POST RETIREMENT BENEFIT PLANS

6 Months Ended

Apr. 30, 2022

POST RETIREMENT BENEFIT PLANSThe components of net periodic pension cost include the following:


	Three Months Ended April 30,				Six Months Ended April 30,
(in millions)	2022		2021		2022		2021
Service cost	$	3.0	$	3.1	$	6.0	$	6.2
Interest cost	5.1		4.6		10.2		9.1
Expected return on plan assets	(8.3)		(8.1)		(16.5)		(16.0)
Amortization of prior service cost	(0.1)		(0.1)		(0.2)		(0.1)
Recognized net actuarial loss	2.0		3.7		4.0		7.5
Net periodic pension cost	$	1.7	$	3.2	$	3.5	$	6.7

As previously disclosed in the Company's Annual Report on Form 10-K for the year ended October 31, 2021, the Company expects to make employer contributions of $35.5 million, including benefits paid directly by the Company, during 2022.

The components of net periodic pension cost and net periodic post-retirement benefit, other than the service cost components, are included in the line item "Other income, net" in the interim condensed consolidated statements of income.

During the six months ended April 30, 2021, an annuity contract for approximately $100.0 million was purchased with United States defined benefit plan assets and the pension obligation for certain retirees in the United States under that plan was irrevocably transferred from that plan to the annuity contract. Additionally, lump sum payments totaling $6.0 million and $7.5 million for the three and six months ended April 30, 2021 were made from the defined benefit plan assets to certain participants who agreed to such payments, representing the current fair value of the participant’s respective pension benefit. The settlement items described above resulted in a decrease in the fair value of both the plan assets and the projected benefit obligation of $107.5 million and a non-cash pension settlement charge of $0.1 million and $8.6 million of unrecognized net actuarial loss included in accumulated other comprehensive loss for the three and six months ended April 30, 2021.