Nordson 10-Q 季度報告摘要（截至 2026 年 4 月 30 日）

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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, 2026 
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 19, 2026:  55,717,948

Table of Contents

PART I – FINANCIAL INFORMATION
3

  
ITEM 1.  FINANCIAL STATEMENTS (UNAUDITED)
3

Condensed Consolidated Statements of Income
3

Consolidated Statements of Comprehensive Income
3

Consolidated Balance Sheets
4

Consolidated Statements of Shareholders' Equity
5

Condensed Consolidated Statements of Cash Flows
6

Notes to Condensed Consolidated Financial Statements
7

ITEM 2.  MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
20

Overview
20

Critical Accounting Policies and Estimates
20

Results of Operations
20

Financial Condition
25

ITEM 3.  QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
26

ITEM 4.  CONTROLS AND PROCEDURES
26

  
PART II – OTHER INFORMATION
27

  
ITEM 1.  LEGAL PROCEEDINGS
27

ITEM 1A.  RISK FACTORS
27

ITEM 2.  UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
27

ITEM 5. OTHER INFORMATION
28

ITEM 6.  EXHIBITS
28

  
SIGNATURE
29

Page 2

Table of Contents
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, 2026April 30, 2025April 30, 2026April 30, 2025
Sales$740,847 $682,938 $1,410,308 $1,298,358 
Cost of sales336,770 309,034 640,109 588,558 
Selling and administrative expenses206,874 205,154 406,591 400,103 

Operating profit197,203 168,750 363,608 309,697 
Interest expense(21,942)(26,572)(45,073)(53,131)
Pension settlement charge(24,049)— (24,049)— 
Interest and investment income362 553 752 1,494 
Other income (expense) - net(10,400)(3,961)10,437 (2,435)
Income before income taxes141,174 138,770 305,675 255,625 
Income tax expense23,858 26,366 54,977 48,569 
Net income$117,316 $112,404 $250,698 $207,056 
Average common shares55,798 56,785 55,793 56,960 
Incremental common shares attributable to equity compensation302 253 320 305 
Average common shares and common share equivalents56,100 57,038 56,113 57,265 
Basic earnings per share$2.10 $1.98 $4.49 $3.64 
Diluted earnings per share$2.09 $1.97 $4.47 $3.62 

See accompanying notes.

Consolidated Statements of Comprehensive Income

 Three Months EndedSix Months Ended
(In thousands)April 30, 2026April 30, 2025April 30, 2026April 30, 2025
Net income$117,316 $112,404 $250,698 $207,056 
Components of other comprehensive income (loss), net of tax:
Foreign currency translation and related hedging adjustments2,465 95,605 45,424 43,926 

Pension and postretirement benefit plans29,146 (420)29,441 92 
Total other comprehensive income31,611 95,185 74,865 44,018 

Total comprehensive income$148,927 $207,589 $325,563 $251,074 

See accompanying notes.
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 Consolidated Balance Sheets

(In thousands)
Assets
Current assets:April 30, 2026October 31, 2025
Cash and cash equivalents$102,017 $108,442 
Receivables - net606,689 587,843 
Inventories - net467,757 444,814 
Prepaid expenses and other current assets100,893 101,752 

Total current assets1,277,356 1,242,851 
Goodwill3,332,927 3,304,685 
Intangible assets - net650,985 681,587 
Property, plant and equipment - net521,390 516,914 
Operating right of use lease assets65,829 77,478 
Deferred income taxes11,409 11,246 
Other assets104,522 82,920 
$5,964,418 $5,917,681 

Liabilities and shareholders' equity
Current liabilities:
Current maturities of long-term debt and notes payable$50,000 $315,000 
Accrued liabilities196,121 229,095 
Accounts payable141,910 121,006 
Customer advanced payments52,215 44,009 
Income taxes payable26,344 25,856 
Operating lease liability - current15,588 17,402 
Finance lease liability - current9,697 5,892 

