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Employee Benefit Plans (Tables)
 12 Months Ended
Oct. 31, 2013
Significant Components of Benefit Obligation and Net Obligation Recognized in Financial Statements

The significant components of the above mentioned plans as of and for the years ended October 31, 2013 and 2012 are summarized as follows:

 

     Defined
Benefit Plans at
October 31,		      Postretirement
Benefit Plan at
October 31,		  
(in thousands)    2013      2012      2013      2012  

Change in benefit obligation

            

Benefit obligation at beginning of year

    $ 12,714         $ 12,075         $ 5,836         $ 5,595     

Service cost

      —           48           13           12     

Interest cost

      399           495           203           246     

Actuarial losses (gains)

      181           1,233           (508)          322     

Benefits and expenses paid

      (1,056)          (1,137)          (129)          (339)    
  

 

 

     

 

 

     

 

 

     

 

 

  

Benefit obligation at end of year

    $ 12,238         $ 12,714         $ 5,415         $ 5,836     
  

 

 

     

 

 

     

 

 

     

 

 

  

Change in plan assets*

            

Fair value of plan assets at beginning of year

    $ 6,654         $ 5,917         $ —         $ —     

Actual return on plan assets

      758           384           —           —     

Employer contributions

      1,316           1,490           129           339     

Benefits and expenses paid

      (1,056)          (1,137)          (129)          (339)    
  

 

 

     

 

 

     

 

 

     

 

 

  

Fair value of plan assets at end of year

    $ 7,672         $ 6,654         $ —         $ —     
  

 

 

     

 

 

     

 

 

     

 

 

  
           
  

 

 

     

 

 

     

 

 

     

 

 

  

Unfunded status at end of year

    $ (4,566)        $ (6,060)        $ (5,415)        $ (5,836)    
  

 

 

     

 

 

     

 

 

     

 

 

  

Current liabilities

    $ (791)        $ (1,288)        $ (435)        $ (250)    

Non-current liabilities

      (3,775)          (4,772)          (4,980)          (5,586)    
  

 

 

     

 

 

     

 

 

     

 

 

  

Net obligation

    $ (4,566)        $ (6,060)        $ (5,415)        $ (5,836)    
  

 

 

     

 

 

     

 

 

     

 

 

  

Total affecting retained earnings

    $ (1,385)        $ (2,535)        $ (5,350)        $ (5,232)    

Amount recognized in AOCL

      (3,181)          (3,525)          (65)          (604)    
  

 

 

     

 

 

     

 

 

     

 

 

  

Net obligation

    $ (4,566)        $ (6,060)        $ (5,415)        $ (5,836)    
  

 

 

     

 

 

     

 

 

     

 

 

  

* Amounts relate to the OneSource Pension Plan, which is the only defined benefit pension plan funded by us.
Components of Net Periodic Benefit Cost of Defined Benefit Plans and Postretirement Benefit Plans

The components of net periodic benefit cost of the defined benefit and other postretirement benefit plans for the years ended October 31, 2013, 2012, and 2011 were as follows:

 

                                                                                                  
(in thousands)            2013                      2012                      2011          

Defined Benefit Plans

         

Service cost

    $ —         $ 48         $ 46     

Interest

      399           495           569     

Expected return on assets

      (410)          (486)          (373)    

Amortization of actuarial loss

      134           97           114     

Settlement loss recognized

      43           107           126     
  

 

 

     

 

 

     

 

 

  

Net expense

    $ 166         $ 261         $ 482     
  

 

 

     

 

 

     

 

 

  

Postretirement Benefit Plans

         

Service cost

    $ 13         $ 12         $ 13     

Interest

      203           246           256     

Settlement loss recognized

      27           —           —     

Amortization of actuarial loss

      4           —           —     
  

 

 

     

 

 

     

 

 

  

Net expense

    $ 247         $ 258         $ 269     
  

 

 

     

 

 

