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Post Retirement Benefit Plans (Tables) | 12 Months Ended
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Oct. 31, 2019
Retirement Benefits [Abstract] |
Schedule of 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, 2019 | Consolidated |  | United States |  | South Africa
Active participants | 9 |  |  | 3 |  |  | 6 |
Retirees and beneficiaries | 1,065 |  |  | 986 |  |  | 79 |
October 31, 2018 | Consolidated |  | United States |  | South Africa
Active participants | 12 |  |  | 5 |  |  | 7 |
Retirees and beneficiaries | 625 |  |  | 542 |  |  | 83 |
The following table presents the number of participants in the defined benefit plans:
October 31, 2019 | Consolidated |  | United States |  | Germany |  | United Kingdom |  | Netherlands |  | Other International
Active participants | 2,455 |  |  | 2,351 |  |  | 41 |  |  | — |  |  | 63 |  |  | — |
Vested former employees and deferred members | 5,236 |  |  | 4,643 |  |  | 86 |  |  | 366 |  |  | 97 |  |  | 44 |
Retirees and beneficiaries | 6,462 |  |  | 5,074 |  |  | 258 |  |  | 662 |  |  | 414 |  |  | 54 |
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 |
Schedule of 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, 2019 and the pension costs for the year were as follows:
For the year ended October 31, 2019 | Consolidated(1) |  | United States |  | Germany |  | United Kingdom |  | Netherlands |  | Other International
Discount rate | 2.74 | % |  | 3.27 | % |  | 0.73 | % |  | 1.76 | % |  | 0.74 | % |  | 3.98 | %
Expected return on plan assets | 4.12 | % |  | 5.10 | % |  | N/A |  |  | 3.60 | % |  | 1.51 | % |  | 6.00 | %
Rate of compensation increase | 2.85 | % |  | 3.00 | % |  | 2.75 | % |  | N/A |  |  | 2.25 | % |  | N/A |
For the year ended October 31, 2018 | Consolidated(1) |  | 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(1) |  | 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 |
(1)This column represents the weighted average of the regions. 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, 2019 | 3.52 | % |  | 2.95 | % |  | 9.20 | %
October 31, 2018 | 5.02 | % |  | 4.39 | % |  | 10.10 | %
Schedule of Components of Net Periodic Cost for Postretirement Benefits | The components of net periodic income for the post-retirement benefits include the following:
| Year Ended October 31,
(in millions) | 2019 |  | 2018 |  | 2017
Interest cost | $ | 0.5 |  |  | $ | 0.5 |  |  | $ | 0.5 |
Amortization of prior service benefit | (1.3 | ) |  | (1.4 | ) |  | (1.4 | )
Recognized net actuarial gain | (0.3 | ) |  | (0.2 | ) |  | (0.2 | )
Net periodic income | $ | (1.1 | ) |  | $ | (1.1 | ) |  | $ | (1.1 | )
The components of net periodic pension cost include the following:
For the year ended October 31, 2019 | Consolidated |  | United States |  | Germany |  | United Kingdom |  | Netherlands |  | Other International
(in millions) |  |  |  |  |
Service cost | $ | 14.1 |  |  | $ | 12.7 |  |  | $ | 0.3 |  |  | $ | 0.5 |  |  | $ | 0.5 |  |  | $ | 0.1 |
Interest cost | 31.0 |  |  | 25.4 |  |  | 0.5 |  |  | 3.9 |  |  | 0.9 |  |  | 0.3 |
Expected return on plan assets | (38.8 | ) |  | (30.5 | ) |  | — |  |  | (6.2 | ) |  | (1.3 | ) |  | (0.8 | )
