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Acquisitions and Divestitures Acquisitions and Divestitures (Tables) | 12 Months Ended
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Oct. 31, 2020
Business Combinations [Abstract] |
Schedule of Preliminary Valuation of Identifiable Assets Acquired and Liabilities Assumed |
(in millions) | Amounts Recognized as of the Acquisition Date | Measurement Period Adjustments (1) | Amount Recognized as of Acquisition Date (as Adjusted)
Fair value of consideration transferred |  |  |
Cash consideration | $ | 1,834.9 |  | $ | — |  | 1,834.9 |
Recognized amounts of identifiable assets acquired and liabilities assumed |  |  |
Accounts receivable | 147.0 |  | — |  | 147.0 |
Inventories | 103.9 |  | (4.4) |  | 99.5 |
Prepaid and other current assets | 21.5 |  | (9.3) |  | 12.2 |
Intangibles | 717.1 |  | 8.4 |  | 725.5 |
Other long-term assets | 1.3 |  | 4.3 |  | 5.6 |
Properties, plants and equipment | 521.3 |  | (17.6) |  | 503.7 |
Total assets acquired | 1,512.1 |  | (18.6) |  | 1,493.5 |
Accounts payable | (99.5) |  | — |  | (99.5) |
Accrued payroll and employee benefits | (42.9) |  | (7.2) |  | (50.1) |
Other current liabilities | (21.8) |  | 4.5 |  | (17.3) |
Long-term deferred tax liability | (185.7) |  | 37.4 |  | (148.3) |
Pension and post-retirement obligations | (67.1) |  | — |  | (67.1) |
Other long-term liabilities | (12.7) |  | (7.5) |  | (20.2) |
Total liabilities assumed | (429.7) |  | 27.2 |  | (402.5) |
Total identifiable net assets | $ | 1,082.4 |  | $ | 8.6 |  | $ | 1,091.0 |
Goodwill | $ | 752.5 |  | $ | (8.6) |  | $ | 743.9 |
(1) The measurement adjustments were primarily due to refinement to third party appraisals and carrying amounts of certain assets and liabilities, as well as adjustments to certain tax accounts based on, among other things, adjustments to deferred tax liabilities. The net impact of the measurement period adjustments resulted in a net $8.6 million decrease to Goodwill. The measurement adjustments recorded in 2020 did not have a significant impact on the Company's consolidated statements of income for the year ended October 31, 2020.
Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination | The following table summarizes the current preliminary purchase price allocation and weighted average remaining useful lives for identifiable intangible assets acquired:
(in millions) | Current Preliminary Purchase Price Allocation | Weighted Average Estimated Useful Life
Customer relationships | $ | 708.0 |  | 15.0
Trademarks | 15.0 |  | 3.0
Other | 2.5 |  | 4.6
Total intangible assets | $ | 725.5 |  |

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- Definition Tabular disclosure of finite-lived intangible assets acquired as part of a business combination or through an asset purchase, by major class and in total, including the value of the asset acquired, any significant residual value (the expected value of the asset at the end of its useful life) and the weighted-average amortization period. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 1 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=66006027&loc=d3e16265-109275 + Details
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- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=121647850&loc=d3e4845-128472 + Details
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