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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended July 31, 2022
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from           to         
Commission file number   0-7977
____________________________________________________
NORDSON CORPORATION
(Exact name of registrant as specified in its charter)
___________________________________________________
Ohio
(State or other jurisdiction of incorporation or organization)
28601 Clemens Road
Westlake, Ohio
(Address of principal executive offices)
34-0590250
(I.R.S. Employer Identification No.)
44145
(Zip Code)
(440) 892-1580
(Registrant's Telephone Number, Including Area Code)
Securities registered pursuant to Section 12(b) of the Act:
Title of Each Class Trading Symbol(s) Name of Each Exchange
On Which Registered
Common Shares, without par valueNDSNNasdaq Stock Market LLC
Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  x    No  o
Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files).    Yes  x    No  o
Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company.  See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer Accelerated filer
Non-accelerated filer Smaller reporting company
Emerging growth company   
If an emerging growth company, indicate by check mark if the Registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  o
Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  x
Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date:  Common Shares, without par value as of August 23, 2022:  57,210,696



Table of Contents
  
  
  
  

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Nordson Corporation
                            
Part I – FINANCIAL INFORMATION
ITEM 1.FINANCIAL STATEMENTS (UNAUDITED)

Condensed Consolidated Statements of Income
 Three Months EndedNine Months Ended
(In thousands, except for per share data)July 31, 2022July 31, 2021July 31, 2022July 31, 2021
Sales$662,128 $646,858 $1,906,697 $1,762,962 
Operating costs and expenses:
Cost of sales296,544 281,587 843,344 770,032 
Selling and administrative expenses180,666 176,995 538,602 529,238 
 477,210 458,582 1,381,946 1,299,270 
Operating profit184,918 188,276 524,751 463,692 
Other income (expense):
Interest expense(5,737)(6,139)(16,748)(20,210)
Interest and investment income572 492 1,456 1,321 
Other - net752 (2,232)(37,720)(10,736)
 (4,413)(7,879)(53,012)(29,625)
Income before income taxes180,505 180,397 471,739 434,067 
Income taxes38,694 38,215 99,885 90,159 
Net income$141,811 $142,182 $371,854 $343,908 
Average common shares57,409 58,112 57,782 58,080 
Incremental common shares attributable to equity compensation560 623 610 634 
Average common shares and common share equivalents57,969 58,735 58,392 58,714 
Basic earnings per share$2.47 $2.45 $6.44 $5.92 
Diluted earnings per share$2.45 $2.42 $6.37 $5.86 
See accompanying notes.

