Employee Retirement and Deferred Compensation Plans

12 Months Ended

Oct. 31, 2023

Retirement Benefits [Abstract]

Employee Retirement and Deferred Compensation Plans

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 $17.1 million, $17.1 million, and $15.5 million for the fiscal years ended October 31, 2023, 2022, and 2021, 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 $35.6 million and $35.7 million at October 31, 2023 and 2022, 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. 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 5.83%, 5.26%, and 2.27% discount rate in our calculation of the present value of our projected benefit obligations at October 31, 2023, 2022, and 2021, 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, 2023, 2022 and 2021.

Information related to our retirement plans for each of the fiscal years ended October 31, 2023, 2022, and 2021, is as follows (amounts in thousands):

	2023		2022		2021
Plan costs:
Service cost	$	137	$	261	$	452
Interest cost	1,869		1,055		926
Amortization of prior service cost	1,407		1,806		1,723
Amortization of unrecognized losses	(1,316)		—		77
	$	2,097	$	3,122	$	3,178
Projected benefit obligation:
Beginning of year	$	36,904	$	47,705	$	48,374
Plan amendments adopted during year	1,171		—		755
Service cost	137		261		452
Interest cost	1,869		1,055		926
Benefit payments	(2,748)		(2,544)		(1,894)
Change in unrecognized (gain) loss	(1,957)		(9,573)		(908)
Projected benefit obligation, end of year	$	35,376	$	36,904	$	47,705
Unamortized prior service cost:
Beginning of year	$	3,678	$	5,484	$	6,452
Plan amendments adopted during year	1,171		—		755
Amortization of prior service cost	(1,407)		(1,806)		(1,723)
Unamortized prior service cost, end of year	$	3,442	$	3,678	$	5,484
Accumulated unrecognized gain (loss), October 31	$	7,926	$	7,285	$	(2,288)
Accumulated benefit obligation, October 31	$	35,376	$	36,904	$	47,705
Accrued benefit obligation, October 31	$	35,376	$	36,904	$	47,705

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, 2033 in the aggregate (in thousands):

Year ending October 31,	Amount
2024	$	2,818
2025	$	3,142
2026	$	3,533
2027	$	3,610
2028	$	3,613
November 1, 2028 – October 31, 2033	$	16,827