The Company has certain non-contributory defined benefit pension plans for salaried and hourly employees in the United States, Canada, Germany, the Netherlands, South Africa, Turkey and the United Kingdom. The Company uses a measurement date of October 31 for fair value purposes for its pension plans. The salaried employees plans’ benefits are based primarily on years of service and earnings. The hourly employees plans’ benefits are based primarily upon years of service, and certain benefit provisions are subject to collective bargaining. The Company contributes an amount that is not less than the minimum funding and not more than the maximum tax-deductible amount to these plans. Salaried employees in the United States who commence service on or after November 1, 2007 are not eligible to participate in the U.S. defined benefit pension plan, but are eligible to participate in a defined contribution retirement program. Salaried employees outside the U.S. also have various dates in which they are not eligible to participate in the respective defined benefit pension plans, but are eligible to participate in a defined contribution retirement program. The category “Other International” represents the noncontributory defined benefit pension plans in Canada, South Africa and Turkey.

Pension plan contributions by the Company totaled $21.9 million during 2021, which consisted of $17.8 million of employer contributions and $4.1 million of benefits paid directly by the Company. Pension plan contributions, including benefits paid directly by the Company, totaled $26.4 million and $26.5 million during 2020 and 2019, respectively. Contributions, including benefits paid directly by the Company, during 2022 are expected to be approximately $35.5 million.


October 31, 2021	Consolidated	United States	Germany	United Kingdom	Netherlands	Other International
Active participants	3,603	1,733	30	—	60	1,780
Vested former employees and deferred members	3,468	2,881	79	366	107	35
Retirees and beneficiaries	3,306	1,962	276	662	354	52

October 31, 2020	Consolidated	United States	Germany	United Kingdom	Netherlands	Other International
Active participants	2,226	2,127	36	—	63	—
Vested former employees and deferred members	3,385	2,788	82	366	105	44
Retirees and beneficiaries	6,526	5,138	267	662	405	54

The discount rate is determined by developing a hypothetical portfolio of individual high-quality corporate bonds available at the measurement date, the coupon and principal payments of which would be sufficient to satisfy the plans’ expected future benefit payments as defined for the projected benefit obligation. The discount rate by country is equivalent to the average yield on that hypothetical portfolio of bonds and is a reflection of current market settlement rates on such high quality bonds, government treasuries and annuity purchase rates. To determine the expected long-term rate of return on pension plan assets, the Company considers current and expected asset allocations, as well as historical and expected returns on various categories of plan assets. In developing future return expectations for the defined benefit pension plans’ assets, the Company formulates views on the future economic environment, both in the U.S. and globally. The Company evaluates general market trends and historical relationships among a number of key variables that impact asset class returns, such as expected earnings growth, inflation, valuations, yields and spreads, using both internal and external sources. The Company takes into account expected volatility by asset class and diversification across classes to determine expected overall portfolio results given current and expected allocations. The Company uses published mortality tables for determining the expected lives of plan participants and believes that the tables selected are most-closely associated with the expected lives of plan participants as the tables are based on the country in which the participant is employed.

Based on the Company's analysis of future expectations of asset performance, past return results and its current and expected asset allocations, the Company has assumed a 3.87% long-term expected return on those assets for cost recognition in 2021. For the defined benefit pension plans, the Company applies its expected rate of return to a market-related value of assets, which stabilizes variability in the amounts to which the Company applies that expected return.

During the year ended October 31, 2021, an annuity contract in the amount of approximately $98.8 million was purchased with defined benefit plan assets, and the pension obligation for certain retirees in the United States was irrevocably transferred from that plan to the annuity contract settling that obligation. Additionally, lump sum payments totaling $13.9 million were made from the U.S. defined benefit plan assets to certain participants who agreed to such payments, representing the current fair value of such participants' respective pension benefits. The settlement items described above resulted in a decrease in the fair value of both the plan assets and the projected benefit obligation of $112.7 million and non-cash pension settlement charges of $8.8 million of unrecognized net actuarial loss included in accumulated other comprehensive loss for the year ended October 31, 2021.

