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Leases (Tables) | 9 Months Ended
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Jul. 31, 2020
Leases [Abstract] |
Leases on the Consolidated Condensed Balance Sheet | The following table presents information about leases on the Consolidated Condensed Balance Sheet:
(In millions) | July 31, 2020
Operating Leases |
Operating lease right-of-use assets | $ | 258.9 |
Operating lease liabilities, current | 32.3 |
Operating lease liabilities, non-current | 236.6 |
Total operating lease liabilities | $ | 268.9 |
Weighted average remaining lease term (in years) | 11.3 |
Weighted average discount rate | 3 | %
Lease Cost | The following table presents information about lease expense in our Consolidated Statements of Income and Comprehensive Income:
Periods Ended July 31, | Three Months |  | Nine Months
(In millions) | 2020 |  | 2020
Operating lease expense | $ | 10.6 |  |  | $ | 30.2 |
Short-term lease expense | 1.1 |  |  | 3.3 |
Variable lease expense | $ | 0.5 |  |  | $ | 1.3 |
The following table presents supplemental cash flow information about the Company’s leases:
Periods Ended July 31, | Three Months |  | Nine Months
(In millions) | 2020 |  | 2020
Cash paid for amounts included in the measurement of lease liabilities: |  |  |
Operating cash flows from operating leases | $ | 10.5 |  |  | $ | 30.1 |
Minimum Rental Payments required under Operating Leases | The minimum rental payments required under operating leases that have initial or remaining noncancelable lease terms in excess of one year as of July 31, 2020 are:
(In millions) |
Remainder of 2020 | $ | 10.1 |
2021 | 38.8 |
2022 | 35.0 |
2023 | 31.1 |
2024 | 28.8 |
2025 and thereafter | 179.5 |
Total lease payments | 323.3 |
Less: interest | 54.4 |
Present value of lease liabilities | $ | 268.9 |
Future Minimum Lease Payments for Operating Leases under ASC 840 | As previously disclosed in the Company’s Annual Report on Form 10-K for the fiscal year ended October 31, 2019, and under previous lease accounting standard ASC 840, Leases, the aggregate future noncancelable minimum rental payments on its operating leases, as of October 31, 2019, were as follows:
(In millions) |
2020 | $ | 38.5 |
2021 | 34.9 |
2022 | 31.2 |
2023 | 28.0 |
2024 | 26.5 |
2025 and thereafter | 173.6 |
Total future minimum lease payments | $ | 332.7 |

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- Definition Tabular disclosure of lessee's lease cost. Includes, but is not limited to, interest expense for finance lease, amortization of right-of-use asset for finance lease, operating lease cost, short-term lease cost, variable lease cost and sublease income. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=121609121&loc=SL77918686-209980 + Details
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- Definition Tabular disclosure of undiscounted cash flows of lessee's operating lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to operating lease liability recognized in statement of financial position. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=121609121&loc=SL77918701-209980 + Details
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- Definition Tabular disclosure of future minimum payments required in the aggregate and for each of the five succeeding fiscal years for operating leases having initial or remaining noncancelable lease terms in excess of one year and the total minimum rentals to be received in the future under noncancelable subleases as of the balance sheet date. + References Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 20 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=121573735&loc=d3e41502-112717 + Details
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