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LEASES - (Tables) | 9 Months Ended
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Jul. 31, 2020
Leases [Abstract] |
Lease Assets And Liabilities | The following table presents the balance sheet classification of the Company’s lease assets and liabilities as of July 31, 2020:
(in millions) | Balance Sheet Classification | July 31, 2020 |  |
Lease Assets |  |  |  |
Operating lease assets | Operating lease assets | $ | 318.1 |  |  |
Finance lease assets | Other long-term assets | 5.0 |  |  |
Total lease assets |  | $ | 323.1 |  |  |
Lease Liabilities |  |  |  |
Current operating lease liabilities | Current portion of operating lease liabilities | $ | 53.2 |  |  |
Current finance lease liabilities | Other current liabilities | 1.8 |  |  |
Total current lease liabilities |  | 55.0 |  |  |
Non-current operating lease liabilities | Operating lease liabilities | 267.5 |  |  |
Non-current finance lease liabilities | Other long-term liabilities | 3.2 |  |  |
Total non-current lease liabilities |  | 270.7 |  |  |
Total lease liabilities |  | $ | 325.7 |  |  |
Components of Lease Expense | The following table presents the lease expense components for the three and nine months ended July 31, 2020:
| Three Months Ended July 31, |  |  |  | Nine Months Ended July 31, |  |
(in millions) | 2020 |  |  |  | 2020 |  |
Operating lease cost | $ | 17.2 |  |  |  |  | $ | 50.0 |  |  |
Finance lease cost | 0.4 |  |  |  |  | 1.1 |  |  |
Variable lease cost* | 5.5 |  |  |  |  | 19.3 |  |  |
Total lease cost | $ | 23.1 |  |  |  |  | $ | 70.4 |  |  |
*Amount includes short-term lease costs. The following table presents the weighted-average lease term and discount rate as of July 31, 2020:
Weighted-average remaining lease term (years): |
Operating leases | 11.3
Finance leases | 3.8
Weighted-average discount rate: |
Operating leases | 3.61 | %
Finance leases | 3.33 | %
The following table presents other required lease related information for the three and nine months ended July 31, 2020:
| Three Months Ended July 31, |  |  |  | Nine Months Ended July 31, |  |
(in millions) | 2020 |  |  |  | 2020 |  |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |  |
Operating cash flows used for operating leases | $ | 16.9 |  |  |  |  | $ | 52.2 |  |  |
Financing cash flows used for finance leases | 0.3 |  |  |  |  | 1.0 |  |  |
Leased assets obtained in exchange for new operating lease liabilities | 0.8 |  |  |  |  | 63.9 |  |  |
Leased assets obtained in exchange for new finance lease liabilities | 0.1 |  |  |  |  | 0.4 |  |  |
In compliance with ASC 842, the Company must provide the prior year disclosures required under the previous lease guidance for comparative periods presented herein. The table below contains information related to the Company’s rent expense as disclosed within the 10-K for the period ended October 31, 2019:
| Year Ended October 31, |  |  |  |
(in millions) | 2019 |  | 2018 |  | 2017
Rent Expense | $ | 86.2 |  |  | $ | 47.1 |  |  | $ | 41.0 |
The following table provides the Company’s minimum rent commitments under operating leases in the next five years and the remaining years thereafter as disclosed within the 10-K for the period ended October 31, 2019:
(in millions) | Operating Leases |  | Capital Leases
Year(s): |  |  |
2020 | $ | 64.8 |  |  | $ | 1.8 |
2021 | 57.0 |  |  | 1.6 |
2022 | 48.7 |  |  | 1.3 |
2023 | 40.1 |  |  | 1.0 |
2024 | 31.6 |  |  | 0.6 |
Thereafter | 117.5 |  |  | 0.3 |
Total | $ | 359.7 |  |  | $ | 6.6 |
Maturities of Operating Lease Liabilities | Future maturity for the Company's lease liabilities, during the next five years, and in the aggregate for the years thereafter, are as follows:
(in millions) | Operating Leases |  | Finance Leases |  | Total expected payments
2020 | $ | 66.7 |  |  | $ | 1.4 |  |  | $ | 68.1 |
2021 | 62.5 |  |  | 1.4 |  |  | 63.9 |
2022 | 54.7 |  |  | 1.2 |  |  | 55.9 |
2023 | 46.7 |  |  | 0.9 |  |  | 47.6 |
2024 | 38.6 |  |  | 0.5 |  |  | 39.1 |
Thereafter | 172.1 |  |  | 0.3 |  |  | 172.4 |
Total lease payments | $ | 441.3 |  |  | $ | 5.7 |  |  | $ | 447.0 |
Less: Interest | (120.6) |  |  | (0.7) |  |  | (121.3) |
Lease liabilities | $ | 320.7 |  |  | $ | 5.0 |  |  | $ | 325.7 |
Maturities of Financing Lease Liabilities | Future maturity for the Company's lease liabilities, during the next five years, and in the aggregate for the years thereafter, are as follows:
(in millions) | Operating Leases |  | Finance Leases |  | Total expected payments
2020 | $ | 66.7 |  |  | $ | 1.4 |  |  | $ | 68.1 |
2021 | 62.5 |  |  | 1.4 |  |  | 63.9 |
2022 | 54.7 |  |  | 1.2 |  |  | 55.9 |
2023 | 46.7 |  |  | 0.9 |  |  | 47.6 |
2024 | 38.6 |  |  | 0.5 |  |  | 39.1 |
Thereafter | 172.1 |  |  | 0.3 |  |  | 172.4 |
Total lease payments | $ | 441.3 |  |  | $ | 5.7 |  |  | $ | 447.0 |
Less: Interest | (120.6) |  |  | (0.7) |  |  | (121.3) |
Lease liabilities | $ | 320.7 |  |  | $ | 5.0 |  |  | $ | 325.7 |
Schedule of Information Related to Company's Rent Expense | The table below contains information related to the Company’s rent expense as disclosed within the 10-K for the period ended October 31, 2019:
| Year Ended October 31, |  |  |  |
(in millions) | 2019 |  | 2018 |  | 2017
Rent Expense | $ | 86.2 |  |  | $ | 47.1 |  |  | $ | 41.0 |
Schedule of Company's Minimum Rent Commitments Under Operating and Capital Leases | The following table provides the Company’s minimum rent commitments under operating leases in the next five years and the remaining years thereafter as disclosed within the 10-K for the period ended October 31, 2019:
(in millions) | Operating Leases |  | Capital Leases
Year(s): |  |  |
2020 | $ | 64.8 |  |  | $ | 1.8 |
2021 | 57.0 |  |  | 1.6 |
2022 | 48.7 |  |  | 1.3 |
2023 | 40.1 |  |  | 1.0 |
2024 | 31.6 |  |  | 0.6 |
Thereafter | 117.5 |  |  | 0.3 |
Total | $ | 359.7 |  |  | $ | 6.6 |

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- Definition Tabular disclosure of lessee's lease cost. Includes, but is not limited to, interest expense for finance lease, amortization of right-of-use asset for finance lease, operating lease cost, short-term lease cost, variable lease cost and sublease income. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=121609121&loc=SL77918686-209980 + Details
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