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Revenues (Tables) | 12 Months Ended
--- | ---
Oct. 31, 2019
Revenue from Contract with Customer [Abstract] |
Schedule of New Accounting Pronouncements Impacts on Balance Sheet and Statements of Comprehensive Income | 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 |
Revenue from External Customers by Major Service Lines and Segments |
|  | Year Ended October 31, 2019
(in millions) |  | B&I |  | Aviation |  | T&M |  | Education |  | Technical Solutions |  | Total
Major Service Line |  |  |  |  |  |  |  |  |  |  |  |
Janitorial(1) |  | $ | 2,316.1 |  |  | $ | 125.8 |  |  | $ | 739.7 |  |  | $ | 756.3 |  |  | $ | — |  |  | $ | 3,937.9 |
Parking(2) |  | 511.5 |  |  | 335.3 |  |  | 25.9 |  |  | 3.1 |  |  | — |  |  | 875.8 |
Facility Services(3) |  | 423.1 |  |  | 72.1 |  |  | 151.4 |  |  | 88.0 |  |  | — |  |  | 734.6 |
Building & Energy Solutions(4) |  | — |  |  | — |  |  | — |  |  | — |  |  | 593.2 |  |  | 593.2 |
Airline Services(5) |  | 0.6 |  |  | 484.1 |  |  | 0.1 |  |  | — |  |  | — |  |  | 484.8 |
|  | $ | 3,251.4 |  |  | $ | 1,017.3 |  |  | $ | 917.0 |  |  | $ | 847.4 |  |  | $ | 593.2 |  |  | $ | 6,626.3 |
Elimination of inter-segment revenues |  |  |  |  |  |  |  |  |  |  |  | (127.7 | )
Total |  |  |  |  |  |  |  |  |  |  |  | $ | 6,498.6 |
(1) Janitorial arrangements provide a wide range of essential cleaning services for commercial office buildings, airports and other transportation centers, educational institutions, government buildings, health facilities, industrial buildings, retail stores, and stadiums and arenas. These arrangements are often structured as monthly fixed-price, square-foot, cost-plus, and tag services contracts. (2) Parking arrangements provide parking and transportation services for clients at various locations, including airports and other transportation centers, commercial office buildings, educational institutions, health facilities, hotels, and stadiums and arenas. Certain of our management reimbursement, leased location, and allowance arrangements are considered service concession agreements and are accounted for under the guidance of Topic 853. For the year ended October 31, 2019, rent expense related to service concession arrangements, previously recorded within operating expenses, has been recorded as a reduction of the related parking service revenues. These arrangements are structured as management reimbursement, leased location, and allowance contracts. (3) Facility Services arrangements provide onsite mechanical engineering and technical services and solutions relating to a broad range of facilities and infrastructure systems that are designed to extend the useful life of facility fixed assets, improve equipment operating efficiencies, reduce energy consumption, lower overall operational costs for clients, and enhance the sustainability of client locations. These arrangements are generally structured as monthly fixed-price, cost-plus, and tag services contracts. (4) Building & Energy Solutions arrangements provide custom energy solutions, electrical, HVAC, lighting, and other general maintenance and repair services for clients in the public and private sectors and are generally structured as Energy Savings and Fixed-Price Repair and Refurbishment contracts. We also franchise certain operations under franchise agreements relating to our Linc Network and TEGG brands, pursuant to franchise contracts. (5) Airline Services arrangements support airlines and airports with services such as passenger assistance, catering logistics, and airplane cabin maintenance. These arrangements are often structured as monthly fixed-price, cost-plus, transaction price, and hourly contracts.
Contract with Customer, Asset and Liability | The following tables present the balances in our contract assets and contract liabilities:
(in millions) |  | October 31, 2019 |  | November 1, 2018
Contract assets |  |  |  |
Billed trade receivables(1) |  | $ | 978.7 |  |  | $ | 918.9 |
Unbilled trade receivables(1) |  | 56.9 |  |  | 74.3 |
Costs incurred in excess of amounts billed(2) |  | 72.6 |  |  | 40.1 |
Capitalized commissions(3) |  | 21.8 |  |  | 15.1 |
(1) Included in trade accounts receivable, net, on the consolidated balance sheets. The fluctuation correlates directly to the execution of new customer contracts and to invoicing and collections from customers in the normal course of business. (2) Increase is primarily due to the timing of payments on our contracts measured using the cost-to-cost method of revenue recognition. (3) Included in other current assets and other noncurrent assets on the consolidated balance sheets. During the year ended October 31, 2019, we capitalized $16.4 million of new costs and amortized $9.7 million of previously capitalized costs. There was no impairment loss recorded on the costs capitalized.
(in millions) |  | Year Ended October 31, 2019
Contract liabilities(1) |  |
Balance at beginning of year |  | $ | 41.7 |
Additional contract liabilities |  | 250.8 |
Recognition of deferred revenue |  | (254.5 | )
Balance at end of year |  | $ | 38.0 |
(1) Included in other accrued liabilities on the consolidated balance sheets.

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- Definition Tabular disclosure of entity-wide revenues from external customers for each product or service or each group of similar products or services if the information is not provided as part of the reportable operating segment information. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e9031-108599 + Details
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