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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 April 30, 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 May 25, 2022:  57,511,790



Table of Contents
  
  
  
  

Page 2

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

Condensed Consolidated Statements of Income
 Three Months EndedSix Months Ended
(In thousands, except for per share data)April 30, 2022April 30, 2021April 30, 2022April 30, 2021
Sales$635,403 $589,538 $1,244,569 $1,116,104 
Operating costs and expenses:
Cost of sales277,768 251,839 546,800 488,445 
Selling and administrative expenses173,662 171,308 357,936 352,243 
 451,430 423,147 904,736 840,688 
Operating profit183,973 166,391 339,833 275,416 
Other income (expense):
Interest expense(5,361)(7,139)(11,011)(14,071)
Interest and investment income419 449 884 829 
Other - net(39,764)(3,843)(38,472)(8,504)
 (44,706)(10,533)(48,599)(21,746)
Income before income taxes139,267 155,858 291,234 253,670 
Income taxes29,633 31,714 61,191 51,944 
Net income$109,634 $124,144 $230,043 $201,726 
Average common shares57,784 58,068 57,971 58,063 
Incremental common shares attributable to equity compensation598 584 635 640 
Average common shares and common share equivalents58,382 58,652 58,606 58,703 
Basic earnings per share$1.90 $2.14 $3.97 $3.47 
Diluted earnings per share$1.88 $2.12 $3.93 $3.44 
See accompanying notes.

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Nordson Corporation
Consolidated Statements of Comprehensive Income
 Three Months EndedSix Months Ended
(In thousands)April 30, 2022April 30, 2021April 30, 2022April 30, 2021
Net income$109,634 $124,144 $230,043 $201,726 
Components of other comprehensive income (loss):
Foreign currency translation adjustments(46,901)(6,943)(60,259)21,490 
Pension settlement adjustment, net of tax32,047 4,581 32,047 4,581 
Amortization of prior service cost and net actuarial losses, net of tax2,778 3,804 5,838 6,801 
Total other comprehensive income (loss)(12,076)1,442 (22,374)32,872 
Total comprehensive income$97,558 $125,586 $207,669 $234,598 
See accompanying notes.
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Nordson Corporation
Consolidated Balance Sheets
(In thousands)
Assets
Current assets:April 30, 2022October 31, 2021
Cash and cash equivalents$120,892 $299,972 
Receivables - net499,535 489,389 
Inventories - net383,215 327,195 
Prepaid expenses and other current assets56,197 48,282 
Total current assets1,059,839 1,164,838 
Property, plant and equipment - net357,561 355,565 
Operating right of use lease assets105,964 110,851 
Goodwill1,821,091 1,713,148 
Intangible assets - net357,952 357,367 
Deferred income taxes16,446 11,381 
Other assets77,490 77,811 
Total assets$3,796,343 $3,790,961 
Liabilities and shareholders' equity
Current liabilities:
Accounts payable$96,948 $91,689 
Income taxes payable23,181 16,636 
Accrued liabilities177,674 201,992 
Customer advanced payments91,685 77,868 
Current maturities of long-term debt and notes payable310,892 34,188 
Operating lease liability - current16,829 17,222 
Finance lease liability - current5,289 5,799 
Total current liabilities722,498 445,394 
Long-term debt479,703 781,709 
Operating lease liability - noncurrent93,242 97,685 
Finance lease liability - noncurrent13,458 14,944 
Deferred income taxes97,546 88,467 
Pension obligations76,282 80,584 
Postretirement obligations82,869 82,652 
Other long-term liabilities40,129 40,396 
Shareholders' equity:
Common shares12,253 12,253 
Capital in excess of stated value608,009 585,334 
Retained earnings3,435,769 3,265,027 
Accumulated other comprehensive loss(198,209)(175,835)
Common shares in treasury, at cost(1,667,206)(1,527,649)
Total shareholders' equity2,190,616 2,159,130 
Total liabilities and shareholders' equity$3,796,343 $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 paid ($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 

