Pension and Other Post-Retirement Benefit Matters

9 Months Ended

Jul. 31, 2013

Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract]

Pension and Other Postretirement Benefits Disclosure [Text Block]

Pension and Other Post-Retirement Benefit Matters

The components of net periodic benefit cost for the three and nine months ended July 31, 2013 and 2012 are as follows:

	Pension Benefits						Other  Post-Retirement Benefits
	Three Months Ended July 31,						Three Months Ended July 31,
	2013			2012			2013		2012
Interest cost	$	815		$	921		$	8	$	11
Expected return on plan assets	(934		)	(813		)	—		—
Recognized net actuarial loss	348			260			12		14
Settlement Charge	500			—			—		—
Net periodic benefit cost	$	729		368			$	20	$	25

	Pension Benefits						Other  Post-Retirement Benefits
	Nine Months Ended July 31,						Nine Months Ended July 31,
	2013			2012			2013		2012
Interest cost	$	2,445		$	2,762		$	25	$	33
Expected return on plan assets	(2,801		)	(2,438		)	—		—
Recognized net actuarial loss	1,044			780			36		41
Settlement Charge	500			—			—		—
Net periodic benefit cost	$	1,188		$	1,104		$	61	$	74

As part of a strategy to remove pension liability risk and reduce premium payments to the Pension Benefit Guaranty Corporation, the Company has elected to allow lump sum distributions from the defined benefit pension plans, of which approximately 200 former employees elected and received distributions during the first nine months of fiscal year 2013, removing approximately $2,200 in liability from the plan. The FASB requires a special accounting charge for settling pension obligations in this manner. During the third quarter of of fiscal 2013, the Company has incurred $500 in expense as an estimate for this settlement charge. The Company intends to record an additional estimated $600 in expense related to this settlement charge during the fourth quarter of fiscal 2013, subject to change based on additional lump sum payments and the discount rate in effect at October 31, 2013.

The Company made contributions of $4,194 to the defined benefit pension plans during the nine months ended July 31, 2013. The Company expects contributions to be $952 for the remainder of fiscal 2013.