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Nordson Corporation
Consolidated Statements of Comprehensive Income
 Three Months EndedNine Months Ended
(In thousands)July 31, 2022July 31, 2021July 31, 2022July 31, 2021
Net income$141,811 $142,182 $371,854 $343,908 
Components of other comprehensive income (loss):
Foreign currency translation adjustments(21,220)(3,348)(81,479)18,142 
Pension settlement adjustment, net of tax (606)32,047 3,975 
Amortization of prior service cost and net actuarial losses, net of tax1,848 4,405 7,686 11,206 
Total other comprehensive income (loss)(19,372)451 (41,746)33,323 
Total comprehensive income$122,439 $142,633 $330,108 $377,231 
See accompanying notes.
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Nordson Corporation
Consolidated Balance Sheets
(In thousands)
Assets
Current assets:July 31, 2022October 31, 2021
Cash and cash equivalents$128,737 $299,972 
Receivables - net530,761 489,389 
Inventories - net399,579 327,195 
Prepaid expenses and other current assets56,529 48,282 
Total current assets1,115,606 1,164,838 
Property, plant and equipment - net359,231 355,565 
Operating right of use lease assets100,509 110,851 
Goodwill1,813,234 1,713,148 
Intangible assets - net343,779 357,367 
Deferred income taxes15,080 11,381 
Other assets76,385 77,811 
Total assets$3,823,824 $3,790,961 
Liabilities and shareholders' equity
Current liabilities:
Accounts payable$100,397 $91,689 
Income taxes payable21,473 16,636 
Accrued liabilities186,714 201,992 
Customer advanced payments95,683 77,868 
Current maturities of long-term debt and notes payable401,728 34,188 
Operating lease liability - current15,984 17,222 
Finance lease liability - current5,303 5,799 
Total current liabilities827,282 445,394 
Long-term debt401,698 781,709 
Operating lease liability - noncurrent88,718 97,685 
Finance lease liability - noncurrent13,466 14,944 
Deferred income taxes96,584 88,467 
Pension obligations75,892 80,584 
Postretirement obligations82,853 82,652 
Other long-term liabilities38,286 40,396 
Shareholders' equity:
Common shares12,253 12,253 
Capital in excess of stated value616,567 585,334 
Retained earnings3,548,206 3,265,027 
Accumulated other comprehensive loss(217,581)(175,835)
Common shares in treasury, at cost(1,760,400)(1,527,649)
Total shareholders' equity2,199,045 2,159,130 
Total liabilities and shareholders' equity$3,823,824 $3,790,961 
See accompanying notes.
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Nordson Corporation
Consolidated Statements of Shareholders’ Equity
 2022
(In thousands, except for share and per share data)Common
Shares
Additional
Paid-in
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Income (Loss)
Common
Shares in
Treasury,
at cost
TOTAL
November 1, 2021$12,253 $585,334 $3,265,027 $(175,835)$(1,527,649)$2,159,130 
Shares issued under company stock and employee benefit plans 5,046   675 5,721 
Stock-based compensation 8,392    8,392 
Purchase of treasury shares (147,784 shares)
    (35,002)(35,002)
Dividends declared ($0.51 per share)
  (29,724)  (29,724)
Net income  120,409   120,409 
Other Comprehensive Income (Loss):
Foreign currency translation adjustments   (13,358) (13,358)
Defined benefit pension and post-retirement
   plans adjustment
   3,060  3,060 
January 31, 2022$12,253 $598,772 $3,355,712 $(186,133)$(1,561,976)$2,218,628 
Shares issued under company stock and employee benefit plans 1,843   234 2,077 
Stock-based compensation 7,394    7,394 
Purchase of treasury shares (469,604 shares)
    (105,464)(105,464)
Dividends declared ($0.51 per share)
  (29,577)  (29,577)
Net income  109,634   109,634 
Other Comprehensive Income (Loss):
Foreign currency translation adjustments  (46,901) (46,901)
Pension plan settlement adjustment   32,047  32,047 
Defined benefit pension and post-retirement
   plans adjustment
   2,778  2,778 
April 30, 2022$12,253 $608,009 $3,435,769 $(198,209)$(1,667,206)$2,190,616 
Shares issued under company stock and employee
   benefit plans
 940   107 1,047 
Stock-based compensation 7,618    7,618 
Purchase of treasury shares (448,889 shares)
    (93,301)(93,301)
Dividends declared ($0.51 per share)
  (29,374)  (29,374)
Net income  141,811   141,811 
Other Comprehensive Income (Loss):
Foreign currency translation adjustments   (21,220) (21,220)
Defined benefit pension and post-retirement
   plans adjustment
   1,848  1,848 
July 31, 2022$12,253 $616,567 $3,548,206 $(217,581)$(1,760,400)$2,199,045 