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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 paid ($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 
See accompanying notes.
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Nordson Corporation
Condensed Consolidated Statements of Cash Flows
(In thousands)Six Months Ended
Cash flows from operating activities:April 30, 2022April 30, 2021
Net income$230,043 $201,726 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization50,355 51,336 
Non-cash stock compensation15,786 13,997 
Deferred income taxes(6,786)(491)
Other non-cash expense42,168 837 
Loss on sale of property, plant and equipment281 515 
Changes in operating assets and liabilities(85,070)20,206 
Other(32,276)(40,412)
Net cash provided by operating activities214,501 247,714 
Cash flows from investing activities:
Additions to property, plant and equipment(24,776)(18,743)
Proceeds from sale of property, plant and equipment15 69 
Other 4,993 
Acquisition of business, net of cash acquired(171,613) 
Net cash used in investing activities(196,374)(13,681)
Cash flows from financing activities:
Proceeds from long-term debt8,439 4,899 
Repayment of long-term debt(6,785)(255,000)
Repayment of finance lease obligations(2,620)(3,399)
Issuance of common shares7,798 18,783 
Purchase of treasury shares(140,466)(30,274)
Dividends paid(59,301)(45,342)
Net cash used in financing activities(192,935)(310,333)
Effect of exchange rate changes on cash(4,272)1,327 
Decrease in cash and cash equivalents(179,080)(74,973)
Cash and cash equivalents at beginning of period299,972 208,293 
Cash and cash equivalents at end of period$120,892 $133,320 
See accompanying notes.

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Nordson Corporation
Notes to Condensed Consolidated Financial Statements
April 30, 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 six months ended April 30, 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 April 30, 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 at April 30, 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 April 30, 2022 and 2021 were 77 and 91, respectively. Options excluded from the calculation of diluted earnings per share for the six months ended April 30, 2022 and 2021 were 80 and 91, 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 thirteen 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 April 30, 2022, the purchase price allocation remains preliminary as we complete our assessments of intangible assets 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 $8,300 and $7,552 at April 30, 2022 and October 31, 2021, respectively. The provision for losses on receivables was $180 and $651 for the three and six months ended April 30, 2022, respectively, compared to $301 and $404 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:
 April 30, 2022October 31, 2021
Finished goods$235,511 $211,628 
Raw materials and component parts141,397 111,089 
Work-in-process65,883 54,557 
 442,791 377,274 
Obsolescence and other reserves(59,576)(50,079)
 $383,215 $327,195 
Property, Plant and Equipment
Components of property, plant and equipment were as follows:
April 30, 2022October 31, 2021
Land$9,358 $9,238 
Land improvements4,913 4,786 
Buildings274,242 263,399 
Machinery and equipment500,427 491,180 
Enterprise management system50,532 50,532 
Construction-in-progress26,291 32,719 
Leased property under finance leases35,427 37,506 
 901,190 889,360 
Accumulated depreciation and amortization(543,629)(533,795)
 $357,561 $355,565 
Depreciation expense was $12,393 and $12,700 for the three months ended April 30, 2022 and 2021, respectively. Depreciation expense was $24,698 and $25,639 for the six months ended April 30, 2022 and 2021, respectively.
Goodwill and other intangible assets  
Changes in the carrying amount of goodwill for the six months ended April 30, 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(12,431)(9,482)(21,913)
Balance at April 30, 2022$532,445 $1,288,646 $1,821,091 
The increase in goodwill for the six months ended April 30, 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:
 April 30, 2022
 Carrying 
Amount
Accumulated
Amortization
Net Book 
Value
Customer relationships$485,584 $238,359 $247,225 
Patent/technology costs160,542 92,682 67,860 
Trade name83,806 42,209 41,597 
Non-compete agreements10,448 9,184 1,264 
Other1,209 1,203 6 
Total$741,589 $383,637 $357,952 
 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 April 30, 2022 and 2021 was $12,572 and $12,617, respectively. Amortization expense for the six months ended April 30, 2022 and 2021 was $25,657 and $25,697, 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 six months ended April 30, 2022 and 2021 were:
 U.S.International
Three Months Ended2022202120222021
Service cost$4,728 $5,722 $431 $662 
Interest cost4,241 3,494 290 250 
Expected return on plan assets(8,511)(7,335)(367)(431)
Amortization of prior service cost (credit)12 (21)(13)(88)
Amortization of net actuarial loss2,318 4,042 593 1,011 
Settlement loss41,221 2,018   
Total benefit cost$44,009 $7,920 $934 $1,404 
 U.S.International
Six Months Ended2022202120222021
Service cost$9,915 $11,488 $920 $1,180 
Interest cost7,824 6,834 588 470 
Expected return on plan assets(16,389)(14,088)(761)(822)
Amortization of prior service cost (credit)24 (41)(30)(165)
Amortization of net actuarial loss5,084 7,616 1,200 1,801 
Settlement loss41,221 2,018   
Total benefit cost$47,679 $13,827 $1,917 $2,464 
The components of other postretirement benefit costs for the three and six months ended April 30, 2022 and 2021 were:
 U.S.International
Three Months Ended2022202120222021
Service cost$148 $216 $3 $3 
Interest cost474 456 3 3 
Amortization of net actuarial (gain) loss226 338 (12)(10)
Total benefit cost (income)$848 $1,010 $(6)$(4)
 U.S.International
Six Months Ended2022202120222021
Service cost$343 $392 $6 $7 
Interest cost962 910 6 6 
Amortization of net actuarial (gain) loss489 685 (24)(20)
Total benefit cost (income)$1,794 $1,987 $(12)$(7)
The components of net periodic pension cost other than service cost are included in Other – net in our Condensed Consolidated Statements of Income.

