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Auction Rate Securities
 12 Months Ended
Oct. 31, 2014
Investments, Debt and Equity Securities [Abstract]  
Auction Rate Securities
AUCTION RATE SECURITIES
At October 31, 2014, we held investments in auction rate securities from three different issuers having an aggregate original principal amount of $15.0 million and an amortized cost basis of $13.0 million. Our auction rate securities are debt instruments with stated maturities ranging from 2033 to 2050, for which the interest rate is designed to be reset through Dutch auctions approximately every thirty days. Auctions for these securities have not occurred since August 2007. We have classified all our auction rate security investments as noncurrent as we do not reasonably expect to liquidate the securities for cash within the next twelve months.
Significant Assumptions used to Determine the Fair Values of our Auction Rate Securities
Assumption
 
October 31, 2014
 
October 31, 2013
Discount rates
 
L + 0.28% – L + 4.06%
 
L + 0.33% – L + 3.01%
Yields
 
2.15%, L + 2.00%
 
2.15%, L + 2.00%
Average expected lives
 
4 – 10 years
 
4 – 10 years

L - One Month LIBOR
Changes in the Cost Basis and Fair Value of our Auction Rate Securities as of October 31, 2014 and 2013:
(in millions)
 
Amortized Cost Basis
 
Fair Value
(Level 3)
Balance at November 1, 2012
 
$
18.0

 
$
17.8

Unrealized gains included in AOCL
 
—

 
0.2

Redemption of security by issuer
 
(5.0
)
 
(5.0
)
Balance at October 31, 2013
 
$
13.0

 
$
13.0

 
 
 
 
 
Balance at October 31, 2014
 
$
13.0

 
$
13.0


    
At October 31, 2014 and 2013, there were no unrealized gains or losses for auction rate securities included in AOCL. During 2014 and 2013, no OTTI credit losses were recorded in earnings. During 2012, we recorded an OTTI credit loss of $0.3 million for one of our auction rate security investments, driven primarily from a change in the expected value of cash flows to be received in the future.

The total amount of OTTI credit loss on our auction rate security investments included in our retained earnings as of October 31, 2014 and 2013 was $2.0 million.