XML 25 R14.htm IDEA: XBRL DOCUMENT v3.8.0.1
Employee Benefit Plans
 12 Months Ended
Oct. 31, 2017
Compensation and Retirement Disclosure [Abstract]  
Employee Benefit Plans

7.     Employee Benefit Plans

 

We sponsor five defined contribution retirement plans for salaried and hourly employees.  Expenses for these plans approximated $1.2 million in fiscal 2017 and $1.0 million for fiscal years 2016 and 2015, which are included in selling, general and administrative expenses in the accompanying financial statements.

 

We also sponsor a non-qualified defined benefit plan for two retired executives.  Pension expenses, including actuarial losses, were insignificant for the years ended October 31, 2017, 2016, and 2015.  These amounts are included in selling, general and administrative expenses in the accompanying financial statements.

 

Components of the change in projected benefit obligation for fiscal year ends consist of the following (in thousands):

 

 

 

 

 

 

 

 

 

 

    

2017

    

2016

 

Change in projected benefit obligation:

 

 

 

 

 

 

 

Projected benefit obligation at beginning of year

 

$

195

 

$

215

 

Interest cost

 

 

 7

 

 

 8

 

Actuarial loss

 

 

12

 

 

 9

 

Benefits paid

 

 

(38)

 

 

(37)

 

Projected benefit obligation at end of year (unfunded)

 

$

176

 

$

195

 

 

The following is a reconciliation of the unfunded status of the plans at fiscal year ends included in accrued expenses (in thousands):

 

 

 

 

 

 

 

 

 

 

    

2017

    

2016

 

 

 

 

 

 

 

 

 

Projected benefit obligation

 

$

176

 

$

195

 

Unrecognized net (gain) loss

 

 

-

 

 

-

 

Recorded pension liabilities

 

$

176

 

$

195

 

 

Significant assumptions used in the determination of pension expense consist of the following:

 

 

 

 

 

 

 

 

    

2017

    

2016

 

Discount rate on projected benefit obligation

 

3.7

%  

3.7

%