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Post Retirement Benefit Plans (Tables) | 12 Months Ended
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Oct. 31, 2018
Retirement Benefits [Abstract] |
Number of Participants in Defined Benefit Plans | The following table presents the number of participants in the post-retirement health and life insurance benefit plan:
October 31, 2018 | Consolidated |  | United States |  | South Africa
Active participants | 12 |  |  | 5 |  |  | 7 |
Retirees and beneficiaries | 625 |  |  | 542 |  |  | 83 |
October 31, 2017 | Consolidated |  | United States |  | South Africa
Active participants | 20 |  |  | 12 |  |  | 8 |
Retirees and beneficiaries | 653 |  |  | 567 |  |  | 86 |
The following table presents the number of participants in the defined benefit plans:
October 31, 2018 | Consolidated |  | United States |  | Germany |  | United Kingdom |  | Netherlands |  | Other International
Active participants | 1,332 |  |  | 1,214 |  |  | 47 |  |  | — |  |  | 71 |  |  | — |
Vested former employees and deferred members | 1,433 |  |  | 790 |  |  | 85 |  |  | 419 |  |  | 95 |  |  | 44 |
Retirees and beneficiaries | 2,389 |  |  | 942 |  |  | 253 |  |  | 699 |  |  | 441 |  |  | 54 |
October 31, 2017 | Consolidated |  | United States |  | Germany |  | United Kingdom |  | Netherlands |  | Other International
Active participants | 1,442 |  |  | 1,306 |  |  | 67 |  |  | — |  |  | 69 |  |  | — |
Vested former employees and deferred members | 1,442 |  |  | 804 |  |  | 72 |  |  | 431 |  |  | 89 |  |  | 46 |
Retirees and beneficiaries | 2,421 |  |  | 925 |  |  | 254 |  |  | 699 |  |  | 488 |  |  | 55 |
Actuarial Assumptions Used to Measure Benefit Obligations and Pension Costs | The actuarial assumptions are used to measure the year-end benefit obligations as of October 31, 2018 and the pension costs for the subsequent year were as follows:
For the year ended October 31, 2018 | Consolidated |  | United States |  | Germany |  | United Kingdom |  | Netherlands |  | Other International
Discount rate | 3.48 | % |  | 4.59 | % |  | 1.80 | % |  | 2.50 | % |  | 1.64 | % |  | 4.84 | %
Expected return on plan assets | 4.53 | % |  | 6.25 | % |  | N/A |  |  | 3.60 | % |  | 1.45 | % |  | 5.69 | %
Rate of compensation increase | 2.85 | % |  | 3.00 | % |  | 2.75 | % |  | N/A |  |  | 2.25 | % |  | N/A |
For the year ended October 31, 2017 | Consolidated |  | United States |  | Germany |  | United Kingdom |  | Netherlands |  | Other International
Discount rate | 3.01 | % |  | 3.79 | % |  | 1.72 | % |  | 2.37 | % |  | 1.55 | % |  | 4.46 | %
Expected return on plan assets | 5.39 | % |  | 6.25 | % |  | N/A |  |  | 6.00 | % |  | 1.20 | % |  | 5.70 | %
Rate of compensation increase | 2.87 | % |  | 3.00 | % |  | 2.75 | % |  | N/A |  |  | 2.25 | % |  | N/A |
For the year ended October 31, 2016 | Consolidated |  | United States |  | Germany |  | United Kingdom |  | Netherlands |  | Other International
Discount rate | 3.08 | % |  | 3.79 | % |  | 1.50 | % |  | 2.44 | % |  | 1.32 | % |  | 4.31 | %
Expected return on plan assets | 5.51 | % |  | 6.25 | % |  | N/A |  |  | 6.00 | % |  | 1.88 | % |  | 5.77 | %
Rate of compensation increase | 2.87 | % |  | 3.00 | % |  | 2.75 | % |  | N/A |  |  | 2.25 | % |  | N/A |
