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EMPLOYEE BENEFIT PLANS | 12 Months Ended
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Oct. 31, 2024
Retirement Benefits [Abstract] |
EMPLOYEE BENEFIT PLANS | EMPLOYEE BENEFIT PLANS Defined Benefit Plans We provide benefits to certain employees under various defined benefit and postretirement benefit plans (collectively, the “Plans”). The Plans were previously amended to preclude new participants. All of the Plans are unfunded with the exception of one, which is underfunded. Information for the Plans
| As of October 31,
(in millions) | 2024 |  | 2023
Net obligations | $ | 6.9 |  |  | $ | 6.1 |
Projected benefit obligations(1) | 12.5 |  |  | 11.9 |
Fair value of assets | 5.6 |  |  | 5.8 |
(1) At October 31, 2024 and 2023, total projected benefit obligations related to unfunded and underfunded plans were $12.5 million and $11.9 million, respectively. At October 31, 2024, assets of the Plans were fully invested in fixed income. The expected return on assets was $0.0 million in 2024, $0.2 million in 2023, and $0.4 million in 2022. The aggregate net periodic benefit cost for all Plans was $0.8 million, $0.6 million, and $0.1 million for 2024, 2023, and 2022, respectively. Future benefit payments in the aggregate are expected to be $11.2 million. Deferred Compensation Plans We maintain deferred compensation plans that permit eligible employees and directors to defer a portion of their compensation. At October 31, 2024 and 2023, the total liability of all deferred compensation was $26.7 million and $27.0 million, respectively, and these amounts are included in “Other accrued liabilities” and “Other noncurrent liabilities” on the accompanying Consolidated Balance Sheets. Under one of our deferred compensation plans, a Rabbi trust was created to fund the obligations, and we are required to contribute a portion of the deferred compensation contributions for eligible participants. The assets held in the Rabbi trust are not available for general corporate purposes. At October 31, 2024 and 2023, the fair value of these assets was $4.4 million and $4.0 million, respectively, and these amounts are included in “Other noncurrent assets” on the accompanying Consolidated Balance Sheets. Aggregate expense recognized under these deferred compensation plans was $0.6 million, $0.5 million, and $0.3 million for 2024, 2023, and 2022, respectively. Defined Contribution Plans We sponsor two defined contribution plans covering certain employees that are subject to the applicable provisions of the Employee Retirement Income Security Act of 1974 and the Internal Revenue Code (“IRC”). Certain plans permit a company match of a portion of the participant’s contributions or a discretionary contribution after the participant has met the eligibility requirements set forth in the plan. During 2024, 2023, and 2022, we made matching contributions required by the plans of $30.6 million, $29.8 million, and $27.7 million, respectively. Multiemployer Pension and Postretirement Plans We participate in various multiemployer pension plans under union and industry-wide agreements that provide defined pension benefits to employees covered by collective bargaining agreements. Because of the nature of multiemployer plans, there are risks associated with participation in these plans that differ from single-employer plans. Assets contributed by an employer to a multiemployer plan are not segregated into a separate account and are not restricted to provide benefits only to employees of that contributing employer. In the event another participating employer in a multiemployer plan no longer contributes to the plan, the unfunded obligations of the plan may be borne by the remaining participating employers, including us. In the event of the termination of a multiemployer pension plan or a withdrawal from a multiemployer pension plan, we could incur material liabilities under applicable law. Key Information for Individually Significant Multiemployer Defined Benefit Pension Plans(1)
($ in millions) |  |  |  | Pension Protection Act Zone Status(3) |  | FIP/RP Status(4) |  | Contributions by ABM |  | Surcharge Imposed(5) |  | Expiration Dates of Collective Bargaining Agreements
Pension Fund |  | EIN/PN(2) |  | 2024 |  | 2023 |  | Pending/ Implemented |  | 2024 |  | 2023 |  | 2022
Building Service 32BJ Pension Fund |  | 13-1879376 / 001 |  | Yellow 6/30/2024 |  | Yellow 6/30/2023 |  | Implemented |  | $ | 22.1 |  |  | $ | 21.4 |  |  | $ | 22.7 |  |  | No |  | 10/15/2027 - 12/31/2027
S.E.I.U National Industry Pension Fund |  | 52-6148540 / 001 |  | Red 12/31/2023 |  | Red 12/31/2022 |  | Implemented |  | 19.4 |  |  | 19.3 |  |  | 17.6 |  |  | Yes |  | 6/30/2025 - 7/31/2028
Central Pension Fund of the IUOE & Participating Employers |  | 36-6052390 / 001 |  | Green 1/31/2024 |  | Green 1/31/2023 |  | N/A* |  | 12.4 |  |  | 13.0 |  |  | 12.8 |  |  | N/A* |  | 12/31/2024 - 6/30/2029
SEIU Local 1 & Participating Employers Pension Trust |  | 36-6486542 / 001 |  | Green 9/30/2023 |  | Green 9/30/2022 |  | N/A* |  | 4.3 |  |  | 4.8 |  |  | 5.8 |  |  | N/A* |  | 5/31/2026 - 4/4/2027
