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Retirement, Pension and Other Postretirement Plans (Tables)
12 Months Ended
Oct. 31, 2024
Summary of Accumulated Other Comprehensive Loss Accumulated other comprehensive loss at October 31, 2024 and 2023 consisted of:
Cumulative
translation
adjustments
Pension and
postretirement benefit
plan adjustments
Accumulated
other comprehensive
loss
Balance at October 31, 2023$(133,280)$(63,161)$(196,441)
Pension and postretirement plan changes, net of tax of $1,716
— (4,789)(4,789)
Currency translation losses16,390 — 16,390 
Balance at October 31, 2024$(116,890)$(67,950)$(184,840)
Pension Plans  
Reconciliation of the Benefit Obligations, Plan Assets, Accrued Benefit Cost and the Amount Recognized in Financial Statements for Pension Plans
A reconciliation of the benefit obligations, plan assets, accrued benefit cost and the amount recognized in financial statements for pension plans is as follows:
United StatesInternational
2024202320242023
Change in benefit obligation:    
Benefit obligation at beginning of year$319,186 $303,520 $62,813 $60,880 
Service cost10,043 10,973 942 1,096 
Interest cost18,975 16,699 2,766 2,513 
Participant contributions — 82 79 
Settlements(1,659)(1,499)(805)(607)
Curtailments —  (2)
Foreign currency exchange rate change — 2,320 3,566 
Actuarial (gain) loss30,709 (4,120)4,086 (2,361)
Benefits paid(8,906)(6,387)(2,841)(2,351)
Benefit obligation at end of year$368,348 $319,186 $69,363 $62,813 
Change in plan assets:
Beginning fair value of plan assets$321,676 $333,851 $39,863 $38,316 
Actual return on plan assets52,744 (6,307)4,460 117 
Company contributions2,187 2,018 2,104 2,429 
Participant contributions — 82 79 
Settlements(1,659)(1,499)(805)(607)
Foreign currency exchange rate change — 1,966 1,880 
Benefits paid(8,906)(6,387)(2,841)(2,351)
Ending fair value of plan assets$366,042 $321,676 $44,829 $39,863 
Funded status at end of year$(2,306)$2,490 $(24,534)$(22,950)
Amounts recognized in financial statements:
Noncurrent asset$7,320 $11,473 $13,716 $9,991 
Accrued benefit liability(977)(1,494)(6)(5)
Long-term pension obligations(8,649)(7,489)(38,244)(32,936)
Total amount recognized in financial statements$(2,306)$2,490 $(24,534)$(22,950)
 
The net actuarial loss included in the projected benefit obligation for the United States and international pension plans for 2024 was primarily due to lower discount rates partially offset by gains due to demographic experience. The actuarial gain included in the projected benefit obligation for the United States pension plans for 2023 was primarily due to higher discount rates partially offset by losses due to demographic experience.
Amounts recognized in accumulated other comprehensive loss (income):
 United StatesInternational
 2024202320242023
Net actuarial loss (gain)$107,027 $102,506 $(2,312)$(3,122)
Prior service cost (credit) — (88)(91)
Accumulated other comprehensive loss (income)$107,027 $102,506 $(2,400)$(3,213)
Summary of Accumulated Other Comprehensive Loss
The following table summarizes the changes in accumulated other comprehensive loss (income): 
United StatesInternational
2024202320242023
Balance at beginning of year$102,506 $74,293 $(3,213)$(2,413)
Net loss (gain) arising during the year4,577 28,303 1,197 (943)
Net (gain) recognized during the year — (29)(79)
Prior service adjustment recognized during the year — 8 50 
Settlement (gain) loss(56)(90)(95)425 
Curtailment (gain) loss —  
Exchange rate effect during the year — (268)(255)
Balance at end of year$107,027 $102,506 $(2,400)$(3,213)
Accumulated Benefit Obligation
Information regarding the funded status of the Company's plans is as follows:
United StatesInternational
2024202320242023
For plans with accumulated benefit obligation in excess of plan assets:
Accumulated benefit obligation$10,121 $8,703 $41,647 $36,413 
Fair value of plan assets— — 5,323 5,115 