The discount rate actuarial assumptions at October 31 used to measure the year-end benefit obligations and the pension costs for the subsequent year were as follows:
For the year ended: | Consolidated |  | United States |  | South Africa
October 31, 2018 | 5.02 | % |  | 4.39 | % |  | 10.10 | %
October 31, 2017 | 4.12 | % |  | 3.44 | % |  | 9.80 | %
Change in Projected Benefit Obligation | The following table sets forth the plans’ change in projected benefit obligation:
For the year ended October 31, 2018 | Consolidated |  | United States |  | Germany |  | United Kingdom |  | Netherlands |  | Other International
(in millions) |  |  |  |  |
Change in benefit obligation: |  |  |  |  |  |  |  |  |  |  |
Benefit obligation at beginning of year | $ | 717.8 |  |  | $ | 387.6 |  |  | $ | 39.9 |  |  | $ | 186.9 |  |  | $ | 91.8 |  |  | $ | 11.6 |
Service cost | 12.3 |  |  | 10.8 |  |  | 0.4 |  |  | 0.5 |  |  | 0.5 |  |  | 0.1 |
Interest cost | 18.9 |  |  | 13.2 |  |  | 0.5 |  |  | 4.0 |  |  | 0.9 |  |  | 0.3 |
Plan participant contributions | 0.2 |  |  | — |  |  | — |  |  | — |  |  | 0.2 |  |  | — |
Expenses paid from assets | (1.7 | ) |  | (1.0 | ) |  | — |  |  | (0.6 | ) |  | — |  |  | (0.1 | )
Plan Amendments | 3.3 |  |  | — |  |  | — |  |  | 3.5 |  |  | (0.2 | ) |  | — |
Actuarial gain | (39.1 | ) |  | (33.5 | ) |  | (0.5 | ) |  | (3.9 | ) |  | (0.9 | ) |  | (0.3 | )
Foreign currency effect | (7.1 | ) |  | — |  |  | (0.8 | ) |  | (4.3 | ) |  | (1.7 | ) |  | (0.3 | )
Benefits paid | (42.2 | ) |  | (25.2 | ) |  | (1.4 | ) |  | (9.8 | ) |  | (5.2 | ) |  | (0.6 | )
Benefit obligation at end of year | $ | 662.4 |  |  | $ | 351.9 |  |  | $ | 38.1 |  |  | $ | 176.3 |  |  | $ | 85.4 |  |  | $ | 10.7 |
For the year ended October 31, 2017 | Consolidated |  | United States |  | Germany |  | United Kingdom |  | Netherlands |  | Other International
(in millions) |  |  |  |  |
Change in benefit obligation: |  |  |  |  |  |  |  |  |  |  |
Benefit obligation at beginning of year | $ | 783.8 |  |  | $ | 470.2 |  |  | $ | 41.8 |  |  | $ | 171.4 |  |  | $ | 90.1 |  |  | $ | 10.3 |
Service cost | 13.3 |  |  | 11.8 |  |  | 0.5 |  |  | 0.5 |  |  | 0.4 |  |  | 0.1 |
Interest cost | 18.2 |  |  | 12.9 |  |  | 0.5 |  |  | 3.8 |  |  | 0.7 |  |  | 0.3 |
Plan participant contributions | 0.2 |  |  | — |  |  | — |  |  | — |  |  | 0.2 |  |  | — |
Expenses paid from assets | (3.4 | ) |  | (2.6 | ) |  | — |  |  | (0.8 | ) |  | 0.1 |  |  | (0.1 | )
Plan Amendments | (0.2 | ) |  | — |  |  | — |  |  | — |  |  | (0.2 | ) |  | — |
Actuarial (gain) loss | 13.2 |  |  | 4.7 |  |  | (2.4 | ) |  | 10.5 |  |  | (0.6 | ) |  | 1.0 |
Foreign currency effect | 22.4 |  |  | — |  |  | 2.5 |  |  | 13.7 |  |  | 5.7 |  |  | 0.5 |
Benefits paid | (26.2 | ) |  | (15.0 | ) |  | (1.2 | ) |  | (4.9 | ) |  | (4.6 | ) |  | (0.5 | )
Settlements | (101.7 | ) |  | (94.4 | ) |  | — |  |  | (7.3 | ) |  | — |  |  | — |
Business divestiture | (1.8 | ) |  | — |  |  | (1.8 | ) |  | — |  |  | — |  |  | — |
Benefit obligation at end of year | $ | 717.8 |  |  | $ | 387.6 |  |  | $ | 39.9 |  |  | $ | 186.9 |  |  | $ | 91.8 |  |  | $ | 11.6 |