Western Conference of Teamsters Pension Plan |  | 91-6145047 / 001 |  | Green 12/31/2023 |  | Green 12/31/2022 |  | N/A* |  | 2.7 |  |  | 2.4 |  |  | 2.2 |  |  | N/A* |  | 11/30/2026 - 12/31/2029
IUOE Stationary Engineers Local 39 Pension Plan |  | 94-6118939 / 001 |  | Green 12/31/2023 |  | Green 12/31/2022 |  | N/A* |  | 2.5 |  |  | 4.6 |  |  | 4.4 |  |  | N/A* |  | 8/31/2029
All Other Plans: |  |  |  |  |  |  |  |  |  | 13.9 |  |  | 8.0 |  |  | 8.2 |  |  |  |  |
Total Contributions |  |  |  |  |  |  |  |  |  | $ | 77.3 |  |  | $ | 73.6 |  |  | $ | 73.8 |  |  |  |  |
*Not applicable (1) To determine individually significant plans, we evaluated several factors, including our total contributions to the plan, our significance to the plan in terms of participating employees and contributions, and the funded status of the plan. (2) The “EIN/PN” column provides the Employer Identification Number and the three-digit plan number assigned to the plan by the IRS. (3) The Pension Protection Act Zone Status columns provide the two most recently available Pension Protection Act zone status reports from each plan. The zone status is based on information provided to us and other participating employers and is certified by each plan’s actuary. Among other factors, plans in the red zone are generally less than 65% funded, plans in the yellow zone are less than 80% funded, and plans in the green zone are at least 80% funded. (4) Indicates whether a Financial Improvement Plan (“FIP”) for yellow zone plans or a Rehabilitation Plan (“RP”) for red zone plans is pending or implemented. (5) Indicates whether our contribution in 2024 included an amount as imposed by a plan in the red zone in addition to the contribution rate specified in the applicable collective bargaining agreement. Multiemployer Pension Plans for which ABM Is a Significant Contributor
Pension Fund |  | Contributions to the plan exceeded more than 5% of total contributions per most currently available Forms 5500 (as of the plan’s year end)
Apartment Employees Trust Fund* |  | 12/31/2022 and 12/31/2021
Arizona Sheet Metal Pension Trust Fund* |  | 6/30/2023, 6/30/2022,and 6/30/2021
Building Service 32BJ Pension Fund |  | 6/30/2023, 6/30/2022,and 6/30/2021
Building Service Pension Plan* |  | 4/30/2023, 4/30/2022, and 4/30/2021
Central Pennsylvania Teamsters Defined Benefit Plan* |  | 12/31/2023
Central Pension Fund of the IUOE & Participating Employers |  | 1/31/2024 and 1/31/2023
Contract Cleaners Service Employees' Pension Plan* |  | 12/31/2022 and 12/31/2021
IUOE Local 30 Pension Fund* |  | 12/31/2023 and 12/31/2022
IUOE Stationary Engineers Local 39 Pension Plan |  | 12/31/2023, 12/31/2022, and 12/31/2021
Local 210's Pension Plan* |  | 12/31/2023, 12/31/2022, and 12/31/2021
Local 670 Pension Plan* |  | 12/31/2023, 12/31/2022
Local 68 Engineers Union Pension Plan* |  | 6/30/2023
Local 808 IBT Pension Fund* |  | 9/30/2023
Massachusetts Service Employees Pension Plan* |  | 12/31/2023, 12/31/2022, and 12/31/2021
S.E.I.U National Industry Pension Fund |  | 12/31/2023, 12/31/2022, and 12/31/2021
SEIU Local 1 & Participating Employers Pension Trust |  | 9/30/2023, 9/30/2022, and 9/30/2021
Service Employees International Union Local 1 Cleveland Pension Plan* |  | 12/31/2023, 12/31/2022, and 12/31/2021
Service Employees International Union Local 32BJ, District 36 Building Operators Pension Trust Fund* |  | 12/31/2023, 12/31/2022, and 12/31/2021
Teamsters Local 617 Pension Fund* |  | 2/28/2023, 2/28/2022, and 2/28/2021
Teamsters Local Union No. 727 Pension Plan* |  | 2/28/2023
U.S.W.U. Local 74 Welfare Fund* |  | 12/31/2023, 12/31/2022, and 12/31/2021
* These plans are not separately listed in our multiemployer table as they represent an insignificant portion of our total multiemployer pension plan contributions. Multiemployer Defined Contribution Plans In addition to contributions noted above, we also make contributions to multiemployer defined contribution plans. During 2024, 2023, and 2022, our contributions to the defined contribution plans were $54.5 million, $59.2 million, and $54.7 million, respectively. Other Multiemployer Benefit Plans We also contribute to several multiemployer postretirement health and welfare plans based on obligations arising under collective bargaining agreements covering union-represented employees. These plans may provide medical, pharmacy, dental, vision, mental health, and other benefits to employees as determined by the trustees of each plan. The majority of our contributions benefit active employees and, as such, may not constitute contributions to a postretirement benefit plan. However, since we are unable to separate contribution amounts to postretirement benefit plans from contribution amounts paid to benefit active employees, we categorize all such amounts as contributions to postretirement benefit plans. During 2024, 2023, and 2022, our contributions to such plans were $434.1 million, $441.8 million, and $426.6 million, respectively. There have been no significant changes that affect the comparability of total contributions for any of the periods presented

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