024 |  | 2025 |  | 2024 |
| U.S. Defined Benefit Plans |  | Non-U.S. Defined Benefit Plans |  | Post-Retirement Benefit Plans |
| In millions |
Change in fair value of plan assets: |  |  |  |  |  |  |  |  |  |  |  |
Fair value of assets — beginning of year | $ | 4,218 |  |  | $ | 3,853 |  |  | $ | 1,085 |  |  | $ | 959 |  |  | $ | 317 |  |  | $ | 382 |  |
Actual return on plan assets | 314 |  |  | 598 |  |  | 67 |  |  | 111 |  |  | 15 |  |  | 33 |  |
Employer contributions | 26 |  |  | 26 |  |  | 43 |  |  | 53 |  |  | 5 |  |  | 4 |  |
Participant contributions | — |  |  | — |  |  | 15 |  |  | 17 |  |  | 25 |  |  | 28 |  |
Benefits paid | (250) |  |  | (258) |  |  | (38) |  |  | (54) |  |  | (48) |  |  | (48) |  |
Settlement | (2) |  |  | (1) |  |  | (35) |  |  | (28) |  |  | — |  |  | — |  |
Transfers | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (82) |  |
Currency impact | — |  |  | — |  |  | 67 |  |  | 27 |  |  | — |  |  | — |  |
Fair value of assets — end of year | $ | 4,306 |  |  | $ | 4,218 |  |  | $ | 1,204 |  |  | $ | 1,085 |  |  | $ | 314 |  |  | $ | 317 |  |
Change in benefits obligation |  |  |  |  |  |  |  |  |  |  |  |
Projected benefit obligation — beginning of year | $ | 4,218 |  |  | $ | 3,854 |  |  | $ | 1,345 |  |  | $ | 1,185 |  |  | $ | 287 |  |  | $ | 299 |  |
Service cost | — |  |  | — |  |  | 39 |  |  | 37 |  |  | 1 |  |  | 1 |  |
Interest cost | 214 |  |  | 228 |  |  | 43 |  |  | 46 |  |  | 14 |  |  | 15 |  |
Participant contributions | — |  |  | — |  |  | 15 |  |  | 17 |  |  | 25 |  |  | 28 |  |
Actuarial loss (gain) | 83 |  |  | 395 |  |  | (16) |  |  | 116 |  |  | (12) |  |  | (8) |  |
Benefits paid | (250) |  |  | (258) |  |  | (38) |  |  | (54) |  |  | (48) |  |  | (48) |  |
Settlement | (2) |  |  | (1) |  |  | (35) |  |  | (28) |  |  | — |  |  | — |  |
Currency impact | — |  |  | — |  |  | 79 |  |  | 26 |  |  | — |  |  | — |  |
Projected benefit obligation — end of year | $ | 4,263 |  |  | $ | 4,218 |  |  | $ | 1,432 |  |  | $ | 1,345 |  |  | $ | 267 |  |  | $ | 287 |  |
Funded status at end of year | $ | 43 |  |  | $ | — |  |  | $ | (228) |  |  | $ | (260) |  |  | $ | 47 |  |  | $ | 30 |  |
Accumulated benefit obligation | $ | 4,263 |  |  | $ | 4,217 |  |  | $ | 1,325 |  |  | $ | 1,248 |  |  |  |  |  |
The cumulative net actuarial losses for our defined pension plans and retiree welfare plans decreased year over year. These loss decreases were primarily due to higher than expected return on assets and increases in discount rates. The decrease in losses was partially offset due to plan experience and other assumption changes. The weighted-average assumptions used to calculate the projected benefit obligations were as follows:
| For the fiscal years ended October 31
| 2025 |  | 2024 |  | 2025 |  | 2024 |  | 2025 |  | 2024
| U.S. Defined Benefit Plans |  | Non-U.S. Defined Benefit Plans |  | Post-Retirement Benefit Plans
