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, 2022, 2021 and 2020 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, 2022. The net amounts recognized in the Consolidated Balance Sheets consist of noncurrent liabilities. The accumulated benefit obligation was $134.9 million, $207.6 million and $195.8 million for the years ended October 31, 2022, 2021 and 2020.

Retirement Income Plan


Years Ended October 31, (In millions)	2022		2021		2020
Change in benefit obligation
Benefit obligation, beginning of year	$	230.9	$	218.8	$	189.7
Service cost	18.3		17.2		13.9
Interest cost	5.1		4.4		5.2
Benefits paid	(13.1)		(11.5)		(10.0)

Actuarial (gain)/loss	(93.2)		2.0		20.0
Benefit obligation, end of year	$	148.0	$	230.9	$	218.8
Change in plan assets
Fair value of plan assets, beginning of year	$	199.5	$	159.5	$	136.0
Actual return on plan assets	(43.5)		38.8		10.1
Employer contributions	—		12.7		23.4
Benefits paid	(13.1)		(11.5)		(10.0)
Fair value of plan assets, end of year	$	142.9	$	199.5	$	159.5
Funded status at end of year	$	(5.1)	$	(31.4)	$	(59.3)

Reconciliation of prepaid (accrued) pension cost


Years Ended October 31, (In millions)	2022		2021		2020
Reconciliation of (prepaid) accrued pension cost:
(Prepaid)/Accrued pension cost at prior fiscal year end	$	(13.0)	$	(14.8)	$	(3.7)
Net periodic benefit cost	10.1		14.5		12.3
Contributions made during the year	—		(12.7)		(23.4)

(Prepaid)/Accrued pension cost at fiscal year end	$	(2.9)	$	(13.0)	$	(14.8)

Other changes in plan assets and benefit obligations recognized in other comprehensive income


Years Ended October 31, (In millions)	2022		2021		2020
Other changes in plan assets and benefit obligations recognized in other comprehensive income:


Net (gain) loss	$	(34.1)	$	(24.4)	$	20.8


Amortizations of net gain	(2.5)		(5.4)		(4.0)



Total recognized in other comprehensive (income) loss	$	(36.6)	$	(29.8)	$	16.8
Total recognized in net periodic benefit cost and other comprehensive (income) loss	$	(26.2)	$	(15.2)	$	29.0

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,	2022		2021		2020
Asset category
Cash and cash equivalents	2.0	%	5.0	%	11.8	%

Equity mutual funds	65.8	%	62.8	%	57.7	%
Hedging Strategy Funds	5.2	%	4.7	%	4.3	%

Bond mutual funds	27.0	%	27.5	%	26.2	%
Total	100.0	%	100.0	%	100.0	%

As of the measurement date of October 31, 2022, the fair value measurement of plan assets is as follows:


(In millions)	Total		Quoted 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	$	2.9	$	2.9	$	—	$	—

Equity mutual funds	93.9		93.9		—		—
Hedging Strategy Funds	7.5		7.5		—		—
Bond mutual funds	38.6		14.5		24.1		—
Total	$	142.9	$	118.8	$	24.1	$	—