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Retirement Plans (Tables) | 12 Months Ended
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Oct. 31, 2020
Retirement Benefits [Abstract] |
Components of Net Periodic Benefit Cost | The components of net periodic benefit cost for the Plan for fiscal years 2020 and 2019 were as follows (in thousands):
| 2020 |  | 2019
Administrative expenses | $ | 278 |  |  | $ | 188 |
Interest cost | 641 |  |  | 828 |
Expected return on plan assets | (990) |  |  | (1,088) |
Prior service cost | 45 |  |  | 45 |
Amortization of net loss | 739 |  |  | 402 |
Net periodic benefit cost | $ | 713 |  |  | $ | 375 |
Summary of the Plan's Funded Status | Following is a summary of the Plan’s funded status as of October 31 (in thousands):
| 2020 |  | 2019
Change in benefit obligation: |  |  |
Benefit obligation at beginning of year | $ | 22,267 |  |  | $ | 19,641 |
Administrative expenses | 278 |  |  | 188 |
Interest cost | 641 |  |  | 828 |
Benefits paid | (1,524) |  |  | (1,453) |
Actuarial loss | 1,236 |  |  | 3,063 |
Benefit obligation at end of year | $ | 22,898 |  |  | $ | 22,267 |
Change in plan assets: |  |  |
Fair value of plan assets at beginning of year | $ | 19,229 |  |  | $ | 17,237 |
Actual return on plan assets | 1,647 |  |  | 2,845 |
Employer contributions | — |  |  | 600 |
Benefits paid | (1,524) |  |  | (1,453) |
Fair value of plan assets at end of year | $ | 19,352 |  |  | $ | 19,229 |
Reconciliation of funded status: |  |  |
Fair value of plan assets | $ | 19,352 |  |  | $ | 19,229 |
Benefit obligations | 22,898 |  |  | 22,267 |
Net plan obligations | $ | (3,546) |  |  | $ | (3,038) |
Amounts recognized in statements of financial position: |  |  |
Noncurrent assets | $ | — |  |  | $ | — |
Current liabilities | — |  |  | — |
Noncurrent liabilities | (3,546) |  |  | (3,038) |
Net obligation recognized in statements of financial position | $ | (3,546) |  |  | $ | (3,038) |
Reconciliation of amounts recognized in statements of financial position: |  |  |
Prior service cost | $ | (144) |  |  | $ | (189) |
Net loss | (6,162) |  |  | (6,322) |
Accumulated other comprehensive loss | (6,306) |  |  | (6,511) |
Accumulated contributions in excess of net periodic benefit cost | 2,760 |  |  | 3,473 |
Net deficit recognized in statements of financial position | $ | (3,546) |  |  | $ | (3,038) |
Changes in Accumulated Other Comprehensive Income in the Plan | Presented below are changes in accumulated other comprehensive income, before tax, in the Plan as of October 31, (in thousands):
| 2020 |  | 2019
Changes recognized in other comprehensive income: |  |  |
Net loss arising during the year | $ | 579 |  |  | $ | 1,306 |
Amortization of prior service cost | (45) |  |  | (45) |
Amortization of net loss | (739) |  |  | (402) |
Total recognized in other comprehensive income | $ | (205) |  |  | $ | 859 |
Total recognized in net periodic benefit and other comprehensive income | $ | 508 |  |  | $ | 1,234 |
Assumptions Used in Determining Benefit Obligations and Net Periodic Benefit Cost | The following assumptions, as of October 31, were used in determining benefit obligations and net periodic benefit cost ($ in thousands):
| 2020 |  | 2019
Weighted-average assumptions used to determine benefit obligations: |  |  |
Discount rate | 2.50 | % |  | 3.00 | %
Assumptions used to determine net periodic benefit cost: |  |  |
Discount rate | 3.00 | % |  | 4.40 | %
Expected return on plan assets | 5.66 | % |  | 6.31 | %
Additional year-end information: |  |  |
Projected benefit obligation | $ | 22,898 |  |  | $ | 22,267 |
Accumulated benefit obligation | $ | 22,898 |  |  | $ | 22,267 |
Fair value of plan assets | $ | 19,352 |  |  | $ | 19,229 |
Benefits Expected to be Paid Over the Next 10 Fiscal Years | Benefit payments are expected to be paid over the next 10 fiscal years as follows (in thousands):
2021 | $ | 1,295 |
2022 | 1,317 |
2023 | 1,362 |
2024 | 1,374 |
2025 | 1,368 |
Next five years | 6,569 |
| $ | 13,285 |
Plan Assets Segregated by Fair Value Hierarchy Level | The following table sets forth the Plan’s assets as of October 31, 2020, segregated by level using the hierarchy established by FASB ASC 820, Fair Value Measurements and Disclosures (in thousands):
| Level 1 |  | Level 2 |  | Level 3 |  | Total
Cash and cash equivalents | $ | 157 |  |  | $ | — |  |  | $ | — |  |  | $ | 157 |
Mutual funds | 1,152 |  |  | — |  |  | — |  |  | 1,152 |
Pooled funds | — |  |  | 18,043 |  |  | — |  |  | 18,043 |
| $ | 1,309 |  |  | $ | 18,043 |  |  | $ | — |  |  | $ | 19,352 |

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