Employee Benefit and Retirement Plans

9 Months Ended

Aug. 31, 2022

Retirement Benefits [Abstract]

Employee Benefit and Retirement Plans

EMPLOYEE BENEFIT AND RETIREMENT PLANS    

We sponsor defined benefit pension plans in the U.S. and certain foreign locations. In addition, we sponsor defined contribution plans in the U.S. We also contribute to defined contribution plans in locations outside the U.S., including government-sponsored retirement plans. We also currently provide postretirement medical and life insurance benefits to certain U.S. employees and retirees. We previously froze the accrual of future benefits under certain defined benefit pension plans in the U.S. and certain foreign locations. Although our defined benefit plans in the U.S., United Kingdom and Canada have generally been frozen, employees who are participants in the plans retained benefits accumulated up to the date of the freeze, based on credited service and eligible earnings, in accordance with the terms of the plans.

The following table presents the components of our pension (income) and other postretirement benefits expense for the three months ended August 31, 2022 and 2021 (in millions):

	United States pension				International pension				Other postretirement benefits
	2022		2021		2022		2021		2022		2021
Service cost	$	0.9	$	0.9	$	0.2	$	0.3	$	0.4	$	0.5
Interest costs	6.5		6.5		1.7		1.8		0.4		0.4
Expected return on plan assets	(10.7)		(10.3)		(3.1)		(3.5)		—		—
Amortization of prior service costs	0.2		0.2		—		—		—		(0.1)
Amortization of net actuarial losses	2.2		2.7		0.3		0.6		(0.1)		—
Settlement loss	—		—		0.2		0.2		—		—
Total (income) expense	$	(0.9)	$	—	$	(0.7)	$	(0.6)	$	0.7	$	0.8

The following table presents the components of our pension (income) and other postretirement benefits expense for the nine months ended August 31, 2022 and 2021 (in millions):

	United States pension				International pension				Other postretirement benefits
	2022		2021		2022		2021		2022		2021
Service cost	$	2.7	$	2.8	$	0.6	$	0.8	$	1.3	$	1.5
Interest costs	19.7		19.5		5.3		5.3		1.2		1.2
Expected return on plan assets	(32.1)		(30.9)		(9.4)		(10.5)		—		—
Amortization of prior service costs	0.4		0.4		0.1		0.1		(0.2)		(0.3)
Amortization of net actuarial losses	6.5		8.2		1.0		1.7		(0.2)		—
Settlement loss	—		—		0.2		0.6		—		—
Total (income) expense	$	(2.8)	$	—	$	(2.2)	$	(2.0)	$	2.1	$	2.4

During the nine months ended August 31, 2022 and 2021, we contributed $9.9 million and $7.5 million, respectively, to our pension plans. Total contributions to our pension plans in fiscal year 2021 were $15.0 million.

All of the amounts in the tables above for pension (income) and other postretirement benefits expense, other than service cost, were included in other income, net within our consolidated income statements. The net aggregate amount of pension and other postretirement benefits (income), excluding service cost components, was $(2.4) million and $(1.5) million for the three months ended August 31, 2022 and 2021, respectively. For the nine months ended August 31, 2022 and 2021, the net aggregate amount of pension and other postretirement benefits income was $(7.5) million and $(4.7) million, respectively.