XML 33 R21.htm IDEA: XBRL DOCUMENT v3.5.0.2
Basis of Presentation and Significant Accounting Policies (Policies)
9 Months Ended
Jul. 31, 2016
Accounting Policies [Abstract]  
Basis of Presentation
The accompanying unaudited consolidated financial statements have been prepared in accordance with (i) United States generally accepted accounting principles (“U.S. GAAP”) for interim financial information and (ii) the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, such financial statements do not include all of the information and footnotes required by U.S. GAAP for complete financial statements.
In the opinion of our management, our unaudited consolidated financial statements and accompanying notes (the “Financial Statements”) include all normal recurring adjustments that are necessary for the fair statement of the interim periods presented. Interim results of operations are not necessarily indicative of the results for the full year. The Financial Statements should be read in conjunction with our audited consolidated financial statements (and notes thereto) 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.    
Rounding
We round amounts in the Financial Statements to millions and calculate all percentages and per-share data from the underlying whole-dollar amounts. As a result, certain amounts may not foot, crossfoot, or recalculate based on reported numbers due to rounding.
Adoption of New Accounting Pronouncements
Accounting Pronouncements Adopted During the Quarter
Effective November 1, 2015, we early adopted Accounting Standards Update (“ASU”) 2016-09, Improvements to Employee Share-Based Payment Accounting. Prior to the adoption of this guidance, we recognized the income tax effects of vested or settled awards in additional paid-in capital. This ASU requires prospective recognition of these excess tax benefits and deficiencies in the income statement. As a result, for the three and nine months ended July 31, 2016, we recognized a $1.8 million benefit within our income tax provision, or $0.03 per diluted share, related to excess tax benefits that occurred between November 1, 2015 and July 31, 2016. The activity related to the first and second quarter was not material. As required by this ASU, we have classified these excess tax benefits as cash flows from operating activities for the nine months ended July 31, 2016, rather than cash flows from financing activities. Pursuant to the new guidance, we elected not to adjust the prior period cash flows from operating activities for the nine months ended July 31, 2015. In regards to this ASU’s forfeiture policy election, we will continue to estimate the number of awards expected to vest, rather than electing to account for forfeitures as they occur.
Accounting Pronouncements Adopted During the Year    
Parking Revenue Presentation
Parking Revenue Presentation
Our Parking business operates certain parking facilities under managed location arrangements. Under these arrangements, we manage the parking facility for a management fee and pass through the revenue and expenses associated with the facility to the owner. These revenues and expenses are reported in equal amounts for costs reimbursed from our managed locations.