XML 28 R15.htm IDEA: XBRL DOCUMENT
v3.20.4

POST RETIREMENT BENEFIT PLANS | 3 Months Ended
--- | ---
Jan. 31, 2021
Postemployment Benefits [Abstract] |
POST RETIREMENT BENEFIT PLANS | POST RETIREMENT BENEFIT PLANS During the three months ended January 31, 2021, an annuity contract for approximately $100.0 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 $1.5 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 both the plan assets and the projected benefit obligation of $101.5 million and a non-cash pension settlement charge of $8.5 million of unrecognized net actuarial loss included in accumulated other comprehensive loss. As a result of the settlement described above, the Company remeasured the United States defined benefit pension plan as of November 30, 2020. The result of this remeasurement was a net increase of $20.8 million in the funded status of the plan. Plan assets increased $46.7 million due to higher than expected returns, which was partially offset by a $25.9 million increase in the projected benefit obligation due to a decrease in the discount rate from 3.01% as of October 31, 2020 to 2.76% as of November 30, 2020. The components of net periodic pension cost include the following:
| Three Months Ended January 31, |  |
(in millions) | 2021 |  | 2020 |  |  |  |
Service cost | $ | 3.1 |  |  | $ | 3.2 |  |  |  |  |
Interest cost | 4.5 |  |  | 6.6 |  |  |  |  |
Expected return on plan assets | (7.9) |  |  | (10.3) |  |  |  |  |
Amortization of prior service cost | — |  |  | 3.5 |  |  |  |  |
Recognized net actuarial loss | 3.8 |  |  | — |  |  |  |  |
Net periodic pension cost | $ | 3.5 |  |  | $ | 3.0 |  |  |  |  |
As previously disclosed in the Company's Annual Report on Form 10-K for the year ended October 31, 2020, the Company expects to make employer contributions of $28.7 million, including benefits paid directly by the Company, during 2021. The components of net periodic pension cost and net periodic post-retirement benefit, other than the service cost components, are included in the line item "Other expense, net" in the interim condensed consolidated statements of income.

X
- References No definition available. + Details
Name: | us-gaap_PostemploymentBenefitsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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/disclosureRef -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/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 712 -URI http://asc.fasb.org/topic&trid=2197446 + Details
Name: | us-gaap_PostemploymentBenefitsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration