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v3.23.4

LEASES | 12 Months Ended
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Oct. 31, 2023
Leases [Abstract] |
LEASES | LEASES The components of lease assets and liabilities and their classification on our Consolidated Balance Sheets were as follows:
|  |  |  | As of October 31,
(in millions) |  | Classification |  | 2023 |  | 2022
Lease assets |  |  |  |  |  |
Operating leases |  | Right-of-use assets |  | $ | 113.4 |  |  | $ | 115.2 |
Finance leases |  | Property, plant and equipment, net(1) |  | 15.2 |  |  | 10.0 |
Total lease assets |  |  |  | $ | 128.6 |  |  | $ | 125.2 |
Lease liabilities |  |  |  |  |  |
Current liabilities |  |  |  |  |  |
Operating leases |  | Current portion of lease liabilities |  | $ | 32.5 |  |  | $ | 30.3 |
Finance leases |  | Other accrued liabilities |  | 3.1 |  |  | 2.8 |
Noncurrent liabilities |  |  |  |  |  |
Operating leases |  | Long-term lease liabilities |  | 98.8 |  |  | 104.5 |
Finance leases |  | Other noncurrent liabilities |  | 11.1 |  |  | 6.4 |
Total lease liabilities |  |  |  | $ | 145.5 |  |  | $ | 144.1 |
(1) Finance lease assets are recorded net of accumulated amortization of $18.9 million and $16.9 million as of October 31, 2023 and October 31, 2022, respectively. The components of lease costs and classification within the Consolidated Statements of Comprehensive Income were as follows:
|  | Years Ended October 31,
(in millions) |  | 2023 |  | 2022
Operating lease costs: |  |  |  |
Operating expenses(1)(2) |  | $ | 70.6 |  |  | $ | 60.2 |
Selling, general and administrative expenses(3) |  | 25.4 |  |  | 25.7 |
Finance lease costs: |  |  |  |
Operating expenses(4) |  | 2.4 |  |  | 1.7 |
Interest expense(5) |  | 0.5 |  |  | 0.4 |
Total lease costs |  | $ | 99.0 |  |  | $ | 88.1 |
(1) Related to certain parking arrangements. (2) Includes short-term lease costs and variable lease costs. (3) Includes short-term lease costs. (4) Represents amortization of leased assets. (5) Interest on lease liabilities. The following table presents information on short-term and variable lease costs:
|  | Years Ended October 31,
(in millions) |  | 2023 |  | 2022
Short-term lease costs |  | $ | 53.5 |  |  | $ | 43.3 |
Variable lease costs |  | 6.4 |  |  | 6.0 |
Total short-term and variable lease costs |  | $ | 59.9 |  |  | $ | 49.3 |
Sublease income generated during the year ended October 31, 2023, was immaterial. The amounts of future undiscounted cash flows related to the lease payments over the lease terms and the reconciliation to the present value of the lease liabilities as recorded on our Consolidated Balance Sheets as of October 31, 2023, are as follows:
(in millions) |  | Operating Lease Liabilities |  | Finance Lease Liabilities |  | Total
Fiscal 2024 |  | $ | 38.5 |  |  | $ | 3.8 |  |  | $ | 42.2 |
Fiscal 2025 |  | 27.9 |  |  | 3.8 |  |  | 31.7 |
Fiscal 2026 |  | 25.8 |  |  | 3.0 |  |  | 28.8 |
Fiscal 2027 |  | 19.4 |  |  | 1.4 |  |  | 20.8 |
Fiscal 2028 |  | 13.2 |  |  | 1.4 |  |  | 14.6 |
Thereafter |  | 27.4 |  |  | 2.6 |  |  | 29.9 |
Total lease payments |  | 152.1 |  |  | 15.9 |  |  | 168.0 |
Less: imputed interest |  | 20.8 |  |  | 1.7 |  |  | 22.5 |
Present value of lease liabilities |  | $ | 131.3 |  |  | $ | 14.2 |  |  | $ | 145.5 |
Future sublease rental income was excluded for the periods shown above as the amounts are immaterial. We have entered into operating lease arrangements as of October 31, 2023, that are effective for future periods. The total amount of ROU assets and lease liabilities related to these arrangements is immaterial. The following table includes the weighted-average remaining lease terms, in years, and the weighted-average discount rate used to calculate the present value of operating lease liabilities:
|  | Years Ended October 31,
|  | 2023 |  | 2022
Weighted-average remaining lease term (years) |  |  |  |
Operating leases |  | 5.5 |  | 5.7
Finance leases |  | 5.2 |  | 3.5
Weighted-average discount rate |  |  |  |
Operating leases |  | 4.60 | % |  | 4.09 | %
Finance leases |  | 5.28 | % |  | 3.82 | %
The following table includes supplemental cash and non-cash information related to operating leases:
|  |  |  | Years Ended October 31,
(in millions) |  |  |  | 2023 |  | 2022
Cash paid for amounts included in the measurement of lease liabilities |  |  |  |  |  |
Operating cash flows from operating leases |  |  |  | $ | 37.9 |  |  | $ | 35.3 |
Operating cash flows from finance leases |  |  |  | 0.5 |  |  | 0.4 |
Financing cash flows from finance leases |  |  |  | 3.0 |  |  | 1.9 |