Additional lump sum payments in Canada, South Africa and the United Kingdom exceeded the settlement threshold for the fiscal year triggering settlement accounting. Lump sum payments for these plans resulted in non-cash pension settlement charges of $0.3 million of unrecognized net actuarial loss that was included in accumulated other comprehensive loss for the year ended October 31, 2021.

During the year ended October 31, 2020, two United States defined benefit plans were combined and lump sum payments totaling $44.3 million were made to United States defined benefit plan participants who agreed to such payments, representing the current fair value of such participants' respective pension benefits. The payments were made from plan assets, resulting in a decrease in the fair value of both the plan assets and the projected benefit obligation of $44.3 million and noncash pension settlement income of $0.1 million of unrecognized net actuarial gain included in accumulated other comprehensive income.


For the year ended October 31, 2021	Consolidated		United States		Germany		United Kingdom		Netherlands		Other International
(in millions)
Service cost	$	12.1	$	10.7	$	0.3	$	0.5	$	0.5	$	0.1
Interest cost	18.8		15.4		0.3		2.5		0.4		0.2
Expected return on plan assets	(31.8)		(25.8)		—		(4.6)		(0.7)		(0.7)
Amortization of prior service benefit	(0.3)		(0.1)		—		—		(0.2)		—
Recognized net actuarial loss	12.6		10.1		1.3		1.1		—		0.1
Special Events
Settlement	9.1		8.8		—		0.3		—		—
Net periodic pension (benefit) cost	$	20.5	$	19.1	$	1.9	$	(0.2)	$	—	$	(0.3)
For the year ended October 31, 2020	Consolidated		United States		Germany		United Kingdom		Netherlands		Other International
(in millions)
Service cost	$	12.8	$	11.5	$	0.4	$	0.5	$	0.3	$	0.1
Interest cost	25.9		22.4		0.2		2.7		0.3		0.3
Expected return on plan assets	(37.9)		(31.4)		—		(5.2)		(0.7)		(0.6)
Amortization of prior service (benefit) cost	(0.1)		(0.1)		—		0.1		(0.1)		—
Recognized net actuarial loss	13.2		10.2		1.8		1.1		—		0.1

Special Events
Settlement	0.3		(0.1)		—		0.4		—		—
Net periodic pension (benefit) cost	$	14.2	$	12.5	$	2.4	$	(0.4)	$	(0.2)	$	(0.1)
For the year ended October 31, 2019	Consolidated		United States		Germany		United Kingdom		Netherlands		Other International
(in millions)
Service cost	$	14.1	$	12.7	$	0.3	$	0.5	$	0.5	$	0.1
Interest cost	31.0		25.4		0.5		3.9		0.9		0.3
Expected return on plan assets	(38.8)		(30.5)		—		(6.2)		(1.3)		(0.8)
Amortization of prior service (benefit) cost	(0.1)		(0.1)		—		0.1		(0.1)		—

Other Adjustments	7.1		5.0		0.9		1.2		—		—


Net periodic pension (benefit) cost	$	13.3	$	12.5	$	1.7	$	(0.5)	$	—	$	(0.4)

Benefit obligations are described in the following tables. Accumulated and projected benefit obligations ("ABO" and "PBO") represent the obligations of a pension plan for past service as of the measurement date. ABO is the present value of benefits earned to date with benefits computed based on current compensation levels. PBO is ABO increased to reflect expected future compensation.


For the year ended October 31, 2021	Consolidated		United States		Germany		United Kingdom		Netherlands		Other International
(in millions)
Change in benefit obligation:
Benefit obligation at beginning of year	$	1,110.3	$	782.0	$	42.1	$	184.6	$	90.9	$	10.7
Service cost	12.1		10.7		0.3		0.5		0.5		0.1
Interest cost	18.8		15.4		0.3		2.5		0.4		0.2
Plan participant contributions	0.2		—		—		—		0.2		—
Expenses paid from assets	(3.1)		(2.3)		—		(0.9)		0.2		(0.1)
Actuarial loss (gain)	0.3		17.1		(1.5)		(11.1)		(3.8)		(0.4)
Foreign currency effect	9.8		—		(0.4)		10.9		(0.9)		0.2
Benefits paid	(159.9)		(143.3)		(1.5)		(9.0)		(5.0)		(1.1)


