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| 11 |
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EMPLOYEE RETIREMENT PLANS
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The company maintains The Toro Company Investment, Savings, and Employee Stock Ownership Plan for eligible employees. The company's expenses under this plan were $12,686, $15,500, and $15,200 for the fiscal years ended October 31, 2011, 2010, and 2009, respectively.
In addition, the company and its subsidiaries have defined benefit, supplemental, and other retirement plans covering certain employees in the U.S. and the United Kingdom. The projected benefit obligation of these plans as of October 31, 2011 and 2010 was $40,989 and $38,696, respectively, and the net liability amount recognized in the consolidated balance sheets as of October 31, 2011 and 2010 was $4,467 and $4,272, respectively. The accumulated benefit obligation of these plans as of October 31, 2011 and 2010 was $38,446 and $36,685, respectively. The funded status of these plans as of October 31, 2011 and 2010 was $10,847 and $10,022, respectively. The fair value of the plan assets as of October 31, 2011 and 2010 was $30,141 and $28,674, respectively. The net expense recognized in the consolidated financial statements for these plans was $1,520, $326, and $1,629 for the fiscal years ended October 31, 2011, 2010, and 2009, respectively.
Amounts recognized in accumulated other comprehensive loss consisted of:
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October 31 |
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Defined Benefit
Pension Plans |
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Other Postretirement
Benefit Plans |
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Total |
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2011 |
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Net actuarial loss |
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$ |
1,788 |
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$ |
2,164 |
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$ |
3,952 |
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Net prior service cost (credit) |
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192 |
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(344 |
) |
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(152 |
) |
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Accumulated other comprehensive loss |
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$ |
1,980 |
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$ |
1,820 |
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$ |
3,800 |
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2010 |
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Net actuarial loss |
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$ |
1,309 |
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$ |
2,221 |
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$ |
3,530 |
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Net prior service cost (credit) |
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248 |
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(517 |
) |
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(269 |
) |
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Accumulated other comprehensive loss |
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$ |
1,557 |
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$ |
1,704 |
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$ |
3,261 |
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The following amounts are included in accumulated other comprehensive loss as of October 31, 2011 and are expected to be recognized as components of net periodic benefit cost during fiscal 2012.
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Defined Benefit
Pension Plans |
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Other
Postretirement
Benefit Plans |
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Total |
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Net loss |
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$ |
331 |
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$ |
170 |
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$ |
501 |
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Net prior service cost (credit) |
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|
87 |
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(168 |
) |
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(81 |
) |
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Amounts recognized in net periodic benefit cost and other comprehensive income consisted of:
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Fiscal years ended October 31 |
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Defined Benefit
Pension Plans |
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Other
Postretirement
Benefit Plans |
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Total |
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2011 |
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Net loss |
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$ |
160 |
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$ |
271 |
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$ |
431 |
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Amortization of unrecognized prior service (credit) cost |
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(55 |
) |
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173 |
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118 |
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Amortization of unrecognized actuarial loss (gain) |
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318 |
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(328 |
) |
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(10 |
) |
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Total recognized in other comprehensive loss (income) |
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$ |
423 |
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$ |
116 |
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$ |
539 |
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Total recognized in net periodic benefit cost and other comprehensive (income) loss |
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$ |
714 |
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$ |
1,345 |
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$ |
2,059 |
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2010 |
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Net (gain) loss |
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$ |
(411 |
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$ |
669 |
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$ |
258 |
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Curtailment gain |
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(578 |
) |
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– |
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(578 |
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Amortization of unrecognized prior service (credit) cost |
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(56 |
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121 |
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65 |
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Amortization of unrecognized actuarial gain |
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(351 |
) |
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(75 |
) |
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(426 |
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Total recognized in other comprehensive (income) loss |
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$ |
(1,396 |
) |
$ |
715 |
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$ |
(681 |
) |
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Total recognized in net periodic benefit cost and other comprehensive (income) loss |
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$ |
(1,621 |
) |
$ |
1,266 |
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$ |
(355 |
) |
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The company has omitted the remaining disclosures for its defined benefit plans and postretirement healthcare plan as the company deems these plans to be immaterial to its consolidated financial position and results of operations. |