XML 51 R37.htm IDEA: XBRL DOCUMENT v3.3.1.900
Employee Benefit Plan (Tables)
 12 Months Ended
Oct. 31, 2015
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract]  
Obligations and Funded Status
Obligations and Funded Status U.S. Plans At October 31
 
 
Pension Benefits
 
Other Post Retirement Benefits
 
2015
 
2014
 
2015
 
2014
Change in benefit obligation:
 
 
 
 
 
 
 
Benefit obligation at beginning of year
$
(88,590
)
 
$
(85,128
)
 
$
(639
)
 
$
(894
)
Interest cost
(3,466
)
 
(3,749
)
 
(24
)
 
(38
)
Actuarial gain (loss)
563

 
(4,388
)
 
180

 
277

Benefits paid
4,666

 
4,675

 
60

 
16

 
 
 
 
 
 
 
 
Benefit obligation at end of year
(86,827
)
 
(88,590
)
 
(423
)
 
(639
)
Change in plan assets:
 
 
 
 
 
 
 
Fair value of plan assets at beginning of year
65,861

 
60,956

 
—

 
—

Actual return on plan assets
1,690

 
5,206

 
—

 
—

Employer contributions
3,770

 
4,374

 
60

 
16

Benefits paid
(4,666
)
 
(4,675
)
 
(60
)
 
(16
)
 
 
 
 
 
 
 
 
Fair value of plan assets at end of year
66,655

 
65,861

 
—

 
—

 
 
 
 
 
 
 
 
Funded status, benefit obligations in excess of plan assets
$
(20,172
)
 
$
(22,729
)
 
$
(423
)
 
$
(639
)
 
 
 
 
 
 
 
 
Amounts Recorded in the Liability Section of the Consolidated Balance Sheet
The above amounts are recorded in the liabilities section of the consolidated balance sheets as follows:  
 
Pension Benefits
 
Other Post Retirement Benefits
 
2015
 
2014
 
2015
 
2014
Other accrued expenses
$
(3,840
)
 
$
(3,910
)
 
$
(63
)
 
$
(62
)
Long-term benefit liabilities
(16,332
)
 
(18,819
)
 
(360
)
 
(577
)
Total
$
(20,172
)
 
$
(22,729
)
 
$
(423
)
 
$
(639
)
 
 
 
 
 
 
 
 
Components of Net Periodic Benefit Cost
Components of Net Periodic Benefit Cost U.S. Plans
 
 
 
 
 
 
 
 
 
 
 
 
Pension Benefits
 
Other Post Retirement Benefits
 
2015
 
2014
 
2013
 
2015
 
2014
 
2013
Interest cost
$
3,466

 
$
3,749

 
$
3,260

 
$
24

 
$
38

 
$
34

Expected return on plan assets
(4,698
)
 
(4,281
)
 
(3,735
)
 
—

 
—

 
—

Settlement
—

 
—

 
1,102

 
—

 
—

 
—

Amortization of net actuarial loss
1,186

 
1,074

 
1,392

 
28

 
41

 
48

Net periodic benefit cost
$
(46
)
 
$
542

 
$
2,019

 
$
52

 
$
79

 
$
82
Amortization of Net Actuarial Loss
The Company expects to recognize in the consolidated statements of income the following amounts that will be amortized from accumulated other comprehensive loss in fiscal 2016.
 
 
 
 
 
Pension Benefits
 
Other Post Retirement Benefits
Amortization of net actuarial loss
$
1,239

 
$
12

 
 
 
 
Net Actuarial Loss in Other Comprehensive Income
The Company has recognized the following cumulative pre-tax actuarial losses, prior service costs and transition obligations in accumulated other comprehensive income:
 
Pension Benefits
 
Other Post Retirement Benefits
 
2015
 
2014
 
2015
 
2014
 
 
 
 
 
 
 
 
Net actuarial loss
$
44,928

 
$
43,669

 
$
153

 
$
361

 
 
 
 
 
 
 
 
Recognized in accumulated other comprehensive income
$
44,928

 
$
43,669

 
$
153

 
$
361

 
 
 
 
 
 
 
 
The following table provides additional details of the amounts recognized into net earnings from accumulated other comprehensive loss, net of tax:
 
 
 
Pension and Post Retirement Plan Liability (1)
 
Marketable Securities Adjustment
 
Interest Rate Swap Adjustment
 
Foreign Currency Translation Adjustment
 
Accumulated Other Comprehensive Loss
Balance at October 31, 2013
 
$
(26,082
)
 
$
—

 
$
—

 
$
—

 
$
(26,082
)
 
Other comprehensive income (loss)
 
(3,186
)
 
465

 
(1,558
)
 
(8,052
)
 
(12,331
)
 
Amounts reclassified from accumulated other comprehensive income (loss), net of tax
 
1,897

 
(365
)
 
—

 

 
1,532

 
Net current-period other comprehensive income (loss)
 
$
(1,289
)
 
$
100

 
$
(1,558
)
 
$
(8,052
)
 
$
(10,799
)
Balance at October 31, 2014
 
$
(27,371
)
 
$
—

 
$
(1,558
)
 
$
(8,052
)
 
$
(36,881
)
 
Other comprehensive loss
 
(2,265
)
 
