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Retirement Plans (Tables)

12 Months Ended

Oct. 31, 2021

Retirement Benefits [Abstract]

Components of Net Periodic Benefit Cost

The components of net periodic benefit cost for the Plan for fiscal years 2021 and 2020 were as follows (in thousands):

			2021						2020
Administrative expenses			$	277					$	278
Interest cost			550						641
Expected return on plan assets			(867)						(990)
Prior service cost			45						45
Amortization of net loss			737						739
Net periodic benefit cost			$	742					$	713

Summary of the Plan's Funded Status

Following is a summary of the Plan’s funded status as of October 31 (in thousands):

			2021						2020
Change in benefit obligation:
Benefit obligation at beginning of year			$	22,898					$	22,267
Administrative expenses			277						278
Interest cost			550						641
Benefits paid			(1,450)						(1,524)
Actuarial (gain) loss			(858)						1,236
Benefit obligation at end of year			$	21,417					$	22,898
Change in plan assets:
Fair value of plan assets at beginning of year			$	19,352					$	19,229
Actual return on plan assets			2,668						1,647
Benefits paid			(1,450)						(1,524)
Fair value of plan assets at end of year			$	20,570					$	19,352
Reconciliation of funded status:
Fair value of plan assets			$	20,570					$	19,352
Benefit obligations			21,417						22,898
Net plan obligations			$	(847)					$	(3,546)
Amounts recognized in statements of financial position:
Noncurrent liabilities			$	(847)					$	(3,546)
Net obligation recognized in statements of financial position			$	(847)					$	(3,546)
Reconciliation of amounts recognized in statements of financial position:
Prior service cost			$	(99)					$	(144)
Net loss			(2,766)						(6,162)
Accumulated other comprehensive loss			(2,865)						(6,306)
Accumulated contributions in excess of net periodic benefit cost			2,018						2,760
Net deficit recognized in statements of financial position			$	(847)					$	(3,546)

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):

			2021						2020
Changes recognized in other comprehensive income:
Net (gain) loss arising during the year			$	(2,658)					$	579
Amortization of prior service cost			(45)						(45)
Amortization of net loss			(737)						(739)
Total recognized in other comprehensive income			$	(3,440)					$	(205)
Total recognized in net periodic benefit and other comprehensive income			$	(2,699)					$	508

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):

			2021						2020
Weighted-average assumptions used to determine benefit obligations:
Discount rate			2.58		%				2.50		%
Assumptions used to determine net periodic benefit cost:
Discount rate			2.50		%				3.00		%
Expected return on plan assets			5.05		%				5.66		%
Additional year-end information:
Projected benefit obligation			$	21,417					$	22,898
Accumulated benefit obligation			$	21,417					$	22,898
Fair value of plan assets			$	20,570					$	19,352

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):

2022			$	1,120
2023			20,835
2024 - 2026			—
Next five years			—
			$	21,955

Plan Assets Segregated by Fair Value Hierarchy Level

The following table sets forth the Plan’s assets as of October 31, 2021, 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			$	250					$	—					$	—					$	250
Pooled funds			—						20,320						—						20,320
			$	250					$	20,320					$	—					$	20,570

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