XML 40 R23.htm IDEA: XBRL DOCUMENT v3.24.1.1.u2
REVENUES (Tables)
 6 Months Ended
Apr. 30, 2024
Revenue from Contract with Customer [Abstract]  
Schedule of Disaggregation of Revenues
Three Months Ended April 30, 2024Six Months Ended April 30, 2024
(in millions)B&IM&DEducationAviationTechnical
Solutions		TotalB&IM&DEducationAviationTechnical
Solutions		Total
Major Service Line
Janitorial(1)
$681.5 $338.2 $199.7 $41.9 $— $1,261.3 $1,374.7 $687.1 $397.7 $78.4 $— $2,537.9 
Parking(2)
102.5 12.1 0.1 80.1 — 194.8 205.7 25.1 0.2 162.8 — 393.9 
Facility Services(3)
205.7 38.3 25.8 11.1 — 280.8 442.3 77.3 47.8 24.1 — 591.4 
Building & Energy Solutions(4)
— — — — 176.2 176.2 — — — — 342.1 342.1 
Airline Services(5)
— — — 105.1 — 105.1 — — — 222.5 — 222.5 
Total$989.6 $388.6 $225.6 $238.2 $176.2 $2,018.2 $2,022.8 $789.5 $445.7 $487.8 $342.1 $4,087.8 
Three Months Ended April 30, 2023Six Months Ended April 30, 2023
(in millions)B&IM&DEducationAviationTechnical
Solutions		TotalB&IM&DEducationAviationTechnical
Solutions		Total
Major Service Line
Janitorial(1)
$673.5 $325.3 $188.2 $36.2 $— $1,223.2 $1,360.6 $653.8 $375.9 $72.1 $— $2,462.4 
Parking(2)
100.3 9.9 0.3 91.7 — 202.1 197.1 21.3 0.5 166.5 — 385.5 
Facility Services(3)
224.7 38.0 28.2 8.0 — 298.9 477.3 78.5 55.2 16.8 — 627.8 
Building & Energy Solutions(4)
— — — — 168.4 168.4 — — — — 315.5 315.5 
Airline Services(5)
— — — 91.3 — 91.3 — — — 184.1 — 184.1 
Total$998.5 $373.2 $216.7 $227.2 $168.4 $1,984.0 $2,035.0 $753.7 $431.6 $439.5 $315.5 $3,975.3 
(1) Janitorial arrangements provide a wide range of essential cleaning services for commercial office buildings, airports and other transportation centers, educational institutions, government buildings, health facilities, industrial buildings, retail stores, and stadiums and arenas. These arrangements are often structured as monthly fixed-price, square-foot, cost-plus, and work order contracts.
(2) Parking arrangements provide parking and transportation services for clients at various locations, including airports and other transportation centers, commercial office buildings, educational institutions, health facilities, hotels, and stadiums and arenas. These arrangements are structured as management reimbursement, leased location, and allowance contracts. Certain of these arrangements are considered service concession agreements and are accounted for under the guidance of Topic 853; accordingly, service concession expense related to these arrangements is recorded as a reduction of the related parking service revenues.
(3) Facility Services arrangements provide onsite mechanical engineering and technical services and solutions relating to a broad range of facilities and infrastructure systems that are designed to extend the useful life of facility fixed assets, improve equipment operating efficiencies, reduce energy consumption, lower overall operational costs for clients, and enhance the sustainability of client locations. These arrangements are generally structured as monthly fixed-price, cost-plus, and work order contracts.
(4) Building & Energy Solutions arrangements provide custom energy solutions, including microgrid systems installation, electrical, HVAC, lighting, electric vehicle charging station installation, and other general maintenance and repair services for clients in
the public and private sectors and are generally structured as Energy Savings, Fixed-Price Repair, and Refurbishment contracts. We also franchise certain operations under franchise agreements relating to our Linc Network and TEGG brands pursuant to franchise contracts.
(5) Airline Services arrangements support airlines and airports with services such as passenger assistance, catering logistics, and airplane cabin maintenance. These arrangements are often structured as monthly fixed-price, cost-plus, transaction price, and hourly contracts.
Schedule of Contract Asset and Liability
The following tables present the balances in our contract assets and contract liabilities:
(in millions)April 30, 2024October 31, 2023
Contract assets
Billed trade receivables(1)
$1,167.6 $1,219.6 
Unbilled trade receivables(1)
171.2 170.4 
Costs incurred in excess of amounts billed(2)
152.2 139.2 
Capitalized commissions(3)
30.2 30.2 
(1) Included in “Trade accounts receivable, net,” on the unaudited Consolidated Balance Sheets. The fluctuations correlate directly to the execution of new customer contracts and to invoicing and collections from customers in the normal course of business.
(2) Fluctuation is primarily due to the timing of payments on our contracts measured using the cost-to-cost method of revenue recognition.
(3) Included in “Other current assets” and “Other noncurrent assets” on the unaudited Consolidated Balance Sheets. During the six months ended April 30, 2024, we capitalized $7.4 million of new costs and amortized $7.4 million of previously capitalized costs. There was no impairment loss recorded on the costs capitalized.
(in millions)Six Months Ended
April 30, 2024
Contract liabilities(1)
Balance at beginning of period$141.2 
Additional contract liabilities121.6 
Recognition of deferred revenue
(107.9)
Balance at end of period
$154.9 
(1) Included in “Other accrued liabilities” on the unaudited Consolidated Balance Sheets.