Pension and Other Post-Retirement Benefit Matters

3 Months Ended

Jan. 31, 2014

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 months ended January 31, 2014 and 2013 are as follows:

	Pension Benefits						Other Post-Retirement Benefits
	Three Months Ended January 31,						Three Months Ended January 31,
	2014			2013			2014		2013
Interest cost	$	937		$	815		$	10	$	8
Expected return on plan assets	(1,070		)	(934		)	—		—
Recognized net actuarial loss	269			348			10		12
Net periodic benefit cost	$	136		$	229		$	20	$	20

As part of a strategy to remove pension liability risk and reduce premium payments to the Pension Benefit Guaranty Corporation, the Company elected to allow lump sum distributions from the defined benefit pension plans. The FASB requires a special accounting charge for settling pension obligations in this manner. The Company records an estimated settlement charge at the time of the lump sun payments based on the discount rate in effect at the time.

The Company made contributions of $952 to the defined benefit pension plans during the three months ended January 31, 2014. The Company expects contributions to be $3,425 for the remainder of fiscal 2014.