XML 50 R34.htm IDEA: XBRL DOCUMENT v3.21.2
Retirement, Pension and Other Postretirement Plans (Tables)
 12 Months Ended
Oct. 31, 2021
Summary of Accumulated Other Comprehensive Loss Accumulated other comprehensive loss at October 31, 2021 and 2020 consisted of:
Cumulative
translation
adjustments		Pension and
postretirement benefit
plan adjustments		Accumulated
other comprehensive
loss
Balance at October 31, 2020$(40,422)$(185,696)$(226,118)
Pension and postretirement plan changes, net of tax of $(12,938)
— 43,250 43,250 
Currency translation losses7,033 — 7,033 
Balance at October 31, 2021$(33,389)$(142,446)$(175,835)
Pension Plans  
Reconciliation of the Benefit Obligations, Plan Assets, Accrued Benefit Cost and the Amount Recognized in Financial Statements for Pension Plans
A reconciliation of the benefit obligations, plan assets, accrued benefit cost and the amount recognized in financial statements for pension plans is as follows:
United StatesInternational
2021202020212020
Change in benefit obligation:    
Benefit obligation at beginning of year$615,768 $551,997 $104,849 $97,990 
Service cost22,555 20,635 2,120 2,099 
Interest cost13,652 15,824 887 1,025 
Participant contributions— — 80 83 
Amendments— — 15 — 
Settlements(9,016)(4,992)(714)— 
Curtailments(2,436)— — — 
Foreign currency exchange rate change— — 1,024 2,814 
Actuarial loss (gain)4,561 47,788 (121)2,729 
Benefits paid(17,813)(15,484)(2,091)(1,891)
Benefit obligation at end of year$627,271 $615,768 $106,049 $104,849 
Change in plan assets:
Beginning fair value of plan assets$510,250 $448,931 $45,476 $39,640 
Actual return on plan assets62,063 41,712 243 3,697 
Company contributions94,105 40,083 3,318 3,365 
Participant contributions— — 80 83 
Settlements(9,016)(4,992)(714)— 
Foreign currency exchange rate change— — 962 582 
Benefits paid(17,813)(15,484)(2,091)(1,891)
Ending fair value of plan assets$639,589 $510,250 $47,274 $45,476 
Funded status at end of year$12,318 $(105,518)$(58,775)$(59,373)
Amounts recognized in financial statements:
Noncurrent asset$30,840 $3,162 $4,086 $3,321 
Accrued benefit liability(799)(5,211)— (634)
Long-term pension obligations(17,723)(103,469)(62,861)(62,060)
Total amount recognized in financial statements$12,318 $(105,518)$(58,775)$(59,373)
 
The net actuarial loss included in the projected benefit obligation for the United States pension plans for 2021 was primarily due to updated census data partially offset by gains due to changes in the discount rates. The net actuarial loss included in the projected benefit obligation for 2020 was primarily due to lower discount rates and updated census data and assumptions.
 United StatesInternational
 2021202020212020
Amounts recognized in accumulated other comprehensive (gain) loss:
Net actuarial loss$142,070 $192,593 $30,544 $32,097 
Prior service cost (credit)48 (16)(1,808)(2,137)
Accumulated other comprehensive loss$142,118 $192,577 $28,736 $29,960 
Summary of Accumulated Other Comprehensive Loss
The following table summarizes the changes in accumulated other comprehensive loss: 
United StatesInternational
2021202020212020
Balance at beginning of year$192,577 $178,290 $29,960 $31,484 
Net (gain) loss arising during the year(29,091)30,743 1,220 305 
Prior service cost arising during the year— — 15 — 
Net gain recognized during the year(14,885)(14,032)(3,144)(2,972)
Prior service credit recognized during the year64 84 303 290 
Settlement loss(4,111)(2,508)(32)— 
Curtailment(2,436)— — — 
Exchange rate effect during the year— — 414 853 
Balance at end of year$142,118 $192,577 $28,736 $29,960 
Accumulated Benefit Obligation
Information regarding the funded status of the Company's plans is as follows:
United StatesInternational
2021202020212020
For plans with accumulated benefit obligation in excess of plan assets:
Accumulated benefit obligation$16,182 $508,671 $85,559 $85,189 
Fair value of plan assets— 444,723 32,306 30,797 
For plans with projected benefit obligation in excess of plan assets:
Projected benefit obligation18,522 553,403 95,221 93,491 
Fair value of plan assets— 444,723 32,360 30,797 
Components of Net Periodic Benefits Cost
Net periodic pension costs include the following components:
United StatesInternational
202120202019202120202019
Service cost$22,555 $20,635 $14,587 $2,120 $2,099 $1,933 
