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Retirement and Other Benefit Plans (Tables)
12 Months Ended
Oct. 30, 2020
Schedule of Net Pension Cost

Net pension cost consisted of the following:

 

    October 30, 2020     November 1, 2019  
    (52 Weeks)     (52 Weeks)  
Service cost   $ 127     $ 103  
Interest cost     2,025       2,396  
Expected return on plan assets     (3,688 )     (3,414 )
Amortization of unrecognized loss     2,163       1,236  
Net pension cost   $ 627     $ 321  

Schedule of Assumptions Used

Weighted average assumptions for each fiscal year are as follows:

 

    2020     2019  
Discount rate     2.45 %     3.00 %
Rate of increase in salary levels     N/A       N/A  
Expected return on plan assets     7.00 %     7.00 %

Schedule of Changes in Projected Benefit Obligations

The benefit obligation, plan assets, and funded status of these plans as of the fiscal years ended are as follows:

 

    October 30, 2020     November 1, 2019  
    (52 Weeks)     (52 Weeks)  
Change in plan assets:                
Fair value of plan assets - beginning of year   $ 53,892     $ 49,434  
Employer contributions     -       875  
Actual return on plan assets     2,189       5,402  
Benefits paid     (1,965 )     (1,819 )
Fair value of plan assets - end of year   $ 54,116     $ 53,892  
Change in benefit obligations:                
Benefit obligations - beginning of year   $ 68,022     $ 57,487  
Service cost     127       103  
Interest cost     2,025       2,396  
Actuarial gain (loss)     4,585       9,856  
Benefits paid     (1,965 )     (1,820 )
Benefit obligations - end of year     72,794       68,022  
Funded status of the plans     (19,965 )     (14,130 )
Unrecognized prior service costs     -       -  
Unrecognized net actuarial loss     27,373       23,453  
Net amount recognized   $ 7,408     $ 9,323  

Schedule of Allocation of Plan Assets

The actual and target allocation for plan assets are as follows:

 

Asset Class   2020    

Target

Asset

Allocation

    2019    

Target

Asset

Allocation

 
Large Cap Equities     21.5 %     22.0 %     21.8 %     22.0 %
Mid Cap Equities     0.0 %     0.0 %     0.0 %     0.0 %
Small Cap Equities     13.5 %     12.0 %     13.8 %     12.0 %
International (equities only)     25.7 %     26.0 %     25.2 %     26.0 %
Fixed Income     37.5 %     39.0 %     37.6 %     39.0 %
Cash     1.8 %     1.0 %     1.6 %     1.0 %
Total     100.0 %     100.0 %     100.0 %     100.0 %

Schedule of Fair Value of Pension Plan Assets

The fair value of our pension plan assets as of October 30, 2020 and the level under which fair values were determined, using the hierarchy described in Note 1, is as follows:

 

    2020  
    Level 1     Level 2     Level 3     Total  
                         
Total plan assets   $ 54,116       -       -     $ 54,116  
                                 

Schedule of Health Care Cost Trend Rates

Weighted average assumptions for the fiscal years ended October 30, 2020 and November 1, 2019 are as follows:

 

    2020     2019  
Discount rate     2.43 %     2.92 %
Medical trend rate next year     8.00 %     7.50 %
Ultimate trend rate     5.00 %     5.00 %
Year ultimate trend rate is achieved     2026       2025  

Schedule of Net Funded Status

The healthcare obligation and funded status of this plan as of the fiscal years ended are as follows:

 

    2020     2019  
Change in accumulated postretirement healthcare obligation:                
Healthcare obligation - beginning of year   $ 586     $ 517  
Service cost     3       9  
Interest cost     16       22  
Actuarial gain     (8 )     44  
Benefits paid     (9 )     (6 )
Healthcare obligation – end of year   $ 588     $ 586  
                 
Funded status of the plans     588       586  
Unrecognized prior service costs     -       -  
Unrecognized net actuarial gain     (66 )     (58 )
Unrecognized amounts recorded in other comprehensive income     66       58  
Postretirement healthcare liability   $ 588     $ 586  

Pension Plan [Member]  
Schedule of Expected Payments for Pension Benefits

Expected payments for the pension benefits are as follows:

 

Fiscal Years   Pension Benefits  
2021   $ 2,627  
2022   $ 2,770  
2023   $ 2,936  
2024   $ 3,091  
2025   $ 3,303  
2026-2030   $ 17,625  

Executive Post-retirement Benefits [Member]  
Schedule of Expected Payments for Pension Benefits

Expected payments for executive postretirement benefits are as follows:

 

Fiscal Years   Executive Postretirement Benefits  
2021   $ 499  
2022   $ 533  
2023   $ 533  
2024   $ 533  
2025   $ 533  
2026-2030   $ 2,642  

Post-retirement Healthcare Benefits [Member]  
Schedule of Expected Payments for Pension Benefits

Expected payments for the postretirement benefits are as follows:

 

Fiscal Years  

Postretirement Healthcare

Benefits

 
2021   $ 66  
2022   $ 46  
2023   $ 21  
2024   $ 22  
2025-2029   $       108  
Schedule Net Periodic Post-retirement Healthcare (benefit) Cost

Net periodic postretirement healthcare cost (benefit) consisted of the following:

 

    October 30, 2020     November 1, 2019  
    (52 Weeks)     (52 Weeks)  
Service cost   $ 3     $ 9  
Interest cost     16       22  
Amortization of prior service cost     -       (44 )
Amortization of actuarial gain     -       (7 )
Net periodic postretirement healthcare cost (benefit)   $ 19     $ (20 )

One Percent Increase in Healthcare Cost Trend Rate [Member]  
Schedule of Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates

The table below shows the estimated effect of a 1% increase in healthcare cost trend rate on the following:

 

    2020     2019  
Interest cost plus service cost   $ 2     $ 3  
Accumulated postretirement healthcare obligation   $ 59     $ 64  

One Percent Decrease in Healthcare Cost Trend Rate [Member]  
Schedule of Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates

The table below shows the estimated effect of a 1% decrease in healthcare cost trend rate on the following:

 

    2020     2019  
Interest cost plus service cost   $ (2 )   $ (3 )
Accumulated postretirement healthcare obligation   $ (50 )   $ (53 )