Lease assets obtained in exchange for new operating lease liabilities |  |  |  | 28.7 |  |  | 23.1 |
LEASES | LEASES The components of lease assets and liabilities and their classification on our Consolidated Balance Sheets were as follows:
|  |  |  | As of October 31,
(in millions) |  | Classification |  | 2023 |  | 2022
Lease assets |  |  |  |  |  |
Operating leases |  | Right-of-use assets |  | $ | 113.4 |  |  | $ | 115.2 |
Finance leases |  | Property, plant and equipment, net(1) |  | 15.2 |  |  | 10.0 |
Total lease assets |  |  |  | $ | 128.6 |  |  | $ | 125.2 |
Lease liabilities |  |  |  |  |  |
Current liabilities |  |  |  |  |  |
Operating leases |  | Current portion of lease liabilities |  | $ | 32.5 |  |  | $ | 30.3 |
Finance leases |  | Other accrued liabilities |  | 3.1 |  |  | 2.8 |
Noncurrent liabilities |  |  |  |  |  |
Operating leases |  | Long-term lease liabilities |  | 98.8 |  |  | 104.5 |
Finance leases |  | Other noncurrent liabilities |  | 11.1 |  |  | 6.4 |
Total lease liabilities |  |  |  | $ | 145.5 |  |  | $ | 144.1 |
(1) Finance lease assets are recorded net of accumulated amortization of $18.9 million and $16.9 million as of October 31, 2023 and October 31, 2022, respectively. The components of lease costs and classification within the Consolidated Statements of Comprehensive Income were as follows:
|  | Years Ended October 31,
(in millions) |  | 2023 |  | 2022
Operating lease costs: |  |  |  |
Operating expenses(1)(2) |  | $ | 70.6 |  |  | $ | 60.2 |
Selling, general and administrative expenses(3) |  | 25.4 |  |  | 25.7 |
Finance lease costs: |  |  |  |
Operating expenses(4) |  | 2.4 |  |  | 1.7 |
Interest expense(5) |  | 0.5 |  |  | 0.4 |
Total lease costs |  | $ | 99.0 |  |  | $ | 88.1 |
(1) Related to certain parking arrangements. (2) Includes short-term lease costs and variable lease costs. (3) Includes short-term lease costs. (4) Represents amortization of leased assets. (5) Interest on lease liabilities. The following table presents information on short-term and variable lease costs:
|  | Years Ended October 31,
(in millions) |  | 2023 |  | 2022
Short-term lease costs |  | $ | 53.5 |  |  | $ | 43.3 |
Variable lease costs |  | 6.4 |  |  | 6.0 |
Total short-term and variable lease costs |  | $ | 59.9 |  |  | $ | 49.3 |
Sublease income generated during the year ended October 31, 2023, was immaterial. The amounts of future undiscounted cash flows related to the lease payments over the lease terms and the reconciliation to the present value of the lease liabilities as recorded on our Consolidated Balance Sheets as of October 31, 2023, are as follows:
(in millions) |  | Operating Lease Liabilities |  | Finance Lease Liabilities |  | Total
Fiscal 2024 |  | $ | 38.5 |  |  | $ | 3.8 |  |  | $ | 42.2 |
Fiscal 2025 |  | 27.9 |  |  | 3.8 |  |  | 31.7 |
Fiscal 2026 |  | 25.8 |  |  | 3.0 |  |  | 28.8 |
Fiscal 2027 |  | 19.4 |  |  | 1.4 |  |  | 20.8 |
Fiscal 2028 |  | 13.2 |  |  | 1.4 |  |  | 14.6 |
Thereafter |  | 27.4 |  |  | 2.6 |  |  | 29.9 |
Total lease payments |  | 152.1 |  |  | 15.9 |  |  | 168.0 |
Less: imputed interest |  | 20.8 |  |  | 1.7 |  |  | 22.5 |
Present value of lease liabilities |  | $ | 131.3 |  |  | $ | 14.2 |  |  | $ | 145.5 |
Future sublease rental income was excluded for the periods shown above as the amounts are immaterial. We have entered into operating lease arrangements as of October 31, 2023, that are effective for future periods. The total amount of ROU assets and lease liabilities related to these arrangements is immaterial. The following table includes the weighted-average remaining lease terms, in years, and the weighted-average discount rate used to calculate the present value of operating lease liabilities:
|  | Years Ended October 31,
|  | 2023 |  | 2022
Weighted-average remaining lease term (years) |  |  |  |
Operating leases |  | 5.5 |  | 5.7
Finance leases |  | 5.2 |  | 3.5
Weighted-average discount rate |  |  |  |
Operating leases |  | 4.60 | % |  | 4.09 | %
Finance leases |  | 5.28 | % |  | 3.82 | %
The following table includes supplemental cash and non-cash information related to operating leases:
|  |  |  | Years Ended October 31,
(in millions) |  |  |  | 2023 |  | 2022
Cash paid for amounts included in the measurement of lease liabilities |  |  |  |  |  |
Operating cash flows from operating leases |  |  |  | $ | 37.9 |  |  | $ | 35.3 |
Operating cash flows from finance leases |  |  |  | 0.5 |  |  | 0.4 |
Financing cash flows from finance leases |  |  |  | 3.0 |  |  | 1.9 |
Lease assets obtained in exchange for new operating lease liabilities |  |  |  | 28.7 |  |  | 23.1 |

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