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Leases (Tables)

9 Months Ended

Jul. 31, 2020

Leases on the Consolidated Condensed Balance Sheet

The following table presents information about leases on the Consolidated Condensed Balance Sheet:



(In millions)	July 31, 2020
Operating Leases
Operating lease right-of-use assets	$	258.9

Operating lease liabilities, current	32.3
Operating lease liabilities, non-current	236.6
Total operating lease liabilities	$	268.9

Weighted average remaining lease term (in years)	11.3
Weighted average discount rate	3		%

Lease Cost

The following table presents information about lease expense in our Consolidated Statements of Income and Comprehensive Income:



Periods Ended July 31,	Three Months		Nine Months
(In millions)	2020		2020
Operating lease expense	$	10.6	$	30.2
Short-term lease expense	1.1		3.3
Variable lease expense	$	0.5	$	1.3

The following table presents supplemental cash flow information about the Company’s leases:



Periods Ended July 31,	Three Months		Nine Months
(In millions)	2020		2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	10.5	$	30.1

Minimum Rental Payments required under Operating Leases

The minimum rental payments required under operating leases that have initial or remaining noncancelable lease terms in excess of one year as of July 31, 2020 are:



(In millions)
Remainder of 2020	$	10.1
2021	38.8
2022	35.0
2023	31.1
2024	28.8
2025 and thereafter	179.5
Total lease payments	323.3
Less: interest	54.4
Present value of lease liabilities	$	268.9

Future Minimum Lease Payments for Operating Leases under ASC 840

As previously disclosed in the Company’s Annual Report on Form 10-K for the fiscal year ended October 31, 2019, and under previous lease accounting standard ASC 840, Leases, the aggregate future noncancelable minimum rental payments on its operating leases, as of October 31, 2019, were as follows:



(In millions)
2020	$	38.5
2021	34.9
2022	31.2
2023	28.0
2024	26.5
2025 and thereafter	173.6
Total future minimum lease payments	$	332.7