Total current liabilities491,875 758,260 
Long-term debt1,836,356 1,681,254 
Deferred income taxes193,981 192,186 
Operating lease liability - noncurrent53,347 64,451 
Postretirement obligations43,307 43,786 
Pension obligations42,263 43,205 
Finance lease liability - noncurrent8,761 8,359 
Other long-term liabilities92,293 82,609 
Shareholders' equity:
Common shares12,253 12,253 
Capital in excess of stated value790,125 740,789 
Retained earnings4,759,660 4,600,604 
Accumulated other comprehensive loss(25,592)(100,457)
Common shares in treasury, at cost(2,334,211)(2,209,618)
Total shareholders' equity3,202,235 3,043,571 
$5,964,418 $5,917,681 

See accompanying notes.
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Consolidated Statements of Shareholders’ Equity

 Six Months Ended April 30, 2026
(In thousands, except for share and per share data)Common
SharesAdditional
Paid-in
CapitalRetained
EarningsAccumulated
Other
Comprehensive
Income (Loss)Common
Shares in
Treasury,
at costTOTAL
November 1, 2025$12,253 $740,789 $4,600,604 $(100,457)$(2,209,618)$3,043,571 
Shares issued under company stock and employee benefit plans— 16,457 — — 2,338 18,795 
Stock-based compensation— 4,891 — — — 4,891 
Purchase of treasury shares— — — — (86,001)(86,001)
Dividends declared ($0.82 per share)
— — (45,786)— — (45,786)
Net income— — 133,382 — — 133,382 

Other comprehensive income— — — 43,254 — 43,254 

January 31, 2026$12,253 $762,137 $4,688,200 $(57,203)$(2,293,281)$3,112,106 
Shares issued under company stock and employee benefit plans— 21,841 — — 2,372 24,213 
Stock-based compensation— 6,147 — — — 6,147 
Purchase of treasury shares — — — — (43,302)(43,302)
Dividends declared ($0.82 per share)
— — (45,856)— — (45,856)
Net income— — 117,316 — — 117,316 
Other comprehensive income— — — 31,611 — 31,611 

April 30, 2026$12,253 $790,125 $4,759,660 $(25,592)$(2,334,211)$3,202,235 

 Six Months Ended April 30, 2025
(In thousands, except for share and per share data)Common
SharesAdditional
Paid-in
CapitalRetained
EarningsAccumulated
Other
Comprehensive
Income (Loss)Common
Shares in
Treasury,
at costTOTAL
November 1, 2024$12,253 $714,091 $4,295,199 $(184,840)$(1,904,511)$2,932,192 
Shares issued under company stock and employee benefit plans— 349 — — 652 1,001 
Stock-based compensation— 4,633 — — — 4,633 
Purchase of treasury shares — — — — (60,098)(60,098)
Dividends declared ($0.78 per share)
— — (44,602)— — (44,602)
Net income— — 94,652 — — 94,652 

Other comprehensive loss— — — (51,167)— (51,167)

January 31, 2025$12,253 $719,073 $4,345,249 $(236,007)$(1,963,957)$2,876,611 
Shares issued under company stock and employee benefit plans— 1,554 — — 248 1,802 
Stock-based compensation— 4,791 — — — 4,791 
Purchase of treasury shares — — — — (86,154)(86,154)
Dividends declared ($0.78 per share)
— — (44,335)— — (44,335)
Net income— — 112,404 — — 112,404 

Other comprehensive income— — — 95,185 — 95,185 

April 30, 2025$12,253 $725,418 $4,413,318 $(140,822)$(2,049,863)$2,960,304 

See accompanying notes.
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Condensed Consolidated Statements of Cash Flows

(In thousands)Six Months Ended
Cash flows from operating activities:April 30, 2026April 30, 2025
Net income$250,698 $207,056 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization72,900 74,608 
Pension settlement charge24,049 — 
Non-cash stock compensation11,038 9,424 
Deferred income taxes(4,787)(3,812)
Other non-cash (income) expense(9,985)1,166 
(Gain) loss on sale of property, plant and equipment(1,079)243 

