Toro 2008 Annual Report Download - page 62

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date for these plans was July 31, 2008. The projected benefit obli- Amounts recognized in net periodic benefit cost and other com-
gation of these plans as of October 31, 2008 and 2007 was prehensive income consisted of:
$24,346 and $31,445, respectively, and the net liability amount
Other
recognized in the consolidated balance sheets as of October 31, Defined Benefit Postretirement
2008 and 2007 was $1,882 and $3,145, respectively. The accumu- Fiscal years ended October 31 Pension Plans Benefit Plans Total
lated benefit obligation of these plans as of October 31, 2008 and
2008
2007 was $20,807 and $27,270, respectively. The fair value of the Net loss (gain) $ 39 $ (63) $ (24)
plan assets as of October 31, 2008 and 2007 was $23,015 and Amortization of unrecognized
$28,584, respectively. The net expense recognized in the consoli- prior service (credit) cost (47) 122 75
dated financial statements for these plans was $681, $954, and Amortization of unrecognized
actuarial gain (276) (134) (410)
$846 for the fiscal years ended October 31, 2008, 2007, and 2006,
respectively. Total recognized in other
comprehensive income $(284) $ (75) $ (359)
Amounts recognized in accumulated other comprehensive loss
consisted of: Total recognized in net periodic
benefit cost and other
Other comprehensive income $ 397 $ 1,047 $ 1,444
Defined Benefit Postretirement 2007
October 31 Pension Plans Benefit Plans Total Incremental effect of adopting
SFAS No. 158 $ 254 $(1,738) $(1,484)
2008
Net loss (gain) (295) 1,738 1,443
Net actuarial (gain) loss $(605) $ 2,423 $ 1,818
Net prior service cost (credit) 251 (760) (509) Total recognized in other
comprehensive income $ (41) $ – $ (41)
Accumulated other
comprehensive loss $(354) $ 1,663 $ 1,309 Total recognized in net periodic
benefit cost and other
2007
comprehensive income $ 913 $ 896 $ 1,809
Net actuarial (gain) loss $(554) $ 2,620 $ 2,066
Net prior service cost (credit) 484 (882) (398)
The following amounts are included in accumulated other com-
Accumulated other prehensive loss as of October 31, 2008 and are expected to be
comprehensive income (loss) $ (70) $ 1,738 $ 1,668
recognized as components of net periodic benefit cost during fiscal
2009.
Other
Defined Benefit Postretirement
Pension Plans Benefit Plans Total
Net (gain) loss $ (32) $ 191 $ 159
Net prior service cost (credit) 75 (193) (118)
During the first quarter of fiscal 2007, the company began to
offer participants in the company’s deferred compensation plans
the option to invest their deferred compensation in multiple invest-
ment options. At the same time, the company elected to fund the
majority of the deferred compensation plans that amounted to
$17,935. The fair value of the investment in the deferred compen-
sation plans as of October 31, 2008 and 2007 was $14,633 and
$19,734, respectively, which reduced the company’s deferred com-
pensation liability reflected in accrued liabilities on the consolidated
balance sheet.
54