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FAIR VALE OF FINANCIAL INSTRUMENTS (Tables) | 6 Months Ended
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Apr. 30, 2022
Fair Value Disclosures [Abstract] |
Schedule of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis | Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis
(in millions) | Fair Value Hierarchy |  | April 30, 2022 |  | October 31, 2021
Cash and cash equivalents(1) | 1 |  | $ | 48.9 |  |  | $ | 62.8 |
Insurance deposits(2) | 1 |  | 0.9 |  |  | 0.7 |
Assets held in funded deferred compensation plan(3) | 1 |  | 4.4 |  |  | 4.9 |
Debt facilities(4) | 2 |  | 1,172.0 |  |  | 888.8 |
Interest rate swap assets(5) | 2 |  | 10.9 |  |  | — |
Interest rate swap liabilities(5) | 2 |  | 0.7 |  |  | 4.6 |
Preferred equity investment(6) | 3 |  | 3.0 |  |  | — |
(1) Cash and cash equivalents are stated at nominal value, which equals fair value. (2) Represents restricted deposits that are used to collateralize our insurance obligations and are stated at nominal value, which equals fair value. These insurance deposits are included in “Other noncurrent assets” on the accompanying unaudited Consolidated Balance Sheets. See Note 7, “Insurance,” for further information. (3) Represents investments held in a Rabbi trust associated with one of our deferred compensation plans, which we include in “Other noncurrent assets” on the accompanying unaudited Consolidated Balance Sheets. The fair value of the assets held in the funded deferred compensation plan is based on quoted market prices. (4) Represents gross outstanding borrowings under our Credit and Receivables Facilities. Due to variable interest rates, the carrying value of outstanding borrowings under these facilities approximates the fair value. See Note 8, “Debt,” for further information. (5) Represents interest rate swap derivatives designated as cash flow hedges. The fair values of the interest rate swaps are estimated based on the present value of the difference between expected cash flows calculated at the contracted interest rates and the expected cash flows at current market interest rates using observable benchmarks for the London Interbank Offered Rate (“LIBOR”) forward rates at the end of the period. At April 30, 2022, and October 31, 2021, our interest rate swap assets and liabilities are included in “Other noncurrent assets” and “Other accrued liabilities,” respectively on the accompanying unaudited Consolidated Balance Sheets. See Note 8, “Credit Facility,” for further information. (6) We purchased $3.0 million in a preferred equity investment of a privately held company during the six months ended April 30, 2022, which we include in “Other investments” on the accompanying unaudited Consolidated Balance Sheet. Our investment does not have a readily determinable fair value; therefore, we account for the investment using the measurement alternative under Topic 321 and measure the investment at initial cost less impairment, if any.

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- Definition Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=123594938&loc=d3e13467-108611 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 + Details
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