For plans with projected benefit obligation in excess of plan assets:
Projected benefit obligation9,626 8,983 43,574 38,039 
Fair value of plan assets — 5,323 5,115 
Components of Net Periodic Benefits Cost
Net periodic pension costs include the following components:
United StatesInternational
202420232022202420232022
Service cost$10,043 $10,973 $16,820 $942 $1,096 $1,693 
Interest cost18,975 16,699 14,486 2,766 2,513 1,105 
Expected return on plan assets(26,611)(26,116)(27,776)(1,626)(1,532)(1,430)
Amortization of prior service credit — 48 (8)(50)(104)
Amortization of net actuarial loss — 7,504 29 79 2,278 
Settlement loss (gain)56 90 41,548 95 (425)(29)
Curtailment gain — —  (2)(2,112)
Total benefit cost$2,463 $1,646 $52,630 $2,198 $1,679 $1,401 
Weighted Average Assumptions Representing the Rates Used to Develop the Actuarial Present Value of Projected Benefit Obligation and the Net Periodic Benefit Costs
The weighted average assumptions used in the valuation of pension benefits were as follows:
United StatesInternational
202420232022202420232022
Assumptions used to determine benefit obligations at October 31:
Discount rate5.27 %6.08 %5.70 %3.80 %4.35 %3.78 %
Rate of compensation increase3.96 3.92 4.30 3.08 2.96 3.44 
Assumptions used to determine net benefit costs for the years ended October 31:
Discount rate - benefit obligation6.08 5.70 3.02 4.35 3.78 1.30 
Discount rate - service cost6.18 5.89 3.42 3.48 2.88 1.14 
Discount rate - interest cost5.84 5.37 2.35 4.28 3.85 1.37 
Expected return on plan assets6.50 6.40 5.75 4.04 3.75 3.29 
Rate of compensation increase3.92 3.87 4.00 2.96 3.44 2.90 
Allocation of Pension Plan Assets
The allocation of pension plan assets as of October 31, 2024 and 2023 is as follows:
 United StatesInternational
 2024202320242023
Asset Category
Equity securities3 %% %— %
Debt securities45 43  — 
Insurance contracts — 17 31 
Pooled investment funds51 53 82 67 
Other1 1 
Total100 %100 %100 %100 %
Fair Values of Pension Plan Assets
The fair values of our pension plan assets at October 31, 2024 by asset category are in the table below:
United StatesInternational
TotalLevel 1Level 2Level 3TotalLevel 1Level 2Level 3
Cash$ $ $ $ $442 $442 $ $ 
Equity securities:
Basic materials683 683       
Consumer goods1,788 1,788       
Financial2,461 2,461       
Healthcare1,811 1,811       
Industrial goods2,021 2,021       
Technology2,104 2,104       
Fixed income securities:
U.S. Government58,000  58,000      
Corporate100,909  100,909      
Other5,879  5,879      
Other types of investments:
Insurance contracts    7,390   7,390 
Other1,524 1,524       
Total investments in the fair value hierarchy$177,180 $12,392 $164,788 $ $7,832 $442 $ $7,390 
Investments measured at Net Asset Value:
Real estate collective funds33,270  
Pooled investment funds155,592 36,997 
Total Investments at Fair Value$366,042 $44,829 
The fair values of our pension plan assets at October 31, 2023 by asset category are in the table below:
United StatesInternational
TotalLevel 1Level 2Level 3TotalLevel 1Level 2Level 3
Cash$355 $355 $— $— $777 $777 $— $— 
Money market funds251 251 — — — — — — 
Equity securities:
Basic materials632 632 — — — — — — 
Consumer goods1,614 1,614 — — — — — — 
Financial1,787 1,787 — — — — — — 
Healthcare1,368 1,368 — — — — — — 
Industrial goods1,403 1,403 — — — — — — 
Technology1,732 1,732 — — — — — — 
Fixed income securities:
U.S.  Government42,269 — 42,269 — — — — — 
Corporate94,650 — 94,650 — — — — — 
Other2,640 — 2,640 — — — — — 
Other types of investments:
Insurance contracts— — — — 12,224 — — 12,224 
Other2,092 2,092 — — — — — — 
Total investments in the fair value hierarchy$150,793 $11,234 $139,559 $— $13,001 $777 $— $12,224 
Investments measured at Net Asset Value:
Real estate collective funds42,780 
Pooled investment funds128,103 26,862 
Total Investments at Fair Value$321,676 $39,863 
