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Employee Benefits (Tables) | 12 Months Ended
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Oct. 31, 2021
Retirement Benefits [Abstract] |
Changes in benefit obligation, changes in plan assets and funded status | The following table sets forth the Plan's benefit obligations and fair value of the Plan assets at October 31, 2021, 2020 and 2019 and the funded status of the Plan and net periodic pension costs for each of the years in the three-year periods ended October 31, 2021. Retirement Income Plan
Years Ended October 31, (In millions) | 2021 |  | 2020 |  | 2019
Change in benefit obligation |  |  |  |  |
Benefit obligation, beginning of year | $ | 218.8 |  |  | $ | 189.7 |  |  | $ | 147.1 |
Service cost | 17.2 |  |  | 13.9 |  |  | 10.1 |
Interest cost | 4.4 |  |  | 5.2 |  |  | 6.1 |
Benefits paid | (11.5) |  |  | (10.0) |  |  | (10.2) |
Actuarial loss | 2.0 |  |  | 20.0 |  |  | 36.6 |
Benefit obligation, end of year | $ | 230.9 |  |  | $ | 218.8 |  |  | $ | 189.7 |
Change in plan assets |  |  |  |  |
Fair value of plan assets, beginning of year | $ | 159.5 |  |  | $ | 136.0 |  |  | $ | 121.0 |
Actual return on plan assets | 38.8 |  |  | 10.1 |  |  | 12.1 |
Employer contributions | 12.7 |  |  | 23.4 |  |  | 13.1 |
Benefits paid | (11.5) |  |  | (10.0) |  |  | (10.2) |
Fair value of plan assets, end of year | $ | 199.5 |  |  | $ | 159.5 |  |  | $ | 136.0 |
Funded status at end of year | $ | (31.4) |  |  | $ | (59.3) |  |  | $ | (53.7) |
Amounts recognized in the consolidated balance sheets |
Years Ended October 31, (In millions) | 2021 |  | 2020 |  | 2019
Amounts recognized in the Consolidated Balance Sheets consist of: |  |  |  |  |
Noncurrent liabilities | $ | (31.4) |  |  | $ | (59.3) |  |  | $ | (53.7) |
Net amount recognized at year end | $ | (31.4) |  |  | $ | (59.3) |  |  | $ | (53.7) |
Amounts recognized in accumulated other comprehensive Income |
Years Ended October 31, (In millions) | 2021 |  | 2020 |  | 2019
Amounts recognized in accumulated other comprehensive income consist of: |  |  |  |  |
Net loss | $ | 44.4 |  |  | $ | 74.2 |  |  | $ | 57.3 |
Accumulated other comprehensive income | $ | 44.4 |  |  | $ | 74.2 |  |  | $ | 57.3 |
Pension plans with projected benefit obligation in excess of plan assets |
Years Ended October 31, (In millions) | 2021 |  | 2020 |  | 2019
Information for defined benefit plans with projected benefit obligation in excess of plan assets: |  |  |  |  |
Projected benefit obligation | $ | 230.9 |  |  | $ | 218.8 |  |  | $ | 189.7 |
Fair value of plan assets | $ | 199.5 |  |  | $ | 159.5 |  |  | $ | 136.0 |
Pension plans with accumulated benefit obligations in excess of fair value of plan assets |
Years Ended October 31, (In millions) | 2021 |  | 2020 |  | 2019
Information for defined benefit plans with accumulated benefit obligations in excess of plan assets: |  |  |  |  |
Accumulated benefit obligation | $ | 207.6 |  |  | $ | 195.8 |  |  | $ | 170.8 |
Fair value of plan assets | $ | 199.5 |  |  | $ | 159.5 |  |  | $ | 136.0 |
Reconciliation of prepaid (accrued) pension cost |
Years Ended October 31, (In millions) | 2021 |  | 2020 |  | 2019
Reconciliation of (prepaid) accrued pension cost: |  |  |  |  |
(Prepaid)/Accrued pension cost at prior fiscal year end | $ | (14.8) |  |  | $ | (3.7) |  |  | $ | 2.2 |
Net periodic benefit cost | 14.5 |  |  | 12.3 |  |  | 7.2 |
Contributions made during the year | (12.7) |  |  | (23.4) |  |  | (13.1) |
(Prepaid)/Accrued pension cost at fiscal year end | $ | (13.0) |  |  | $ | (14.8) |  |  | $ | (3.7) |
Components of net periodic pension costs and other amounts recognized in other comprehensive income |