Discount rate | 5.3 | % |  | 5.3 | % |  | 3.5 | % |  | 3.2 | % |  | 5.2 | % |  | 5.2 | %
Expected increase in compensation levels | 2.0 | % |  | 2.0 | % |  | 2.8 | % |  | 2.7 | % |  | — | % |  | — | %
Interest crediting rate | 5.1 | % |  | 5.2 | % |  | 2.6 | % |  | 2.6 | % |  | 4.6 | % |  | 4.7 | %
The net assets and liabilities for HP’s defined benefit and post-retirement benefit plans recognized on HP’s Consolidated Balance Sheet were as follows:
| As of October 31
| 2025 |  | 2024 |  | 2025 |  | 2024 |  | 2025 |  | 2024
| U.S. Defined Benefit Plans |  | Non-U.S. Defined Benefit Plans |  | Post-Retirement Benefit Plans
| In millions
Other non-current assets | $ | 313 |  |  | $ | 277 |  |  | $ | 61 |  |  | $ | 50 |  |  | $ | 51 |  |  | $ | 35 |
Other current liabilities | (31) |  |  | (31) |  |  | (9) |  |  | (10) |  |  | (3) |  |  | (4) |
Other non-current liabilities | (239) |  |  | (246) |  |  | (280) |  |  | (300) |  |  | (1) |  |  | (1) |
Funded status at end of year | $ | 43 |  |  | $ | — |  |  | $ | (228) |  |  | $ | (260) |  |  | $ | 47 |  |  | $ | 30 |
The following table summarizes the pre-tax net actuarial loss (gain) and prior service cost (credit) recognized in Accumulated other comprehensive income (loss) for the defined benefit and post-retirement benefit plans.
| As of October 31, 2025
| U.S. Defined Benefit Plans |  | Non-U.S. Defined Benefit Plans |  | Post-Retirement Benefit Plans
| In millions
Net actuarial loss (gain) | $ | 553 |  |  | $ | 31 |  |  | $ | (187) |
Prior service cost (credit) | — |  |  | 28 |  |  | (40) |
Total recognized in Accumulated other comprehensive income (loss) | $ | 553 |  |  | $ | 59 |  |  | $ | (227) |
Defined benefit plans with projected benefit obligations exceeding the fair value of plan assets were as follows:
| As of October 31
| 2025 |  | 2024 |  | 2025 |  | 2024
| U.S. Defined Benefit Plans |  | Non-U.S. Defined Benefit Plans
| In millions
Aggregate fair value of plan assets | $ | — |  |  | $ | — |  |  | $ | 976 |  |  | $ | 894 |
Aggregate projected benefit obligation | $ | 270 |  |  | $ | 277 |  |  | $ | 1,267 |  |  | $ | 1,207 |
Defined benefit plans with accumulated benefit obligations exceeding the fair value of plan assets were as follows:
| As of October 31
| 2025 |  | 2024 |  | 2025 |  | 2024
| U.S. Defined Benefit Plans |  | Non-U.S. Defined Benefit Plans
| In millions
Aggregate fair value of plan assets | $ | — |  |  | $ | — |  |  | $ | 685 |  |  | $ | 610 |
Aggregate accumulated benefit obligation | $ | 270 |  |  | $ | 277 |  |  | $ | 900 |  |  | $ | 859 |
Total Plan Assets The table below sets forth the total value of plan assets as of October 31, 2025. Refer to Note 9, “Fair Value” for details on fair value hierarchy. Certain investments that are measured using the Net Asset Value (“NAV”) per share as a practical expedient have not been categorized in the fair value hierarchy.
