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Employee Retirement and Deferred Compensation Plans
 12 Months Ended
Oct. 31, 2020
Retirement Benefits [Abstract]  
Pension and Other Postretirement Benefits Disclosure Employee Retirement and Deferred Compensation Plans
Salary Deferral Savings Plans
We maintain salary deferral savings plans covering substantially all employees. We recognized an expense, net of plan forfeitures, with respect to the plans of $6.1 million, $14.1 million, and $12.6 million for the fiscal years ended October 31, 2020, 2019, and 2018, respectively, which is included in “Selling, general and administrative” expense in the Consolidated Statements of Operations and Comprehensive Income.
Deferred Compensation Plan
We have an unfunded, nonqualified deferred compensation plan that permits eligible employees to defer a portion of their compensation. The deferred compensation, together with certain of our contributions, earns various rates of return depending upon when the compensation was deferred. A portion of the deferred compensation and interest earned may be forfeited by a
participant if he or she elects to withdraw the compensation prior to the end of the deferral period. We accrued $35.1 million and $31.1 million at October 31, 2020 and 2019, respectively, for our obligations under the plan.
Defined Benefit Retirement Plans
We have two unfunded defined benefit retirement plans. Retirement benefits generally vest when the participant reaches normal retirement age. Such age was reduced from age 62 to age 58 in fiscal 2019. Unrecognized prior service costs are being amortized over the period from the date participants enter the plans until their interests are fully vested. We used a 1.95%, 2.61%, and 4.06% discount rate in our calculation of the present value of our projected benefit obligations at October 31, 2020, 2019, and 2018, respectively. The rates represent the approximate long-term investment rate at October 31 of the fiscal year for which the present value was calculated. Information related to the plans is based on actuarial information calculated as of October 31, 2020, 2019 and 2018.
Information related to our retirement plans for each of the fiscal years ended October 31, 2020, 2019, and 2018, is as follows (amounts in thousands):
202020192018
Plan costs:   
Service cost$453 $403 $568 
Interest cost1,158 1,416 1,198 
Amortization of prior service cost1,468 506 936 
Amortization of unrecognized losses23 — 17 
 $3,102 $2,325 $2,719 
Projected benefit obligation:   
Beginning of year$45,070 $35,515 $38,222 
Plan amendments adopted during year2,600 4,956 — 
Service cost453 403 568 
Interest cost1,158 1,416 1,198 
Benefit payments(1,636)(1,358)(1,358)
Change in unrecognized gain/loss729 4,138 (3,115)
Projected benefit obligation, end of year$48,374 $45,070 $35,515 
Unamortized prior service cost:   
Beginning of year$5,320 $870 $1,806 
Plan amendments adopted during year2,600 4,956 — 
Amortization of prior service cost(1,468)(506)(936)
Unamortized prior service cost, end of year$6,452 $5,320 $870 
Accumulated unrecognized (loss) gain, October 31$(3,273)$(2,567)$1,571 
Accumulated benefit obligation, October 31$48,374 $45,070 $35,515 
Accrued benefit obligation, October 31$48,374 $45,070 $35,515 
The accrued benefit obligation is included in accrued expenses on our Consolidated Balance Sheets.
The table below provides, based upon the estimated retirement dates of the participants in the retirement plans, the amounts of benefits we would be required to pay in each of the next five fiscal years and for the five fiscal years ended October 31, 2030 in the aggregate (in thousands):
Year ending October 31,Amount
2021$1,930 
2022$2,851 
2023$3,148 
2024$3,180 
2025$3,314 
November 1, 2025 – October 31, 2030$17,289