Benefit Obligations in Excess of Plan Assets | The following tables set forth the PBO, ABO, plan assets and instances where the ABO exceeds the plan assets for the respective years:
Actuarial value of benefit obligations |  |  |  |  |  |  |  |  |  |  |
(in millions) | Consolidated |  | United States |  | Germany |  | United Kingdom |  | Netherlands |  | Other International
October 31, 2018 |  |  |  |  |  |  |  |  |  |  |
Projected benefit obligation | $ | 662.4 |  |  | $ | 351.9 |  |  | $ | 38.1 |  |  | $ | 176.3 |  |  | $ | 85.4 |  |  | $ | 10.7 |
Accumulated benefit obligation | 638.9 |  |  | 330.4 |  |  | 37.2 |  |  | 176.3 |  |  | 84.3 |  |  | 10.7 |
Plan assets | 594.8 |  |  | 311.9 |  |  | — |  |  | 178.7 |  |  | 90.6 |  |  | 13.6 |
October 31, 2017 |  |  |  |  |  |  |  |  |  |  |
Projected benefit obligation | $ | 717.8 |  |  | $ | 387.6 |  |  | $ | 39.9 |  |  | $ | 186.9 |  |  | $ | 91.8 |  |  | $ | 11.6 |
Accumulated benefit obligation | 686.8 |  |  | 362.0 |  |  | 38.1 |  |  | 186.9 |  |  | 88.3 |  |  | 11.5 |
Plan assets | 568.6 |  |  | 268.6 |  |  | — |  |  | 188.9 |  |  | 97.5 |  |  | 13.6 |
Plans with ABO in excess of Plan assets |  |  |  |  |  |  |  |  |  |  |
October 31, 2018 |  |  |  |  |  |  |  |  |  |  |
Accumulated benefit obligation | $ | 171.1 |  |  | $ | 28.8 |  |  | $ | 37.2 |  |  | $ | 104.6 |  |  | $ | — |  |  | $ | 0.5 |
Plan assets | 94.7 |  |  | — |  |  | — |  |  | 94.2 |  |  | — |  |  | 0.5 |
October 31, 2017 |  |  |  |  |  |  |  |  |  |  |
Accumulated benefit obligation | $ | 522.9 |  |  | $ | 362.0 |  |  | $ | 38.1 |  |  | $ | 111.3 |  |  | $ | — |  |  | $ | 11.5 |
Plan assets | 379.7 |  |  | 268.6 |  |  | — |  |  | 100.3 |  |  | — |  |  | 10.8 |
Future Benefit Payments Next Five Years and Thereafter | Future benefit payments, which reflect expected future service, as appropriate, during the next five years, and in the aggregate for the five years thereafter, are expected to be as follows:
(in millions) | Expected Benefit Payments
Year(s) |
2019 | $ | 1.3 |
2020 | 1.1 |
2021 | 1.0 |
2022 | 1.0 |
2023 | 0.9 |
2024-2028 | 4.0 |
Future benefit payments for the Company's global plans, which reflect expected future service, as appropriate, during the next five years, and in the aggregate for the five years thereafter, are as follows:
(in millions) | Expected Benefit Payments
Year(s) |
2019 | $ | 39.2 |
2020 | 36.7 |
2021 | 37.9 |
2022 | 39.5 |
2023 | 42.4 |
2024-2028 | 206.1 |
Weighted Average Asset Allocations at Measurement Date and Target Asset Allocations | The Company’s weighted average asset allocations at the measurement date and the target asset allocations by category are as follows:
Asset Category | 2018 Target |  | 2018 Actual |  | 2017 Target |  | 2017 Actual
Equity securities | 15 | % |  | 21 | % |  | 22 | % |  | 24 | %
Debt securities | 63 | % |  | 50 | % |  | 49 | % |  | 44 | %
Other | 22 | % |  | 29 | % |  | 29 | % |  | 32 | %
Total | 100 | % |  | 100 | % |  | 100 | % |  | 100 | %
Reconciliation of Beginning and Ending Balances of Fair Value Measurements Using Significant Unobservable Inputs | The fair value of the pension plans’ investments is presented below. The inputs and valuation techniques used to measure the fair value of the assets are consistently applied and described in Note 9.
