Net Periodic Benefit Cost . Components of the net periodic benefit cost were as follows: Pension Benefits Other Retiree Benefits Years ended June 30 2022 2021 2020 2022 2021 2020 AMOUNTS RECOGNIZED IN NET PERIODIC BENEFIT COST/(CREDIT) Service cost $ 253 $ 275 $ 247 $ 86 $ 94 $ 100 Interest cost 253 240 276 99 114 160 Expected return on plan assets (684) (783) (740) (564) (508) (473) Amortization of net actuarial loss 337 423 340 11 47 68 Amortization of prior service cost/(credit) 28 25 25 (107) (60) (48) Amortization of net actuarial (gain)/loss due to settlements (5) 5 7 — — — Special termination benefits 4 17 11 1 2 2 GROSS BENEFIT COST/(CREDIT) 186 202 166 (474) (311) (191) Dividends on ESOP preferred stock — — — — (8) (19) NET PERIODIC BENEFIT COST/(CREDIT) $ 186 $ 202 $ 166 $ (474) $ (319) $ (210) CHANGE IN PLAN ASSETS AND BENEFIT OBLIGATIONS RECOGNIZED IN AOCI Net actuarial loss/(gain) - current year $ (2,150) $ (741) $ (548) $ (1,049) Prior service cost/(credit) - current year 5 34 (586) — Amortization of net actuarial loss (337) (423) (11) (47) Amortization of prior service (cost)/credit (28) (25) 107 60 Amortization of net actuarial loss/(gain) due to settlements 5 (5) — — Currency translation and other (486) 367 13 — TOTAL CHANGE IN AOCI (2,991) (793) (1,025) (1,036) NET AMOUNTS RECOGNIZED IN PERIODIC BENEFIT COST/(CREDIT) AND AOCI $ (2,805) $ (591) $ (1,499) $ (1,355) The service cost component of the net periodic benefit cost is included in the Consolidated Stat ements of Earnings in Cost of products sold and SG&A. All other components are included in the Consolidated Statements of Earnings in Other non - operating income/(expense), net, unless otherwise noted. Assumptions . We determine our actuarial assumptions o n an annual basis. These assumptions are weighted to reflect each country that may have an impact on the cost of providing retirement benefits. The weighted average assumptions used to determine benefit obligations recorded on the Consolidated Balance Sh eets as of June 30, 2022 and 2021, were as follows: (1) Pension Benefits Other Retiree Benefits As of June 30 2022 2021 2022 2021 Discount rate 3.7 % 1.7 % 5.0 % 3.2 % Rate of compensation increase 2.8 % 2.7 % N/A N/A Interest crediting rate for cash balance plans 4.3 % 4.4 % N/A N/A Health care cost trend rates assumed for next year N/A N/A 6.4 % 6.4 % Rate to which the health care cost trend rate is assumed to decline (ultimate trend rate) N/A N/A 4.5 % 4.5 % Year that the rate reaches the ultimate trend rate N/A N/A 2028 2028 (1) Determined as of end of fiscal year. 54 The Procter & Gamble Company Amounts in millions of dollars except per share amounts or as otherwise specified.