Post Retirement Benefit Plans (Tables)

12 Months Ended

Oct. 31, 2018

Retirement Benefits [Abstract]

Number of Participants in Defined Benefit Plans

The following table presents the number of participants in the post-retirement health and life insurance benefit plan:

October 31, 2018	Consolidated	United States	South Africa
Active participants	12	5	7
Retirees and beneficiaries	625	542	83
October 31, 2017	Consolidated	United States	South Africa
Active participants	20	12	8
Retirees and beneficiaries	653	567	86

The following table presents the number of participants in the defined benefit plans:

October 31, 2018	Consolidated	United States	Germany	United Kingdom	Netherlands	Other International
Active participants	1,332	1,214	47	—	71	—
Vested former employees and deferred members	1,433	790	85	419	95	44
Retirees and beneficiaries	2,389	942	253	699	441	54
October 31, 2017	Consolidated	United States	Germany	United Kingdom	Netherlands	Other International
Active participants	1,442	1,306	67	—	69	—
Vested former employees and deferred members	1,442	804	72	431	89	46
Retirees and beneficiaries	2,421	925	254	699	488	55

Actuarial Assumptions Used to Measure Benefit Obligations and Pension Costs

The actuarial assumptions are used to measure the year-end benefit obligations as of October 31, 2018 and the pension costs for the subsequent year were as follows:

For the year ended October 31, 2018	Consolidated		United States		Germany		United Kingdom		Netherlands		Other International
Discount rate	3.48	%	4.59	%	1.80	%	2.50	%	1.64	%	4.84	%
Expected return on plan assets	4.53	%	6.25	%	N/A		3.60	%	1.45	%	5.69	%
Rate of compensation increase	2.85	%	3.00	%	2.75	%	N/A		2.25	%	N/A
For the year ended October 31, 2017	Consolidated		United States		Germany		United Kingdom		Netherlands		Other International
Discount rate	3.01	%	3.79	%	1.72	%	2.37	%	1.55	%	4.46	%
Expected return on plan assets	5.39	%	6.25	%	N/A		6.00	%	1.20	%	5.70	%
Rate of compensation increase	2.87	%	3.00	%	2.75	%	N/A		2.25	%	N/A
For the year ended October 31, 2016	Consolidated		United States		Germany		United Kingdom		Netherlands		Other International
Discount rate	3.08	%	3.79	%	1.50	%	2.44	%	1.32	%	4.31	%
Expected return on plan assets	5.51	%	6.25	%	N/A		6.00	%	1.88	%	5.77	%
Rate of compensation increase	2.87	%	3.00	%	2.75	%	N/A		2.25	%	N/A

The discount rate actuarial assumptions at October 31 used to measure the year-end benefit obligations and the pension costs for the subsequent year were as follows:

For the year ended:	Consolidated		United States		South Africa
October 31, 2018	5.02	%	4.39	%	10.10	%
October 31, 2017	4.12	%	3.44	%	9.80	%

Change in Projected Benefit Obligation

The following table sets forth the plans’ change in projected benefit obligation:

For the year ended October 31, 2018	Consolidated			United States			Germany			United  Kingdom			Netherlands			Other International
(in millions)
Change in benefit obligation:
Benefit obligation at beginning of  year	$	717.8		$	387.6		$	39.9		$	186.9		$	91.8		$	11.6
Service cost	12.3			10.8			0.4			0.5			0.5			0.1
Interest cost	18.9			13.2			0.5			4.0			0.9			0.3
Plan participant contributions	0.2			—			—			—			0.2			—
Expenses paid from assets	(1.7		)	(1.0		)	—			(0.6		)	—			(0.1		)
Plan Amendments	3.3			—			—			3.5			(0.2		)	—
Actuarial gain	(39.1		)	(33.5		)	(0.5		)	(3.9		)	(0.9		)	(0.3		)
Foreign currency effect	(7.1		)	—			(0.8		)	(4.3		)	(1.7		)	(0.3		)
Benefits paid	(42.2		)	(25.2		)	(1.4		)	(9.8		)	(5.2		)	(0.6		)
Benefit obligation at end of year	$	662.4		$	351.9		$	38.1		$	176.3		$	85.4		$	10.7
For the year ended October 31, 2017	Consolidated			United States			Germany			United  Kingdom			Netherlands			Other International
(in millions)
Change in benefit obligation:
Benefit obligation at beginning of year	$	783.8		$	470.2		$	41.8		$	171.4		$	90.1		$	10.3
Service cost	13.3			11.8			0.5			0.5			0.4			0.1
Interest cost	18.2			12.9			0.5			3.8			0.7			0.3
Plan participant contributions	0.2			—			—			—			0.2			—
Expenses paid from assets	(3.4		)	(2.6		)	—			(0.8		)	0.1			(0.1		)
Plan Amendments	(0.2		)	—			—			—			(0.2		)	—
Actuarial (gain) loss	13.2			4.7			(2.4		)	10.5			(0.6		)	1.0
Foreign currency effect	22.4			—			2.5			13.7			5.7			0.5
Benefits paid	(26.2		)	(15.0		)	(1.2		)	(4.9		)	(4.6		)	(0.5		)
Settlements	(101.7		)	(94.4		)	—			(7.3		)	—			—
Business divestiture	(1.8		)	—			(1.8		)	—			—			—
Benefit obligation at end of year	$	717.8		$	387.6		$	39.9		$	186.9		$	91.8		$	11.6

