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POST RETIREMENT BENEFIT PLANS | 6 Months Ended
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Apr. 30, 2021
Postemployment Benefits [Abstract] |
POST RETIREMENT BENEFIT PLANS | POST RETIREMENT BENEFIT PLANS During the six months ended April 30, 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 $6.0 million and $7.5 million for the three and six months ended April 30, 2021 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 $107.5 million and a non-cash pension settlement charges of $0.1 million and $8.6 million of unrecognized net actuarial loss included in accumulated other comprehensive loss for the three and six months ended April 30, 2021. As a result of the settlements described above, the Company remeasured the United States defined benefit pension plan as of April 30, 2021. After the April 30, 2021 remeasurement, the net funded status of the plan is an overfunded position of $9.6 million. The discount rate used was 3.21% as of April 30, 2021 as compared to 3.01% as of October 31, 2020. The components of net periodic pension cost include the following:
| Three Months Ended April 30, |  | Six Months Ended April 30,
(in millions) | 2021 |  | 2020 |  | 2021 |  | 2020
Service cost | $ | 3.1 |  |  | $ | 2.8 |  |  | $ | 6.2 |  |  | $ | 6.0 |
Interest cost | 4.6 |  |  | 5.6 |  |  | 9.1 |  |  | 12.2 |
Expected return on plan assets | (8.1) |  |  | (7.9) |  |  | (16.0) |  |  | (18.2) |
Amortization of prior service cost | (0.1) |  |  | 2.9 |  |  | (0.1) |  |  | 6.4 |
Recognized net actuarial loss | 3.7 |  |  | — |  |  | 7.5 |  |  | — |
Net periodic pension cost | $ | 3.2 |  |  | $ | 3.4 |  |  | $ | 6.7 |  |  | $ | 6.4 |
The Company expects to make employer contributions of $21.7 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.

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- 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
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