Benefit Plans

9 Months Ended

Jun. 30, 2022

Retirement Benefits [Abstract]

Benefit Plans

Benefit Plans

The Company has defined benefit pension plans covering certain employees in the United States and certain international locations. The measurement date used for these plans is September 30.

Net pension cost included the following components for the three and nine-month periods:

	Three Months Ended June 30,				Nine Months Ended June 30,
(Millions of dollars)	2022		2021		2022		2021
Service cost	$	38	$	35	$	106	$	113
Interest cost	21		16		59		53
Expected return on plan assets	(52)		(40)		(146)		(129)
Amortization of prior service credit	(4)		(3)		(12)		(10)
Amortization of loss	17		22		48		73
Curtailment/Settlement (Gain) Loss	(1)		6		5		6
Net pension cost	$	19	$	36	$	61	$	106

The amounts provided above for amortization of prior service credit and amortization of loss represent the reclassifications of prior service credits and net actuarial losses that were recognized in Accumulated other comprehensive income (loss) in prior periods. All components of the Company’s net periodic pension and postretirement benefit costs, aside from service cost, are recorded to Other (expense) income, net on its consolidated statements of income. Net pension costs related to employees transferred to Embecta and reflected in (Loss) Income from Discontinued Operations, Net of Tax were immaterial. Additionally, the Company’s transfer of employees to Embecta did not materially impact the Company’s benefit obligations.