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Employee Retirement and Deferred Compensation Plans
 12 Months Ended
Oct. 31, 2018
Retirement Benefits [Abstract]  
Pension and Other Postretirement Benefits Disclosure
Employee Retirement and Deferred Compensation Plans
Salary Deferral Savings Plans
We maintain salary deferral savings plans covering substantially all employees. We recognized an expense, net of plan forfeitures, with respect to the plans of $12.6 million, $12.3 million, and $10.3 million for the fiscal years ended October 31, 2018, 2017, and 2016, respectively.
Deferred Compensation Plan
We have an unfunded, nonqualified deferred compensation plan that permits eligible employees to defer a portion of their compensation. The deferred compensation, together with certain of our contributions, earns various rates of return depending upon when the compensation was deferred. A portion of the deferred compensation and interest earned may be forfeited by a participant if he or she elects to withdraw the compensation prior to the end of the deferral period. We accrued $27.0 million and $23.2 million at October 31, 2018 and 2017, respectively, for our obligations under the plan.
Defined Benefit Retirement Plans
We have two unfunded defined benefit retirement plans. Retirement benefits generally vest when the participant reaches normal retirement age (age 62). Unrecognized prior service costs are being amortized over the period from the date participants enter the plans until their interests are fully vested. We used a 4.06%, 3.19%, and 2.98% discount rate in our calculation of the present value of our projected benefit obligations at October 31, 2018, 2017, and 2016, respectively. The rates represent the approximate long-term investment rate at October 31 of the fiscal year for which the present value was calculated. Information related to the plans is based on actuarial information calculated as of October 31, 2018, 2017 and 2016.
Information related to our retirement plans for each of the fiscal years ended October 31, 2018, 2017, and 2016, is as follows (amounts in thousands):
 
2018
 
2017
 
2016
Plan costs:
 
 
 
 
 
Service cost
$
568

 
$
619

 
$
562

Interest cost
1,198

 
1,142

 
1,276

Amortization of prior service cost
936

 
969

 
947

Amortization of unrecognized losses
17

 
137

 
42

 
$
2,719

 
$
2,867

 
$
2,827

Projected benefit obligation:
 
 
 
 
 
Beginning of year
$
38,222

 
$
38,980

 
$
35,815

Plan amendments adopted during year

 


 
757

Service cost
568

 
619

 
562

Interest cost
1,198

 
1,142

 
1,276

Benefit payments
(1,358
)
 
(1,318
)
 
(1,129
)
Change in unrecognized gain/loss
(3,115
)
 
(1,201
)
 
1,699

Projected benefit obligation, end of year
$
35,515

 
$
38,222

 
$
38,980

Unamortized prior service cost:
 
 
 
 
 
Beginning of year
$
1,806

 
$
2,775

 
$
2,965

Plan amendments adopted during year

 


 
757

Amortization of prior service cost
(936
)
 
(969
)
 
(947
)
Unamortized prior service cost, end of year
$
870

 
$
1,806

 
$
2,775

Accumulated unrecognized gain (loss), October 31
$
1,571

 
$
(1,560
)
 
$
(2,898
)
Accumulated benefit obligation, October 31
$
35,515

 
$
38,222

 
$
38,980

Accrued benefit obligation, October 31
$
35,515

 
$
38,222

 
$
38,980


The accrued benefit obligation is included in accrued expenses on our Consolidated Balance Sheets.
The table below provides, based upon the estimated retirement dates of the participants in the retirement plans, the amounts of benefits we would be required to pay in each of the next five fiscal years and for the five fiscal years ended October 31, 2028 in the aggregate (in thousands):
Year ending October 31,
 
Amount
2019
 
$
1,363

2020
 
$
2,386

2021
 
$
2,702

2022
 
$
2,893

2023
 
$
2,993

November 1, 2023 – October 31, 2028
 
$
15,981