EMPLOYEE RETIREMENT PLANS

12 Months Ended

Oct. 31, 2015

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 $17,400, $15,550, and $14,931 for the fiscal years ended October 31, 2015, 2014, and 2013, 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, 2015 and 2014 was $46,427 and $45,420, respectively, and the net liability amount recognized in the consolidated balance sheets as of October 31, 2015 and 2014 was $4,829 and $3,432, respectively. The accumulated benefit obligation of these plans as of October 31, 2015 and 2014 was $43,145 and $42,431, respectively. The funded status of these plans as of October 31, 2015 and 2014 was $11,303 and $10,085, respectively. The fair value of the plan assets as of October 31, 2015 and 2014 was $35,124 and $35,335, respectively. The net expense recognized in the consolidated financial statements for these plans was $2,406, $1,092, and $1,149 for the fiscal years ended October 31, 2015, 2014, and 2013, respectively.

   Amounts recognized in accumulated other comprehensive loss consisted of:

Fiscal years ended October 31		Defined Benefit Pension Plans		Postretirement Benefit Plan			Total
2015
Net actuarial loss (gain)	$	5,100	$	(66	)	$	5,034
Net prior service cost		352		–			352
Accumulated other comprehensive loss (income)	$	5,452	$	(66	)	$	5,386
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

   The following amounts are included in accumulated other comprehensive loss as of October 31, 2015 and are expected to be recognized as components of net periodic benefit cost during fiscal 2016.

		Defined Benefit Pension Plans	Postretirement Benefit Plan		Total
Net actuarial loss	$	661	–	$	661
Net prior service cost		67	–		67
Total	$	728	–	$	728

   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
2015
Net actuarial loss (gain)	$	37		$	(577	)	$	(540	)
Prior service cost		126			–			126
Amortization of unrecognized prior service (credit) cost		(32	)		25			(7	)
Amortization of unrecognized actuarial loss (gain)		542			(1	)		541
Total recognized in other comprehensive loss (income)	$	673		$	(553	)	$	120
Total recognized in net periodic benefit cost and other comprehensive loss	$	2,475		$	51		$	2,526
2014
Net actuarial loss (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

   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.