Employee Benefits

6 Months Ended

Apr. 30, 2021

Retirement Benefits [Abstract]

Employee Benefits

Employee BenefitsThe 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 six months ended April 30, 2021 and 2020, reflect the following components of net periodic defined benefit costs:

Periods Ended April 30,	Three Months				Six Months
(In millions)	2021		2020		2021		2020
Service cost	$	4.3	$	3.4	$	8.6	$	6.9
Interest cost	1.1		1.4		2.2		2.6
Expected return on plan assets	(3.1)		(2.7)		(6.2)		(5.4)
Recognized net actuarial loss	1.3		1.0		2.7		2.0
Net periodic defined benefit plan cost	$	3.6	$	3.1	$	7.3	$	6.1

The Company did not contribute to the Plan in the first half of fiscal 2021 and due to COVID-19 the Company is uncertain of the amount the Company will contribute during the remainder of the year. The Company did not contribute to the Plan in the first half of fiscal 2020. The expected rate of return on Plan assets for determining net periodic benefit plan cost is 8%.