Changes in operating assets and liabilities and other(21,733)(10,393)

Net cash provided by operating activities321,101 278,292 
Cash flows from investing activities:
Additions to property, plant and equipment(27,693)(37,439)

Proceeds from sale of property, plant and equipment1,106 298 
Other(1,794)10,041 
Acquisition of business, net of cash acquired(11,643)— 
Net cash used in investing activities(40,024)(27,100)
Cash flows from financing activities:
Proceeds from issuance of debt267,360 24,645 
Repayment of debt(374,465)(30,445)
Repayment of finance lease obligations(3,753)(2,627)
Issuance of common shares43,008 2,803 
Purchase of treasury shares(129,303)(146,252)
Dividends paid(91,642)(88,937)
Net cash used in financing activities(288,795)(240,813)

Effect of exchange rate changes on cash1,293 3,826 
Increase in cash and cash equivalents(6,425)14,205 
Cash and cash equivalents at beginning of period108,442 115,952 
Cash and cash equivalents at end of period$102,017 $130,157 

See accompanying notes.

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Notes to Condensed Consolidated Financial Statements
April 30, 2026
NOTE REGARDING AMOUNTS AND FISCAL YEAR REFERENCES
In this Quarterly Report on Form 10-Q, all amounts related to U.S. 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, 2026 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, 2025. 
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. For products in which control transfers upon delivery, revenue is deferred for undelivered items and included within Accrued liabilities in our Consolidated Balance Sheets. Revenues deferred as of April 30, 2026 and October 31, 2025 were not material. 
For certain contracts related to the sale of customer-specific products, 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 for these products or services, 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 as of April 30, 2026 and October 31, 2025. Revenue recognized over time represented approximately less than ten percent of our overall consolidated revenues for the periods ended April 30, 2026 and October 31, 2025.
Revenue is measured as the amount of consideration we expect to be entitled to 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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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 is 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, these items 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 for 0 and 336 common shares were excluded from the calculation of diluted earnings per share for the three months ended April 30, 2026 and 2025, respectively, because their effect would have been anti-dilutive. Options for 37 and 264 common shares were excluded from the calculation of diluted earnings per share for the six months ended April 30, 2026 and 2025, respectively, because their effect would have been anti-dilutive. Under the 2021 Stock Incentive and Award Plan, executive officers and selected other key employees receive common share awards based on corporate performance measures over three-year performance periods. Awards for which performance measures have not been met were excluded from the calculation of diluted earnings per share.

Recently issued accounting standards
In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. ASU 2023-07 requires enhanced disclosures about significant segment expenses and enhanced disclosures in interim periods. The guidance in ASU 2023-07 is to be applied retrospectively and is effective for annual reporting periods in fiscal years beginning after December 15, 2023 and interim reporting periods in fiscal years beginning after December 31, 2024, with early adoption permitted. The Company adopted the guidance of ASU 2023-07 during the fourth quarter of 2025. See Operating Segments Note. 
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. ASU 2023-09 is intended to improve income tax disclosure requirements by requiring specific disclosure in the rate reconciliation and additional information for reconciling items that meet a quantitative threshold. The guidance in ASU 2023-09 will be effective for annual reporting periods in fiscal years beginning after December 15, 2024. The Company will adopt the standard in its Annual Report on Form 10-K for the year ending October 31, 2026. The Company is currently evaluating the impact of the adoption of ASU 2023-09 and expects the adoption of the standard will only impact its disclosures with no material impact on its consolidated financial statements.
In November 2024, the FASB issued ASU 2024-03, Income Statement (Topic 220): Reporting Comprehensive Income. ASU 2024-03 does not change or remove current expense presentation requirements within the Consolidated Statements of Income. However, the amendments require disclosure, on an annual and interim basis, of disaggregated information about certain income statement expense line items within the notes to the consolidated financial statements. The amendments in this update are effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. The Company is currently evaluating the impact that the adoption of ASU 2024-03 will have on its consolidated financial statements and disclosures and anticipates adoption in fiscal 2028.
In September 2025, the FASB issued ASU 2025-06, Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40) Targeted Improvements to the Accounting for Internal-Use Software (ASU 2025-06). This accounting standard changes when software project costs should be capitalized by removing all references to development stages and requiring costs to be capitalized when (1) the Company authorizes and commits to funding the software project and (2) it is probable the software project will be completed. The standard also requires additional annual and interim disclosures, including the capitalized software balance and accumulated amortization. ASU 2025-06 is effective for annual reporting periods, including interim reporting periods within those annual periods, beginning after December 15, 2027, with early adoption permitted and may be applied prospectively, retrospectively, or using a modified prospective transition approach. The Company is evaluating the impact of ASU 2025-06 to its consolidated financial statements and related disclosures.
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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 Condensed Consolidated Statements of Income.

