Pension and Other Post-Retirement Benefit Matters

6 Months Ended

Apr. 30, 2020

Defined Benefit Plan [Abstract]

Pension and Other Postretirement Benefits Disclosure [Text Block]

Pension and Other Post-Retirement Benefit Matters

U.S. Plans

        The components of net periodic benefit cost for the three and nine months ended July 31, 2020 and 2019 are as follows: 

	Pension Benefits				Other Post-Retirement Benefits
	Three Months Ended July 31,				Three Months Ended July 31,
	2020		2019		2020		2019
Interest cost	$	675	$	843	$	2	$	3
Expected return on plan assets	(831)		(836)		—		—
Amortization of net actuarial loss	374		288		2		1
Net periodic cost	$	218	$	295	$	4	$	4

	Pension Benefits				Other Post-Retirement Benefits
	Nine months ended July 31,				Nine months ended July 31,
	2020		2019		2020		2019
Interest cost	$	2,026	$	2,525	$	6	$	9
Expected return on plan assets	(2,493)		(2,506)		—		—
Amortization of net actuarial loss	1,122		861		6		4
Net periodic cost	$	655	$	880	$	12	$	13

        We made contributions of $219 to our U.S. pension plans during the three and nine months ended July 31, 2020. We were not required to and therefore did not contribute to our U.S. pension plans during the three and nine months ended July 31, 2019. Our expected contribution of an additional $897 to our U.S. pension plans before the end of fiscal 2020 may be postponed under the CARES Act as part of COVID-19 relief until fiscal 2021.

        We report the service cost component of the net periodic pension and post-retirement costs in the same caption as other compensation costs arising from services rendered. The other components of net period costs are presented outside of operating income in other (income) expense, net.

Non-U.S. Plans

        For our Swedish operations, the majority of the pension obligations are covered by insurance policies with insurance companies. Pension commitments in our Polish operations were $1,467 at July 31, 2020 and $1,267 at October 31, 2019. The liability represents the present value of future obligations and is calculated on an actuarial basis. The Polish operations recognized expense of $361 and $740 for the three and nine months ended July 31, 2020 and $40 and $223 for the three and nine months ended July 31, 2019, respectively.

        The insurance contracts guarantee a minimum rate of return. We have no input into the investment strategy of the assets underlying the contracts, but they are typically heavily invested in active bond markets and are highly regulated by local law.