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Employee Retirement and Deferred Compensation Plans | 12 Months Ended
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Oct. 31, 2023
Retirement Benefits [Abstract] |
Employee Retirement and Deferred Compensation Plans | Employee Retirement and Deferred Compensation Plans Salary Deferral Savings Plans We maintain salary deferral savings plans covering substantially all employees. We recognized an expense, net of plan forfeitures, with respect to the plans of $17.1 million, $17.1 million, and $15.5 million for the fiscal years ended October 31, 2023, 2022, and 2021, respectively, which is included in “Selling, general and administrative” expense in the Consolidated Statements of Operations and Comprehensive Income. Deferred Compensation Plan We have an unfunded, nonqualified deferred compensation plan that permits eligible employees to defer a portion of their compensation. The deferred compensation, together with certain of our contributions, earns various rates of return depending upon when the compensation was deferred. A portion of the deferred compensation and interest earned may be forfeited by a participant if he or she elects to withdraw the compensation prior to the end of the deferral period. We accrued $35.6 million and $35.7 million at October 31, 2023 and 2022, respectively, for our obligations under the plan. Defined Benefit Retirement Plans We have two unfunded defined benefit retirement plans. Retirement benefits generally vest when the participant reaches normal retirement age. Unrecognized prior service costs are being amortized over the period from the date participants enter the plans until their interests are fully vested. We used a 5.83%, 5.26%, and 2.27% discount rate in our calculation of the present value of our projected benefit obligations at October 31, 2023, 2022, and 2021, respectively. The rates represent the approximate long-term investment rate at October 31 of the fiscal year for which the present value was calculated. Information related to the plans is based on actuarial information calculated as of October 31, 2023, 2022 and 2021. Information related to our retirement plans for each of the fiscal years ended October 31, 2023, 2022, and 2021, is as follows (amounts in thousands):
| 2023 |  | 2022 |  | 2021
Plan costs: |  |  |  |  |
Service cost | $ | 137 |  |  | $ | 261 |  |  | $ | 452 |
Interest cost | 1,869 |  |  | 1,055 |  |  | 926 |
Amortization of prior service cost | 1,407 |  |  | 1,806 |  |  | 1,723 |
Amortization of unrecognized losses | (1,316) |  |  | — |  |  | 77 |
| $ | 2,097 |  |  | $ | 3,122 |  |  | $ | 3,178 |
Projected benefit obligation: |  |  |  |  |
Beginning of year | $ | 36,904 |  |  | $ | 47,705 |  |  | $ | 48,374 |
Plan amendments adopted during year | 1,171 |  |  | — |  |  | 755 |
Service cost | 137 |  |  | 261 |  |  | 452 |
Interest cost | 1,869 |  |  | 1,055 |  |  | 926 |
Benefit payments | (2,748) |  |  | (2,544) |  |  | (1,894) |
Change in unrecognized (gain) loss | (1,957) |  |  | (9,573) |  |  | (908) |
Projected benefit obligation, end of year | $ | 35,376 |  |  | $ | 36,904 |  |  | $ | 47,705 |
Unamortized prior service cost: |  |  |  |  |
Beginning of year | $ | 3,678 |  |  | $ | 5,484 |  |  | $ | 6,452 |
Plan amendments adopted during year | 1,171 |  |  | — |  |  | 755 |
Amortization of prior service cost | (1,407) |  |  | (1,806) |  |  | (1,723) |
Unamortized prior service cost, end of year | $ | 3,442 |  |  | $ | 3,678 |  |  | $ | 5,484 |
Accumulated unrecognized gain (loss), October 31 | $ | 7,926 |  |  | $ | 7,285 |  |  | $ | (2,288) |
Accumulated benefit obligation, October 31 | $ | 35,376 |  |  | $ | 36,904 |  |  | $ | 47,705 |
Accrued benefit obligation, October 31 | $ | 35,376 |  |  | $ | 36,904 |  |  | $ | 47,705 |
The accrued benefit obligation is included in accrued expenses on our Consolidated Balance Sheets. The table below provides, based upon the estimated retirement dates of the participants in the retirement plans, the amounts of benefits we would be required to pay in each of the next five fiscal years and for the five fiscal years ended October 31, 2033 in the aggregate (in thousands):
Year ending October 31, |  | Amount
2024 |  | $ | 2,818 |
2025 |  | $ | 3,142 |
2026 |  | $ | 3,533 |
2027 |  | $ | 3,610 |
2028 |  | $ | 3,613 |
November 1, 2028 – October 31, 2033 |  | $ | 16,827 |

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