XML 47 R27.htm IDEA: XBRL DOCUMENT v3.20.1
Retirement Plans
 6 Months Ended
Apr. 30, 2020
Retirement Benefits [Abstract]  
Retirement Plans
Retirement Plans

The Limoneira Company Retirement Plan (the “Plan”) is a noncontributory, defined benefit, single employer pension plan, which provides retirement benefits for all eligible employees. Benefits paid by the Plan are calculated based on years of service, highest five-year average earnings, primary Social Security benefit and retirement age. Effective June 2004, the Company froze the Plan and no additional benefits accrued to participants subsequent to that date.

The Plan is funded consistent with the funding requirements of federal law and regulations. There were funding contributions of zero and $150,000 during the three months ended April 30, 2020 and 2019, respectively. There were funding contributions of zero and $300,000 during the six months ended April 30, 2020 and 2019, respectively. 

The components of net periodic pension cost for the Plan for the three and six months ended April 30, 2020 and 2019 were as follows (in thousands):
 
Three Months Ended
April 30,
 
Six Months Ended
April 30,
 
2020
 
2019
 
2020
 
2019
Administrative expenses
$
69

 
$
47

 
$
139

 
$
94

Interest cost
161

 
207

 
321

 
414

Expected return on plan assets
(247
)
 
(272
)
 
(495
)
 
(544
)
Prior service cost
11

 
11

 
22

 
22

Recognized actuarial loss
185

 
100

 
370

 
201

Net periodic benefit cost
$
179

 
$
93

 
$
357

 
$
187