Employee Benefits

9 Months Ended

Jul. 31, 2022

Retirement Benefits [Abstract]

Employee Benefits

Employee Benefits

The 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 and nine months ended July 31, 2022, and 2021, reflect the following components of net periodic defined benefit costs:

Periods Ended July 31,	Three Months				Nine Months
(In millions)	2022		2021		2022		2021
Service cost	$	4.6	$	4.3	$	13.7	$	12.9
Interest cost	1.3		1.1		3.8		3.3
Expected return on plan assets	(3.9)		(3.1)		(11.7)		(9.3)
Recognized net actuarial gain	0.6		1.3		1.8		4.0
Net periodic defined benefit plan cost	$	2.6	$	3.6	$	7.6	$	10.9

The Company has not determined how much it expects to contribute to the Plan and did not contribute to the Plan in the first nine months of fiscal 2022. The Company did not contribute to the Plan in the first nine months of fiscal 2021. The expected rate of return on Plan assets for determining net periodic benefit plan cost is 8%.