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Retirement Plans | 3 Months Ended
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Jan. 31, 2023
Retirement Benefits [Abstract] |
Retirement Plans | Retirement Plans The 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 Principal Bank and Mercer Human Resource Consulting. In fiscal year 2021, the Company terminated the Plan effective December 31, 2021. During the three months ended January 31, 2023, the Company made funding contributions of $2,550,000 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 the three months ended January 31, 2022. Plan assets were invested in a group trust consisting primarily of pooled funds, mutual funds, cash and cash equivalents. The components of net periodic pension cost for the Plan for the three months ended January 31, 2023 and 2022 were as follows (in thousands):
|  |  | Three Months Ended January 31, |  |
|  |  |  |  | 2023 |  | 2022 |  |  |  |
Administrative expenses |  |  |  |  | $ | 20 |  |  | $ | 180 |  |  |  |  |
Interest cost |  |  |  |  | 34 |  |  | 130 |  |  |  |  |
Expected return on plan assets |  |  |  |  | (17) |  |  | (127) |  |  |  |  |
Prior service cost |  |  |  |  | 4 |  |  | 11 |  |  |  |  |
Recognized actuarial loss |  |  |  |  | — |  |  | 99 |  |  |  |  |
Settlement loss recognized |  |  |  |  | 2,700 |  |  | — |  |  |  |  |
Net periodic benefit cost |  |  |  |  | $ | 2,741 |  |  | $ | 293 |  |  |  |  |

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