Other	0.7		—		—		(3.4)		—		4.1
Benefit obligation at end of year	$	989.2	$	679.6	$	39.3	$	174.1	$	82.5	$	13.7
For the year ended October 31, 2020	Consolidated		United States		Germany		United Kingdom		Netherlands		Other International
(in millions)
Change in benefit obligation:
Benefit obligation at beginning of year	$	1,158.7	$	831.0	$	44.1	$	180.8	$	91.3	$	11.5
Service cost	12.8		11.5		0.4		0.5		0.3		0.1
Interest cost	25.9		22.4		0.2		2.7		0.3		0.3
Plan participant contributions	0.2		—		—		—		0.2		—
Expenses paid from assets	(3.4)		(2.6)		—		(0.9)		0.2		(0.1)

Actuarial loss (gain)	17.4		14.6		(3.5)		7.6		(1.6)		0.3
Foreign currency effect	8.6		—		2.3		1.7		5.0		(0.4)
Benefits paid	(109.9)		(94.9)		(1.4)		(7.8)		(4.8)		(1.0)

Benefit obligation at end of year	$	1,110.3	$	782.0	$	42.1	$	184.6	$	90.9	$	10.7


(in millions)	Consolidated		United States		Germany		United Kingdom		Netherlands		Other International
Actuarial value of benefit obligations and plan assets
October 31, 2021
Projected benefit obligation	$	989.2	$	679.6	$	39.3	$	174.1	$	82.5	$	13.7
Accumulated benefit obligation	961.0		655.4		38.2		174.1		81.2		12.1
Plan assets	950.8		646.4		—		205.4		84.5		14.5
October 31, 2020
Projected benefit obligation	$	1,110.3	$	782.0	$	42.1	$	184.6	$	90.9	$	10.7
Accumulated benefit obligation	1,086.1		760.3		41.0		184.6		89.3		10.9
Plan assets	1,002.1		687.0		—		210.0		92.0		13.1
Plans with ABO in excess of Plan assets
October 31, 2021
Accumulated benefit obligation	$	75.1	$	35.3	$	38.2	$	—	$	—	$	1.6
Plan assets	—		—		—		—		—		—
October 31, 2020
Accumulated benefit obligation	$	812.2	$	760.3	$	41.0	$	—	$	—	$	10.9
Plan assets	697.2		687.2		—		—		—		10.0

The assets of all the Company's plans consist of U.S. and non-U.S. equity securities, government and corporate bonds, cash, insurance annuity mutual funds and not more than the allowable number of shares of the Company’s common stock. The assets of the plans in the aggregate included shares of the Company's common stock in the amount of 51,576 shares of Class A common stock and 30,930 shares of Class B common stock at October 31, 2020. During 2021, as part of a change in strategy for plan assets, all shares of Class A and Class B common stock were sold by the plan, and at October 31, 2021, the assets of the plans in the aggregate do not include shares of the Company's common stock.

The investment policy reflects the long-term nature of the plans’ funding obligations. The assets are invested to provide the opportunity for both income and growth of principal. This objective is pursued as a long-term goal designed to provide required benefits for participants without undue risk. It is expected that this objective can be achieved through a well-diversified asset portfolio. All equity investments are made within the guidelines of quality, marketability and diversification mandated by the Employee Retirement Income Security Act and/or other relevant statutes and laws. Investment managers are directed to maintain equity portfolios at a risk level approximately equivalent to that of the specific benchmark established for that portfolio.


	Fair Value Measurement
As of October 31, 2021 (in millions)	Level 1		Level 2		Level 3		Total
Asset Category
Mutual funds	$	87.4	$	128.5	$	—	$	215.9
Common stock	6.6		—		—		6.6
Cash	15.7		—		—		15.7

Corporate bonds	—		228.5		—		228.5
Government bonds	—		44.5		—		44.5
Other assets	—		1.0		—		1.0
Total Assets in the Fair Value Hierarchy	109.7		402.5		—		512.2
Investments Measured at Net Asset Value

Insurance contracts							122.9
Common stock funds							94.2
Corporate bond funds							209.2
Government bond funds							12.3
Investments at Fair Value	$	109.7	$	402.5	$	—	$	950.8