Benefit Obligations in Excess of Plan Assets

The following tables set forth the PBO, ABO, plan assets and instances where the ABO exceeds the plan assets for the respective years:

Actuarial value of benefit obligations
(in millions)	Consolidated		United States		Germany		United Kingdom		Netherlands		Other International
October 31, 2018
Projected benefit obligation	$	662.4	$	351.9	$	38.1	$	176.3	$	85.4	$	10.7
Accumulated benefit obligation	638.9		330.4		37.2		176.3		84.3		10.7
Plan assets	594.8		311.9		—		178.7		90.6		13.6
October 31, 2017
Projected benefit obligation	$	717.8	$	387.6	$	39.9	$	186.9	$	91.8	$	11.6
Accumulated benefit obligation	686.8		362.0		38.1		186.9		88.3		11.5
Plan assets	568.6		268.6		—		188.9		97.5		13.6
Plans with ABO in excess of Plan assets
October 31, 2018
Accumulated benefit obligation	$	171.1	$	28.8	$	37.2	$	104.6	$	—	$	0.5
Plan assets	94.7		—		—		94.2		—		0.5
October 31, 2017
Accumulated benefit obligation	$	522.9	$	362.0	$	38.1	$	111.3	$	—	$	11.5
Plan assets	379.7		268.6		—		100.3		—		10.8

Future Benefit Payments Next Five Years and Thereafter

Future benefit payments, which reflect expected future service, as appropriate, during the next five years, and in the aggregate for the five years thereafter, are expected to be as follows:

(in millions)	Expected Benefit Payments
Year(s)
2019	$	1.3
2020	1.1
2021	1.0
2022	1.0
2023	0.9
2024-2028	4.0

Future benefit payments for the Company's global plans, which reflect expected future service, as appropriate, during the next five years, and in the aggregate for the five years thereafter, are as follows:

(in millions)	Expected Benefit Payments
Year(s)
2019	$	39.2
2020	36.7
2021	37.9
2022	39.5
2023	42.4
2024-2028	206.1

Weighted Average Asset Allocations at Measurement Date and Target Asset Allocations

The Company’s weighted average asset allocations at the measurement date and the target asset allocations by category are as follows:

Asset Category	2018 Target		2018 Actual		2017 Target		2017 Actual
Equity securities	15	%	21	%	22	%	24	%
Debt securities	63	%	50	%	49	%	44	%
Other	22	%	29	%	29	%	32	%
Total	100	%	100	%	100	%	100	%

Reconciliation of Beginning and Ending Balances of Fair Value Measurements Using Significant Unobservable Inputs

The fair value of the pension plans’ investments is presented below. The inputs and valuation techniques used to measure the fair value of the assets are consistently applied and described in Note 9.

For the year ended October 31, 2018	Consolidated			United States			Germany		United  Kingdom			Netherlands			Other International
(in millions)
Change in plan assets:
Fair value of plan assets at beginning of year	$	568.6		$	268.6		$	—	$	188.9		$	97.5		$	13.6
Actual return on plan assets	(8.7		)	(12.9		)	—		3.2			(0.1		)	1.1
Expenses paid	(1.7		)	(1.0		)	—		(0.6		)	—			(0.1		)
Plan participant contributions	0.2			—			—		—			0.2			—
Foreign currency impact	(6.9		)	—			—		(4.6		)	(1.8		)	(0.5		)
Employer contributions	81.7			80.0			—		1.6			—			0.1
Benefits paid out of plan	(38.4		)	(22.8		)	—		(9.8		)	(5.2		)	(0.6		)
Fair value of plan assets at end of year	$	594.8		$	311.9		$	—	$	178.7		$	90.6		$	13.6
For the year ended October 31, 2017	Consolidated			United States			Germany		United  Kingdom			Netherlands			Other International
(in millions)
Change in plan assets:
Fair value of plan assets at beginning of year	$	626.3		$	332.5		$	—	$	185.1		$	96.1		$	12.6
Actual return on plan assets	38.2			37.0			—		0.8			(0.4		)	0.8
Expenses paid	(3.4		)	(2.6		)	—		(0.8		)	0.1			(0.1		)
Plan participant contributions	0.2			—			—		—			0.2			—
Foreign currency impact	20.9			—			—		14.4			6.1			0.4
Employer contributions	11.0			9.0			—		1.5			—			0.5
Benefits paid out of plan	(22.9		)	(12.9		)	—		(4.8		)	(4.6		)	(0.6		)
Settlements	(101.7		)	(94.4		)	—		(7.3		)	—			—
Fair value of plan assets at end of year	$	568.6		$	268.6		$	—	$	188.9		$	97.5		$	13.6