Amortization of prior service (cost) benefit | (0.1 | ) |  | (0.1 | ) |  | — |  |  | 0.1 |  |  | (0.1 | ) |  | — |
Recognized net actuarial loss | 7.1 |  |  | 5.0 |  |  | 0.9 |  |  | 1.2 |  |  | — |  |  | — |
Net periodic pension (benefit) cost | $ | 13.3 |  |  | $ | 12.5 |  |  | $ | 1.7 |  |  | $ | (0.5 | ) |  | $ | — |  |  | $ | (0.4 | )
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 |  |  |  |  |  |  |  |
Schedule of Change in Projected Benefit Obligation | The following table sets forth the plans’ change in projected benefit obligation:
For the year ended October 31, 2019 | Consolidated |  | United States |  | Germany |  | United Kingdom |  | Netherlands |  | Other International
(in millions) |  |  |  |  |
Change in benefit obligation: |  |  |  |  |  |  |  |  |  |  |
Benefit obligation at beginning of year | $ | 662.4 |  |  | $ | 351.9 |  |  | $ | 38.1 |  |  | $ | 176.3 |  |  | $ | 85.4 |  |  | $ | 10.7 |
Service cost | 14.1 |  |  | 12.7 |  |  | 0.3 |  |  | 0.5 |  |  | 0.5 |  |  | 0.1 |
Interest cost | 31.0 |  |  | 25.4 |  |  | 0.5 |  |  | 3.9 |  |  | 0.9 |  |  | 0.3 |
Plan participant contributions | 0.2 |  |  | — |  |  | — |  |  | — |  |  | 0.2 |  |  | — |
Expenses paid from assets | (5.9 | ) |  | (5.1 | ) |  | — |  |  | (0.7 | ) |  | — |  |  | (0.1 | )
Actuarial loss | 131.0 |  |  | 105.5 |  |  | 7.4 |  |  | 6.0 |  |  | 11.0 |  |  | 1.1 |
Foreign currency effect | (1.8 | ) |  | — |  |  | (0.9 | ) |  | 1.1 |  |  | (1.9 | ) |  | (0.1 | )
Benefits paid | (61.6 | ) |  | (48.7 | ) |  | (1.3 | ) |  | (6.3 | ) |  | (4.8 | ) |  | (0.5 | )
Acquisitions | 389.3 |  |  | 389.3 |  |  | — |  |  | — |  |  | — |  |  | — |
Benefit obligation at end of year | $ | 1,158.7 |  |  | $ | 831.0 |  |  | $ | 44.1 |  |  | $ | 180.8 |  |  | $ | 91.3 |  |  | $ | 11.5 |
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 |
Schedule of 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, 2019 |  |  |  |  |  |  |  |  |  |  |
Projected benefit obligation | $ | 1,158.7 |  |  | $ | 831.0 |  |  | $ | 44.1 |  |  | $ | 180.8 |  |  | $ | 91.3 |  |  | $ | 11.5 |
Accumulated benefit obligation | 1,131.3 |  |  | 806.8 |  |  | 42.6 |  |  | 180.8 |  |  | 89.6 |  |  | 11.5 |
Plan assets | 1,017.0 |  |  | 698.7 |  |  | — |  |  | 209.8 |  |  | 94.5 |  |  | 14.0 |
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 |
Plans with ABO in excess of Plan assets |  |  |  |  |  |  |  |  |  |  |
October 31, 2019 |  |  |  |  |  |  |  |  |  |  |
Accumulated benefit obligation | $ | 860.9 |  |  | $ | 806.8 |  |  | $ | 42.6 |  |  | $ | — |  |  | $ | — |  |  | $ | 11.5 |
Plan assets | 709.7 |  |  | 698.9 |  |  | — |  |  | — |  |  | — |  |  | 10.8 |
October 31, 2018 |  |  |  |  |  |  |  |  |  |  |
Accumulated benefit obligation | $ | 171.1 |  |  | $ | 28.8 |  |  | $ | 37.2 |  |  | $ | 104.6 |  |  | $ | — |  |  | $ | 0.5 |
Plan assets | 94.7 |  |  | — |  |  | — |  |  | 94.2 |  |  | — |  |  | 0.5 |
Schedule of 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) |
2020 | $ | 1.3 |
2021 | 1.3 |
2022 | 1.2 |
2023 | 1.1 |
2024 | 1.0 |
2025-2029 | 4.2 |
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) |
2020 | $ | 59.7 |
2021 | 60.2 |
2022 | 62.0 |
2023 | 65.6 |
2024 | 67.2 |
2025-2029 | 323.6 |