| As of October 31, 2025
| U.S. Defined Benefit Plans |  | Non-U.S. Defined Benefit Plans |  | Post-Retirement Benefit Plans
| Level 1 |  | Level 2 |  | Level 3 |  | Total |  | Level 1 |  | Level 2 |  | Level 3 |  | Total |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
| In millions
Asset category: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity securities(1) | $ | — |  |  | $ | 18 |  |  | $ | — |  |  | $ | 18 |  |  | $ | 9 |  |  | $ | 103 |  |  | $ | — |  |  | $ | 112 |  |  | $ | — |  |  | $ | 2 |  |  | $ | — |  |  | $ | 2 |
Debt securities(2) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate | — |  |  | 2,266 |  |  | — |  |  | 2,266 |  |  | — |  |  | 58 |  |  | — |  |  | 58 |  |  | — |  |  | 146 |  |  | — |  |  | 146 |
Government | — |  |  | 1,264 |  |  | — |  |  | 1,264 |  |  | — |  |  | 136 |  |  | — |  |  | 136 |  |  | — |  |  | 88 |  |  | — |  |  | 88 |
Real estate funds | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 16 |  |  | — |  |  | 16 |  |  | — |  |  | — |  |  | — |  |  | — |
Insurance contracts | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 79 |  |  | — |  |  | 79 |  |  | — |  |  | — |  |  | — |  |  | — |
Common collective trusts and 103-12 Investment entities(3) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 10 |  |  | — |  |  | 10 |  |  | — |  |  | — |  |  | — |  |  | — |
Investment funds(4) | 31 |  |  | — |  |  | — |  |  | 31 |  |  | — |  |  | 408 |  |  | — |  |  | 408 |  |  | 43 |  |  |  |  | — |  |  | 43 |
Cash and cash equivalents(5) | 5 |  |  | 28 |  |  | — |  |  | 33 |  |  | 25 |  |  | 1 |  |  | — |  |  | 26 |  |  | — |  |  | — |  |  | — |  |  | — |
Other(6) | (129) |  |  | (11) |  |  | — |  |  | (140) |  |  | — |  |  | 9 |  |  | — |  |  | 9 |  |  | (3) |  |  |  |  | — |  |  | (3) |
Net plan assets subject to leveling at fair value | $ | (93) |  |  | $ | 3,565 |  |  | $ | — |  |  | $ | 3,472 |  |  | $ | 34 |  |  | $ | 820 |  |  | $ | — |  |  | $ | 854 |  |  | $ | 40 |  |  | $ | 236 |  |  | $ | — |  |  | $ | 276 |
Investments using NAV as a practical expedient(7) |  |  |  |  |  |  | 834 |  |  |  |  |  |  |  |  | 350 |  |  |  |  |  |  |  |  | 38 |
Total plan assets |  |  |  |  |  |  | $ | 4,306 |  |  |  |  |  |  |  |  | $ | 1,204 |  |  |  |  |  |  |  |  | $ | 314 |
The table below sets forth the total plan assets as of October 31, 2024.
| As of October 31, 2024
| U.S. Defined Benefit Plans |  | Non-U.S. Defined Benefit Plans |  | Post-Retirement Benefit Plans
| Level 1 |  | Level 2 |  | Level 3 |  | Total |  | Level 1 |  | Level 2 |  | Level 3 |  | Total |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
| In millions
Asset category: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity securities(1) | $ | — |  |  | $ | 17 |  |  | $ | — |  |  | $ | 17 |  |  | $ | 8 |  |  | $ | 109 |  |  | $ | — |  |  | $ | 117 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Debt securities(2) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate | — |  |  | 2,213 |  |  | — |  |  | 2,213 |  |  | — |  |  | 16 |  |  | — |  |  | 16 |  |  | — |  |  | 143 |  |  | — |  |  | 143 |
Government | — |  |  | 1,392 |  |  | — |  |  | 1,392 |  |  | — |  |  | 59 |  |  | — |  |  | 59 |  |  | — |  |  | 102 |  |  | — |  |  | 102 |
Real estate funds | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Insurance contracts | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 72 |  |  | — |  |  | 72 |  |  | — |  |  | — |  |  | — |  |  | — |
Common collective trusts and 103-12 Investment entities(3) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 10 |  |  | — |  |  | 10 |  |  | — |  |  | — |  |  | — |  |  | — |
Investment funds(4) | 10 |  |  | — |  |  | — |  |  | 10 |  |  | — |  |  | 347 |  |  | — |  |  | 347 |  |  | 45 |  |  |  |  | — |  |  | 45 |
Cash and cash equivalents(5) | 17 |  |  | 23 |  |  | — |  |  | 40 |  |  | 21 |  |  | 1 |  |  | — |  |  | 22 |  |  | — |  |  | — |  |  | — |  |  | — |
Other(6) | (251) |  |  | (147) |  |  | — |  |  | (398) |  |  | — |  |  | 116 |  |  | — |  |  | 116 |  |  | (8) |  |  |  |  | — |  |  | (8) |
Net plan assets subject to leveling at fair value | $ | (224) |  |  | $ | 3,498 |  |  | $ | — |  |  | $ | 3,274 |  |  | $ | 29 |  |  | $ | 730 |  |  | $ | — |  |  | $ | 759 |  |  | $ | 37 |  |  | $ | 245 |  |  | $ | — |  |  | $ | 282 |
Investments using NAV as a practical expedient(7) |  |  |  |  |  |  | 944 |  |  |  |  |  |  |  |  | 326 |  |  |  |  |  |  |  |  | 35 |