Fair Value Measurements for Pension Assets

The following table presents the fair value measurements for the pension assets:

As of October 31, 2018 (in millions)	Fair Value Measurement
Asset Category	Level 1		Level 2		Level 3		Total
Mutual funds	$	63.0	$	140.7	$	—	$	203.7
Common stock	35.9		—		—		35.9
Cash	1.9		—		—		1.9
Corporate bonds	—		26.1		—		26.1
Government bonds	—		17.8		—		17.8
Other assets	—		0.8		—		0.8
Total Assets in the Fair Value Hierarchy	$	100.8	$	185.4	$	—	$	286.2
Investments Measured at Net Asset Value*							308.6
Investments at Fair Value	$	100.8	$	185.4	$	—	$	594.8
As of October 31, 2017 (in millions)	Fair Value Measurement
Asset Category	Level 1		Level 2		Level 3		Total
Mutual funds	$	76.7	$	126.1	$	—	$	202.8
Common stock	40.0		—		—		40.0
Cash	9.3		—		—		9.3
Corporate bonds	—		23.1		—		23.1
Government bonds	—		18.5		—		18.5
Other assets	—		3.9		—		3.9
Total Assets in the Fair Value Hierarchy	$	126.0	$	171.6	$	—	$	297.6
Investments Measured at Net Asset Value*							271.0
Investments at Fair Value	$	126.0	$	171.6	$	—	$	568.6
*In accordance with Accounting Standard Codification 820-10, certain investments that were measured at net asset value per share (or its equivalent) have not been classified in the fair value hierarchy.

Amounts Recognized in Consolidated Financial Statements

Financial statement presentation including other comprehensive income:

As of October 31, 2018	Consolidated			United States			Germany			United  Kingdom		Netherlands			Other International
(in millions)
Unrecognized net actuarial loss	$	149.7		$	82.9		$	13.1		$	49.5	$	1.5		$	2.7
Unrecognized prior service cost	0.7			(1.1		)	—			3.5		(1.7		)	—
Accumulated other comprehensive loss (Pre-tax)	$	150.4		$	81.8		$	13.1		$	53.0	$	(0.2	)	$	2.7
Amounts recognized in the Consolidated Balance Sheets consist of:
Prepaid benefit cost	$	10.4		$	—		$	—		$	2.3	$	5.0		$	3.1
Accrued benefit liability	(78.0		)	(39.9		)	(38.1		)	—		—			—
Accumulated other comprehensive loss	150.4			81.8			13.1			53.0		(0.2		)	2.7
Net amount recognized	$	82.8		$	41.9		$	(25.0	)	$	55.3	$	4.8		$	5.8
As of October 31, 2017	Consolidated			United States			Germany			United Kingdom		Netherlands			Other International
(in millions)
Unrecognized net actuarial loss	$	171.0		$	94.7		$	14.9		$	57.0	$	0.8		$	3.6
Unrecognized prior service cost	(2.9		)	(1.2		)	—			—		(1.7		)	—
Accumulated other comprehensive loss (Pre-tax)	$	168.1		$	93.5		$	14.9		$	57.0	$	(0.9	)	$	3.6
Amounts recognized in the Consolidated Balance Sheets consist of:
Prepaid benefit cost	$	10.3		$	—		$	—		$	1.9	$	5.7		$	2.7
Accrued benefit liability	(159.5		)	(119.0		)	(39.9		)	—		—			(0.6		)
Accumulated other comprehensive loss	168.1			93.5			14.9			57.0		(0.9		)	3.6
Net amount recognized	$	18.9		$	(25.5	)	$	(25.0	)	$	58.9	$	4.8		$	5.7

(in millions)	October 31, 2018			October 31, 2017
Accumulated other comprehensive loss at beginning of year	$	168.1		$	199.8
Increase or (decrease) in accumulated other comprehensive (income) or loss
Net prior service costs amortized during fiscal year	0.2			0.1
Net loss amortized during fiscal year	(11.0		)	(10.9		)
Loss recognized during fiscal year due to settlement	(1.4		)	(27.8		)
Prior service credit occurring during fiscal year	3.3			(0.2		)
Liability loss occurring during fiscal year	(39.2		)	13.2
Asset gain occurring during fiscal year	34.6			(10.5		)
Other adjustments	(2.7		)	—
Increase (decrease) in accumulated other comprehensive loss	$	(16.2	)	$	(36.1	)
Foreign currency impact	(1.5		)	4.4
Accumulated other comprehensive loss at fiscal year end	$	150.4		$	168.1