Schedule of 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 | 2020 Target |  | 2019 Target |  | 2019 Actual
Equity securities | 29 | % |  | 15 | % |  | 31 | %
Debt securities | 55 | % |  | 63 | % |  | 51 | %
Other | 16 | % |  | 22 | % |  | 18 | %
Total | 100 | % |  | 100 | % |  | 100 | %
Schedule of 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, 2019 | Consolidated |  | United States |  | Germany |  | United Kingdom |  | Netherlands |  | Other International
(in millions) |  |  |  |  |
Change in plan assets: |  |  |  |  |  |  |  |  |  |  |
Fair value of plan assets at beginning of year | $ | 594.8 |  |  | $ | 311.9 |  |  | $ | — |  |  | $ | 178.7 |  |  | $ | 90.6 |  |  | $ | 13.6 |
Actual return on plan assets | 140.1 |  |  | 93.4 |  |  | — |  |  | 35.2 |  |  | 10.7 |  |  | 0.8 |
Expenses paid | (5.9 | ) |  | (5.1 | ) |  | — |  |  | (0.7 | ) |  | — |  |  | (0.1 | )
Plan participant contributions | 0.2 |  |  | — |  |  | — |  |  | — |  |  | 0.2 |  |  | — |
Foreign currency impact | (0.7 | ) |  | — |  |  | — |  |  | 1.3 |  |  | (2.1 | ) |  | 0.1 |
Employer contributions | 22.7 |  |  | 21.0 |  |  | — |  |  | 1.6 |  |  | — |  |  | 0.1 |
Benefits paid out of plan | (57.8 | ) |  | (46.1 | ) |  | — |  |  | (6.3 | ) |  | (4.9 | ) |  | (0.5 | )
Acquisitions | 323.6 |  |  | 323.6 |  |  | — |  |  | — |  |  | — |  |  | — |
Fair value of plan assets at end of year | $ | 1,017.0 |  |  | $ | 698.7 |  |  | $ | — |  |  | $ | 209.8 |  |  | $ | 94.5 |  |  | $ | 14.0 |
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 |
Schedule of Fair Value Measurements for Pension Assets | The following table presents the fair value measurements for the pension assets:
As of October 31, 2019 (in millions) | Fair Value Measurement
Asset Category | Level 1 |  | Level 2 |  | Level 3 |  | Total
Mutual funds | $ | 25.6 |  |  | $ | 137.4 |  |  | $ | — |  |  | $ | 163.0 |
Common stock | 27.6 |  |  | — |  |  | — |  |  | 27.6 |
Cash | 6.5 |  |  | — |  |  | — |  |  | 6.5 |
Corporate bonds | — |  |  | 134.8 |  |  | — |  |  | 134.8 |
Government bonds | — |  |  | 39.8 |  |  | — |  |  | 39.8 |
Other assets | — |  |  | 0.2 |  |  | — |  |  | 0.2 |
Total Assets in the Fair Value Hierarchy | $ | 59.7 |  |  | $ | 312.2 |  |  | $ | — |  |  | $ | 371.9 |
Investments Measured at Net Asset Value |  |  |  |  |  |  |  |
Mutual funds |  |  |  |  |  |  | 358.5 |
Insurance contracts |  |  |  |  |  |  | 130.2 |
Common stock funds |  |  |  |  |  |  | 81.5 |
Corporate bond funds |  |  |  |  |  |  | 70.8 |
Government bond funds |  |  |  |  |  |  | 4.1 |
Investments at Fair Value | $ | 59.7 |  |  | $ | 312.2 |  |  | $ | — |  |  | $ | 1,017.0 |
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 |  |  |  |  |  |  |  |
Mutual funds |  |  |  |  |  |  | 44.6 |
Insurance contracts |  |  |  |  |  |  | 124.0 |
Common stock funds |  |  |  |  |  |  | 42.7 |
Corporate bond funds |  |  |  |  |  |  | 97.3 |
Investments at Fair Value | $ | 100.8 |  |  | $ | 185.4 |  |  | $ | — |  |  | $ | 594.8 |
Schedule of Amounts Recognized in Consolidated Financial Statements | Financial statement presentation including other comprehensive income:
As of October 31, 2019 | Consolidated |  | United States |  | Germany |  | United Kingdom |  | Netherlands |  | Other International
(in millions) |  |  |  |  |
