XML 57 R35.htm IDEA: XBRL DOCUMENT v3.20.2
Employee Benefits (Tables)
12 Months Ended
Oct. 31, 2020
Retirement Benefits [Abstract]  
Schedule of changes in benefit obligation, changes in plan assets and funded status
The following table sets forth the Plan's benefit obligations and fair value of the Plan assets at October 31, 2020, 2019 and 2018 and the funded status of the Plan and net periodic pension costs for each of the years in the three-year periods ended October 31, 2020.
 
Retirement Income Plan
Years Ended October 31,
(In millions)
2020
 
2019
 
2018
Change in benefit obligation

 

 

Benefit obligation, beginning of year
$
189.7

 
$
147.1

 
$
151.7

Service cost
13.9

 
10.1

 
10.7

Interest cost
5.2

 
6.1

 
5.0

Benefits paid
(10.0
)
 
(10.2
)
 
(3.7
)
Actuarial loss (gain)
20.0

 
36.6

 
(16.6
)
Benefit obligation, end of year
$
218.8

 
$
189.7

 
$
147.1

Change in plan assets

 

 

Fair value of plan assets, beginning of year
$
136.0

 
$
121.0

 
$
112.8

Actual return on plan assets
10.1

 
12.1

 
1.9

Employer contributions
23.4

 
13.1

 
10.0

Benefits paid
(10.0
)
 
(10.2
)
 
(3.7
)
Fair value of plan assets, end of year
$
159.5

 
$
136.0

 
$
121.0

Funded status at end of year
$
(59.3
)
 
$
(53.7
)
 
$
(26.1
)

Schedule of amounts recognized in statement of financial position
Years Ended October 31,
(In millions)
2020
 
2019
 
2018
Amounts recognized in the statement of financial position consist of:

 

 

Noncurrent liabilities
(59.3
)

(53.7
)

(26.1
)
Net amount recognized at year end
$
(59.3
)

$
(53.7
)

$
(26.1
)

Schedule of amounts recognized in accumulated other comprehensive Income
Years Ended October 31,
(In millions)
2020
 
2019
 
2018
Amounts recognized in accumulated other comprehensive income consist of:

 

 

Net loss
74.2


57.3


24.0

Accumulated other comprehensive income
$
74.2


$
57.3


$
24.0


Schedule of pension plans with projected benefit obligation in excess of plan assets

Years Ended October 31,
(In millions)
2020
 
2019
 
2018
Information for pension plans with projected benefit obligation in excess of plan assets:

 

 

Projected benefit obligation
$
218.8

 
$
189.7

 
$
147.1

Fair value of plan assets
$
159.5

 
$
136.0

 
$
121.0


Schedule of pension plans with accumulated benefit obligations in excess of fair value of plan assets
Years Ended October 31,
(In millions)
2020
 
2019
 
2018
Information for pension plans with accumulated benefit obligations in excess of plan assets:
 
 
 
 
 
Accumulated benefit obligation
$
195.8


$
170.8

 
$
130.5

Fair value of plan assets
$
159.5


$
136.0

 
$
121.0


Schedule of reconciliation of prepaid (accrued) pension cost
Years Ended October 31,
(In millions)
2020
 
2019
 
2018
Reconciliation of prepaid (accrued) pension cost:

 

 

Accrued pension cost at prior fiscal year end
$
(3.7
)

$
2.2


$
4.0

Net periodic benefit cost
12.3


7.2


8.2

Contributions made during the year
(23.4
)

(13.1
)

(10.0
)
Accrued pension cost at fiscal year end
$
(14.8
)

$
(3.7
)

$
2.2


Schedule of components of net periodic pension costs and other amounts recognized in other comprehensive income
Years Ended October 31,
(In millions)
2020
 
2019
 
2018
Components of net periodic benefit cost and other amounts recognized in (other comprehensive income) the fiscal year:

 

 

Net periodic benefit cost:

 

 

Service cost
$
13.9


$
10.1


$
10.7

Interest cost
5.2


6.1


5.0

Expected return on plan assets
(10.8
)

(9.8
)

(9.2
)
Recognized actuarial loss
4.0


0.8


1.7

Net periodic pension cost
$
12.3


$
7.2


$
8.2


Schedule of other changes in plan assets and benefit obligations recognized in other comprehensive income
Years Ended October 31,
(In millions)
2020
 
2019
 
2018
Other changes in plan assets and benefit obligations recognized in other comprehensive income:


 


 


Net loss (gain)
20.8


34.2


(9.3
)
Amortizations of net (gain)
(4.0
)

(0.8
)

(1.7
)
Total recognized in other comprehensive income
$
16.8


$
33.4


$
(11.0
)
Total recognized in net periodic benefit cost and other comprehensive income
$
29.0


$
40.6


$
(2.8
)


Schedule of weighted-average assumptions used in computing net periodic pension cost and projected benefit obligation
Years Ended October 31,
2020
 
2019
 
2018
Weighted-average assumptions used in computing the net periodic pension cost and projected benefit obligation at year end:

 

 

Discount rate for determining net periodic pension cost:
 
 
 
 
 
Projected Benefit Obligation
3.13
%
 
4.42
%
 
3.75
%
Service Cost
3.18
%
 
4.49
%
 
3.85
%
Interest Cost
2.78
%
 
4.22
%
 
3.39
%
Discount rate for determining benefit obligations at year end
2.78
%

3.13
%

4.42
%
Rate of compensation increase for determining expense
3.60
%

4.00
%

4.00
%
Rate of compensation increase for determining benefit obligations at year end
3.60
%

3.60
%

4.00
%
Expected rate of return on plan assets for determining net periodic pension cost
8.00
%

8.00
%

8.00
%
Expected rate of return on plan assets at year end
8.00
%

8.00
%

8.00
%
Measurement date for determining assets and benefit obligations at year end
10/31/2020


10/31/2019


10/31/2018


Schedule of weighted-average asset allocations and fair value measurement of plan assets
Plan Assets

Weighted-average asset allocations at year end, by asset category are as follows:
Years Ended October 31,
2020
 
2019
 
2018
Asset category

 

 

Cash and cash equivalents
11.8
%
 
3.2
%
 
2.1
%
Corporate common stock
%
 
%
 
14.5
%
Equity mutual funds
57.7
%
 
63.7
%
 
47.4
%
Hedging Strategy Funds
4.3
%
 
4.9
%
 
%
Real estate funds
%
 
%
 
2.7
%
Bond mutual funds
26.2
%
 
28.2
%
 
33.3
%
Total
100.0
%
 
100.0
%
 
100.0
%

As of the measurement date of October 31, 2020, the fair value measurement of plan assets is as follows:
(In millions)
Total
 
Quoted Prices
in Active
Markets for
Identical Assets
(Level 1)
 
Significant
Observable
Inputs
(Level 2)
 
Significant
Unobservable
Inputs
(Level 3)
Asset category

 

 

 

Cash and cash equivalents
$
18.8


$


$
18.8


$

Equity mutual funds
91.9


91.9





Hedging Strategy Funds
6.9


6.9





Bond mutual funds
41.9


15.4


26.5



Total
$
159.5


$
114.2


$
45.3


$


Schedule of estimated future benefit payments
Estimated Future Benefit Payments
Years
(In millions)
 
2021
$
10.0

2022
$
11.0

2023
$
11.9

2024
$
12.9

2025
$
13.7

2026-2030
$
76.3