XML 37 R24.htm IDEA: XBRL DOCUMENT v3.20.1
Leases (Tables)
 6 Months Ended
Apr. 30, 2020
Leases [Abstract]  
Supplemental Balance Sheet Information
The components of lease assets and liabilities and their classification on our unaudited Consolidated Balance Sheets as of April 30, 2020 were as follows:
Balance at
(in millions)ClassificationApril 30, 2020
Lease assets
Operating leasesRight-of-use assets$158.8  
Finance leases
Property, plant and equipment, net(1)
7.9  
Total lease assets$166.7  
Lease liabilities
Current liabilities
Operating leasesCurrent portion of lease liabilities$36.0  
Finance leasesOther accrued liabilities4.5  
Noncurrent liabilities
Operating leasesLong-term lease liabilities144.8  
Finance leasesOther noncurrent liabilities1.3  
Total lease liabilities$186.6  
(1) Finance lease assets are recorded net of accumulated amortization of $12.2 million as of April 30, 2020.
The following table includes the weighted-average remaining lease terms, in years, and the weighted-average discount rate used to calculate the present value of operating lease liabilities:
As of
April 30, 2020
Weighted-average remaining lease term (years)
Operating leases6.3
Finance leases2.4
Weighted-average discount rate
Operating leases4.05 %
Finance leases4.42 %
Lease, Cost The components of lease costs and classification within the unaudited Consolidated Statements of Comprehensive Income (Loss) were as follows:
Three Months EndedSix Months Ended
(in millions)April 30, 2020April 30, 2020
Operating lease costs:
Operating expenses(1)(2)
$17.1  $38.1  
Selling, general and administrative expenses(3)
7.5  13.1  
Finance lease costs:
Operating expenses(4)
1.0  2.1  
Interest expense(5)
0.2  0.3  
Total lease costs$25.8  $53.6  
(1) Related to certain parking arrangements.
(2) Includes short-term lease costs and variable lease costs.
(3) Includes short-term lease costs.
(4) Represents amortization of leased assets.
(5) Interest on lease liabilities.
The following table presents information on short-term and variable lease costs:
Three Months EndedSix Months Ended
(in millions)April 30, 2020April 30, 2020
Short-term lease costs$11.9  $26.4  
Variable lease costs1.0  3.0  
Total short-term and variable lease costs$12.9  $29.4  
The following table includes supplemental cash and non-cash information related to operating leases:
Six Months Ended
(in millions)April 30, 2020
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases$23.9  
Operating cash flows from finance leases0.3  
Financing cash flows from finance leases1.5  
Lease assets obtained in exchange for new operating lease liabilities(1)
10.0  
(1) Excludes the amount initially capitalized in conjunction with the adoption of Topic 842.
Maturities of Operating Lease Liabilities
The amounts of future undiscounted cash flows related to the lease payments over the lease terms and the reconciliation to the present value of the lease liabilities as recorded on our unaudited Consolidated Balance Sheets as of April 30, 2020 are as follows:
(in millions)Operating
Lease Liabilities		Finance
Lease Liabilities		Total
Remainder of fiscal 2020$22.0  $1.7  $23.7  
Fiscal 202140.3  2.9  43.2  
Fiscal 202233.9  1.5  35.4  
Fiscal 202328.7  0.8  29.5  
Fiscal 202423.3  —  23.3  
Thereafter59.0  —  59.0  
Total lease payments207.1  6.9  214.0  
Less: imputed interest26.3  1.1  27.4  
Present value of lease liabilities$180.8  $5.8  $186.6  
Future sublease rental income was excluded for the periods shown above, as the amounts are immaterial.
As previously disclosed in our Annual Report, the amounts of minimum future commitments under non-cancelable operating and capital leases as of October 31, 2019 in accordance with Topic 840 were as follows:
(in millions)
Operating and Other(1)
CapitalTotal
Fiscal 2020$42.8  $3.1  $45.9  
Fiscal 202135.5  2.5  38.0  
Fiscal 202230.3  1.3  31.6  
Fiscal 202325.6  0.6  26.2  
Fiscal 202420.5  —  20.5  
Thereafter51.8  —  51.8  
Total(2)
$206.5  $7.5  $214.0  
(1) Includes total estimated sublease rental income of $15.8 million.
(2) Total undiscounted future minimum payments
Maturities of Finance Lease Liabilities
The amounts of future undiscounted cash flows related to the lease payments over the lease terms and the reconciliation to the present value of the lease liabilities as recorded on our unaudited Consolidated Balance Sheets as of April 30, 2020 are as follows:
(in millions)Operating
Lease Liabilities		Finance
Lease Liabilities		Total
Remainder of fiscal 2020$22.0  $1.7  $23.7  
Fiscal 202140.3  2.9  43.2  
Fiscal 202233.9  1.5  35.4  
Fiscal 202328.7  0.8  29.5  
Fiscal 202423.3  —  23.3  
Thereafter59.0  —  59.0  
Total lease payments207.1  6.9  214.0  
Less: imputed interest26.3  1.1  27.4  
Present value of lease liabilities$180.8  $5.8  $186.6  
Future sublease rental income was excluded for the periods shown above, as the amounts are immaterial.
As previously disclosed in our Annual Report, the amounts of minimum future commitments under non-cancelable operating and capital leases as of October 31, 2019 in accordance with Topic 840 were as follows:
(in millions)
Operating and Other(1)
CapitalTotal
Fiscal 2020$42.8  $3.1  $45.9  
Fiscal 202135.5  2.5  38.0  
Fiscal 202230.3  1.3  31.6  
Fiscal 202325.6  0.6  26.2  
Fiscal 202420.5  —  20.5  
Thereafter51.8  —  51.8  
Total(2)
$206.5  $7.5  $214.0  
(1) Includes total estimated sublease rental income of $15.8 million.
(2) Total undiscounted future minimum payments