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Post Retirement Benefit Plans | 6 Months Ended
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Apr. 30, 2017
Postemployment Benefits [Abstract] |
Post Retirement Benefit Plans | POST RETIREMENT BENEFIT PLANS During the six months ended April 30, 2017, an annuity contract for approximately $49.2 million was purchased with United States defined benefit plan assets, and the pension obligation for certain retirees in the United States under that plan was irrevocably transferred from that plan to the annuity contract. Additionally, lump sum payments totaling $38.9 million were made from the defined benefit plan assets to certain participants who agreed to such payments, representing the current fair value of the participant’s respective pension benefit. The settlement items described above resulted in a decrease in the fair value of plan assets and the projected benefit obligation of $88.1 million and a non-cash pension settlement charge of $24.6 million of unrecognized net actuarial loss included in accumulated other comprehensive loss. During the three months ended April 30, 2017, net lump sum payments totaling $3.8 million were made resulting in a non-cash pension settlement charge of $1.1 million of unrecognized actuarial loss included in accumulated other comprehensive loss. As a result of the settlements described above, the Company remeasured the United States defined pension plan as of November 30, 2016. The result of this remeasurement was a decline in projected benefit obligation of $21.3 million. This reduction is due to an increase in discount rates from 3.82 percent as of October 31, 2016 to 4.20 percent as of November 30, 2016. The components of net periodic pension cost include the following:
| Three Months Ended April 30, |  | Six Months Ended April 30,
(in millions) | 2017 |  | 2016 |  | 2017 |  | 2016
Service cost | $ | 3.3 |  |  | $ | 3.1 |  |  | $ | 6.6 |  |  | $ | 6.2 |
Interest cost | 4.6 |  |  | 5.6 |  |  | 9.2 |  |  | 11.2 |
Expected return on plan assets | (7.1 | ) |  | (8.3 | ) |  | (14.2 | ) |  | (16.6 | )
Amortization of prior service cost and net actuarial gain | 2.8 |  |  | 2.9 |  |  | 5.6 |  |  | 5.8 |
Net periodic pension costs | $ | 3.6 |  |  | $ | 3.3 |  |  | $ | 7.2 |  |  | $ | 6.6 |
The Company made $5.1 million and $6.2 million in pension contributions in the six months ended April 30, 2017 and 2016, respectively. The components of net periodic cost for postretirement benefits include the following:
| Three Months Ended April 30, |  | Six Months Ended April 30,
(in millions) | 2017 |  | 2016 |  | 2017 |  | 2016
Service cost | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Interest cost | 0.1 |  |  | 0.1 |  |  | 0.2 |  |  | 0.2 |
Amortization of prior service cost and net actuarial gain | (0.4 | ) |  | (0.4 | ) |  | (0.7 | ) |  | (0.8 | )
Net periodic benefit for postretirement benefits | $ | (0.3 | ) |  | $ | (0.3 | ) |  | $ | (0.5 | ) |  | $ | (0.6 | )

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- Definition The entire disclosure for postemployment benefits, which may include supplemental unemployment benefits, obligations recognized for all types of benefits provided to former or inactive employees, their beneficiaries, and covered dependents after employment but before retirement. Disclosure may also include discussion that an obligation for postemployment benefits is not accrued in accordance with regulation only because the amount cannot be reasonably estimated. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 712 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6410195&loc=d3e80090-111668 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 712 -SubTopic 10 -Section 25 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6410138&loc=d3e79691-111665 + Details
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