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Retirement Plans (Tables)

12 Months Ended

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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