Receivables
Our primary allowance for credit losses is the allowance for doubtful accounts, which 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 $5,995 and $7,408 on April 30, 2026 and October 31, 2025, respectively. Provision for losses on receivables was $479 for the three months ended April 30, 2026, while provision for income on receivables was $110 for the six months ended April 30, 2026, compared to provision for income on receivables of $262 and $644 for the same periods last year, respectively. The remaining change in the allowance for credit losses is principally related to the write-off of uncollectible accounts.

Inventories
Components of inventories were as follows:

 April 30, 2026October 31, 2025
Finished goods$255,559 $234,710 
Raw materials and component parts236,254 230,907 
Work-in-process62,733 57,306 
 554,546 522,923 
Obsolescence and other reserves(86,789)(78,109)

 $467,757 $444,814 

Property, Plant and Equipment
Components of property, plant and equipment were as follows:

April 30, 2026October 31, 2025
Land$39,247 $32,579 
Land improvements4,935 4,914 
Buildings364,726 360,038 
Machinery and equipment691,712 682,093 
Enterprise management system53,710 53,694 
Construction-in-progress37,111 29,522 
Leased property under finance leases32,760 27,680 
 1,224,201 1,190,520 
Accumulated depreciation(702,811)(673,606)
 $521,390 $516,914 

Depreciation expense was $16,909 and $17,881 for the three months ended April 30, 2026 and 2025, respectively. Depreciation expense was $33,925 and $35,601 for the six months ended April 30, 2026 and 2025, respectively.
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Goodwill and other intangible assets  
Our reporting units are the same as our reportable operating segments, Industrial Precision Solutions ("IPS"), Medical and Fluid Solutions ("MFS"), and the Advanced Technology Solutions ("ATS") segments. Changes in the carrying amount of goodwill for the six months ended April 30, 2026 by operating segment:

 IPSMFSATSTotal
Balance at October 31, 2025$1,210,366 $1,647,468 $446,851 $3,304,685 

Currency effect24,888 720 2,634 28,242 
Balance at April 30, 2026$1,235,254 $1,648,188 $449,485 $3,332,927 

Information regarding intangible assets subject to amortization:

 April 30, 2026
 Carrying 
AmountAccumulated
AmortizationNet Book 
Value
Customer relationships$908,882 $416,155 $492,727 
Patent/technology costs236,872 166,438 70,434 
Trade name169,988 82,164 87,824 
Non-compete agreements8,657 8,657 — 
Other920 920 — 
Total$1,325,319 $674,334 $650,985 

 October 31, 2025
 Carrying 
AmountAccumulated
AmortizationNet Book 
Value
Customer relationships$899,402 $390,751 $508,651 
Patent/technology costs235,255 155,865 79,390 
Trade name169,127 75,581 93,546 
Non-compete agreements8,596 8,596 — 
Other929 929 — 
Total$1,313,309 $631,722 $681,587 

Amortization expense for the three months ended April 30, 2026 and 2025 was $19,406 and $19,697, respectively. Amortization expense for the six months ended April 30, 2026 and 2025 was $38,975 and $39,007, respectively. 

