OPERATING LEASES

12 Months Ended

Oct. 31, 2019

NOTE 8 - OPERATING LEASES

We lease various real estate and equipment under non-cancelable operating leases, for which rent expense was $3.0 million, $2.9 million, and $3.0 million in fiscal 2019, 2018, and 2017, respectively.

At October 31, 2019, future minimum lease payments under non-cancelable operating leases with initial terms in excess of one year were as follows:

2020	$	1,885
2021		1,613
2022		1,535
2023		742
2024		424
Thereafter		377
	$	6,576

We adopted ASU 2016-02 and all subsequent amendments, collectively codified in ASC Topic 842 “Leases” (“Topic 842”), on November 1, 2019. The guidance requires modified retrospective adoption, either at the beginning of the earliest period presented or at the beginning of the period of adoption; we have elected to apply the guidance at the beginning of the period of adoption. See Note 22 for further information on our adoption of Topic 842.