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Employee Benefits (Tables)
12 Months Ended
Oct. 31, 2021
Retirement Benefits [Abstract]  
Changes in benefit obligation, changes in plan assets and funded status
The following table sets forth the Plan's benefit obligations and fair value of the Plan assets at October 31, 2021, 2020 and 2019 and the funded status of the Plan and net periodic pension costs for each of the years in the three-year periods ended October 31, 2021.
 
Retirement Income Plan
Years Ended October 31,
(In millions)
202120202019
Change in benefit obligation
Benefit obligation, beginning of year$218.8 $189.7 $147.1 
Service cost17.2 13.9 10.1 
Interest cost4.4 5.2 6.1 
Benefits paid(11.5)(10.0)(10.2)
Actuarial loss2.0 20.0 36.6 
Benefit obligation, end of year$230.9 $218.8 $189.7 
Change in plan assets
Fair value of plan assets, beginning of year$159.5 $136.0 $121.0 
Actual return on plan assets38.8 10.1 12.1 
Employer contributions12.7 23.4 13.1 
Benefits paid(11.5)(10.0)(10.2)
Fair value of plan assets, end of year$199.5 $159.5 $136.0 
Funded status at end of year$(31.4)$(59.3)$(53.7)
Amounts recognized in the consolidated balance sheets
Years Ended October 31,
(In millions)
202120202019
Amounts recognized in the Consolidated Balance Sheets consist of:
Noncurrent liabilities$(31.4)$(59.3)$(53.7)
Net amount recognized at year end$(31.4)$(59.3)$(53.7)
Amounts recognized in accumulated other comprehensive Income
Years Ended October 31,
(In millions)
202120202019
Amounts recognized in accumulated other comprehensive income consist of:
Net loss$44.4 $74.2 $57.3 
Accumulated other comprehensive income$44.4 $74.2 $57.3 
Pension plans with projected benefit obligation in excess of plan assets
Years Ended October 31,
(In millions)
202120202019
Information for defined benefit plans with projected benefit obligation in excess of plan assets:
Projected benefit obligation$230.9 $218.8 $189.7 
Fair value of plan assets$199.5 $159.5 $136.0 
Pension plans with accumulated benefit obligations in excess of fair value of plan assets
Years Ended October 31,
(In millions)
202120202019
Information for defined benefit plans with accumulated benefit obligations in excess of plan assets:
Accumulated benefit obligation$207.6 $195.8 $170.8 
Fair value of plan assets$199.5 $159.5 $136.0 
Reconciliation of prepaid (accrued) pension cost
Years Ended October 31,
(In millions)
202120202019
Reconciliation of (prepaid) accrued pension cost:
(Prepaid)/Accrued pension cost at prior fiscal year end$(14.8)$(3.7)$2.2 
Net periodic benefit cost14.5 12.3 7.2 
Contributions made during the year(12.7)(23.4)(13.1)
(Prepaid)/Accrued pension cost at fiscal year end$(13.0)$(14.8)$(3.7)
Components of net periodic pension costs and other amounts recognized in other comprehensive income
Years Ended October 31,
(In millions)
202120202019
Components of net periodic benefit cost and other amounts recognized in the Consolidated Statements of Income:
Net periodic benefit cost:
Service cost$17.2 $13.9 $10.1 
Interest cost4.4 5.2 6.1 
Expected return on plan assets(12.5)(10.8)(9.8)
Recognized actuarial loss5.4 4.0 0.8 
Net periodic pension cost$14.5 $12.3 $7.2 
Other changes in plan assets and benefit obligations recognized in other comprehensive income
Years Ended October 31,
(In millions)
202120202019
Other changes in plan assets and benefit obligations recognized in other comprehensive income:
Net (gain) loss$(24.4)$20.8 $34.2 
Amortizations of net gain(5.4)(4.0)(0.8)
Total recognized in other comprehensive (income) loss$(29.8)$16.8 $33.4 
Total recognized in net periodic benefit cost and other comprehensive (income) loss$(15.2)$29.0 $40.6 
Weighted-average assumptions used in computing net periodic pension cost and projected benefit obligation
Years Ended October 31,202120202019
Weighted-average assumptions used in computing the net periodic pension cost and projected benefit obligation at year end:
Discount rate for determining net periodic pension cost:
Projected Benefit Obligation2.78 %3.13 %4.42 %
Service Cost2.86 %3.18 %4.49 %
Interest Cost2.07 %2.78 %4.22 %
Discount rate for determining benefit obligations at year end2.76 %2.78 %3.13 %
Rate of compensation increase for determining expense3.60 %3.60 %4.00 %
Rate of compensation increase for determining benefit obligations at year end3.60 %3.60 %3.60 %
Expected rate of return on plan assets for determining net periodic pension cost8.00 %8.00 %8.00 %
Expected rate of return on plan assets at year end8.00 %8.00 %8.00 %
Measurement date for determining assets and benefit obligations at year end10/31/202110/31/202010/31/2019
Weighted-average asset allocations and fair value measurement of plan assets
Plan Assets

Weighted-average asset allocations at year end, by asset category are as follows:
Years Ended October 31,202120202019
Asset category
Cash and cash equivalents5.0 %11.8 %3.2 %
Equity mutual funds62.8 %57.7 %63.7 %
Hedging Strategy Funds4.7 %4.3 %4.9 %
Bond mutual funds27.5 %26.2 %28.2 %
Total100.0 %100.0 %100.0 %
As of the measurement date of October 31, 2021, the fair value measurement of plan assets is as follows:
(In millions)TotalQuoted Prices
in Active
Markets for
Identical Assets
(Level 1)
Significant
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Asset category
Cash and cash equivalents$10.0 $10.0 $— $— 
Equity mutual funds125.3 125.3 — — 
Hedging Strategy Funds9.4 9.4 — — 
Bond mutual funds54.8 24.5 30.2 0.1 
Total$199.5 $169.2 $30.2 $0.1 
Estimated future benefit payments
Estimated Future Benefit Payments
Years
(In millions)
2022$10.7 
2023$11.6 
2024$12.8 
2025$13.7 
2026$14.4 
2027-2031$79.6