     

 

 

  
Weighted Average Assumptions Used to Determine Benefit Obligations and Net Periodic Benefit Cost

The weighted average assumptions used to determine benefit obligations and net periodic benefit cost for the years ended October 31, 2013, 2012, and 2011 were as follows:

 

    Defined Benefit Plans   Postretirement Benefit Plan
    2013   2012   2011   2013   2012   2011

Assumptions to measure net

periodic benefit cost (1)

            

Discount rate

    2.84% – 3.50%     4.12% – 4.51%     4.50% – 4.98%     3.15% – 3.58%     4.04% – 4.56%     4.31% – 5.02% 

Rate of compensation increase

   3.50%   3.50%   3.50%   3.50%   3.50%   3.50%

Rate of return on plan assets**

   6.00%   6.00%   8.00%   N/A*   N/A*   N/A*

Assumptions used to

determine benefit obligations (2)

            

Discount rate

   3.58% – 4.28%   2.84% – 3.50%   4.12% – 4.51%   4.13% – 4.43%   3.15% – 3.58%   4.04% – 4.56%

Rate of compensation increase

   3.50%   3.50%   3.50%   3.50%   3.50%   3.50%

 

*

Not Applicable

 

**

Relates to the OneSource Pension Plan

 

(1)

Determined as of beginning of year

 

(2)

Determined as of end of year
Summary of Assumed Health Care Cost Trend Rates Relating to OneSource PRM Plan

Assumed health care cost trend rates relating to our OneSource PRM Plan are as follows:

 

                                                                                                        
     Postretirement Benefit Plan
     2013    2012    2011

Health care trend rate assumed for next year

    7.40%    7.60%    7.80%

Rate to which the cost trend is assumed to decline (ultimate trend rate)

    4.50%    4.50%    4.50%

Year the rate reaches the ultimate trend rate

    2029    2029    2029
Expected Future Benefit Payments

The expected future benefit payments were calculated using the same assumptions used to measure our benefit obligation as of October 31, 2013. This expectation is based upon expected future service.

 

(in thousands)          Defined Benefit Plans              Postretirement Benefit Plan    

October 31, 2014

    $ 1,386         $ 435     

October 31, 2015

      988           248     

October 31, 2016

      787           265     

October 31, 2017

      770           282     

October 31, 2018

      788           297     

2019 through 2023

      4,079           1,696     

Pension Plans

For plans that are not individually significant to us, the total amount of contributions is presented in the aggregate.

 

(in thousands)       Pension Protection Act Zone Status    FIP/RP Status      Contributions by the Company       Surcharge
Imposed		    Expiration

Dates of

Collective
Bargaining
Agreements

Pension Fund

    EIN/PN    2013    2012    Pending/
Implemented		    2013      2012      2011        

Building Service 32BJ Pension

Fund

    13-1879376
/ 001		    Red

6/30/2014

    Red

6/30/2013

    Implemented    $ 13,755         $ 14,636         $ 13,840         Yes    4/20/2014

and

12/31/2015

Central Pension Fund of the

IUOE & Participating

Employers

    36-6052390
/001		    Green

1/31/2013

    Green

1/31/2012

    N/A*      9,663           9,176           8,339         N/A*    1/31/2014—

12/31/2016

Local 25 SEIU & Participating

Employers Pension Trust

    36-6486542
/ 001		    Green

9/30/2012

    Green

9/30/2011

    N/A*      7,398           7,453           7,059         N/A*    4/5/2015

S.E.I.U. National Industry

Pension Fund

    52-6148540
/ 001		    Red

12/31/2012

    Red

12/31/2011

    Implemented      5,343           4,275           3,943         Yes    12/31/2014—

6/30/2016

IUOE Stationary Engineers

Local 39 Pension Fund

    94-6118939
/ 001		    Green

12/31/2012

    Green
12/31/2011		    N/A*      5,226           5,342           6,972         N/A*    8/31/2017

