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Basis of Presentation and Significant Accounting Policies (Policies)
3 Months Ended
Jan. 31, 2016
Accounting Policies [Abstract]  
Basis of Presentation
The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with Article 10 of Regulation S-X under the Securities Exchange Act of 1934, as amended. The unaudited consolidated financial statements should be read in conjunction with our audited consolidated financial statements (and notes thereto) filed with the U.S. Securities and Exchange Commission (“SEC”) in our Annual Report on Form 10-K for the fiscal year ended October 31, 2015 (“Annual Report”). Unless otherwise noted, all references to years are to our fiscal year, which ends on October 31.
In the opinion of our management, our unaudited consolidated financial statements and accompanying notes (the “Financial Statements”) include all normal recurring adjustments that are considered necessary to fairly state the financial position, results of operations, and cash flows for the interim periods presented. Interim results of operations are not necessarily indicative of the results for the full year.
New Accounting Pronouncements
During the first quarter of 2016, we early adopted Accounting Standards Update (“ASU”) 2015-17, Balance Sheet Classification of Deferred Taxes, on a retrospective basis. As required by ASU 2015-17, all deferred tax assets and liabilities are now classified as noncurrent on our consolidated balance sheets, which is a change from our historical presentation of separating deferred taxes into current and noncurrent amounts.
Parking Revenue Presentation
Our Parking business operates certain parking facilities under managed location arrangements, whereby we manage the parking facility for a management fee and pass through the revenue and expenses associated with the facility to the owner. Revenues and expenses are reported in equal amounts for costs reimbursed from our managed locations.