EMPLOYEE RETIREMENT PLANS

12 Months Ended

Oct. 31, 2013

EMPLOYEE RETIREMENT PLANS

EMPLOYEE RETIREMENT PLANS

11 EMPLOYEE RETIREMENT PLANS

The company maintains The Toro Company Investment, Savings, and Employee Stock Ownership Plan for eligible employees. The company's expenses under this plan were $14,931, $14,304, and $12,686 for the fiscal years ended October 31, 2013, 2012, and 2011, respectively.

   In addition, the company and its subsidiaries have defined benefit, supplemental, and other retirement plans covering certain employees in the U.S. and the United Kingdom. The projected benefit obligation of these plans as of October 31, 2013 and 2012 was $42,034 and $41,701, respectively, and the net liability amount recognized in the consolidated balance sheets as of October 31, 2013 and 2012 was $3,982 and $3,881, respectively. The accumulated benefit obligation of these plans as of October 31, 2013 and 2012 was $39,967 and $39,612, respectively. The funded status of these plans as of October 31, 2013 and 2012 was $9,063 and $10,510, respectively. The fair value of the plan assets as of October 31, 2013 and 2012 was $32,971 and $31,191, respectively. The net expense recognized in the consolidated financial statements for these plans was $1,149, $703, and $1,520 for the fiscal years ended October 31, 2013, 2012, and 2011, respectively.

   Amounts recognized in accumulated other comprehensive loss consisted of:

Fiscal years ended October 31		Defined Benefit Pension Plans		Other Postretirement Benefit Plans			Total
2013
Net actuarial loss	$	2,915	$	611		$	3,526
Net prior service cost (credit)		289		(132	)		157
Accumulated other comprehensive loss	$	3,204	$	479		$	3,683
2012
Net actuarial loss	$	3,316	$	926		$	4,242
Net prior service cost (credit)		324		(238	)		86
Accumulated other comprehensive loss	$	3,640	$	688		$	4,328

   The following amounts are included in accumulated other comprehensive loss as of October 31, 2013 and are expected to be recognized as components of net periodic benefit cost during fiscal 2014.

		Defined Benefit Pension Plans		Other Postretirement Benefit Plans			Total
Net actuarial loss	$	424	$	14		$	438
Net prior service cost (credit)		51		(168	)		(117	)
Total	$	475	$	(154	)	$	321

   Amounts recognized in net periodic benefit cost and other comprehensive income consisted of:

Fiscal years ended October 31		Defined Benefit Pension Plans			Other Postretirement Benefit Plans			Total
2013
Net actuarial gain	$	(1,170	)	$	(283	)	$	(1,453	)
Amortization of unrecognized prior service (credit) cost		(34	)		106			72
Amortization of unrecognized actuarial loss (gain)		768			(32	)		736
Total recognized in other comprehensive loss (income)	$	(436	)	$	(209	)	$	(645	)
Total recognized in net periodic benefit cost and other comprehensive loss (income)	$	117		$	387		$	504
2012
Net actuarial loss (gain)	$	298		$	(1,130	)	$	(832	)
Curtailment loss		311			–			311
Prior service cost		186			–			186
Amortization of unrecognized prior service (credit) cost		(55	)		106			51
Amortization of unrecognized actuarial loss (gain)		919			(107	)		812
Total recognized in other comprehensive loss (income)	$	1,659		$	(1,131	)	$	528
Total recognized in net periodic benefit cost and other comprehensive loss (income)	$	1,522		$	(291	)	$	1,231

   The company has omitted the remaining disclosures for its defined benefit plans and postretirement healthcare plan as the company deems these plans to be immaterial to its consolidated financial position and results of operations.