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Acquisitions (Tables)
12 Months Ended
Oct. 31, 2021
Business Combination and Asset Acquisition [Abstract]  
Schedule of Preliminary Purchase Price Allocation
The following table summarizes the preliminary acquisition accounting based on currently available information:
(in millions)
Cash and cash equivalents$31.5 
Trade accounts receivable(1)
159.3 
Other assets24.9 
Customer relationships(2)
220.0 
Trade names(2)
10.0 
Goodwill(3)
554.0 
Trade accounts payable(27.0)
Accrued compensation(38.2)
Insurance claims(91.6)
Other liabilities(41.7)
Deferred income tax liability, net(59.5)
Net assets acquired$741.7 
(1) The gross amount of trade accounts receivable was $160.6 million, of which $1.4 million was deemed uncollectible at October 31, 2021.
(2) The amortization periods for the acquired intangible assets are 15 years for customer relationships and 2 years for trade names.
(3) Goodwill is largely attributable to value we expect to obtain from long-term business growth, the established workforce, and buyer-specific synergies. This goodwill is not deductible for income tax purposes.
Schedule of Pro Forma Financial Information The following table presents our unaudited pro forma results for 2021 and 2020 as though the Able Acquisition occurred on November 1, 2019. These results include adjustments for the estimated amortization of intangible assets, interest expense, and the income tax impact of the pro forma adjustments at the statutory rate of 28%. These unaudited pro forma results do not reflect the cost of integration activities or benefits from expected revenue enhancements and synergies.
Years Ended October 31,
(in millions)20212020
Pro forma revenue$7,223.2 $7,078.2 
Pro forma income (loss) from continuing operations(1)
139.1 (7.9)
(1) These results were adjusted to exclude $17.3 million of acquisition-related costs incurred during 2021, which are included in selling, general and administrative expenses in the accompanying Consolidated Statements of Comprehensive Income (Loss).