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Nordson Corporation
Income taxes
We record our interim provision for income taxes based on our estimated annual effective tax rate, as well as certain items discrete to the current period. The effective tax rate for the three months ended April 30, 2022 and 2021 was 21.3% and 20.3%, respectively. The effective tax rate for the six months ended April 30, 2022 and 2021 was 21.0% and 20.5%, respectively.
Due to our share-based payment transactions, our income tax provision included a discrete tax benefit of $309 and $1,424 for the three and six months ended April 30, 2022, respectively, compared to $1,796 and $2,595 for the three and six months ended April 30, 2021, respectively.
Accumulated other comprehensive loss
The components of accumulated other comprehensive income (loss), including adjustments for items that are reclassified from accumulated other comprehensive loss to net income, are shown below.
Cumulative
translation
adjustments
Pension and
postretirement 
benefit
plan adjustments
Accumulated
other 
comprehensive
income (loss)
Balance at October 31, 2021$(33,389)$(142,446)$(175,835)
Amortization of prior service costs and net
   actuarial losses, net of tax of ($1,850)
 5,838 5,838 
Foreign currency translation adjustments(60,259) (60,259)
Pension settlement, net of tax of ($9,573)
 32,047 32,047 
Balance at April 30, 2022$(93,648)$(104,561)$(198,209)
Stock-based compensation
During the 2021 Annual Meeting of Shareholders, our shareholders approved the Nordson Corporation 2021 Stock Incentive and Award Plan (the 2021 Plan) as the successor to the Amended and Restated 2012 Stock Incentive and Award Plan (the 2012 Plan). The 2021 Plan provides for the granting of stock options, stock appreciation rights, restricted shares, restricted share units, performance shares, cash awards and other stock or performance-based incentives. A maximum of 900 common shares were authorized for grant under the 2021 Plan plus the number of shares that remained available to be granted under the 2012 Plan. As of April 30, 2022, a total of 2,126 common shares were available to be granted under the 2021 Plan.
Stock Options
Nonqualified or incentive stock options may be granted to our employees and directors. Generally, options granted to employees may be exercised beginning one year from the date of grant at a rate not exceeding 25% per year and expire 10 years from the date of grant. Vesting accelerates upon a qualified termination in connection with a change in control. In the event of termination of employment due to early retirement or normal retirement at age 65, options granted within 12 months prior to termination are forfeited, and vesting continues post retirement for all other unvested options granted. In the event of disability or death, all unvested stock options granted within 12 months prior to termination fully vest. Termination for any other reason results in forfeiture of unvested options and vested options in certain circumstances. The amortized cost of options is accelerated if the retirement eligibility date occurs before the normal vesting date. Option exercises are satisfied through the issuance of treasury shares on a first-in, first-out basis. We recognized compensation expense related to stock options of $2,391 and $4,163 for the three and six months ended April 30, 2022, respectively compared to $1,565 and $3,801 for the three and six months ended April 30, 2021, respectively.

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Nordson Corporation
The following table summarizes activity related to stock options for the six months ended April 30, 2022:
 Number of
Options
Weighted-
Average
Exercise Price 
Per Share
Aggregate
Intrinsic Value
Weighted
Average
Remaining
Term
Outstanding at October 31, 20211,235$130.93 
Granted83267.51 
Exercised(68)115.99 
Forfeited or expired(14)204.77 
Outstanding at April 30, 2022