EMPLOYEE RETIREMENT PLANS

12 Months Ended

Oct. 31, 2014

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 $15,550, $14,931, and $14,304 for the fiscal years ended October 31, 2014, 2013, and 2012, 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, 2014 and 2013 was $45,420 and $42,034, respectively, and the net liability amount recognized in the consolidated balance sheets as of October 31, 2014 and 2013 was $3,432 and $3,982, respectively. The accumulated benefit obligation of these plans as of October 31, 2014 and 2013 was $42,431 and $39,967, respectively. The funded status of these plans as of October 31, 2014 and 2013 was $10,085 and $9,063, respectively. The fair value of the plan assets as of October 31, 2014 and 2013 was $35,335 and $32,971, respectively. The net expense recognized in the consolidated financial statements for these plans was $1,092, $1,149, and $703 for the fiscal years ended October 31, 2014, 2013, and 2012, respectively.

   Amounts recognized in accumulated other comprehensive loss consisted of:

Fiscal years ended October 31		Defined Benefit Pension Plans		Postretirement Benefit Plan			Total
2014
Net actuarial loss	$	4,521	$	513		$	5,034
Net prior service cost (credit)		257		(25	)		232
Accumulated other comprehensive loss	$	4,778	$	488		$	5,266
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

   The following amounts are included in accumulated other comprehensive loss as of October 31, 2014 and are expected to be recognized as components of net periodic benefit cost during fiscal 2015.

		Defined Benefit Pension Plans		Postretirement Benefit Plan			Total
Net actuarial loss	$	570	$	2		$	572
Net prior service cost (credit)		51		(41	)		10
Total	$	621	$	(39	)	$	582

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

Fiscal years ended October 31		Defined Benefit Pension Plans			Postretirement Benefit Plan			Total
2014
Net actuarial gain	$	88		$	(89	)	$	(1	)
Amortization of unrecognized prior service (credit) cost		(32	)		106			74
Amortization of unrecognized actuarial loss (gain)		1,519			(9	)		1,510
Total recognized in other comprehensive loss	$	1,575		$	8		$	1,583
Total recognized in net periodic benefit cost and other comprehensive loss	$	2,110		$	565		$	2,675
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	$	117		$	387		$	504

   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.