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Retirement Plans
 12 Months Ended
Oct. 31, 2023
Retirement Benefits [Abstract]  
Retirement Plans Retirement Plans
The Limoneira Company Retirement Plan (the “Plan”) was a noncontributory, defined benefit, single employer pension plan, which provided retirement benefits for all eligible employees. Benefits paid by the Plan were 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 was administered by Principal Bank and Mercer Human Resource Consulting. In fiscal year 2021, the Company terminated the Plan effective December 31, 2021.
During fiscal year 2023, the Company made funding contributions of $2,500,000 to fully fund and settle the plan obligations. Lump sum payments were made to a portion of the active and vested terminated participants and annuities were purchased for all remaining participants from an insurance company. There are no remaining benefit obligations or plan assets and the remaining accumulated other comprehensive loss was fully recognized.
The Plan was funded consistent with the funding requirements of federal law and regulations. There were no funding contributions during fiscal year 2022. Plan assets were invested in a group trust consisting primarily of cash.
17. Retirement Plans (continued)
The following tables set forth the Plan’s net periodic benefit cost, changes in benefit obligation and Plan assets, funded status, amounts recognized in the Company’s consolidated balance sheets, additional year-end information and assumptions used in determining the benefit obligations and net periodic benefit cost.
The components of net periodic benefit cost for the Plan at October 31 were as follows (in thousands):
 20232022
Administrative expenses$20 $718 
Interest cost34 520 
Expected return on plan assets(17)(511)
Prior service cost4 45 
Amortization of net loss— 398 
Settlement loss recognized2,700 607 
Net periodic benefit cost$2,741 $1,777 
17. Retirement Plans (continued)
Following is a summary of the Plan’s funded status at October 31 (in thousands):
 20232022
Change in benefit obligation:  
Benefit obligation at beginning of year$14,607 $21,417 
Administrative expenses20 718 
Plan settlements(14,427)(3,604)
Interest cost35 520 
Benefits paid(100)(1,327)
Expenses paid(220)(643)
Benefits and expenses payable(198)— 
Transfer in99 — 
Actuarial loss (gain)184 (2,474)
Benefit obligation at end of year$— $14,607 
Change in plan assets:
Fair value of plan assets at beginning of year$12,335 $20,570 
Actual return on plan assets11 (2,661)
Plan settlements(14,427)(3,604)
Employer contributions2,500 — 
Benefits paid(100)(1,327)
Expenses paid(220)(643)
Benefits and expenses payable(198)— 
Transfer in99 — 
Fair value of plan assets at end of year$— $12,335 
Reconciliation of funded status:
Fair value of plan assets$— $12,335 
Benefit obligations— 14,607 
Net plan obligations$— $(2,272)
Amounts recognized in statements of financial position:
Noncurrent liabilities$— $(2,272)
Net obligation recognized in statements of financial position$— $(2,272)
Reconciliation of amounts recognized in statements of financial position:
Prior service cost$— $(54)
Net loss— (2,459)
Accumulated other comprehensive loss— (2,513)
Accumulated contributions in excess of net periodic benefit cost— 241 
Net deficit recognized in statements of financial position$— $(2,272)
17. Retirement Plans (continued)
Presented below are changes in accumulated other comprehensive income, before tax, in the Plan at October 31, (in thousands):
 20232022
Changes recognized in other comprehensive income:  
Net loss arising during the year$190 $697 
Amortization of prior service cost(54)(45)
Amortization of net loss(2,649)(1,005)
Total recognized in other comprehensive income$(2,513)$(353)
Total recognized in net periodic benefit and other comprehensive loss $228 $1,424 
The following assumptions, at October 31, were used in determining benefit obligations and net periodic benefit cost ($ in thousands):
 20232022
Weighted-average assumptions used to determine benefit obligations:  
Discount rateNANA
Assumptions used to determine net periodic benefit cost:
Discount rateNA2.58 %
Expected return on plan assetsNA2.98 %
Additional year-end information:
Projected benefit obligation$— $14,607 
Accumulated benefit obligation$— $14,607 
Fair value of plan assets$— $12,335 
The Company has a 401(k) plan in which an employee can participate after one month of employment. Employees may elect to defer up to 100% of their annual earnings subject to Internal Revenue Code limits. The Company makes a matching contribution on these deferrals up to 4% of the employee’s annual earnings after one year of employment. Participants vest in any matching contribution at a rate of 20% per year beginning after one year of employment. In addition, for calendar year 2023, the Company contributed a discretionary gift of 2% of gross wages deposited into the 401(k) account of all eligible employees. During fiscal years 2023, 2022 and 2021, the Company contributed to the plan and recognized expenses of $676,000, $445,000 and $546,000, respectively.