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Post Retirement Benefit Plans
 3 Months Ended
Jan. 31, 2017
Postemployment Benefits [Abstract]  
Post Retirement Benefit Plans
POST RETIREMENT BENEFIT PLANS

During the three months ended January 31, 2017, an annuity contract for approximately $49.2 million was purchased with United States defined benefit plan assets and the pension obligation for certain retirees in the United States under that plan was irrevocably transferred from that plan to the annuity contract. Additionally, lump sum payments totaling $35.1 million were made from the defined benefit plan assets to certain participants who agreed to such payments, representing the current fair value of the participant’s respective pension benefit. The settlement items described above resulted in a decrease in the fair value of both the plan assets and the projected benefit obligation of $84.3 million and a non-cash pension settlement charge of $23.5 million of unrecognized net actuarial loss included in accumulated other comprehensive loss.

As a result of the settlement described above, the Company remeasured the United States defined benefit pension plan as of November 30, 2016. The result of this remeasurement was a decline in projected benefit obligation of $21.3 million. This reduction is due to an increase in discount rates from 3.82 percent as of October 31, 2016 to 4.20 percent as of November 30, 2016.
The components of net periodic pension cost include the following (Dollars in millions):
 
Three Months Ended
January 31,
 
2017
 
2016
Service cost
$
3.3

 
$
3.1

Interest cost
4.6

 
5.6

Expected return on plan assets
(7.1
)
 
(8.3
)
Amortization of prior service cost and net actuarial loss
2.8

 
2.9

Net periodic pension costs
$
3.6

 
$
3.3


The Company made $3.8 million and $3.1 million in pension contributions in the three months ended January 31, 2017 and 2016, respectively.
The components of net periodic cost for postretirement benefits include the following (Dollars in millions):
 
Three Months Ended
January 31,
 
2017
 
2016
Service cost
$
—

 
$
—

Interest cost
0.1

 
0.1

Amortization of prior service cost and net actuarial gain
(0.3
)
 
(0.4
)
Net periodic benefit for postretirement benefits
$
(0.2
)
 
$
(0.3
)