Pension and other postretirement plans
During the second quarter of 2026, we completed a partial plan settlement transaction in regards to our U.S. pension plan in which plan assets amounting to $104,148 were used to purchase a group annuity contract from RGA Life and Annuity Insurance Company ("RGA"). The settlement resulted in a loss of $24,049 as shown 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 RGA for retirement benefits owed to approximately 1,000 retirees and other beneficiaries. The annuity contract covers retirees who commenced receiving benefits on or before February 1, 2026. 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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The components of net periodic pension costs for the three and six months ended April 30, 2026 and 2025 were:

 U.S.International
Three Months Ended2026202520262025
Service cost$1,985 $2,531 $133 $239 
Interest cost4,177 4,691 607 639 
Expected return on plan assets(6,020)(6,609)(551)(651)
Amortization of prior service credit— — (2)(2)
Amortization of net actuarial (gain) loss814 474 (87)(68)
Settlement loss24,049 — — — 
Total benefit cost$25,005 $1,087 $100 $157 

 U.S.International
Six Months Ended2026202520262025
Service cost$4,046 $5,062 $265 $471 
Interest cost8,757 9,383 1,211 1,262 
Expected return on plan assets(12,664)(13,219)(1,098)(1,289)
Amortization of prior service credit— — (4)(4)
Amortization of net actuarial (gain) loss1,865 947 (172)(136)
Settlement loss24,049 — — — 
Total benefit cost$26,053 $2,173 $202 $304 

The components of other postretirement benefit costs, for plans in the United States, for the three and six months ended April 30, 2026 and 2025:

Three Months Ended20262025
Service cost$35 $58 
Interest cost522 643 

Amortization of net actuarial gain(413)(124)
Total benefit cost$144 $577 

Six Months Ended20262025
Service cost$70 $117 
Interest cost1,045 1,294 

Amortization of net actuarial gain(827)(250)
Total benefit cost$288 $1,161 

The components of net periodic pension and other postretirement cost, other than service cost, are included in Other income (expense) – net and Pension settlement charge in our Condensed Consolidated Statements of Income.

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, 2026 and 2025 was 16.9% and 19.0%, respectively. The effective tax rate for the six months ended April 30, 2026 and 2025 was 18.0% and 19.0%, respectively. The effective tax rate for the three and six months ended April 30, 2026 was lower than the U.S. tax rate of 21% primarily due to the foreign-derived intangible income deduction. 
The Company continues to assess the impact of the One Big Beautiful Bill Act ("OBBBA"), enacted on July 4, 2025 and taking effect during the Company’s fiscal year ending October 31, 2026. There is no material impact from OBBBA on the effective tax rate or consolidated financial statements for the quarter ended April 30, 2026. 
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Accumulated other comprehensive income (loss)
Changes in accumulated other comprehensive income (AOCI) consisted of:

Cumulative
translation and related hedging instrumentsPension and
postretirement 
benefit plan
adjustmentsAccumulated
other 
comprehensive
income (loss)
Balance at October 31, 2025 (1)
$(50,518)$(49,939)$(100,457)
Other comprehensive income before reclassification adjustments41,400 13,360 54,760 

Reclassifications from AOCI to Statement of Income (2)
— 24,891 24,891 

Tax impact4,024 (8,810)(4,786)
Balance at April 30, 2026 (1)
$(5,094)$(20,498)$(25,592)

(1) Amounts net of tax.
(2) Included in the computation of net periodic cost (benefit) which is included in Other income (expense) - net in our Consolidated Statements of Income. See Pension and other postretirement plans Note.

Warranties
We offer warranties to our customers depending on the specific product and terms of the customer purchase agreement. A typical warranty program requires that we repair or replace defective products within a specified time period (generally one year) measured from the date of delivery or first use. We record an estimate for future warranty-related costs based on actual histo