	Fair Value Measurement
As of October 31, 2020 (in millions)	Level 1		Level 2		Level 3		Total
Asset Category
Mutual funds	$	9.2	$	122.4	$	—	$	131.6
Common stock	9.3		—		—		9.3
Cash	14.8		—		—		14.8
Corporate bonds	—		250.3		—		250.3
Government bonds	—		34.2		—		34.2
Other assets	—		0.7		—		0.7
Total Assets in the Fair Value Hierarchy	33.3		407.6		—		440.9
Investments Measured at Net Asset Value
Mutual funds							0.5
Insurance contracts							132.9
Common stock funds							215.4
Corporate bond funds							203.1
Government bond funds							9.3
Investments at Fair Value	$	33.3	$	407.6	$	—	$	1,002.1


As of October 31, 2021	Consolidated		United States		Germany		United Kingdom		Netherlands		Other International
(in millions)
Unrecognized net actuarial loss	$	87.2	$	29.9	$	11.9	$	36.2	$	4.4	$	4.8
Unrecognized prior service credit	(2.0)		(0.7)		—		—		(1.3)		—

Accumulated other comprehensive loss - Pre-tax	$	85.2	$	29.2	$	11.9	$	36.2	$	3.1	$	4.8
Amounts recognized in the Consolidated Balance Sheets consist of:
Prepaid benefit cost	$	39.9	$	2.7	$	—	$	31.1	$	2.0	$	4.1
Accrued benefit liability	(78.3)		(35.5)		(39.3)		—		—		(3.5)
Accumulated other comprehensive loss - Pre-tax	85.2		29.2		11.9		36.2		3.1		4.8
Net amount recognized	$	46.8	$	(3.6)	$	(27.4)	$	67.3	$	5.1	$	5.4
As of October 31, 2020	Consolidated		United States		Germany		United Kingdom		Netherlands		Other International
(in millions)
Unrecognized net actuarial loss	$	149.7	$	94.1	$	14.8	$	32.4	$	4.5	$	3.9
Unrecognized prior service cost (credit)	0.9		(0.8)		—		3.2		(1.5)		—

Accumulated other comprehensive loss - Pre-tax	$	150.6	$	93.3	$	14.8	$	35.6	$	3.0	$	3.9
Amounts recognized in the Consolidated Balance Sheets consist of:
Prepaid benefit cost	$	29.5	$	—	$	—	$	25.3	$	1.1	$	3.1
Accrued benefit liability	(137.7)		(94.7)		(42.1)		—		—		(0.9)
Accumulated other comprehensive loss - Pre-tax	150.6		93.3		14.8		35.6		3.0		3.9
Net amount recognized	$	42.4	$	(1.4)	$	(27.3)	$	60.9	$	4.1	$	6.1


(in millions)	October 31, 2021		October 31, 2020
Accumulated other comprehensive loss at beginning of year	$	150.6	$	172.6
Increase or (decrease) in accumulated other comprehensive loss

Net prior service benefit amortized	0.3		0.1
Net loss amortized	(12.6)		(13.2)


Loss recognized due to settlement	(9.1)		(0.3)

Liability loss	0.3		17.4
Asset gain	(45.3)		(27.4)
Other adjustments	(0.9)		—
Decrease in accumulated other comprehensive loss	(67.3)		(23.4)
Foreign currency impact	1.9		1.4
Accumulated other comprehensive loss at year end	$	85.2	$	150.6

The Company has several voluntary 401(k) savings plans that cover eligible employees in the U.S. For certain plans, the Company matches a percentage of each employee’s contribution up to a maximum percentage of base salary. The Company's contributions to the 401(k) plans were $21.9 million, $25.2 million and $21.8 million in 2021, 2020 and 2019, respectively.

The Company has certain post-retirement unfunded health and life insurance benefit plans in the United States and South Africa. The Company recognized loss (income) for its post-retirement benefit plans of $0.1 million, $(0.2) million and $(1.1) million for the years ended 2021, 2020 and 2019, respectively. The projected benefit obligation of the Company’s post-retirement benefit plans was $11.0 million and $11.6 million as of October 31, 2021 and 2020, respectively.