Years Ended October 31, (In millions) | 2021 |  | 2020 |  | 2019
Components of net periodic benefit cost and other amounts recognized in the Consolidated Statements of Income: |  |  |  |  |
Net periodic benefit cost: |  |  |  |  |
Service cost | $ | 17.2 |  |  | $ | 13.9 |  |  | $ | 10.1 |
Interest cost | 4.4 |  |  | 5.2 |  |  | 6.1 |
Expected return on plan assets | (12.5) |  |  | (10.8) |  |  | (9.8) |
Recognized actuarial loss | 5.4 |  |  | 4.0 |  |  | 0.8 |
Net periodic pension cost | $ | 14.5 |  |  | $ | 12.3 |  |  | $ | 7.2 |
Other changes in plan assets and benefit obligations recognized in other comprehensive income |
Years Ended October 31, (In millions) | 2021 |  | 2020 |  | 2019
Other changes in plan assets and benefit obligations recognized in other comprehensive income: |  |  |  |  |
Net (gain) loss | $ | (24.4) |  |  | $ | 20.8 |  |  | $ | 34.2 |
Amortizations of net gain | (5.4) |  |  | (4.0) |  |  | (0.8) |
Total recognized in other comprehensive (income) loss | $ | (29.8) |  |  | $ | 16.8 |  |  | $ | 33.4 |
Total recognized in net periodic benefit cost and other comprehensive (income) loss | $ | (15.2) |  |  | $ | 29.0 |  |  | $ | 40.6 |
Weighted-average assumptions used in computing net periodic pension cost and projected benefit obligation |
Years Ended October 31, | 2021 |  | 2020 |  | 2019
Weighted-average assumptions used in computing the net periodic pension cost and projected benefit obligation at year end: |  |  |  |  |
Discount rate for determining net periodic pension cost: |  |  |  |  |
Projected Benefit Obligation | 2.78 | % |  | 3.13 | % |  | 4.42 | %
Service Cost | 2.86 | % |  | 3.18 | % |  | 4.49 | %
Interest Cost | 2.07 | % |  | 2.78 | % |  | 4.22 | %
Discount rate for determining benefit obligations at year end | 2.76 | % |  | 2.78 | % |  | 3.13 | %
Rate of compensation increase for determining expense | 3.60 | % |  | 3.60 | % |  | 4.00 | %
Rate of compensation increase for determining benefit obligations at year end | 3.60 | % |  | 3.60 | % |  | 3.60 | %
Expected rate of return on plan assets for determining net periodic pension cost | 8.00 | % |  | 8.00 | % |  | 8.00 | %
Expected rate of return on plan assets at year end | 8.00 | % |  | 8.00 | % |  | 8.00 | %
Measurement date for determining assets and benefit obligations at year end | 10/31/2021 |  | 10/31/2020 |  | 10/31/2019
Weighted-average asset allocations and fair value measurement of plan assets | Plan Assets Weighted-average asset allocations at year end, by asset category are as follows:
Years Ended October 31, | 2021 |  | 2020 |  | 2019
Asset category |  |  |  |  |
Cash and cash equivalents | 5.0 | % |  | 11.8 | % |  | 3.2 | %
Equity mutual funds | 62.8 | % |  | 57.7 | % |  | 63.7 | %
Hedging Strategy Funds | 4.7 | % |  | 4.3 | % |  | 4.9 | %
Bond mutual funds | 27.5 | % |  | 26.2 | % |  | 28.2 | %
Total | 100.0 | % |  | 100.0 | % |  | 100.0 | %
As of the measurement date of October 31, 2021, the fair value measurement of plan assets is as follows:
(In millions) | Total |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
Asset category |  |  |  |  |  |  |
Cash and cash equivalents | $ | 10.0 |  |  | $ | 10.0 |  |  | $ | — |  |  | $ | — |
Equity mutual funds | 125.3 |  |  | 125.3 |  |  | — |  |  | — |
Hedging Strategy Funds | 9.4 |  |  | 9.4 |  |  | — |  |  | — |
Bond mutual funds | 54.8 |  |  | 24.5 |  |  | 30.2 |  |  | 0.1 |
Total | $ | 199.5 |  |  | $ | 169.2 |  |  | $ | 30.2 |  |  | $ | 0.1 |
Estimated future benefit payments | Estimated Future Benefit Payments
Years (In millions) |
2022 | $ | 10.7 |
2023 | $ | 11.6 |
2024 | $ | 12.8 |
2025 | $ | 13.7 |
2026 | $ | 14.4 |
2027-2031 | $ | 79.6 |

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