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LEASES | 3 Months Ended
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Jan. 31, 2022
Leases [Abstract] |
LEASES | LEASES The Company leases certain buildings, warehouses, land, transportation equipment, operating equipment, and office equipment with remaining lease terms from less than 1 year up to 20 years. The Company reviews all options to extend, terminate, or purchase a right of use asset at the time of lease inception and accounts for options deemed reasonably certain. The Company combines lease and non-lease components for all leases, except real estate, for which these components are presented separately. Leases with an initial term of twelve months or less are not capitalized and are recognized on a straight-line basis over the lease term. The implicit rate is not readily determinable for substantially all of the Company's leases, and therefore the initial present value of lease payments is calculated utilizing an estimated incremental borrowing rate determined at the portfolio level based on market and Company specific information. Certain of the Company’s leases include variable costs. As the right of use asset recorded on the balance sheet was determined based upon factors considered at the commencement date, changes in these variable expenses are not capitalized and are expensed as incurred throughout the lease term. As of January 31, 2022, the Company does not have material exposure to finance leases and has not entered into any significant leases which have not yet commenced. The following table presents the lease expense components for the three months ended January 31, 2022 and 2021:
| Three Months Ended January 31, |  |
(in millions) | 2022 |  | 2021 |  |  |  |
Operating lease cost | $ | 17.0 |  |  | $ | 17.3 |  |  |  |  |
Other lease cost* | 5.7 |  |  | 5.7 |  |  |  |  |
Total lease cost | $ | 22.7 |  |  | $ | 23.0 |  |  |  |  |
*includes variable, short-term, and finance lease costs |  |  |  |  |  |  |
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) | January 31, 2022
2022 | $ | 65.7 |
2023 | 58.2 |
2024 | 48.6 |
2025 | 42.2 |
2026 | 34.3 |
Thereafter | 111.6 |
Total lease payments | $ | 360.6 |
Less: interest | (69.3) |
Lease liabilities | $ | 291.3 |
The following table presents the weighted-average lease term and discount rate as of January 31, 2022 and 2021:
| January 31, 2022 |  | January 31, 2021
Weighted-average remaining lease term (years) for operating lease liabilities | 10.1 |  | 10.9
Weighted-average discount rate for operating lease liabilities | 3.58 | % |  | 3.68 | %
The following table presents other required lease related information for the three months ended January 31, 2022 and 2021:
| Three Months Ended January 31, |  |
(in millions) | 2022 |  | 2021 |  |  |  |
Operating cash flows used for operating liabilities | $ | 17.1 |  |  | $ | 17.4 |  |  |  |  |
Leased assets obtained in exchange for new operating lease liabilities | 7.7 |  |  | 1.9 |  |  |  |  |

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=77888251 + Details
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