Interest cost13,652 15,824 18,304 887 1,025 1,670 
Expected return on plan assets(28,410)(24,667)(23,341)(1,585)(1,273)(1,592)
Amortization of prior service credit(64)(84)(61)(303)(290)(303)
Amortization of net actuarial loss14,885 14,032 6,702 3,144 2,972 1,696 
Settlement loss4,111 2,508 — 32 — 470 
Total benefit cost$26,729 $28,248 $16,191 $4,295 $4,533 $3,874 
Weighted Average Assumptions Representing the Rates Used to Develop the Actuarial Present Value of Projected Benefit Obligation and the Net Periodic Benefit Costs
The weighted average assumptions used in the valuation of pension benefits were as follows:
United StatesInternational
202120202019202120202019
Assumptions used to determine benefit obligations at October 31:
Discount rate3.02 %2.85 %3.25 %1.30 %1.01 %1.26 %
Rate of compensation increase4.00 4.00 4.00 2.90 2.69 3.12 
Assumptions used to determine net benefit costs for the years ended October 31:
Discount rate - benefit obligation2.85 3.25 4.53 1.01 1.26 2.14 
Discount rate - service cost3.30 3.56 4.70 0.93 1.12 1.82 
Discount rate - interest cost2.10 2.78 4.15 0.80 1.05 1.90 
Expected return on plan assets5.75 5.75 6.00 3.31 3.22 3.96 
Rate of compensation increase4.00 4.00 3.90 2.69 3.12 3.12 
Allocation of Pension Plan Assets
The allocation of pension plan assets as of October 31, 2021 and 2020 is as follows:
 United StatesInternational
 2021202020212020
Asset Category
Equity securities13 %11 %— %— %
Debt securities46 49 — — 
Insurance contracts— — 51 54 
Pooled investment funds41 39 48 44 
Other— 1 1 2 
Total100 %100 %100 %100 %
Fair Values of Pension Plan Assets
The fair values of our pension plan assets at October 31, 2021 by asset category are in the table below:
United StatesInternational
TotalLevel 1Level 2Level 3TotalLevel 1Level 2Level 3
Cash$1,467 $1,467 $— $— $519 $519 $— $— 
Money market funds4,495 4,495 — — — — — — 
Equity securities:
Basic materials2,038 2,038 — — — — — — 
Consumer goods4,360 4,360 — — — — — — 
Financial3,753 3,753 — — — — — — 
Healthcare4,864 4,864 — — — — — — 
Industrial goods3,640 3,640 — — — — — — 
Technology5,080 5,080 — — — — — — 
Utilities— — — — — — — — 
Mutual funds52,319 52,319 — — — — — — 
Fixed income securities:
U.S. Government89,614 4,024 85,590 — — — — — 
Corporate194,793 — 194,793 — — — — — 
Other9,619 — 9,619 — — — — — 
Other types of investments:
Insurance contracts— — — — 23,993 — — 23,993 
Other1,494 1,494 — — — — — — 
Total investments in the fair value hierarchy$377,536 $87,534 $290,002 $— $24,512 $519 $— $23,993 
Investments measured at Net Asset Value:
Real estate collective funds44,056 — 
Pooled investment funds217,997 22,762 
Total Investments at Fair Value$639,589 $47,274 
The fair values of our pension plan assets at October 31, 2020 by asset category are in the table below:
United StatesInternational
TotalLevel 1Level 2Level 3TotalLevel 1Level 2Level 3
Cash$1,331 $1,331 $— $— $759 $759 $— $— 
Money market funds5,059 5,059 — — — — — — 
Equity securities:
Basic materials1,750 1,750 — — — — — — 
Consumer goods5,024 5,024 — — — — — — 
Financial4,745 4,745 — — — — — — 
Healthcare4,518 4,518 — — — — — — 
Industrial goods3,588 3,588 — — — — — — 
Technology5,706 5,706 — — — — — — 
Utilities685 685 — — — — — — 
Mutual funds24,266 24,266 — — — — — — 
Fixed income securities:
U.S.  Government71,855 8,267 63,588 — — — — — 
Corporate173,046 — 173,046 — — — — — 
Other6,673 — 6,673 — — — — — 
Other types of investments:
Insurance contracts— — — — 24,496 — — 24,496 
Other845 845 — — — — — — 
Total investments in the fair value hierarchy$309,091 $65,784 $243,307 $— $25,255 $759 $— $24,496 
Investments measured at Net Asset Value:
Real estate collective funds38,996 —
Pooled investment funds162,163 20,221 
Total Investments at Fair Value$510,250 $45,476 
Change in Level 3 Fair Value of Plan Assets
The following tables present an analysis of changes during the years ended October 31, 2021 and 2020 in Level 3 plan assets, by plan asset class, for U.S. and international pension plans using significant unobservable inputs to measure fair value:
Fair Value Measurements
Using Significant Unobservable
Inputs (Level 3)
Insurance
contracts
Beginning balance at October 31, 2020$24,496 
Actual return on plan assets:
Purchases1,441 
Sales(541)
Settlements(714)
Unrealized losses(440)
