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REVENUES | 12 Months Ended
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Oct. 31, 2024
Revenue from Contract with Customer [Abstract] |
REVENUES | REVENUES Disaggregation of Revenues We generate revenues under several types of contracts, which are further described in Note 2, “Basis of Presentation and Significant Accounting Policies.” Generally, the type of contract is determined by the nature of the services provided by each of our major service lines throughout our reportable segments; therefore, we disaggregate revenues from contracts with customers into major service lines. We have determined that disaggregating revenues into these categories best depicts how the nature, amount, timing, and uncertainty of revenues and cash flows are affected by economic factors. Our reportable segments are B&I, M&D, Education, Aviation, and Technical Solutions, as described in Note 17, “Segment and Geographic Information.”
|  | Year Ended October 31, 2024
(in millions) |  | B&I |  | M&D |  | Education |  | Aviation |  | Technical Solutions |  | Total
Major Service Line |  |  |  |  |  |  |  |  |  |  |  |
Janitorial(1) |  | $ | 2,781.4 |  |  | $ | 1,347.0 |  |  | $ | 798.7 |  |  | $ | 189.0 |  |  | $ | — |  |  | $ | 5,116.1 |
Parking(2) |  | 418.9 |  |  | 51.2 |  |  | 0.4 |  |  | 334.5 |  |  | — |  |  | 804.9 |
Facility Services(3) |  | 858.9 |  |  | 156.1 |  |  | 105.0 |  |  | 47.3 |  |  | — |  |  | 1,167.2 |
Building & Energy Solutions(4) |  | — |  |  | — |  |  | — |  |  | — |  |  | 809.3 |  |  | 809.3 |
Airline Services(5) |  | — |  |  | — |  |  | — |  |  | 461.8 |  |  | — |  |  | 461.8 |
Total |  | $ | 4,059.1 |  |  | $ | 1,554.3 |  |  | $ | 904.0 |  |  | $ | 1,032.6 |  |  | $ | 809.3 |  |  | $ | 8,359.4 |
|  | Year Ended October 31, 2023
(in millions) |  | B&I |  | M&D |  | Education |  | Aviation |  | Technical Solutions |  | Total
Major Service Line |  |  |  |  |  |  |  |  |  |  |  |
Janitorial(1) |  | $ | 2,745.2 |  |  | $ | 1,330.8 |  |  | $ | 774.8 |  |  | $ | 146.9 |  |  | $ | — |  |  | $ | 4,997.7 |
Parking(2) |  | 408.2 |  |  | 42.5 |  |  | 0.8 |  |  | 329.3 |  |  | — |  |  | 780.8 |
Facility Services(3) |  | 936.0 |  |  | 153.4 |  |  | 104.8 |  |  | 32.0 |  |  | — |  |  | 1,226.2 |
Building & Energy Solutions(4) |  | — |  |  | — |  |  | — |  |  | — |  |  | 674.2 |  |  | 674.2 |
Airline Services(5) |  | — |  |  | — |  |  | — |  |  | 417.5 |  |  | — |  |  | 417.5 |
Total |  | $ | 4,089.4 |  |  | $ | 1,526.7 |  |  | $ | 880.4 |  |  | $ | 925.7 |  |  | $ | 674.2 |  |  | $ | 8,096.4 |
(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 work order 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. These arrangements are structured as management reimbursement, leased location, and allowance contracts. Certain of these arrangements are considered service concession agreements and are accounted for under the guidance of Topic 853; accordingly, rent expense related to these arrangements is recorded as a reduction of the related parking service revenues. (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 work order contracts. (4) Building & Energy Solutions arrangements provide custom energy solutions, including microgrid systems installation, electrical, HVAC, lighting, electric vehicle charging station installation, uninterrupted power supply services, and other general maintenance and repair services for clients in the public and private sectors and are generally structured as Energy Savings, 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. Remaining Performance Obligations At October 31, 2024, performance obligations that were unsatisfied or partially unsatisfied for which we expect to recognize revenue totaled $258.7 million. We expect to recognize revenue on approximately 71% of the remaining performance obligations over the next 12 months, with the remainder recognized thereafter, based on our estimates of project timing. These amounts exclude variable consideration primarily related to: (i) contracts where we have determined that the contract consists of a series of distinct service periods and revenues are based on future performance that cannot be estimated at contract inception; (ii) parking contracts where we and the customer share the gross revenues or operating profit for the location; and (iii) contracts where transaction prices include performance incentives that are based on future performance and therefore cannot be estimated at contract inception. We apply the practical expedient that permits exclusion of information about the remaining performance obligations with original expected durations of one year or less. Contract Balances The following tables present the balances in our contract assets and contract liabilities:
|  | As of October 31,
(in millions) |  | 2024 |  | 2023
Contract assets |  |  |  |
Billed trade receivables(1) |  | $ | 1,282.9 |  |  | $ | 1,219.6 |
Unbilled trade receivables(1) |  | 124.0 |  |  | 170.4 |
Costs incurred in excess of amounts billed(2) |  | 162.1 |  |  | 139.2 |
Capitalized commissions(3) |  | 30.8 |  |  | 30.2 |
(1) Included in “Trade accounts receivable, net” on the Consolidated Balance Sheets. The fluctuations correlate directly to the execution of new customer contracts and to invoicing and collections from customers in the normal course of business. (2) Fluctuation 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, 2024, we capitalized $16.1 million of new costs and amortized $15.5 million of previously capitalized costs. There was no impairment loss recorded on the costs capitalized.
(in millions) |  | Year Ended October 31, 2024
Contract liabilities(1) |  |
Balance at beginning of year |  | $ | 141.2 |
Acquisition additions (2) |  | 3.9 |
Additional contract liabilities |  | 256.7 |
Recognition of deferred revenue |  | (283.7) |
Balance at end of year |  | $ | 118.2 |
(1) Included in other accrued liabilities on the Consolidated Balance Sheets. (2) Represents additions associated with the Quality Uptime Acquisition.

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-9 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-10 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-15 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-13 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 606 -Publisher FASB -URI https://asc.fasb.org/606/tableOfContent + Details
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