Change in Level 3 Fair Value of Plan Assets
The following tables present an analysis of changes during the years ended October 31, 2024 and 2023 in Level 3 plan assets, by plan asset class, for U.S. and international pension plans using significant unobservable inputs to measure fair value:
Fair Value Measurements
Using Significant Unobservable
Inputs (Level 3)
Insurance
contracts
Beginning balance at October 31, 2023$12,224 
Actual return on plan assets:
Purchases1,428 
Sales(7,010)
Settlements(214)
Unrealized gains440 
Foreign currency translation522 
Ending balance at October 31, 2024$7,390 
Fair Value Measurements
Using Significant Unobservable
Inputs (Level 3)
Insurance
contracts
Beginning balance at October 31, 2022$18,066 
Actual return on plan assets:
Purchases1,320 
Sales(8,007)
Settlements(607)
Unrealized gains266 
Foreign currency translation1,186 
Ending balance at October 31, 2023$12,224 
Retiree Pension Benefit Payments
Retiree pension benefit payments, which include expected future service, are anticipated to be paid as follows:
YearUnited StatesInternational
2025$10,851 $2,988 
2026$12,667 $5,076 
2027$14,587 $3,955 
2028$16,470 $3,637 
2029$18,297 $3,934 
2030-2034$117,167 $20,033 
Retirement Plans  
Reconciliation of the Benefit Obligations, Plan Assets, Accrued Benefit Cost and the Amount Recognized in Financial Statements for Pension Plans
A reconciliation of the benefit obligations, accrued benefit cost and the amount recognized in financial statements for other postretirement plans in the United States is as follows:
 20242023
Change in benefit obligation:  
Benefit obligation at beginning of year$53,433 $59,851 
Service cost281 399 
Interest cost3,018 3,063 
Participant contributions580 614 
Actuarial (gain) loss623 (7,301)
Benefits paid(3,683)(3,193)
Benefit obligation at end of year$54,252 $53,433 
Change in plan assets:
Beginning fair value of plan assets$ $— 
Company contributions3,103 2,579 
Participant contributions580 614 
Benefits paid(3,683)(3,193)
Ending fair value of plan assets$ $— 
Funded status at end of year$(54,252)$(53,433)
Amounts recognized in financial statements:
Accrued benefit liability$(2,890)$(2,800)
Long-term postretirement obligations(51,362)(50,633)
Total amount recognized in financial statements$(54,252)$(53,433)
Summary of Accumulated Other Comprehensive Loss
The following table summarizes the changes in accumulated other comprehensive (gain) loss:
 20242023
Balance at beginning of year$(12,336)$(5,035)
Net (gain) loss arising during the year623 (7,301)
Net gain (loss) recognized during the year591 — 
Balance at end of year$(11,122)$(12,336)
Components of Net Periodic Benefits Cost
Net postretirement benefit costs include the following components:
 202420232022
Service cost$281 $399 $687 
Interest cost3,018 3,063 1,923 
Amortization of net actuarial (gain) loss(591)— 978 
Total benefit cost (credit)$2,708 $3,462 $3,588 
Weighted Average Assumptions Representing the Rates Used to Develop the Actuarial Present Value of Projected Benefit Obligation and the Net Periodic Benefit Costs
The weighted average assumptions used in the valuation of postretirement benefits were as follows:
 202420232022
Assumptions used to determine benefit obligations at October 31:
Discount rate5.18 %6.02 %5.59 %
Health care cost trend rate2.25 3.40 3.50 
Rate to which health care cost trend rate is assumed to incline/decline (ultimate trend rate)1.80 3.16 3.19 
Year the rate reaches the ultimate trend rate203320322032
Assumption used to determine net benefit costs for the years ended October 31:
Discount rate benefit obligation6.02 %5.59 %2.98 %
Discount rate service cost6.26 6.00 3.55 
Discount rate interest cost5.76 5.22 2.30 
Retiree Pension Benefit Payments
Retiree postretirement benefit payments are anticipated to be paid as follows:
Year
2025$2,890 
2026$3,021 
2027$3,203 
2028$3,331 
2029$3,455 
2030-2034$18,876