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Nordson Corporation
Consolidated Statements of Shareholders’ Equity
 2021
(In thousands, except for share and per share data)Common
Shares
Additional
Paid-in
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Income (Loss)
Common
Shares in
Treasury,
at cost
TOTAL
November 1, 2020$12,253 $534,684 $2,908,738 $(226,118)$(1,470,566)$1,758,991 
Shares issued under company stock and employee benefit plans 6,462   976 7,438 
Stock-based compensation 10,120    10,120 
Purchase of treasury shares (27,347 shares)
    (5,310)(5,310)
Dividends declared ($0.39 per share)
  (22,672)  (22,672)
Net income  77,582   77,582 
Impact of adoption of ASU 2016-13  (396)  (396)
Other Comprehensive Income:
Foreign currency translation adjustments   28,433  28,433 
Defined benefit pension and post-retirement
   plans adjustment
   2,997  2,997 
January 31, 2021$12,253 $551,266 $2,963,252 $(194,688)$(1,474,900)$1,857,183 
Shares issued under company stock and employee benefit plans 9,468   1,877 11,345 
Stock-based compensation— 3,877 — — — 3,877 
Purchase of treasury shares (127,297 shares)
— — — — (24,964)(24,964)
Dividends declared ($0.39 per share)
— — (22,670)— — (22,670)
Net income— — 124,144 — — 124,144 
Other Comprehensive Income (Loss):
Foreign currency translation adjustments— — — (6,943)— (6,943)
Defined benefit pension and post-retirement
   plans adjustment
— — — 8,385 — 8,385 
April 30, 2021$12,253 $564,611 $3,064,726 $(193,246)$(1,497,987)$1,950,357 
Shares issued under company stock and employee benefit plans— 4,978 — — 375 5,353 
Stock-based compensation— 4,080 — — — 4,080 
Purchase of treasury shares (76,724 shares)
— — — — (16,566)(16,566)
Dividends declared ($0.39 per share)
— — (22,679)— — (22,679)
Net income— — 142,182 — — 142,182 
Other Comprehensive Income (Loss):
Foreign currency translation adjustments— — — (3,348)— (3,348)
Defined benefit pension and post-retirement
   plans adjustment
— — — 3,799 — 3,799 
July 31, 2021$12,253 $573,669 $3,184,229 $(192,795)$(1,514,178)$2,063,178 
See accompanying notes.
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Nordson Corporation
Condensed Consolidated Statements of Cash Flows
(In thousands)Nine Months Ended
Cash flows from operating activities:July 31, 2022July 31, 2021
Net income$371,854 $343,908 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization75,242 78,233 
Non-cash stock compensation23,404 18,077 
Deferred income taxes(11,094)(1,108)
Other non-cash expense43,325 1,450 
Loss on sale of property, plant and equipment(707)528 
Changes in operating assets and liabilities(125,573)12,565 
Other(36,760)(78,197)
Net cash provided by operating activities339,691 375,456 
Cash flows from investing activities:
Additions to property, plant and equipment(39,373)(28,073)
Proceeds from sale of property, plant and equipment415 82 
Other 4,994 
Acquisition of business, net of cash acquired(171,613) 
Net cash used in investing activities(210,571)(22,997)
Cash flows from financing activities:
Proceeds from long-term debt63,067 5,751 
Repayment of long-term debt(40,162)(298,041)
Repayment of finance lease obligations(3,726)(5,111)
Issuance of common shares8,845 24,136 
Purchase of treasury shares(233,767)(46,840)
Dividends paid(88,675)(68,021)
Net cash used in financing activities(294,418)(388,126)
Effect of exchange rate changes on cash(5,937)1,609 
Decrease in cash and cash equivalents(171,235)(34,058)
Cash and cash equivalents at beginning of period299,972 208,293 
Cash and cash equivalents at end of period$128,737 $174,235 
See accompanying notes.

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Nordson Corporation
Notes to Condensed Consolidated Financial Statements
July 31, 2022
NOTE REGARDING AMOUNTS AND FISCAL YEAR REFERENCES
In this quarterly report, all amounts related to United States dollars and foreign currency and to the number of Nordson Corporation’s common shares, except for per share earnings and dividend amounts, are expressed in thousands. Unless the context otherwise indicates, all references to “we” or the “Company” mean Nordson Corporation.
Unless otherwise noted, all references to years relate to our fiscal year ending October 31.