For the year ended October 31, 2018 | Consolidated |  | United States |  | Germany |  | United Kingdom |  | Netherlands |  | Other International
(in millions) |  |  |  |  |
Change in plan assets: |  |  |  |  |  |  |  |  |  |  |
Fair value of plan assets at beginning of year | $ | 568.6 |  |  | $ | 268.6 |  |  | $ | — |  |  | $ | 188.9 |  |  | $ | 97.5 |  |  | $ | 13.6 |
Actual return on plan assets | (8.7 | ) |  | (12.9 | ) |  | — |  |  | 3.2 |  |  | (0.1 | ) |  | 1.1 |
Expenses paid | (1.7 | ) |  | (1.0 | ) |  | — |  |  | (0.6 | ) |  | — |  |  | (0.1 | )
Plan participant contributions | 0.2 |  |  | — |  |  | — |  |  | — |  |  | 0.2 |  |  | — |
Foreign currency impact | (6.9 | ) |  | — |  |  | — |  |  | (4.6 | ) |  | (1.8 | ) |  | (0.5 | )
Employer contributions | 81.7 |  |  | 80.0 |  |  | — |  |  | 1.6 |  |  | — |  |  | 0.1 |
Benefits paid out of plan | (38.4 | ) |  | (22.8 | ) |  | — |  |  | (9.8 | ) |  | (5.2 | ) |  | (0.6 | )
Fair value of plan assets at end of year | $ | 594.8 |  |  | $ | 311.9 |  |  | $ | — |  |  | $ | 178.7 |  |  | $ | 90.6 |  |  | $ | 13.6 |
For the year ended October 31, 2017 | Consolidated |  | United States |  | Germany |  | United Kingdom |  | Netherlands |  | Other International
(in millions) |  |  |  |  |
Change in plan assets: |  |  |  |  |  |  |  |  |  |  |
Fair value of plan assets at beginning of year | $ | 626.3 |  |  | $ | 332.5 |  |  | $ | — |  |  | $ | 185.1 |  |  | $ | 96.1 |  |  | $ | 12.6 |
Actual return on plan assets | 38.2 |  |  | 37.0 |  |  | — |  |  | 0.8 |  |  | (0.4 | ) |  | 0.8 |
Expenses paid | (3.4 | ) |  | (2.6 | ) |  | — |  |  | (0.8 | ) |  | 0.1 |  |  | (0.1 | )
Plan participant contributions | 0.2 |  |  | — |  |  | — |  |  | — |  |  | 0.2 |  |  | — |
Foreign currency impact | 20.9 |  |  | — |  |  | — |  |  | 14.4 |  |  | 6.1 |  |  | 0.4 |
Employer contributions | 11.0 |  |  | 9.0 |  |  | — |  |  | 1.5 |  |  | — |  |  | 0.5 |
Benefits paid out of plan | (22.9 | ) |  | (12.9 | ) |  | — |  |  | (4.8 | ) |  | (4.6 | ) |  | (0.6 | )
Settlements | (101.7 | ) |  | (94.4 | ) |  | — |  |  | (7.3 | ) |  | — |  |  | — |
Fair value of plan assets at end of year | $ | 568.6 |  |  | $ | 268.6 |  |  | $ | — |  |  | $ | 188.9 |  |  | $ | 97.5 |  |  | $ | 13.6 |
Fair Value Measurements for Pension Assets | The following table presents the fair value measurements for the pension assets:
As of October 31, 2018 (in millions) | Fair Value Measurement
Asset Category | Level 1 |  | Level 2 |  | Level 3 |  | Total
Mutual funds | $ | 63.0 |  |  | $ | 140.7 |  |  | $ | — |  |  | $ | 203.7 |
Common stock | 35.9 |  |  | — |  |  | — |  |  | 35.9 |
Cash | 1.9 |  |  | — |  |  | — |  |  | 1.9 |
Corporate bonds | — |  |  | 26.1 |  |  | — |  |  | 26.1 |
Government bonds | — |  |  | 17.8 |  |  | — |  |  | 17.8 |
Other assets | — |  |  | 0.8 |  |  | — |  |  | 0.8 |
Total Assets in the Fair Value Hierarchy | $ | 100.8 |  |  | $ | 185.4 |  |  | $ | — |  |  | $ | 286.2 |
Investments Measured at Net Asset Value* |  |  |  |  |  |  | 308.6 |
Investments at Fair Value | $ | 100.8 |  |  | $ | 185.4 |  |  | $ | — |  |  | $ | 594.8 |