Unrecognized net actuarial loss | $ | 171.8 |  |  | $ | 120.5 |  |  | $ | 19.2 |  |  | $ | 25.3 |  |  | $ | 3.1 |  |  | $ | 3.7 |
Unrecognized prior service cost (credit) | 0.8 |  |  | (1.0 | ) |  | — |  |  | 3.3 |  |  | (1.5 | ) |  | — |
Accumulated other comprehensive loss (gain) - Pre-tax | $ | 172.6 |  |  | $ | 119.5 |  |  | $ | 19.2 |  |  | $ | 28.6 |  |  | $ | 1.6 |  |  | $ | 3.7 |
Amounts recognized in the Consolidated Balance Sheets consist of: |  |  |  |  |  |  |  |  |  |  |
Prepaid benefit cost | $ | 35.4 |  |  | $ | — |  |  | $ | — |  |  | $ | 29.0 |  |  | $ | 3.2 |  |  | $ | 3.2 |
Accrued benefit liability | (177.0 | ) |  | (132.2 | ) |  | (44.1 | ) |  | — |  |  | — |  |  | (0.7 | )
Accumulated other comprehensive loss | 172.6 |  |  | 119.5 |  |  | 19.2 |  |  | 28.6 |  |  | 1.6 |  |  | 3.7 |
Net amount recognized | $ | 31.0 |  |  | $ | (12.7 | ) |  | $ | (24.9 | ) |  | $ | 57.6 |  |  | $ | 4.8 |  |  | $ | 6.2 |
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 (credit) | 0.7 |  |  | (1.1 | ) |  | — |  |  | 3.5 |  |  | (1.7 | ) |  | — |
Accumulated other comprehensive loss (gain) - 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 (gain) | 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 |
(in millions) | October 31, 2019 |  | October 31, 2018
Accumulated other comprehensive loss at beginning of year | $ | 150.4 |  |  | $ | 168.1 |
Increase or (decrease) in accumulated other comprehensive loss |  |  |
Net prior service benefit amortized | 0.1 |  |  | 0.2 |
Net loss amortized | (7.1 | ) |  | (11.0 | )
Loss recognized due to settlement | — |  |  | (1.4 | )
Prior service credit | — |  |  | 3.3 |
Liability loss (gain) | 131.0 |  |  | (39.2 | )
Asset (gain) loss | (101.3 | ) |  | 34.6 |
Other adjustments | — |  |  | (2.7 | )
Increase (decrease) in accumulated other comprehensive loss | $ | 22.7 |  |  | $ | (16.2 | )
Foreign currency impact | (0.5 | ) |  | (1.5 | )
Accumulated other comprehensive loss at year end | $ | 172.6 |  |  | $ | 150.4 |
Schedule of Plan's Change in Benefit Obligation | The following table sets forth the plans’ change in benefit obligation:
(in millions) | October 31, 2019 |  | October 31, 2018
Benefit obligation at beginning of year | $ | 10.7 |  |  | $ | 12.6 |
Interest cost | 0.5 |  |  | 0.5 |
Actuarial loss (gain) | 0.5 |  |  | (1.4 | )
Benefits paid | (1.0 | ) |  | (1.0 | )
Acquisition | 1.5 |  |  | — |
Benefit obligation at end of year | $ | 12.2 |  |  | $ | 10.7 |
Schedule of Other Comprehensive Income Included in Financial Statement | Financial statement presentation included other comprehensive income:
(in millions) | October 31, 2019 |  | October 31, 2018
Unrecognized net actuarial gain | $ | (2.8 | ) |  | $ | (3.6 | )
Unrecognized prior service credit | (0.4 | ) |  | (1.6 | )
Accumulated other comprehensive income | $ | (3.2 | ) |  | $ | (5.2 | )
Schedule 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 | 6.3 | %
Ultimate trend rate | 4.7 | %
Year ultimate trend rate reached (South Africa) | 2020 |
Year ultimate trend rate reached (US) | 2026 |
Schedule of 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 post-retirement benefit obligation | 0.2 |  |  | (0.2 | )

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