Significant accounting policies
Basis of presentation.  The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and notes required by generally accepted accounting principles in the United States (U.S. GAAP) for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the nine months ended July 31, 2022 are not necessarily indicative of the results that may be expected for the full year. For further information, refer to the Consolidated Financial Statements and notes included in our Annual Report on Form 10-K for the year ended October 31, 2021.
Consolidation.  The Condensed Consolidated Financial Statements include the accounts of Nordson Corporation and its 100%-owned and controlled subsidiaries. Investments in affiliates and joint ventures in which our ownership is 50% or less or in which we do not have control but have the ability to exercise significant influence, are accounted for under the equity method. All significant intercompany accounts and transactions have been eliminated in consolidation.  
Use of estimates.  The preparation of financial statements in conformity with generally accepted accounting principles in the United States requires management to make estimates and assumptions that affect the amounts reported in the Condensed Consolidated Financial Statements.  Actual amounts could differ from these estimates.
Revenue recognition. A contract exists when it has approval and commitment from both parties, the rights of the parties are identified, payment terms are identified, the contract has commercial substance and collectability of the consideration is probable. Revenue is recognized when performance obligations under the terms of the contract with a customer are satisfied. Generally, our revenue results from short-term, fixed-price contracts and primarily is recognized as of a point in time when the product is shipped or at a later point when the control of the product transfers to the customer. Revenue for undelivered items is deferred and included within Accrued liabilities in our Consolidated Balance Sheets. Revenues deferred as of July 31, 2022 and 2021 were not material.
However, for certain contracts related to the sale of customer-specific products within our Advanced Technology Solutions segment, revenue is recognized over time as we satisfy performance obligations because of the continuous transfer of control to the customer. The continuous transfer of control to the customer occurs as we enhance assets that are customer controlled, and we are contractually entitled to payment for work performed to date plus a reasonable margin.  
As control transfers over time, revenue is recognized based on progress toward completion of the performance obligations. The selection method to measure progress towards completion requires judgment and is based on the nature of the products or services to be provided. We have elected to use the input method – costs incurred for these contracts because it best depicts the transfer of products or services to the customer based on incurring costs on the contract. Under this method, revenues are recorded proportionally as costs are incurred. Contract assets recognized are recorded in Prepaid expenses and other current assets and contract liabilities are recorded in Accrued liabilities in our Consolidated Balance Sheets and were not material on July 31, 2022 and October 31, 2021.
Revenue is measured as the amount of consideration we expect to receive in exchange for transferring products or services.  Taxes, including sales and value add, that we collect concurrently with revenue-producing activities are excluded from revenue. As a practical expedient, we may exclude the assessment of whether goods or services are performance obligations, if they are immaterial in the context of the contract, and combine these with other performance obligations. While payment terms and conditions vary by contract type, we have determined that our contracts generally do not include a significant financing component. We have elected to apply the practical expedient to treat all shipping and handling costs as fulfillment costs as a significant portion of these costs are incurred prior to transfer of control to the customer. We have also elected to apply the practical expedient to expense sales commissions as they are incurred as the amortization period resulting from capitalizing the
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Nordson Corporation
costs is one year or less. These costs are recorded within Selling and administrative expenses in our Condensed Consolidated Statements of Income.
We offer assurance-type warranties on our products as well as separately sold warranty contracts. Revenue related to warranty contracts that are sold separately is recognized over the life of the warranty term and are not material. Certain arrangements may include installation, installation supervision, training, and spare parts, which tend to be completed in a short period of time, at an insignificant cost, and utilizing skills not unique to us, and, therefore, are typically regarded as inconsequential or not material.
We disclose disaggregated revenues by operating segment and geography in accordance with the revenue standard and on the same basis used internally by the chief operating decision maker for evaluating performance of operating segments and for allocating resources. Refer to our Operating segments Note for details.
Earnings per share.  Basic earnings per share are computed based on the weighted-average number of common shares outstanding during each year, while diluted earnings per share are based on the weighted-average number of common shares and common share equivalents outstanding. Common share equivalents consist of shares issuable upon exercise of stock options computed using the treasury stock method, as well as restricted shares and deferred stock-based compensation. Options whose exercise price is higher than the average market price are excluded from the calculation of diluted earnings per share because the effect would be anti-dilutive. Options excluded from the calculation of diluted earnings per share for the three months ended July 31, 2022 and 2021 were 76 and 0, respectively. Options excluded from the calculation of diluted earnings per share for the nine months ended July 31, 2022 and 2021 were 79 and 61, respectively.
Recently issued accounting standards
There have been no new accounting standards issued which would require either disclosure or adoption during the current period.
Acquisitions
Business acquisitions have been accounted for using the acquisition method, with the acquired assets and liabilities recorded at estimated fair value on the dates of acquisition. The cost in excess of the net assets of the business acquired is included in goodwill. Operating results since the respective dates of acquisitions are included in the Consolidated Statements of Income.
2022 Acquisition
On November 1, 2021, we acquired 100% of NDC Technologies (NDC), a leading global provider of precision measurement solutions for in-line manufacturing process control. NDC's technology portfolio includes in-line measurement sensors, gauges and analyzers using near-infrared, laser, X-ray, optical and nucleonic technologies, as well as proprietary algorithms and software. We acquired NDC for an aggregate purchase price of $171,613, net of cash of approximately $7,533 and other working capital adjustments of $2,763, utilizing cash on hand. Based on the fair value of the assets acquired and the liabilities assumed, goodwill of $129,856 and identifiable intangible assets of $31,130 were recorded. The identifiable intangible assets consist primarily of $10,800 of tradenames (amortized over 13.0 years), $10,000 of technology (amortized over seven years), $9,500 of customer relationships (amortized over four years) and $830 of non-compete agreements (amortized over three years). Goodwill associated with this acquisition of $73,300 is tax deductible. This acquisition is being reported in our Industrial Precision Solutions segment and the results of NDC are not material to our Consolidated Financial Statements. As of July 31, 2022, the purchase price allocation remains preliminary as we complete our assessment of intangibles and income taxes.
Receivables
Our allowance for credit losses is principally determined based on aging of receivables. Receivables are exposed to credit risk based on the customers' ability to pay which is influenced by, among other factors, their financial liquidity. We perform ongoing customer credit evaluation to maintain sufficient allowances for potential credit losses. Our segments perform credit evaluation and monitoring to estimate and manage credit risk through the review of customer information, credit ratings, approval and monitoring of customer credit limits, and assessment of market conditions. We may also require prepayments or bank guarantees from customers to mitigate credit risk. Our receivables are generally short-term in nature with a majority of receivables outstanding less than 90 days. Accounts receivable balances are written-off against the allowance if deemed uncollectible.
Accounts receivable are net of an allowance for credit losses of $8,870 and $7,552 on July 31, 2022 and October 31, 2021, respectively. The provision for losses on receivables was $788 and $1,439 for the three and nine months ended July 31, 2022, respectively, compared to $454 and $50 for the same periods a year ago, respectively. The remaining change in the allowance for credit losses is principally related to net write-off/recoveries of uncollectible accounts as well as currency translation.
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Nordson Corporation                                    
Inventories
Components of inventories were as follows:
 July 31, 2022October 31, 2021
Finished goods$227,770 $211,628 
Raw materials and component parts159,288 111,089 
Work-in-process64,316 54,557 
 451,374 377,274 
Obsolescence and other reserves(51,795)(50,079)
 $399,579 $327,195 
Effective in the third quarter of 2022, we changed our accounting method for certain U.S. inventories from a last-in, first-out basis (LIFO) to a first-in, first-out basis (FIFO). Previously, the LIFO method was used to determine the cost of a portion of our inventories in the U.S. We believe this change in accounting method is preferable as it is consistent with how we manage our business, results in a uniform method to value our inventory across all regions of our business, improves comparability with our peers, and is expected to better reflect the current value of inventory on the consolidated balance sheets. We applied this accounting change as a cumulative effect adjustment to cost of sales in the third quarter of 2022 and did not restate prior period financial statements because the impact was not material.
Property, Plant and Equipment
Components of property, plant and equipment were as follows:
July 31, 2022October 31, 2021
Land$9,313 $9,238 
Land improvements4,962 4,786 
Buildings273,603 263,399 
Machinery and equipment503,533 491,180 
Enterprise management system50,665 50,532 
Construction-in-progress33,575 32,719 
Leased property under finance leases35,784 37,506 
 911,435 889,360 
Accumulated depreciation and amortization(552,204)(533,795)
 $359,231 $355,565 
Depreciation expense was $12,178 and $14,216 for the three months ended July 31, 2022 and 2021, respectively. Depreciation expense was $36,876 and $39,855 for the nine months ended July 31, 2022 and 2021, respectively.
Goodwill and other intangible assets  
Changes in the carrying amount of goodwill for the nine months ended July 31, 2022 by operating segment were as follows:
 Industrial
Precision
Solutions
Advanced
Technology
Solutions
Total
Balance at October 31, 2021$415,020 $1,298,128 $1,713,148 
Acquisitions129,856  129,856 
Currency effect(19,711)(10,059)(29,770)
Balance at July 31, 2022$525,165 $1,288,069 $1,813,234 
The increase in goodwill for the nine months ended July 31, 2022 was due to the acquisition of NDC. See Acquisitions Note for additional details.


