PENSION AND OTHER POSTRETIREMENT BENEFITS

6 Months Ended

Apr. 30, 2015

PENSION AND OTHER POSTRETIREMENT BENEFITS

PENSION AND OTHER POSTRETIREMENT BENEFITS

(7) The Company has several defined benefit pension plans and defined postretirement health care and life insurance plans covering its U.S. employees and employees in certain foreign countries.

The worldwide components of net periodic pension cost consisted of the following in millions of dollars:

	Three Months Ended April 30				Six Months Ended April 30
	2015		2014		2015		2014
Service cost	$	69	$	62	$	142	$	123
Interest cost	119		120		238		239
Expected return on plan assets	(192)		(193)		(385)		(386)
Amortization of actuarial loss	55		43		110		86
Amortization of prior service cost	6		6		12		12
Settlements/curtailments			4		1		6
Net cost	$	57	$	42	$	118	$	80

The worldwide components of net periodic postretirement benefits cost (health care and life insurance) consisted of the following in millions of dollars:

	Three Months Ended April 30				Six Months Ended April 30
	2015		2014		2015		2014
Service cost	$	12	$	11	$	23	$	22
Interest cost	64		65		129		131
Expected return on plan assets	(14)		(17)		(28)		(35)
Amortization of actuarial loss	23		8		46		17
Amortization of prior service credit	(19)		(1)		(38)		(2)
Net cost	$	66	$	66	$	132	$	133

During the first six months of 2015, the Company contributed approximately $40 million to its pension plans and $17 million to its other postretirement benefit plans.  The Company presently anticipates contributing an additional $35 million to its pension plans and $10 million to its other postretirement benefit plans during the remainder of fiscal year 2015.  These contributions include payments from Company funds to either increase plan assets or make direct payments to plan participants.