As of October 31, 2017 (in millions) | Fair Value Measurement
Asset Category | Level 1 |  | Level 2 |  | Level 3 |  | Total
Mutual funds | $ | 76.7 |  |  | $ | 126.1 |  |  | $ | — |  |  | $ | 202.8 |
Common stock | 40.0 |  |  | — |  |  | — |  |  | 40.0 |
Cash | 9.3 |  |  | — |  |  | — |  |  | 9.3 |
Corporate bonds | — |  |  | 23.1 |  |  | — |  |  | 23.1 |
Government bonds | — |  |  | 18.5 |  |  | — |  |  | 18.5 |
Other assets | — |  |  | 3.9 |  |  | — |  |  | 3.9 |
Total Assets in the Fair Value Hierarchy | $ | 126.0 |  |  | $ | 171.6 |  |  | $ | — |  |  | $ | 297.6 |
Investments Measured at Net Asset Value* |  |  |  |  |  |  | 271.0 |
Investments at Fair Value | $ | 126.0 |  |  | $ | 171.6 |  |  | $ | — |  |  | $ | 568.6 |
*In accordance with Accounting Standard Codification 820-10, certain investments that were measured at net asset value per share (or its equivalent) have not been classified in the fair value hierarchy.
Amounts Recognized in Consolidated Financial Statements | Financial statement presentation including other comprehensive income:
As of October 31, 2018 | Consolidated |  | United States |  | Germany |  | United Kingdom |  | Netherlands |  | Other International
(in millions) |  |  |  |  |
Unrecognized net actuarial loss | $ | 149.7 |  |  | $ | 82.9 |  |  | $ | 13.1 |  |  | $ | 49.5 |  |  | $ | 1.5 |  |  | $ | 2.7 |
Unrecognized prior service cost | 0.7 |  |  | (1.1 | ) |  | — |  |  | 3.5 |  |  | (1.7 | ) |  | — |
Accumulated other comprehensive loss (Pre-tax) | $ | 150.4 |  |  | $ | 81.8 |  |  | $ | 13.1 |  |  | $ | 53.0 |  |  | $ | (0.2 | ) |  | $ | 2.7 |
Amounts recognized in the Consolidated Balance Sheets consist of: |  |  |  |  |  |  |  |  |  |  |
Prepaid benefit cost | $ | 10.4 |  |  | $ | — |  |  | $ | — |  |  | $ | 2.3 |  |  | $ | 5.0 |  |  | $ | 3.1 |
Accrued benefit liability | (78.0 | ) |  | (39.9 | ) |  | (38.1 | ) |  | — |  |  | — |  |  | — |
Accumulated other comprehensive loss | 150.4 |  |  | 81.8 |  |  | 13.1 |  |  | 53.0 |  |  | (0.2 | ) |  | 2.7 |
Net amount recognized | $ | 82.8 |  |  | $ | 41.9 |  |  | $ | (25.0 | ) |  | $ | 55.3 |  |  | $ | 4.8 |  |  | $ | 5.8 |
As of October 31, 2017 | Consolidated |  | United States |  | Germany |  | United Kingdom |  | Netherlands |  | Other International
(in millions) |  |  |  |  |
Unrecognized net actuarial loss | $ | 171.0 |  |  | $ | 94.7 |  |  | $ | 14.9 |  |  | $ | 57.0 |  |  | $ | 0.8 |  |  | $ | 3.6 |
Unrecognized prior service cost | (2.9 | ) |  | (1.2 | ) |  | — |  |  | — |  |  | (1.7 | ) |  | — |
Accumulated other comprehensive loss (Pre-tax) | $ | 168.1 |  |  | $ | 93.5 |  |  | $ | 14.9 |  |  | $ | 57.0 |  |  | $ | (0.9 | ) |  | $ | 3.6 |
Amounts recognized in the Consolidated Balance Sheets consist of: |  |  |  |  |  |  |  |  |  |  |
Prepaid benefit cost | $ | 10.3 |  |  | $ | — |  |  | $ | — |  |  | $ | 1.9 |  |  | $ | 5.7 |  |  | $ | 2.7 |
Accrued benefit liability | (159.5 | ) |  | (119.0 | ) |  | (39.9 | ) |  | — |  |  | — |  |  | (0.6 | )
Accumulated other comprehensive loss | 168.1 |  |  | 93.5 |  |  | 14.9 |  |  | 57.0 |  |  | (0.9 | ) |  | 3.6 |
