Employee Retirement Plans

12 Months Ended

Oct. 31, 2024

Retirement Benefits [Abstract]

Employee Retirement Plans

15 Employee Retirement Plans

Defined Contribution Plan

The company maintains The Toro Company Retirement Plan for eligible employees. The company's expenses under this plan, which include costs related to matching contributions and discretionary retirement fund contributions, as applicable, were $32.0 million, $38.1 million, and $35.3 million for the fiscal years ended October 31, 2024, 2023, and 2022, respectively.

Defined Benefit Plans

The company has a defined benefit pension plan covering certain employees in the United Kingdom ("defined benefit retirement plan"). The projected and accumulated benefit obligation of the defined benefit retirement plan was $19.6 million and $18.3 million as of October 31, 2024 and 2023, respectively. The fair value of the defined benefit retirement plan assets as of October 31, 2024 and 2023 was $20.7 million and $17.6 million, respectively. The net funded status of the defined benefit retirement plan was fully funded as of October 31, 2024 and was underfunded at $0.7 million as of October 31, 2023.

Service costs of the defined benefit retirement plans are presented in selling, general and administrative expense within the Consolidated Statements of Earnings. Non-service cost components of net periodic benefit cost (income), including realized gains or losses as a result of changes in actuarial valuation assumptions, are presented in other income, net within the Consolidated Statements of Earnings. The company recognized expense of $0.4 million and $0.2 million for the fiscal years ended October 31, 2024 and 2023, respectively, and recognized income of $0.2 million for the fiscal year ended October 31, 2022.

The company has omitted the remaining disclosures for the defined benefit retirement plan as the company deems this defined benefit retirement plan to be immaterial to its Consolidated Financial Statements.