Local 68 Engineers Union

Pension Plan

    51-0176618
/ 001		    Green

6/30/2012

    Green

6/30/2011

    N/A*      3,249           3,426           3,435         N/A*    4/30/2014—

4/30/2016

Service Employees

International Union Local 32BJ,

District 36 Building Operators

Pension Trust Fund

    23-6546776
/ 001		    Yellow

12/31/2013

    Yellow

12/31/2012

    Implemented      1,989           2,175           2,414         N/A*    10/15/2015

IUOE Local 30 Pension Fund

    51-6045848
/ 001		    Green 
12/31/2012		    Green
12/31/2011		    N/A*      1,521           1,632           1,495         N/A*    2/28/2014—

4/30/2016

Other Plans

                  11,597           11,439           10,383           
              

 

 

     

 

 

     

 

 

        

Total Contributions

                $ 59,741         $ 59,554         $ 57,880           
              

 

 

     

 

 

     

 

 

        

 

  *

Not applicable

We were listed in the Forms 5500 of the following plans as providing more than 5 percent of total contributions for the plan years presented below.

 

Pension Fund

   

Contributions to the plan exceeded more than 5% of total contributions

(as of the Plan’s year end)

Building Service 32BJ Pension Fund

    6/30/2012 and 6/30/2011

Local 25 SEIU & Participating Employers Pension Trust

    9/30/2012, 9/30/2011, and 9/30/2010

IUOE Stationary Engineers Local 39 Pension Fund

    12/31/2012, 12/31/2011, and 12/31/2010

S.E.I.U. National Industry Pension Fund

    12/31/2012

Service Employees International Union Local 32BJ, District 36

Building Operators Pension Trust Fund

    12/31/2012, 12/31/2011, and 12/31/2010

IUOE Local 30 Pension Fund

    12/31/2012, 12/31/2011, and 12/31/2010

Massachusetts Service Employees Pension Fund *

    12/31/2012, 12/31/2011, and 12/31/2010

Building Service Pension Plan *

    4/30/2012, 4/30/2011, and 4/30/2010

Local 210’s Pension Plan *

    12/31/2012

Contract Cleaners Service Employees’ Pension Plan *

    12/31/2012, 12/31/2011, and 12/31/2010

Local 1102 Amalgamated Pension Fund *

    12/31/2012 and 12/31/2011

Teamsters Local 617 Pension Fund *

    2/29/2012, 2/28/2011, and 2/28/2010

* These plans are not separately listed in our multiemployer table as they represent an insignificant portion of our total multiemployer pension plan contributions.
Target Allocation and Asset Allocation
  
Summary of OneSource Pension Plan

The target allocation ranges and asset allocations for the year ended October 31, 2013 were:

 

     Target Allocation    Percentage of Plan Assets

Asset Category

    2013    2013

U.S. Equity

    43%-63%    40%

Fixed Income

    27%-47%    27%

International Equity

    0%-20%    8%

Cash

    —%    25%
Plan Assets
  
Summary of OneSource Pension Plan

The following table presents the fair value hierarchy for the assets associated with the OneSource Pension Plan measured at fair value as of October 31, 2013 and 2012. These assets and liabilities are measured as Level 1.

 

     October 31,  
(in thousands)    2013      2012  

Cash and cash equivalents

    $ 1,909         $ 1,716     

Equity

      

Large-Cap Growth

      1,534           1,260     

Large-Cap Value

      803           727     

Small/Mid-Cap Growth

      495           334     

Small/Mid-Cap Value

      184           163     

International Equity

      631           558     

Equities Blend

      23           53     

Fixed Income

      

Long-Term Bond

      750           777     

Intermediate Bond

      660           503     

Short-Term Bond

      552           541     

Fixed Income Blend

      119           16     

Other

      12           6     
  

 

 

     

 

 

  
   $ 7,672         $ 6,654