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Employee Retirement Plans | 12 Months Ended
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Oct. 31, 2023
Retirement Benefits [Abstract] |
Employee Retirement Plans |
15 | Employee Retirement Plans
Defined Contribution Plan The company maintains The Toro Company Retirement Plan for eligible employees. The company's expenses under this plan, which include costs related to matching contributions and discretionary retirement fund contributions, as applicable, were $38.1 million, $35.3 million, and $28.5 million for the fiscal years ended October 31, 2023, 2022, and 2021, respectively. Defined Benefit Plans The company has a defined benefit pension plan covering certain employees in the United Kingdom ("defined benefit retirement plan"). The projected and accumulated benefit obligation of the defined benefit retirement plan was $18.3 million and $18.9 million as of October 31, 2023 and 2022, respectively. The fair value of the defined benefit retirement plan assets as of October 31, 2023 and 2022 was $17.6 million and $18.4 million, respectively. The net funded status of the defined benefit retirement plan as of October 31, 2023 and 2022 was underfunded at $0.7 million and $0.6 million, respectively. Service costs of the defined benefit retirement plans are presented in selling, general and administrative expense within the Consolidated Statements of Earnings. Non-service cost components of net periodic benefit cost (income), including realized gains or losses as a result of changes in actuarial valuation assumptions, are presented in other income, net within the Consolidated Statements of Earnings. The company recognized expense of $0.2 million for the fiscal year ended October 31, 2023, and recognized income of $0.2 million, and $0.1 million for the fiscal years ended October 31, 2022 and 2021, respectively. The company has omitted the remaining disclosures for the defined benefit retirement plan as the company deems this defined benefit retirement plan to be immaterial to its Consolidated Financial Statements.

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