Curtailment

[Table of Contents](#i43adbcd383bc4dc48977980bcb999d17_79) HP INC. AND SUBSIDIARIESNotes to Consolidated Financial Statements (Continued)Note 4: Retirement and Post-Retirement Benefit Plans (Continued)  
Funded StatusThe funded status of the defined benefit and post-retirement benefit plans was as follows:

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
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|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|   | As of October 31 |  |
|   | 2021 |  | 2020 |  | 2021 |  | 2020 |  | 2021 |  | 2020 |  |
|   | U.S. DefinedBenefit Plans |  | Non-U.S. DefinedBenefit Plans |  | Post-RetirementBenefit Plans |  |
|   | In millions |  |
| Change in fair value of plan assets: |   |  |   |  |   |  |   |  |   |  |   |  |
| Fair value of assets — beginning of year | $ | 10,463  |  |  | $ | 12,017  |  |  | $ | 1,064  |  |  | $ | 969  |  |  | $ | 481  |  |  | $ | 404  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |
| Actual return on plan assets | 1,403  |  |  | 1,260  |  |  | 117  |  |  | 22  |  |  | 11  |  |  | 107  |  |  |
| Employer contributions | 28  |  |  | 34  |  |  | 71  |  |  | 45  |  |  | 2  |  |  | 4  |  |  |
| Participant contributions | —  |  |  | —  |  |  | 21  |  |  | 18  |  |  | 49  |  |  | 45  |  |  |
| Benefits paid | (427) |  |  | (422) |  |  | (45) |  |  | (33) |  |  | (86) |  |  | (79) |  |  |
| Settlement | (5,407) |  |  | (2,426) |  |  | (5) |  |  | (7) |  |  | —  |  |  | —  |  |  |
| Currency impact | —  |  |  | —  |  |  | (12) |  |  | 50  |  |  | —  |  |  | —  |  |  |
| Fair value of assets — end of year | $ | 6,060  |  |  | $ | 10,463  |  |  | $ | 1,211  |  |  | $ | 1,064  |  |  | $ | 457  |  |  | $ | 481  |  |  |
| Change in benefits obligation |   |  |   |  |   |  |   |  |   |  |   |  |
| Projected benefit obligation — beginning of year | $ | 11,344  |  |  | $ | 13,191  |  |  | $ | 1,664  |  |  | $ | 1,457  |  |  | $ | 394  |  |  | $ | 390  |  |  |
| Acquisition of plan | —  |  |  | —  |  |  | —  |  |  | 3  |  |  | —  |  |  | —  |  |  |
| Service cost | —  |  |  | —  |  |  | 67  |  |  | 64  |  |  | 1  |  |  | 1  |  |  |
| Interest cost | 281  |  |  | 412  |  |  | 18  |  |  | 17  |  |  | 9  |  |  | 11  |  |  |
| Participant contributions | —  |  |  | —  |  |  | 21  |  |  | 18  |  |  | 49  |  |  | 45  |  |  |
| Actuarial (gain) loss | (51) |  |  | 589  |  |  | (23) |  |  | 78  |  |  | (13) |  |  | (10) |  |  |
| Benefits paid | (427) |  |  | (422) |  |  | (45) |  |  | (33) |  |  | (86) |  |  | (79) |  |  |
| Plan amendments | —  |  |  | —  |  |  | 62  |  |  | —  |  |  | —  |  |  | (8) |  |  |
| Curtailment | —  |  |  | —  |  |  | (3) |  |  | —  |  |  | —  |  |  | —  |  |  |
| Settlement | (5,407) |  |  | (2,426) |  |  | (5) |  |  | (7) |  |  | —  |  |  | —  |  |  |
| Special termination benefit cost | —  |  |  | —  |  |  | —  |  |  | —  |  |  | —  |  |  | 44  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |
| Currency impact | —  |  |  | —  |  |  | (9) |  |  | 67  |  |  | —  |  |  | —  |  |  |
| Projected benefit obligation — end of year | $ | 5,740  |  |  | $ | 11,344  |  |  | $ | 1,747  |  |  | $ | 1,664  |  |  | $ | 354  |  |  | $ | 394  |  |  |
| Funded status at end of year | $ | 320  |  |  | $ | (881) |  |  | $ | (536) |  |  | $ | (600) |  |  | $ | 103  |  |  | $ | 87  |  |  |
| Accumulated benefit obligation | $ | 5,740  |  |  | $ | 11,344  |  |  | $ | 1,602  |  |  | $ | 1,515  |  |  |  |  |  |  |

The cumulative net actuarial losses for our defined pension plans and retiree welfare plans decreased year over year. The decrease in losses is primarily due to the higher than expected returns on assets, increases in discount rates, partially offset by 74