Components of Net Periodic Cost for Postretirement Benefits

The components of net periodic pension cost include the following:

For the year ended October 31, 2018	Consolidated			United States			Germany		United  Kingdom			Netherlands			Other International
(in millions)
Service cost	$	12.3		$	10.8		$	0.4	$	0.5		$	0.5		$	0.1
Interest cost	18.9			13.2			0.5		4.0			0.9			0.3
Expected return on plan assets	(25.5		)	(16.8		)	—		(6.5		)	(1.4		)	(0.8		)
Amortization of prior service cost	(0.2		)	(0.1		)	—		—			(0.1		)	—
Recognized net actuarial loss	11.0			8.1			1.1		1.7			—			0.1
Other Adjustments	2.8			—			—		2.8			—			—
Special Events
Settlement	1.3			—			—		1.3			—			—
Net periodic pension (benefit) cost	$	20.6		$	15.2		$	2.0	$	3.8		$	(0.1	)	$	(0.3	)
For the year ended October 31, 2017	Consolidated			United States			Germany		United  Kingdom			Netherlands			Other International
(in millions)
Service cost	$	13.3		$	11.8		$	0.5	$	0.5		$	0.4		$	0.1
Interest cost	18.2			12.9			0.5		3.8			0.7			0.3
Expected return on plan assets	(27.7		)	(15.6		)	—		(10.2		)	(1.2		)	(0.7		)
Amortization of prior service cost	(0.1		)	—			—		—			(0.1		)	—
Recognized net actuarial loss	10.9			8.1			1.3		1.5			—			—
Special Events
Settlement*	27.8			25.9			0.7		1.2			—			—
Net periodic pension (benefit) cost	$	42.4		$	43.1		$	3.0	$	(3.2	)	$	(0.2	)	$	(0.3	)
*Includes $0.7M that was recorded as a loss on sale of business
For the year ended October 31, 2016	Consolidated			United States			Germany		United  Kingdom			Netherlands			Other International
(in millions)
Service cost	$	12.4		$	10.2		$	0.5	$	0.8		$	0.7		$	0.2
Interest cost	22.0			13.7			0.8		5.7			1.4			0.4
Expected return on plan assets	(32.1		)	(19.0		)	—		(10.7		)	(1.7		)	(0.7		)
Amortization of prior service cost	(0.2		)	(0.1		)	—		—			(0.1		)	—
Recognized net actuarial loss	11.4			9.3			1.0		0.8			0.3			—
Special Events
Settlement	0.1			$	—		$	—	$	—		$	—		$	0.1
Net periodic pension (benefit) cost	$	13.6		$	14.1		$	2.3	$	(3.4	)	$	0.6		$	—

The components of net periodic cost for the postretirement benefits include the following:

	Year Ended October 31,
(in millions)	2018			2017			2016
Interest cost	$	0.5		$	0.5		$	0.5
Amortization of prior service benefit	(1.4		)	(1.4		)	(1.5		)
Recognized net actuarial gain	(0.2		)	(0.2		)	(0.1		)
Net periodic income	$	(1.1	)	$	(1.1	)	$	(1.1	)

Schedule of Plan's Change in Benefit Obligation

The following table sets forth the plans’ change in benefit obligation:

(in millions)	October 31, 2018			October 31, 2017
Benefit obligation at beginning of year	$	12.6		$	13.6
Interest cost	0.5			0.5
Actuarial gain	(1.4		)	(0.7		)
Benefits paid	(1.0		)	(0.8		)
Benefit obligation at end of year	$	10.7		$	12.6

Schedule of Other Comprehensive Income Included in Financial Statement

Financial statement presentation included other comprehensive income:

(in millions)	October 31, 2018			October 31, 2017
Unrecognized net actuarial gain	$	(3.6	)	$	(2.6	)
Unrecognized prior service credit	(1.6		)	(3.0		)
Accumulated other comprehensive income	$	(5.2	)	$	(5.6	)

Summary of Healthcare Cost Trend Rates on Gross Eligible Charges

The healthcare cost trend rates on gross eligible charges are as follows:

	Medical
Current trend rate	6.6	%
Ultimate trend rate	4.9	%
Year ultimate trend rate reached (South Africa)	2020
Year ultimate trend rate reached (US)	2026

Effect of One-Percentage Point Change in Assumed Health Care Cost Trend Rates

A one-percentage point change in assumed health care cost trend rates would have the following effects:

(in millions)	1-Percentage-Point Increase		1-Percentage-Point Decrease
Effect on total of service and interest cost components	$	—	$	—
Effect on postretirement benefit obligation	0.2		(0.2		)