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Nordson Corporation
Information regarding our intangible assets subject to amortization was as follows:
 July 31, 2022
 Carrying 
Amount
Accumulated
Amortization
Net Book 
Value
Customer relationships$483,127 $244,893 $238,234 
Patent/technology costs159,284 94,711 64,573 
Trade name83,368 43,514 39,854 
Non-compete agreements10,358 9,245 1,113 
Other422 417 5 
Total$736,559 $392,780 $343,779 
 October 31, 2021
 Carrying 
Amount
Accumulated
Amortization
Net Book 
Value
Customer relationships$483,815 $226,658 $257,157 
Patent/technology costs154,267 89,299 64,968 
Trade name74,301 39,858 34,443 
Non-compete agreements9,896 9,099 797 
Other1,385 1,383 2 
Total$723,664 $366,297 $357,367 
Amortization expense for the three months ended July 31, 2022 and 2021 was $12,709 and $12,681, respectively. Amortization expense for the nine months ended July 31, 2022 and 2021 was $38,366 and $38,378, respectively. See Acquisitions Note for details regarding intangibles recorded due to the acquisition of NDC.
Pension and other postretirement plans
During the second quarter of 2022, we completed a partial plan settlement transaction in regards to two of our U.S. pension plans in which plan assets amounting to $171,181 were used to purchase a group annuity contract from The Prudential Insurance Company of America (Prudential). The settlement resulted in a loss of $41,221, which is included in Other-net on the Condensed Consolidated Statements of Income. This transaction relieved the Company of its responsibility for the pension obligation related to certain retired employees and transferred the obligation and payment responsibility to Prudential for retirement benefits owed to approximately 1,500 retirees and other beneficiaries. The annuity contract covered retirees who commenced receiving benefits on or before November 1, 2021. The monthly retirement benefit payment amounts currently received by retirees and their beneficiaries did not change as a result of this transaction. Plan participants not included in the transaction remain in the plans and responsibility for payment of the retirement benefits remains with the Company.

