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Employee Retirement and Deferred Compensation Plans
 12 Months Ended
Oct. 31, 2022
Retirement Benefits [Abstract]  
Employee Retirement and Deferred Compensation Plans 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 $17.1 million, $15.5 million, and $6.1 million for the fiscal years ended October 31, 2022, 2021, and 2020, respectively, which is included in “Selling, general and administrative” expense in the Consolidated Statements of Operations and Comprehensive Income.
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 $35.7 million and $36.3 million at October 31, 2022 and 2021, 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. 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 5.26%, 2.27%, and 1.95% discount rate in our calculation of the present value of our projected benefit obligations at October 31, 2022, 2021, and 2020, 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, 2022, 2021 and 2020.
Information related to our retirement plans for each of the fiscal years ended October 31, 2022, 2021, and 2020, is as follows (amounts in thousands):
202220212020
Plan costs:   
Service cost$261 $452 $453 
Interest cost1,055 926 1,158 
Amortization of prior service cost1,806 1,723 1,468 
Amortization of unrecognized losses— 77 23 
 $3,122 $3,178 $3,102 
Projected benefit obligation:   
Beginning of year$47,705 $48,374 $45,070 
Plan amendments adopted during year— 755 2,600 
Service cost261 452 453 
Interest cost1,055 926 1,158 
Benefit payments(2,544)(1,894)(1,636)
Change in unrecognized (gain) loss(9,573)(908)729 
Projected benefit obligation, end of year$36,904 $47,705 $48,374 
Unamortized prior service cost:   
Beginning of year$5,484 $6,452 $5,320 
Plan amendments adopted during year— 755 2,600 
Amortization of prior service cost(1,806)(1,723)(1,468)
Unamortized prior service cost, end of year$3,678 $5,484 $6,452 
Accumulated unrecognized gain (loss), October 31$7,285 $(2,288)$(3,273)
Accumulated benefit obligation, October 31$36,904 $47,705 $48,374 
Accrued benefit obligation, October 31$36,904 $47,705 $48,374 
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, 2032 in the aggregate (in thousands):
Year ending October 31,Amount
2023$2,780 
2024$3,108 
2025$3,381 
2026$3,629 
2027$3,614 
November 1, 2027 – October 31, 2032$16,836