Net amount recognized | $ | 18.9 |  |  | $ | (25.5 | ) |  | $ | (25.0 | ) |  | $ | 58.9 |  |  | $ | 4.8 |  |  | $ | 5.7 |
(in millions) | October 31, 2018 |  | October 31, 2017
Accumulated other comprehensive loss at beginning of year | $ | 168.1 |  |  | $ | 199.8 |
Increase or (decrease) in accumulated other comprehensive (income) or loss |  |  |
Net prior service costs amortized during fiscal year | 0.2 |  |  | 0.1 |
Net loss amortized during fiscal year | (11.0 | ) |  | (10.9 | )
Loss recognized during fiscal year due to settlement | (1.4 | ) |  | (27.8 | )
Prior service credit occurring during fiscal year | 3.3 |  |  | (0.2 | )
Liability loss occurring during fiscal year | (39.2 | ) |  | 13.2 |
Asset gain occurring during fiscal year | 34.6 |  |  | (10.5 | )
Other adjustments | (2.7 | ) |  | — |
Increase (decrease) in accumulated other comprehensive loss | $ | (16.2 | ) |  | $ | (36.1 | )
Foreign currency impact | (1.5 | ) |  | 4.4 |
Accumulated other comprehensive loss at fiscal year end | $ | 150.4 |  |  | $ | 168.1 |
Components of Net Periodic Cost for Postretirement Benefits | The components of net periodic pension cost include the following:
For the year ended October 31, 2018 | Consolidated |  | United States |  | Germany |  | United Kingdom |  | Netherlands |  | Other International
(in millions) |  |  |  |  |
Service cost | $ | 12.3 |  |  | $ | 10.8 |  |  | $ | 0.4 |  |  | $ | 0.5 |  |  | $ | 0.5 |  |  | $ | 0.1 |
Interest cost | 18.9 |  |  | 13.2 |  |  | 0.5 |  |  | 4.0 |  |  | 0.9 |  |  | 0.3 |
Expected return on plan assets | (25.5 | ) |  | (16.8 | ) |  | — |  |  | (6.5 | ) |  | (1.4 | ) |  | (0.8 | )
Amortization of prior service cost | (0.2 | ) |  | (0.1 | ) |  | — |  |  | — |  |  | (0.1 | ) |  | — |
Recognized net actuarial loss | 11.0 |  |  | 8.1 |  |  | 1.1 |  |  | 1.7 |  |  | — |  |  | 0.1 |
Other Adjustments | 2.8 |  |  | — |  |  | — |  |  | 2.8 |  |  | — |  |  | — |
Special Events |  |  |  |  |  |  |  |  |  |  |
Settlement | 1.3 |  |  | — |  |  | — |  |  | 1.3 |  |  | — |  |  | — |
Net periodic pension (benefit) cost | $ | 20.6 |  |  | $ | 15.2 |  |  | $ | 2.0 |  |  | $ | 3.8 |  |  | $ | (0.1 | ) |  | $ | (0.3 | )
For the year ended October 31, 2017 | Consolidated |  | United States |  | Germany |  | United Kingdom |  | Netherlands |  | Other International
(in millions) |  |  |  |  |
Service cost | $ | 13.3 |  |  | $ | 11.8 |  |  | $ | 0.5 |  |  | $ | 0.5 |  |  | $ | 0.4 |  |  | $ | 0.1 |
Interest cost | 18.2 |  |  | 12.9 |  |  | 0.5 |  |  | 3.8 |  |  | 0.7 |  |  | 0.3 |
Expected return on plan assets | (27.7 | ) |  | (15.6 | ) |  | — |  |  | (10.2 | ) |  | (1.2 | ) |  | (0.7 | )
Amortization of prior service cost | (0.1 | ) |  | — |  |  | — |  |  | — |  |  | (0.1 | ) |  | — |
Recognized net actuarial loss | 10.9 |  |  | 8.1 |  |  | 1.3 |  |  | 1.5 |  |  | — |  |  | — |
Special Events |  |  |  |  |  |  |  |  |  |  |
Settlement* | 27.8 |  |  | 25.9 |  |  | 0.7 |  |  | 1.2 |  |  | — |  |  | — |
Net periodic pension (benefit) cost | $ | 42.4 |  |  | $ | 43.1 |  |  | $ | 3.0 |  |  | $ | (3.2 | ) |  | $ | (0.2 | ) |  | $ | (0.3 | )
