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Retirement Plans | 6 Months Ended
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Apr. 30, 2022
Retirement Benefits [Abstract] |
Retirement Plans | Retirement PlansThe 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 administered by Wells Fargo Bank and Mercer Human Resource Consulting. In fiscal year 2021, the Company terminated the Plan effective December 31, 2021. 15. Retirement Plans (continued) The Plan was funded consistent with the funding requirements of federal law and regulations. There were no funding contributions during the six months ended April 30, 2022 and 2021. Plan assets are invested in a group trust consisting primarily of pooled funds, mutual funds, short-term investment funds and cash. The components of net periodic pension cost for the Plan for the three and six months ended April 30, 2022 and 2021 were as follows (in thousands):
| Three Months Ended April 30, |  | Six Months Ended April 30, |  |
| 2022 |  | 2021 |  | 2022 |  | 2021 |  |  |  |
Administrative expenses | $ | 179 |  |  | $ | 69 |  |  | $ | 359 |  |  | $ | 138 |  |  |  |  |
Interest cost | 130 |  |  | 138 |  |  | 260 |  |  | 275 |  |  |  |  |
Expected return on plan assets | (128) |  |  | (236) |  |  | (255) |  |  | (472) |  |  |  |  |
Prior service cost | 11 |  |  | 11 |  |  | 22 |  |  | 22 |  |  |  |  |
Recognized actuarial loss | 100 |  |  | 184 |  |  | 199 |  |  | 368 |  |  |  |  |
Net periodic benefit cost | $ | 292 |  |  | $ | 166 |  |  | $ | 585 |  |  | $ | 331 |  |  |  |  |

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