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Leases | 6 Months Ended
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Apr. 30, 2020
Leases [Abstract] |
Leases | Note 3. Leases The Company leases certain administrative and production facilities and equipment under long-term, non-cancelable operating lease agreements. The Company determines if an arrangement is or contains a lease at contract inception and recognizes a ROU asset and a lease liability based on the present value of fixed, and certain index-based lease payments at the lease commencement date. Variable payments are excluded from the present value of lease payments and are recognized in the period in which the payment is made. Lease agreements may include options to extend or terminate the lease or purchase the underlying asset. In situations where the Company is reasonably certain to exercise such options, they are considered in determining the lease term and the associated option payments, or exercise price in the case of an option to purchase, are included in the measurement of the lease liabilities and ROU assets. The Company’s leases generally do not include restrictive financial or other covenants, or residual value guarantees. The Company generally uses its incremental borrowing rate as the discount rate for measuring its lease liabilities, as the Company cannot determine the interest rate implicit in the lease because it does not have access to certain lessor specific information. Lease expense is recognized on a straight-line basis over the lease term. The Company does not have significant finance leases. During the three and six months ended April 30, 2020, the Company recognized total operating lease costs of approximately $2.5 million and $4.8 million, respectively, and paid cash of $2.3 million for amounts included in the measurement of lease liabilities. At April 30, 2020, future minimum operating lease payments due under ASC 842 are summarized by fiscal year in the table below:
Remaining six months of fiscal year 2020 |  | $ | 4.7 |
2021 |  |  | 8.6 |
2022 |  |  | 6.9 |
2023 |  |  | 4.2 |
2024 |  |  | 2.4 |
Thereafter |  |  | 3.8 |
Total undiscounted lease payments |  |  | 30.6 |
Less: imputed interest |  |  | (2.5 | )
Total lease liabilities |  | $ | 28.1 |
As of April 30, 2020, the weighted average remaining lease term and the weighted average discount rate for operating leases was 4.8 years and 5.0%, respectively. As of October 31, 2019, future minimum operating lease payments (under ASC 840) summarized by fiscal year were as follows:
2020 |  | $ | 8.5 |
2021 |  |  | 7.5 |
2022 |  |  | 5.8 |
2023 |  |  | 3.3 |
2024 |  |  | 1.5 |
Thereafter |  |  | 0.1 |

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- Definition The entire disclosure for lessee entity's leasing arrangements including, but not limited to, all of the following: (a.) The basis on which contingent rental payments are determined, (b.) The existence and terms of renewal or purchase options and escalation clauses, (c.) Restrictions imposed by lease agreements, such as those concerning dividends, additional debt, and further leasing. + References Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -URI http://asc.fasb.org/topic&trid=2208923 + Details
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