Benefit Plans

9 Months Ended

Jun. 30, 2023

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)	2023		2022		2023		2022
Service cost	$	24	$	38	$	71	$	106
Interest cost	35		21		103		59
Expected return on plan assets	(38)		(52)		(112)		(146)
Amortization of prior service credit	(2)		(4)		(5)		(12)
Amortization of loss	17		17		49		48
Curtailment/settlement (gain) loss	(14)		(1)		(13)		5
Net pension cost	$	22	$	19	$	92	$	61

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 income (expense), net on its condensed consolidated statements of income.

The Company has announced that effective September 30, 2024, it will freeze its U.S. pension plan and plan participants will no longer accrue benefits under the plan subsequent to this date.