Total plan assets |  |  |  |  |  |  | $ | 4,218 |  |  |  |  |  |  |  |  | $ | 1,085 |  |  |  |  |  |  |  |  | $ | 317 |
(1)Investments in publicly traded equity securities are valued using the closing price on the measurement date as reported on the stock exchange on which the individual securities are traded. (2)The fair value of corporate, government and asset-backed debt securities is based on observable inputs of comparable market transactions. Also included in this category is debt issued by national, state and local governments and agencies. (3)Department of Labor 103-12 IE (Investment Entity) designation is for plan assets held by two or more unrelated employee benefit plans which includes limited partnerships and venture capital partnerships. Certain common collective trusts and interests in 103-12 entities are valued using NAV as a practical expedient. (4)Includes publicly traded funds of investment companies that are registered with the SEC, funds that are not publicly traded and a non-U.S. fund-of-fund arrangement. (5)Includes cash and cash equivalents such as short-term marketable securities. Cash and cash equivalents include money market funds, which are valued based on NAV. Other assets were classified in the fair value hierarchy based on the lowest level input (e.g., quoted prices and observable inputs) that is significant to the fair value measure in its entirety. (6)Includes primarily reverse repurchase agreements, unsettled transactions, and derivative instruments. (7)These investments include alternative investments, which primarily consist of private equities and hedge funds. The valuation of alternative investments, such as limited partnerships and joint ventures, may require significant management judgment. For alternative investments, valuation is based on NAV as reported by the asset manager or investment company and adjusted for cash flows, if necessary. In making such an assessment, a variety of factors are reviewed by management, including but not limited to the timeliness of NAV as reported by the asset manager and changes in general economic and market conditions subsequent to the last NAV reported by the asset manager. •Private equities include limited partnerships such as equity, buyout, venture capital, real estate and other similar funds that invest in the United States and internationally where foreign currencies are hedged. •Hedge funds include limited partnerships that invest both long and short primarily in common stocks and credit, relative value, event-driven equity, distressed debt and macro strategies. Management of the hedge funds has the ability to shift investments from value to growth strategies, from small to large capitalization stocks and bonds, and from a net long position to a net short position. These investments also include Common Collective Trusts and 103-12 Investment Entities as defined in note (3) above and Investment Funds as defined in note (4) above. Plan Asset Allocations Refer to the fair value hierarchy table above for actual assets allocations across the benefit plans. The weighted-average target asset allocations across the benefit plans represented in the fair value tables above were as follows:
|  | 2025 Target Allocation
Asset Category |  | U.S. Defined Benefit Plans |  | Non-U.S. Defined Benefit Plans |  | Post-Retirement Benefit Plans
Equity-related investments |  | — | % |  | 34.6 | % |  | — | %
Debt securities |  | 92.0 | % |  | 38.8 | % |  | 100.0 | %
Real estate |  | — | % |  | 9.1 | % |  | — | %
Cash and cash equivalents |  | — | % |  | 5.6 | % |  | — | %
Other |  | 8.0 | % |  | 11.9 | % |  | — | %
Total |  | 100.0 | % |  | 100.0 | % |  | 100.0 | %
Investment Policy HP’s investment strategy is to seek a competitive rate of return relative to an appropriate level of risk depending on the funded status of each plan and the timing of expected benefit payments. The majority of the plans’ investment managers employ active investment management strategies with the goal of outperforming the broad markets in which they invest. Risk management practices include diversification across asset classes and investment styles and periodic rebalancing toward asset allocation targets. A number of the plans’ investment managers are authorized to utilize derivatives for investment or liability exposures, and HP may utilize derivatives to affect asset