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Nordson Corporation
The components of net periodic pension cost for the three and nine months ended July 31, 2022 and 2021 were:
 U.S.International
Three Months Ended2022202120222021
Service cost$3,423 $5,511 $423 $462 
Interest cost3,322 3,414 272 201 
Expected return on plan assets(5,692)(7,124)(347)(395)
Amortization of prior service cost (credit)12 (7)(13)(81)
Amortization of net actuarial loss1,197 3,643 558 572 
Settlement loss 303   
Total benefit cost$2,262 $5,740 $893 $759 
 U.S.International
Nine Months Ended2022202120222021
Service cost$13,338 $16,999 $1,343 $1,642 
Interest cost11,146 10,248 861 671 
Expected return on plan assets(22,082)(21,212)(1,109)(1,217)
Amortization of prior service cost (credit)36 (48)(43)(246)
Amortization of net actuarial loss6,282 11,259 1,758 2,373 
Settlement loss41,221 2,321   
Total benefit cost$49,941 $19,567 $2,810 $3,223 
The components of other postretirement benefit costs for the three and nine months ended July 31, 2022 and 2021 were:
 U.S.International
Three Months Ended2022202120222021
Service cost$172 $191 $3 $4 
Interest cost481 444 3 3 
Amortization of net actuarial (gain) loss244 334 (12)(11)
Total benefit cost (income)