Employee Benefits

3 Months Ended

Jan. 31, 2022

Retirement Benefits [Abstract]

Employee Benefits

Employee BenefitsThe Company's Retirement Income Plan (the Plan), a defined benefit plan, covers substantially all full-time United States employees. The Company's contributions are designed to fund normal cost on a current basis and to fund the estimated prior service cost of benefit improvements. The unit credit actuarial cost method is used to determine the annual cost. The Company pays the entire cost of the Plan and funds such costs as they accrue. Virtually all of the assets of the Plan are comprised of equities and participation in equity and fixed income funds.

The Company's results of operations for the three months ended January 31, 2022 and 2021, reflect the following components of net periodic defined benefit costs:

Three Months Ended January 31,
(In millions)	2022		2021
Service cost	$	4.6	$	4.3
Interest cost	1.3		1.1
Expected return on plan assets	(4.0)		(3.1)
Recognized net actuarial gain	0.6		1.3
Net periodic defined benefit plan cost	$	2.5	$	3.6

The Company did not contribute to the Plan during the first three months of fiscal 2022, and the Company is uncertain of the amount it will contribute during the remainder of the year. The Company did not contribute to the Plan in the first three months of fiscal 2021. The expected rate of return on Plan assets for determining net periodic benefit plan cost is 8%.