allocation changes or to hedge certain investment or liability exposures. The target asset allocation selected for each U.S. plan (pension and post-retirement) reflects a risk/return profile HP believes is appropriate relative to each plan’s liability structure and return goals. HP conducts periodic asset-liability studies for U.S. plans to model various potential asset allocations in comparison to each plan’s forecasted liabilities and liquidity needs. Due to the strong funded status for the U.S. Pension Plan, consistent with our policy, steps have been taken to de-risk the portfolio by reallocation of assets to liability hedging fixed-income investments. Outside the United States, asset allocation decisions are typically made by an independent board of trustees for the specific plan. As in the United States, investment objectives are designed to generate returns that will enable the plan to meet its future obligations. HP reviews the investment strategy and where appropriate, can offer some assistance in the selection of investment managers, with final decisions on asset allocation and investment managers made by the board of trustees for the specific plan. Basis for Expected Long-Term Rate of Return on Plan Assets The expected long-term rate of return on plan assets reflects the expected returns for each major asset class in which the plan invests and the weight of each asset class in the target mix. Expected asset returns reflect the current yield on government bonds, risk premiums for each asset class and expected real returns which considers each country’s specific inflation outlook. Because HP’s investment policy is to employ primarily active investment managers who seek to outperform the broader market, the expected returns are adjusted to reflect the expected additional returns net of fees. Retirement Incentive Program As part of the Fiscal 2023 Plan, HP announced a voluntary EER program for its U.S. employees in January 2023. Voluntary participation in the EER program was limited to employees at least 55 years old with 10 or more years of service at HP. Employees accepted into the EER program left HP on dates ranging from March 15, 2023 to October 31, 2023. The U.S. defined benefit pension plan was amended to provide that the EER benefit was to be paid from the plan for eligible electing EER participants. The retirement incentive benefit was calculated as a lump sum based on years of service at HP at the time of retirement, ranging from 20 to 52 weeks of pay. As a result of this retirement incentive, HP recognized a special termination benefit (“STB”) expense of $105 million for the year ended October 31, 2023 as a restructuring charge. This expense is the present value of all additional benefits that HP will distribute from the pension plan assets. All employees participating in the EER program were offered the opportunity to continue health care coverage at the active employee contribution rates for up to 36 months following retirement, but not beyond age 65 when Medicare is available. In addition, HP provided up to $12,000 in employer credits under the Retirement Medical Savings Account program. HP recognized an additional STB expense of $34 million as restructuring and other charges for the year ended October 31, 2023 for the health care incentives. Future Contributions and Funding Policy Our policy is to fund our pension plans so that we meet at least the minimum contribution required by local government, funding and taxing authorities. In fiscal year 2026, we expect to contribute approximately $43 million to non-U.S. pension plans, $31 million to cover benefit payments to U.S. non-qualified plan participants and $3 million to cover benefit claims for our post-retirement benefit plans. Estimated Future Benefits Payments As of October 31, 2025, HP estimates that the future benefits payments for the retirement and post-retirement plans are as follows:
Fiscal year |  | U.S. Defined Benefit Plans |  | Non-U.S. Defined Benefit Plans |  | Post-Retirement Benefit Plans
|  | In millions
2026 |  | $ | 288 |  |  | $ | 63 |  |  | $ | 25 |
2027 |  | 279 |  |  | 63 |  |  | 23 |
2028 |  | 289 |  |  | 66 |  |  | 22 |
2029 |  | 301 |  |  | 69 |  |  | 22 |
2030 |  | 306 |  |  | 71 |  |  | 21 |
Next five fiscal years to October 31, 2035 |  | 1,549 |  |  | 429 |  |  | 97 |

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