(441
)
 
(2,051
)
 
(9,671
)
 
(14,428
)
 
Amounts reclassified from accumulated other comprehensive income (loss), net of tax
 
827

 
—

 
433

 
—

 
1,260

 
Net current-period other comprehensive loss
 
(1,438
)
 
(441
)
 
(1,618
)
 
(9,671
)
 
(13,168
)
Balance at October 31, 2015
 
$
(28,809
)
 
$
(341
)
 
$
(3,176
)
 
$
(17,723
)
 
$
(50,049
)
Minimum Liability Included in Other Comprehensive Income
dditional Information on U.S. Plans
 
Pension Benefits
 
Other Post Retirement Benefits
 
2015
 
2014
 
2015
 
2014
Increase (decrease) in minimum liability included in other comprehensive income (loss)
$
(1,259
)
 
$
(2,390
)
 
$
208

 
$
318

 
 
 
 
 
 
 
 
Assumptions
Assumptions for U.S. Plans:
 
Weighted-average assumptions used
to determine benefit obligations at October 31
 
Pension Benefits
 
Other Post Retirement Benefits
 
2015
 
2014
 
2013
 
2015
 
2014
 
2013
Discount rate
 
4.20
%
 
4.00
%
 
4.50
%
 
4.20
%
 
4.00
%
 
4.50
%

 
 
Pension Benefits
 
Other Post Retirement Benefits
Weighted-average assumptions used to determine net
periodic benefit costs for years ended October 31 
 
2015
 
2014
 
2013
 
2015
 
2014
 
2013
Discount rate
 
4.00
%
 
4.50
%
 
3.75
%
 
4.00
%
 
4.50
%
 
3.75
%
Expected long-term return on plan assets
 
7.50
%
 
7.50
%
 
7.50
%
 
—

 
—

 
—
Assumed Health Care Cost Trend Rates
 
October 31,
Assumed health care trend rates
2015
 
2014
Health care cost trend rate assumed for next year
7.0%
 
7.0%
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)
6.8%
 
6.5%
Year that the rate reaches the ultimate trend rate
2018
 
2015
Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates
A one-percentage point change in assumed healthcare cost trend rates would have the following effects at October 31, 2015:
 
 
One-Percentage
Point Increase 
 
One-Percentage
Point Decrease 
Effect on total of service and interest cost components
$
4

 
$
(3
)
Effect on post retirement obligation
$
30

 
$
(27
)
Allocation of Plan Assets
The Company's pension plan weighted-average asset allocations at October 31, 2015 and 2014, by asset category and comparison to the target allocation percentage are as follows:
 
 
Target
Allocation
Percentage
Plan Assets at October 31,
2015
 
2014
Asset Category
 
 
 
 
Equity securities
 0-70%
60%
 
59%
Debt securities
 0-70%
34%
 
35%
Real estate
0-10%
6%
 
6%
 
 
 
 
 
Total
 
100%
 
100%
 
 
 
 
 
Investments Measured At Fair Value
Investments totaling $66,655 at October 31, 2015 and $65,861 at October 31, 2014 measured at fair value on a recurring basis are summarized below:
 
 
 
 
Fair Value Measurements
 
Fair Value Measurements
 
 
 
 
 
 
at October 31, 2015 Using
 
at October 31, 2014 Using
 
 
 
 
 
 
Quoted Prices in Active Markets for Identical Assets (Level 1)
 
Significant Other Observable Inputs (Level 2)
 
Quoted Prices in Active Markets for Identical Assets (Level 1)
 
Significant Other Observable Inputs (Level 2)
 
 
 
 
 
 
 
 
 
 
 
U.S. Plans
 
 
 
 
 
Valuation Technique
Investments
 
 
 
 
 
 
 
 
 
 
 
Equity
 
 
 
 
 
 
 
 
 
 
 
 
Large U.S. Equity
 
$
9,515

 
$
12,302

 
$
10,012

 
$
13,368

 
Market
 
 
Small/Mid U.S. Equity
 
6,108

 
2,688

 
6,079
 
2,670
 
Market
 
 
International Equity
 
9,478

 
—

 
6,611
 
—

 
Market
 
Fixed Income
 
 
 
 
 
 
 
 
 
 
 
 
Government
 
—

 
298

 
—

 
284
 
Market
 
 
Corporate
 
17,832

 
4,547

 
16,162
 
6,788
 
Market
 
Real Estate (Primarily Commercial)
 
—

 
3,887

 
—

 
3,887

 
Market
Total Investments
 
$
42,933

 
$
23,722

 
$
38,864

 
$
26,997

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Non-U.S. Plans
 
 
 
 
 
 
 
 
 
 
 
Insurance Contracts
 
$
696

 
$
—

 
$
510

 
$
—

 
Market
Estimated Future Benefit Payments
Estimated Future Benefit Payments
The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid by the plans:
 
 
Pension Benefits
 
Other Benefits
2016
 
$
3,840

 
 
 
$
63

 
2017
 
4,190

 
 
 
49

 
2018
 
3,960

 
 
 
41

 
2019
 
4,530

 
 
 
40

 
2020
 
4,650

 
 
 
39

 
2021-2025
 
24,360

 
 
 
129