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POST RETIREMENT BENEFIT PLANS | 3 Months Ended
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Jan. 31, 2022
Retirement Benefits [Abstract] |
POST RETIREMENT BENEFIT PLANS | POST RETIREMENT BENEFIT PLANS The components of net periodic pension cost include the following:
| Three Months Ended January 31, |  |
(in millions) | 2022 |  | 2021 |  |  |  |
Service cost | $ | 3.0 |  |  | $ | 3.1 |  |  |  |  |
Interest cost | 5.1 |  |  | 4.5 |  |  |  |  |
Expected return on plan assets | (8.2) |  |  | (7.9) |  |  |  |  |
Amortization of prior service cost | (0.1) |  |  | — |  |  |  |  |
Recognized net actuarial loss | 2.0 |  |  | 3.8 |  |  |  |  |
Net periodic pension cost | $ | 1.8 |  |  | $ | 3.5 |  |  |  |  |
As previously disclosed in the Company's Annual Report on Form 10-K for the year ended October 31, 2021, the Company expects to make employer contributions of $35.5 million, including benefits paid directly by the Company, during 2022. 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 income, net" in the interim condensed consolidated statements of income. 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.

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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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