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v3.23.1

Pension and other postretirement plans | 6 Months Ended
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Apr. 30, 2023
Retirement Benefits [Abstract] |
Pension and other postretirement plans | Pension and other postretirement plans During the second quarter of 2022, we completed a partial plan settlement transaction in regards to two of our U.S. pension plans in which plan assets amounting to $171,181 were used to purchase a group annuity contract from The Prudential Insurance Company of America (Prudential). The settlement resulted in a loss of $41,221, which is included in Other-net on the Condensed Consolidated Statements of Income. This transaction relieved the Company of its responsibility for the pension obligation related to certain retired employees and transferred the obligation and payment responsibility to Prudential for retirement benefits owed to approximately 1,500 retirees and other beneficiaries. The annuity contract covered retirees who commenced receiving benefits on or before November 1, 2021. The monthly retirement benefit payment amounts currently received by retirees and their beneficiaries did not change as a result of this transaction. Plan participants not included in the transaction remain in the plans and responsibility for payment of the retirement benefits remains with the Company. The components of net periodic pension and other postretirement cost for the three and six months ended April 30, 2023 and 2022 were:
|  | U.S. |  | International
Three Months Ended |  | 2023 |  | 2022 |  | 2023 |  | 2022
Service cost |  | $ | 2,744 |  |  | $ | 4,728 |  |  | $ | 283 |  |  | $ | 431 |
Interest cost |  | 4,176 |  |  | 4,241 |  |  | 642 |  |  | 290 |
Expected return on plan assets |  | (6,529) |  |  | (8,511) |  |  | (383) |  |  | (367) |
Amortization of prior service cost (credit) |  | — |  |  | 12 |  |  | (13) |  |  | (13) |
Amortization of net actuarial loss |  | — |  |  | 2,318 |  |  | 21 |  |  | 593 |
Settlement loss |  | — |  |  | 41,221 |  |  | — |  |  | — |
Total benefit cost |  | $ | 391 |  |  | $ | 44,009 |  |  | $ | 550 |  |  | $ | 934 |
|  | U.S. |  | International
Six Months Ended |  | 2023 |  | 2022 |  | 2023 |  | 2022
Service cost |  | $ | 5,488 |  |  | $ | 9,915 |  |  | $ | 558 |  |  | $ | 920 |
Interest cost |  | 8,351 |  |  | 7,824 |  |  | 1,245 |  |  | 588 |
Expected return on plan assets |  | (13,058) |  |  | (16,389) |  |  | (760) |  |  | (761) |
Amortization of prior service cost (credit) |  | — |  |  | 24 |  |  | (26) |  |  | (30) |
Amortization of net actuarial loss |  | — |  |  | 5,084 |  |  | 41 |  |  | 1,200 |
Settlement loss |  | — |  |  | 41,221 |  |  | — |  |  | — |
Total benefit cost |  | $ | 781 |  |  | $ | 47,679 |  |  | $ | 1,058 |  |  | $ | 1,917 |
The components of other postretirement benefit costs for the three and six months ended April 30, 2023 and 2022 were:
|  | U.S. |  | International
Three Months Ended |  | 2023 |  | 2022 |  | 2023 |  | 2022
Service cost |  | $ | 100 |  |  | $ | 148 |  |  | $ | 1 |  |  | $ | 3 |
Interest cost |  | 766 |  |  | 474 |  |  | 3 |  |  | 3 |
Amortization of net actuarial (gain) loss |  | — |  |  | 226 |  |  | (15) |  |  | (12) |
Total benefit cost (income) |  | $ | 866 |  |  | $ | 848 |  |  | $ | (11) |  |  | $ | (6) |
|  | U.S. |  | International
Six Months Ended |  | 2023 |  | 2022 |  | 2023 |  | 2022
Service cost |  | $ | 200 |  |  | $ | 343 |  |  | $ | 2 |  |  | $ | 6 |
Interest cost |  | 1,531 |  |  | 962 |  |  | 6 |  |  | 6 |
Amortization of net actuarial (gain) loss |  | — |  |  | 489 |  |  | (31) |  |  | (24) |
Total benefit cost (income) |  | $ | 1,731 |  |  | $ | 1,794 |  |  | $ | (23) |  |  | $ | (12) |
The components of net periodic pension and other postretirement cost other than service cost are included in Other – net in our Condensed Consolidated Statements of Income.

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