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v3.19.3.a.u2

Basis of Presentation and Significant Accounting Policies (Tables) | 12 Months Ended
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Oct. 31, 2019
Accounting Policies [Abstract] |
Schedule of Estimated Useful Lives of Property, Plant and Equipment | We determine depreciation for financial reporting purposes using the straight-line method over the following estimated useful lives:
Category | Years
Computer equipment and software | 3–5
Machinery and other equipment | 3–5
Transportation equipment | 1.5–10
Buildings | 10–40
Furniture and fixtures | 5
Schedule of Management Reimbursement Revenue by Segment |
| Years Ended October 31,
(in millions) | 2019 |  | 2018 |  | 2017
Business & Industry | $ | 283.1 |  |  | $ | 276.6 |  |  | $ | 252.9 |
Aviation | 95.5 |  |  | 99.9 |  |  | 80.4 |
Total | $ | 378.7 |  |  | $ | 376.4 |  |  | $ | 333.2 |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles | During the first quarter of 2019, we also adopted the following ASUs with no material impact on our consolidated financial statements:
ASU |  | Topic |  | Method of Adoption
2016-01 |  | Financial Instruments |  | Modified retrospective
2016-15 |  | Statement of Cash Flows — Classification of Certain Cash Receipts and Cash Payments |  | Retrospective
2016-16 |  | Income Taxes — Intra-Entity Transfers of Assets Other Than Inventory |  | Modified retrospective
2016-18 |  | Statement of Cash Flows — Restricted Cash |  | Retrospective
2017-07 |  | Compensation — Retirement Benefits |  | Retrospective
2017-09 |  | Compensation — Stock Compensation |  | Prospective
2018-02 |  | Income Statement — Reporting Comprehensive Income: Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income |  | Early adopted; we elected not to reclassify any stranded tax effects of the Tax Cuts and Jobs Act (the “Tax Act”) due to the insignificance of the amount remaining in AOCI.
2018-04 |  | Investments — Debt Securities |  | Adopted in conjunction with ASU 2016-01
(in millions) |  | Balance at October 31, 2018 |  | Adjustments Due to Adoption of Topic 606 |  | Balance at November 1, 2018
ASSETS |  |  |  |  |  |
Current assets |  |  |  |  |  |
Trade accounts receivable, net |  | $ | 1,014.1 |  |  | $ | (40.1 | ) |  | $ | 974.0 |
Costs incurred in excess of amounts billed |  | — |  |  | 40.1 |  |  | 40.1 |
Other current assets |  | 37.0 |  |  | 3.6 |  |  | 40.6 |
Other noncurrent assets |  | 109.6 |  |  | 11.5 |  |  | 121.1 |
LIABILITIES AND STOCKHOLDERS’ EQUITY |  |  |  |  |  |
Current liabilities |  |  |  |  |  |
Other accrued liabilities |  | $ | 152.7 |  |  | $ | 6.0 |  |  | $ | 158.9 |
Deferred income tax liability, net |  | 37.8 |  |  | 2.6 |  |  | 40.3 |
Retained earnings |  | 771.2 |  |  | 6.5 |  |  | 777.6 |
The impact of adopting Topic 606 on our consolidated balance sheet as of October 31, 2019 was as follows:
|  | As of October 31, 2019
(in millions) |  | Under Historical Guidance |  | Effect of Adoption |  | As Reported
ASSETS |  |  |  |  |  |
Current assets |  |  |  |  |  |
Other current assets |  | $ | 46.3 |  |  | $ | 9.2 |  |  | $ | 55.5 |
Other noncurrent assets |  | 107.7 |  |  | 12.7 |  |  | 120.3 |
LIABILITIES AND STOCKHOLDERS’ EQUITY |  |  |  |  |  |
Current liabilities |  |  |  |  |  |
Other accrued liabilities |  | $ | 153.1 |  |  | $ | 5.1 |  |  | $ | 158.2 |
Deferred income tax liability, net |  | 47.3 |  |  | 0.5 |  |  | 47.7 |
Retained earnings |  | 840.1 |  |  | 16.2 |  |  | 856.3 |
The impact of adopting Topic 606 and Topic 853 on our consolidated statements of comprehensive income for the year ended October 31, 2019 was as follows:
|  | Year Ended October 31, 2019
(in millions, except per share amounts) |  | Under Historical Guidance |  | Effect of Adoption |  | As Reported
Revenues |  | $ | 6,546.2 |  |  | $ | (47.6 | ) |  | $ | 6,498.6 |
Operating expenses |  | 5,816.2 |  |  | (48.6 | ) |  | 5,767.5 |
Selling, general and administrative expenses |  | 459.7 |  |  | (6.7 | ) |  | 452.9 |
Income tax provision |  | 30.7 |  |  | 2.0 |  |  | 32.7 |
Net income |  | 121.6 |  |  | 5.8 |  |  | 127.4 |
Net income per common share — Basic |  | $ | 1.83 |  |  | $ | 0.09 |  |  | $ | 1.91 |
Net income per common share — Diluted |  | $ | 1.82 |  |  | $ | 0.09 |  |  | $ | 1.90 |

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