Foreign currency translation(249)
Ending balance at October 31, 2021$23,993 
Fair Value Measurements
Using Significant Unobservable
Inputs (Level 3)
Insurance
contracts
Beginning balance at October 31, 2019$21,245 
Actual return on plan assets:
Assets held, end of year1,739 
Purchases2,462 
Sales(1,495)
Foreign currency translation545 
Ending balance at October 31, 2020$24,496 
Retiree Pension Benefit Payments
Retiree pension benefit payments, which include expected future service, are anticipated to be paid as follows:
YearUnited StatesInternational
2022$20,460 $2,860 
202321,953 2,826 
202423,331 3,153 
202525,088 3,395 
202626,570 5,458 
2026-2030156,178 19,725 
Retirement Plans  
Reconciliation of the Benefit Obligations, Plan Assets, Accrued Benefit Cost and the Amount Recognized in Financial Statements for Pension Plans
A reconciliation of the benefit obligations, accrued benefit cost and the amount recognized in financial statements for other postretirement plans is as follows:
 United StatesInternational
 2021202020212020
Change in benefit obligation:    
Benefit obligation at beginning of year$87,645 $88,660 $445 $454 
Service cost778 666 15 15 
Interest cost1,805 2,345 12 13 
Participant contributions722 611 — — 
Foreign currency exchange rate change— — 33 (5)
Actuarial gain(2,799)(2,024)(83)(26)
Benefits paid(2,861)(2,613)(6)(6)
Benefit obligation at end of year$85,290 $87,645 $416 $445 
Change in plan assets:
Beginning fair value of plan assets$— $— $— $— 
Company contributions2,139 2,002 6 6 
Participant contributions722 611 — — 
Benefits paid(2,861)(2,613)(6)(6)
Ending fair value of plan assets$— $— $— $— 
Funded status at end of year$(85,290)$(87,645)$(416)$(445)
Amounts recognized in financial statements:
Accrued benefit liability$(3,048)$(2,835)$(6)$(6)
Long-term postretirement obligations(82,242)(84,810)(410)(439)
Total amount recognized in financial statements$(85,290)$(87,645)$(416)$(445)
 United StatesInternational
 2021202020212020
Amounts recognized in accumulated other comprehensive (gain) loss:
Net actuarial (gain) loss$21,456 $25,614 $(543)$(466)
Prior service credit— — — — 
Accumulated other comprehensive (gain) loss$21,456 $25,614 $(543)$(466)
Summary of Accumulated Other Comprehensive Loss
The following table summarizes the changes in accumulated other comprehensive (gain) loss:
 United StatesInternational
 2021202020212020
Balance at beginning of year$25,614 $28,976 $(466)$(482)
Net gain arising during the year(2,799)(2,024)(83)(26)
Net gain (loss) recognized during the year(1,359)(1,355)41 36 
Prior service credit recognized during the year— 17 — — 
Exchange rate effect during the year— — (35)6 
Balance at end of year$21,456 $25,614 $(543)$(466)
Components of Net Periodic Benefits Cost
Net postretirement benefit costs include the following components:
 United StatesInternational
 202120202019202120202019
Service cost$778 $666 $545 $15 $15 $16 
Interest cost1,805 2,345 2,984 12 13 19 
Amortization of prior service credit— (17)(26)— — — 
Amortization of net actuarial (gain) loss1,359 1,355 634 (41)(36)(28)
Total benefit cost (credit)$3,942 $4,349 $4,137 $(14)$(8)$7 
Weighted Average Assumptions Representing the Rates Used to Develop the Actuarial Present Value of Projected Benefit Obligation and the Net Periodic Benefit Costs
The weighted average assumptions used in the valuation of postretirement benefits were as follows:
 United StatesInternational
 202120202019202120202019
Assumptions used to determine benefit obligations at October 31:
Discount rate2.98 %2.84 %3.27 %3.43 %2.94 %3.03 %
Health care cost trend rate3.34 3.40 3.62 4.43 4.22 4.00 
Rate to which health care cost trend rate is assumed to incline/decline (ultimate trend rate)3.15 3.17 3.24 4.05 4.05 4.05 
Year the rate reaches the ultimate trend rate203120262026204020402040
Assumption used to determine net benefit costs for the years ended October 31:
Discount rate benefit obligation2.84 %3.27 %4.56 %2.94 %3.03 %3.88 %
Discount rate service cost3.44 3.61 4.77 3.00 3.05 3.90 
Discount rate interest cost2.08 2.79 4.18 2.60 2.88 3.80 
Retiree Pension Benefit Payments
Retiree postretirement benefit payments are anticipated to be paid as follows:
YearUnited StatesInternational
2022$3,048 $6 
20233,227 6 
20243,423 6 
20253,593 6 
20263,753 9 
2026-203020,376 54