*Includes $0.7M that was recorded as a loss on sale of business |  |  |  |  |  |  |  |
For the year ended October 31, 2016 | Consolidated |  | United States |  | Germany |  | United Kingdom |  | Netherlands |  | Other International
(in millions) |  |  |  |  |
Service cost | $ | 12.4 |  |  | $ | 10.2 |  |  | $ | 0.5 |  |  | $ | 0.8 |  |  | $ | 0.7 |  |  | $ | 0.2 |
Interest cost | 22.0 |  |  | 13.7 |  |  | 0.8 |  |  | 5.7 |  |  | 1.4 |  |  | 0.4 |
Expected return on plan assets | (32.1 | ) |  | (19.0 | ) |  | — |  |  | (10.7 | ) |  | (1.7 | ) |  | (0.7 | )
Amortization of prior service cost | (0.2 | ) |  | (0.1 | ) |  | — |  |  | — |  |  | (0.1 | ) |  | — |
Recognized net actuarial loss | 11.4 |  |  | 9.3 |  |  | 1.0 |  |  | 0.8 |  |  | 0.3 |  |  | — |
Special Events |  |  |  |  |  |  |  |  |  |  |
Settlement | 0.1 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 0.1 |
Net periodic pension (benefit) cost | $ | 13.6 |  |  | $ | 14.1 |  |  | $ | 2.3 |  |  | $ | (3.4 | ) |  | $ | 0.6 |  |  | $ | — |
The components of net periodic cost for the postretirement benefits include the following:
| Year Ended October 31,
(in millions) | 2018 |  | 2017 |  | 2016
Interest cost | $ | 0.5 |  |  | $ | 0.5 |  |  | $ | 0.5 |
Amortization of prior service benefit | (1.4 | ) |  | (1.4 | ) |  | (1.5 | )
Recognized net actuarial gain | (0.2 | ) |  | (0.2 | ) |  | (0.1 | )
Net periodic income | $ | (1.1 | ) |  | $ | (1.1 | ) |  | $ | (1.1 | )
Schedule of Plan's Change in Benefit Obligation | The following table sets forth the plans’ change in benefit obligation:
(in millions) | October 31, 2018 |  | October 31, 2017
Benefit obligation at beginning of year | $ | 12.6 |  |  | $ | 13.6 |
Interest cost | 0.5 |  |  | 0.5 |
Actuarial gain | (1.4 | ) |  | (0.7 | )
Benefits paid | (1.0 | ) |  | (0.8 | )
Benefit obligation at end of year | $ | 10.7 |  |  | $ | 12.6 |
Schedule of Other Comprehensive Income Included in Financial Statement | Financial statement presentation included other comprehensive income:
(in millions) | October 31, 2018 |  | October 31, 2017
Unrecognized net actuarial gain | $ | (3.6 | ) |  | $ | (2.6 | )
Unrecognized prior service credit | (1.6 | ) |  | (3.0 | )
Accumulated other comprehensive income | $ | (5.2 | ) |  | $ | (5.6 | )
Summary of Healthcare Cost Trend Rates on Gross Eligible Charges | The healthcare cost trend rates on gross eligible charges are as follows:
| Medical
Current trend rate | 6.6 | %
Ultimate trend rate | 4.9 | %
Year ultimate trend rate reached (South Africa) | 2020 |
Year ultimate trend rate reached (US) | 2026 |
Effect of One-Percentage Point Change in Assumed Health Care Cost Trend Rates | A one-percentage point change in assumed health care cost trend rates would have the following effects:
(in millions) | 1-Percentage-Point Increase |  | 1-Percentage-Point Decrease
Effect on total of service and interest cost components | $ | — |  |  | $ | — |
Effect on postretirement benefit obligation | 0.2 |  |  | (0.2 | )

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